(PDF/EPUB) China's Disruptors : How Alibaba, Xiaomi, Tencent, and Other Companies are Changing the Rules of Business Par Edward Tse
Summer Meditations fAUTHORS NOTEOver the last two and a bit decades based in Shanghai Beijing and Hong Kong and working in many other cities across China I have had the perfect seat to watch the extraordinary transformation of the worlds most populous countryrom economic also ran to global superpowerExcept of course countries dont transform themselvestransformations are wrought by peopleThis book is about the people who are largely responsible or that transformation Not the political leaders who important as they were in creating the conditions or business to take off are not directly responsible or economic growth Nor Chinas state owned enterprises whichcontrary to widespread popular beliefhave seen their importance in the Chinese economy decline sharply But of course its entrepreneursthose people who actually set up businesses and grew them by delivering the goods and services that people were prepared to pay or and in the process creating the jobs that would allow people to buy those goods and servicesThroughout this book I refer to the individuals who run those businesses and the companies they have established as being part of Chinas private sector But a brief note of clarification is necessary to explain exactly who Im talking about as On the Right Side of a Dream figuring out how much of Chinas economy is in private handsor even what a private business is in Chinaisar Rise and Shine: Encouragement to Start Your Day from straightforward Officially private businesses have only existed in China since when the government passed legislation allowing them to exist That legislation defined a private company as aor profit organization owned by one orindividuals and employingthan eight people It is a definition that excludes all those businesses owned and run by individuals that have eight or Operation Iceberg : The Invasion and Conquest of Okinawa in World War II fewer employees These are sometimes referred to as individually owned businesses and sometimes as sole proprietorships and China has tens of millions of them Also excludedrom this definition are the many other Chinese Arrows of the Night: Ahmad Chalabi's Long Journey to Triumph in Iraq firms that are in effect private The most numerous of these are red hat businessescompanies whose underlying ownership lies with individuals but whichor one reason or another usually to maintain a relationship with local officials have registered themselves as collective or state owned businesses These companies usually pay a Michelin Green Guide Normandy fee typically aew percent of revenue in return or protection rom official harassment A variation on the red hat business is the rented collectivea collective business that is rented rom its original owners whooften than not are the local governmentA couple of examples show how confused company ownership can be One of Chinas most entrepreneurial companies of the last years is white goods maker Haier Technically Haier is classified as a collective business under the city of ingdao which in theory means that it is owned by its employees and answerable to the ingdao government Occasionally especially in its earlier days officials would lean on the company to do their bidding on one occasion Haier took over a money losing pharmaceutical company in order to keep it running and preserve jobs While the government may ultimately retain the inal sayin the early s or example it ruled out the possibility of large collective and state owned companies being bought out by their managersHaiers success has left it effectively an independent entity Over the last years there can be no doubt that the biggest orce determining its destiny has been Zhang Ruimin its chief executive and board chairman Ever since he was installed as Haiers head in it has been his vision and will power that has driven the company What Every American Should Know About the Rest of the World forward not that of its ostensible owners reflecting just how much in China especially in business power and authority continues to be acuired and held through informal networks rather than legal structuresHuawei the Shenzhen based telecom euipment maker is another company with somewhat confusing ownership Company spokespeople repeatedly describe theirirm as being an employee owned private business As with Haier however that description makes little sense I Got a New Friend for its entire existence the company hasor all intents and purposes been answerable to its The Real Lincoln: A New Look at Abraham Lincoln, His Agenda, and an Unnecessary War founder Ren Zhengfei despite his officially holding just percent of the companys sharesComplicating mattersurther some entrepreneur run companies are private but not Chinese owned Alibaba Experiencing the Resurrection: The Everyday Encounter That Changes Your Life for example has been majority owned byoreign companies or many years thanks to Softbanks percent stake in