When I first came to China in 1992, the official exchange rate for the renminbi against the US dollar was fixed at 5.5 to one, and foreigners could only use Foreign Exchange Certificates–FEC in the vernacular of the day–for their purchases in the country. High inflation in 1993 and 1994, however, caused black market rates [...]
It was very interesting to note the differences in Tuesday’s coverage of President Obama’s visit to Beijing by The Wall Street Journal and the China Daily.
The lead story on Obama’s trip in The Wall Street Journal focused on the sharpest public critiques by Chinese officials towards U.S. policy that I have seen in some time. [...]
Dressed in Asian garb and smiling for the cameras, the leaders of the 21 nations that make up the Asia-Pacific Economic Cooperation (APEC) looked as though they were at a love fest in Singapore this weekend. For those who cared to read between the lines, though, President Hu Jintao of China, the country whose importance [...]
The Obama Administration has lowered its expectations for what the President may accomplish on his four-nation Asia trip, which begins today in Japan, and also includes visits to Singapore, China and South Korea. As reported in The Wall Street Journal:
Administration officials say the President isn’t likely to bring along tangible concessions on hot-button issues, nor [...]
When past U.S. presidents have visited China, discussions with their Chinese counterparts have been largely limited to trade and human rights. This time around, when President Barack Obama comes to Beijing, it will be different. Never has the agenda between China and the United States been so broad. The list of items that President Obama [...]
The big news out of the United States this week was the $26.6 billion bid by Warren Buffett’s Berkshire Hathaway for the 77 percent of the stock of Burlington Northern Sante Fe Corp. that it doesn’t already own. Taking into account Burlington Northern’s debt of $10 billion, Buffett’s offer values the company at $44 billion.
The [...]
It’s hard to believe that just over 10 years ago Geely was producing $100 motorcycles for China’s local market for transportation. When Li Shufu, the company’s visionary founder and chairman, announced in 1997 that he wanted to enter China’s fast-growing passenger car business, everyone in the world, including nearly everyone in China, thought it was [...]
Last week was particularly newsworthy in China, with an important milestone being reached and the release of positive economic data.
The production of the 10 millionth vehicle by China’s auto industry this year represents a key milestone in the country’s development. Many government and industry officials gathered in Changchun, home to First Auto Works, to celebrate [...]
Volumes have been written regarding joint ventures in China. Nonetheless, they are required in some industries in China, and may actually be the right way to go for some companies. I recently met with the executives from a company that is new to China, and was asked a series of questions abut joint ventures. Following [...]
It’s a fact of life: economic forces within China tend to create overcapacity in every industry. Outside of China, rising quality and technology requirements and the forces of competition have reduced the numbers of companies making most products to a handful of global players. Yet, hundreds of companies may be making the same or similar [...]
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