McKinsey's Joe Ngai Says China Has No Equal as 8 of 16 New Lighthouse Firms Land There
Updated
Updated · Global Times · Jun 28
McKinsey's Joe Ngai Says China Has No Equal as 8 of 16 New Lighthouse Firms Land There
1 articles · Updated · Global Times · Jun 28
Summary
Joe Ngai, McKinsey's Greater China chair, said multinationals cannot find a true "next China" as they diversify supply chains, calling the country "the world's toughest gym" for companies.
8 of 16 newly added World Economic Forum Lighthouse Network enterprises came from China, underscoring Ngai's argument that the country still pairs manufacturing depth with fast innovation.
Ngai said China's full-chain industrial system, efficient closed-loop production and scale in AI infrastructure, electrification, smart hardware and digitalization remain hard for other economies to replicate.
Huawei, BYD and miHoYo were cited as examples of intense local competition pushing foreign companies toward an "in China, for China" strategy and deeper integration with domestic supply chains.
The remarks frame China as a still-indispensable market for multinationals despite de-risking efforts, because its combination of manufacturing, consumption and innovation continues to offer long-term growth.