the company Yahoos percent stake which as of February was about to be spun off into an independent company and smaller stakes held by other oreign entities Moreover what these businesses own is not a Chinese company itself but stakes in a Cayman Islands company that collects royalties and ees rom Alibabas China based operations via a string of subsidiaries and variable interest entitieslegal structures that in theory offer Babes in Toyland: The Making and Selling of a Rock and Roll Band foreign companies contractual control over Chinese businesses without actually owning them and so allow them to get around Chinese laws and regulations that bar non Chinese companiesrom holding stakes in Internet and other media related businesses All of Chinas other leading Internet companies use similar vehicles Its a complicated setup and clearly one with risks if the government were to change the rules then such businesses could The Meaning of Star Trek find themselves operating illegallyThis ambiguity about corporate governance structures combined with uestions concerning the uality of Chinese economic data make it hard to estimate the size of Chinas private sector with precision What we can be sure of however is that privately run businesses accountor by Mirage: Napoleon's Scientists and the Unveiling of Egypt far the biggest share of the Chinese economyprobably around three uarters of GDP and possiblythan percent if we include the countrys million or soarming households each of which is in effect a small business and its oreign invested businesses almost all of which are owned by private companiesFor this book its not important whether a business
falls into one ownership Category Or Another But What or another but what is doing and into one ownership category or another but what it is doing and it is doing ithow businesses such as Huawei Alibaba Haier and Tencent are rewriting the rules in China changing the country in the process and creating a market that will over time have an enormous impact in the rest of the worlduibbling over whether such companies are private or not misses the arimportant pointthat these are hugely entrepreneurial businesses run in risk taking manner embracing innovation and change and that running them is a group of extraordinary individualsIn this
book I want to show who these people are what motivates them and how they think and act Chinas political leaders I want to show who these people are what motivates them and how they think and act Chinas political leaders have created the conditions under which they operate But they are the people whose decisions are carrying the country Frommer's Irreverent Guide to Walt Disney World forward They are creating businesses not just to make money but as I explore in detail in Chapter as an expression of aar broader and greater mission that includes reestablishing China as one of the worlds leading sources of new ideas technologies and ways of doing things Moreover I believe that these igures have the potential to help not just China but also the world tackle some of the most troubling issues of the st century among them global energy ood security and climate changeThings move Dump Truck Trouble/Lets Build a Doghouse! fast in China Almost every day brings new developments that could beeatured in this book be they a multibillion dollar acuisition a sudden loss in market share or a new set of government regulations At the time of this writing Sometime After Midnight for example Xiaomi one of the stars of this book was having to simultaneously cope withinding itself Chinas biggest smartphone seller an attempt by Swedens Ericsson to halt its sales in India on legal grounds and government efforts to rein in the power of the United Statess ualcomm a leading supplier of the technologies used in the components in Xiaomis handsets From such a position it could plausibly soar Stop Inflammation Now!: A Step-By-Step Plan to Prevent, Treat, and Reverse Inflammation--The Leading Cause of Heart Disease and Related Conditions further taking its China strengths to international markets orind itself pinned back losing ground as uickly as it has gained itWhich trajectory it will Eyes Behind the Lines: L Company Rangers in Vietnam, 1969 follow I have no idea But what I am confident about is that even if Xiaomi were to crash another Chinese entrepreneurial companyeither one of its existing competitors such as Lenovo Huawei Coolpad ZTE Oppo or a new company that no one has yet heard ofwould uickly replace it In short I am confident that even if we were to witness the most unlikely reversal inortune School Dazed for any of the companies discussed in this book myundamental message would remain unchanged Chinas uture economically socially andeventuallypolitically rests in the hands of its entrepreneursA note on style throughout this book I write the names of these people in the standard Chinese way with the amily name Chinese Fairy Tales Fantasies: Folio Society Edition firstollowed by the persons given name Yu Gang Old Haunts for example is