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STaitaJiangzhongWahahaAd spend, US$mSource: Nielsen Media Research Going local Financing ? Borrowing from domestic banks Production ? Moving to cheaper areas inland Sales ? Increasing volumes to lower average costs Research and development ? Lower costs and local tastes Mergers and acquisitions Buying out joint venture partners Traditional Mamp。G RejoiceJiuxinDiaopaiPamp。A new environment A small consumer market 0 500 1000 1500 2020 2500 0 50 100 150 200 Cars, ‘000 units, left axis Life insurance, US$m, right axis 1998 Source: EIU, Swiss Re A significant consumer market 0 500 1000 1500 2020 2500 3000 0 50 100 150 200 250 Cars, ‘000 units, left axis Life insurance, US$m, right axis 2020 Source: EIU, Swiss Re A large industrial market 0100200300400500600700800GermanyUS Japan China France UK Netherlands Italy Canada Exports, US$bn1993 2020Source: WTO An accessible