Also, I want to point out that China's better infrastructure compared with India is due to three factors: high economic growth, a highly concentrated construction industry and strong financial support from central and local governments in China. We should not overemphasize the role of governments in infrastructure investments, which could mess up the situation. It's good to see that the Chinese Government has begun to focus on rural development and education, which could create a better balance. I believe more and more private companies will become involved in infrastructure construction in China.

Innovation

Gregory Balestrero (President and CEO of the U.S.-based Project Management Institute, a non-profit organization that issues standards related to project management): Innovation is another thing important for sustainable growth. Even though they had the capacity, the U.S.-based Big Three automakers didn't make timely decisions to innovate in alternative energy-related research and development. The Big Three have to restructure their operations surrounding innovation in order to survive. Actually, they should think about how to innovate and how to guarantee the sustainability of their businesses through innovation in good times instead of in bad times. Innovation is also a question of global sustainability and should be a component of the corporate culture, because multinationals are now operating in the context of the global economy.

The green imperative

Mark Daniell (Chairman of Singapore-based Cuscaden Group, an advisory and business investment firm): According to our observations in many emerging markets, enterprises will seriously consider their corporate social responsibility (CSR) performance when a country's per-capita GDP exceeds $5,000. For many of them, it's the pressure from the market and the media as well as non-governmental organizations that pushes them to abide by environmental protection-related regulations. Gradually, they realize that having a corporate culture with a CSR focus and supporting sustainable growth strategies have won them many benefits, including higher brand value, the loyalty of clients and employees, healthy government relations as well as easier loans. I advise a top-down approach in implementing these sustainable growth strategies to win support from board members, and then push them among employees. Yet, developed countries should be aware of the fact that developing countries have far lower per-capita carbon dioxide emissions and these countries should by no means slack off their efforts to promote eco-friendly, sustainable growth.

Marjorie Yang (Chairwoman of Esquel Group, a global textile and garment business based in Hong Kong): If we do a little research in the Pearl River Delta, we will find that companies that are polluting are actually those that are not competitive and have to be closed down soon. Companies that stay in business are those that have honored their social responsibilities and always kept an eye on environmental protection. I think we have a very responsible government in China today, and we hope to send the government a message that "We are green, and at the same time we are competitive."

A broader perspective

Lin Zuoming (President of China Aviation Industry Corp.): As an entrepreneur, I think we should consider not only what's wrong with the management of your companies, but also if the prevailing economic theories still work. We have to expand our discussion to cover more than what a certain enterprise or a certain industry should do in order to survive the crisis. China and India are considered to still have room for growth by promoting consumption and increasing investment in ways typical of a developing country. The Chinese Government's 4-trillion-yuan ($586 billion) stimulus package with focus on infrastructure construction, however, would not work in the United States where a sophisticated infrastructure has already been established, and enterprises there create much of the country's GDP by offering non-material services and products. I'm thus much more concerned with what the United States and European countries have to do next to generate GDP. Many have blamed today's economic crisis on imprudent mortgage lending among other financial activities, or the fictitious economy in a narrow sense. I think we can only solve the problems by developing the fictitious economy in a broad sense, which refers to all non-material production activities that satisfy people's psychological needs instead of only material needs. That will create unlimited GDP.