RAPID CHANGES COME TO CHINA: Consistent strong economic growth, entry into WTO, and restructuring of state assets bring new opportunities to the chemical industry
J. Tremblay
Aug 21, 2000
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Key Takeaway Key Takeaway: China's economic growth, entry into the WTO, and state asset restructuring offer new opportunities for the chemical industry, with modernization accelerating in large cities on the coast.
Abstract
Only 10 years ago, going to China was a serious adventure. Telephones were rare and often did not work, flights were delayed, and even in the largest cities on the coast foreign visitors attracted the attention usually given to zoo animals. Bicycles dominated the roads. A common form of transportation in Beijing was a three-wheel peddle bike; in Shanghai, where one could purchase tiger parts at the bund, motorized rickshaws outnumbered taxis. China was a backward place, and multinational corporations considered posting their executives in Shanghai or Beijing to be a hardship. In the space of a few years, China has accomplished astonishing changes, especially in the large cities on the coast. The pace of modernization has been so rapid that even Washington, D.C., Tokyo, or Hong Kong are left behind in some respects. Many of the largest cities' roads, highways, bridges, phone lines, and airports— as well as sewers and even trash cans—are brand ...