Haier - The Chinese Global Competitor |
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Introduction Contd...Haier made its first major foray into the global markets by establishing a refrigerator manufacturing facility at Camden, US, in 1999.
Background NoteIn 1949, China embraced socialism. The state exercised absolute control over the economy; it owned the large industries, controlled supply, and set prices. Businesses and industrial houses were taken over by the state and managed by state-appointed officials. All industrial activity came under the purview of the government with state-owned enterprises (SoEs) taking center stage in the new centrally planned and controlled economy. The focus of the SoEs was on producing large quantities without much regard for customer preferences.
8] Yibing Wu, "China's Refrigerator Magnate," McKinsey Quarterly, Issue 03, 2003.
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