Beijing, May 21, 2008 – In a ceremony that included speeches and tributes to earthquake disaster victims, Cheung Kong GSB welcomed over 240 incoming EMBA students, its largest incoming class ever. The ceremony featured speeches from Cheung Kong Dean Xiang Bing, CEO of LG Electronics (China) Nam K. Woo, Cheung Kong Economics Professor Li Wei, and student representatives.
The ceremony included a minute of silence to commemorate earthquake disaster victims as well as reports from Cheung Kong EMBA Alumni in the disaster area on the current status of relief efforts, emphasizing the need for items such as tents and blankets, and calling on those with resources to step forward as suppliers. Originally from disaster-stricken Sichuan, Cheung Kong Associate Dean Xue Yunkui gave a moving report on school-organized relief efforts which he is orchestrating. In addition, nearly all ceremony attendees wore red hearts on their lapels with the words “Cheung Kong People Taking Action”, and made cash contributions outside the assembly hall.
LG Electronics (China) CEO Nam K. Woo, speaking on the topic “Wisdom to Success” described the rise of LG from revenues of US$50 million 50 years ago to US$50 billion this year, 85% of which come from overseas. Looking back on his 34 years with LG, Woo explained, “When US companies were sleeping at night, we knew we could not sleep. We were aware of price erosion.” Woo told incoming EMBA students: “We must understand and prepare for the changes that are coming to our industries.”
Prof. Li Wei described to incoming students the roots of the US Sub-prime Mortgage Crisis, comparing China’s “hot economy” with the US “cold economy”, and highlighting US consumption versus Chinese exports and personal savings. “The US has served the function of a bank for China,” Li said, absorbing capital from China to invest and to fund domestic consumption. Li also described how the myth that housing prices never drop contributed to the US meltdown, and warned that this same myth is now prevalent in China.
Incoming EMBA student Eric Yang, an Asia Pacific Director at IBM, described his generation as the first to enjoy the benefits of China’s 30 years since opening and reform in 1978, while EMBA Alumni Xie Jun, Director at the State Council SASAC offered perspective on the Cheung Kong study experience.
About the Cheung Kong EMBA: Systematic management training for China’s top business leaders, the Cheung Kong EMBA program features intense in-class discussion, executive-level company visits, and a network of over 1,500 of the most energetic alumni on earth. Cheung Kong EMBA participants study four days per month (Thursday thru Sunday) over a 20-month period at campuses located in Beijing, Shanghai, and Guangzhou. Nearly half of the current 420 EMBA participants are private entrepreneurs.
About Cheung Kong GSB: Founded in Beijing in November 2002 by Asia’s most successful entrepreneur Mr. Li Ka-shing, Cheung Kong Graduate School of Business is China’s first private, non-profit, and independent business school. Headquartered in Beijing with campuses in Shanghai and Guangzhou, Cheung Kong GSB offers MBA, EMBA, and Executive Development Programs.