``Turn Crisis into Chance!``

``The hazier the crisis becomes, the more the business opportunity. Education is more important in the change period than it is in the good times. It`s absolutely critical.``

Jack Welch, former Chairman & CEO of General Electric Co., advised like this in an interview with the Nihon Keizai Shimbun after the Global Management Forum 2001 at Tokyo on 6th.

Jack Welch diagnosed that although the economic crisis in Asia and the Black Monday in the past could be overcome by the appropriate economic policies, the recent crisis has been brought on not simply by economic factors, but also by psychological factors, which made its solution difficult.

In particular, he pointed out that the future economic situation since 9.11 would depend on the non-economic factors such as recurrence of terrorism and arrest of terror suspects.

Welch said, ``The information technology industry will face more difficult situation in the future. But only those companies that decisively invest to the necessary area with an insight into the nature of crisis might be able to survive even in such a crisis.``

And the CEOs ought to win in the business game by any necessary means such as a merge and acquisition, employment and lay-off. And it is the international competitive edge that the companies need most. He repeatedly stressed that the CEOs ought to construct the strong team comprised of the best members, in order to win this warlike business game.

Having given a high evaluation on the potential of China, former Chairman Welch asserted, ``China will be a superpower 25 years later. The western countries should see China as a business partner sharing the future of business, not just as a grand market to sell their products.``

Jack Welch retired from 20-year chairman position of GM last September, and took up a special partner of the U.S.`s investment company CD & R and a special advisor of the JP Morgan Chase Co. last month.

yes202@donga.com