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MNCs can build real business in China Operating issues are no longer decisive The biggest challenges are strategic There is a real need to think about China 。G Hamp。G CrestLafangSanjingPamp。G Oil of OlayNaobaijinArcheGai Zhong GaiHuangjindadangPuxueChina MobileAoqiliPamp。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 market Much b