China Does it Bigger!
October 1, 2006 News
China is determined to lead the world, and we are getting used to seeing this country dominate new areas every year. First of all we got used to seeing, “Made in China” on clothing, then shoes, then children's toys as that country gained dominance in those industries. Now China has moved up to higher technology goods like consumer electronics, computers and biotech.
In order to lead the world economically, China is having to make changes to its infrastructure as well. Currently, Chinese banks are in the news as they try to modernize in time to meet the country's December 2006 World Trade Organization deadline. Meeting this deadline prepares China for fully opening its market to foreign competitions as part of its commitments to the WTO.
Several banks in China have already gone public, and now the country's biggest bank will follow suit. The Industrial Commercial Bank of China Ltd. has announced what appears to be the biggest initial public offering (IPO) of shares in the history of the world. The bank expects to beat the previous record of $18.4 billion set in 1998 by a Japanese phone company.
Are you ready for Chinese dominance of the world? Already, Canada and the USA are experiencing a dramatic loss of factories but that is only the tip of the iceberg. How must we respond? Ted C. Fishman addresses this question in his recent book called China Inc: How the Rise of the Next Superpower Challenges America and the World. We highly recommend that you read this book.
Vic Wiens Consulting would love to guide you through the process of preparing for Chinese dominance of the world.
