The China boom is by now a well-documented phenomenon. Who hasn't heard of the Middle Kingdom's astounding economic growth (8 percent annually), its mesmerizing consumer market (1.2 billion people), the investment ardor of foreign suitors ($40 billion in foreign direct investment last year alone)? China is an economic juggernaut. According to Nicholas Lardy of the Brookings Institution, a Washington D.C.-based think tank, "No country has expanded its foreign trade as fast as China over the last 20 years. Japan doubled its foreign trade over a 20-year period; China's foreign trade as quintupled. They've become the pre-eminent producer of labor-intensive manufacturing goods in the world." But there's been something missing from the dazzling China growth story-namely, the Chinese multinational. No major Chinese companies have yet established themselves, or their brands, on the global stage. But as Haier shows, that is starting to change. After 100 years of poverty and chaos, of being overshadowed by foreign countries and multinationals, Chinese industrial companies are starting to make a mark on the world.
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