Business environment case study
ASIAN CASE RESEARCH JOURNAL, VOL. 23, ISSUE 1, 153–191 (2019)
�������E\�:RUOG�6FLHQWLÀF�3XEOLVKLQJ�&R�� '2,����������6����������������
ACRJ
This case was prepared by Dr. Ivy S. N. Chen of Hong Kong Polytechnic Univer- sity, Professor Sherriff T. K. Luk of Emlyon Business School, France, and Dr. Jinghui Tao of Nanjing University of Finance and Economics, as a basis for classroom discussion rather than to illustrate either effec- tive or ineffective handling of an administrative or business situation.
Please send all correspon- dence to Dr. Ivy S. N. Chen, Department of Management and Marketing, Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong. E-mail: [email protected]
Kerry Logistics — Paving the New Silk Road
&KLQD·V� WKLUG�SDUW\� ORJLVWLFV� ��3/�� PDUNHW� ZDV� RQH� RI� WKH� ZRUOG·V� ODUJHVW�� ZLWK� �3/� UHYHQXHV� UHDFKLQJ� 86������� ELOOLRQ� LQ� ����1�� 2QH� RI� WKH� PDMRU� FKDOOHQJHV� WKH� &KLQHVH� JRYHUQ� PHQW� IDFHG� ZDV� KRZ� WR� LPSURYH� HIÀFLHQF\� DQG� DFKLHYH� VXV� WDLQDEOH�HFRQRPLF�JURZWK�RYHU�WKH�QH[W�GHFDGH��&KLQD�QHHGHG� PRUH�HIÀFLHQW�ORJLVWLFV�V\VWHPV�WR�PRYH�SURGXFWLRQ�UHVRXUFHV� TXLFNO\� DQG� DW� D� UHDVRQDEOH� FRVW�� &KLQD·V� ORJLVWLFV� VSHQGLQJ� ZDV�URXJKO\�HTXLYDOHQW�WR�������RI�*'3��KLJKHU�WKDQ�WKDW�RI� RWKHU�GHYHORSLQJ�FRXQWULHV� OLNH�,QGLD�������DQG�6RXWK�$IULFD� ��������DQG�WKDW�RI�GHYHORSHG�FRXQWULHV1.
.HUU\� /RJLVWLFV� ZDQWHG� D� VOLFH� RI� &KLQD·V� IDVW� JURZLQJ� H[SUHVV� PDUNHW�� %XW� DV� (GZDUGR� (UQL�� .HUU\� /RJLVWLFV·� H[HF� XWLYH� GLUHFWRU� DQG� PDQDJLQJ� GLUHFWRU� RI� &KLQD� DQG� 1RUWK� $VLD� QRWHG�� ´7KH� VLWXDWLRQ� LQ� WKH� FRXULHU� PDUNHW� LV� FKDRWLF�� XQUHJXODWHG�DQG�LQ�D�FXW�WKURDW�SULFH�ZDU�µ�6FDOH�ZDV�QHHGHG� WR� GRPLQDWH� DQG� H[SUHVV� FRPSDQLHV� UHFHQWO\� UDFHG� WR� JHW� DV� PXFK� FDSLWDO� DV� SRVVLEOH�� 2Q� DQRWKHU� IURQW�� &KLQD·V� ´2QH� %HOW� 2QH� 5RDGµ� KDV� RSHQHG� XS� VRPH� RSSRUWXQLWLHV� WKDW� WKH� FRPSDQ\� KDG� QRW� SUHYLRXVO\� FRQVLGHUHG�� .HUU\� /RJLVWLFV� ZDV�ZRQGHULQJ�ZKDW�FDSDELOLWLHV�ZHUH�FULWLFDO�WR�WKH�GHOLYHU\� RI�FXVWRPHU�YDOXH�SURSRVLWLRQ�DQG�DFKLHYLQJ�GLIIHUHQWLDWLRQ"� +RZ� VKRXOG� WKH� FRPSDQ\� H[SDQG� DQG� VXSSRUW� LWV� FOLHQWV·� RSHUDWLRQV�LQ�&KLQD"
S0218927519500068.indd 153 01-07-19 4:30:43 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
OVERVIEW OF THE DEVELOPMENT AND DRIVERS OF CHINA’S LOGISTICS INDUSTRY
6WDWLVWLFV� VKRZHG� WKDW� WKH� YDOXH� RI� ORJLVWLFV� LQ� &KLQD� JUHZ� IURP� 50%���� WULOOLRQ� LQ� ����� WR� 50%���� WULOOLRQ� LQ� WKH� ÀUVW� ��� PRQWKV� RI� ����� �7DEOH� ���� VSXUUHG� E\� UDSLG� JURZWK� LQ� WKH� HFRQRP\� DQG� XUEDQL]DWLRQ�� 7KH� YDOXH� RI� JRRGV� SHU� XQLW� ORJLVWLFV�FRVW�ZDV�DOVR�LQFUHDVLQJ��LQGLFDWLQJ�WKDW�PRUH�KLJKHU� YDOXH� JRRGV� ZHUH� FDUULHG� DQG� WKLV� ZDV� VRPHZKDW� UHODWHG� WR� WKH�XSJUDGH�LQ�FRQVXPSWLRQ�DQG�LQGXVWULDO�WUDQVIRUPDWLRQ��
7DEOH���� 7RWDO�9DOXH�RI�/RJLVWLFV�DQG�*URZWK�5DWH�����–�����
<HDU 2012 2013 ���� 2015 ���� ����
����PWKV�� ����(
7RWDO�YDOXH�RI�ORJLVWLFV� �50%�WULOOLRQ�
��� ��� ��� 219 230 230 ���
*URZWK�UDWH ��� ��� �� �� �� ����HVW·G� ��
Source��6WDWLVWD��China Daily �5HI�����
*URZWK� LQ� ORJLVWLFV� GHPDQG� ZDV� GULYHQ� E\� D� QXPEHU� RI� IDFWRUV3�
��� (�FRPPHUFH�YROXPH &KLQD�ZDV�WKH�ZRUOG·V�ODUJHVW�RQOLQH�UHWDLO�PDUNHW��ZLWK�UHWDLO� VDOHV�UHDFKLQJ�50%������ELOOLRQ�LQ�������5HWDLO�VDOHV�RI�SK\V� LFDO�JRRGV�ZDV�50%������ELOOLRQ�� LQFUHDVLQJ�������<2<��DQG� DFFRXQWHG� IRU� ������ RI� WRWDO� UHWDLO� VDOHV� RI� FRQVXPHU� JRRGV�� 7R�FRPSHWH�ZLWK�H�FRPPHUFH�UHWDLOHUV��WUDGLWLRQDO�UHWDLO�JLDQWV� OLNH� *RPH� DQG� 6XQLQJ� KDG� RSHQHG� WKHLU� RZQ� H�FRPPHUFH� VWRUHV�DQG�RU�HVWDEOLVKHG�WKHLU�RZQ�ORJLVWLFV�SODWIRUPV��
7KH� RQOLQH� PDUNHW� ZDV� UDSLGO\� H[SDQGLQJ� IURP� WKH� FRDVWDO�FLWLHV�WR� ORZHU�WLHU�FLWLHV�DQG�FRXQWLHV� LQ� LQODQG�DUHDV�� 6KRSSHUV� LQ� ORZHU�WLHU� FLWLHV� �7LHUV� �� DQG� EHORZ�� VSHQW� PRUH� WKDQ� WKRVH� LQ� KLJKHU�WLHU� FLWLHV� �7LHUV� �� DQG� ���� 6KRSSHUV� LQ� ORZHU�WLHU� FLWLHV� VSHQW� DQ� DYHUDJH� 50%������ RQOLQH� LQ� ������ ZKLOH� WKHLU� FRXQWHUSDUWV� LQ� KLJKHU�WLHU� FLWLHV� �7LHUV� �� DQG� ���
S0218927519500068.indd 154 01-07-19 4:30:43 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
VSHQW� 50%������ GXULQJ� WKH� VDPH� SHULRG�� 7KHUH� ZDV� VWLOO� WUH� PHQGRXV�SRWHQWLDO�IRU�H�FRPPHUFH�JURZWK�LQ�ORZHU�WLHU�FLWLHV�� /RZHU�WLHU� FLWLHV� VWLOO� KDG� ���� PLOOLRQ� FRQVXPHUV� ZKR� XVHG� RQOLQH� VHUYLFHV� EXW� KDYH� QRW� \HW� EHJXQ� WR� VKRS� RQOLQH�� 7KDW� QXPEHU� ZDV� QHDUO\� WKH� VDPH� DV� WKH� QXPEHU� RI� VKRSSHUV� LQ� KLJK�WLHU� FLWLHV�� &XUUHQWO\�� ���� RI� LQWHUQHW� XVHUV� LQ� KLJK�WLHU� FLWLHV� DOUHDG\� VKRSSHG� RQOLQH�5� 3RVW���V� DQG� SRVW���V� FRQ� VXPHUV� ZHUH� WKH� PDLQ� XVHUV� RI� PRELOH� LQWHUQHW�� (�VKRSSLQJ� IHVWLYDOV� OLNH� 6LQJOHV·� 'D\� DQG� SRSXODU� GLJLWDO� SD\PHQWV� OLNH� $OLSD\�DQG�:H&KDW�SD\�KDYH�DOVR�FRQWULEXWHG�WR�KLJK�JURZWK� LQ� H�FRPPHUFH�� 7KXV�� PDMRU� H�FRPPHUFH� SODWIRUPV� ZHUH� LQYHVWLQJ� KHDYLO\� WR� DFTXLUH� FXVWRPHUV� DQG� WR� EXLOG� ORJLVWLFV� QHWZRUNV�LQ�ORZ�WLHU�FLWLHV�
0DQ\� ORZHU�WLHU� FLWLHV� DQG� FRXQWLHV� ZHUH� UHPRWHO\� VLW� XDWHG� DFURVV� WKH� FRXQWU\�� ZLWK� GLVSHUVHG� SRSXODWLRQV�� )RU� PDQ\� RQOLQH� UHWDLOHUV�� LW� ZDV� FRVWO\� WR� H[WHQG� WKHLU� GLVWULEX� WLRQ� QHWZRUNV� WR� ORZHU� WLHU� FLWLHV�� 7R� IXOÀO� RUGHUV� DFURVV� WKH� FRXQWU\��RQOLQH�UHWDLOHUV�PD\�UHO\�RQ�WKHLU�RZQ�ORJLVWLFV�IDFLOL� WLHV�DQG�WUXFNLQJ�WHDPV�WR�VHUYH�NH\�FLWLHV�DQG�IRU�WKH�UHPRWH� DUHDV��WKH\�ZRXOG�RXWVRXUFH�WKHLU�ORJLVWLFV�VHUYLFHV�WR�ORJLVWLFV� VHUYLFH�SURYLGHUV��/63V��DQG�H[SUHVV�GHOLYHU\�FRPSDQLHV�
$QRWKHU� UDSLGO\� GHYHORSLQJ� H�FRPPHUFH� PDUNHW� ZDV� FURVV�ERUGHU� SXUFKDVHV� E\� FRQVXPHUV� �´Haitaoµ�� PHDQLQJ� RYHUVHDV� 7DREDR��� $FFRUGLQJ� WR� &KLQD� ,QWHUQHW� :DWFK�� FURVV� ERUGHU� UHWDLO� LPSRUWV� PDUNHW� ZDV� H[SHFWHG� WR� UHDFK� 50%���� ELOOLRQ�LQ�������ZLWK�DQ�LQFUHDVH�RI�RYHU�����<2<�DQG�H[FHHG� 50%���� ELOOLRQ� LQ� ������� 1HDUO\� RQH�ÀIWK� RI� WKH� GLJLWDO� FRQ� VXPHUV� 0F.LQVH\� VXUYH\HG� LQ� ����� SXUFKDVHG� VRPH� JRRGV� IURP� YHQGRUV� RXWVLGH� &KLQD�� 7KHVH� VKRSSHUV� ERXJKW� LWHPV� WKDW� ZHUH� HLWKHU� WRR� H[SHQVLYH� RU� WRR� VFDUFH� DW� GRPHVWLF� YHQGRUV�5�7KH�EX\HUV�HQWUXVWHG�ORJLVWLFV�FRPSDQLHV�WR�KDQGOH� WKH� WUDQVSRUWDWLRQ�� FXVWRPV� FOHDUDQFH� DQG� GHOLYHU\� IRU� WKHP� LQ�&KLQD��7KXV�� WKH�UDSLG�JURZWK�RI� WKH�+DLWDR�PDUNHW��VXS� SRUWHG�E\�LQFUHDVH�LQ�VSHQGLQJ�SRZHU�DQG�ULVH�LQ�GHPDQG�IRU� TXDOLW\�SURGXFWV�� OHG�WR�WKH�ULVH�LQ�GHPDQG�IRU�UHOLDEOH�ORJLV� WLFV� DUUDQJHPHQWV� IRU� SURGXFWV� SXUFKDVHG� RYHUVHDV�� $V� IHZ� FRPSDQLHV�KDG�H[WHQVLYH� LQWHUQDWLRQDO�DQG�GRPHVWLF� ORJLVWLFV� QHWZRUNV�DQG�UHODWLRQV�ZLWK�PDMRU�UHWDLOHUV�RYHUVHDV��WKLV�UHS� UHVHQWHG�D�KXJH�PDUNHW�WKDW�ZDV�XS�IRU�JUDEV��
S0218927519500068.indd 155 01-07-19 4:30:43 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
��� 0DQXIDFWXUHUV�UHORFDWLQJ�SURGXFWLRQ��VWLPXODWLQJ�VXSSO\� FKDLQ�VHUYLFHV
,QFUHDVLQJ� ODERXU� DQG� SURGXFWLRQ� FRVWV� LQ� NH\� FRDVWDO� DUHDV� �3HDUO�5LYHU�'HOWD�DQG�<DQJW]H�5LYHU�'HOWD��SURPSWHG�PDQ\� PDQXIDFWXUHUV� WR� UHORFDWH� WKHLU� IDFWRULHV� WR� ORZHU�WLHU� FLWLHV� LQODQG�� (QWHUSULVHV� OLNH� )R[FRQQ�� )OH[WURQLFV�� 'HOO�� +3� DQG� 3À]HU� KDG� HVWDEOLVKHG� QHZ� SODQWV� RU� UHORFDWHG� FRDVWDO� IDFLOL� WLHV��0DQXIDFWXUHG�JRRGV�QRZ�KDG�WR�EH�FDUULHG�RYHU� ORQJHU� GLVWDQFHV� WR� UHDFK� WKH� SRUWV� IRU� H[SRUW�� +HQFH�� GHPDQG� IRU� LQWHJUDWHG� ORJLVWLFV� PDQDJHPHQW� LQFUHDVHG�� 6RPH� PDQXIDF� WXUHUV� ZKR� UHORFDWHG� RXWVRXUFHG� WKHLU� ORJLVWLFV� DFWLYLWLHV� LQ� ORZHU�WLHU�FLWLHV� WR�UHJLRQDO�/63V��ZKLFK�KDG�WKH� ORFDO�NQRZ� KRZ� DQG� FORVHU� WLHV� ZLWK� ORFDO� UHJXODWRU\� DXWKRULWLHV� DQG� FXVWRPV�� 2IWHQ�� WKHVH� ORFDO� /63V� FRXOG� QRW� SURYLGH� VHUYLFHV� XS�WR�WKH�PDQXIDFWXUHUV·�UHTXLUHPHQWV��$V�VXFK��PDQ\�PDQX� IDFWXUHUV�VFKHGXOHG�H[WUD�EXIIHU�WLPHV�IRU�SURGXFWLRQ�DQG�GLV� WULEXWLRQ�� +RZHYHU�� VRPH� UHJLRQDO� /63V� FDSDEOH� RI� IXOÀOOLQJ� VRSKLVWLFDWHG� SURGXFWLRQ� ORJLVWLFV� GHPDQGV� KDG� HPHUJHG�� $� QXPEHU� ZHUH� ORJLVWLFV� VSLQ�RIIV� IURP� ODUJH�VFDOH� PDQXIDF� WXULQJ� JURXSV� DQG� WKHVH� QRZ� SOD\HG� DQ� LQFUHDVLQJO\� LPSRU� WDQW�UROH�LQ�WKH�SURGXFWLRQ�ORJLVWLFV�VHJPHQW��
��� ,QFUHDVH�LQ�FRPSDQLHV�RXWVRXUFLQJ 7UDGLWLRQDOO\��&KLQHVH�FRPSDQLHV�PDQDJHG�WKHLU�SURGXFW�GLV� WULEXWLRQ� LQ�KRXVH�� PRVWO\� GXH� WR� KLJK� YROXPHV� �PDNLQJ� LW� FRVW� HIÀFLHQW��� WKH� ODFN� RI� TXDOLW\� /63V� DQG� WKH� XQGHUGHYHO� RSPHQW� RI� ORJLVWLFV� LQIRUPDWLRQ� V\VWHPV�� +RZHYHU�� LQ� UHFHQW� \HDUV�� PDQXIDFWXUHUV� DQG� UHWDLOHUV� KDG� EHFRPH� LQFUHDVLQJO\� DZDUH�RI�WKH�LPSRUWDQFH�RI�DQ�HIÀFLHQW�ORJLVWLFV�QHWZRUN��7KH� LQFUHDVH� LQ� FRPSHWLWLRQ�� GULYHQ� E\� H�FRPPHUFH� JURZWK� DQG� WKH�ULVH� LQ�GHPDQG�IRU�WLPHO\�GHOLYHULHV��KDG�GULYHQ�GHPDQG� IRU� HIÀFLHQW� ORJLVWLFV� DUUDQJHPHQWV�� 7KH� HPHUJHQFH� RI� ODUJHU� DQG�PRUH�SURIHVVLRQDO��3/�FRPSDQLHV�RIIHULQJ�PRUH�FRPSUH� KHQVLYH�VHUYLFHV�PDGH�LW�HYHQ�PRUH�HIÀFLHQW�DQG�FRVW�HIIHFWLYH� IRU�HQWHUSULVHV�WR�RXWVRXUFH�WKHLU�ORJLVWLFV�UHTXLUHPHQWV�UDWKHU� WKDQ� KDQGOLQJ� WKHP� LQ�KRXVH�� ,W� ZDV� HVWLPDWHG� WKDW� ��–���� RI� WKH�FRPSDQLHV� LQ�&KLQD�RXWVRXUFHG�WKHLU� ORJLVWLFV�UHTXLUH� PHQWV�WR��3/�SURYLGHUV�3
S0218927519500068.indd 156 01-07-19 4:30:43 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
��� 5LVH�LQ�GHPDQG�IRU�YDOXH�DGGHG�VHUYLFHV 0RUH� FRPSDQLHV� ZHUH� IRFXVLQJ� RQ� WKHLU� FRUH� FRPSHWHQFLHV� VXFK� DV� PDUNHWLQJ�� UHVHDUFK� DQG� GHYHORSPHQW� �5 '�� DQG� PDQXIDFWXULQJ�� ZKLOH� RXWVRXUFLQJ� VHFRQGDU\� FRPSHWHQFLHV� VXFK� DV� WUDQVSRUWDWLRQ� DQG� ORJLVWLFV� WR� WKLUG�SDUW\� SURYLGHUV� WKDW� FRXOG� XWLOLVH� UHVRXUFHV� PRUH� HIIHFWLYHO\�� /63V� FRXOG� EH� H[SHFWHG�WR�RIIHU�QHZ��YDOXH�DGGHG�VHUYLFHV�EDVHG�RQ�H[LVWLQJ� FDSDELOLWLHV� WR� PDWFK� FXVWRPHUV·� LQFUHDVLQJ� GHPDQGV� DQG� FDSWXUH� PDUNHW� RSSRUWXQLWLHV�� ,QIRUPDWLRQ� WHFKQRORJ\� �,7�� FRXOG� EHFRPH� D� PDMRU� GLIIHUHQWLDWRU� DV� UHTXLUHPHQWV� EHFDPH� PRUH� FRPSOH[�� *HQHUDO� VHUYLFHV� ZHUH� QR� ORQJHU� HQRXJK� IRU� PRVW� FXVWRPHUV� JLYHQ� WKH� FRPSHWLWLRQ� DQG� WKH� ORZ� FRVWV� RI� VZLWFKLQJ�� 5HWDLO� JLDQWV� H[SHFWHG� ORJLVWLFV� SURYLGHUV� WR� GR� PRUH��VXFK�DV�VRXUFLQJ�VLPSOH�JRRGV��ZDUHKRXVLQJ��LQYHQWRU\� PDQDJHPHQW�� GLVWULEXWLRQ�� DQG� GHOLYHU\�� 6RPH� HYHQ� DVNHG� H[SUHVV� SURYLGHUV� WR� EXLOG� XS� VLPSOH� UHSDLU� FDSDELOLWLHV� WR� VSHHG� XS� WKH� RSHUDWLRQ� RI� UHYHUVH� ORJLVWLFV�� ,Q� WKH� KLJK�WHFK� LQGXVWU\�� FXVWRPHUV� ZDQWHG� ORJLVWLFV� SURYLGHUV� WKDW� FRXOG� FRQGXFW�SURGXFW�WHVWLQJ�DQG�VHFRQGDU\�SDFNDJLQJ�GXULQJ�WKH� ZDUHKRXVLQJ�DQG�WUDQVSRUWDWLRQ�SURFHVVHV��0RUH�ORFDO�DSSDUHO� SURGXFHUV� ZDQWHG� ORJLVWLFV� SURYLGHUV� WKDW� FRXOG� VWRUH�� SLFN� XS�� VRUW�� SDFN� DQG� GLVWULEXWH� YDULRXV� SURGXFWV�� DFFRUGLQJ� WR� FXVWRPHUV·�FKDQJLQJ�QHHGV�
