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The China Dream: The Quest for the Last Great Untapped Market on Earth | 
| Author: Joe Studwell
Publisher: Grove Press
Category: Book
List Price: $15.00
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Avg. Customer Rating:  13 reviews
Sales Rank: 501030
Media: Paperback
Number Of Items: 1
Pages: 384
Shipping Weight (lbs): 1
Dimensions (in): 8.3 x 5.5 x 1.1
ISBN: 0802139752
Dewey Decimal Number: 332
EAN: 9780802139757
ASIN: 0802139752
Publication Date: April 2003
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Product Description
In The China Dream, acclaimed business journalist Joe Studwell takes to task the predictions that China will become an economic juggernaut on the world stage in the twenty-first century -- and instead foresees an economic crisis. He argues that since the days of Marco Polo, Western nations have seen the vast population of the Middle Kingdom as a fantastic opportunity for expanding trade, investing time and resources again and again in the hope to develop it, only to see, century after century, its economy crash and their dreams turn to dust. Studwell traces the most recent developments in China from Deng Xiaoping's "liberalization" of its market in the 1980s through the opening of its economy to foreign investment in the 1990s. In his rigorous analysis of the Chinese economy, government, and culture, Studwell also shows the roadblocks to the continuation of the country's unprecedented expansion and why its economy will fail once more -- but this time, harder than ever before, and with potentially catastrophic results. Provocative, flawlessly researched, and endlessly engaging, The China Dream is a book that will have the business and political worlds talking about what's really going on in China -- and what we can do to prepare for the coming crisis. "The much-needed antidote to the delusions ... about the riches to be made from investing and selling in China. Brimming with ... statistics." -- The Washington Post " An entertaining, if cautionary, tale of Western business woes in China, stretching back seven hundred years." -- Peter Wonacott, The Wall Street Journal "[A] detailed account ... An excellent examination of the political and economic history of China, fascinating and mostly unknown to Westerners." -- Booklist (starred review)
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| Customer Reviews: Read 8 more reviews...
 Very good Read September 1, 2006
0 out of 2 found this review helpful
This book is a must for those traveling to China. Gives a detailed look at the history of the Chinese market. Is a great precursor to visiting ex-patriots
 On the mark November 19, 2005
3 out of 4 found this review helpful
As someone who has been in China for eight years I found Joe Studwell's book a breath of fresh air among the constant hype about this market. Some reviewers have challenged his account but I would strongly agree with his premise that while it is easy to be busy in China it is hard to make money. As Studwell points out, few foreign CEO's are able to pick up on this difference.
Some previous reviewers have claimed that Studwell has been proved wrong over the past two years since release of the book as the economy has continued to grow and one reviewer mentions GM as an example of how companies have exceeded their projected growth and revenue targets. Studwell's message was not an attack on the economy necessarily but an attack on the perception that there is easy money to be made in this boom. I would have to agree with his attack on those outside China, or with little knowledge of it, who fail to carry out basic due diligence.
Studwell's point is not based on confirming "the impending collapse of China" rather a recognition that despite the appearance of a first world economy this is still a developing market, with highly protectionist ideals, that requires business managers to apply realism and analysis to succeed. Don't leave your common sense and good business practice on the plane.
The move by Volkswagen in 2005 to cut back on investment and separate research showing that car production will be 5 times over capacity by 2015 seem to substantiate his message that yes there are winners but these are often short term!
 Demystifying Joe Studwell. December 10, 2004
14 out of 19 found this review helpful
Can it really only be two years since Mr. Studwell wrote this oft-quoted book? Only two years since he bravely confronted and slayed the "myth" of a profitable domestic Chinese market?
Two years ago, we were told about a "long period of slow growth and stagnation" for the domestic Chinese economy. This experienced China-hand, claiming 8 years of personal experience and a wealth of economic insight, assured us that there would only be a few isolated cases of economic success. He mocked GM for its economic investment, and lumped them into the group of so many other misguided CEOs that falsely believed the Chinese could afford to buy anything the West had to sell!
As a previous reviewer pointed out with great self-satisfaction... GM would have to wait until 2025 to meet their target of one million in annual sales! That prediction certainly seems comical when we realize that GM will reach 600k in annual sales this year: 2004. GM, with its over-optimistic and poorly planned investment in China, made an eye-popping profit of $875 million with its Chinese partners from China in the year 2003. That's actually *more* than what GM earned in North America ($811 million for Canada, Mexico, and the US combined). We can only hope Joe Studwell will be contributing a sequel shortly explaining the lack of a consumer market in North America, as well.
Ah, how things have changed. Mr. Studwell wrote for the Financial Times this month (December 2004), and while his melody remains the same, he has certainly changed keys. We're now told that, "while" the Chinese economy is "certainly doing well" (surprising understatement from a man that wasn't shy with rhetorical bombasity a few years ago)... it's not doing *that* well.
