Where's That Chinese Pot Of Gold?
Although China has always been a difficult place to make money, multinationals have maintained that success requires patience. Yet as China moves into more sophisticated industries, many companies are questioning whether their investments will ever pay off. From power generation to aircraft and telecommunications, veteran investors find that the hurdles for success grow higher. Beijing encourages overcapacity, bureaucratic problems drive up costs, and central planners disrupt the market. The experiences of foreign carmakers and drug companies underscore the problem. In both sectors, China is one of the most important emerging markets. But profits are as elusive as ever.
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