��� ,QFUHDVHG�XUEDQL]DWLRQ�OHDGLQJ�WR�JURZWK�LQ�GRPHVWLF� GHPDQG�DQG�UHWDLO�VDOHV�
&RQWLQXHG� XUEDQL]DWLRQ� ZDV� DOVR� RQH� RI� WKH� NH\� LPSHWXVHV� VXSSRUWLQJ�UHWDLO�VDOHV�JURZWK��8QGHU�WKH���WK�)LYH�\HDU�3ODQ�� XUEDQL]DWLRQ�ZDV�DQ�LPSRUWDQW�IRFXV�RI�&KLQD·V�GHYHORSPHQW�� 8UEDQL]DWLRQ� ZRXOG� FRQWLQXH� WR� LQFUHDVH� DV� UXUDO� UHVLGHQWV� PLJUDWH� WR� FLWLHV� WR� SURYLGH� ODERXU� IRU� WKH� SURFHVVLQJ� DQG� VHUYLFH� LQGXVWULHV��$V�D�UHVXOW��&KLQD·V�XUEDQL]DWLRQ�UDWH�ZDV� H[SHFWHG�WR�UHDFK�������LQ������DQG�����E\������3�7KH�%RDR� 5HYLHZ�H[SHFWHG�WKH�PLGGOH�FODVV�LQ�&KLQD�WR�JURZ�IURP�RYHU� ����PLOOLRQ�WR�PRUH�WKDQ�����PLOOLRQ��DFFRXQWLQJ�IRU���–���� RI� &KLQD·V� WRWDO� SRSXODWLRQ�� LQ� WKH� QH[W� ��� \HDUV�� DQG� WKH� UHVXOWDQW�VSHQGLQJ�SRZHU�ZRXOG�EH�H[WUHPHO\�VLJQLÀFDQW��$Q� HVWLPDWHG������PLOOLRQ�PRUH�SHRSOH�ZRXOG�PRYH�IURP�UXUDO�WR� XUEDQ�FHQWUHV�EHWZHHQ������DQG�������
S0218927519500068.indd 157 01-07-19 4:30:43 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
&RPSDQLHV·� GLVWULEXWLRQ� PRGHOV� ZHUH� PRYLQJ� IURP� GHDOHUVKLS� PRGHOV� WR� PXOWL�FKDQQHO� DQG� GLUHFW� VDOHV� PRGHOV�� UHTXLULQJ�KLJK�GHQVLW\�QHWZRUNV�ZLWK�TXLFNHU�UHVSRQVH�WLPHV�� 7DREDR·V� ORJLVWLFV� QHWZRUN� QRZ� FRYHUHG� PRUH� WKDQ� ���� RI� &KLQD·V� FLWLHV�� FRXQWLHV� DQG� GLVWULFWV� —� D� VKDUS� FRQWUDVW� WR� WUDGLWLRQDO� QHWZRUNV�� ZKLFK� W\SLFDOO\� IRFXVHG� RQ� 7LHU� �� DQG� 7LHU���FLWLHV���
��� ([SDQVLRQ�RI�&KLQHVH�HQWHUSULVHV�RYHUVHDV�JHQHUDWLQJ� FURVV�ERUGHU�ORJLVWLFV�GHPDQG�
$V� &KLQHVH� FRPSDQLHV� H[SDQGHG� RYHUVHDV� LQ� LQIUDVWUXF� WXUH� DQG� UDLOZD\� FRQVWUXFWLRQ�� DFTXLULQJ� PLQLQJ� DVVHWV� DQG� LQVWDOOLQJ� FRQVWUXFWLRQ� PDWHULDO� SURGXFWLRQ� OLQHV�� WKHUH� ZDV� GHPDQG� IRU� SURMHFW� ORJLVWLFV� WR� GHSOR\� HTXLSPHQW� DQG� PDWH� ULDOV�WR�RYHUVHDV�LQYHVWHH�FRXQWULHV��0DQ\�RI�WKHVH�HTXLSPHQW� DQG� PDWHULDOV� UHTXLUHG� VSHFLDOL]HG� LQWHUPRGDO� WUDQVSRUWD� WLRQ�� WLPHO\� GHOLYHU\� RI� FRPSRQHQWV� DQG� HIÀFLHQW� FXVWRPV� FOHDUDQFHV�� 6LQRWUDQV� KDG� FRPSOHWHG� ORJLVWLFV� SURMHFWV� IRU� 6,120$�� &,7,&� *URXS�� &KLQD� 1RUWK� 5DLO�� &KLQD� 6RXWK� 5DLO� DQG�0HWDOOXUJLFDO�&RUSRUDWLRQ�RI�&KLQD� ��� )DYRUDEOH�JRYHUQPHQW�SROLFLHV &KLQD·V� JRYHUQPHQW� KDG� JLYHQ� KLJK� SULRULW\� WR� WKH� GHYHORS� PHQW� RI� D� PRGHUQ� ORJLVWLFV� LQGXVWU\�� $� PDMRU� UHRUJDQL]DWLRQ� DW� WKH� PLQLVWU\� OHYHO� EURXJKW� PRVW� WUDQVSRUW�� DQG� ORJLVWLFV�� UHODWHG� PLQLVWULHV� DQG� EXUHDXV� —� DPRQJ� WKHP� WKH� IRUPHU� 0LQLVWU\� RI� &RPPXQLFDWLRQV�� &LYLO� $YLDWLRQ� $GPLQLVWUDWLRQ� RI� &KLQD�� 6WDWH� 3RVWDO� %XUHDX� —� XQGHU� RQH� URRI�� D� QHZO\� IRUPHG� 0LQLVWU\� RI� 7UDQVSRUW�� 7KH� 0LQLVWU\� RI� 5DLOZD\V� UHWDLQHG� LWV� H[LVWHQFH� DV� D� VHSDUDWH� PLQLVWU\�� DQG� GLIIHUHQW� LQVWLWXWLRQV�FRQWLQXHG�WR�PDLQWDLQ� WKHLU�RZQ�LGHQWLW\�DW�PLQ� LVWU\��SURYLQFLDO�DQG�FLW\�OHYHO��+RZHYHU��SROLF\�GHYHORSPHQW� DQG�LPSOHPHQWDWLRQ�UHPDLQHG�D�FKDOOHQJH��
7R�DGGUHVV�WKH�KLJK�ORJLVWLFV�FRVWV��WKH�&HQWUDO�*RYHUQ� PHQW�LQLWLDWHG�WROO�URDG�WDULII�FXWV��EXVLQHVV�WD[�FXWV�DQG�9$7� UHIRUP��7KHUH�ZDV�DOVR�D�����WD[�GHGXFWLRQ�RQ�ODQG�LQWHQGHG� IRU� ZDUHKRXVH� XVH�� 6HYHQWHHQ� SURYLQFHV� DQQRXQFHG� �–��� WDULII� FXWV� RQ� PDMRU� KLJKZD\V� WKDW� VKRXOG� UHGXFH� WUXFNLQJ� FRVWV��5HJXODWRU\�SURFHGXUHV�IRU�SURMHFW�DSSURYDOV��ÀQDQFLQJ��
S0218927519500068.indd 158 01-07-19 4:30:43 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
LQYHVWPHQW�DQG�FDUJR�KDQGOLQJ�ZHUH�DOVR�VLPSOLÀHG��7KH�JRY� HUQPHQW� ZRXOG� DWWHPSW� WR� DGGUHVV� UHJLRQDO� GLIIHUHQFHV� E\� PDSSLQJ� RXW� D� QDWLRQDO� ORJLVWLFV� QHWZRUN� FRPSRVHG� RI� QLQH� PDMRU� ORJLVWLFV� FOXVWHUV�� ZLWK� PDMRU�VHFRQGDU\� KXEV� WR� EH� OLQNHG�E\����ORJLVWLFV�FKDQQHOV��
7KH�6WDWH�&RXQFLO�DGRSWHG�WKH�´ORJLVWLFV�LQGXVWU\�GHYHO� RSPHQW� ORQJ�WHUP� SODQ� ����–����µ� ZKLFK� GHÀQHG� ��� NH\� SURMHFWV��DJULFXOWXUDO�SURGXFW�ORJLVWLFV��PDQXIDFWXULQJ�ORJLVWLFV� DQG�VXSSO\�FKDLQ�PDQDJHPHQW�� UHQHZDEOH�UHVRXUFH�UHF\FOLQJ� ORJLVWLFV��DQG�RWKHUV��7KH�DLP�ZDV�WR�HVWDEOLVK�D�PRGHUQ�ORJLV� WLFV�VHUYLFH�V\VWHP�E\������� � 7KH�LPSOLFDWLRQV�RI�WKLV�FRXOG�EH�9
��� $� VKLIW� LQ� IRFXV� RQ� GRPHVWLF� GHPDQG�� )LUPV� ZLWK� D� VWUD� WHJLF�IRFXV�RQ�WKH�GRPHVWLF�PDUNHW�DQG�JRRG�ORFDO�NQRZO� HGJH�FRXOG�EHQHÀW�H�J��ODUJH�GRPHVWLF�SOD\HUV�OLNH�&26&2� /RJLVWLFV�DQG�6LQRWUDQV�FRXOG�JDLQ�D�FRPSHWLWLYH�DGYDQWDJH� ZLWK�WKHLU�HVWDEOLVKHG�GRPHVWLF�QHWZRUNV�
��� ,QWHJUDWHG� VHUYLFHV� IURP� WUDQVSRUWDWLRQ� DQG� ORJLVWLFV� ÀUPV� ZRXOG�SOD\�D�ODUJH�UROH��)LUPV�WKDW�RIIHU�PXOWLPRGDO�ORJLV� WLFV�VROXWLRQV�FRXOG�GLIIHUHQWLDWH�WKHPVHOYHV�IURP�RWKHU��3/� SOD\HUV�
��� 7KH� PDUNHW� ZDV� OLNHO\� WR� EH� VHJPHQWHG�� ZLWK� ORJLVWLFV� ÀUPV�EHFRPLQJ�PRUH�VSHFLDOL]HG�DQG�LQGXVWU\�IRFXVHG�H�J�� FROG�FKDLQ� GLVWULEXWLRQ�� HQJLQHHULQJ�� DXWRV�� DQG� FKHPLFDO� ORJLVWLFV�
��� ,QFUHDVH� LQ� 0 $� DFWLYLW\� DPRQJ� &KLQHVH� ORJLVWLFV� SOD\HUV� DV�WKH\�WU\�WR�XSJUDGH�WKHLU�RZQ�PDUNHW�SRVLWLRQV��
CHINA’S HIGH LOGISTICS COSTS
&KLQD·V� KLJK� ORJLVWLFV� FRVWV� KDG� QRW� WUDQVODWHG� LQWR� KLJK� SURÀWV�IRU�WKH�ORJLVWLFV�HQWHUSULVHV��$�VXUYH\�E\�&KLQD�/RJLV� WLFV�,QIRUPDWLRQ�&HQWUH�VKRZHG�WKDW�&KLQD·V� OHDGLQJ�ORJLVWLFV� HQWHUSULVHV�KDG�D�SURÀW�PDUJLQ�RI������IURP�WKHLU�SULPH�EXVL� QHVV� RSHUDWLRQV� LQ� ������ DERXW� ���� SHUFHQWDJH� SRLQWV� ORZHU� WKDQ� WKDW� IURP� LQGXVWULDO� HQWHUSULVHV� DERYH� GHVLJQDWHG� VL]H� IRU� WKH� VDPH� SHULRG�10� 0RVW� RSHUDWHG� LQ� PLG�WR�ORZHU�HQG� PDUNHWV� DQG� RIIHUHG� VLPLODU� SURGXFWV� DQG� VHUYLFHV�� :LWKRXW�
S0218927519500068.indd 159 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
PXFK� SULFLQJ� SRZHU� DQG� EHLQJ� OHVV� LQWHJUDWHG�� WKH\� ZHUH� EHLQJ�VTXHH]HG� LQ� WKH�VXSSO\�FKDLQ�GRPLQDWHG�E\� ODUJH�FXV� WRPHUV� DQG� IRUHLJQ� ORJLVWLFV� HQWHUSULVHV�� ,QWHUQDWLRQDO� ORJLV� WLFV�JLDQWV�PRQRSROL]HG�WKH�KLJK�HQG�VHJPHQW�ZLWK�WKHLU�KLJK� WHFKQLFDO� FRQWHQW�� YDOXH�DGGHG� VHUYLFHV�� KLJK� SURIHVVLRQDOLVP� DQG�WKHLU�DELOLW\�WR�RSHUDWH�D�QHWZRUN��6LQRWUDQV�ZDV�WKH�RQO\� &KLQHVH�HQWHUSULVH�UDQNHG�DPRQJ�WKH�WRS�WZHQW\��3/V�LQ�WKH� ZRUOG� LQ� ������ 7DEOH� �� VKRZV� WKH� W\SHV� RI� ORJLVWLFV� VHUYLFH� FRPSDQLHV�� )LUPV� KLJKHU� XS� ZHUH� OHVV� DVVHW� LQWHQVLYH� DQG� IRFXV�PRUH�RQ�SODQQLQJ�DQG�FRRUGLQDWLRQ�
&HQWUDOO\�RZQHG� RU� VWDWH�RZQHG� HQWHUSULVHV� GRPL� QDWHG� WKH� WRS� ��� ORJLVWLFV� HQWHUSULVHV� LQ� &KLQD� DQG� WKLV� IRO� ORZHG� E\� SULYDWHO\� RU� LQGLYLGXDOO\�RZQHG� HQWHUSULVHV�� 7RWDO� UHYHQXH�IURP�WKH�WRS����HQWHUSULVHV�DFFRXQWHG�IRU�RQO\����RI� WRWDO�VRFLDO� ORJLVWLFV�FRVWV�LQ������� LQGLFDWLQJ�WKDW�WKH�&KLQHVH� ORJLVWLFV� PDUNHW� ZDV� KLJKO\� IUDJPHQWHG� DQG� WKH� ODUJHU� VL]H� RI�VWDWH�RZQHG�HQWHUSULVHV�ZDV�D�UHVXOW�RI�SULRU�PRQRSRO\�LQ� WKLV�VHFWRU�10
6HYHUDO� UHDVRQV� KDG� EHHQ� VXJJHVWHG� IRU� WKH� KLJK� ORJLV� WLFV�FRVWV�LQ�&KLQD��7KHVH�LQFOXGHG�
��� /RZ�SHQHWUDWLRQ�RI��3/ 7KH� SHQHWUDWLRQ� UDWH� RI� �3/V� LQ� &KLQD� ZDV� ��� �PHDVXUHG� LQ� �3/�UHYHQXHV�RYHU�WRWDO�ORJLVWLFV�FRVWV��FRPSDUHG�WR�WKH������� LQ�WKH�8QLWHG�6WDWHV�9�2I�WKH�WKUHH�PDMRU�FRPSRQHQWV�RI�ORJLV� WLFV�FRVWV�—�WUDQVSRUWDWLRQ��ZDUHKRXVLQJ�DQG�PDQDJHPHQW�— PDQDJHPHQW� FRVWV� DPRXQWHG� WR� ����� 7KLV� ZDV� VLJQLÀFDQWO\� KLJKHU�WKDQ�WKH����LQ�-DSDQ�DQG����LQ�WKH�86$�9�2SHUDWLRQDO�
7DEOH���� 7\SHV�RI�/RJLVWLFV�6HUYLFH�&RPSDQLHV�
3DUWLHV 6HUYLFHV
�3/��H�J��FRQVXOWDQWV� 6XSSO\�FKDLQ�PDQDJHPHQW
�3/��H�J��ORJLVWLFV�VHUYLFH�SURYLGHUV� )RUZDUGLQJ��FRQWUDFW�ORJLVWLFV
�3/��H�J��WUDQVSRUWDWLRQ�FRPSDQLHV� 7UDQVSRUWDWLRQ
�3/��H�J��PDQXIDFWXUHU��FXVWRPHU� 0DQXIDFWXULQJ��UHWDLOLQJ
Note��$VVHW�LQWHQVLW\�GHFUHDVHV�IURP��3/�WR��3/��$GDSWHG�IURP�'DLZD��5HI������
S0218927519500068.indd 160 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
HIÀFLHQF\�ZDV�ORZ�DV�WKH�LQGXVWU\�KDG�PDQ\��3/��3/�ÀUPV�� /RZ� HIÀFLHQF\� FRXOG� OHDG� WR� KLJKHU� PDQDJHPHQW� FRVWV� IRU� ORJLVWLFV�FRRUGLQDWLRQ��7KH�GHOLYHU\�RI�FRDO�IURP�WKH�QRUWKZHVW� WR�WKH�VRXWKHDVW��D�GLVWDQFH�RI�PRUH�WKDQ�������NP��FRXOG�EH� FKDOOHQJLQJ�� $� ODFN� RI� LQWHJUDWLRQ� RI� WUXFNLQJ�� UDLO�� SRUW� KDQ� GOLQJ� DQG� VKLSSLQJ� FRXOG� UHVXOW� LQ� GLVRUJDQL]HG� VFKHGXOHV� WKDW� UHTXLUHG� KLJK� LQYHQWRU\� EXIIHUV� WR� HQVXUH� D� UHDVRQDEOH� OHYHO� RI� VHUYLFH�� 3HUIRUPDQFH� LQ� WKH� LQGXVWU\� ZDV� DOVR� KDP� SHUHG�E\�D�VKRUWDJH�RI�H[SHULHQFHG�VWDII��HVSHFLDOO\�DW�PDQD� JHULDO�OHYHO�9
��� ,QIUDVWUXFWXUH�LQHIÀFLHQF\�DQG�XQHYHQ�HFRQRPLF� GHYHORSPHQW
&KLQD� KDG� D� OLPLWHG� DQG� XQUHOLDEOH� KLJKZD\� V\VWHP�� DQWL� TXDWHG�URDGV�DQG�SRUWV��RYHU�VWUHVVHG�FLYLO�DYLDWLRQ��D�UDSLGO\� GHYHORSLQJ� WHOHFRPPXQLFDWLRQV� QHWZRUN� DQG� OLPLWHG� ZDUH� KRXVLQJ� FDSDFLW\� DQG� TXDOLW\�� &XUUHQWO\�� &KLQD·V� PRVW� FRPPRQ� WUDQVSRUW� PHWKRGV� LQFOXGHG� URDG�� IROORZHG� E\� UDLO�� DLU��DQG�RFHDQ�RU�ZDWHUZD\V��
7ROOV� RQ� PDMRU� H[SUHVVZD\V� DQG� KLJKZD\V� FRXOG� DFFRXQW� IRU� DV� PXFK� DV� ���� RI� WUXFNLQJ� FRVWV�� 7R� UHGXFH� DYHUDJH� WUDQVSRUW� FRVWV�� WUXFNV� ZHUH� RIWHQ� RYHUORDGHG� DQG� VDIHW\� PHDVXUHV� ZHUH� EUHDFKHG�� 5RDG� DFFLGHQWV� ZHUH� QRW� XQXVXDO� DQG� URDGV� ZHUH� RIWHQ� EORFNHG� IRU� FOHDUDQFH�� 6HYHUH� WUDIÀF� MDPV� DOVR� XQGHUPLQHG� DQ\� JXDUDQWHH� RI� RQ�WLPH� GHOLYHU\� DQG� DIIHFWHG� WKH� VHUYLFH� TXDOLW\� RI� ORJLVWLFV� SUR� YLGHUV��/RUULHV�ZHUH�DOVR�UHVWULFWHG�IURP�HQWHULQJ�PRVW�XUEDQ� DUHDV� DQG� VR� PXVW� WUDQVIHU� JRRGV� RQWR� VPDOOHU� YHKLFOHV�� /RFDO� UHVWULFWLRQV� RQ� ZKLFK� FRPSDQLHV� ZHUH� DOORZHG� WR� SLFN� XS� ORDGV� DOVR� PDGH� LW� KDUG� IRU� DQ\� RXW�RI�WRZQ� WUDQVSRUW� FRPSDQ\�WR�ÀQG�ORDGV�IRU�UHWXUQ�MRXUQH\V��OHDGLQJ�WR�QR�ORDG� WUXFNV� DFFRXQWLQJ� IRU� DQ� H[WUHPHO\� KLJK� ���� RI� WKH� MRXU� QH\V�12�7KH�VSDUVHO\�SRSXODWHG�ZHVW�YHUVXV�WKH�SRSXORXV�HDVW� RIWHQ� PHDQW� WKDW� IUHLJKW� WUDQVSRUWDWLRQ� ZDV� RIWHQ� D� RQH�ZD\� WULS� WKDW� GRHV� QRW� PDNH� WKH� EHVW� XVH� RI� FDSDFLW\�� &RPSDUHG� ZLWK� WKH� 86�� WKH� SURVSHULW\� RI� ERWK� WKH� HDVW� DQG� ZHVW� FRDVWV� LPSOLHG� D� PRUH� EDODQFHG� WUDIÀF� SDWWHUQ� ZLWK� EHWWHU� FDSDFLW\� XWLOL]DWLRQ�
S0218927519500068.indd 161 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
