Though China's factories fill shelves all over the world, it has yet to produce truly powerful global companies or brands. That's about to change.China, for all its very real progress and promise, has yet to establish a truly powerful global company.Half of China's exports to the United States are made in factories owned by foreigners; another 25% are designed and marketed abroad.But global Chinese companies and brands will emerge sooner than you think.The newcomers differ from China's prototypical top-down, price-cutting, grow-at-any-cost monoliths in two important respects. One, they focus on profits, not simply volume. Two, they compete in original ways. China Merchants Bank is a 300-branch institution whose profits are growing twice as fast as revenue, approaching the returns of European banks. It creates new retail bank products and is adopting Western risk management and performance evaluation systems.
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