The Roadblock in GM's Route Through China

The Wall Street Journal, April 20, 2011

Click here to view the original article at wsj.com

By TOM ORLIK And LIAM DENNING

GM's China strategy is going well. It's China's GM strategy that should have the car maker worried.

Figures for the first quarter might not show it, but General Motors has made some smart moves in China. Year-on-year sales growth slowed to 10%, down from 28.8% in the same period last year. Growth slowed particularly sharply in March. Weak demand for minivans—a section of the market where GM leads through its joint venture with Shanghai Automotive Industry Corp. and Liuzhou Wuling Motors—was a contributing factor, hurt by the end of government incentives and constraints on production.

Over a longer time frame, however, GM's Wuling venture has been a roaring success. GM's technology and expertise helped transform Wuling from a small, regional manufacturer in 2001 into a market leader with more than a million unit sales in 2010. Wuling vans are now exported, in small number, to South America and the Middle East.

The aim is to produce vans and sell them under the GM brand in India, taking advantage of the U.S. company's network of dealerships there. Giving GM access to a new market segment using a low-cost Chinese product platform—while at the same time giving Wuling and SAIC access to a U.S. brand—plays to the strengths of all partners, reckons Bill Russo of auto consultancy Synergistics.

Wuling is also GM's route into the market for affordable passenger cars. Cars produced by the partnership and marketed under the Baojun brand, on display at an auto show in Shanghai this week, will target price-conscious consumers in China's second- and third-tier cities.

GM says the joint brand is a way to target buyers at a lower price point without denting its international image for producing high-end vehicles. But there is a catch. Unlike the old JV approach, the joint brand involves intellectual property being held in common with the Chinese partner.

Michael Dunne, an expert on the Chinese auto sector, believes the endgame of that joint ownership won't be good news for GM and other foreign players: "China has made no secret of its desire for national firms to dominate the domestic market; this is part of that process," he says. From 2000 to 2010, Chinese brands' share of the domestic passenger-vehicles market increased from 18% to 32%, according to J.D. Power & Associates.

Japan provides a sobering parallel. Local manufacturers such as Nissan cut their teeth making foreign cars like Britain's Austin A40 series in the mid-1950s. Within a decade, such tie-ups were a thing of the past, and Japan had overtaken Britain in terms of vehicle production.

Eventually, Japan's car makers made big inroads into Western markets. GM's new joint brand will boost Chinese sales, but it will also add horsepower to China's homegrown efforts to eventually target drivers the world over.

Write to Liam Denning at liam.denning@wsj.com

Key Themes to Watch at Auto Shanghai 2011

April 4, 2011

By Bill Russo （罗威）

Market Conditions in 2011

The 14th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2011) will be held from April 21 to 28. The overall theme for this year’s show is “Innovation for Tomorrow”, which underscores China’s emphasis on building capabilities for development of advanced vehicle technologies. While we will certainly see a great showcase of new technology from both the domestic and multi-national automakers, I will also be tracking several emerging themes at this year’s show.

Let’s start by reviewing the market conditions coming into 2011. Since the onset of the global financial crisis in 2008, the China government released a series of policy incentives to stimulate vehicle demand, which resulted a strong market rebound to 46% annual growth in 2009 and 32% in 2010. Going forward, China’s extraordinary growth will “downshift” to single digits within the next three years, and we will then likely see a stable growth of 3 to 5% per year reaching total sales in excess of 30 million by 2020. In 2011, continued urbanization and growing demand from lower-tier cities will continue to drive the market up, but the growth will slow down to a 10 - 15% annual growth resulting from the termination of major government subsidies and tax incentives.

Recently, profound changes have been taking place in consumer demand and in the competitive landscape, which is impacting the business focus and performance of carmakers in China. On the demand side, first-time buyers from Tier 3 and lower cities are playing an increasingly vital role in driving future market growth. However, purchase motivation and shopping behavior of lower-tier buyers are distinctive from buyers in Tier 1 and Tier 2 Chinese cities. Another emerging trend has been the shift of product preferences for increasingly savvy Chinese consumers. As income levels rise, demand is shifting towards vehicles and segments offering more appealing styling design and functional features.

On the supply side, automakers are faced with an ever more challenging business environment, featured by “hyper-competition”, a likely “credit crunch”, and rising costs which all result in profit deterioration. Pressure of inflation and overcapacity is pushing carmakers to constantly scrutinize investment and production scale in line with demand changes.