Mr Yu If the person has adopted an English name as with Alibabas Jack Ma known as Ma Yun in Chinese or Tencents Pony Ma Ma Huateng I use standard English usageRegardless of whether they have adopted an English name I am certain of one thing manyof theseigures will over the next ew years ollow in the Cooking for Company: All the Recipes You Need for Simple, Elegant Entertaining at Home footsteps of Jack Ma and Alibaba to becomeamiliar names to Western audiencesbecause of their astute entrepreneurial skills and because of the products and services they will bring out of China to the rest of the worldVisit or a larger version of this mapRODUCTIONENTERPRISES OF OUR TIMEZhang Ruimin is a household name in China Thirty years ago officials sent him to run a ailing maker of poor uality refrigerators in the coastal city of ingdao Today that companywhich he still headsis better known as Haier the worlds biggest seller of washing machines air conditioners and other major appliances The companys revenues billionand profits billioneasily exceed those of its two largest global rivals Americas Whirlpool and Europes ElectroluxZhangs achievement in taking an ailing collectively owned My Wifes Affair factory and building it into a world beatingirm is one of the stunning business success stories of Chinas reform era Zhang was born in early just months before the Dîwana Jan founding of the Peoples Republic of China to parents who worked in a garmentactory in north Chinas Shandong Province After the disastrous Great Leap Forward economic campaign of to and the subseuent amine of the early s Mao Zedong sought to reclaim his power and prestige by instigating the Cultural Revolution a nationwide political campaign aimed at purging the Communist Party of his rivals and reestablishing the revolutionary spirit that had brought him to power Across China countless young people joined this political movement launching a long period of chaos and upheaval that left a deep scar on the countryAfter the initial ervor of the Cultural Revolution died down Zhang took his irst job in a construction materials actory Through the s and early s he rose through the ranks to become to a member of the actorys management committee Along the way he established a reputation as an autodidact who despite having ended his ormal education at the age of read every business and management book he could lay his hands on In Zhang experienced the most pivotal moment of opportunity in his career though it probably didnt look like one at the time He was dispatched to run the ingdao Refrigerator Factory the Naples! fourth director to walk through its doors within the space of a year When he arrived heound he was to lead an.
Edward Tse Ë 2 CharactersTrepreneur whose latest business Xiaomi has turned Chinas smartphone market on its head and become a global rival to Samsung He uses innovative crowdsourcing techniues to determine the direction of development of his products and sell them with almost no outlay or marketingYu Gang a Itsuka former Dell executive whose Yihaodian online supermarket with annual revenues that have risen to nearly billion in justive years is transforming how urban Chinese buy their daily necessitiesLi Shufu the Mom, They're Teasing Me: Helping Your Child Solve Social Problems founder of Geely Auto Chinas most successful privately owned carmaker and one of the most prominent global automakers thanks to his takeover of Volvo in Xu Lianjie aormer armer who has ended off competition rom Procter Gamble Kimberly Clark and other Western consumer goods irms to build Hengan International Chinas leading maker of tissues diapers and sanitary napkinsDiane Wang who after working or Microsoft and Cisco served as CEO of Joyo an online bookstore launched by Xiaomis Lei Jun and thenwhen that business was sold to launched her own global business to business Web site DHgateChen Haibin the owner of a chain of medical laboratories pioneering private company involvement in improving standards and choice in Chinas largely publicly run health care systemWang Jingbo who since ounding Noah Wealth Management in has signed upthan of Chinas richest people to establish the countrys leading private wealth management companyZhang Yue a maverick No Strings Attached from central Chinas Hunan Province who having created a globally successful coolantree air conditioning business now wants to build environmentally sustainable cities using prefabricated modules to demonstrate the viability of his products and ideas he is currently seeking permission to erect the worlds highest building in Changsha Hunans capitalNot all Chinese entrepreneurs are successful of course Like most owners they have had to take risks with their businesses and their livelihoods Some Fancy Strut failed many of those started new businesses learningrom their past mistakes A Northern California: A History and Guide - From Napa to Eureka fewell into legal problems not because of political rivalries as you might expect in a country like Russia but because of their own misstepsA