Magazine article Risk Management

In the Shadow of the Dragon: The Global Expansion of Chinese Companies-And How It Will Change Business Forever

Magazine article Risk Management

In the Shadow of the Dragon: The Global Expansion of Chinese Companies-And How It Will Change Business Forever

Article excerpt

IN THE SHADOW OF THE DRAGON

The Global Expansion of Chinese Companies--And How It Will Change Business Forever

by Winter Nie and William Dowell with Abraham Lu

[ILLUSTRATION OMITTED]

The rise of China as a worldwide economic superpower has been both eagerly anticipated and quietly feared by Western businesses. Cheap labor and the potential for a billion new customers makes investing in China a necessity, but as the skill level, education and sophistication of its workforce increases, many established companies have found themselves in direct competition with their Chinese counterparts.

Ever since the 1970s, when Chairman Deng Xiaoping initiated economic reforms that moved China from isolated collectivism to a more open-market economy, the country has experienced a dramatic economic expansion while its business leaders have quickly progressed from naive entrepreneurs to international leaders. Gone are the days when the West could hope to take advantage of the opportunities presented by a less-skilled, developing nation. While still a relative newcomer to the world economic stage, China has been a fast learner.

But what has usually been missing amid the hand-wringing about how a Chinese presence might affect Western economies has been the perspective of Chinese companies themselves. …

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