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Essay / Research Paper Abstract
A 3 page paper assessing whether Citigroup exhibited adaptability in its preparations to enter China and do business there before China acceded to the WTO. The paper identifies how the company did and did not exhibit adaptability to conclude that it failed more extensively than it succeeded in being adaptable to the Chinese market. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSintlBzCitiChin.rtf
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Unformatted sample text from the term paper:
expand into China In identifying attractive areas for Citigroup to conduct business in China, it is guilty of considering only the companys needs,
rather than those of the people and organizations it would be serving in China. It has viewed opportunity in China merely as an extension of that which exists in
the United States, which requires direct (and favorable) comparison of the two larger economies and the principles on which they operate. In 2003
it was estimated that at least 10 million construction workers in China received food but no wages (Does China have 10m slaves?, 2003). They received promise of wages, but
no pay was forthcoming and if they left their jobs they would have no hope of collecting back wages in the future. Labor laws and minimum wage protect low-level
workers in the US, but not in China. Citigroup has been looking at raw numbers - the potential size of the market it could serve - rather than at
what percentage of that market it reasonably could expect to have need of and use its financial services. Though operating at a single level (that with the highest income)
of the Chinese economy may be profitable for retail banking, there are far more individuals not in need of Citigroups services than there are those who will be.
Within China, leadership "often has experienced - as a result of its hybrid system - the worst results of socialism (bureaucracy and lassitude) and of
capitalism (growing income disparities and rising unemployment)" (China, 2005). Chinese leadership doggedly clings to the precepts of socialism, which holds financial success for individuals in low regard. It
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