This document provides an analysis of business opportunities in China for Indian companies. It discusses trends showing China is moving up the value chain from low-cost manufacturing to innovation-driven industries like services and high-tech manufacturing. While rising costs pose challenges, China's large consumer market and central government support for foreign investment in advanced industries means it remains attractive for foreign investment. The pharmaceutical industry is highlighted as an area where India has strengths in areas like research and development that could be leveraged in China.
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Doing business in china
1. IIFT ,INDIA
FINAL REPORT ON
BUSINESS PLAN
DOING BUSINESS IN CHINA
UNDER GUIDANCE OF DR. PRABIR KUMAR DASS
5/25/2013
GROUP III
NAVNEET
PARTHA PRATIM GHOSH
KUMARJIT CHAKRABORTY
DHEERENDAR SRIVASTAVA
ASHOK UPADHYAY
ABHISHEK BOSE
[Type the abstract of the document here. The abstract is typically a short summary of the
contents of the document. Type the abstract of the document here. The abstract is typically a
short summary of the contents of the document.]
4. 3 | P a g e
DESTINATION CHINA:IS STILL A BUSINESS
SENSE TO INVEST IN!
China's soaring wages and strengthening currency
might blunt the competitive edge of exporters that
have seen average pay double since 2007, but it
won't stop firms worldwide making a collective $100
billion bet on setting up shop here this year.
Although foreign direct investment inflows in 2012
have seen the longest monthly run of year-on-year
declines since 2009, hurt by a weak outlook for
corporate investment and sagging global trade, FDI
should still top $100 billion for the third year
running.
That would bring China's total since 2007 to about
$625 billion, based on data from United Nations
agency, UNCTAD, during which time a rally in the
yuan currency has sliced 25 percent from exporters'
margins.
Vietnam, Bangladesh, Indonesia and Thailand combined
managed to snag only $141.6 billion in FDI between
them from 2007 to 2011, despite being repeatedly
touted as the places to which manufacturers fleeing
China flock.
5. 4 | P a g e
What keeps the money coming to China is a steady
shift away from cheap assembly lines to high value-
added production and from volatile external demand
to the spending power of a new mainstream consumer
class that will rise 10-fold between 2010 and 2020.
Indeed the decline of low-end manufacturing fits
with Beijing's ambition to drive firms up the global
value chain to help sustain the wage rises vital to
attaining developed economy status and avoiding a
"middle income trap" of low wages and stagnating
growth.
It's so far not threatening to the competitiveness
position of China because it's the very low-end of
manufacturing sectors that are affected
In that sense, it's quite consistent with the
government's strategy to move up the value chain and
improve the industrial structure.
Under government guidance on foreign investment
issued in December 2011, China aims to lure more FDI
in advanced manufacturing, as well as services
including logistics, research and development,
higher education and vocational training.
The government policy no longer encourages FDI in
the low-end manufacturing; only firms that are up in
the global value chain can make profits.
6. 5 | P a g e
WAGE COSTS BITE: IS THIS A REAL THREAT!
There is pressure on Foreign business enterprises in
China to transform from being cheap labor-driven to
innovation-driven.
Some factories in the clothing and footwear
industries have closed. German sportswear maker
Adidas AG (ADSGn.DE) has shut its only directly-
owned factory in China, but it still sources goods
from local suppliers.
Supply chains and relatively sound infrastructure
make China a stand-out destination for many foreign
investors.
A lot of suppliers are in the immediate neighborhood
of main industry, which cuts logistics and other
costs, reason to be in China is not it’s labor
costs.
Currently, minimum wages in China range from 870
yuan ($139) per month to 1,500 yuan, according to
government data. In Vietnam the minimum wage is
around 1.05 million dong ($50).
China's foreign direct investment inflows fell 3.45
percent in the first 10 months of 2012 from a year
ago, compared with an annual average 9.2 percent
7. 6 | P a g e
rise between 2002 and 2011 that saw investors plough
in a cumulative $1.2 trillion.
That cash has now got to work smarter, since China's
manufacturing sector is suffering from overcapacity
and investment opportunities will be limited.
If we assume China's economy can continue to grow
around 6-8 percent in the next decade, China's
market is still attractive. But we will see a
structural change - more on services sector,
consumption, more on industrial upgrading.
STRUCTURAL SHIFT:TRENDS HAPPENING!
That shift is already happening, according to
official data that shows foreign investment
accounted for just over 50 percent of China's total
exports in the first nine months of 2012, down from
57 percent in 2007.
Meanwhile, the proportion of FDI inflows into
China's services sector were $43.7 billion in the
first 10 months of 2012 versus the $40.4 billion
that went into manufacturing. FDI into services beat
manufacturing FDI for the first time in 2011.