How so? Well, it seems, the Chinese domestic market will "only" be returning $8 billion in profits to foreign investors this year... a pathetic sum that's "only" comparable to the returns found in... South Korea and Taiwan? For a man that didn't think much of China's economic prospects 2 years ago, he sure has placed it in hallowed grounds this time around.
Two years ago, Mr. Studwell had a 50/50 shot of getting it right with this book. He found anecdotes and statistics supporting his conclusions at the time, but he conveniently ignored the comparable evidence that just as surely contradicted his point. In a world of conflicting facts when informed experts were unsure about China's future prospects, he decided to trumpet his own truth to the world.
Well, he's been caught with his pants down: he was as wrong as you can possibly be.
 Bull in a China shop July 28, 2004
10 out of 14 found this review helpful
China, the fastest growing economy in recent years is in deep trouble according to this book. Starting with a historical perspective, the author goes on to explain that it has never been easy to make money in a market that otherwise appears so attractive due to its sheer size in terms of its population. Multinationals have made over optimistic estimates of the potential market size for various goods and services and sunk billions of dollars either in the hope of making a quick profit or with a view to stay invested before rivals can enter. In most cases, returns have proved elusive.
China is a land shrouded in mystery and secrecy but yet continues to entice entrepreneurs from around the globe. The mad rush to grab the proverbial pots of gold turns into a frenzy in the early 1990s. China becomes the main destination for the global leaders and captains of multinational companies. Having brought in their money, these investors soon find themselves trapped in a situation of no return. Those with deep pockets manage to survive while many others are not so fortunate. The asset inflation boom - stocks and real estate- also has its fair share of victims. Another area discussed in detail is the weakness of Chinese financial institutions and the proportion of non performing assets that account for nearly half of their lending particularly to state owned enterprises. While exports is a success story appreciated across the world, here again the author is quick to point out the low value addition and low share in global trade.
Page after page, the author misses no opportunity to criticise the Chinese bureaucracy, political system the authoritarian rule of the party depicting china as a land that is on the verge of a great economic meltdown where global corporations will have no escape route to retreat.
It is important to note that global companies have gone to do business in China and it is their love for money and not charity has been the motive. It is said that greed, optimism and herd mentality are the three drivers of capitalism . Need a better example ? Large multinationals, mostly from developed countries boast of employing the best talent from leading business schools who are experts in market research and financial accounting. When things go wrong, why blame it on China?. There is no evidence in the book that suggests that China has misused money from international institutions or indulged in unfair practices to swindle FDIs. Assuming that China overstated her domestic income and growth figures, the two main parameters that have attracted the foreign capital, it cannot be an excuse for not doing enough home work to verify these figures before investing huge amounts.
The book appears to be biased and incomplete in not giving due credit to the rapid progress and achievements of the world's most populous nation.
China's roaring nineties - the best assessment in print October 31, 2003
28 out of 30 found this review helpful
Joe Studwell, a British freelance journalist who lived in and reported from China from 1991 until 1999, has written one of the best-informed insiders' books about the Chinese economy in the boom years of the 1990s that is on the market. The book is excellently researched, well documented (60 pages of notes accompany 300 pages of text) and profits from a wealth of experience gathered "on the ground."The main thesis of the book is that many big Western companies substitute a blurry, optimistic picture of a vast potential market for a balanced view based on hard data. When it comes to China, wishful thinking replaces critical distance and realistic assessment. One thing that "The China Dream" explains very clearly is the extent to which two economies in China exist parallel to each other. One is the old socialist economy that is protected from change and the market forces. The other is a vibrant, export -oriented economy of manufacturing plants that assemble goods under the management of mostly Taiwanese and Hong Kong companies. The latter is the poster child for China, but the former continues to gobble up the people's savings to churn out the products that the planners want to see. Stripped of the success story of the export-oriented manufacturing companies, China's economy looks like a disaster waiting to happen. Studwell is not a China-basher. He admires the stamina and determination of the small entrepreneurs in China who manage to hold their ground against a rapacious bureaucracy, the lack of credit from state-owned banks and the dumping strategies of pampered state-owned enterprises. Earlier reviewers have criticized "The China Dream" as biased and uninformed (no CEO interviews). Having worked in China for three years, my impression is that Joe Studwell has a very solid grasp of the economic and political realities in the People's Republic of China, and that there is no point in listening to the rosy projections of CEOs and foreign luminaries who were "toured about in government limousines and fed an endless diet of spurious statistics"(255). In a nutshell: This book is absolutely recommended reading for anyone who wishes to work in China or just wants to know what to make of all the praise lavished on a socialist developing country.
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