To address these challenges in 2011, carmakers must realign their strategic focus toward the fastest growing segments, while allocating resources to where they can outperform their competitors. They have to make sure their product and service offerings address the buyers in the lower-tier cities, which is especially challenging for international brands who have historically been focused on the first and second tier cities in China’s coastal regions.

To unlock volume potentials, a variety of strategic approaches must be considered and evaluated by international carmakers. Leading automakers are increasingly taking an approach that I call “adaptive brand innovation” to extend their product reach and grow share. They are delivering products with China market-specific adaptations and modifications, while extending the range of segment participation to new price-points and product categories. Leading companies are also introducing new brands and products with their Chinese partners.

For green cars, or “New Energy Vehicles”, 2011 will be the 2^nd year of demonstration projects funded by China government in 25 select cities. We can expect that government subsidies offered to private buyers since June 2010 will have a mixed effect on the development of hybrid, plug-in hybrid, and battery electric vehicles. It will likely take up to five years before we can derive a meaningful volume figure on the consumer side. It will take that long before the impact of production economics, policy incentives and charge infrastructure can be determined.

Five Key Themes for Auto Shanghai 2011

With the termination of policy incentives, we can expect to see a deceleration of China’s double-digit growth rates to a more stable and sustainable pattern. However, the China auto market will still grow at rates significantly higher than the global auto industry average due to continued urbanization and growing demand in lower tier cities.

In Auto Shanghai 2011, we will likely see several key themes emerge:

1. Automakers will set expectations for more moderate demand growth

In the 12^th five-year plan, the China government will attempt to transition from stimulus to market-driven growth. Steps are being taken to tighten credit and government investment in order to tackle inflationary forces, while accelerating urbanization and encouraging consumption. However, urbanization and growth of per-capita GDP will continue to drive the demand for automobiles. Urban wealth accumulation is undoubtedly fueling the growth in automotive sales. The fact that 85% of all vehicles are sold to urban residents is a clear sign of the relationship.

As Auto Shanghai is a major PR stage for global and domestic carmakers, they will likely set expectations for sales in 2011 over the near-term horizon. I expect that automakers will set more stable and moderate market sales growth expectations.

2. Innovations that target new “individualistic” choices for Chinese consumers

As income levels continue to rise, demand will shift towards vehicles and segments offering more appealing content and features, which creates opportunities for manufacturers to improve their product mix. While conventional sedan cars have enjoyed the highest market shares in China, consumers are now seeking more innovative designs. Emerging buyers, particularly the younger generation born in the 1980s and female buyers, are increasingly valuing recreational lifestyles and are seeking more individualistic choices. Safety features and telematics systems that provide a friendly interface between occupants and the car’s electronic systems are becoming mainstream, which will be evident in the cars that will be on display this year.

We will be looking at several new product introductions for evidence of this trend:

· Sub-compact cars: Chery Riich G2 (global debut), Chevrolet Aveo (new generation), Kia Rio (3^rd generation), FAW Besturn B30 (China debut), and a new global concept car from Mitsubishi.

· Compact cars: New Honda Civic, Nissan Tiida (China debut)

· Mid-size cars: VW Passat B7 (Asia debut)

· Luxury/Full Size cars: New Audi A6 (Asia debut), Mercedes-Benz CLS, SLK (Asia debut), Volvo S80L and S60

· New Energy Vehicles: Volvo V60 PHEV, Toyota Prius PHEV, Ford Focus, C-Max EVs, VW Golf Twindrive PHEV, BMW Mini E electric car, BYD F6DM, Chery Riich M1, SAIC Roewe 550 PHEV, FAW Besturn B50 EV, BAIC C30, C70 EVs, etc.

· Concepts Cars: Ford Vertrek SUV, Buick Compact SUV concept, etc.

3. Products tailored to the growing demand in lower-tier cities

In the market expansion of the past several years, carmakers are recognizing the great potential of lower-tier city demand. However, consumers in Tier 3 and lower cities are quite different from those in the more developed Tier 1 and Tier 2 cities. According to AC Nielsen studies, 90% of them are first time car buyers with a car budget of 80,000 RMB ($12,000) on average and they only have 100K ($15,000) disposable income annually per household, however, they have less financial pressure and a more positive life attitude. Compared to Tier 1 city buyers, they have less product knowledge, but a faster purchase process. They value durability, fuel economy and convenience, more than appealing design and high tech features. They are aware of and therefore less discerning among brands, but tend to choose trustworthy and valuable brands known to most of their friends and family.

