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10 Introduction Greater China has been one of the most dynamic areas in the world economy With the entry of the China into the World Trade Organization Chinas financial markets emerge on the frontier of economic reform and openness Financial services also provide the most exciting foreign business opportunities in China However the recent Asian financial crisis illuminates the problems in Chinas state-run enterprises and an ill-functioning banking system This paper is looking for the business opportunity of financial services industry in China It will begin from the review of the emerging economies to explain why the specific region was chose The research of this paper also include business analysis in China a review of profitable industry the business entry strategy and its functional areas operate in China At the end the future strategy and the recommendations will be simply discussed for the further steps in this investment 20 A review of the emerging economies 21 The selected region From the mid 1970s many firms especially multinational enterprises MNEs began to reduce their costs by utilizing cheaper developing country labor in their production processes This resulted in the transfer of some manufacturing production to developing countries such as Mexico Tunisia and Singapore The transfer which intensified as developing countries especially those in East Asia MNEs were increasingly locating manufacturing facilities improved the quality of local infrastructure and the skills of their workforce East Asia has now emerged as a major economic region For the last 30 years East Asian economies have grown more than twice as fast as the average of rate for the rest of the world East Asias amazing economic transformation in the last few decades has been real However the major problems in the regions instability has been recognized since 1997s Asia crisis Heavy foreign investment combined with weak financial system to allow lenders in many Southeast Asian countries to rapidly expand credit often to risky borrowers
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