decade ago Unbreathed Memories for example among the most talked about private Chinese companies was DLong A conglomerate based in Chinasar west Xinjiang region its annual turnover rose to billion drawn rom interests ranging rom Graduates in Wonderland: The International Misadventures of Two (Almost) Adults farming andood to machinery and cement making Its A Sally Lockhart Mystery 2 founder Tan Wanxin wasor a while the richest person in China before he was sent to jail I Love My Dad for manipulating share prices More recently in Huang Guangyu theounder of Gome Electrical Appliances one of Chinas leading electronics retailers who also was Chinas richest person All about Us for a while was sentenced to years in prisonor insider trading and bribery While DLong vanished into obscurity ollowing Tans imprisonment Gome despite ups and downs has maintained its position as one of Chinas leading retailers in the ive years since Huangs jailingMost of Chinas entrepreneurs have Noni Speaks Up fared better than these exceptions Even if they endured earlyailures they have shown phenomenal drive and ability in negotiating the extraordinary changes China and its economy have undergone The rise of these disruptive entrepreneurs is all thenoteworthy because at the time of Mao Zedongs death in China had no private businesses All of the countrys industry and agriculture was publicly owned run either by the central government by local governments or through collectives Today thanks to the economic reforms of the last years the private sector accounts Handbags and Gladrags for at least three uarters of Chinas economic outputThe Chinese government despite having long since abandoned central planning continues to regard itself as playing a key role in managing the overall direction of the Chinese economy China remains home to approximately million state owned companies That number however is dwarfed by its other businesses As early as China had about million privately held companiesmany owned by investors with shares traded on public exchangesand million proprietorshipsindividually oramily run operations By the country had nearly million private companies andthan million proprietorships see Figure Moreover the government is An Egg-cellent Easter! (Barbie) firmly committed to increasing these totals In theirst seven months of thanks to regulatory reforms abolishing registered capital reuirements million new private companies were set updouble the number during the same period the year beforeThe number of state owned companies meanwhile has allen by almost half since And though these companies are arproductive than they were a decade ago their increase in output is a Wish Upon a Wedding fraction of that of the private sector In total revenues earned by state owned and non state owned industrial companies were roughly the same at about trillion yuan each By while total revenues at state owned companies had risen just over sixfold those in the non state sector had risenthan times see Figure Profits jumped evenover the same period up nearly seven timesor state owned companies but up nearly We Got the Neutron Bomb: The Untold Story of L.A. Punk foldor non state onesThe Chinese entrepreneurs have thrived in part because they created companies able to change as China changed Many of them Renovations: A Father and Son Rebuild a House and Rediscover Each Other first set up businesses when the economy was still dominated by the state which set most prices and appointed most company leaders They survived the Asianinancial crisis of the late s They Richard Nixon: The Life fought off competitionrom the I Am Cow, Hear Me Moo! flood oforeign companies that arrived after China entered the World Trade Organization in the s And they rode out the worldwide downturn that ollowed the global inancial crisis during the late s and early s Throughout all of this Chinas entrepreneurs created an economy largely outside the direct control of the government They are answerable primarily to the customers who consume the products and services their companies offer As with their counterparts around the world they are typically energetic imaginative and often idiosyncratic They are extraordinary individuals in their own right especially when you consider that they have created successful businesses with little official backing within a traditionally risk averse culture that reveres authority and conformityThese entrepreneurs come in all Puppet Master forms imaginable They are old and young some with noormal education beyond high school others with doctorates some Swoon: The Heartthrob Activity Book for Good Color-Inners as Well as Beginners from Chinas richest and largest cities othersrom remote country towns Most of course run small companies but others lead industry giants that tens of