To gain these lower tier consumers, carmakers have to adapt their product and marketing strategy to address those basic needs. More than providing a cheap car, automakers need to do a better job to smartly deliver lower-priced cars that have acceptable quality and functionality. We should take note of the products that are unveiled that which targeting these emerging lower-tier consumers. Vehicles to watch include BYD F3, Great Wall Voleex C30, Besturn 350, and Chery A3. The local brands of the multi-national companies such as SAIC-GM’s Baojun 630 are also targeting this opportunity.

4. Innovative products and brands for a hyper-competitive automotive market

It is reported that a total of 141 new and refreshed vehicles were launched in China in 2010. This figure will rise up to more than 200 in 2011. However, among hundreds of vehicles in the market, only 20 to 30 models enjoyed monthly sales of 10,000 and above. The China market is now experiencing what many companies doing business globally have called “hyper-competition”. In 2011, we will see even more intense competition among the foreign and domestic brand vehicle manufacturers as they attempt to capture growth opportunities in China. As this is happening, the local manufacturers will strive to upgrade their brands and product portfolios to meet the more upscale image aspirations of Chinese consumers. It is evident from last year that Great Wall and Geely are on the rise, and are hoping to maintain momentum with their upcoming product introductions, while Chery and BYD have struggled to sustain momentum in the marketplace. Models to watch are Geely Emgrand EX8 SUV, GWM Voleex C70 (mid-sized sedan), BYD M6 (7-seat MPV), and BYD S8 (Coupe).

In 2010, there was a high degree of variance in the sales performance among local and international brands due to differences in their China strategies and product commitments. German brands (VW, Audi, BMW, MB) are obviously taking the lead of upper segments over the American and Japanese ones. This gap may widen in 2011 as Toyota, Honda and Nissan and their JVs may suffer from funding and supply challenges from Japan as in the aftermath of the recent earthquake and tsunami.

Great Wall and Geely are surely on the rise with new product introductions, while Chery and BYD have been slowing down due to internal operational issues.

5. Adaptive brand innovation to extend product reach and grow market share

A great majority of international brands have effectively defended their market positions against local brands. While some of this success is a result of an expanded product portfolio, it is also due to some very smart business strategies. One of the most innovative approaches I have observed is what I call “adaptive brand innovation”. This approach involves delivering China market-specific adaptations and modifications, while extending the market positioning to new price-points and product categories, often with the introduction of new brands and products. These approaches are often taken together with local Chinese joint venture partners.

As early as 2005, international brands began this approach with different levels of modification ranging from exterior facelifts, powertrain upgrades, restyling of vehicles, and wheelbase extensions. Typical examples are the extended wheelbase includes Audi A4L and A6L, BMW 5 and MB E-class in the luxury segment, as well as the long wheelbase VW Magotan for chauffer driven buyers. Adaptation of smaller engines to new vehicles is also a way to increase Chinese consumer interest in the product, such as new generation VW 1.4TSI Polo GTI and Golf 6 that dropped the 1.6L and 1.8T engines used by last generation platform.

Many international companies are introducing new brands and products together with their Chinese partners. While initially in response to government regulations on new joint ventures, they are now pursuing this as a means for capturing the volume opportunities in the lower- priced segments. This approach can include co-developing a new product under an international brand, or creating a new mid-market brand within the context of a JV, or supporting the Chinese partner’s local brand development. Several international OEMs are already moving forward in those directions. Example include the Lavida developed by SAIC and VW, the SGM Baojun (off old Excelle platform), Dongfeng Honda DB1 (off the old Civic platform), GZ Honda Everus car (off Honda City platform), and a new brand to be introduced by FAW-VW (possibly off Bora/Jetta platform).

Conclusions

As the engine for growth in the 21^st Century automotive industry, the China auto industry has taken center stage in the battle for global industry dominance. Automakers from all over the world will therefore invest heavily to showcase “Innovation for Tomorrow” at Auto Shanghai 2011. To grow sales potential today, carmakers are realigning their strategic focus to tap into the themes noted in this article.

