And so is the Chinese context: its diverse markets and demographics, policies and regulations, cultures and tastes. Corporate leaders who see China as a large but still-emerging market must now regard it as a diverse and immense group of global consumers. Those who see Chinese companies as partners in joint ventures must come to see those companies as active, highly capable global competitors. And those who see the Chinese government as simultaneously welcoming and opaque must recognize it as an active, increasingly open player on the global stage. In other words, leaders of businesses around the world must see this country in the same way that the corporate leaders of the late 19th century saw the still-emerging United States — and change their strategies accordingly.
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- Edward Tse is a senior partner with Booz & Company and the firm’s chairman for Greater China, based in Hong Kong and Shanghai. He has assisted several hundred companies — headquartered within and outside China — on all aspects of business related to China and its integration with the rest of the world.
- This article was adapted from Tse’s The China Strategy: Harnessing the Power of the World’s Fastest-Growing Economy (Basic Books, 2010).