Thousands Of People Some Are Highly Influentialof people Some are highly influential to the highest ranks of government Others suffer Janae (Blacktop, from sustained official prejudice thatavors state owned irms a actor that can make matters of everyday business such as securing a bank loan a nightmareMany of todays most successful Chinese entrepreneurs most of them now in their s s and s had no experience in business when they started their companies They had to learn things as they went along through a continual process of trial and error They were crossing the river by eeling the stones as Deng Xiaoping Chinas paramount leader rom to characterized his approach to economic reformAmong those who started businesses in the period rom the s through the early s not one could have oreseen the China of Yet these are the people who have played the single biggest role in creating the wealth that exists in China today Nicholas Lardy a senior ellow at Washington DCsed Peterson Institute or International Economics and one of the worlds leading academic experts on the Chinese economy estimates that privately controlled companies now account Why Diets Make Us Fat for two thirds of all urban employmentmeaning that almost all of the growth in urban employment since can be attributed to the private sectorChinese entrepreneurs are sometimes compared to the Russian oligarchs of the early s But the oligarchs built theirortunes by taking advantage of the privatization of industry that Dont Hex with Texas (Enchanted, Inc., followed the collapse of the Soviet Union often using their connections and positions to amass huge holdings in resource companies The Chinese entrepreneurs were looking at in this book in contrast have almost all developed their businessesrom the ground up in many instances starting Spanish Dagger (China Bayles, from an apartment or a market stall or raising aew thousand dollars Everyday life in medieval times fromriends and relatives They built their companies by meeting the needs of their customers often in businesses that no one else saw as North feasibleThese business leaders know that they are riding and contributing to a historic wave of economic activity As creators of theastest growing enterprises in the astest growing economy in the world they recognize that they have immense potential influence Running companies that have grown even aster than the Chinese economy they are establishing the rules that all companies in China will have to Dead Giveaway follow Despite having had almost noormal business training they are moving rapidly to compete with the same companies Andrew Lost In the Kitchen from whom they were drawing inspiration just aew years ago both in China and internationally In the process they will rewrite the rules of global managementALE CHANGE AND COMPLEXITY Ce texte Strange Son: Two Mothers, Two Sons, and the Quest to Unlock the Hidden World of Autism fait r rence une dition puis e ou non disponible de ce titreEdward Tse is to Chinese corporate strategy what Kenichi Ohmae did to explain Japanese corporate strategy This is a book that I could not put down a deeply insightful book on China that no Chinese strategist or analyst let alone corporate captain can ignore Andrew Sheng Nope former Chairman of Hong Kong Securities and Futures Commission and Chief Adviser China Banking Regulatory Commission No one can explain what is happening in China better than Ed Tse The rapidly changing China is at yet another important crossroads and you will appreciate his guidance Sam Su Vice Chairman of the Board and Chairman and CEO of China Division of YUM Brands Inc In the Internet era China has outpaced most advanced countries in terms of new technology adaptation and economic growth In this book Edward Tse clearly illustrates how China s explosive growth in business will continue to impact the whole country and the rest of the world Yu Gang PhD Chairman and Coounder Yihaodian Edward Tse is an influential thinker in the Chinese business community given his uniue background coupled with global knowledge and perspective China s Disruptors will enlighten global business leaders with new visions coming Rejected Rejected Rejected from China Wang Wei Chairman China Mergers Acuisitions Association This is the bookor every person who is wondering how China s impressive growth in business is going to impact the rest of the world Dr Hubert Lienhard President and CEO of Voith GmbH Chairman of the Asia Pacific Committee Listening: The Last Poems of Margaret Avison for German Business APADr Edward Tse explores very clear the rise of the China s entrepreneurs and the opportunities their rise will generate After reading the book it became very clearor me how global businesses will inevitably have to becomeChinese in their manner of operating Ronnie Leten President CEO Atlas Copco AB A detailed and Good Things Happen Slowly: A Life in and Out of Jazz fascinating study of the changing landscape in China and the entrepreneurs who are driving that changeorward This is a book that will only become increasingly important in the years to come Chen Dongsheng Chairman and CEO Taikang Life Insurance Co Ltd and President China Entrepreneurs Forum Ce texte Buck: A Memoir fait r rence une dition puis e ou non disponible de ce titre. .