In summary, I expect automakers will set expectations for more moderate demand growth. We will see innovations that target new “individualistic” choices for Chinese consumers, as well as products tailored to the growing demand in lower-tier cities, while carmaker will launch innovative new products and brands to stand out in a hyper-competitive automotive market. The market leaders will increasingly seek to leverage adaptive brand innovation to extend their product reach in order to grow market share.

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Bill Russo, is the Founder and President of Synergistics Limited. He lives in Beijing and has more than 20 years of experience in the automotive industry, most recently serving as Vice President of Chrysler's business in North East Asia.

Leveraging the Rapidly Emerging Markets for Global Competitive Advantage

Beijing, China, March 31, 2011

Presentation was delivered by Bill Russo to international MBA students on the campus of Renmin University in Beijing, China.

Leveraging the Rapidly Emerging Markets for Global Competitive Advantage

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Chinalogue: Environmentally Friendly Driving

Blue Ocean Network, March 23, 2011

Click here to view the Chinalogue program

Getting stuck bumper to bumper in a cloud of exhaust is regular occurrence in China. Not only is it unpleasant, it's taking a toll on the environment.

As the world's largest car market continues to grow, the country aims to have more than 500,000 new energy vehicles on the road by 2015 and 5 million by 2020. It began spurring this growth with rebates of up to $9,000 dollars per energy efficient car and started testing electric charging stations in pilot cities from Beijing to Hainan.

What will the 200 million cars expected to be on the road at the end of this decade will be running on--Gas? Electricity? A little bit of both? Something else?

Bill Russo

President, Synergistics

Linda Luo

Executive Editor, China Auto Review

Klaus Paur

Managing Director, Synovate

Aired March 23, 2011

Carmaking: The dragon wagon

The Financial Times, March 22, 2011

Click here to view article at FT.com

Fiery finery: the Haval sports utility vehicle at last year’s Beijing auto show. The national craze is for customisation

Every weekend in the quasi-urban wasteland of the Chaobai river outside Beijing, Chinese yuppies congregate to skid their sports utility vehicles around the dry river bed. Members of the Haval car club are discovering the freedom and sense of power that stems from being behind the wheel.

This is a lesson that comes to every culture that learns to drive. But the owners are also indulging a peculiarly Chinese sense of individuality, using cars to push the personal boundaries of a conformist society.

The liberal use of stickers, decals, furry seat covers, dashboard-mounted perfume canisters and customised slogans makes each Haval – a model produced by Great Wall, a local automaker, and until recently called the Hover – an expression of its owner’s personality. No one at the offroad caper can easily mistake his or her car for anyone else’s.

No country on earth has ever bought so many cars in so little time as China. Thirty years ago, 5,000 passenger vehicles were made on the mainland annually; last year, the figure was 11m. That boom is having profound effects, both inside and outside the country: cars are changing Chinese culture and China is changing the global automotive industry.

Overseas, Chinese tastes are beginning to shape the cars sold worldwide, as manufacturers increasingly tailor their models to meet the demands of what has become the world’s largest car market. Within China, the birth of a vibrant new culture of the automobile is boosting sales of everything from chrome wheels to prosthetic limbs – inexperienced drivers are prone to gruesome crashes.

The hitherto bicycling masses, or at least the richer among them, are buying, financing, servicing, decorating and wrecking cars at a rate not seen since America in the days of the Model T, Japan in the 1960s or Korea in the 1980s. It is very much a car boom with Chinese characteristics – and it is having a profound effect on everything from the economy to the fabric of society.

Chinese are buying cars when their income hits the same threshold that prompted mass automisation in Europe, Japan and South Korea. But China’s car culture is evolving very differently from elsewhere, says Bill Russo, head of Beijing’s Synergistics, an automotive consultancy, and former head of Chrysler in China. “This is a culture that people from afar see as very uniform, but when you experience it at first hand you realise how unique and personal people like to be ... because they want to break away from the pack.”

Car clubs capture the paradigm of highly personalised consumption within a crowded culture. Yet the sense of flashback is intense. Haval car club members drink Coke, barbecue meat over portable grills and eat off the tailgates of their 4x4s in an unconscious parody of America, the mother of all car cultures, in its mid-20th century automotive golden age.

At the same time, though, they brew Chinese tea and heat up packet noodles on their bit of what passes for the Beijing countryside, only a few hundred metres from the nearest crane and building site. And they make a point of exchanging business cards: for China’s car boom is encouraging not just physical mobility but a new social mobility too.

