2008 Woodie Awards
China to play key economic role, CEOs say
Tyler Will
Issue date: 12/5/07 Section: News
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Yesterday, the panel discussed implications of expanding into China's economy for about 300 people last night in the Chafee Social Science Center at the University of Rhode Island's fall 2007 Honors Colloquium.
URI alumni Alfred J. Verrecchia, CEO, represented Hasbro, Inc. and William "Bill" Flynn, CEO, represented Atlas Air Worldwide Holdings, Inc. (AAWW), an aviation company. Paul Zheng, CEO, represented PDK enterprises, a home textile corporation.
Each of the panelists explained China in relation to their respective business and answered audience questions about topics such as corruption and the impact of education on the economy. All three panelists said corruption was not a problem.
"It's not something we have confronted in our industry," Flynn said.
Verrecchia said corruption had no significant impact on Hasbro and Zheng and the other panelists agreed in saying that employees can be trained to avoid corruption.
Verrecchia said the rise of education in China is beneficial to his company. He said that as countries become more educated, companies grow stronger.
"It doesn't mean the United States is falling behind, it means other countries are catching up," he said. "I don't view [the rise of education] as a negative thing."
Verrecchia responded to recent concerns over lead paint found in toys on the market, many of them coming from China.
"I think it's been somewhat blown out of proportion," Verrecchia said.
He said only a fraction of the three billion toys imported annually contain lead paint, but added that one was too many.
Verrecchia said toy making has become dependent upon China because the land has almost all of the raw materials necessary for the industry, in addition to the convenience of Far East offices.