Report on Lenovo

Introduction to International Business

Roland

This report has been prepared for the management of Lenovo addressing the current
international audit, current strategic plan, innovation, international leadership and human
resource challenges, as well as the current approach to corporate social responsibility.
 Table of Content
1. Audit of Lenovo's Internal and External Environment.......................................................................4
1.1 PESTLE.........................................................................................................................................4
1.1.1 Political.................................................................................................................................4
1.1.2 Economical............................................................................................................................4
1.1.3 Social.....................................................................................................................................4
1.1.4 Technological........................................................................................................................5
1.1.5 Legal......................................................................................................................................5
1.1.6 Environmental......................................................................................................................5
1.2 Porters 5 Forces...........................................................................................................................5
1.2.1 Threat of new entry..............................................................................................................6
1.2.2 Bargaining power of buyers..................................................................................................6
1.2.3 Threat of substitute product/services...................................................................................6
1.2.4 Bargaining power of suppliers..............................................................................................7
1.2.5 The extent of rivalry between competitors..........................................................................7
1.3 SWOT Analysis.............................................................................................................................7
2. Lenovo's Strategy..............................................................................................................................9
2.1 Current Strategic Orientation......................................................................................................9
2.2 Recommendation for Future Strategy.........................................................................................9
2.3 How to measure the success of recommended strategy...........................................................10
3. Recommendations in Innovation, Production and Global Brand Management...............................11
3.1 Current Innovation, production and global brand management...............................................11
3.2 Recommendations for innovation, production, and global brand management.......................12
4. Lenovo's international leadership and human resource challenges................................................13
5. Corporate Social Responsibility (CSR)..............................................................................................14
6. List of References............................................................................................................................16

2
1. Audit of Lenovo's Internal and External Environment

1.1 PESTLE
According to Rugman & Collinson (2012), PESTLE framework is used for analysing the
external environment that an organisation is operating in. By understanding the environment
that Lenovo works in, strategy can be introduced for successfully managing the opportunities,
challenges and risks (Mullins, 2010). Below are the finding on Lenovo.

1.1.1 Political
Lenovo is a Chinese based company, which was founded in 1984 and has grown to be
China's leading PC company (Lenovo, 2014a). Being a Chinese company, Lenovo has great
access to the world's second biggest consumer market (The Economist, 2014a). In addition,
they have access to the low labour costs in China and therefore have an advantage over
competitors that are situated outside of the country (Baldwin, 2014). Since China has been
part of World Trade Organization since 2001, it has made it easier for Lenovo to export their
products to the rest of the world (WTO, 2014). Nevertheless, being Chinese organisation, it
has been difficult to deal with acquisitions in markets such as the USA (McLaughlin, Salant,
Lee, 2014).

1.1.2 Economical
Lenovo has just completed acquisition over IBMx86 and Motorola Mobility from Google. In
the first quarter of 2014/15, Lenovo delivered high growth, recorded record high 19.4%
market share, pre-tax income of US$214 million. Chinas sales account a total of 36% of
Lenovo's revenues. The Americas saw a record high 12.5% of market share (Lenovo, 2014d).

1.1.3 Social
Lenovo is committed in protecting human rights. They believe any form of human trafficking
and slavery are unacceptable, hence they have taken steps to ensure such inappropriate labour
practices are not present in their supply chain. Fair treatment, diversity, harassment-free
workplace, all are part of Lenovo's Code of Conduct. In addition, Lenovo actively contribute
to the betterment of quality of life and social development in the communities they do
business in (Lenovo, 2014e). On the other hand, China has a history of human rights abuse
(HRW, 2014).

3
1.1.4 Technological
Lenovo is known for being one of the leading PC companies. The recent launch of Yoga
laptop series, which has the flexibility of 360 degrees, has been a big success (Kidman,
2014). Recent acquisition of Motorola and IBM has given Lenovo access to many patents and
distribution networks (Holstein, 2014).

