I guess everyone watching the 2008 Olympics has their favorite moment.

Like Michael Phelps winning 8 golds for swimming in only 9 days.

Or Ian Millar - at age 61- winning silver in equestrian team jumping.

And China's Guo Jingjing becoming the most successful Olympic diver ever, taking gold this week in the 3-meter springboard.

Suddenly, everyone is interested in China. We've been looking closely, critically, at issues of human rights, freedom of expression, pollution and the environment.

Olympic Success

We've wondered whether, as host country, it would surpass the 32 gold medals it won in Athens in 2004. Already, it has passed that milestone.

Overall, the Olympics have enhanced China's reputation. It trained 1300 athletes to compete effectively in 55 sports.

It built innovative Olympic structures, including the "bird's nest" National Stadium and the Water Cube, not to mention a new north-south subway line in Beijing.

Demolished forever is the myth that China's strengths are limited to cheap and abundant labor.

International Commerce Competition

But an even bigger challenge has come from its recent success in international commerce.

The expansion of its privatized, competitive environment has increased the need for managers with enterprise-level skills and in-depth experience.

These are the people organizations rely on to ensure consistent performance and credibility on the international stage.

Chinese executives have an excellent running start. They understand that success in business requires close attention to relationships. A recent study reported they have superior qualities of self-awareness, self-management, and relationship management.

But as in the West, many owe their jobs to good political connections, family status, or experience in technical roles. That has already proven a risky situation. Unskilled leadership can severely damage performance, quality, and credibility.

I'm happy to report the use of 360-degree feedback in China is growing. According to a recent survey, 89% of the organizations that currently use it have made participation mandatory. Multi-source feedback is a natural fit for a country developing world-class managerial teams.

China's next commercial mission will be to increase the production of high-quality value-added goods, at better margins and in sustainable workplaces.

Again, all eyes will be on China. Success in this competition will require an Olympic level of commitment to the development of its management teams.