Abstract
For many years, manufacturing was the hottest sector in the Chinese market. But when free market retailing became legal again in 1978, China's retail sector took off. Joint ventures between large department stores, such as Yaohan Department Store of Japan and the Chinese state-run Shanghai No. 1 Department Store, are growing to take advantage of China's potential 1 billion new customers. Davies paints a clear picture of the industry and candidly discusses the problems surrounding this new market: over-estimates of consumer demand, retail price inflation, currency flow problems, and increased smuggling and counterfeiting. Yet he is optimistic that retailing can only grow when Hong Kong becomes part of China in 1997.
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