Biotech Values

[DewDiligence]

[Semi-O/T]—Re: Chinese culture

Li Qun, a 27-year-old college student from Bejing, better have good connections.

http://online.wsj.com/article/SB10001424052970203658804576638943198743366.html

Wal-Mart’s woes in a major Chinese city could be a sign of an increasingly tough path for U.S. companies there, China watchers say, as local governments grow more assertive while the central government bolsters domestic rivals.

The world's No. 1 retailer by sales has been caught in a major public-relations bind in the city of Chongqing, where all its 13 stores have been temporarily closed, two employees arrested and 35 detained by local authorities who allege the company fraudulently sold ordinary pork as more-expensive organic pork. It also faces a 3.65 million yuan ($572,000) fine. On Monday, Wal-Mart said its China chief executive resigned for personal reasons.

…In interviews at a Wal-Mart in Beijing, a number of shoppers said they were unfazed by the retailer's tangle with authorities in Chongqing. “The press just focuses more on the scandals of international companies,” said Li Qun, a 27-year-old college student. “We know Chinese companies have the same problems. They just don't get reported.”