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Purpose -The purpose of this paper is to illustrate the changing nature of competition in China. China received over $60 billion in foreign direct investment in 2003, and its economy is already the world's second largest in PPP terms. Thus, there is a tremendous need for executives to understand the changing business environment in China. Design/methodology/approach -The methodology is primarily theoretical complemented by applied cases of foreign companies and their experiences in the Chinese business environment. Findings -Multinational companies face intense price pressure competition in China. The primary factor is due to the growing competitiveness of local Chinese competitors. Practical implications -China is a complex market combining a transition economy, deflationary economic conditions and local competitors that learn about global products and services in the shortest possible time. Multinational companies are underestimating the speed at which Chinese companies are becoming globally competitive. Originality/value -Existing business and management research on China has tended to focus either on the transitional nature of the Chinese economy, or on the nature of competition among multinational corporations. This paper illustrates the importance of emphasising China's local companies, that are rapidly becoming multinational corporations.

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An interesting development in the entrepreneurial economy is the rise in both number and diversity of roles played by designers. Be it as consultants, contractors, educators, founders or funding decision-makers, design skills seem to be increasingly attractive to entrepreneurial teams, accelerator programs and venture capital. This exploratory study asks whether the practices, cognitive processes and mindsets prevalent in a formal design education help in the formation of entrepreneurial opportunities. Using a visual narrative approach, it compares the processes through which entrepreneurial opportunities were formed by 14 Chilean founders from design and non-design backgrounds, with the purpose of identifying how design thinking contributes to, hinders, or fails to support those processes. Findings suggest that collaborative work styles, thinking by doing and reflective reframing have the greatest positive impacts on opportunity formation, regardless of the disciplinary background of founders. Design thinking does not seem to provide a clear understanding of value creation and resource leveraging. The study finds parallels between design thinking and opportunity formation that can be drawn upon to improve development of entrepreneurial competencies among designers.