The London taxi, the traveler’s friend for many decades, is looking to China for salvation in uncertain times
The classic London taxi – it is perhaps the most “nationally” iconic symbol one can think of. All in black, massively oversized, and a bit out of date style-wise - step into one with bags in hand and no similar customer experience compares. Yet even the London taxi, the traveler’s friend for many decades, is looking to China for salvation in uncertain times. John Russell, CEO of the London Taxi manufacturer Manganese Bronze, was recently quoted in the Financial Times (September 21, 2009) as saying: “We can’t stand on our own two feet without China.”
China is a developing country. We tend to forget this when we become mesmorized by their growth statistics, but China is still very much a developing country. Sure, when you are in parts of Shanghai or Beijing you are definitely in the 21st century. But turn a corner unexpectedly and you can find a much different place. China’s first priority to its people is to grow into a developed economy, and it’s not going to get there by bailing-out developed economies that are suffering from bad decisions, poor governance and an excess of greed.
[This article has been reproduced with permission from IMD, a leading business school based in Switzerland. http://www.imd.org]