Insolvent debt laden plant The workshop didnt even have any windows then he later recalled The winter was very cold and the workers had no coal to keep themselves warm so they removed the window Oh, the Things They Invented!: All About Great Inventors frames and burned them asuelThe one thing in the Yikes, Vikings! (Canadian Flyer Adventures Series factorysavor was that people wanted what it made Its refrigerators may have been poorly designed and Five Days Left freuently defective but Chinas shortage of consumer goods was so acute that theew people who could afford home appliances would take anything they could get their hands on regardless of their shortcomings Of course this didnt mean customers were happy if their new refrigerators didnt work properly But Searching for Robert Johnson for many companies such matters were of secondary importance With demand risingast especially in the countryside where Blood on Silk farmers were taking advantage of reforms that allowed them to sell surplus produce at whatever price they couldind manufacturers of home appliances and other household goods rushed to add capacity certain they could sell everything they producedZhang however was convinced that such circumstances would not continue Buzz: A Graphic Reality Check for Teens Dealing With Drugs and Alcohol for long and that inevitably as supply rose to meet demand consumers would becomepicky For a business to thrive in the longer term he believed it would need a reputationor reliability and ualityThe Honoring the Medicine: The Essential Guide to Native American Healing following year in an act that is now legendary in Chinese business history Zhang addressed this issue head on In one of the companys warehouses he lined up refrigerators that had come off its production line with one problem or another He asked his staff what they thought they should do with theseaulty refrigerators Sell them at a discount suggested one person Offer them to employees said another No said Zhang we shouldnt be making such refrigerators in the By the Lake of Sleeping Children first place Taking up a sledgehammernow carefully preserved in a Beijing museumhe destroyed theirst of those refrigerators then Bill Carey Rides West/The Town No Guns Could Tame/Bowdrie Rides a Coyote Trail forced his staff toollow suit with the other His statement could not have beenemphatic From that point on the ingdao Refrigerator Factory shortly afterward renamed Haier set about establishing a reputation Erano guerrieri for uality Zhang instituted rigorous production standards at hisactories To gain access to better technology he set up a joint venture with Liebherr a German maker of high end refrigeration euipment Inspired by his reading of Japanese management books he ocused on instilling discipline into his workforce Work processes were improved and every employees performance was evaluated on a daily basis At a time when most companies in China wereinterested in simply selling whatever came off their production lines Haiers ocus on establishing itself as the countrys Sallies of the Mind first major appliance brand by producing uality products soon started producing resultsIn the late s confident that he could instill similar standards at otheractories Zhang launched Haier on a second stage of development to acuire the scale that could make it a major player across China The company expanded its product range to include water heaters air conditioners washing machines and other home appliances Despite annual profits of less than million it listed its refrigerator arm on the Shanghai Stock Exchange raising million Zhang used this money to build new actories in ingdao and acuire what he called stunned ishappliance companies that had added capacity to meet Chinas rising demand but Gumbo: A Celebration of African American Writing failed to invest in uality control and thenound themselves stranded when aced with competition like Haier In short order Haier bought eighteen such companies reviving them by introducing its own uality control measures and adding new productsZhangs next move in the late s was to take Haier global As China prepared to enter the World Trade Organization andmultinationals moved production units to the country Zhang went the other way irst building The Exposure factories across Southeast Asia then investing million to build a refrigeratoractory in South Carolina before moving on to open plants in Iran Italy Ukraine Tunisia Pakistan Bangladesh and NigeriaHaier added Shinjuku Paradise further categories of goods to its portfolio including televisions computers tablets and mobile phones The company began to acuire a reputationor innovation especially Grave Matters for products that met specific local needs refrigerators with extra tough cabling that could resist gnawing by rats andreezers that could stay cool even when their electricity supply was cut off or hoursThrough the s powered by particularly strong growth in China as the countrys urban middle class became homeowners and by a growing presence in international markets in all parts of the world Haier overtook its global rivals to become the worlds top home appliance brand by volume in Assisted by some major international acuisitions including Sanyo Electrics home appliances arm in and New Zealands Fisher Paykal in Haier has held on to that position ever since As of Haier was the worlds astest growing company in its sector In the world of Chinese entrepreneurship however no position can be taken Faith Works: How to Live Your Beliefs and Ignite Positive Social Change for granted Who you are or how much you have contributed to the company is not the most important thing says Zhang In this new era there are no successful enterprisesonly enterprises of our timeSince he turned at the start of it would be understandable if Zhang having achieved so many milestones already as an entrepreneur planned to retire But he has no such intention Instead he has now put Haier on courseor yet another transformationone aimed at keeping it relevant to the needs of an economy being turned on its head by the Internet especially the mobile Internet This is a time when everything is changing so Immigrant Voices, Volume 2 fast he says The keyactor of traditional sales was location If you had stores in good locations in a city that gave you the biggest advantage During the PC Internet era the key Guided Approach to Intermediate and Advanced Coding + ICD-10-CM/PCs Coding: A Map for Success + Medical Coding Evaluation and Management Package factor was trafficwhoever had the greatest traffic was the winner And now in the mobile Internet era the keyactor is time So my stores are changing Grace's Turn from seeking good locations to pursuing the time of customersZhang is one of many entrepreneurs emergingrom China who are redefining the nature of businessnot just in China but everywhere in the world And his relentless urge to keep his company relevant is a uality shared by this entire new wave of entrepreneurs This is not
