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An insightful look at the future of China's relations with the West and the United States

For anyone who wants to better understand China and its economic and political relations to the West, On Equal Terms offers front-row insight. Exploring China's state-capitalist economic model and the unique qualities and ideals of Chinese culture that can make difficult for Westerners to understand its approach to business interactions, the book looks to the future, explaining how China and the United States can cooperate to solve some of the world's major problems.

Covering the extraordinary changes taking place in China and China's relationship with America and the West over ten powerful chapters, the book looks at China's state-capitalist model of governance, how history affects her behavior in foreign policy, how China is emerging as an economic world power, that products are not made but assembled in China, that China is not one big market but many markets, and much more.

Provides an inside view on the future of China and America from an expert with personal experience on both sides of the storyExplains the sometimes mysterious worlds of "Guanxi" and "Mianzi"—the notions of giving, saving, and preserving "face" in business and cultural relationships that many Westerners struggle to understandA truly up-to-date resource that gives reader's the most recent information about Chinese-American relations

China and America need to cooperate in order to solve the major problems of the world, and On Equal Terms gives readers the information they need to improve their business and professional relationships in China.


Born in China, raised in Hong Kong and educated in the United States, including an MBA from Wharton, Zheng Mingxun is a businessman and politician with an international career spanning many decades. His early working life was spent with U.S. multinationals on assignments in New York, Singapore, Kuala Lumpur, Bangkok, Manila and Hong Kong. In the 1990s, he chaired Inchcape Pacific Ltd., N.M. Rothschild & Sons (HK) Ltd., as well as the Hong Kong General Chamber of Commerce. Mingxun was active in politics as a Hong Kong legislator and a member of the Preparatory Committee on Hong Kong’s return to Chinese sovereignty and since retiring from politics and corporate life has chaired the Link Real Estate Investment Trust. He is now a board member and advisor to companies in China and Asia as well as being active in the private equity arena.

Zheng Mingxun is the author’s pinyin name in Putonghua. Like many in his generation in Hong Kong, he also has an anglicized name and is commonly known to his friends and associates as Paul Cheng.


Foreword ix

Acknowledgments xi

Introduction: An East-West Journey 1

1 The Hybrid Machine 17

Governance with Chinese characteristics

2 Guns and Roses 31

Expect a roller-coaster ride

3 The Chinese Piggy Bank 45

The global shift in economic relations

4 Not Made in China 61

Why the U.S. trade deficit with China is not what it seems

5 Land of Many Markets 71

"The mountains are high and the emperor is far away"

6 Guanxi and Mianzi 87

Still important despite legal reform

7 Soft Power 97

Winning hearts and minds

8 Climbing the Technology Ladder 115

From "Assembled in China" to "Innovated in China"

9 Winds of Change 133

China's drive for alternative energy is gaining worldwide attention and respect

10 The Dream Team 145

China and America must put politics aside and work together for the benefit of the planet and for future generations

Afterword 159

Appendix A: China's Current Leadership 163

Appendix B: China-U.S. Joint Statement 165

Glossary 179

Notes 185

Index 191