��� /LPLWHG�RSHUDWLRQDO�VFDOH $FFRUGLQJ� WR� WKH� &KLQD� /RJLVWLFV� $VVRFLDWLRQ�� WKHUH� ZHUH� PRUH� WKDQ� ������� ORJLVWLFV� FRPSDQLHV� UHJLVWHUHG� LQ� &KLQD�� 0DQ\� ZHUH� VPDOO� DQG� ODFNHG� WKH� PHDQV� WR� LQYHVW� LQ� HTXLS� PHQW�� IDFLOLWLHV�DQG�WUDLQLQJ� IRU� WKHLU�VWDII��&XVWRPHUV�KDG�WR� OLDLVH� ZLWK� LQGLYLGXDO� FRPSDQLHV�� LQFOXGLQJ� WUXFNLQJ� FRPSD� QLHV� DQG� IUHLJKW� IRUZDUGHUV�� LQ� RUGHU� WR� HQVXUH� WKH� ORJLVWLFV� SURFHVV� UDQ� VPRRWKO\�� 0LVFRPPXQLFDWLRQ� DPRQJ� WKH� YDULRXV� SDUWLHV�RIWHQ�UHVXOWHG�LQ�VHULRXV�GLVUXSWLRQV��:KLOH�VRPH��3/� FRPSDQLHV� KDG� EHHQ� HVWDEOLVKHG� LQ� UHFHQW� \HDUV�� WKH\� ZHUH� OLPLWHG�LQ�VFDOH�DQG�RIIHUHG�VLPSOH�VHUYLFHV�OLNH�WUDQVSRUWDWLRQ� �H�J��WUXFNLQJ��VKLSSLQJ�DQG�IUHLJKW�IRUZDUGLQJ���
0RVW�ZDUHKRXVHV�LQ�&KLQD�ZHUH�ROG�DQG�XQPHFKDQL]HG�� 3RRU� OD\RXW� GHVLJQ� DQG� LQVXIÀFLHQW� PDWHULDO� KDQGOLQJ� HTXLS� PHQW� PHDQW� WKDW� WKH� HIÀFLHQF\� RI� ZDUHKRXVH� RSHUDWLRQV� ZDV� ORZ�� 0DQXDO� ZRUN� ZDV� VWLOO� FRPPRQ� LQ� VPDOO� ZDUHKRXVHV�� 3RRU� ZDUHKRXVLQJ� DQG� LQYHQWRU\� PDQDJHPHQW� OHG� WR� ORQJHU� DYHUDJH�LQYHQWRU\�KROGLQJ�SHULRGV�
7KH�LQGXVWU\�ZDV�FDUYHG�LQWR�QLFKHV��PDNLQJ�LW�KDUG�IRU� LQWHJUDWHG� VHUYLFH� SURYLGHUV� WR� HPHUJH�� 6OHHS\� VWDWH�RZQHG� HQWHUSULVHV� VXFK� DV� 6LQRWUDQV� DQG� &KLQD� 3RVW� FRQWUROOHG� WKH� PDUNHWV� IRU� DLUIUHLJKW� DQG� GRPHVWLF� SRVW�� )RUHLJQ� H[SUHVV� GHOLYHU\�ÀUPV�ZHUH�NHHQ�WR�HQWHU�WKLV�PDUNHW�EXW�)HG([�DQG� 836�� IRU� H[DPSOH�� ZHUH� JUDQWHG� RQO\� OLPLWHG� OLFHQFHV� IRU� GRPHVWLF�GHOLYHU\��0RUH�LPSRUWDQWO\��IRUHLJQ�ÀUPV�ZHUH�EXU� GHQHG�ZLWK�KLJK�FRVWV�WKDW�PDGH�LW�KDUG�WR�FRPSHWH�IRU�IUXJDO� FXVWRPHUV�DJDLQVW�OHDQ�ORFDO�ULYDOV�
TYPES OF SERVICES
7KLUG�SDUW\�ORJLVWLFV���3/��SURYLGHU�VHUYLFHV�LQFOXGHG�GRPHVWLF� DQG� LQWHUQDWLRQDO� IUHLJKW� IRUZDUGLQJ�� YDOXH�DGGHG� ZDUH� KRXVLQJ� DQG� GLVWULEXWLRQ�� WUXFNLQJ� DQG� RWKHU� VXSSO\�FKDLQ� PDQDJHPHQW� IXQFWLRQV� VXFK� DV� FDOO� FHQWUHV�� FRQVROLGDWLRQ� GHFRQVROLGDWLRQ� DQG� FRQVXOWLQJ�SURFHVV� UHHQJLQHHULQJ�� 6HU� YLFHV�WHQGHG�WR�EH�FRQWUDFWHG�DQG�FXVWRPL]HG��6FDOH�PDWWHUHG� LQ� WKH� �3/� LQGXVWU\� ZKHUH� FRPSUHKHQVLYH� LQWHUPRGDO� QHW� ZRUNV�DQG�YHUWLFDO�LQWHJUDWLRQ�ZHUH�YLWDO��
S0218927519500068.indd 162 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
/RJLVWLFV�VHUYLFHV�PD\�EH�FDWHJRUL]HG�DV�IROORZV�
D� Traditional Services�� 7KLV� LQFOXGHG� WUDQVSRUWDWLRQ�� ZDUH� KRXVLQJ�� DQG� GLVWULEXWLRQ� VHUYLFHV� ZKLFK� W\SLFDOO\� SUR� YLGHG�D�ORZ�SURÀW�PDUJLQ�IRU�WKH��3/�FRPSDQ\�
b) Value-Added Services�� 7KLV� LQFOXGHG� FXVWRPL]HG� VHUYLFHV� OLNH�LQYHQWRU\�PDQDJHPHQW��SDFNDJLQJ�DQG�SURFHVVLQJ��HWF�
c) Logistic Management Solutions��7KLV� WRWDO�VROXWLRQ�DSSURDFK� GHOLYHUHG�D�VHDPOHVV�DQG�LQWHJUDWHG�UDQJH�RI�VHUYLFHV� WKDW� ZDV�D�FRVW�HIÀFLHQW�ZD\�WR�PDQDJH�WKH�FXVWRPHU·V�VXSSO\� FKDLQ�� 7KLV� LQFOXGHG� ORJLVWLF� LQIRUPDWLRQ� PDQDJHPHQW�� ORJLVWLF�V\VWHP�GHVLJQ�DQG�LQWHJUDWLRQ�
7KH� KLJK� FRVW� RI� ORJLVWLFV� ZRXOG� FUHDWH� GHPDQG� IRU� VRSKLVWLFDWHG�YDOXH�DGGHG�ORJLVWLFV�VHUYLFHV��SURYLQJ�RSSRUWX� QLWLHV�IRU�LQGXVWU\�SOD\HUV��&XUUHQWO\��RXWVRXUFLQJ�RI�ORJLVWLFV� PDQDJHPHQW� WR� H[WHUQDO� FRPSDQLHV� UHPDLQHG� ORZ�� 7UDQV� SRUWDWLRQ� ZDV� PRVW� OLNHO\� WR� EH� RXWVRXUFHG� ZKLOVW� VXSSO\� FKDLQ� PRQLWRULQJ� ZDV� OHDVW� OLNHO\� WR� EH� RXWVRXUFHG�� &RPSD� QLHV�RIWHQ�IRXQG�LW�GLIÀFXOW�DQG�FRVWO\�WR�PDLQWDLQ�WKHLU�RZQ� WUXFNLQJ�ÁHHW�DW�DQ�RSWLPDO�XWLOL]DWLRQ�OHYHO��7KH\�DOVR�IRXQG� LW�HDVLHU�WR�PDLQWDLQ�WKHLU�RZQ�SURSULHWDU\�VXSSO\�FKDLQ�LQIRU� PDWLRQ� V\VWHP� JLYHQ� WKHLU� H[WHQVLYH� DFFHVV� WR� LQ�KRXVH� SUR� GXFWLRQ� DQG� GLVWULEXWLRQ� LQIRUPDWLRQ�� $� 3Z&� VXUYH\� IRXQG� WKDW� RQ� DYHUDJH�� FRPSDQLHV� VWLOO� PDQDJHG� FORVH� WR� ���� RI� WKHLU�ORJLVWLFV�UHTXLUHPHQWV�LQ�KRXVH�3
)LUPV� PD\� FRQVLGHU� RXWVRXUFLQJ� SDFNDJLQJ�� PDWHULDOV� UHF\FOLQJ� DQG� SURFXUHPHQW� LQ� IXWXUH�� /RJLVWLFV� FRPSDQLHV� LQ� &KLQD� FRXOG� DOVR� RIIHU� VHUYLFHV� OLNH� UHWXUQV� PDQDJH� PHQW�� DVVHPEO\� DQG� FRPSODLQWV� KDQGOLQJ� ZKLFK� ZHUH� YHU\� FRPPRQ� LQ� GHYHORSHG� FRXQWULHV�� /RJLVWLFV� FRPSDQLHV� FRXOG� DOVR�H[SDQG�LQWR�RQ�VLWH�UHSDLU�DQG�UHWXUQ�SURFHVVLQJ�FHQWUHV�� 7KHVH� FXUUHQWO\� DFFRXQWHG� IRU� ���� DQG� ���� RI� VHUYLFHV� RXW� VRXUFHG� WR� �3/�� 0DQ\� ZDUHKRXVHV� GLG� QRW� KDYH� ODUJH� ÁRRU� SODWHV�� KLJK� FHLOLQJV�� HQKDQFHG� VDIHW\� V\VWHPV� DQG� DGYDQFHG� ,7� V\VWHPV�� 7KHUH� ZDV� DOVR� DQ� LQFUHDVLQJ� GHPDQG� IRU� WHP� SHUDWXUH�FRQWUROOHG� IDFLOLWLHV� IRU� SKDUPDFHXWLFDO� DQG� PHGLFDO� LQGXVWULHV��DQG�IRU�SHULVKDEOH�SURGXFWV��
S0218927519500068.indd 163 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
CHINA’S LOGISTICS INDUSTRY AND COMPETITION
5RDG� WUDQVSRUW� HQWHUSULVHV� DFFRXQWHG� IRU� WKH� ODUJHVW� VKDUH� RI� WKH� ORJLVWLFV� PDUNHW�� LQ� WHUPV� RI� QXPEHU� RI� ÀUPV�� 7KHUH� ZHUH� DQ� HVWLPDWHG� �������� URDG� WUDQVSRUW� FRPSDQLHV�12� 7KH� WRS� ��� URDG� WUDQVSRUW� FRPSDQLHV� DFFRXQWHG� IRU� OHVV� WKDQ� ��� RI� WKH� PDUNHW� VKDUH�� 0RVW� WUDQVSRUW� FRPSDQLHV� ZHUH� VPDOO� DQG�PHGLXP�VL]HG�DQG�WHQGHG�WR�RSHUDWH�LQ�VLQJOH�RU�QHDUE\� FLWLHV�� 7KH\� FRPSHWHG� RQ� SULFH� LQVWHDG� RI� VHUYLFH� TXDOLW\�� *RRGV�FRXOG�EH�WUDQVIHUUHG�XS�WR�D�GR]HQ�WLPHV�IURP�YHKLFOH� WR� YHKLFOH� DV� WKH\� PDGH� WKHLU� ZD\� DFURVV� WKH� FRXQWU\�� 7KHUH� ZHUH�QR�FDUJR�KXEV�WKDW�KHOSHG�OLQN�IUHLJKW�IURP�UDLO�WR�URDG��
7UDQVSRUWLQJ� JRRGV� DURXQG� WKH� FRXQWU\� FRXOG� LQYROYH� D� PL[WXUH� RI� IRUHLJQ�� VWDWH�RZQHG� DQG� GRPHVWLF� SULYDWH� EXVLQHVVHV�� 7KH� SUHFLVH� PL[� YDULHG� IURP� VHFWRU� WR� VHFWRU�� GHSHQGLQJ� RQ� WKH� GHJUHH� RI� OLEHUDOL]DWLRQ�� 5RDG� WUDQVSRUW� ZDV�KLJKO\�FRPSHWLWLYH�DQG�KDG�EHHQ�IXOO\�RSHQ�WR�DOO� W\SHV� RI�FRPSDQLHV� VLQFH� WKH� PLG�����V��$LUIUHLJKW� ZDV�VWLOO� KLJKO\� UHJXODWHG�� )UHLJKW� IRUZDUGLQJ� ZDV� OHVV� SURÀWDEOH� WKDQ� ZDUH� KRXVLQJ� DV� PDUJLQV� ZHUH� KHDYLO\� GHSHQGHQW� RQ� RSHUDWLRQDO� VFDOH�DQG�HIÀFLHQFLHV��7DEOH���VKRZV�WKH�OHDGLQJ�ORJLVWLFV�FRP� SDQLHV�LQ�&KLQD�
7DEOH���� /HDGLQJ�/RJLVWLFV�&RPSDQLHV�LQ�&KLQD�LQ�������E\�5HYHQXH� �LQ�ELOOLRQ�\XDQ��
5DQNLQJ &RPSDQ\ 5HYHQXH
1 &KLQD�2FHDQ�6KLSSLQJ��*URXS��&RPSDQ\ ������ 2 6LQRWUDQV� �&6&�+ROGLQJV�&R��/WG ����� 3 -L]KRQJ�(QHUJ\�,QWHUQDWLRQDO�/RJLVWLFV�*URXS�&R���/WG ���� � ;LDPHQ�;LDQJ\X�*URXS�&R��/WG ����� 5 6)�([SUHVV ����� � +HEHL�/RJLVWLFV�,QGXVWU\�*URXS�&R���/WG ���� � 7LDQMLQ�3RUW��*URXS��&R���/WG ����� � 6KDQGRQJ�/RJLVWLFV�*URXS ����� 9 &KLQD�5DLOZD\�0DWHULDO�&RPSDQ\ ����� 10 $QML�$XWRPRELOH�/RJLVWLFV�&R��/WG �����
Source��6WDWLVWD�
S0218927519500068.indd 164 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
7KH� ODUJH�VFDOH� /63V� SURYLGHG� LQ�WRZQ� WUDQVSRUWDWLRQ� VHUYLFHV�EXW�DOVR�DOO�URXQG�ORJLVWLFV�VHUYLFHV�DQG�VRSKLVWLFDWHG� VROXWLRQV��7KHUH�ZHUH�IRXU�PDMRU�W\SHV�RI�ODUJH�VFDOH�ORJLVWLFV� HQWHUSULVHV�
��� 6WDWH�RZQHG�H�J��&26&2��6LQRWUDQV� ���3ULYDWH�RZQHG�H�J��'HSSRQ��-LDML� ��� 6SLQ�RIIV�H�J��$QQWR��IURP�0LGHD���$QML��IURP�6$,&�0RWRU��
DQG ��� )RUHLJQ�RZQHG�H�J��$JLOLW\��'%�6FKHQNHU��/)�/RJLVWLFV�
)RUHLJQ� /63V� KDG� VRSKLVWLFDWHG� WHFKQRORJ\�� IXQGLQJ� DQG� SURIHVVLRQDO� H[SHUWLVH� DV� ZHOO� DV� D� FRPSUHKHQVLYH� LQWHU� QDWLRQDO� QHWZRUN�� 7KH\� KDG� WKH� FDSDELOLWLHV� WR� IXOÀO� VSHFLÀF� ORJLVWLFV� GHPDQGV� LQFOXGLQJ� DXWRPRELOH� ORJLVWLFV� DQG� FROG� FKDLQ� ORJLVWLFV�� %XW� IRUHLJQ� ÀUPV� FRXOG� QRW� GRPLQDWH� DOO� WKH� ORJLVWLFV� PDUNHW� VHJPHQWV�� LQ� SDUWLFXODU�� WKH� KLJKO\�UHJXODWHG� UDLO� FDUJR� ORJLVWLFV�� SKDUPDFHXWLFDO� ORJLVWLFV� DQG� H�FRPPHUFH� ORJLVWLFV� VHJPHQWV�� ,QVWHDG�� LW� ZDV� WKH� &KLQHVH� VWDWH�RZQHG� ORJLVWLFV�HQWHUSULVHV�WKDW�KDG�D�FRPSUHKHQVLYH�QHWZRUN�DFURVV� WKH�FRXQWU\�DQG�FORVH�UHODWLRQVKLSV�ZLWK�WKH�VWDWH�WKDW�KDG�WKH� DGYDQWDJHV� LQ� WKH� KLJKO\�UHJXODWHG� ORJLVWLFV� VHJPHQWV�� 7KH� GRPHVWLF�� SULYDWH�RZQHG� ORJLVWLFV� FRPSDQLHV�� RQ� WKH� RWKHU� KDQG��GRPLQDWHG�WKH�GRPHVWLF�H�FRPPHUFH�PDUNHW�E\�RIIHULQJ� FKHDS�DQG�HIÀFLHQW�GHOLYHU\�VHUYLFHV�13
$V� WKH� ORJLVWLFV� EXVLQHVV� ZDV� KLJKO\� QHWZRUN�� DQG� YROXPH�GULYHQ�� H[SDQVLRQ� WR� QHZ� JHRJUDSKLFDO� PDUNHWV� WKURXJK� PHUJHUV� RU� DFTXLVLWLRQ� FRXOG� EH� DQ� HIIHFWLYH� ZD\� RI� H[SDQGLQJ� WKH� EXVLQHVV�� 7KURXJK� 0 $�� /63V� ZRXOG� EH� DEOH�WR�
��� RSWLPL]H�WKH�DOORFDWLRQ�RI�UHVRXUFHV�DQG�UHGXFH�FRVWV� ��� H[SDQG�WKHLU�ORJLVWLFV�QHWZRUNV�DQG�PDUNHW�FRYHUDJH�DQG ��� HQKDQFH�WKHLU�HQWHUSULVH�EUDQG�YDOXH�
+RZHYHU�� WKH� QXPEHU� RI� 0 $V� GLG� QRW� DSSHDU� WR� EH� DFFHOHUDWLQJ� IRU� VHYHUDO� UHDVRQV�� /RZHU� WLHU� FLWLHV� ZHUH� EHVW� VHUYHG� E\� VPDOOHU� ORFDO� RSHUDWRUV�� ZKLFK� NQHZ� WKHLU� LPPHGLDWH� ORFDOLW\� ZHOO� DQG� FRXOG� RIIHU� ORZ�SULFH� VHUYLFHV�� )LQDQFLQJ� IRU� DFTXLVLWLRQV� ZDV� GLIÀFXOW� WR� REWDLQ� DV� ZHUH�
S0218927519500068.indd 165 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
VNLOOHG�PDQDJHUV�ZLWK�H[SHULHQFH�WR�KDQGOH�WKH�LQWHJUDWLRQ�RI� DFTXLVLWLRQV��$V�D�UHVXOW��RUJDQLF�JURZWK�ZDV�SUHIHUUHG��*LYHQ� WKH� IUDJPHQWDWLRQ� LQ� WKH� VHFWRU�� PDQ\� GRPHVWLF� FRPSDQLHV� DQG� VRPH� PXOWLQDWLRQDOV� SUHIHUUHG� WR� NHHS� WKHLU� WUDQVSRUWD� WLRQ�DQG�ORJLVWLFV�VHUYLFHV�LQ�KRXVH��&RPSDUHG�WR�WKH�86��WKH� ORJLVWLFV�PDUNHW� LQ�&KLQD�ZDV�VWLOO� LQ�WKH�HDUO\�VWDJHV�RI�FRQ� VROLGDWLRQ��)LJXUH����
Source��&&%,6��5HI������
)LJ�����&KLQD·V�ORJLVWLF�PDUNHW�LV�LQ�WKH�HDUO\�VWDJHV�RI�FRQVROLGDWLRQ�
7KLUG� SDUW\� ORJLVWLFV� UHYHQXH� LQ� &KLQD� DPRXQWHG� WR� 86������� ELOOLRQ� LQ� ����� �7DEOH� ���� 7HFKQDYLR� 5HVHDUFK� H[SHFWHG�WKLV�WR� LQFUHDVH�WR�86�����ELOOLRQ�E\���������7DEOH��� VKRZV�WKH� WRS�ÀYH�SOD\HUV�DFFRXQWHG�IRU� MXVW�DURXQG�����RI� WKH�PDUNHW�
0DQ\� ZHUH� LQYROYHG� LQ� MXVW� RQH� RU� WZR� VHJPHQWV� RI� WKH� RYHUDOO� VXSSO\� FKDLQ�� 'RPHVWLF� H[SUHVV� RSHUDWRUV� OLNH� 6)� ([SUHVV�DQG�6KHQWRQJ�KDYH�VWDUWHG�WR�FRQVWUXFW�D�QDWLRQZLGH� ORJLVWLFV�QHWZRUN�ZKLOH�&DLQLDR�1HWZRUN��D� ORJLVWLFV�QHWZRUN� LQLWLDWHG� E\� -DFN� 0D� RI� $OLEDED�� KDG� DWWUDFWHG� VLJQLÀFDQW� PDUNHW� DWWHQWLRQ� 7KH� KLJK� LQYHVWPHQW� LQ� LQIRUPDWLRQ� WHFK� QRORJ\�QHHGHG�WR�VXSSRUW�DQ�HIIHFWLYH�VXSSO\�FKDLQ�PDQDJH� PHQW� SODWIRUP� GLVFRXUDJHG� HQWUDQWV� WR� WKH� ORJLVWLF� VROXWLRQV�
S0218927519500068.indd 166 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
7DEOH���� �3/�5HYHQXH�LQ�&KLQD�IURP������WR�������LQ�ELOOLRQ�86���
<HDU 2010 2011 2012 2013 ���� 2015 ����
5HYHQXH 103 115 ��� ��� ��� 159 �����
Source��6WDWLVWD��7HFKQDYLR��5HI������
PDUNHW�� %HVLGHV� RSHUDWLRQ� OLFHQFHV�� SHUPLVVLRQ� IRU� ORJLVWLF� RSHUDWLRQV�ZDV�QHHGHG�IURP�YDULRXV�UHJLRQDO�DXWKRULWLHV��$Q� H[WHQVLYH�RSHUDWLRQ�QHWZRUN�UHTXLUHG�LQIUDVWUXFWXUH�OLNH�ZDUH� KRXVHV�DQG�ÁHHWV��,W�ZRXOG�WDNH�WLPH�IRU�DQ\�HQWUDQW�WR�EXLOG� D�VL]HDEOH�VXSSRUWLQJ�LQIUDVWUXFWXUH�
6RPH�ODUJH�6WDWH�RZQHG�HQWHUSULVHV��62(V��DQG�LQWHUQD� WLRQDO�EXVLQHVVHV�GHYHORSHG�WKHLU�RZQ�LQ�KRXVH�ORJLVWLFV�PDQ� DJHPHQW�SODWIRUPV��)RU�H[DPSOH��:DOPDUW�ZDV�YHU\�HIIHFWLYH� LQ�PDQDJLQJ�LWV�RZQ�ORJLVWLFV�DFWLYLWLHV�DQG�LWV�HIÀFLHQF\�ZDV� HYHQ�EHWWHU�WKDQ�PDQ\��3/�SURYLGHUV��
)LJXUH� �� VKRZV� WKH� IRFXV� RI� PDMRU� �3/� ÀUPV�� 836� DQG� )HG([� DLPHG� WR� PD[LPLVH� UHWXUQ� RQ� DVVHWV� DQG� GLG� QRW� PDNH�ODUJH�LQYHVWPHQWV�RQ�LQIUDVWUXFWXUH�DQG�IDFLOLWLHV��.HUU\� DGRSWHG�WKH�DVVHW�EDVHG�DSSURDFK��%\�KDYLQJ� LWV�RZQ�WUXFNV�� IDFLOLWLHV� DQG� EXLOGLQJV�� .HUU\� FRXOG� EH� PRUH� ÁH[LEOH� LQ� SUR� YLGLQJ� FXVWRPL]HG� ORJLVWLFV� VHUYLFHV� WR� LWV� FXVWRPHUV� DQG� EHWWHU�FRQWURO�LWV�RSHUDWLQJ�FRVWV�DV�UHQWV�LQFUHDVH��
7DEOH� ��� 5HYHQXHV� DQG� 0DUNHW� 6KDUH� RI� 7RS� )LYH� �3/� 6HUYLFH� 3URYLGHUV�LQ�*UHDWHU�&KLQD�
&RPSDQ\ *URVV�5HYHQXH� �86��PLOOLRQ�
1HW�5HYHQXH� �86��PLOOLRQ�
0DUNHW� 6KDUH
��� 6LQRWUDQV ����� ����� ����
��� '+/�6XSSO\�&KDLQ� � *OREDO�)RUZDUGLQJ
����� ����� ����
��� .HUU\�/RJLVWLFV ����� ��� ����
��� &(9$�/RJLVWLFV ����� ��� ����
��� ([SHGLWRUV�,QWHUQDWLRQDO� RI�:DVKLQJWRQ
����� 259 ����
Source��.LP�(QJ��5HI������.HUU\�/RJLVWLF�1HWZRUN��5HI������&&%,6��5HI������
S0218927519500068.indd 167 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
Major 3PL Service Providers
Sinotrans Limited:� 6LQRWUDQV�/WG�RIIHUHG�LQWHJUDWHG�ODQG��VHD� DQG� DLUIUHLJKW� IRUZDUGLQJ� VHUYLFHV�� RFHDQ�� DLU�� URDG�� UDLO� DQG� PXOWL�PRGDO� WUDQVSRUWDWLRQ� DQG� H[SUHVV� VHUYLFHV�� PDQDJHG� VKLSV� DQG� ZDUHKRXVHV�� DQG� VHUYHG� DV� WKH� VKLS� DJHQW� IRU� &KLQHVH�VHDSRUWV��,WV�SDUHQW�FRPSDQ\�ZDV�D�ODUJH�VWDWH�RZQHG� FRPSDQ\�WKDW�UHSRUWHG�WR�WKH�6WDWH�RZQHG�$VVHWV�6XSHUYLVLRQ� DQG� $GPLQLVWUDWLRQ� &RPPLVVLRQ� RI� WKH� 6WDWH� &RXQFLO�� ,W� KDG� H[WHQVLYH�H[SHULHQFH�DQG�LQ�GHSWK�XQGHUVWDQGLQJ�RI�WKH�&KLQD� PDUNHW��$V�DQ�62(�� LW�KDG�WKH�DGYDQWDJH�RI� ORFDO�NQRZOHGJH� DQG� WKH� GLVDGYDQWDJH� RI� ORZHU� HIÀFLHQF\� FRPPRQ� WR� PRVW� 62(V�
6LQRWUDQV� VWUHQJWK� LQFOXGHG� D� EDODQFHG� SRUWIROLR� RI� VWUDWHJLF� DVVHWV� DQG� QHWZRUNV� LQ� &KLQD�� QDPHO\� VHOI�RSHUDWHG� WHUPLQDOV� ZLWK� WKURXJKSXW� FDSDFLW\� RI� ������ PLOOLRQ� WRQV�� ��� VHOI�RSHUDWHG� YHVVHOV�� ��� FRQWDLQHU� \DUGV�� ���� ZDUHKRXVHV�� �� UHJLRQDO� GLVWULEXWLRQ� FHQWUHV� �LQ� %HLMLQJ�� *XDQJ]KRX�� &KHQJGX�� 6KDQJKDL�� 6KHQ\DQJ� DQG� 1DQMLQJ��� ������ YHKLFOHV� DQG���VSHFLDO�UDLOZD\�OLQHV�
$SDUW� IURP� WKH� VHD� DQG� ODQG� VHUYLFH� QHWZRUNV� LQ� &KLQD·V� FRDVWDO� UHJLRQV� DQG� PDMRU� VWUDWHJLF� DUHDV�� 6LQRWUDQV� RSHUDWHG� DQ� DLUIUHLJKW� DQG� H[SUHVV� VHUYLFH� QHWZRUN� FRY� HULQJ� PDMRU� FLWLHV� LQ� &KLQD� WKURXJK� LWV� VXEVLGLDU\�� 6LQRWUDQV� $LU� 7UDQVSRUWDWLRQ� 'HYHORSPHQW� DQG� WKURXJK� FRQWUDFWV� ZLWK� 6LQRWUDQV�*URXS��,WV�DOOLDQFHV�ZLWK�LQWHUQDWLRQDO�VWUDWHJLF�SDUW� QHUV� DOVR� JUDQWHG� LW� DFFHVV� WR� DQ� H[WHQVLYH� RYHUVHDV� QHWZRUN�
High value added
Logistics Management solutions
yFedEx yUPS
yCEVA Logistics yDB Schenker yKerry EAS
Value-added services
yEMS ySF
ySinotrans yCOSCO logistics
Low value added
Traditional transportation
yChina Railway Express
yChina Shipping Logistics
Air & Parcel Road Railway Sea Low High
Economies of scale
)LJ�����&RPSHWLWLYH�PDWUL[�VKRZLQJ�.HUU\�DQG�RWKHU�ORJLVWLFV�ÀUPV�LQ� &KLQD�
S0218927519500068.indd 168 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
LQ�PDMRU�HFRQRPLF�UHJLRQV��,WV�FXVWRPHUV�LQFOXGHG�6LQRFKHP�� 6LQRSHF�� &122&�� 6KHOO� 3HWURFKHPLFDOV�� %D\HU�� 'RZ�� %6)�� :DFKHU��%3��0LFKHOLQ��&RRSHU�7LUHV��+DQNRRN��'HOSKL��.UDIW�� 3 *�� +HLQHNHQ�� &RFD�&ROD�� &DUUHIRXU�� 0HWUR�� ,NHD�� /HQRYR�� 3LRQHHU��7KXQLV��+,6$3��%(14�DQG�%ODFNZRRGV�
6LQRWUDQV�KDG�D�������MRLQW�YHQWXUH�ZLWK�'+/�RSHUDWHG� XQGHU� WKH� '+/� EUDQG� ZLWK� 6LQRWUDQV� SURYLGLQJ� WKH� HQWUpH� WR� WKH� GRPHVWLF� PDUNHW� DQG� '+/� RIIHULQJ� LWV� LQWHUQDWLRQDO� QHWZRUN��
CEVA:� )RUPHG� LQ� ����� E\� PHUJLQJ� WKH� ORJLVWLFV� GHSDUW� PHQWV� RI� 717� DQG� (*/�� &(9$� EHFDPH� WKH� �WK� ODUJHVW� JOREDO��3/�FRPSDQ\�� ,W�KDG�������HPSOR\HHV�DQG�����PLOOLRQ� VTXDUH� PHWUHV� RI� ZDUHKRXVLQJ� VSDFH� LQ� &KLQD� DQG� DQ� H[WHQ� VLYH� JOREDO� QHWZRUN�� $V� D� PDMRU� LQWHUQDWLRQDO� SOD\HU�� &(9$� RIIHUHG� PRGHUQ� ORJLVWLFV� VHUYLFH�� UDQJLQJ� IURP� HQG�WR�HQG� GHVLJQ��LPSOHPHQWDWLRQ�DQG�RSHUDWLRQDO�FDSDELOLWLHV�LQ�IUHLJKW� IRUZDUGLQJ��FRQWUDFW�ORJLVWLFV��DQG�WUDQVSRUWDWLRQ�PDQDJHPHQW� WR� GLVWULEXWLRQ� PDQDJHPHQW�� ,W� DGRSWHG� D� WDLORU�PDGH� WRWDO� VROXWLRQ�DSSURDFK�WR�SURYLGLQJ�KLJK�YDOXH�DGGHG�VHUYLFHV��
DB Schenker:� '%� 6FKHQNHU� HQWHUHG� &KLQD� LQ� ������ 7KH� FRPSDQ\� KDG� RSHUDWLRQV� LQ� RYHU� ��� NH\� &KLQHVH� FLWLHV� DQG� HPSOR\HG� PRUH� WKDQ� ������ HPSOR\HHV�� ,W� HQMR\HG� D� JRRG� UHSXWDWLRQ� LQ� &KLQD� DQG� ZDV� DSSRLQWHG� WKH� 2IÀFLDO� )UHLJKW� )RUZDUGLQJ� �&XVWRPV�&OHDUDQFH�6XSSOLHU�RI�WKH������%HLMLQJ� 2O\PSLF� *DPHV�� '%� 6FKHQNHU� IRFXVHG� RQ� SURYLGLQJ� D� RQH� VWRS�VROXWLRQ�WR�FXVWRPHUV��*LYHQ�LWV�ORQJ�KLVWRU\�RI�RSHUDWLRQ� DQG� LQWHUQDWLRQDO� H[SHULHQFH� LQ� SURYLGLQJ� PRGHUQ� ORJLVWLFV� VROXWLRQV�� '%� 6FKHQNHU� ZDV� JRRG� DW� RIIHULQJ� ERWK� WDLORUHG� DQG�VWDQGDUGL]HG� LQWHJUDWHG� ORJLVWLFV�VROXWLRQV�� UDQJLQJ� IURP� VXSSO\� FKDLQ� PDQDJHPHQW� DQG� GHGLFDWHG� RU� VKDUHG� ZDUH� KRXVLQJ� WR� FURVV�GRFNLQJ� DQG� YDOXH�DGGHG� VHUYLFHV�� )RU� WUD� GLWLRQDO� WUDQVSRUW� VHUYLFH�� LW� RIIHUHG� URDG� DFFHVV� WR� ���� FLWLHV� LQ� &KLQD� DQG� GRPHVWLF� DLU� FDUJR� VHUYLFH�� DV� ZHOO� DV� VRPH� FRQWDLQHU�ZDWHU�WUDQVSRUW�DQG�OLPLWHG�UDLOZD\�WUDQVSRUW��
COSCO Logistics:�&26&2�/RJLVWLFV�� IRXQGHG�LQ�������ZDV�D� ZKROO\�RZQHG� VXEVLGLDU\� RI� &KLQD� &RVFR� +ROGLQJ� &R�� /WG��
S0218927519500068.indd 169 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
7KH� FRPSDQ\� DLPHG� WR� EH� WKH� ´PRVW� FRPSHWLWLYH� ORJLVWLFV� SURYLGHU� DQG� WKH� EHVW� VKLSSLQJ� DJHQF\µ�� &26&2� /RJLVWLFV� KDG� D� ZLGHVSUHDG� LQERXQG� DQG� RXWERXQG� ZDWHU� WUDQVSRUW� QHWZRUN�� ,WV� RFHDQ� IUHLJKW� IRUZDUGLQJ� EXVLQHVV� KDG� ���� RI� GRPHVWLF� PDUNHW� VKDUH� XQGHU� WKH� 3(1$9,&2� EUDQG�� ,W� KDG� RYHU�����RIÀFHV� ORFDWHG� LQ����SURYLQFHV�DFURVV�&KLQD�DQG� LWV� PDMRU� FXVWRPHUV� LQFOXGHG� VRPH� QDWLRQDO� DQG� LQWHUQDWLRQDO� EXVLQHVV�JLDQWV�OLNH�9RONVZDJHQ��+DLHU�DQG�+LVHQVH�.HORQ��,WV� VHUYLFHV�IRFXVHG�RQ�WUDGLWLRQDO�IUHLJKW�IRUZDUGLQJ��WUDQVSRUWD� WLRQ�� ZDUHKRXVLQJ� PDQDJHPHQW� DQG� GLVWULEXWLRQ� VHUYLFH�� <HW� LW� KDG� LQYHVWHG� KHDYLO\� LQ� PRGHUQ� WHFKQRORJ\� ZKLFK� KHOSHG� ZLQ�LW�WKH�´0RVW�,QQRYDWLYH�/RJLVWLFV�(QWHUSULVH�RI�WKH�<HDUµ� in 2010.
Express Delivery
&KLQD� KDG� WKH� ODUJHVW� H[SUHVV� GHOLYHU\� PDUNHW� LQ� WKH� ZRUOG�� 5HYHQXH� IURP� H[SUHVV� GHOLYHU\� EXVLQHVV� LQFUHDVHG� IURP� 50%������ELOOLRQ�LQ������WR�50%����ELOOLRQ�LQ�������7DEOH����� 5HYHQXHV�IURP�H[SUHVV�GHOLYHU\�ZDV�H[SHFWHG�WR�KLW�50%���� billion by 2020.��
2YHU� ������� HQWHUSULVHV� ZHUH� DXWKRULVHG� WR� RSHUDWH� H[SUHVV� GHOLYHU\� EXVLQHVV� DV� DW� HQG� ������ 7KHVH� H[SUHVV� GHOLYHU\�FRPSDQLHV�PD\�EH�FODVVLÀHG�DV�
��� 6WDWH�RZQHG� H�J�� (06�� &KLQD� $LU� ([SUHVV�� &KLQD� 5DLO� ([SUHVV�
��� 3ULYDWH�RZQHG� H�J�� 6)� ([SUHVV�� 6KHQWRQJ� ([SUHVV�� <72� ([SUHVV�
��� 6SLQ�RIIV�H�J��5XIHQJGD��IURP�9DQFO���2]]R��IURP�1HZHJJ�� DQG
��� )RUHLJQ�RZQHG�H�J��'+/��)HG([��717��836�13
� (06��6)��672��<72��<XQGD�DQG�=72�ZHUH� WKH�PDMRU� SOD\HUV�ZKR�WRJHWKHU�FRQWUROOHG�DERXW�����RI�RYHUDOO�H[SUHVV� EXVLQHVV� LQ� &KLQD� LQ� �������� &KLQD·V� H[SUHVV� HQWHUSULVHV� XVXDOO\� RIIHUHG� ORZ� SULFH�� XQGLIIHUHQWLDWHG� SURGXFW� RIIHULQJV� DQG� VXIIHUHG� IURP� RYHUORDGHG� ZDUHKRXVHV�� GHOLYHU\� GHOD\V�� GDPDJHG� RU� PLVVLQJ� SDUFHOV�� 7KHVH� HQWHUSULVHV� WHQGHG� WR� EH�
S0218927519500068.indd 170 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
VPDOOHU� LQ� VFDOH� DQG� KDG� ZHDNHU� FDSDELOLWLHV� LQ� WHFKQRORJ\�� TXDOLW\� DQG� VHUYLFH�� 'HOLYHU\� ZDV� RIWHQ� FULSSOHG� E\� SROLF\� ERWWOHQHFNV� ZLWK� UHJDUGV� WR� XVH� RI� ODQG� IRU� FRQVWUXFWLRQ�� HQWUDQFH� LQWR�FLWLHV�E\�H[SUHVV�GHOLYHU\�YHKLFOHV�� WUXQN�WUDQV� SRUWDWLRQ� DQG� WKH� FRVWO\� ODVW� NLORPHWUH�� 7KH� ODUJHU� DQG� PRUH� FRPSUHKHQVLYH� ORJLVWLFV� FRPSDQLHV� ZHUH� OHVV� FRPSHWLWLYH� EHFDXVH� RI� WKHLU� FRVW� VWUXFWXUH�� 0RVW� H[SUHVV� GHOLYHU\� SUR� YLGHUV�FDQ�EH�JURXSHG�LQWR�WZR�FDWHJRULHV���
��� /DUJH�QHWZRUNV�RIIHULQJ�EDVLF�VHUYLFHV 7KHVH� PRVWO\� UHOLHG� RQ� IUDQFKLVHG� PRGHOV� WR� H[SDQG� UDSLGO\� �RQO\����WR�����ZHUH�VHOI�RZQHG��DQG�WKH\�FRPSHWHG�FKLHÁ\� RQ� VSHHG� DQG� SULFH�� 1HWZRUN� FRYHUDJH� ZDV� ZLGH�� HVSH� FLDOO\� ZLWK� EDFNXS� IURP� WKH� VWDWH� SRVWDO� VHUYLFH� IRU� UHPRWH� DUHDV�� 7KHVH� ÀUPV� GLG� QRW� RIIHU� PRUH� FRPSOH[� VHUYLFHV� VXFK� DV� VFKHGXOHG� UHWXUQV�� H[FKDQJHV� RU� &2'�� 6)� ([SUHVV�� RQH� RI� WKH� ODUJHVW� SULYDWH� H[SUHVV� FRPSDQLHV�� KDG� PRUH� WKDQ� ������ ORFDWLRQV� LQ� WKH� PDLQODQG� DQG� ������ ORFDWLRQV� JOREDOO\�� 7KH� FRPSDQ\� RIIHUHG� IDVW� DQG� UHOLDEOH� VHUYLFH� DQG� PDLQWDLQHG� D� SUHPLXP� SRVLWLRQ� LQ� WKH� PDUNHW� EXW� LWV� VWDQGDUGLVHG� VHU� YLFHV� PD\� QRW� VXLW� HYHU\� FXVWRPHU�� &KLQD� 3RVW·V� (06�� ZLWK� PRUH�WKDQ��������ORFDWLRQV�DURXQG�WKH�ZRUOG��KDG�WKH�ODUJHVW� QHWZRUN� EXW� VSHHG� DQG� UHOLDELOLW\� FRQWLQXHG� WR� EH� LVVXHV�� 0DUJLQV�ZHUH�DV�ORZ�DV����
��� 6PDOOHU�QHWZRUN�RIIHULQJ�PRUH�FRPSOH[�VHUYLFHV 7KHVH� W\SLFDOO\� IXOO\� RZQHG� FRPSDQLHV� OLNH� 7RSQDPH� FRP� SHWHG� RQO\� UHJLRQDOO\� DQG� WKHLU� IRFXV� RQ� UHJLRQDO� VHUYLFHV�
7DEOH���� 6DOHV�DQG�9ROXPH�RI�([SUHVV�'HOLYHU\�6HFWRU�LQ�&KLQD�IURP�����–�����
2012 2013 ���� 2015 ���� ����
7RWDO�DQQXDO�VDOHV�UHYHQXH��LQ�ELOOLRQ�\XDQ� 100.5 ����� ����� ��� ����� ��� <2<�FKDQJH ����� ����� ����� ����� ����� �����
7RWDO�YROXPH��LQ�ELOOLRQ�SLHFHV� ��� 9.2 13.9 ���� 31.3 Q�D� <2<�FKDQJH ��� ����� ����� ����� ����� Q�D�
Source��6WDWLVWD��China Daily��5HI������
S0218927519500068.indd 171 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
HQDEOHG� IXOO�ÁHGJHG� YDOXH�DGGHG� VHUYLFHV� VXFK� DV� ZDUH� KRXVLQJ�� &2'� DQG� FXVWRPL]HG� GHOLYHU\�� 7KHVH� ÀUPV� ZHUH� VHOHFWLYH� DERXW� ZKHUH� WKH\� ZRXOG� H[SDQG� WKHLU� QHWZRUNV�� FKRRVLQJ� RQO\� FLWLHV� LI� WKHUH� ZDV� HQRXJK� YROXPH�� DQG� WKH\� IRFXVHG� RQ� WKH� %�&� PDUNHW�� ,QWHUQDWLRQDO� FRPSDQLHV� LQ� WKLV� FDWHJRU\� LQFOXGHG� )HG([� DQG� 717�� 7KHVH� KDG� PRUH� OLPLWHG� QHWZRUNV�WKDQ�ORFDO�SOD\HUV�EXW�WKH\�RIIHUHG�D�EURDGHU�UDQJH� RI�VHUYLFHV�DQG�ZHUH�IDU�PRUH�UHOLDEOH�DQG�FRQVLVWHQW��2WKHUV� OLNH�.HUU\�($6�DOVR�VHUYHG�WKH�%�&�PDUNHW��ZLWK�VWUHQJWKV�LQ� ZDUHKRXVH�SLFN�DQG�SDFN�RSHUDWLRQV�UDWKHU�WKDQ�GHOLYHU\��
7KHUH� ZDV� D� FOHDU� JDS� LQ� WKH� PDUNHW�� ZLWK� QR� SOD\HU� RIIHULQJ�WKH�EUHDGWK�RI�VHUYLFHV�QHHGHG�DW�D�FRPSHWLWLYH�SULFH� DFURVV� D� EURDG� QHWZRUN� GHPDQGHG� E\� H�FRPPHUFH� ÀUPV�� +RZHYHU�� PDQ\� ORJLVWLFV� FRPSDQLHV� ZHUH� LQYHVWLQJ� KHDYLO\� WR� EURDGHQ� WKHLU� FDSDELOLWLHV� WR� ÀOO� WKLV� JDS�� SDUWLFXODUO\� LQ� OLQH� KDXO� DQG� ODVW�PLOH� GHOLYHULHV�� :DUHKRXVH� SLFN�DQG�SDFN�� ZKLFK� FRXOG� UHSUHVHQW� ���� RI� WKH� WRWDO� ORJLVWLFV� FRVW� RI� D� SDUFHO��D�PDQXDO�RSHUDWLRQ�WRGD\���ZDV�DQRWKHU�RSSRUWXQLW\�
7DEOH���VKRZV�DQRWKHU�ZD\�RI�FODVVLI\LQJ�H[SUHVV�HQWHU� SULVHV��7KHUH�ZHUH�ÀYH�W\SHV��HDFK�KDYLQJ�LWV�RZQ�IRFXV�DQG� FKDUDFWHULVWLFV� LQ� WHUPV� RI� WDUJHW� VHJPHQW�� SULFLQJ�� PDQDJH� PHQW� DQG� VHUYLFH�� 0DMRU� ÀUPV� IRFXVHG� WKHLU� LQYHVWPHQW� RQ� EXVLQHVV�DQG�DLU�QHWZRUN�DQG�VXSSRUWLQJ�IDFLOLW\�FRQVWUXFWLRQ�
0RVW�&KLQHVH�HQWHUSULVHV�UXQQLQJ� LQWHUQDWLRQDO�H[SUHVV� GHOLYHU\� RSHUDWLRQV� GLG� VR� WKURXJK� HVWDEOLVKLQJ� DJHQF\� UHOD� WLRQVKLS� ZLWK� LQWHUQDWLRQDO� HQWHUSULVHV�� 6)� KDG� WKH� ZLGHVW� VHUYLFH� SRUWIROLR� FRPSULVLQJ� %�%� WR� %�&� DQG� &�&�� &KLQD� 3RVWDO�$LUOLQHV�PDLQO\�FDUULHG�LQWHUQDWLRQDO�(06��ODUJHO\�%�&� DQG�&�&�GHOLYHULHV��DV�ZHOO�DV�FDUJR�VKLSSLQJ�DQG�FKDUWHUHG� DLUSODQH� VHUYLFH�� 7KH� ´7RQJ�'D�FDWHJRU\µ� ÀUPV� IRFXV� WKHLU� VHUYLFH� RQ� LQWHUQDWLRQDO� RQOLQH� VKRSSLQJ� GHOLYHU\�� 1R� HQWHU� SULVH� SURYLGHG� FRPSUHKHQVLYH� LQWHUQDWLRQDO� VXSSO\� FKDLQ� VHUYLFH�� QRU� ZHUH� WKH\� DEOH� WR� SURYLGH� ORFDO� H[SUHVV� VHUYLFHV� LQ� RYHUVHDV� PDUNHWV�10� 6)�� =72�� 672�� 'HSSRQ�� DQG� $OLEDED� EDFNHG� <72� KDG� UHFHQWO\� JRQH� SXEOLF� WR� UDLVH� FDSLWDO� WR� JHW� WKH�VFDOH�QHHGHG�DV�PDUJLQV�ZHUH�EHLQJ�HURGHG�19
7DEOH� �� VKRZV� WKH� LQWHUQDWLRQDO� QHWZRUNV� WKDW� ORFDO� H[SUHVV�HQWHUSULVHV�KDG�HVWDEOLVKHG�RU�ZHUH�SODQQLQJ�WR�HVWDE� OLVK�WKURXJK�)',�DQG�E\�ZRUNLQJ�ZLWK�IRUHLJQ�FRXQWHUSDUWV�
S0218927519500068.indd 172 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
7DEOH���� &ODVVLÀFDWLRQ�RI�0DMRU�([SUHVV�'HOLYHU\�3OD\HUV��
7\SH 0DMRU�%UDQGV 7DUJHW�6HJPHQW 3ULFLQJ 2SHUDWLRQV
/HDGLQJ� HQWHUSULVHV
3RVWDO�(06��6) 0LG�WR�KLJK�HQG� +LJKHU�SULFH�� GLVFLSOLQHG� SULFLQJ�
&RPSOHWH�QDWLRQDO� QHWZRUN��GLYHUVLÀHG� SURGXFWV� �VHUYLFHV�� RZQ�DOO�FDUJR�DLUFUDIWV�� DGYDQWDJH�LQ�VSHHG� � TXDOLW\��VWDEOH� RSHUDWLRQ
7KUHH�7RQJV� � 2QH�'D
672��<7��=72�� <XQGD
(�FRPPHUFH� 0HGLXP�SULFH�� UHODWLYHO\� GLVFLSOLQHG� SULFLQJ
0DLQO\�RQ�IUDQFKLVH� ZLWK�VWDQGDUGLVHG� PDQDJHPHQW��FDQ� SURYLGH�KLJKHU�OHYHO� H[SUHVV�GHOLYHU\� VHUYLFH� �VRPH� VHUYLFHV�LQ�PLG�WR� KLJK�HQG�PDUNHW�� JHQHUDOO\�VWDEOH� RSHUDWLRQ�
2WKHU� HQWHUSULVHV�
=-6��77.�� %HVW�([SUHVV��8&
(�FRPPHUFH�� PRVW�FXVWRPHUV� DUH�SULFH�VHQVLWLYH� LQGLYLGXDOV� � VPDOO�EXVLQHVVHV�
0HGLXP�WR� ORZ�SULFHV�� UHODWLYHO\� GLVFLSOLQHG� SULFLQJ�
0DLQO\�RQ� IUDQFKLVH�ZLWK� OHVV�VWDQGDUGLVHG� PDQDJHPHQW��OHVV� VWDEOH�RSHUDWLRQ
5HJLRQDO� HQWHUSULVHV�
:X[L�6)��'RQJJXDQ� &HQWXU\�6LQFHUH� ([SUHVV��<LZX�-LHGD�� =KHQJ]KRX�/6� ([SUHVV
/RFDO�PDUNHW�� IRFXV�RQ�ORFDO� GLVWULEXWLRQ� EXVLQHVV�
9HU\�ORZ�SULFH�� XQGLVFLSOLQHG� SULFLQJ�
5HO\�RQ�VSHFLDOLVHG� � VSHHG\�VHUYLFH�WR� VXUYLYH�EXW�ODFNHG� FDSLWDO� �DELOLW\�WR� EXLOG�FKDQQHOV�� GLIÀFXOW\�LQ�ÀQDQFLQJ�� ORZ�RSHUDWLRQDO� VWDELOLW\
)RUHLJQ� HQWHUSULVHV
)HG([��836��'+/�� 717��<DPDWR��2&6�� .HUU\�/RJLVWLFV
%XVLQHVV�SXUSRVH� GHOLYHU\
+LJK�SULFH�� GLVFLSOLQHG� SULFLQJ�
'RPLQDQW�SRVLWLRQ�LQ� LQWHUQDWLRQDO�PDUNHW�� DEXQGDQW�FDSLWDO�� DGYDQFHG�PDQDJHPHQW�� UHODWLYHO\�VWDEOH� RSHUDWLRQ
Source��'HORLWWH��5HI������
S0218927519500068.indd 173 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
'+/�� )HG([�� 717� DQG� 836� DFFRXQWHG� IRU� ���� RI� WKH� PDUNHW�VKDUH�LQ�&KLQD·V�LQWHUQDWLRQDO�H[SUHVV�GHOLYHU\�PDUNHW�� 7KHVH�IRXU�RIIHUHG�H[SUHVV�GHOLYHU\�VHUYLFHV�DW�SULFHV�XVXDOO\� ORZHU� WKDQ� (06� E\� ��–����� 7KH\� RIIHUHG� D� YDULHW\� RI� SURG� XFWV� DQG� ZHUH� DEOH� WR� GHOLYHU� TXDOLW\� VHUYLFH� ZLWK� FRPPLW� PHQW�RQ�GHOLYHU\�WLPH��7KH\�DOVR�KDG�WKHLU�RZQ�DLU�VKLSSLQJ� FDSDFLW\�� )HG([� DORQH� KDV� RYHU� ���� DLUFUDIWV� ZKLOH� WKH� WRWDO� QXPEHU� RI� DLUFUDIWV� RZQHG� DQG� RSHUDWHG� E\� H[SUHVV� HQWHU� SULVHV� LQ� &KLQD� ZDV� RQO\� ���� 1RQ�&KLQHVH� SURYLGHUV� ZHUH� QRW�SHUPLWWHG�WR�Á\�IURP�SRLQW�WR�SRLQW�ZLWKLQ�&KLQD��8QGHU� D� ����� ODZ�� DOO� FRXULHU� ÀUPV� PXVW� REWDLQ� FLW\� JRYHUQPHQW� SHUPLWV�EHIRUH�WKH\�FDQ�GHOLYHU�SDFNDJHV�DQ\ZKHUH�LQ�&KLQD�� /RFDO�ÀUPV�IRXQG�LW�PXFK�HDVLHU�WR�REWDLQ�WKHVH�SHUPLWV�WKDQ� IRUHLJQ� FRXULHUV�� 7KH� ODZ� DOVR� EDQQHG� QRQ�&KLQHVH� FRXULHUV� IURP� GHOLYHULQJ� GRPHVWLF� PDLO�� D� OXFUDWLYH� PDUNHW� VHJPHQW� FXUUHQWO\� GRPLQDWHG� E\� &KLQD� 3RVW�� 7KH� 6WDWH� &RXQFLO� KDG�
7DEOH���� ,QWHUQDWLRQDO�1HWZRUNV�&RQVWUXFWHG�E\�&KLQHVH�([SUHVV�(QWHUSULVHV�LQ������
&RXQWU\ &KLQD�3RVWDO� $LUOLQHV
6) 672 <7 <XQGD =72 US =-6
EU ¥ ¥ ¥ �¥ ¥ ¥
7DLZDQ ¥ ¥ ¥ ¥ ¥
+RQJ�.RQJ ¥ ¥ ¥ ¥
.RUHD ¥ ¥ ¥ ¥
-DSDQ ¥ ¥ ¥ ¥
5XVVLD ¥ ¥ ¥ ¥
USA ¥ ¥ ¥
0DFDR ¥ ¥
6LQJDSRUH ¥ ¥
$XVWUDOLD ¥ ¥
0DOD\VLD ¥
7KDLODQG ¥
9LHWQDP ¥
Source��'HORLWWH��5HI������
S0218927519500068.indd 174 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
GHFLGHG� WR� RSHQ� WKH� PDUNHW� IRU� SDUFHO� GHOLYHU\� WR� SURPRWH� IDLU� FRPSHWLWLRQ� EHWZHHQ� GRPHVWLF� DQG� IRUHLJQ� ÀUPV�� 836� DQG� )HG([� REWDLQHG� ORFDO� H[SUHVV� GHOLYHU\� VHUYLFHV� OLFHQFHV� LQ� ������ .HUU\�� <DPDWR� DQG� 2&6� �2YHUVHDV� &RXULHU� 6HUYLFH�� KDG� WKHLU� OLFHQFHV� DSSURYHG� LQ� ������ (DFK� OLFHQFH� SHUPLWWHG� WKH�KROGHU� WR�RSHUDWH�%�&�GRPHVWLF�H[SUHVV�SDFNDJH�VHUYLFHV� ZLWKLQ� D� VLQJOH� FLW\� DQG� EHWZHHQ� FLWLHV� IRU� ZKLFK� D� OLFHQVH� ZDV�DOVR�KHOG��
E-commerce Businesses Entered the Express Sector
(�FRPPHUFH�ÀUPV�RIWHQ�IDFHG�ODWH�GHOLYHULHV��GDPDJHG�RU�ORVW� SDUFHOV��QHJDWLYH�DWWLWXGHV�IURP�GHOLYHU\�SHRSOH��VORZ�FROOHFW� RQ�GHOLYHU\� �&2'�� SURFHVVHV�� SRRU� UHWXUQ� SURFHGXUHV�� DQG� QR� VSHFLDO� VHUYLFHV� VXFK� DV� LQVWDOODWLRQ�� )LUPV� VHOOLQJ� EDE\� JRRGV�� FRQVXPHU� HOHFWURQLFV�� WHOHFRPPXQLFDWLRQV�� FRPSXWHU� SURGXFWV�� DQG� IXUQLWXUH� VWUXJJOHG� ZLWK� ORJLVWLFV� VXSSOLHUV·� LQDELOLW\� WR� KDQGOH� ODUJH� RU� LUUHJXODU� VKDSHG� VKLSPHQWV� DW� ORZHU� FRVWV���� 0DQ\� RSHUDWRUV� GLG� QRW� KDYH� QDWLRQZLGH� FRY� HUDJH� DQG� LQ� VRPH� GLVWULFWV�� WKHUH� ZHUH� LQVXIÀFLHQW� ORJLVWLFV� IDFLOLWLHV��6XFK�ODVW�PLOH�GHOLYHU\�DQG�FXVWRPHU�LQWHUIDFH�LVVXHV� DIIHFWHG�FUHGLELOLW\�DQG�EUDQG�LPDJH��
)DFHG�ZLWK�KLJKO\�SULFH�VHQVLWLYH�FRQVXPHUV�DQG�ÀHUFH� FRPSHWLWLRQ��RQOLQH�UHWDLOHUV�VRXJKW�WR�HQKDQFH�WKHLU�FRPSHWL� WLYHQHVV� E\� IRFXVLQJ� RQ� FRVW� DQG� TXDOLW\� RI� H[SUHVV� GHOLYHU\� VHUYLFH�� -'�FRP�� D� OHDGLQJ� H�FRPPHUFH� ÀUP�� GHYHORSHG� LWV� RZQ� GLVWULEXWLRQ� QHWZRUN� RI� ZDUHKRXVHV�� ORUULHV� DQG� GHOLY� HU\PHQ�� ,QVSLUHG� E\� WKH� ´DVVHW� KHDY\µ� DSSURDFK� WDNHQ� E\� $PD]RQ�� <H� /DQ�� FKLHI� PDUNHWLQJ� RIÀFHU� RI� -'�FRP�� VDLG� UHFHQWO\� WKDW� WKH� ÀUP·V� RZQ� ORJLVWLFV� V\VWHP� FRXOG� QRZ� UHOL� DEO\� GHOLYHU� JRRGV� HLWKHU� WKH� VDPH� GD\� RU� WKH� QH[W� GD\� LQ� VRPH� ���� FLWLHV� DFURVV� WKH� FRXQWU\�� :KHWKHU� WKH� ÀUP� FRXOG� DIIRUG� WR�H[SDQG� LWV�H[FHOOHQW� ORJLVWLFV�QHWZRUN� WR� OHVV�SRSX� ODWHG�DUHDV�UHPDLQHG�WR�EH�VHHQ�
$OLEDED� SUHIHUUHG� WKH� ´DVVHW� OLJKWµ� DSSURDFK�� 5DWKHU� WKDQ� RZQLQJ� LWV� RZQ� GHOLYHU\� WUXFNV�� LW� SDUWQHUHG� ZLWK� D� QXPEHU�RI�H[LVWLQJ�FRXULHU�ÀUPV�WKDW�SODQQHG�WR�LQYHVW�VRPH� ���� ELOOLRQ� \XDQ� WR� GHYHORS� D� ´VPDUW� ORJLVWLFVµ� QHWZRUN�
S0218927519500068.indd 175 01-07-19 4:30:44 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
UHO\LQJ� RQ� ELJ� GDWD�� $PRQJ� RWKHU� WKLQJV�� WKLV� FRDOLWLRQ� SODQQHG� WR� DQDO\VH� FXVWRPHU� LQIRUPDWLRQ� VR� WKDW� UHVRXUFHV� FRXOG�EH�GHSOR\HG�PRUH�HIÀFLHQWO\��$OLEDED�KDG�DOVR�UHFHQWO\� HQWHUHG� LQWR� D� VWUDWHJLF� FR�RSHUDWLRQ� SDFW� ZLWK� &KLQD� 3RVW�� %\� VKDULQJ� ZDUHKRXVHV�� SURFHVVLQJ� FHQWUHV� DQG� GHOLYHU\� SHU� VRQQHO��WKH�ÀUP�KRSHG�WR�EH�DEOH�WR�GHOLYHU�RQOLQH�SXUFKDVHV� ZLWKLQ����KRXUV�HYHQ�WR�VPDOO�FLWLHV�DQG�YLOODJHV�
6HOI�UXQ� %�&� RQOLQH� UHWDLOHUV� OLNH� -LQJGRQJ� DQG� 6XQLQJ� KDG�GHSOR\HG�WKHLU�RZQ�H[SUHVV�GHOLYHU\�FDSDELOLW\�WR�TXLFNO\� ÀOO� WKH� YRLG� OHIW� E\� H[SUHVV� GHOLYHU\� HQWHUSULVHV� OLNH� 6)� DQG� ´7RQJ�'D�&DWHJRU\µ�� 0DQ\� WRS� VHOI�UXQ� H�FRPPHUFH� HQWHU� SULVHV�KDG�HLWKHU�FRPSOHWHO\�RU�SDUWLDOO\�EXLOW�WKHLU�RZQ�ORJLV� WLFV� V\VWHP� DQG� VDZ� WKHLU� PDUNHW� VKDUH� LQFUHDVH� DV� D� UHVXOW�� 7KXV�� WKH� H�FRPPHUFH� ERRP� WKDW� KDV� KHOSHG� WKH� EXVLQHVV� RI� WKH� ORJLVWLFV� LQGXVWU\� KDG� DOVR� EHJXQ� WR� WKUHDWHQ� LW�� 7DEOH� �� FRPSDUHV� WKH� EXLOGLQJ� RI� RQH·V� RZQ� ORJLVWLFV� V\VWHPV� ZLWK� RXWVRXUFLQJ�WR��3/�SURYLGHUV�
Express Enterprises Entered E-commerce Sector
6RPH� OHDGLQJ� H[SUHVV� HQWHUSULVHV� IRXJKW� EDFN� E\� VWDUWLQJ� WKHLU�RZQ�RQOLQH�UHWDLO�EXVLQHVVHV��(DUO\�HQWUDQWV�ZLWK�XQVDW� LVIDFWRU\� UHVXOWV� LQFOXGHG� $LPDLZDQJ� E\� 672�� ]MVEX\�FRP� E\� =-6�� &5(� 0DOO� E\� &5(� DQG� \WR[Q�FRP� E\� <72�� $QRWKHU� WZR�� XOH�FRP� E\� &KLQD� 3RVW� DQG� VIEHVW� E\� 6)�� ZHUH� DEOH� WR�
7DEOH���� %XLOGLQJ�6HOI�UXQ�/RJLVWLFV�YV��2XWVRXUFLQJ�WR��3/�6HUYLFH�3URYLGHUV�
6HUYLFH�4XDOLW\ *HRJUDSKLFDO�&RYHUDJH 'HJUHH�RI�
6SHFLDOL]DWLRQ /RJLVWLFV�&RVW
6HOI�UXQ &RQWUROODEOH��PD\�EH� FRQVWDQWO\�LPSURYHG�� FDQ�SURYLGH�FXVWRPLVHG� VHUYLFH�
+DYH�DGYDQWDJH�ZLWKLQ�D� FHUWDLQ�JHRJUDSKLF�UHJLRQ�� OLPLWHG�FRYHUDJH�RYHU�D� ZLGHU�UHJLRQ�
/HVV� VSHFLDOL]HG
+XJH�LQYHVWPHQW�� KLJKHU�À[HG�FRVW�EXW� ORZHU�PDUJLQDO�FRVW
�3/ 'LIÀFXOW�WR�FRQWURO�RU� WR�SURYLGH�FXVWRPLVHG� VHUYLFH
&RYHUV�D�ZLGHU�UHJLRQ 6SHFLDOLVHG� VHUYLFH
/RZHU�À[HG�FRVW�EXW� KLJKHU�PDUJLQDO�FRVW
Source��'HORLWWH��5HI������
S0218927519500068.indd 176 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
VXUYLYH�EXW�KDG�QHJOLJLEOH�PDUNHW�VKDUH�GXH�WR�ÀHUFH�FRPSH� WLWLRQ��)RXU�RWKHU�ZHEVLWHV�WKDW�IRFXVHG�RQ�FURVV�ERUGHU�RQOLQH� VKRSSLQJ� QDPHO\� VIEHVW�KN� E\� 6)�� �����������FRP� E\� <72�� VXQQ\WDR�KN� E\� 6LQRWUDQV� DQG� HEX\GD�FRP� E\� <XQGD� ZHUH� UHFHQWO\�HVWDEOLVKHG��
7UDGLWLRQDO� ORJLVWLFV� HQWHUSULVHV� ZHUH� DOVR� EHJLQQLQJ� WR� LQWHJUDWH�ZLWK�H�FRPPHUFH�HQWHUSULVHV��,Q�������WKUHH�QRQ�VWRS� H[SUHVV� WUDLQV� VWDUWHG� WR� RSHUDWH� EHWZHHQ� %HLMLQJ�� 6KDQJKDL�� *XDQJ]KRX�DQG�6KHQ]KHQ�IRU�H�FRPPHUFH�RQO\��WKH�UHVXOW�RI� FRRSHUDWLRQ�EHWZHHQ�H�FRPPHUFH�DQG�H[SUHVV�GHOLYHU\�HQWHU� SULVHV�� 3URGXFWV� PDQXIDFWXUHG� LQ� WKH� 3HDUO� 5LYHU� 'HOWD� DQG� WKH� <DQJW]H� 5LYHU� 'HOWD� FRXOG� QRZ� UHDFK� WKH� FDSLWDO� ZLWKLQ� ���KRXUV�
6WDWLVWLFV� VKRZHG� WKDW� &KLQD·V� H�FRPPHUFH� WUDQVDFWLRQ� YDOXH� ZDV� 50%��� WULOOLRQ� LQ� ������ JURZLQJ� ������ RQ� D� <2<� EDVLV�� 7KLV� ZDV� H[SHFWHG� WR� UHDFK� 50%����� WULOOLRQ� LQ� ������ %�%� FRQWULEXWHG� RYHU� ���� RI� WKH� H�FRPPHUFH� PDUNHW� ZKLOH� RQOLQH� UHWDLO� UHSUHVHQWHG� E\� %�&� DQG� &�&� ZDV� IDVW� FDWFKLQJ� XS�� ,Q� WKH� SDVW� �� \HDUV�� &KLQD� SRVWHG� DQ� DYHUDJH� DQQXDO� JURZWK� UDWH� RI� ���� LQ� LWV� RQOLQH� UHWDLO� VDOHV�� ZKLFK� LQ� ����� DFFRXQWHG� IRU� ��� RI� WKH� WRWDO� UHWDLO� VDOHV� RI� FRQVXPHU� JRRGV� FRPSDUHG�WR�DERXW����IRU�WKH�VDPH�SHULRG�LQ�WKH�86��,Q�������
7DEOH����� 0DMRU�([SUHVV�'HOLYHU\�0RGHV�$VVRFLDWHG�ZLWK�WKH�9DULRXV�(�FRPPHUFH�0RGHV�
(�FRPPHUFH�0RGH ([DPSOHV ([SUHVV�'HOLYHU\�0RGH
%�% $OLEDED %DWFK�ORJLVWLFV � SUHFLVLRQ�GHOLYHU\
%�&
2SHQ�SODWIRUP 7PDOO��7HQFHQW �3/
6HOI� RSHUDWHG
&RPSUHKHQVLYH -'�FRP��6XQLQJ��*RPH�� $PD]RQ��9LS�FRP�� 'DQJGDQJ��\KG�FRP
6HOI�EXLOW�ORJLVWLFV�E\�H�EXVLQHVV�� H[SUHVV�GHOLYHU\�HQWHUV�H�FRPPHUFH�
9HUWLFDO ZRPDL�FRP��EHQODL�FRP�� EHLEHL�FRP��MXPHL�FRP
(�EXVLQHVV�RZQHG�ZDUHKRXVH�� GHOLYHU\�VHUYLFH�RXWVRXUFHG
%UDQG 0LXL
C2C 7DREDR��(DFKQHW �UG�3DUW\�H[SUHVV�GHOLYHU\
Source��'HORLWWH��5HI������
S0218927519500068.indd 177 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
WKH�WRWDO�QXPEHU�RI�RQOLQH�VKRSSHUV�DPRXQWHG�WR�����PLOOLRQ�� $Q� HVWLPDWHG� ���� PLOOLRQ� ZHUH� H[SHFWHG� WR� EX\� JRRGV� DQG� VHUYLFHV� RQOLQH� E\� ����.20� &URVV�ERUGHU� H�FRPPHUFH� EXVL� QHVV� YROXPH� UHDFKHG� 50%���� WULOOLRQ� LQ� ������ DFFRXQWLQJ� IRU� ���� RI� WRWDO� H�FRPPHUFH� EXVLQHVV��� 7DEOH� ��� VKRZV� WKH� PDMRU� H[SUHVV� GHOLYHU\� PRGHV� DVVRFLDWHG� ZLWK� WKH� YDULRXV� H�FRPPHUFH�PRGHV�
Technology and Standardization to Improve Operational (IÀFLHQF\�LQ�,QGXVWU\
7KH�NH\�WR�LPSURYHPHQWV�LQ�RSHUDWLRQ�HIÀFLHQF\�ZDV�WKURXJK� WHFKQRORJ\�� %LJ� GDWD�� FORXG� FRPSXWLQJ� DQG� WKH� LQWHUQHW� RI� WKLQJV� �,R7�� RIIHUHG� KXJH� RSSRUWXQLWLHV� IRU� WKH� WUDQVIRUPD� WLRQ� DQG� XSJUDGLQJ� RI� WKH� ORJLVWLFV� LQGXVWU\�� 6)� ([SUHVV·V� XVH� RI� YRXFKHU�� FRPSXWHU� EDUFRGH� DQG� 5),'� KDG� GUDPDWL� FDOO\� LQFUHDVHG�WKH�UHVSRQVH�VSHHG�RI�RUGHUV�IURP�FXVWRPHUV�� 6)� ([SUHVV�� ZKLFK� UHFHQWO\� REWDLQHG� &KLQD·V� ÀUVW� OLFHQFH� IRU� GURQH�GHOLYHU\��KRSHG�WKDW�WKLV�ZRXOG�EH�D�IDVWHU�DQG�FKHDSHU� DOWHUQDWLYH� WR� WUDGLWLRQDO� WUDQVSRUW�� 7KURXJK� DOOLDQFH� ZLWK� WPDOO�FRP� DQG� E\� FUHDWLQJ� D� QHZ� VWDQGDUG� LQ� ELJ�ER[�LWHP� GHOLYHU\� ODEHOOHG� DV� ´GHOLYHU\� E\� DSSRLQWPHQW�� GHOLYHU\� DQG� LQVWDOODWLRQµ��556�FRP�KDG�VXFFHVVIXOO\�EURNHQ�WKH�ERWWOHQHFN� LQ� HOHFWULFDO� DSSOLDQFHV·� RQOLQH� VKRSSLQJ� DQG� DWWUDFWHG� PDQ\� GRPHVWLF�DQG�IRUHLJQ�EUDQGV�VXFK�DV�+DLHU��816/��6N\ZRUWK�� 6DQ\R��*RPH�DQG�&KRQJTLQJ�*HQHUDO�7UDGLQJ�*URXS�
CRITERIA FOR SELECTING 3PL SERVICE PROVIDERS
%X\HUV� SUHIHUUHG� SURYLGHUV� ZLWK� WKHLU� RZQ� ZDUHKRXVHV� DQG� WUXFNV��7KXV���3/�SURYLGHUV�ZKR�ZHUH�XQZLOOLQJ�WR� LQYHVW� LQ� WUXFNLQJ�DQG�ZDUHKRXVHV�JUHZ�DW�D�VORZHU�UDWH�FRPSDUHG�WR� &(9$��'+/�6XSSO\�&KDLQ� �*OREDO�)RUZDUGLQJ��DQG�.HUU\�� ZKLFK�DGRSWHG�DQ�DVVHW�EDVHG�EXVLQHVV�PRGHO�
$� VXUYH\� RQ� WKH� ORJLVWLFV� SUDFWLFHV� RI� ���� IRUHLJQ� DQG� ORFDO� FRPSDQLHV9� VKRZHG� WKDW� ÀUPV� SODFHG� JUHDWHU� LPSRU� WDQFH� RQ� ´KDVVOH�IUHHµ� DQG� YHQGRUV·� HIÀFLHQW� KDQGOLQJ� RI�
S0218927519500068.indd 178 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
ORJLVWLFV� RSHUDWLRQV� RYHU� FRVWV� DQG� YDOXH�DGGHG� VHUYLFHV�� +DYLQJ� VWURQJ� ORFDO� FRQQHFWLRQV� ZDV� D� NH\� DGYDQWDJH�� &RP� SDQLHV� ZKRVH� PDMRU� RSHUDWLRQV� ZHUH� ZLWKLQ� &KLQD� SUH� IHUUHG�WR�XVH�GRPHVWLF�FRPSDQLHV��DQG�RQO\�WKRVH�DLPLQJ�IRU� H[SRUW� PDUNHWV� FKRVH� WR� XVH� IRUHLJQ� ORJLVWLFV� FRPSDQLHV� WKDW� ZHUH� EHWWHU� DW� ´KDQGOLQJ� FXVWRPV� DQG� LQVSHFWLRQVµ� DQG� KDG� ´JOREDO� UHDFKµ�� )LUPV� KDG� DQ� DYHUDJH� RI� ��� WUDQVSRUWDWLRQ� DQG� �� ZDUHKRXVLQJ� SURYLGHUV� DQG� WKH\� LQWHQGHG� WR� FRQVROL� GDWH� WKHVH�21� 6ROH� RXWVRXUFLQJ� WR� IRUHLJQ� ORJLVWLFV� FRPSDQLHV� ZDV� QHJOLJLEOH�� DQG� D� GRPHVWLF� FRPSDQ\� ZDV� DOZD\V� XVHG� WRJHWKHU�ZLWK�D�IRUHLJQ�FRPSDQ\��
/RJLVWLFV� FRXOG� RIIHU� ÀUPV� D� FRPSHWLWLYH� DGYDQWDJH� VR� EX\HUV� ZHUH� VHWWLQJ� KLJKHU� UHTXLUHPHQWV� RQ� VHUYLFH� OHYHOV� DQG� RIIHULQJV�� 3ULFH� ZDV� EHFRPLQJ� OHVV� LPSRUWDQW�� 4XDOLW\� RI� VHUYLFH� ZDV� UDWHG� PRUH� LPSRUWDQW� DQG� WKLV� ZDV� IROORZHG� E\� UHOLDELOLW\� DQG� UDQJH� RI� SURGXFW� RIIHULQJV�� 7KH� FULWHULD� IRU� FKRRVLQJ��3/�SURYLGHUV�ZHUH��LQ�RUGHU�RI�LPSRUWDQFH��VHUYLFH� DYDLODELOLW\�� RUGHU� UHOLDELOLW\�� URXWLQJ� DQG� FXVWRPL]DWLRQ� RI� VHUYLFH�22
$7�.HDUQH\�IRXQG�WKDW�����RI�ÀUPV�VXUYH\HG�KDG�SDU� WLDOO\� RU� IXOO\� RXWVRXUFHG� WKH� WUDQVSRUWDWLRQ�UHODWHG� SDUWV� RI� WKHLU�VXSSO\�FKDLQ��+LJKHU�YDOXH�DGGHG�VHUYLFHV�VXFK�DV�ZDUH� KRXVLQJ��SDFNDJLQJ��RUGHU�KDQGOLQJ�DQG�DFFRXQWLQJ�IXQFWLRQV� ZHUH� PXFK� OHVV� OLNHO\� WR� EH� RXWVRXUFHG�� /HDGLQJ� ÀUPV� XVHG� IHZHU� VHUYLFH� SURYLGHUV� DQG� ZRXOG� H[SDQG� WKHLU� SURYLGHU� EDVH�SULPDULO\�IRU�JHRJUDSKLF�FRYHUDJH�UHDVRQV�22
ONE BELT ONE ROAD (OBOR) INITIATIVE
,Q� ������ &KLQHVH� SUHVLGHQW� ;L� -LQSLQJ� XQYHLOHG� WKH� ´2QH� %HOW� 2QH� 5RDGµ� VWUDWHJ\� IRU� (XUDVLD� HFRQRPLF� LQWHJUDWLRQ�� $� 86���� ELOOLRQ� 6LON� 5RDG� LQIUDVWUXFWXUH� IXQG� ZDV� VHW� XS� WR� NLFN�VWDUW� WKH� SURMHFW�� $VLDQ� ,QIUDVWUXFWXUH� ,QYHVWPHQW� %DQN� ZRXOG� DOVR� SURYLGH� WKH� IXQGLQJ�� 2%25� FRYHUHG� ��� FRXQ� WULHV� RQ� WKUHH� FRQWLQHQWV�� LQFOXGLQJ� .D]DNKVWDQ�� 8]EHNLVWDQ�� 5XVVLD��7KDLODQG��0DOD\VLD�DQG�,QGRQHVLD��0DQ\�YLHZHG�WKLV� DV�&KLQD·V�0DUVKDOO�3ODQ�WR�DLG�GHYHORSPHQW�LQ�&HQWUDO�$VLDQ�
S0218927519500068.indd 179 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
FRXQWULHV�DQG�EXLOG�UHODWLRQV�ZLWK� LWV�QHLJKERXUV��7KH�GHYHO� RSPHQW�VWUDWHJ\�DQG�IUDPHZRUN�ZDV�SURSRVHG�E\�;L�WR�UHGL� UHFW� &KLQD·V� GRPHVWLF� RYHUFDSDFLW\� DQG� FDSLWDO� IRU� UHJLRQDO� LQIUDVWUXFWXUH� GHYHORSPHQW� WR� LPSURYH� WUDGH� DQG� UHODWLRQV� ZLWK� $6($1�� &HQWUDO� $VLDQ� DQG� (XURSHDQ� FRXQWULHV�� ,W� FRQ� VLVWHG� RI� WZR� PDLQ� FRPSRQHQWV� —� WKH� ¶6LON� 5RDG� (FRQRPLF� %HOW·� DQG� WKH� ¶��VW� FHQWXU\� 0DULWLPH� 6LON� 5RDG·� —� DQ� HFR� QRPLF� ODQG� EHOW� WKDW� LQFOXGHG� FRXQWULHV� RQ� WKH� RULJLQDO� 6LON� 5RDG� WKURXJK� &HQWUDO� $VLD�� :HVW� $VLD�� WKH� 0LGGOH� (DVW� DQG� (XURSH�� DV� ZHOO� DV� D� 0DULWLPH� QHWZRUN� WKDW� OLQNHG� &KLQD·V� SRUW� IDFLOLWLHV� ZLWK� WKH� $IULFDQ� FRDVW�� SXVKLQJ� XS� WKURXJK� WKH� 6XH]� &DQDO� LQWR� WKH� 0HGLWHUUDQHDQ�23� (ULF� ,S�� *URXS� 0DQDJLQJ� 'LUHFWRU� RI� +XWFKLQVRQ� 3RUW� +ROGLQJV�� VDLG�� ´«��� H[FOXGLQJ� &KLQD� DQG� (XURSH�� WKH� FRXQWULHV� DORQJ� WKH� URXWHV� DFFRXQW� IRU� MXVW� ���� RI� JOREDO� LPSRUWV� DQG� ���� RI� JOREDO� H[SRUWV�µ�6R�WKHUH�ZHUH�PDQ\�RSSRUWXQLWLHV�IRU�ORJLVWLFV�ÀUPV�
2%25� ZRXOG� DIIHFW� �� SURYLQFHV�� DXWRQRPRXV� UHJLRQV� DQG�PXQLFLSDOLWLHV�LQ�:HVWHUQ�&KLQD�LQFOXGLQJ�6KDQ[L��*DQVX�� 4LQJKDL��1LQJ[LD��;LQMLDQJ��&KRQJTLQJ��6LFKXDQ��<XQQDQ��DQG� *XDQJ[L�� )LYH� SURYLQFHV� LQ� (DVWHUQ� &KLQD� LQFOXGLQJ� -LDQJVX�� =KHMLDQJ�� *XDQJGRQJ�� )XMLDQ� DQG� +DLQDQ� ZRXOG� DOVR� EH� LQYROYHG��,QWHUQDOO\��2%25�ZDV�SODQQHG�RQ�WKH�QHHG�WR�RSHQ� XS� DQG� GHYHORS� WKH� :HVW� ZKLOH� DW� WKH� VDPH� WLPH� WUDQVIRUP� WKH�(DVW�LQWR�DQ�LQWHUQDWLRQDO�PDUNHW�RULHQWHG�HFRQRP\��
7KH� NH\� VHFWRUV� WKDW� VWRRG� WR� EHQHÀW� ZHUH� WUDGH�� WRXULVP��ORJLVWLFV��HQHUJ\�DQG�LQIUDVWUXFWXUH�LQ�FRXQWULHV�DORQJ� 2%25�� $Q\� HFRQRPLF� LPSDFW� ZRXOG� OLNHO\� WR� EH� IHOW� LQ� WKH� ORQJHU�WHUP��,PSURYHPHQWV�LQ�WKH�EXVLQHVV�FOLPDWH�DQG�LQ�GLV� SRVDEOH� LQFRPH� DORQJ� 2%25� ZRXOG� OLNHO\� GULYH� GHPDQG� IRU� FRQVXPHU� JRRGV�� IRRG� DQG� EHYHUDJH�� (�FRPPHUFH� GHYHORS� PHQW� LQ�$6($1�FRXQWULHV�KDG�EHHQ�KLQGHUHG�E\�SRRU� WUDQV� SRUW� LQIUDVWUXFWXUH� DQG� LQHIÀFLHQF\� LQ� ODVW� PLOH�GHOLYHU\�� 7KH� XSJUDGLQJ� RI� WUDQVSRUWDWLRQ� QHWZRUNV� DQG� LPSURYHPHQWV� LQ� FRQQHFWLYLW\�FRXOG�KHOS�VROYH�WKH�ODVW�PLOH�SUREOHP�DQG�GULYH� H�FRPPHUFH� LQ� WKH� UHJLRQ�� EHQHÀWLQJ� ORJLVWLF� DQG� GHOLYHU\� FRPSDQLHV�
$LUOLQHV�Á\LQJ�FDUJR�EHWZHHQ�&KLQD�DQG�(XURSH�ZRXOG� EH�KLW�KDUGHVW�E\�WKH�2%25��836�KDG�EHHQ�UXQQLQJ�IXOO�FRQ� WDLQHU�ORDGV�RQ�WKH�&KLQD�(XURSH�UDLO�QHWZRUN�VLQFH�������7KH�
S0218927519500068.indd 180 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
UHFHQW� LQWURGXFWLRQ�RI� OHVV� WKDQ�FRQWDLQHU� ORDGV� �/&/��ZRXOG� OLNHO\�WR�UHGXFH�WKH�PDUNHW�VKDUH�RI�DLU�FDUJR��7KH�/&/�RSWLRQ� PDGH� WKH� VHUYLFH� PRUH� DWWUDFWLYH� WR� WUDGLWLRQDO� DLUIUHLJKW� VKLSSHUV�ZKR�ZHUH�DFFXVWRPHG�WR�SDOOHWL]HG�ORDGV��DQG�RSHQ� XS� QHZ� PXOWLPRGDO� IUHLJKW� RSWLRQV� IRU� VKLSSHUV� RI� DOO� VL]HV�� 2YHU�����RI�&KLQD·V�RFHDQ�H[SRUWV�ZHUH�WR�(XURSH�DQG����� RI�(XURSH·V�RFHDQ�LPSRUWV�ZHUH�IURP�&KLQD��7KH�VHUYLFH�ZDV� H[SHFWHG� WR� H[SHULHQFH� VWURQJ� JURZWK� LQ� \HDUV� WR� FRPH�� %XW� VFHSWLFV� OLNH� -RKQ� /LQ�� 'HSXW\� 'LUHFWRU� RI� 3ROLF\� DQG� /DZ� 5HVHDUFK�&HQWUH�DW�WKH�6KDQJKDL�,QWHUQDWLRQDO�6KLSSLQJ�,QVWL� WXWH�� VDLG� WKDW� HYHQ� ZLWK� VWURQJ� JURZWK�� WKH� YDVW� PDMRULW\� RI� FRQWDLQHUV�WUDQVSRUWHG�EHWZHHQ�&KLQD�DQG�(XURSH�ZRXOG�VWLOO� EH� VKLSSHG� E\� VHD�� ´)LUVW�� WKH� UDLOZD\� KDV� OLPLWHG� FDSDFLW\�� :KLOH�WKH�ODUJHVW�ER[�VKLS�FDQ�FDUU\��������7(8V��WKH�ODUJHVW� WUDLQ� PD\� RQO\� WDNH� ����� RU� ���� 6HFRQGO\�� WKH� UDLOZD\� WUDQV� SRUWDWLRQ� XQLW� SULFH� LV� KLJK�� SHUKDSV� ��� WLPHV� KLJKHU� WKDQ� RFHDQ� WUDQVSRUWDWLRQ�� 2QO\� WKH� KLJK� YDOXH�� VPDOO� TXDQWXP� DQG�VHDVRQDO�JRRGV�PD\�FKRRVH�UDLOZD\�µ��
KERRY LOGISTICS NETWORK
.HUU\�/RJLVWLFV�1HWZRUN�ZDV�RQH�RI�WKH�ODUJHVW��3/�SURYLGHUV� LQ� $6($1� DQG� LQ� *UHDWHU� &KLQD� LQ� WHUPV� RI� UHYHQXH�� +HDG� TXDUWHUHG�LQ�+RQJ�.RQJ��WKH�FRPSDQ\�KDG��������HPSOR\HHV� DQG� VHUYLFHG� ��� FRXQWULHV� DQG� WHUULWRULHV�� PDLQO\� LQ� WKH� $VLD� 3DFLÀF�� 5HYHQXHV� LQ� ����� DPRXQWHG� WR� +.�������� PLOOLRQ� �7DEOH� ����� 7KH� FRPSDQ\� VWDUWHG� ZLWK� ZDUHKRXVH� RSHUD� WLRQV�LQ�+RQJ�.RQJ�LQ�������,Q�������.HUU\�EHJDQ�WR�SURYLGH� WUXFNLQJ�VHUYLFHV�WR�WKHLU�ZDUHKRXVLQJ�FXVWRPHUV��,W�H[SDQGHG� LWV�EXVLQHVV�VFRSH�WR�LQFOXGH�D�ZLGH�UDQJH�RI�ORJLVWLFV�VHUYLFHV� E\� LQYHVWLQJ� LQ� ORJLVWLFV� FHQWUHV� DQG� DFTXLULQJ� IUHLJKW� IRU� ZDUGLQJ�FRPSDQLHV��,Q�������.HUU\�DOVR�HQWHUHG�WKH�IRRG�DQG� EHYHUDJH�WUDGLQJ�EXVLQHVV�DIWHU�DFTXLULQJ�/,1&�*URXS�+ROG� LQJV�/WG��.HUU\�ZDV�OLVWHG�RQ�WKH�+RQJ�.RQJ�6WRFN�([FKDQJH� LQ� ������ ,WV� SDUHQW� FRPSDQ\�� .HUU\� 3URSHUWLHV� /WG�� ZDV� FRQ� WUROOHG� E\� WKH� IDPLO\� RI� 5REHUW� .XRN�� D� 0DOD\VLDQ� &KLQHVH� EXVLQHVVPDQ�
S0218927519500068.indd 181 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
7KH�´.HUU\µ�EUDQG�ZDV�UHFRJQLVHG�E\�01&V�IRU�LWV�VHU� YLFHV��,WV�FXVWRPHUV�LQFOXGHG�DOPRVW�KDOI�RI�WKH�WRS�����JOREDO� EUDQGV�� ,Q� DGGLWLRQ� WR� WUDGLWLRQDO� VHUYLFHV� OLNH� ZDUHKRXVH� VWRUDJH��WUXFNLQJ�DQG�GLVWULEXWLRQ��.HUU\�DOVR�SURYLGHG�YDOXH� DGGHG� VHUYLFHV�� FXVWRPL]HG� IRU� GLIIHUHQW� FXVWRPHUV�� 7KHVH� VHUYLFHV� ZHUH� VXSSRUWHG� E\� D� FRPELQDWLRQ� RI� DLU�� RFHDQ� DQG� FURVV�ERUGHU�URDG�IUHLJKW�IRUZDUGLQJ�VHUYLFHV�WKDW�HQDEOHG�WKH� GHOLYHU\� RI� FXVWRPL]HG� HQG�WR�HQG� VXSSO\� FKDLQ� VROXWLRQV� WR� FXVWRPHUV��:LWK�WKH�VWURQJHVW�URDG�DQG�UDLO�QHWZRUN�LQ�$VLD�� WKH�FRPSDQ\�KDG�EHHQ�H[SDQGLQJ�LWV�EXVLQHVV�DFURVV�&HQWUDO� $VLD� DQG� &,6� FRXQWULHV�� SRVLWLRQLQJ� LWVHOI� WR� IXUWKHU� JURZ� LWV� EXVLQHVV�DQG�YROXPH�WKURXJK�LQFUHDVHG�WUDGH�DFWLYLWLHV�DFURVV� (XUDVLD�
