BEIJING, Nov. 26 -- Chinese companies should encourage innovation, protect intellectual property, become more open and keep learning if they hope to become world-class companies, Chinese entrepreneurs said at a forum at the weekend.

Also, they should improve their competitiveness to ensure that they stay at the top of the ladder, entrepreneurs said at the 5th Global Chinese Business Leaders Summit whose theme was "Growing into World Class Enterprises - Inheritance and Innovation."

The two-day forum, which ended in Shanghai yesterday, seeks to boost entrepreneurship in home-grown firms.

"China is enjoying a buoyant growth, which provides an unprecedented platform for Chinese entrepreneurs to make their impact in the international market," said Jin Yanshi, chief economist with Xiangcai Securities Co.

"But we have to be aware of the potential risks in China's economy, including a bubble in the capital market, rising unemployment rate and less impetus for people to start new businesses, which do not make it easy for the growth to be sustainable."

On Nov. 5, shares of PetroChina Co, the nation's largest oil producer, almost tripled on its first day of trading in Shanghai, and it became the world's first company to be valued at 1 trillion U.S. dollars.

"Some people can't believe that a Chinese company can top the list as the world's most expensive enterprise. Some take it as a big joke," said Jin. "But it is true and this (achievement) propels us to think how to create really world-class Chinese companies, and not just merely big Chinese companies."

To achieve this goal, Morris Chang, chairman of Taiwan Semiconductor Manufacturing Co Ltd, said Chinese entrepreneurs should gear up in innovation and nurture values consistent with international standards.

"We have to obey rules such as respecting intellectual property, observing corporate social responsibility and creating profit for all shareholders," said Chang.

He added that attracting talented people, raising capital and penetrating global markets are also important on the way to becoming world-class enterprises.

"As for innovation, it is not only confined to technology development, but also in the realms of management and business model creation," said Chang.

(Source: Shanghai Daily)