China's services sector makes up far less than the
60-70 percent of GDP typical in major developed
8. 7 | P a g e
economies, but its 43.3 percent share in 2011 is not
far behind the manufacturing sector's 46.6 percent
share, according to World Bank data.
Beijing aims to boost the services sector's relative
share of GDP to 47 percent by 2015.
Under the banner of "industrial transfers" endorsed
by Beijing, provincial officials in the interior
have rolled out the red carpet for foreign firms
trying to escape higher costs in the more developed
coastal areas.
Although industrial cities are luring more outside
investment, including that from big state-owned
firms and private firms, due to its lower wages and
land costs, but the cost for industrial transfers is
rising as labor resources, land and capital become
key constraints.
Foxconn Technology Group, the world's largest
contract electronics maker, has moved its main
operations to such inland provinces as Henan and
Shanxi. Its factory in Shanxi alone employs nearly
80,000 people.
In the first 10 months of 2012, FDI into China's six
central provinces - Henan, Hunan, Hubei, Auhui,
Jiangxi and Shanxi - jumped 19.4 percent from a year
9. 8 | P a g e
ago to $7.8 billion, or 8.5 percent of the total,
according to official data.
FDI into eastern provinces, including Guangdong,
Jiangsu, Zhejiang and Shandong, fell 6.1 percent to
$76.8 billion. But they got the lion's share 84
percent of FDI, suggesting foreign firms still favor
established locations.
Both trends are happening at the same time, It does
seem that companies are weighing the pros and cons.
But if everyone does look at China as a potential
consumer market, it does make sense to first move>>>
SWOT :A Tentative Analysis on the
Strengths and Weaknesses of Both
Countries
(A general consensus from foreign
businessmen’s perspective)
China
Strengths: market size, access to
export market, government incentives,
10. 9 | P a g e
favorable cost structure and
infrastructure, etc.
Weaknesses: poor English skills, a
lack of managerial talent, rigid
formalism, etc.
India
Strengths: a sizable pool of
educated workers, management talent,
cultural affinity, regulatory
environment, etc.
Weaknesses: slow-moving government,
dismal infrastructure, etc.
PRODUCT ADVANTAGE : INDIA TO CHINA
Electrostatic Precipitators,
Large scale frequencyconvertors,
Agro machines,
Medicines(pharma),
MedicalEquipment,
IT Training
11. 10 | P a g e
R & D
Designing
PHARMACEUTICAL INDUSTRY VALUE CHAIN
The pharmaceutical industry value chain production
link is relatively simple, and is divided into
(i) raw medicine production and (ii)prepared
medicine production.
We can judge the position of the Chinese
pharmaceutical industry in international
specialization according to Trade Competitive Index
12. 11 | P a g e
(TC Index)(of Chinese raw medicine and prepared
medicine).
If we calculate the Trade Competitive Index (TC
Index)(2004-2008) for China and India’s raw and
prepared medicine. We can see that China and India
both have a certain degree of overall
competitiveness in the pharmaceutical industry, but
the origin of the competitiveness differs greatly.
The Chinese TC index is very high for raw medicine,
showing that China has absolute comparative
advantage in raw medicine production; while India is
located at a relatively low position.
In prepared medicine, China is located at a low
position and the TC index has a falling trend; while
India has a remarkable advantage.
Thus we can infer that since 2004, in the global
pharmaceutical value chain production link, China is
mainly specialized in raw medicine, while India is
specialized in prepared medicine.
As described above, in the nonproprietary medicine
field, raw medicine production has a weak connection
with the core link of the value chain – the R&D link
– while prepared medicine production has a closer
connection.
13. 12 | P a g e
Thus, raw medicine production is the lowest end link
in the nonproprietary medicine value chain, while
R&D and production of prepared medicines are at the
relatively high end.
So we can conclude that China’s international
specialization within the nonproprietary medicine
chain is at the lowest end of “smile curve,” while
India is located at the relatively high end.
India’s growing trade deficit is a cause of concern
and, to address this, India is seeking greater
market access in China for products in which India
has a competitive advantage.
Greater market access is being sought in
pharmaceuticals, engineering goods, agriculture &
IT/ITES. There are also opportunities in jewelry,
banking, auto components, and green technologies.
China’s pharmaceutical industry is poised for
significant growth due to an aging population and
burgeoning middle class with more money in hand.
Foreign players currently account for 10 to 20
percent of overall sales in the industry, depending
on the types of medicines and ventures included in
the count.