.HUU\� KDG� WZR� PDMRU� EXVLQHVV� VHJPHQWV�� LQWHJUDWHG� ORJLVWLFV� �,/�� DQG� LQWHUQDWLRQDO� IUHLJKW� IRUZDUGLQJ� �,))�� EXVL� QHVVHV�� ,QWHJUDWHG� ORJLVWLFV� DFFRXQWHG� IRU� ���� �+.������� PLOOLRQ�� RI� LWV� UHYHQXHV� DQG� ���� �+.������� PLOOLRQ�� RI� LWV� RSHUDWLQJ� SURÀWV� �7DEOH� ����� 7KHVH� LQFOXGHG� IHHV� IRU� VWRUDJH� DQG� YDOXH�DGGHG� VHUYLFHV�� WUXFNLQJ� DQG� GLVWULEXWLRQ�� UHWXUQV� PDQDJHPHQW�DQG�YDULRXV�DQFLOODU\�VHUYLFHV��SULPDULO\�LQ�$VLD�� &OLHQWV� ZHUH� PDLQO\� PDQXIDFWXUHUV� DQG� UHWDLOHUV�� 7KLV� EXVL� QHVV�ZDV�GULYHQ�E\�WUDGH�DQG�WXUQRYHU��
7DEOH����� 7XUQRYHU�DQG�3URÀW�E\�*HRJUDSKLFDO�$UHD�IRU�<HDU�(QGHG� ���'HF�������
7XUQRYHU 3URÀW
*HRJUDSKLFDO�$UHD +.�0 YoY +.�0 YoY
+RQJ�.RQJ ������� ���� ��� ��� 0DLQODQG�&KLQD ������� ���� ��� –�� 7DLZDQ ������� ���� 393 – Greater China 15,857 +12% 1,627 +2%
$VLD��H[FOXGLQJ�+.��&KLQD� �7DLZDQ� ������� ���� 501 ���� $PHULFDV 5,229 ���� ��� ���� (XURSH ������� ���� �� – 2WKHUV��LQFOXGLQJ�2FHDQLD� �6HQHJDO� �������� ���� 31 ���� Total 30,788 +28% 2,357 +12%
Source��&RPSDQ\�$QQXDO�5HSRUW�������5HI������
S0218927519500068.indd 182 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
5HYHQXH� IURP� LWV� ,))� EXVLQHVV� DFFRXQWHG� IRU� ���� �+.�������� PLOOLRQ�� RI� LWV� UHYHQXHV� DQG� ���� �+.����� PLOOLRQ�� RI� LWV� RSHUDWLQJ� SURÀWV� �7DEOH� ����� .HUU\·V� PDUJLQV� IRU� WKLV� EXVLQHVV� ZDV� ORZHU� WKDQ� LWV� SHHUV� ZLWKLQ� WKH� IUHLJKW� IRUZDUGLQJ� EXVLQHVV� EHFDXVH� LW� RIIHUHG� VHUYLFHV� WR� IHZHU� FRXQWULHV� ���� FRXQWULHV� DQG� WHUULWRULHV�� FRPSDUHG� WR� WKH� ��� FRXQWULHV�RU�VR�RIIHUHG�E\�LQWHUQDWLRQDO�OHDGHUV��7KH�FRPSDQ\� GLG�QRW�RZQ�RU�RSHUDWH�DQ\�DLUFUDIW�RU�YHVVHO��,WV�,))�VHUYLFHV� ZHUH� PDLQO\� LQWUD�$VLD� DQG� EHWZHHQ� $VLD� DQG� (XURSH�� 7KH\�
7DEOH� ���� 7XUQRYHU� DQG� 3URÀW� E\� 6HJPHQW� IRU� <HDU� (QGHG� ��� 'HF�� �����
7XUQRYHU 3URÀW
6HJPHQW +.�0 YoY +.�0 YoY
,QWHJUDWHG�ORJLVWLFV 13,612 +20% 1,846 +12% x� /RJLVWLFV�RSHUDWLRQV ������ ���� 1,301 ���� x� +RQJ�.RQJ�ZDUHKRXVH ��� –�� ��� ���
,QWHUQDWLRQDO�)UHLJKW�)RUZDUGLQJ 17,176 +35% 511 +14% Total 30,788 +28% 2357 +12%
Source��Company Annual Report 2017��5HI������
TDEOH����� �����6HJPHQW�3URÀW�E\�*HRJUDSKLFDO�$UHD�
,QWHJUDWHG� /RJLVWLFV
,QWHUQDWLRQDO�)UHLJKW� )RUZDUGLQJ
*HRJUDSKLFDO�DUHD +.�0 YoY +.�0 YoY
+RQJ�.RQJ ��� ��� �� ���� 0DLQODQG�&KLQD ��� –�� ��� –�� 7DLZDQ ��� – 5 –��� Greater China 1,408 +3% 219 –6% $VLD��H[FOG��+.��&KLQD� �7DLZDQ� ��� ���� �� ���� $PHULFDV – – ��� ���� (XURSH – – �� – 2WKHUV��LQFO��2FHDQLD� �6HQHJDO� 12 ��� 19 ���� Total 1,846 +12% 511 +14%
Source��&RPSDQ\�
S0218927519500068.indd 183 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
LQYROYHG� WKH� SURYLVLRQ� RI� DLUIUHLJKW�� RFHDQ� IUHLJKW� DQG� FURVV� ERUGHU� URDG� IUHLJKW� IRUZDUGLQJ� VHUYLFHV� WR� WUDQVSRUW� FDUJR� LQWHUQDWLRQDOO\� DV� ZHOO� DV� FXVWRPV� EURNHUDJH�� FOHDUDQFH� DQG� FRPSOLDQFH� VHUYLFHV� WR� IDFLOLWDWH� WKH� WUDQVSRUWDWLRQ� SURFHVV� DFURVV�ERUGHUV��,WV�,/�VHUYLFH�PDLQO\�GHDOW�ZLWK�LPSRUWV�UDWKHU� WKDQ� H[SRUWV� DQG� SURÀWV� ZHUH� JHQHUDWHG� PDLQO\� IURP� LWV� *UHDWHU�&KLQD�DQG�$VLDQ�RSHUDWLRQV��7DEOH�����
%HFDXVH� RI� LWV� JOREDO� QHWZRUN� DQG� NQRZOHGJH� RI� WKH� &KLQD� PDUNHW�� WKH� PDMRULW\� RI� LWV� FOLHQWV� ZHUH� LQWHUQDWLRQDO� ZHOO�NQRZQ� ÀUPV�� 7KHVH� FOLHQWV� GHPDQGHG� VRSKLVWLFDWHG� VROXWLRQV� WR� KHOS� WKHP� DGDSW� WR� WKH� UDSLG� FKDQJLQJ� &KLQD� PDUNHW�� 7KH� PDMRULW\� ZHUH� IURP� WKH� UHWDLO� DQG� )0&*� LQGXVWU\� OLNH� 'HQQ\�� /RZ�/RZ�� %DOO\IUHH�� &KDUOHYLOOH�� 'DZQ�� DQG�+XJR�%RVV��
.HUU\� DLPHG� WR� SHQHWUDWH� WKH� LQWHJUDWHG� ORJLVWLFV� PDUNHWV� LQ� *UHDWHU� &KLQD�� 7KDLODQG� DQG� 9LHWQDP� DV� ZHOO� DV� LQFUHDVH� PDUNHW� VKDUH� LQ� ,QGLD�� ,QGRQHVLD�� 0DOD\VLD�� WKH� 3KLOLSSLQHV� DQG� 6LQJDSRUH�� ,W� DOVR� LQWHQGHG� WR� H[SDQG� LWV� SUHVHQFH� LQ� ,))� WR� QHZ� JHRJUDSKLF� PDUNHWV�� ZLWK� D� IRFXV� RQ� H[SDQGLQJ� LWV� PDUNHWV� LQ� WKH� $PHULFDV�� (XURSH� DQG� $VLD�� *UHDWHU� &KLQD� ZDV� FXUUHQWO\� WKHLU� SULPDU\� PDUNHW�� .HUU\� ZDQWHG� WR� FDSLWDOLVH� RQ� WKH� VWURQJ� GHPDQG� PRPHQWXP� RI� FURVV�ERUGHU�H�FRPPHUFH��SDUWLFXODUO\�EHWZHHQ�*UHDWHU�&KLQD� DQG�$6($1�WR�ERRVW�JURZWK��,W�ZDQWHG�WR�H[SDQG�LWV�UHJLRQDO� H[SUHVV�QHWZRUN�DQG�H[WHQG�LWV�QHWZRUN�DORQJ�WKH�2%25��%\� UHDFKLQJ� GHHSHU� �ERWK� IRUZDUG� DQG� EDFNZDUG�� LQWR� LWV� FXV� WRPHUV·� VXSSO\� FKDLQ�� LW� FRXOG� FDSWXUH� PRUH� EXVLQHVV� DQG� LQFUHDVH� LWV� PDUJLQV�� .HUU\� RIIHUHG� VHUYLFHV� WR� VHYHQ� W\SHV� RI� EXVLQHVVHV�� ���� IDVKLRQ� DQG� OLIHVW\OH� ���� HOHFWURQLFV� DQG� WHFKQRORJ\� ���� IRRG� DQG� EHYHUDJH� ���� IDVW� PRYLQJ� FRQVXPHU� JRRGV�����LQGXVWULDO�DQG�PDWHULDO�VFLHQFHV�����DXWRPRELOH�DQG� ���� SKDUPDFHXWLFDOV� DQG� KHDOWKFDUH�� )LJXUHV� �� DQG� �� VKRZ� WKHLU�VHUYLFHV�WR�WZR�RI�WKHVH�EXVLQHVVHV��
&KLQHVH� FXVWRPHUV� ZHUH� EHJLQQLQJ� WR� GHPDQG� EHWWHU� VHUYLFH� DQG� IXOÀOPHQW� WLPHV�� ZKLFK� PHDQW� KLJKHU� FRVW� SUHV� VXUHV� DQG� VTXHH]HG� PDUJLQV�� ,Q� WUDGLWLRQDO� ORJLVWLFV� RSHUD� WLRQV�� WKH� PDMRU� FRVW� FRPSRQHQWV� ZHUH� WUDQVSRUWDWLRQ�� LQYHQWRU\� PDQDJHPHQW�� ZDJHV� DQG� FRVWV� RI� EXLOGLQJ� DQG� PDLQWDLQLQJ� D� VXSSRUWLQJ� ,7� SODWIRUP�� .HUU\� PDGH� KHDY\�
S0218927519500068.indd 184 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
LQYHVWPHQWV�LQ�LWV�URDG�WUDQVSRUWDWLRQ�ÁHHW�DFURVV�&KLQD��7KH� WUHQG� WRZDUGV� ORZ� FDUERQ� HFRQRP\� DQG� HIÀFLHQW� IXHO� XVDJH� ZRXOG� SXW� D� SUHVVXUH� RQ� .HUU\� WR� LQFUHDVH� LQYHVWPHQW� WR� HQKDQFH�ÁHHW�HIÀFLHQF\��:DUHKRXVLQJ�ZDV�WKH� OHDVW�SUREOHP� DWLF�DV�WKHVH�ZHUH�SURYLGHG�E\�LWV�VLVWHU�FRPSDQ\�.HUU\�3URS� HUWLHV� *URXS�� 0DQDJHULDO� WDOHQW� WR� VXSSRUW� H[SDQVLRQ� ZDV� LQ� VKRUW� VXSSO\�� 7R� VROYH� WKLV�� .HUU\� KDG� DQ� H[WHQVLYH� LQ�KRXVH� WUDLQLQJ�SURJUDP��7UDLQHHV�FRXOG�EH�SURPRWHG�WR�WKH�PLGGOH� OHYHO�PDQDJHPHQW�DIWHU���WR���\HDUV�ZLWK�WKH�FRPSDQ\��/RFDO� �3/V� WHQGHG� WR� QHJOHFW� HPSOR\HH� GHYHORSPHQW�� SUHIHUULQJ� WR� DFTXLUH�PDQDJHULDO�WDOHQW�WKURXJK�0 $��LJQRULQJ�WKH�GLIÀFXO� WLHV�RI�FRQVROLGDWLQJ�D�WDOHQW�SRRO�RI�GLIIHUHQW�FXOWXUHV��0DQD� JHULDO�WDOHQW�ZDV�HVVHQWLDO�LQ�D�PDUNHW�UHTXLULQJ�KLJK�OHYHOV�RI� NQRZOHGJH�DQG�WHFKQRORJ\���
0 $�ZDV�XVHG�WR�PLQLPL]H�WKH�VWDUW�XS�OHDG�WLPH�DQG� ULVNV� E\� XWLOL]LQJ� WKH� DFTXLUHG� SDUWQHUV·� FXVWRPHU� QHWZRUN�� IDFLOLWLHV�DQG�ORFDO�NQRZOHGJH�H[SHUWLVH��7KH�SDUWQHUVKLS�ZLWK� 'DWRQJ� DQG� 7D/.(� H[WHQGHG� LWV� GLVWULEXWLRQ� FRYHUDJH� DQG�
/ŶƐƉĞĐƚŝŽŶ͕� ƋƵĂůŝƚLJ�ĐŽŶƚƌŽů͕� ƐĂĨĞƚLJ�ƚĞƐƚƐ
>ĂďĞůŝŶŐ͕� ƐĞĐƵƌŝƚLJ�ƚĂŐŐŝŶŐ
'ĂƌŵĞŶƚͲŽŶͲ ŚĂŶŐĞƌ�ƐƚŽƌĂŐĞ
WƌĞͲƌĞƚĂŝů� ƉƌĞƉĂƌĂƚŝŽŶ WĂĐŬŝŶŐ
�ƌĞĂƐĞůĞƐƐ� ŐĂƌŵĞŶƚ� ĚĞůŝǀĞƌLJ
ZĞƚƵƌŶƐ� ŵĂŶĂŐĞŵĞŶƚ͕� ĐůĞĂƌĂŶĐĞ�ƐĂůĞƐ
Source��&RPSDQ\�
)LJ����� .HUU\·V�VHUYLFHV�IRU�WKH�IDVKLRQ�DQG�OLIHVW\OH�LQGXVWU\�
>ĂďĞůůŝŶŐ�Θ�ƚĞƐƚŝŶŐ /ŶǀĞŶƚŽƌLJ�ƐƚŽƌĂŐĞ�Θ�ĐŽŶƚƌŽů �ƐƐĞŵďůLJ�Θ� ĐŽŶĨŝŐƵƌĂƚŝŽŶ ^ĞĐƵƌĞĚ�ƉĂĐŬŝŶŐ
�ŝƐƚƌŝďƵƚŝŽŶ�Θ� ŝŶƐƚĂůůĂƚŝŽŶ
ZĞƚƵƌŶƐ�Θ�ƌĞƉĂŝƌ� ŵĂŶĂŐĞŵĞŶƚ
Source��&RPSDQ\�
)LJ����� .HUU\·V�VHUYLFHV�IRU�WKH�HOHFWURQLFV�DQG�WHFKQRORJ\�LQGXVWU\�
S0218927519500068.indd 185 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
DVVLVWHG� LWV� HQWU\� LQWR� FKHPLFDO� ORJLVWLFV�� .HUU\� H[WHQGHG� LWV� EXVLQHVV�LQ�(XURSH�WKURXJK�DFTXLVLWLRQV�KRSLQJ�WR�VHUYH�FXV� WRPHUV� ORRNLQJ� WR� H[SRUW� WR� &KLQD� RU� LPSRUW� JRRGV� RU� UDZ� PDWHULDOV�IURP�$VLD��
Positioning
.HUU\� ZDV� SRVLWLRQHG� DV� D� VROXWLRQV� SURYLGHU� ZLWK� VWURQJ� &KLQD� NQRZOHGJH� DQG� JOREDO� YLVLRQ�� ,WV� WDJOLQH� ZDV� ´$VLD� EDVHG�� &KLQD� IRFXV�� *OREDO� 1HWZRUNµ�� 7KLV� ZDV� DWWUDFWLYH� WR� LQWHUQDWLRQDO� �3/� SURYLGHUV� ZKR� VRXJKW� UHOLDEOH� SDUWQHUV� WR� GHYHORS� D� QHWZRUN� LQ� &KLQD�� .HUU\� KDG� DOVR� DGRSWHG� JUHHQ� VXSSO\�FKDLQ�DQG�JUHHQ�ZDUHKRXVH�VWUDWHJLHV��(QYLURQPHQWDO� SURWHFWLRQ� DQG� VRFLDO� UHVSRQVLELOLW\� ZHUH� LPSRUWDQW� WR� LQWHU� QDWLRQDO�EUDQGV��7KH�FRPSDQ\�GLIIHUHQWLDWHG� LWVHOI� IURP�ORFDO� SOD\HUV� E\� LQYHVWLQJ� LQ� ,7� WR� SURYLGH� ORJLVWLFV� PDQDJHPHQW� DQG� ,7� VROXWLRQV� IRU� FXVWRPHUV� ZLWK� VRSKLVWLFDWHG� GHPDQGV�� .HUU\·V� SODWIRUP� .HUULHU9LVLRQ� ZDV� DQ� LQIRUPDWLRQ� PDQDJH� PHQW� DQG� ORJLVWLFV� V\VWHP� WKDW� ZDV� WDLORU�PDGH� IRU� WKH� FXV� WRPHU·V� RSHUDWLRQ� V\VWHP� WR� HQVXUH� YLVLELOLW\� DQG� SURDFWLYH� PDQDJHPHQW� RI� LWV� SLSHOLQH�� DQG� LWV� XSVWUHDP� DQG� GRZQ� VWUHDP�VXSSOLHUV��
8QOLNH�836�RU�)HG([��ZKLFK�DLPHG�WR�PD[LPL]H�UHWXUQ� RQ� DVVHWV� DQG� GLG� QRW� PDNH� LQYHVWPHQWV� LQ� LQIUDVWUXFWXUH� IDFLOLWLHV�� .HUU\� DGRSWHG� WKH� DVVHW�EDVHG� DSSURDFK�� .HUU\·V� ZDUHKRXVHV� ZHUH� GLVWULEXWHG� WKURXJKRXW� &KLQD� UDWKHU� WKDQ� IRFXVHG� LQ� WKH� FRDVWDO� DUHDV� OLNH� PDQ\� RI� LWV� FRPSHWLWRUV�� %HFDXVH� LW� RZQHG� LWV� ZDUHKRXVHV�� LW� RIIHUHG� JUHDWHU� UHOL� DELOLW\� DQG� SURGXFW� VHFXULW\� IRU� LWV� FXVWRPHUV�� ,WV� SULFHV� ZHUH� DOVR� ORZHU�� .HUU\� IRFXVHG� RQ� %�%� EXVLQHVV�� %�&� IXOÀO� PHQW� �SURFHVVLQJ� DERXW� ������ RUGHUV� SHU� GD\� LQ� +RQJ� .RQJ�� IRUPHG� RQO\� D� VPDOO� SDUW� RI� LWV� EXVLQHVV�� 7KH� FRPSDQ\� GLG� QRW� FRPSHWH� GLUHFWO\� ZLWK� '+/�� )HG([� DQG� 6)�� .HUU\� SUR� YLGHG� LQWHJUDWHG� ORJLVWLFV� VHUYLFHV� DQG� YDOXH� DGGHG� VHUYLFHV� OLNH�ODEHOOLQJ�DQG�SDFNDJLQJ�UDWKHU�WKDQ�H[SUHVV�VHUYLFHV�RQO\�� ,WV� VHUYLFHV� ZHUH� WDLORU�PDGH� IRU� LWV� FXVWRPHUV�� &XVWRPHUV� RI� H[SUHVV�FRPSDQLHV�KDG�WR�DGDSW�WR�WKH�GHYHORSHG�V\VWHPV�RU� VWDQGDUG��
S0218927519500068.indd 186 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
%XW�DPRQJ�ORFDO�HQWHUSULVHV��.HUU\�ZDV�VHHQ�DV�QHLWKHU� VXIÀFLHQWO\� ORFDO� QRU� LQWHUQDWLRQDO�� $W� WKH� VDPH� WLPH�� .HUU\� FRXOG� QRW� PDWFK� WKH� H[WHQVLYH� QHWZRUN� DQG� ORFDO� NQRZOHGJH� RI�JLDQW��3/V�OLNH�&26&2��.HUU\·V�SRVLWLRQLQJ�PD\�KDYH�ZRQ� LW� WKH�WUXVW�RI�IRUHLJQ�FXVWRPHUV�ZDQWLQJ�WR�HQWHU�DQG�H[SRUW� IURP� &KLQD�� EXW� WKLV� $VLDQ�EDVHG� SRVLWLRQ� PD\� GULYH� DZD\� WKRVH�FXVWRPHUV�SUHIHUULQJ�D�JRRG�ORFDO�QHWZRUN�LQ�&KLQD��
LOOKING TO THE FUTURE
*UHDWHU� &KLQD� DFFRXQWHG� IRU� ������ �+.�������� PLOOLRQ�� RI� .HUU\·V� UHYHQXHV� LQ� ������ 6RXWK� DQG� 6RXWKHDVW� $VLDQ� UHYH� QXHV� DFFRXQWHG� IRU� +.������� PLOOLRQ� DQG� (XURSH� DFFRXQWHG� IRU� +.������� PLOOLRQ� �7DEOH� ����� /RRNLQJ� DKHDG�� VPDOO� DQG� PHGLXP�VL]HG� HQWHUSULVHV� %�%� WUDQVDFWLRQV� VWLOO� IRUPHG� ���� RI�WKH�H�FRPPHUFH�PDUNHW�DQG�WKLV�ZDV�WKH�SULPDU\�GULYHU�RI� H�FRPPHUFH�JURZWK�LQ�&KLQD���&URVV�ERUGHU�H�FRPPHUFH�ZDV� DOVR� SDUWLFXODUO\� VWURQJ� EHWZHHQ� *UHDWHU� &KLQD� DQG� $6($1�� .QRZLQJ� &KLQHVH� FRQVXPHUV·� LQWHUHVW� LQ� IRUHLJQ� EUDQGV�� H�FRPPHUFH� JLDQWV� DQG� WUDGLWLRQDO� ORJLVWLFV� HQWHUSULVHV� KDG� VWHSSHG�XS�HIIRUWV�WR�SUHSDUH�IRU�WKH�ERRPLQJ�LPSRUW�PDUNHW�
