Strategic Transformation Of Export-oriented Enterprises In Wujin Under The Background Of The Context Of Financial Crisis

In2008, financial crisis is not only a disaster for global economy, but also a baptismto the global financial order as well as the trend of economic development in some countrylike China which is experiencing rapid development. Financial crisis directly made anegative impact on export-oriented enterprises in China, and enterprises in Wujin are noexception. Unprecedented waves of bankruptcy appeared in Wujin because of the sharpdecline of economic growth abroad. For a long time, Wujin enjoys rapid development andwell marketed products in the global market but turns blind eyes on the huge serious risk ofthis kind of development. After crisis, we have to rethink the way of export-orienteddevelopment which makes lots of enterprises feel unprepared. Consequently it is worthyfor us to make a research on enterprise development strategy after crisis.This article, at first, briefly looks back the process of financial crisis and analyzes theunderlying reason of financial crisis. The financial crisis originated from subprime crisis inUSA. The financial crisis leaded to a great recession in global economy, a huge negativeimpact on foreign trade and international capital flow as well as a heavy blow onexport-oriented enterprises in China. Then I add to my argument by illustrating thesituation of social development and the trend of recent export–import in Wujin. Thispaper analyzes the obvious problem of development in export-oriented enterprises andimpact on export-oriented enterprises in Wujin. Since opening up and reform, the marketof Wujin has been engaged in domestic and abroad by which gives a boost to foreign trade.However, most of export-oriented enterprises in Wujin developed from OEM. Someunderlying problems and deep contradiction will be more eyes-catching because theseOEMs are lack of the capability of independent innovation, low brand value and wantedfor talents. Based on above mentioned, the only way for achieving authentic strategictransformation is improving capacity for independent innovation. Therefore this article discusses general ways to strategic transformations which are active innovation, jointinnovation and learning innovation, furthermore, based on the situation of development inWujin, it comes up with some suitable measures for strategic transformation. Most offormer research on strategic transformation of enterprises is lack of practice of successfulstrategic transformation. Compared with former research, This paper has important guidingsignificance because I choose a enterprise which is successful in strategic transformationsduring financial crisis to support my argument.