Abstract
During the first decade of the 21st century, China emerged as an unprecedented driving force accountable for substantive transformations in international economy and business. Both its role and impact on international business have been and will be unique in many ways In a short time span, China became a force to reckon with in the domains of international trade, industrial output, international finance and international business. Business firms in the advanced industrial economies see China as the land of promise and opportunities on the one hand and as a serious rival to compete with on the other.