Harvard Case - Kunshan, Incorporated: The Making of China's Richest Town
"Kunshan, Incorporated: The Making of China's Richest Town" Harvard business case study is written by William C. Kirby, Nora Bynum, Tracy Yuen Manty, Erica M Zendell. It deals with the challenges in the field of Business & Government Relations. The case study is 32 page(s) long and it was first published on : Jan 16, 2013
At Fern Fort University, we recommend Kunshan, Incorporated continue its path of economic development by leveraging its existing strengths while adapting to the changing global landscape. This strategy should focus on attracting high-value foreign investment, fostering innovation, and prioritizing environmental sustainability, all while maintaining a strong relationship with the Chinese government.
2. Background
This case study examines the remarkable economic transformation of Kunshan, a small town in Jiangsu Province, China, into one of the country's wealthiest municipalities. The case highlights the role of government policy, foreign investment, and entrepreneurial spirit in driving this success. Key protagonists include the local government officials who implemented strategic policies, foreign companies who established manufacturing facilities in Kunshan, and local entrepreneurs who capitalized on the opportunities created by the town's economic growth.
3. Analysis of the Case Study
Strategic Analysis:
- Competitive Advantage: Kunshan's success can be attributed to its strategic location, access to skilled labor, and attractive investment environment. The town's proximity to Shanghai, a major economic hub, provided access to markets and infrastructure.
- Government Policy: The local government played a pivotal role by implementing policies that encouraged foreign investment, facilitated infrastructure development, and fostered a favorable business environment.
- Globalization: Kunshan embraced globalization by attracting foreign investment and integrating into the global supply chain. This strategy led to rapid economic growth and job creation.
- Innovation: While initially focused on low-cost manufacturing, Kunshan has shifted towards higher-value industries, emphasizing innovation and technological advancement.
Financial Analysis:
- Foreign Direct Investment: Kunshan's economic growth was fueled by significant foreign direct investment (FDI), particularly from Taiwanese companies. This investment provided capital for infrastructure development and new industries.
- Tax Incentives: The local government offered tax incentives and subsidies to attract foreign companies, making Kunshan an attractive investment destination.
- Economic Growth: The combination of government policies, FDI, and entrepreneurial activity resulted in sustained economic growth, leading to increased per capita income and improved living standards.
Social Analysis:
- Corporate Social Responsibility: Kunshan's economic development has also highlighted the importance of corporate social responsibility (CSR). While rapid growth brought prosperity, it also raised concerns about environmental sustainability and social equity.
- Infrastructure and Urban Development: The rapid influx of investment and population growth required significant investment in infrastructure, including roads, transportation, and housing. This led to rapid urbanization and changes in the town's social landscape.
- Labor Market: The growth of manufacturing industries created a large labor force, leading to employment opportunities and economic empowerment for many residents. However, it also raised concerns about labor rights and working conditions.
4. Recommendations
- Attract High-Value Foreign Investment: Kunshan should focus on attracting foreign investment in high-technology industries, research and development, and knowledge-based services. This will require further development of its infrastructure, education system, and innovation ecosystem.
- Foster Innovation: Kunshan should continue to invest in research and development, incubators, and technology parks to encourage innovation and entrepreneurship. This will help diversify its economy and create new industries.
- Prioritize Environmental Sustainability: Kunshan should prioritize environmental sustainability by implementing stricter environmental regulations, promoting green technologies, and investing in renewable energy sources. This will ensure long-term economic growth and maintain a high quality of life for its residents.
- Strengthen Business and Government Relations: Kunshan should continue to foster strong relationships with the Chinese government, ensuring transparency and clear communication on policies and regulations. This will help maintain a stable and predictable business environment.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Kunshan's core competencies include its strategic location, skilled workforce, and government support. These strengths can be leveraged to attract high-value industries and foster innovation.
- External Customers and Internal Clients: The recommendations consider the needs of both foreign investors and local residents. Attracting high-value investment will create new jobs and opportunities, while prioritizing environmental sustainability ensures a healthy and livable environment.
- Competitors: Kunshan faces competition from other cities in China and globally. The recommendations aim to differentiate Kunshan by focusing on innovation, sustainability, and attracting high-value industries.
- Attractiveness ' Quantitative Measures: The recommendations are expected to lead to sustained economic growth, increased FDI, and improved living standards, contributing to Kunshan's long-term prosperity.
6. Conclusion
Kunshan's remarkable economic transformation provides valuable lessons for other developing countries seeking to achieve rapid economic growth. By leveraging its strategic location, fostering innovation, and prioritizing environmental sustainability, Kunshan can continue its success and become a model for sustainable development in China and beyond.
7. Discussion
Alternatives:
- Focusing solely on low-cost manufacturing: While this strategy was successful initially, it is unsustainable in the long term. As wages rise and competition intensifies, Kunshan needs to move towards higher-value industries.
- Ignoring environmental concerns: Rapid economic growth can come at the expense of environmental sustainability. Kunshan needs to prioritize environmental protection to ensure long-term economic prosperity and maintain a high quality of life for its residents.
Risks and Key Assumptions:
- Political instability: Political instability in China could negatively impact Kunshan's economic growth.
- Global economic downturn: A global economic downturn could reduce FDI and slow economic growth.
- Competition from other cities: Kunshan faces competition from other cities in China and globally. It needs to continue to innovate and attract high-value industries to remain competitive.
8. Next Steps
- Develop a comprehensive strategy: Kunshan should develop a comprehensive strategy for attracting high-value investment, fostering innovation, and prioritizing environmental sustainability.
- Implement policies and regulations: The local government should implement policies and regulations that support these objectives.
- Invest in infrastructure: Kunshan should continue to invest in infrastructure, including transportation, education, and research and development facilities.
- Promote public-private partnerships: Kunshan should encourage public-private partnerships to leverage private sector expertise and investment.
- Monitor progress and adapt: Kunshan should regularly monitor progress and adapt its strategy as needed to ensure continued success.
By taking these steps, Kunshan can continue its remarkable journey as a model for sustainable economic development in China and beyond.
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Case Description
In 1980, the city of Kunshan was mere countryside, registering neither on the Chinese government's nor the international business community's radar. By 2010, Kunshan had become the richest city per capita in China and a global technology powerhouse, home to companies such as Foxconn, Compal Electronics, and Wistron. Kunshan's entrepreneurial, self-starting development combined with strategic location and high levels of local government support had been responsible for Kunshan's tremendous growth and success. How could it continue to grow at a rate to maintain its leadership among Chinese entrepreneurial cities? And would the founding of an international, joint-venture campus with Duke and Wuhan University keep the city of Kunshan innovative and ahead of the curve?
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