The car club’s head, who goes by the handle Wawa (or “baby”) and comes from the nation’s north-east, is using her car to overcome her status as an outsider to Beijing. A feisty 29-year-old with a one-year-old driving licence, she guns her vehicle up and down a steep slope above the river bank – and masterminds a relief effort when one of the club’s novice drivers inevitably gets mired in sand.

“Before I bought a car, I stayed at home surfing the internet to make friends,” she says. “Owning a car gets me out of the internet world.”

Everything from finance to insurance to accident repair is different too. A decade into China’s car boom, about four out of five people who buy cars are doing so for the first time. “Seventy-five per cent of our customers are 35 and younger,” says Kirk Cordill, head of BMW Automotive Finance in China. “We’re really having to explain a loan to customers, and explain why it makes sense.” To serve a customer base with no credit histories, the business sometimes does “home checks” to see whether people live where they say they do – something that would be done in the US, for example, only if a car was on the point of being repossessed.

The enthusiasts she meets help to broaden not just her social circle but also the all-important web of relationships that underpin business success in China. Wawa says she meets people from different professions – and different “social levels” – that she could never meet without a car.

Apart from making friends and influencing people, club members also get together to spend money on everything to do with cars – from buying the ubiquitous Hello Kitty dashboard ornaments to organising long-distance road trips as far afield as Tibet.

Their spending power has begun to fuel a secondary boom in all things car-related. From servicing to accessories, finance, insurance and rentals, crash repair and a second-hand market, a whole new ecosystem is growing up around China’s car boom. This offers attractive investment options to early movers, industry analysts say. “Right now there are 80m cars on the road in China,” says Mr Russo. “By 2020 there will be three to four times that number, so the impact on all the downstream businesses ... is only beginning.”

Gaps in these industries are huge: hotels, restaurants and other services for long-distance drivers are still rudimentary. Though the Chaobai river park is a well-known tourist destination, it lacks public toilets: the car club has to corral four cars in a square to create a makeshift privy. Plans for an overnight outing have to be shelved, it transpires, because the family hostel the group usually uses has no heating.

Car dealers in China will be among the first to benefit, says Ivo Naumann of AlixPartners, a US-based consultancy, in Shanghai. While selling new cars is a low-margin business, he adds, dealers’ profitability will shoot up as those on the road age, boosting demand for higher-margin service and repair work. “In two to three years, China’s car dealers will experience a boom that has never occurred before,” he says.

China’s automotive aftermarket is developing more quickly than, and in different ways from, its precursor in the US, says Mark McLarty, chairman of Yanjun Auto, which runs northern China’s largest BMW franchise. “They’re younger – they don’t have the brand loyalty, they don’t have the dealership loyalty,” he says of the country’s car buyers.

Mr McLarty installed a glass wall at the dealership to allow customers to watch their vehicle being serviced because, he says, “the Chinese do not trust mechanics”. He built a race track at one Beijing outlet to allow customers to sample the cars’ performance at speeds normally unattainable on the city’s congested roads. In a country where most drivers are new – and accident rates are high – his business also runs its own 24-hour paint and body shop.

Tastes in accessories alter over time, says Annie Zhang, sales director for BMW’s Mini brand at Yanjun Auto. Last year, for example, customised headlamps and seat covers were in; this year, she says, stickers are popular, including rabbit-shaped ones to commemorate the Chinese year of the rabbit. “I know someone who paid as much to decorate his car as to buy it in the first place,” she maintains.

At Beijing’s Siyuanqiao outdoor car accessory market, three labourers seated in a shop stitch fake leather into custom-made seat covers for a BMW owner who wants to keep her light tan 5-series car’s interior clean. “The post-1980s and post-1990s generation want to personalise their cars,” says Yan Hongmei, the shop’s manager. “They personalise the headlamps, the horn, the video system – they even repaint the car to make it reflect themselves.”

In a neighbouring garage, Andy Bai, a 21-year-old customer, proudly points to his lovingly accessorised new Volkswagen Golf. Affixed to the bonnet are chrome letters spelling out his name and that of his girlfriend Vera, as well as “Verandy” – a romantic entwining of the two. “I wanted to put the logo on my car so that people will know it’s my car and has my character,” he says.

