China is a country with lots of people and a fast-growing economy. In the mid-2000s, after China joined the World Trade Organisation, this argument was usually sufficient to justify buying shares in any company doing business there. In many sectors the market became crowded. For foreign entrants, the reality of challenging logistics in a vast and heterogeneous country bit into margins. Retail businesses, in particular, found that Chinese streets were not paved with gold.
中國是個人口衆多、經濟飛速發展的國家。在中國加入世貿組織(WTO)之後的2005年前後，這個理由通常足以支持購買任何在中國經營的公司的股票。在許多行業，市場變得很擁擠。在這個幅員遼闊、地區差異巨大的國家裏，具有挑戰性的物流現實降低了外來者的利潤。特別是零售企業發現，中國的街道並非鋪滿黃金。
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