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Bullish overconfidence or realistic prospects in China?
Business leaders the world over all agree that China is the next big thing. It therefore came as a surprise when a new study revealed that nearly a quarter of all companies involved in the country didn't have a China strategy.
The research led by the Hay Group shows that although business leaders expect China to make 14% of their global revenues by 2009, some countries appeared better prepared than others.
Executives in Asia Pacific, who are the most enthusiastic about opportunities in China, are well prepared, with only 15% not having a specific strategy for the Chinese market. In Western Europe however, companies are approaching business in China in a haphazard way, with nearly 30% of them without a strategy. The UK is the worst offender, with 40% of companies without a plan.
Deborah Allday, associate director at the Hay Group says: "Our research shows that business leaders are forecasting a doubling of their sales to China within three years. But with a quarter of global companies lacking a China strategy, whether they have the capability to make this happen remains to be seen."
According to the survey however, the US and the UK are the most likely to succeed in China, with both countries displaying bullish ambitions for their Chinese markets. Italy was deemed by business leaders to be the least prepared to succeed in China.
Source: The Hay Group
Review by Emilie Filou
This article was first published on World Business
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