"A lot of people seem unaware that over 60 percent of China's GDP is now delivered by the private sector, and it is going to be the major driver in the Chinese economy," he says.

"If that is the case, then the private sector needs to pay a lot more attention to how it can help in the globalization of China much more effectively."

Michie points out that the performance of the private sector in this area is way below what it should be.

Only Chinese telecom manufacturer Huawei has been internationalized in an optimal way.

"They internationalized their culture, their financial system, their workforce," says Michie. "It was painful to do this, but it took them up to a better level."

"The private sector needs to rethink how it can globalize, how it can improve its performance and raise its international influence," adds Michie.

"The companies should do case studies on countries such as Japan, which has done a great job in internationalization and hasn't lost its national cultures."

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