Yes and no. More than one million multinational companies operate in China and many of them are profitable, so those ones have definitely learned how to get things right. Among the companies we looked at in our book were US chipmaker Intel, which in 2021 had a quarter of annual revenue coming from China (US$21 billion) and Italian luxury fashion group Zegna, which had 45% (€589 million). But we’ve also seen the failure of star players who have managed to succeed in many global markets except for China such as Amazon, Airbnb, Uber, LinkedIn and Norwegian Cruise Line. For them, success in China has remained elusive.
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