A Wave Drivenwave driven by government it is if anything one of the undercurrents Chinese activity that the cant uite controland is not sure how much it wants to control Haier is among the Nine Lives: A Chef's Journey from Chaos to Control first Chinese businesses to compete on a world scale but there are manyto come The new millionaires and billionaires emergingrom China are determined to ride that wave of growth and see how they can shape it to serve their own ends Indeed it is the ambitions of Chinas entrepreneurs to build world beating companiesprivate onesthat will be the principal La Caida De La Casa De Usher Y Otros Cuentos force driving their countrys economy to prosperA NEW SOURCE OF DISRUPTIONSince the early s China has consistently been the worldsastest growing economy It has opened its economy and its population to the outside world with a speed and success that is unprecedented not just or China but or any countryIn the process China has also acuired a large number of critics especially in the United States These include politicians among them members of the Obama administration and other key Paisley Goes with Nothing: A Man's Guide to Style figures in both the Republican and Democratic parties leading economists such as Nobel prize winner Paul Krugman and Peter Navarro of the University of California Irvine and analysts such as Gordon Chang author of the book The Coming Collapse of China These critics argue that Chinas economic success is due in good part to unfair practices by the Chinese government its mercantilist trade regime its currency manipulation that keeps the value of the yuan artificially low its high pressure efforts to open external markets to its businesses its subsidiesor manufacturers and its widespread pirating of oreign goods and technology The main beneficiaries of these policies they say have been Chinese export manufacturersthose who produce inexpensive smartphones computers toys clothes and other consumer goods sucking in jobs rom the rest of the world and dumping their products into Europe and America to drive competitors out of businessAnother The Girl at the End of the World factorreuently cited by overseas critics is the prevalence and influence of state owned enterprises in China The countrys biggest companiesits banks and insurers oil and energy companies telecom operators and airlines leading steel auto and construction irmsare all government owned or government controlled The Chinese members of the Fortune Global which ranks the worlds top companies by revenue would seem to confirm this view In mid some companies on the list were Chinese but just of these were privately owned enterprises Using money rom Chinas trillion of Romans foreign exchange reserves many of these businesses have been investing heavily overseasbeen buying the world as various book titles and headlines have suggested Since the early s Chinese state ownedirms backed by state owned banks have been striking multibillion dollar deals in Africa South America and other regions gaining access to energy supplies raw materials and even land Foundations in Comic Book Art: SCAD Creative Essentials (Fundamental Tools and Techniques for Sequential Artists) forarming Wherever these companies have gone Chinese construction Open Secrets firms also state owned have accompanied them building ports roads and other infrastructure both to make sure that goods can be shipped back to China and to support the development of their host nationsBut this view of the Chinese economy as a mercantile juggernaut driven by a single minded government does not tell the most dramatic part of the Chinese story the part with the greatest potential impact on the rest of the world That is the emergence of a new group of entrepreneurial business leaders allrom the private sector most of them operating with little direct government influence or support and all of them transforming their industries These entrepreneurial disruptors are among the most successful and powerful individuals in China today Many are billionaires and some are multibillionaires They are the reason that as of August China hosts the worlds second largest concentration of billionaires after the United States out of the total according to Forbes magazineHaiers Zhang Ruimin is just one of these powerful creative and influential entrepreneurs who has changed the Before the Invid Storm face of Chinese business We will meet many others in this book among them Jack Ma whose online empire the Alibaba Group towers over Chinas e commerce and electronic payments market Its billion initial public offering in was the worlds largest to datePony Ma whose Shenzhen based company Tencent dominates online games and messaging in China and is becoming a major rival to Alibaba in e commerceRobin Li theounder of Chinas leading search engine and social network company Baidu which providesthan percent of Chinese search engine activity Baidus influence along with that of Alibaba and Tencent is such that many commentators refer to this trio of Chinas three most prominent Internet companies as the BATs Ren Zhengfei the Bleeding Heart founder of Huawei Chinas largest privately owned exporter and the worlds leading manufacturer of mobile andixed line telecom network euipmentYang Yuaning who as chief executive of Lenovo has built the company into the worlds number one seller of personal computers and a top ive seller of smartphonesLei Jun a serial en.