Nevertheless, they have also had to recently recall 544k laptop power cord over fire and burn
hazards. This as a result has caused questioning of the quality of their products (Protalinski,
2014).

1.1.5 Legal
Manufactories, such as 'Huawei' and 'ZTE' have been accused that their hardware might be
used for spying on government and other institutions. China had angrily denied these
accusations, but the damage was done and lead Canada banning the hardware. This as a result
might have a big impact on Lenovo sales (Wheatley, 2013)

According to Schwartz (2013) U.S., U.K., Canada, Australia and New Zealand went as far as
banning multiple government agencies to use any equipment by Lenovo.

1.1.6 Environmental
In 2009 Greenpeace criticised companies such as HP, Dell and Lenovo for not cutting down
on toxic components, while on the other hand praised Apple, Nokia and Acer. This was
because Lenovo had promised to cut down on specific components, but decided to push back
introducing greener products (Johnson, 2009).

1.2 Porters 5 Forces

Porters Five Forces helps us understand the competition in the industry and therefore show
the attractiveness of the industry. This tool also give beneficial information on developing the
correct strategy in order to compete with competitors (Rugman and Collinson, 2012).

4
1.2.1 Threat of new entry

Threat of new entry is low. The capital requirement for building a computer is not high and
can be learned. The barrier of entry exists because of not having access to economies of scale
and distribution channels (Cui, 2009). In addition the sales of PC's are falling, making the
industry unattractive (Rogowsky, 2013).

1.2.2 Bargaining power of buyers

Bargaining power of buyers can be considered strong because most computers have similar
functions and therefore is very sensitive to price. In addition, there is low to no switching cost
and high competition between competitors trying sell the same product (Cui, 2009).

1.2.3 Threat of substitute product/services

PC industry itself has a high threat due to the growth of tablets and smartphones industry
(Columbus, 2013) , but because Lenovo portfolio also includes substitute product such as
tablets and smartphones, we can consider the threat low (Russell, 2014).

5
1.2.4 Bargaining power of suppliers
Suppliers in the computer industry are categorised mainly into three groups: hardware,
software and service suppliers. These suppliers have direct competition between each other
by trying to win over a customer. Nevertheless, there are only two significant suppliers that
produce an important part of the PC, known as the CPU, giving high supplier power to Intel
and AMD. PC makers have to cooperate with CPU makers and move the price accordingly
(Cui, 2009). We can conclude the bargaining power of suppliers to be moderate to high.

1.2.5 The extent of rivalry between competitors.

There is a high rivalry between the top manufacturers in the PC industry. Current main
competitors are HP, Dell, Acer Group and Apple based on the market share (Frank, 2014).

1.3 SWOT Analysis

This report will use SWOT analysis in order to highlight the strengths, weaknesses,
opportunities and threats found from PESTEL and the five forces. It will also contribute
further analysis about Lenovo's current position (Mullins, 2010).

STRENGHTS WEAKNESSES OPPORTUNITIES THREATS

Having diverse Operates in a highly Recent acquisitions Political issues that
executives help competitive market. will strengthen may arise between
Lenovo deal better Lenovo's position on China and rest of the
with different the market and world (for example
Cultural and Ethical possibly improve the ban for
problems. their products. The governments to use
Motorola smarphone Lenovo hardware,
could specifically be due to fear of
used for developed spyware).
countries.

6
Diverse portfolio Is not as By 2017, it is Apple has started to
(smartphones, environmentally estimated that 87% treat Lenovo as its
tablets, desktop friendly as of worldwide smart main competitor and
computers, laptops, competition. connected devices might take some
and servers) will be tablets and crucial steps (threat
(Lenovo, 2014f). smartphones from direct
(Culumbus, 2013). competition).
30 000 employees in Lenovo is a Chinese Fastest growing PC sales are expected
60+ countries and multinational company in the to fall due to
selling products in company, and industry. improvement of
more than 160 therefore is affected tablets and
countries. by the changes made smartphones.
by the communist
government.
Strong strategy in the Awareness and Lenovo has a patent Recent acquisitions
emerging markets access to Lenovo of their own version may cause more
and rural areas smartphones in of Google Glass cultural challenges
(Holstein, 2014). developed countries (Biggs, 2014). similar to when they
is low. first acquired
personal computers
division from IBM.
Team that has Lenovo doesn't have
innovation as a their own stores
primary goal. outside of China and
use distributors
instead (Bloomberg,
2013).
Good economical Cultural challenges
position

