The Chinese are coming, and I'm afraid

Abstract

PurposeIn the popular media there appears to be a growing refrain of the so‐called China threat. This paper offers an alternative perspective, in particular, how emerging Chinese economic prowess could actually prove beneficial to Western societies.Design/methodology/approachThe approach is based upon personal experience within the country, as well as understanding of Chinese history and culture. In addition, the often cited hyperbole surrounding Chinese economic domination is challenged by the available data.FindingsAlthough we often read about Chinese firms, buoyed by low‐cost labor and government subsidies, dominating the global marketplace, reality is often overlooked. Actually, the number of state‐owned enterprises (SOEs) in China is dropping dramatically and foreign firms are the majority in the growing private enterprise sector. In fact, foreign‐funded enterprises account for the majority of Chinese exports.Research limitations/implicationsThe paper offers a contrarian viewpoint. The aim is to present a more balanced inquiry and a broader understanding and discussion of the growing Chinese economy and the substantial global opportunities presented by such historic expansion.Practical implicationsChina, indeed Asia as a whole, is emerging as a significant global economic force. If Western firms and economies are to benefit from such a boon, we must become more engaged. If we refrain, we are allowing others to assemble the personal infrastructure needed to capture the building Chinese market.Originality/valueThis paper offers a rebuttal to many of the myths surrounding Chinese economic development. Moreover, it demonstrates the critical nature of time sensitive engagement and collaboration if Western organizations are to reap the potential benefits of such remarkable economic growth.