The challenges of starting a business in China can be clearly seen from the experiences of two computer companies, one Chinese and one Western. Lenovo is arguably China's most important company, rising from obscurity 20 years ago to become the world's third-largest manufacturer of personal computers. Its purchase, for $1.25 billion in late 2004, of ibm's pc division, which boasted four times its own volume of sales, still ranks as one of the most daring overseas acquisitions bv a Chinese comnanv.
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