14. 13 | P a g e
The country is poised to become the world’s third-
largest prescription drug market in 2011, according
to a report by pharmaceutical intelligence service
IMS Health, and the value added output of China’s
pharmaceutical industry as whole increased 14.9
percent year on year in 2009, according to
statistics released by the Ministry of Industry and
Information Technology.
China-India trade in pharmaceutical products hit a
bilateral trade volume of US$60 billion in 2010, up
2,000 percent in 10 years. Greater bilateral trade
activity, particularly between API producers in
India and pharmaceutical drug manufacturers in
China, is expected to push the global pharmaceutical
market to US$1.1 trillion by 2014.
To strengthen information sharing between India and
China and produce competitively priced active
pharmaceutical ingredients and pharmaceutical drugs
for the global market, a memorandum of understanding
(MOU) was signed between the Indian Drug
Manufacturers’ Association and the China
Pharmaceutical Industry Association in January 2011.
Remaining challenges in the industry include
15. 14 | P a g e
(i) intellectual property rights
protection,
(ii) visibility for drug approval
procedures,
(iii) effective governmental incentives,
(iv) corporate support for drug research and
(v) equal treatment of local and foreign
firms.
Pharmaceutical distribution market in China
The US$44 billion pharmaceutical distribution market
in China continues to face several key challenges.
In a country with a huge rural population (700-800
million) lacking in key infrastructure and
logistical expertise, it is difficult to ensure that
drugs are delivered to patients in a timely, safe
and cost effective manner. While the government is
taking steps to meet these challenges, a
distribution network composed largely of thousands
of small, local distributors has made it difficult
for regulators to monitor products and manufacturers
to track their goods and ensure reliable delivery to
retailers. However, a combination of government
guidance, market forces and foreign involvement are
16. 15 | P a g e
helping China to slowly improve its pharmaceutical
distribution system.
China’s distribution chain is three tiered. Most
multinationals distribute pharmaceuticals through
national and provincial wholesalers, which then sell
the drugs through hospitals, clinics and pharmacies,
which then sell to patients. Up to 80% of all
Western-style drugs are thought to be distributed
through hospitals and clinics, whilst the remaining
20% are distributed through pharmacies Figure 3:
China Distribution Channels Overview
Historically, the wholesaler network was a state-
owned distribution system that focused on provincial
and local networks, with few links to other regional
markets. However, as China began its transformation
toward a market economy in the 1980s, the demand for
pharmaceutical products increased dramatically, and
the distribution system began to decentralise.
A surge in the number of distributors created a
competitive environment of local operators competing
for smaller shares of the market. Of the over 7,000
distributors in China, 80% are considered small and
17. 16 | P a g e
the top 3 distributors account for only 20% of the
market.
Thus far, many of these small, local distributors
have lacked both the scale to automate and the
logistical expertise of distributors in developed
countries. In addition, this lack of scale has meant
that manufacturers seeking to distribute their
products on a national basis need to bring in
multiple distributors to help their products reach
the retailer. One current challenge is the lack of a
comprehensive product tracking system set up between
the various distributors.
Consequently, product traceability is hard to
guarantee, and when problems arise, product recalls
can be extremely difficult to manage. The complexity
of the supply chain has also left it vulnerable to
the entry of counterfeit products, a substantial
threat to the pharmaceutical industry. The need to
use multiple distributors can also risk interruption
of the cold chain and negatively affect product
quality.
In the meantime, regulatory changes and the need for
scale have led to consolidation in the distribution
18. 17 | P a g e
sector, while international pressure has led to more
government oversight.
On the regulatory front, China’s 2001 accession to
the World Trade Organisation (WTO) prompted some
improvements, and the Chinese government has issued
compliance mandates to meet Good Supply Practices
(GSP) standards in an attempt to rid the industry of
players who engage in questionable practices. The
need for firms to reach critical mass in order to
survive deteriorating profit margins (which are
nonetheless higher than US profit margins) is also
driving the recent wave of consolidation. The
average gross profit of China’s drug distribution
companies is around 8%, while net profits have
declined to about 0.5%.80.
Some pharmaceutical distributors that started to
operate at a loss have chosen to change their
business models and become product agents instead,
generating revenue through commissions and discounts
from manufacturers.
This drive for scale coupled with increased
government regulation have more than halved the
19. 18 | P a g e
number of drug distributors from 16,000 to around
7,000.
Foreign firms are also beginning to have their
effect on China’s pharmaceutical distribution
system. Since 2003, in compliance with WTO
agreements, China has slowly opened its borders to
foreign drug distributors. A year later, the
government further unleashed the limit on the
proportion of capital contribution of the foreign
investors, unless the same investor opens more than
30 retail outlets accumulatively within China,
whereby the proportion of such is capped at 49%.82
Thus far, several have entered the market.