As China’s first generation of drivers ages – and as more Chinese grow up in the back of cars rather than on bicycles – consumption patterns will doubtless change again, possibly in unpredictable ways, analysts say. The government, too, is wary of allowing cars to be put on the road in unsustainable numbers. With a rapidly expanding high-speed rail network, it remains to be seen whether people will rent cars or take trains instead, says Mr Russo.

Carmakers think the country will buy 20m cars and trucks in the current “slowdown” year – more than the US ever did, even in its pre-crisis peak year of 2007. But China’s car market has a tendency to break industry forecasts. So anything is possible. As Lang Xuehong, an automotive analyst in Beijing, puts it: “It’s 1916 America in China now.”

Additional reporting by Shirley Chen

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BRAKES ON A BOOM

How far can China’s car boom go? Analysts often compare the situation with that of the US, a country of similar land area but car saturated. America has a population of just over 300m and about 220m family cars on the road, says Ray Zhang, chief executive of Shanghai-based rental company eHi Car Service. US car ownership is more than 70 per cent. China has nearly 1.4bn people, Mr Zhang says, about 70m family cars on the road, and car ownership of 4 to 5 per cent. If ownership rates were to approach America’s, he says, that would mean 900m to 1bn cars on the road. However, says Mr Zhang, “We think 200m is the maximum the country can accommodate and support.”

LUXURY SECTOR

China’s chauffeured classes define the design of premium models worldwide

Last year Mercedes-Benz flew groups of 100 Chinese customers to Germany and Los Angeles to offer feedback on the exterior finish and interior features of cars including its S-Class luxury saloon, which hits showrooms in 2013. In particular, they were interested in opinions on the back seat.

China is Mercedes’ third-largest market after Germany and the US, but its biggest for the S-Class, the top-of-the-range flagship model. And more than half of the car’s Chinese customers ride behind a driver.

“The back seat has to be reclining – this is very important,” says Klaus Maier, head of Mercedes in China. “It is also important to have opportunities to work in the back – connections for the PC, and space to put things in.”

As demand for premium cars rockets in China, where there is a preference for the biggest and most expensive models, the country’s customers are determining the look, feel and features of German carmakers’ products, whether sold in Beijing or Berlin.

Mercedes’ unit sales in mainland China rose by 115 per cent last year, and 74 per cent last month. The brand’s parent company, Daimler, is building an engine plant in China – the first in its 125-year history to be built outside Germany, and part of a €3bn ($4.3bn) investment in the country.

Volkswagen’s Audi marque, after sending members of the design team to California and China to study prospective customers, introduced a climate-controlled cup-holder in its Q5 crossover vehicle. It did this in part because of Chinese consumers’ preference for toting around tea.

BMW, the industry’s top-selling luxury producer, generated 39 per cent of its fourth-quarter operating profit of €1.7bn in China, Nomura estimates. Perhaps aptly – given BMW’s appreciative customers and its growing profits in China – the name by which the brand is known in Mandarin, bao ma, means “treasure horse”.

Chinese tastes are making the biggest impact on car design in the premium segment, where because of their powerful brands and the relatively small volumes sold, German makers tend to produce models that are almost identical around the world.

However, China’s car boom is shaping some mass-market models, too. When General Motors designed Buick’s new LaCrosse saloon, the brand – popular in China – produced a roomy, plush rear-seat space primarily with that market in mind.

As China’s weight in world car sales continues to grow, analysts say, it could have a more profound impact, not only on the fit and finish of models but also on the core technology that makes them run.

China’s energy and environmental challenges could drive demand for electric cars, analysts say. Conditions on its congested roads will accelerate the industry’s shift from powerful engines to smaller, more efficient ones.

“A car for the autobahn doesn’t need to be engineered to do the same here,” says industry analyst Bill Russo, head of Beijing’s Synergistics automotive consultancy. “It will never go up to 200km per hour.”

Copyright The Financial Times Limited 2011.

Leveraging the Rapidly Emerging Markets for Global Competitive Advantage

Shanghai, China, March 23, 2011

Presentation was delivered by Bill Russo to NYU students on the campus of East China Normal University in Shanghai, China.

Leveraging the Rapidly Emerging Markets for Global Competitive Advantage

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China Automotive ‘‘Indigenous Brands’’ Policy Well Underway, Hard To Challenge

Inside US China Trade, March 16, 2011

Bill Russo is quoted in the article named above.

Inside us china trade 3-16-11

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