Foreign firms urged to adapt to a rapidly changing China
When investors waited in long lines for elevators at the Waldorf Astoria hotel in New York City last month to see Alibaba Group Holding Ltd founder Jack Ma, little did they know that in a few days the Park Avenue landmark would have a new owner, Anbang Insurance Group of China.
"While China continues to attract multinationals to extend their footprint in the world's second-largest economy, an increasing number of Chinese companies and investors are expanding and competing globally," said Sun Baohong, associate dean of global programs at the Cheung Kong Graduate School of Business, a leading Chinese business school with a campus in New York City.
In the second quarter alone, Chinese companies spent $2.1 billion in the United States with more than $10 billion worth of deals pending, according to New York-based Rhodium Group.
