Abstract
The strategy of multinational companies in China has evolved in three phases: from (1) making China the factory of the world, through (2) addressing the second‐largest market in the world, to (3) making China the new battleground for innovation. Not only are global companies, such as IBM and General Electric, building up technology and development centers in China, but local companies, such as BYD, Lenovo, and Haier, are also flexing their innovative capabilities. To succeed, global innovators must adapt their innovation strategy and move up the innovation value chain in China. To cope with the specific challenges there, leaders of global companies must learn to shape their markets, partner locally, manage talents, leverage on a global scale, and foster support from headquarters. ©2015 Wiley Periodicals, Inc.
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