7
2. Lenovo's Strategy

2.1 Current Strategic Orientation

Current Lenovo's ultimate goal is to compete for the world's number one spot in smart
connecting devices. At the moment, Lenovo is ranked third after 'Apple' and 'Samsung'
(Holstein, 2014). Nevertheless, they are the market leader in personal computers, owning
20% of the market share worldwide (Lee, 2014).

Lenovo's current strategy is to 'Protect and Attack'. Lenovo's CEO Yang explains it as the
following: "Lenovo seeks to protect its core business—the China and enterprise (large-scale
commercial and public-sector) markets, which generated about 70% of its $21 billion in
revenue last year. On the attack side, he's pumping Lenovo's profits—$273 million in 2010—
into emerging markets, new product categories (tablets, smartphones, smart TVs), and, of
course, the U.S."( Salter, 2011)

Lenovo's emphasis is on innovation and efficiency, making them faster than their competition
(The Economist, 2014b).

2.2 Recommendation for Future Strategy

Audit on Lenovo showed weakness in brand awareness and access to their smartphones in
developed countries, such as the USA. Reason for not offering smartphones in the USA and
Europe has been due to high patent licensing fees (25%) as well as market being highly
saturated. With the recent acquisition of Motorola, Lenovo has access to their patents, and
therefore selling handsets in America will be more affordable at the cost of 10% handset
revenues (Economist, 2014). In addition, research shows that sales in desktop PC are
expected to drop by 8.7%, hence main concentration needs to be on tablets and smartphones
as they are expected to grow by 78.9% and 71.1% respectively (Columbus, 2013).

Using Ansoff's matrix, we can provide a direction for corporate strategy (Johnson,
Whittington, Scholes, 2011). Currently Lenovo has been doing very well in existing markets
as well as introducing new products and services in emerging markets. Therefore the

8
recommendation is to develop the market further. Lenovo tablets and laptops are selling very
well in developed countries and therefore people are becoming more aware of their products.
It would be good time to introduce Lenovo's smartphones in the coming years in developed
countries. Best way to do so is by setting up 'Flagship stores' in big cities. For example, a
starting point could be London, then followed by one in central Europe and moving further to
USA if successful. Selling smartphones, tablets and smart TV's require more storefront to
show the products (Bloomber, 2013). In addition, a shop equipped with only Lenovo's
products will draw a lot more attention and therefore a good marketing tool. Apple and
Samsung can be used as good examples. Having own stores would also mean that their profit
margins would increase as Lenovo would not have to rely heavily on distributors (Plazibat
and Brajevic). With the access to Motorola's patents, Lenovo can now work on a new
smartphone model that would be the likes of Samsung and Apple. Opening a flagship store
with a new phone range could strongly increase brand awareness.

2.3 How to measure the success of recommended strategy

The recommendation suggest to only start with one store at the time since it is risky and
requires large investments. Once the first store is opened, the success could be measured by
the number of sales. For example, if the first store was to open in London, the market share of
smart connecting devices could be compared before the launch of the store and after. If the
market share has increased, it means the strategy is successful and it could be introduced to
the next country (Pettinger, 2012).

9
3. Recommendations in Innovation, Production and Global
Brand Management.

3.1 Current Innovation, production and global brand management.

Lenovo is leading by innovation and has a slogan that states 'For Those Who DO'. They build
all their products with that in mind and therefore only use the latest technology. Having
bought Motorola has given Lenovo access to further 2000 engineers and technical experts,
who have been industry leaders and responsible for thousands of patents. Lenovo aims to
make the products that customers need, whether infrastructure or smart connected (Lenovo,
2014a).