7R� WDUJHW� WKH� H�FRPPHUFH� VHJPHQW�� .HUU\� SODQQHG� WR� EXLOG� D� UHJLRQDO� H[SUHVV� GHOLYHU\� SODWIRUP� LQ� &KLQD� DQG� DFURVV�WKH�$6($1�UHJLRQ��7KH�FRPSDQ\�KDG�VHFXUHG�FRXULHU� OLFHQFHV� FRYHULQJ� ��� SURYLQFH�OHYHO� DQG� ��� FLWLHV�� (GZDUGR� (UQL�� .HUU\·V� H[HFXWLYH� GLUHFWRU� H[SODLQHG� WKDW� .HUU\� ZRXOG� WDNH� D� FDXWLRXV� DSSURDFK�� VWDUWLQJ� ZLWK� SLORW� SURMHFWV� LQ� 6KDQJKDL�� %HLMLQJ�� 6KHQ]KHQ� DQG� *XDQJ]KRX�� &RPSHWL� WLRQ�ZDV�VWLII�DQG�SURÀWV� LQ� WKLV�VHFWRU�KDYH�GURSSHG�WR������ \XDQ� SHU� SDUFHO�� ZLWK� FRVW� KLNHV� UHPDLQLQJ� XQDEDWHG�� '+/� 6LQRWUDQV�� WKH� RQO\� IRUHLJQ� ÀUP� JUDQWHG� D� GRPHVWLF� GHOLYHU\� OLFHQFH�LQ�������ZDV�XQDEOH�WR�FRPSHWH�RQ�VXFK�WKLQ�PDUJLQV� DQG�GHFLGHG�WR�ZLWKGUDZ�WR�IRFXV�RQ�LQWHUQDWLRQDO�VKLSPHQWV� LQ� ������ '+/� ZRXOG� UHWXUQ� ZKHQ� FXVWRPHUV� SODFH� PRUH� HPSKDVLV� RQ� TXDOLW\� VHUYLFHV���� )RUHLJQ� ORJLVWLFV� SURYLGHUV� ZHUH�SURKLELWHG� IURP�RSHUDWLQJ�SDQ�&KLQD�GLVWULEXWLRQ�RSHU� DWLRQV�� 2QO\� ����� RI� WKH� FRXULHU� PDUNHW� ZDV� KHOG� E\� IRUHLJQ�
S0218927519500068.indd 187 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
���� $&5-
FRPSDQLHV�ZLWK�WKH�YDVW�PDMRULW\�RI�WKH�EXVLQHVV�KDQGOHG�E\� ORFDO�DQG�SULYDWH�FRPSDQLHV�
7KHUH� ZHUH� RWKHU� KXUGOHV�� $OWKRXJK� WKH� JRYHUQPHQW� KDG� SURSRVHG� D� QXPEHU� RI� QHZ� PHDVXUHV� WR� VXSSRUW� ORJLV� WLFV� GHYHORSPHQW�� SROLF\� H[HFXWLRQ� VRPHWLPHV� KLQGHUHG� WKDW� JURZWK�� /RJLVWLFV� FRPSDQLHV� KDG� WR� DSSO\� IRU� YDULRXV� W\SHV� RI�RSHUDWLQJ�OLFHQFHV�WR�VHW�XS�D�QDWLRQZLGH�EXVLQHVV��/LFHQFHV� ZHUH�LVVXHG�E\�GLIIHUHQW�SURYLQFLDO�JRYHUQPHQWV�DQG�DSSOLFD� WLRQ� FKDUJHV� DQG� SURFHGXUHV� YDULHG� IURP� SURYLQFH� WR� SURY� LQFH�� 'XH� WR� WKH� FRPSOH[LW\� RI� KDYLQJ� WR� GHDO� ZLWK� VR� PDQ\� SDUWLHV�� VRPH� ORJLVWLFV� FRPSDQLHV� ORVW� WKHLU� LPSHWXV� ZKHQ� DWWHPSWLQJ�WR�GHYHORS�LQWHU�UHJLRQDO�EXVLQHVV��&RQFHUQV�DERXW� FLW\�WUDIÀF�DQG�WKH�HQYLURQPHQW� OHG�PDQ\�ORFDO�JRYHUQPHQWV� WR� LPSRVH� VWULQJHQW� UXOHV� RQ� LQ�WRZQ� WUXFNLQJ�� 7KHUH� ZDV� D� À[HG�TXRWD� IRU� LQ�WRZQ�WUXFNLQJ� OLFHQVHV�JUDQWHG�WR� WUXFNLQJ� ÀUPV��)LUPV�ZLWKRXW�WKH�SURSHU�OLFHQVHV�KDG�WR�SD\�KLJK�IHHV� WR�KLUH�OLFHQVHG�WUXFNLQJ�ÀUPV�WR�FRQYH\�WKH�JRRGV�RU�RSHUDWH� ZLWKRXW�OLFHQVHV�DQG�ULVNHG�EHLQJ�ÀQHG��2SHUDWLRQDO�ÁH[LELOLW\� ZDV� DOVR� KLQGHUHG� E\� UHVWULFWHG� ORDGLQJ�XQORDGLQJ� ]RQHV�� URDGEORFNV� DQG� UHVWULFWLRQV� RQ� WKH� W\SHV� RI� WUXFNV� DOORZHG� LQWR�WRZQV�
(PSOR\HH�WXUQRYHU�LQ�WKH�LQGXVWU\�ZDV�KLJK��$OWKRXJK� ORFDO� XQLYHUVLWLHV� KDG� EHJXQ� WR� RIIHU� ORJLVWLFV� GHJUHHV�� WKLV� ZDV� VWLOO� LQVXIÀFLHQW� WR� PHHW� GHPDQG�� 0DQ\� SUDFWLWLRQHUV� ODFNHG� XQGHUVWDQGLQJ� RI� PRGHUQ� PDQDJHPHQW� DQG� VNLOOV� WR� VDWLVI\� LQFUHDVLQJO\� GHPDQGLQJ� FOLHQWV�� )RUHLJQ� FRPSDQLHV� WKDW�KDG�SDUWQHUHG�ZLWK�ORFDO�/63V�IRU�WKHLU� ORFDO�NQRZOHGJH� IRXQG� WKDW� WKH� ORFDO� UHSUHVHQWDWLYHV� FRXOG� QRW� FRPPXQLFDWH� ZLWK� FOLHQWV� LQ� IRUHLJQ� ODQJXDJHV�� 6RPH� VWDII�� WKRXJK� ZHOO� HGXFDWHG��ODFNHG�WKH�UHOHYDQW�H[SHULHQFH�DQG�´VRIWµ�VNLOOV�
7KHUH�ZHUH�DOVR�RSSRUWXQLWLHV�LQ�UHYHUVH�ORJLVWLFV�VWHP� PLQJ� IURP� WKH� QHZ� FRQVXPHU� SURWHFWLRQ� ODZ�� ZKLFK� FDPH� LQWR�HIIHFW�LQ�&KLQD�LQ�������7KH�ODZ�KDG�D�´EX\HU·V�UHPRUVHµ� SURYLVLRQ� IRU� UHWXUQHG� JRRGV� ZLWKLQ� VHYHQ� GD\V� RI� UHFHLSW� ZLWKRXW� WKH� UHTXHVW� IRU� H[SODQDWLRQ�� 7KHUH� ZRXOG� EH� DQ� LQFUHDVH� LQ� GHPDQG� IRU� UHWXUQV� PDQDJHPHQW� DQG� WKH� UHODWHG� YDOXH�DGGHG�VHUYLFHV��
S0218927519500068.indd 188 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
ALIGNING WITH THE OBOR INITIATIVE
.HUU\� DFTXLUHG� %RÀOO� DQG� $UQDQ�� D� 6SDQLVK� FXVWRPV� EURNHU� DQG� IUHLJKW� IRUZDUGHU� LQ� ������ ZKLFK� ZRXOG� HQDEOH� LW� WR� RSHUDWH� LQ� 0DGULG�� %DUFHORQD�� 9DOHQFLD� DQG� $OLFDQWH�� 6SDLQ� ZDV� KRPH� WR� RQH� RI� WKH� ZRUOG·V� ELJJHVW� IDVKLRQ� UHWDLOHUV� DQG�VRPH�RI� LWV�NH\�DFFRXQWV��7KLV�ZRXOG�VWUHQJWKHQ�.HUU\·V� VHUYLFH� FDSDELOLWLHV� DQG� QHWZRUN� LQ� (XURSH� WR� HQVXUH� EHVW� LQ�FODVV� VXSSO\� FKDLQ� VROXWLRQV� IRU� LWV� FOLHQWV�� SDUWLFXODUO\� LQ� WKH� IDVKLRQ� DQG� OLIHVW\OH� LQGXVWU\�� ,Q� ������ .HUU\� HQWHUHG� LQWR� D� MRLQW�YHQWXUH� ZLWK� *OREDOLQN� /RJLVWLFV�� D� IUHLJKW� IRU� ZDUGLQJ� JURXS� HQJDJHG� LQ� UDLO�� URDG� DQG� DLUIUHLJKW� EXVLQHVV� LQ�.D]DNKVWDQ��8]EHNLVWDQ��.\UJ\]VWDQ��7DMLNLVWDQ��7XUNPHQL� VWDQ�� *HRUJLD�� $UPHQLD�� $]HUEDLMDQ� DQG� 8NUDLQH�� .D]DNKVWDQ� ZDV� H[SHFWHG� WR� EHQHÀW� WKH� PRVW� IURP� WKH� LQFUHDVLQJ� WUDQVLW� FDUJR�EHWZHHQ�&KLQD�DQG�(XURSH��
,Q� ������ WKH� FRPSDQ\� VLJQHG� D� VWUDWHJLF� FRRSHUD� WLRQ� ZLWK� &KLQD� 5DLOZD\� ,PSRUW� DQG� ([SRUW� &RPSDQ\� WR� OHYHUDJH� &KLQD� 5DLOZD\·V� H[WHQVLYH� QHWZRUN� DQG� H[SHULHQFH� LQ�XQGHUWDNLQJ�NH\�GRPHVWLF�DQG�LQWHUQDWLRQDO�SURMHFWV��´7KH� RSHQLQJ� RI� QHZ� URDG� DQG� UDLO� IUHLJKW� URXWHV� IURP� &KLQD� WR� (XURSH�DQG�3DNLVWDQ�ZLOO�HQDEOH�XV�WR�RIIHU�GLIIHUHQW�RSWLRQV� WR� RXU� FXVWRPHUV�µ� VDLG� *HRUJH� <HR�� &KDLUPDQ� DQG� ([HFX� WLYH� 'LUHFWRU� RI� .HUU\� /RJLVWLFV�� ,W� SLRQHHUHG� WKH� ÀUVW� ZHVW� ERXQG� FKDUWHU� IUHLJKW� IURP� <LZX� WR� 0DGULG� LQ� $XJXVW� ����� DQG�WKH�ÀUVW�HDVWERXQG�WUDLQ�IURP�/RQGRQ�WR�<LZX�LQ�&HQWUDO� =KHMLDQJ�SURYLQFH� LQ�$SULO�������7KLV� OLQN�UHLQIRUFHG�.HUU\·V� H[SDQVLRQ� LQWR� WKH� UDLO� IUHLJKW� DQG� PXOWLPRGDO� VHUYLFHV�� 7KH� ������PLOH� URXWH� WDNLQJ� ��� GD\V� SDVVHG� WKURXJK� �� FRXQWULHV�� LQFOXGLQJ�)UDQFH��%HOJLXP��*HUPDQ\��3RODQG��%HODUXV��5XVVLD� DQG�.D]DNKVWDQ��7KH�IUHLJKW�FRVW�ZDV�ORZHU�WKDQ�ERWK�DLU�DQG� RFHDQ�IUHLJKW�DQG�WZLFH�DV�IDVW�DV�RFHDQ�WUDQVSRUW��6LQFH�WKHQ�� WKH�UDLO�KDG�FDUULHG�FORWKHV��VKRHV�DQG�RWKHU�FRQVXPHU�JRRGV� PDGH� LQ� &KLQD�� 7KHUH� ZDV� VWURQJ� GHPDQG� IRU� WKH� VHUYLFH� DV� WKH�FRVW�ZDV�����OHVV�WKDQ�VKLSSLQJ�E\�DLU�DQG����GD\V�IDVWHU� WKDQ�WUDQVSRUWLQJ�E\�VHD�
3ODQV� ZHUH� XQGHUZD\� IRU� WKH� FRQVWUXFWLRQ� RI� D� QHZ� ORJLVWLFV�FHQWUH�RI���������VTXDUH�IHHW�LQ�;L·DQ�WR�IXUWKHU�HVWDE� OLVK�D�SUHVHQFH� LQ�ÀYH�RI� WKH�HFRQRPLF�FRRSHUDWLRQ�FRUULGRUV�
S0218927519500068.indd 189 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
190 ACRJ
LQ� WKH� QH[W� ��� PRQWKV� WR� VHL]H� QHZ� RSSRUWXQLWLHV� LQ� SURMHFW�� UDLO�DQG�PXOWLPRGDO�ORJLVWLFV�EXVLQHVV�
ACKNOWLEDGMENTS
7KH�DXWKRUV�ZRXOG�OLNH�WR�WKDQN�0D\�&KRZ�<LQ�3LQJ��:RQJ� 0LQJ� &KL�� 5HEHFFD� :RQJ� &KXQJ� <DQ�� (PLO\� :RQJ�� DQG� :LQQLH�<DQ�/DL�/LQJ�IRU�WKHLU�DVVLVWDQFH�LQ�GHVN�UHVHDUFK�DQG� GDWD�FROOHFWLRQ��7KLV�SDSHU� LV� IURP�WKH�VWXG\�ÀQDQFHG�E\�WKH� ´.H\� 3URMHFWV� RI� -LDQJVX� 8QLYHUVLWLHV� 3KLORVRSK\� DQG� 6RFLDO� 6FLHQFH�5HVHDUFK�)XQG������=',;0�����
REFERENCES
� ��� $UPVWURQJ� �$VVRFLDWHV��Q�G��´*OREDO��3/�PDUNHW�VL]H�HVWLPDWHVµ�� $YDLODEOH�DW�
� � KWWS���ZZZ��SORJLVWLFV�FRP��SO�PDUNHW�LQIR�UHVRXUFHV� � � �SO�PDUNHW�LQIRUPDWLRQ�JOREDO��SO�PDUNHW�VL]H�HVWLPDWHV�� 2. China Daily��������´&KLQD·V�ORJLVWLFV�LQGXVWU\�WR�FRQWLQXH�ERRPLQJ�
LQ�������5HSRUWµ�����-DQXDU\� � ��� .LP� (QJ�� ����� China Logistics�� 6HFWRU� 5HVHDUFK�� +RQJ� .RQJ��
$YDLODEOH�DW�� � � KWWS���ZZZ�NLPHQJ�FRP�KN�XSORDG�UHVHDUFKBUHSRUWV�
&KLQD/RJLVWLFVB��������B,&�SGI � ��� &KLQD� 5HVHDUFK� DQG� ,QWHOOLJHQFH�� ������ Research report on China
express delivery industry, 2017–2021. � ��� 0F.LQVH\�'LJLWDO�������� McKinsey iConsumer China 2016 Survey:
How savvy, social shoppers are transforming e-commerce��$SULO�� � ��� &KLQD� ,QWHUQHW� :DWFK�� ������ ´&KLQD·V� FURVV�ERUGHU� H�FRPPHUFH�
UHWDLO�PDUNHW�IRUHFDVW����������µ��$YDLODEOH�DW�� � � KWWS���ZZZ�FKLQDLQWHUQHWZDWFK�FRP�������FURVV�ERUGHU�
HFRPPHUFH�UHWDLO������ � ��� .HUU\�/RJLVWLFV�1HWZRUN�/LPLWHG��������Global Offering. � ��� 8%6�� ������ Kerry Logistics Network: Pan Asian 3PL specialist for
global brands. � ��� 0RUJDQ�6WDQOH\��������The China Files: The logistics journey is just
beginning��0RUJDQ�6WDQOH\�%OXH�3DSHU�5HSRUW� ����� 'HORLWWH�� ������ Investment Promotion Report of China’s Logistics
Industry 2014–2015.
S0218927519500068.indd 190 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.
.(55<�/2*,67,&6�— 3$9,1*�7+(�1(:�6,/.�52$'� ���
����� 'DLZD�&DSLWDO�0DUNHWV��������China Logistics Sector. ����� .30*��������On the move in China: The role of transport and logistics
in a changing economy. ����� )XQJ� %XVLQHVV� ,QWHOOLJHQFH� &HQWUH�� ������ Logistics Industry in
China��+RQJ�.RQJ� ����� 7HFKQDYLR�� ������ Third-party logistics market in China from 2017–
2021. ����� &&%�,QWHUQDWLRQDO�6HFXULWLHV�/LPLWHG��������China Logistics, +RQJ�
.RQJ� ����� &KLQD�'DLO\��������´&KLQD·V�H[SUHVV�GHOLYHU\�VHUYLFHV�VHH�UDSLG�
JURZWK�LQ�����µ�����-DQXDU\�� ����� 9DOXH�,QYHVW�$VLD��������´��WKLQJV�\RX�QHHG�WR�NQRZ�DERXW�6�)��
+ROGLQJV�&R��/WG�EHIRUH�LQYHVWLQJµ��-XQH����� ����� $7� .HDUQH\�� ������ China’s E-Commerce Market in 2014: The
Logistics Challenges. ����� +R��6���������´'HOLYHU\�PDQ��7KH�VWRU\�RI�6)�([SUHVV·�:DQJ�:HL�
DQG�KRZ�KH�EHFDPH�ULFKHU�WKDQ�$OLEDED·V�-DFN�0D�µ�$YDLODEOH�DW� KWWS���HFRPPHUFHLJ�DVLD�ZDQJ�ZHL�VI�H[SUHVV�
����� 6WDWLVWD�� Q�G�� ´1XPEHU� RI� GLJLWDO� EX\HUV� LQ� &KLQD� IURP� ����� WR� ����� �LQ� PLOOLRQV�µ� $YDLODEOH� DW�� KWWS���ZZZ�VWDWLVWD�FRP� VWDWLVWLFV��������QXPEHU�RI�RQOLQH�EX\HUV�LQ�FKLQD�
���� $7� .HDUQH\�� ������ China 2015: Transportation and Logistics Strategies.
���� $7�.HDUQH\��������China Pursues Excellence in Logistics. ���� 0HUFDWRU� ,QVWLWXWH� IRU� &KLQD� 6WXGLHV� �Q�G���� $� PDS� VKRZLQJ�
GHYHORSPHQWV�LQ�WKH�2%25�FDQ�EH�IRXQG�DW�KWWS���ZZZ�PHULFV� RUJ�HQ�EUL�WUDFNHU�PDSSLQJ�WKH�EHOW�DQG�URDG�LQLWLDWLYH
���� 7RGG�� 6��� ������ &KLQD·V� ¶2Q� EHOW�� RQH� URDG·� WUDGH� VWUDWHJ\� WR� KLW� &KLQD�(XURSH� DLU� FDUJR�� /OR\G·V� /RDGLQJ� /LVW�� ��� -XO\�� $YDLODEOH�DW�
� � KWWS���ZZZ�OOR\GVORDGLQJOLVW�FRP�IUHLJKW�GLUHFWRU\�QHZV� &KLQDV�2QH�%HOW�2QH�5RDG�WUDGH�VWUDWHJ\�WR�KLW�&KLQD�(XURSH� DLU�FDUJR�������KWP��:;K<$�O/I,Z
25. .HUU\�/RJLVWLFV�1HWZRUN�/LPLWHG������� Annual Report 2017. ����� -RQHV��7�<���������&KLQD�VD\V�WR�´IXOO\�OLEHUDOLVHµ�GRPHVWLF�FRXULHU�
PDUNHW��GHWDLOV�XQFOHDU�����6HSWHPEHU��Reuters��$YDLODEOH�DW� � � KWWS���ZZZ�UHXWHUV�FRP�DUWLFOH�XV�FKLQD�H[SUHVV�GHOLYHU\�
LG8675(��0��9��������
S0218927519500068.indd 191 01-07-19 4:30:45 PM
A si
an C
as e
R es
. J . 2
01 9.
23 :1
53 -1
91 . D
ow nl
oa de
d fr
om w
w w
.w or
ld sc
ie nt
if ic
.c om
by M
O N
A SH
U N
IV E
R SI
T Y
o n
03 /1
7/ 20
. R e-
us e
an d
di st
ri bu
tio n
is s
tr ic
tly n
ot p
er m
itt ed
, e xc
ep t f
or O
pe n
A cc
es s
ar tic
le s.