Globalization Challenge for Large Firms from Developing Countries:: China's Oil and Aerospace Industries

In the epoch of global business revolution, the world's leading firms have undergone a revolutionary transformation. Firms from developing countries are disadvantaged to compete on the global level playing field of international big business. This paper investigates the competitiveness of Chinese large firms on the global level playing field as China joins the World Trade Organization. Based on analysis of firms in two 'strategic' sectors: oil and aerospace, the authors conclude that China's leading firms face critical challenges, even in the sector that has achieved significant successes.