Late industrializing nations confront the challenge of creating national champions under conditions of intense competition from industrialized countries, steep technological learning curves, a paucity of capital, and evolving regulations within the global trade regime. In China, the government's...

Late industrializing nations confront the challenge of creating strong domestic firms under conditions of intense competition from industrialized countries, steep technological learning curves, scarcity of capital, and evolving regulations within the global trade regime. The appeal of FDI lies...