Bill Gates? Check. Rupert Murdoch? Check. General Motors CEO Rick Wagoner? Check. Wal-Mart Stores Inc. CEO Lee Scott? Check.
With more than 1,000 CEOs of multinational companies descending on Beijing for the Olympics, the Chinese capital is now being referred to as the “Olympic Davos”. But the Chinese press has made it a point to contrast “leisurely itineraries” at the Swiss Alpine resort with the busier schedules at Beijing, packed as they are with brand promotional activities, company conferences and meetings with Chinese politicians.
“The simultaneous presence of so many CEOs in Beijing speaks volumes about their appreciation of the importance of China’s market,” quipped the China Business Journal. It described the Chinese banquet thrown for the CEOs by Olympic sponsor China Mobile as a “huge PR activity” for the host country.
Whether gripped by Olympic fever or market aspirations, the honchos have been competing with each other in finding novel ways to express their interest in the competitions (and regard for the Chinese market). Carrefour’s CEO Jose-Luis Duran has headed to Qingdao to watch the sailing competitions. Bill Gates (who has retired as head of Microsoft but remains big in China in terms of investment and charity plans) is putting in an appearance at the equestrian events in Hong Kong.
McDonalds CEO Jim Skinner found time for a quick burger at the company’s flagship store on the Wangfujing commercial street. Hong Kong tycoon Li Ka-shing was there too, showing appreciation for Chinese silk. The overnight rebirth of the capital’s humdrum streets into celebrity walkways parallels China’s great gold medal haul at the competitions.
