Mainland managers must mend their ways
Deng Xiaoping's line 'to get rich is glorious' was zealously embraced in terms of profit motive, not so the accompanying theory of competition
China is an economic powerhouse - of sorts. The ripples from the mainland's arrival in global manufacturing and trade may well have been felt, but it has yet to make a lasting impact on global capitalism. It probably won't be until a new crop of leaders have been given the keys to the executive office.
Mainland business organisations right now are primarily poorly run behemoths - whether we are talking about uncompetitive banks, fumbling infrastructure groups, or technology companies groping for international relevance.
A few firms, such as Lenovo, do stand out and appear to be building momentum. But the average mainland company is far from the leadership circle.
Blow-ups like those involving Chaoda Agriculture and Real Gold Mining - which listed to applause - have been a dime a dozen in an environment where sharp practice and unscrupulous behaviour pass for business as usual.
The big problem is that when it comes to understanding capital, many mainland company managements just don't get it.
My first experience with mayhem and mainland capital was while working at BNP in 1993 during the days of the Denway Motors initial public offer.