China's fastener companies are facing opportunities and challenges

Global companies are a new stage in the globalization of multinational companies. Their formation and the resulting cooperation and competition with Chinese fastener companies will have a profound impact on China's macroeconomic level. In this "revolution", China's fastener companies are facing new opportunities and challenges.

In the past 10 years, most of the world’s top 500 multinational companies have rushed to set up factories in China. This is particularly true of some of the world’s leading fastener giants. In the global economy, companies are undergoing dramatic changes and a quiet revolution is under way.

In the 10 years since China's accession to the WTO, the views of its adversaries outside the country have failed. Faced with changes in the era of globalization, China’s fastener companies must quickly grow from local companies to multinational companies, and participate in foreign mergers and acquisitions and autonomous mergers and acquisitions. "Reshuffling" speeds up the restructuring of the industry. At the same time, we must adopt a "go global" strategy to integrate resources on a global scale, and even absorb the resources of multinational companies for my own use, so as to increase our strength and participate in global competition.

People in the industry believe that the major obstacles that have hindered the development of China's fastener companies over the years are not external but self-improvement, how to determine the concept of advanced company responsibility, and how to enhance the core competitiveness of enterprises.

Under the economic globalization, governments and multinational parts and components companies are paying more attention to the issue of corporate social responsibility. Companies are required not only to focus on profitability, asset appreciation, and market share, but also on corporate social responsibility for the country and region in which they are located. Today, it is difficult to imagine a fastener company that does not perform its social responsibility well and will be welcomed by the community.

If China's fastener companies want to grow, they must actively integrate into economic globalization. Now that a group of Chinese fastener companies have gone abroad, for them, in addition to completing the transformation of strategy, structure and philosophy as soon as possible, they must also uphold the concept of mutual benefit and win-win and fulfill their social responsibilities.

At present, all levels of governments and fastener associations have made the strengthening of foreign investment cooperation the focus of foreign “going out” at present and for a period of time to carry out international operations so as to accelerate the development of China’s internationally renowned brands.