In 2004, the first modern pharmaceutical logistics
center was built by the Beijing Pharmaceutical Group
Co., Ltd., using foreign-bought advanced logistics
equipment and technologies. Following this trend,
similar logistics centers are now being established
in several major cities across China. However, there
are areas in which foreign firms dominate. For
example, in 2007, global giant World Courier
launched a cold chain logistics network in China to
provide pharmaceuticals to 36 major cities with
20. 19 | P a g e
access to temperature controlled and clinical trial
shipments. In building the nascent logistics
industry, the Chinese government has been actively
encouraging local development through financial
support to major distributors.
The preferential drug pricing policies for
innovative drugs, another healthcare reform topic,
will stimulate investment in R&D activities and the
success of these drugs.
With the expansion of China’s economy, one of the
key objectives on the central government’s agenda
is to shape the country from a world factory into a
world R&D base. The new tax regulations providing
tax incentives are set out to encourage research and
development activities in China.
Tighter control on drug distribution profit margins
will accelerate the consolidation of the
pharmaceutical distribution sector and offer
significant opportunities for leading pharmaceutical
distributors or foreign investors.
A move to separate drug prescription and
dispensation will trigger a rise in the number of
retail pharmacies, which will impact the drug
distribution landscape as well. This segregation in
21. 20 | P a g e
prescription and dispensation will also support a
reduction and hopefully the eradication of the
practice of giving kickbacks to healthcare
practitioners in the near future.
BUSINESS MODEL: STAKE HOLDING & INVESTING IN R & D
The business model of the pharmaceutical industry is
changing globally. In the future, it is of strategic
and tactical importance that the industry moves
toward a more collaborative model that encompasses a
network of other healthcare stakeholders such as
regulators, research institutes, academia,
technology providers and outsourcing.
Against this manufacturing organisations are sectors
that are backdrop, contract research organisations
and growing fast in China and double-digit growth is
expected to continue in the coming years.
The Chinese pharmaceutical market is consolidating,
with a high number of deals both by foreign and
domestic players, due to an appetite (albeit reduced
by the current worldwide economic downturn) for
domestic IPOs. The amount of investment from foreign
(pharmaceutical) players continues to grow and is
starting to venture into areas outside of
manufacturing, such as R&D, distribution and retail
22. 21 | P a g e
pharmacies. Even though intellectual property
protection remains a concern for those outsourcing
in China, continuous improvements are being made
that will stimulate foreign investment in R&D
activities in China.
Source : tradecommissioner.com
CHOICE OF BUSINESS ENTITY : WFOE
Wholly foreign-owned enterprise (WFOE)
A WFOE organised as a limited liability company is
generally a desirable investment vehicle for foreign
investors provided the investment regulations do not
require the participation of a Chinese partner. The
limited liability company offers foreign investors
sole control of
23. 22 | P a g e
the business operations and avoids lengthy
negotiations with a Chinese partner, as in the case
of an EJV or CJV.
According to China’s Company Law, the minimum
capital requirement to establish a WFOE is CNY
30,000, although the actual capital requirement
should be commensurate with the proposed business
plan and substantiated by projections(normally, five
years) in the feasibility report contained in the
company formation application. Capital may be
contributed in cash or in-kind. In-kind capital
contributions are subject to valuation in China. At
least 30% of the registered capital should be in
cash and in-kind capital (i.e. industrial property,
machinery, technology) should not exceed 70% of the
registered capital of the enterprise. When capital
is contributed in installments, the first
installment must be not less than 15% of the
registered capital or the minimum capital
requirement, and must be delivered
Within three months from the date the business
license is issued. The deadline for completing the
24. 23 | P a g e
contribution is normally two years from the date the
business license is issued.
The company is required to arrange for capital
verification by a CPA firm in China and apply for an
updated business license after each capital
contribution. A WFOE must establish a board of
directors or a managing director for management
structure. For required to have an independent
supervisor (similar to
non-executive director in western countries).
A detailed management structure must be set out in
the articles of association (including the duties
and limits of authority of the legal representative,
chief accountant, general manager and supervisor).
The articles of association must specify procedures
for termination and liquidation and for amending the
articles.
A WFOE is required to appropriate 10% of its annual
after-tax profits for its statutory general reserve
fund account until the account balance reaches 50%
of the company's registered capital. Hence, the
distributable profits of the WFOE may initially be
25. 24 | P a g e
lower than any other business entity in China, whose
board may decide not to contribute to such a
reserve.
Appendices:
Appendix-I
26. 25 | P a g e
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