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Tony Fang

For the system to work better within the ever-changing domestic and international economic environment, future work needs to critically evaluate the real impact of government policies on talent attraction, development and retention since the open-door and reform policy started in late 1970s. This chapter draws on two theoretical frameworks, human capital and the resource-based view of the firm, to explain the historic evolution and current state of talent management policies and practices in China, the largest transitional economy in the world. The chapter argues for a unique talent management model in which both Chinese government and Chinese culture play important roles. Although human resource management remains a support function for most companies (especially the state-owned enterprises) in China, the talent management landscape is quickly changing. Strategic considerations have been incorporated in the human resource management and talent management practices, especially among the multinational corporations and even in some large state-owned enterprises. The chapter also highlights the unique challenges being faced by Chinese managers and foreign entrepreneurs and points out future opportunities in global talent management in China and beyond. We recommend the following government policy changes to encourage utilizing the talent at home and abroad: continue to develop the economy through reform and open-door policies, support creativity and innovation and implement more vigorous protections of intellectual property rights, expand democracy, fully utilize people who have already returned from abroad and invest more in science and technology.

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Tony Fang

China is one of the greatest winners from globalization, and its economic growth strategy has been most successful in the last four decades since the adoption of economic reform and open door policies. Supported by its huge domestic market and rising standard of living, China’s sustainable economic growth strategy will continue to be an essential part of avoiding the middle-income trap. During this transformation period, the improvement of human capital and innovation policy is crucial. There is some consensus that Chinese government policy can do more to improve the quality of human capital and encourage innovation and high-value production in order to support China’s new growth strategy of moving from a low-cost manufacturing economy to an innovation-driven economy. This chapter recommends the following government policy changes to encourage utilizing the talent at home and abroad: continue to develop the economy through reform and open door policies; support creativity and innovation and implement more vigorous protections of intellectual property rights; expand democracy; fully utilize people who have already returned from abroad; and invest more in science and technology. For the system to work better, future work needs to critically evaluate the real impact of government policies on talent attraction, development, and retention.

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Zhao Chen and Tony Fang

Given the high level of international activities of Chinese firms across the globe, it’s logical to begin a scientific inquiry of this phenomenon with its antecedents, followed by its consequences. Our data are drawn from the 2008–2010 survey of all firms located in the National High-Tech Development Zone, conducted by the Chinese Ministry of Science and Technology. We estimate the determinants of the OFDI of Chinese firms by including the major independent variables such as high-tech intensity, human capital acquisition and institutional factors while controlling various firm characteristics. Our results of the fixed-effects model have shown some interesting patterns of OFDI determining factors. Among the significant determinants of OFDI, number of Chinese returnees in the firm seems to be more important than tax reduction policies. Furthermore, the effects of the Chinese returnees are stronger in all kinds of non-state-controlled firms than those in the state-controlled firms. This is probably not surprising since the Chinese returned who were trained in the Western countries understand the product market, labour market, financial market, language and business culture, trade laws in both China and Western world. Their unique skill sets and valuable knowledge serve as an important catalyst for the OFDI and internationalization of Chinese firms. There are a number of significant policy implications of our findings.