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Caveat Emptor
China is now the focus of attention for many large corporations, who want to access their one billion potential customers. The country has been undergoing a transition in recent years. During that time, China’s modern awakening posed a challenge to James McGregor, as he was tasked with building a media company there. In those days (the 1990s), China had already begun liberalizing some aspects of daily life and gaining international recognition but still maintained its Communist government control over the people.
McGregor recognized that China was undergoing a major transformation. He told his parent company, Dow Jones, to be ready for the changes because China’s economy would soon become the largest in the world. The country is expected to both “become” and “turn around” into a huge economic power with its growing population of 1.3 billion people and high level of technology adoption. After 2,000 years of imperial rule followed by a painful experience with communism, China has been absorbing Western technology at an astonishing rate over the past few decades. It raced through economic stages that took decades in other countries, charging through the Robber Baron stage (late-1800s), rampant speculation (the Roaring ’20s) and urbanization as it developed into a modern society where citizens are buying their first homes, cars, vacations and college degrees. This social situation is similar to what happens during corporate turnarounds when companies need to change quickly.
McGregor recognized this opportunity and suggested that Dow Jones should get ready for these changes since they will affect them greatly due to their business focus on financial data publishing. He predicted that China will become one of the most powerful economies in history, which means it must undergo some sort of massive change or transformation. In order to achieve this goal, he advised them not only do they need new ideas but also strong leadership skills from those who run businesses there. McGregor believed such leaders needed three things : ”
The government was able to satisfy both the traditionalists and reformers by * .
China needed outside help to turn itself around. The government promoted austerity and self-sufficiency, but it also allowed people to own modern conveniences and private property. People talked about Mao Zedong’s ideology at Party meetings, while they drove expensive foreign cars on the way home. At home, they discussed privatization deals with their Western-educated children. To reconcile these contradictions, an old Chinese proverb came in handy: “Zhi Lu Wei,” which means “pointing at a deer and calling it a horse.” It preserves the system by allowing officials to be hypocritical without changing anything fundamental or exposing themselves as liars—a common phenomenon in China today
China’s stance changed after the government killed student reformers in Tiananmen Square. After worldwide condemnation, the Party allowed more privatization and loosened controls to encourage private businesses. China embarked on a huge program to build infrastructure needed for private businesses but still controlled the reform process.
Communist Control
In the Han dynasty, the royal family and its advisors were wealthy while high-level bureaucrats led more ordinary lives. Today, top Party officials lead China’s Inner Court. This structure provides social order.
In China, people are very concerned about what other people think of them. They feel ashamed when they do something that offends others. The government makes sure everyone follows the law and punishes those who break it. However, this is not a fair system because judges depend on their political bosses for promotions and pay raises. As a result, most Chinese prefer to settle disputes outside the court instead of going through legal proceedings.
