By Alan Murray and Geoffrey Smith
December 6, 2017

Good morning.

Alibaba’s Jack Ma had three pieces of advice yesterday for companies that want to do business in China:

  1. Show some respect. “Respect the culture, respect the market, respect the consumers.”
  1. Send great entrepreneurs to lead your business in China, not professional managers. “Those people make the boss happy, they do not make the customers happy.”
  1. Have patience. “Starbucks was here for 18 years. First nine were horrible; last nine were great.”

Ma was part of an opening day at the Fortune Global Forum, that included Apple CEO Tim Cook, Tencent CEO Pony Ma, Foxconn CEO Terry Gou, HSBC CEO Stuart Gulliver, Ford Motor Chairman Bill Ford and Lenovo CEO Yang Yuanqing, among others.

The day also included speeches from a succession of top Chinese officials, including Vice Premier Wang Yang, who laid out China’s economic plans in the wake of the the 19th Party Congress. I’ll spare you the details, but the bottom line is this: China clearly wants to be seen as the new champion of globalization, and replace the U.S. in the leadership role for the new global economy.

You can find more reporting from the Global Forum here. And if you are sorry to be missing this year’s event, stay tuned: we’ll have an announcement on the 2018 Fortune Global Forum tomorrow.

Other news below.

Alan Murray


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