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Globalization and the Rise of China: Their Impact on Ethnic Chinese Business in Singapore

Author

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  • Beoy Kui Ng

    (Division of Economics, School of Humanities and Social Sciences, Nanyang Technological University, Singapore)

Abstract

The purpose of this paper is to make attempt to assess the impact of globalization and the rise of China on ethnic Chinese business in Singapore. Globalization poses both threats and opportunities to all businesses. The major threats are the financial crisis and the severe competition on a global scale. The opportunities, among others include a much larger international market which allows the enjoyment of economies of scale and specialization. The existence of a virtual market on global scale also provides ample opportunities for ethnic Chinese business to exploit for their economic gains. Ethnic Chinese businesses in Singapore, despite their structural weaknesses, were able to weather the storm of the Asian Financial Crisis with government assistance. The rise of China with its open door policy also provides ample opportunities for these businesses to exploit their ethnic advantage in their investment in China. Nevertheless, the ventures also brought about painful experience, arising from cultural differences. Of significance is the stiff competition provided by mainland Chinese businesses in the third country’s markets, not to mention the issues of hollowing-out effect and offshore outsourcing. In the face of globalization and the rise of China, the focus of the Singapore government policy is to enhance these ethnic Chinese businesses’ capabilities so that they can be effective partners in a tripartite alliance among government-linked corporations, multinational corporations and SMEs in their venturing abroad, especially investment in China.

Suggested Citation

  • Beoy Kui Ng, 2005. "Globalization and the Rise of China: Their Impact on Ethnic Chinese Business in Singapore," Economic Growth Centre Working Paper Series 0506, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
  • Handle: RePEc:nan:wpaper:0506
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    File URL: http://www3.ntu.edu.sg/hss2/egc/wp/2005/2005-06.pdf
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    References listed on IDEAS

    as
    1. Yongzheng Yang, 2003. "China'S Integration Into the World Economy; Implications for Developing Countries," IMF Working Papers 03/245, International Monetary Fund.
    2. Adrian E. Tschoegl, 2001. "The International Expansion of Singapore's Largest Banks," Center for Financial Institutions Working Papers 01-20, Wharton School Center for Financial Institutions, University of Pennsylvania.
    3. Harm Zebregs & Wanda S Tseng, 2002. "Foreign Direct Investment in China; Some Lessons for Other Countries," IMF Policy Discussion Papers 02/3, International Monetary Fund.
    4. John Whalley, 2003. "Liberalization in China's Key Service Sectors Following WTO Accession: Some Scenarios and Issues of Measurement," NBER Working Papers 10143, National Bureau of Economic Research, Inc.
    5. Tsang, Eric W. K., 2002. "Learning from overseas venturing experience: The case of Chinese family businesses," Journal of Business Venturing, Elsevier, vol. 17(1), pages 21-40, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    globalization; overseas Chinese business; ethnicity; entrepreneurship; small-and-medium enterprises; China; Singapore;

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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