US EditionChina's Faustian bargain for foreign firms
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China's Faustian bargain for foreign firms
Volkswagen’s 10-year anniversary in China in 1995. Image: Volkswagen(This piece builds on my expert testimony for the U.S.-China Commission and on a previous piece on how China uses foreign firms to “turbocharge” its own industries.)The Faustian bargainIn my recent expert testimony before the U.S.-China Commission, I said: “Foreign firms agree to a Faustian bargain where they profit from selling to China’s market in the near term but build up th…
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