《China Loses Its Allure》
Things getting harder for foreign companies:
- Government’s restrictions;
- Competition – local firms joining the fray;
- Some companies leaving; some struggling;
- Sino-dependent firms worse than peers;
- Enhance productivity;
- Improve governance – Chinese consumers more active;
- Respond to local tastes.
《Doing It Their Way》
World shaped by china’s rush to consumerism:
- stated goal;
- increasing in absolute terms;
- skewed to expensive;
- online from the start: heavily reliance on peer reviews
- brand switching: first – mover becomes old-fashioned;
- go abroad;
- creative marketing and advertising.
《In Three Parts》
Chinese economy: three forms of growth – supply, demand, and credit;
- Supply: demographic turning point;
- Demand: Not overheating;
- Credit: in three categories: (1) adds to both supply and demand; (2) add nothing to capacity but to demand; (3) adds little to economic growth;
Chinese pattern of investment remains a worry, but at least enjoys a re-balancing of incomes and production, also the shift in production – more in services than industry.
Internets giants engage in breathtaking tax gymnastics:
- France: buzzing with Internet-tax proposals; culture tax;
- Italy, pass law to curb profit-shifting;
- Chile: tech giants’ clients are in taxman’s crosshairs.
- Fragile five – BRL, INR, IDR, ZAR, TRY; Brazil most overheated, while Turkey and South Africa are running more current-account deficits, and much smaller FX reserves;
- In 2014, demand commodities likely to remain restrained, affecting AUD and CAD.
《Fighting the system》
- Lionsgate: lean, bolder, freer to pursue opportunities, keep looking for new franchises.