Article at a glance:

A guide to doing business in China

The rapid growth of China's domestic and export markets has given rise to sweeping generalizations, most of them untrue. To succeed in this unique market, managers need to see China as it really is—a country of great geographic, social, political, and industrial diversity. A good starting point is to cut through the thicket of misunderstanding and misinformation that circulates about doing business in China.

The take-away

China is neither an economic superpower poised to eclipse the world's dominant economies nor a closed system in which foreign companies can't earn profits. Although multinationals have already staked out many markets in China, it is still possible to do well there by responding to rapidly changing conditions and by relying on local talent.