1、A new environmentA small consumer market05001000150020002500ChinaBrazilAustraliaSouth KoreaItalyUK050100150200Cars, 000 units, left axisLife insurance, US$m, right axis1998Source: EIU, Swiss ReA significant consumer market050010001500200025003000ChinaBrazilAustraliaSouth KoreaItalyUK050100150200250C
2、ars, 000 units, left axisLife insurance, US$m, right axis2003Source: EIU, Swiss ReA large industrial marketSource: WTOAn accessible marketMuch better hard infrastructure Sophisticated telecoms network Improved transport network Both internal and externalImproved soft infrastructure Improved internat
3、ional connectivity Domestic economic reform WTO entryMNCs go deeperDifferent FDIIT-relatedMore than 60%of Taiwans IT production is made in ChinaCapital-intensive industriesPetrochemicals, semiconductor Service sectorsFinancial services, retailMore FDISource: EIUMNCs are important to ChinaSource: EIU
4、China is important to MNCsSource: EIU, Euromonitor, company reports, estimates. MNC attitudes to ChinaReporting lines 55% have direct access to the global boardChina is. .“critical to global strategy” - 50% .“strategically important” - 41%CEO visits in last year 80% said global CEO had visited at le
5、ast onceThe question of profitabilityMNCs are making money in China Car companies Amcham membersBut they are making more money from China Export base Global sourcing centreAddressing the marketThe competitionGuanxi+Operating in grey areas+Official and unofficial protection+Access to cheap bank capit
6、al+Lack of corporate governance=PRICE!MNCs - brand and marketingSource: Nielsen Media ResearchGoing localFinancing Borrowing from domestic banksProduction Moving to cheaper areas inland Sales Increasing volumes to lower average costsResearch and development Lower costs and local tastesMergers and ac
7、quisitionsBuying out joint venture partnersTraditional M&ABasic market access and expansionStealing a march on foreign competitionEliminating local competitionAcquiring new abilitiesNot mainstream yetRegulations, Corporate governance PricePersistent headachesChinas business environmentSource: EIUInf
8、rastructure and distributionOver-burdened physical infrastructureTransport congestionElectricity shortagesLack of sophisticationPoor integration of different transport modesRegulations on distributionThe way forwardThe east coast is betterWork around regulationsPiggyback on chain storesRegulation an
9、d corruptionRegulation Central government restrictions Local government protectionism Red tapeCorruption Serious problem for foreign businessesThe way forward WTO opening LobbyingSkills shortagesSource: World BankSerious wage inflationSource: EIU, Hewitt AssociatesIntellectual property theftImprovin
10、g laws and regulationsInadequate enforcementAn unavoidable costSurvival strategy: self-preservationCorruption causes most concernSource: EIUConclusionsChina is coming of age for MNCsMNCs can build real business in ChinaOperating issues are no longer decisiveThe biggest challenges are strategicThere
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