Lenovo has a vertically integrated end-to-end business model, which helps keeping
production costs down and increases efficiency, giving a competitive advantage. While
Lenovo is expanding, they are investing in local domestic manufacturing, research and
design, and other high value functions. This makes them be a "global company" and helps
implement their strategy of 'protect and attack' as mentioned earlier in 2.1 (Lenovo, 2014a).

Lenovo has research centres is Yokohama, Japan; Beijing, Shanghai, Wuhan and Shenzhen,
China; and Morrisville, North Carolina, U.S. in total of 46 labs. Employing over 5000
engineers, scientists and researchers. Manufacturing is done in 7 different location (4 in
China, one in the USA, one in Mexico and one is India). Therefore we can conclude that most
of their goods are produced in low cost regions (Lenovo, 2014a).

Lenovo is a global company with dual headquarters (North Carolina and Beijing) and their
executives represent 14 nationalities (Salter, 2011). Lenovo is managing their global brand by
dividing business into four groups: PC's, mobile, enterprise and cloud computing (Holstein,
2014).

10
3.2 Recommendations for innovation, production, and global brand
management.

According to the findings in the audit, the only smartphones that are free of hazardous
polyvinyl chloride (PVC) plastic or brominated flame retardants (BFRs) are from Apple,
BlackBerry, Nokia (known as Microsoft now), and Sony Ericsson. In addition, it mentioned
that Apple was the only company that has cut PVCs and BFRs out of their entire
laptop/tablet/television product lines (Clancy, 2014).

If Lenovo wants to become the number one, they need to lead by example and produce the
'greenest' product yet sold by competitors. This would give them a good global brand image
and give newspapers a lot to write about (good marketing as well as doing good for the
world).

According to John Vidal (2013) millions of tons of old electronic goods (known as e-waste)
get thrown away and then illegally dumped in poor nations. The volume of electronic waste is
expected to grow by 33% in the next 4 years. It is a serious problem since most electronics
carry toxic materials. Once they are at landfills, they go into the environment and
contaminate the land, air and water.
Currently Lenovo offers a product recycling program, but it is not very well known. To
improve it, Lenovo could introduce the following program: returning old Lenovo products for
a voucher for the next purchase. According to Mark P. Sharfman, lowering environmental
risk will give the benefit of raising more capital more cheaply. As a result, cost of capital
goes down, which is a great benefit (Meglio, 2008).

11
4. Lenovo's international leadership and human resource
challenges

When Lenovo acquired IBM personal computers division in 2005, then either of the sides
didn't understood each other, because of cultural differences. For example in Chinese culture
it is considered rude to say no, and therefore often yes was said to things that was not meant
to. On the other side, the U.S. group expected their reports to be challenged, but in Chinese
cultures, you have to respect the leader and not question. It took Lenovo 5 years to resolve
these issues and now is a striving global company (Holstein, 2014).

Because Lenovo has employees in over 60 countries, it is extremely important that the human
resource (HR) department makes sure all employees are trained and know the existing
cultural and ethical differences in their working environment.

In order to improve international leadership and human resources, Lenovo could improve
their existing graduate scheme and offer it in countries they already have offices. This allows
talented students get recruited at an early age, increase innovation and help Lenovo face
diversity and cultural issues.

12
5. Corporate Social Responsibility (CSR)

Corporate social responsibility can be considered as the role that a business takes in the
society, while considering the ethics, behaviour and actions of people in relations to
organisations strategy (Johnson, Whittington, Scholes, 2011).

Organisations can be placed into different stances (see table below).

Source: Johnson, Whittington, Scholes, 2011, p135.

Currently Lenovo can be placed into the stance of 'Enlightened self-interest (list of Lenovo's
current CSR activities are listed on page 12). They do more than legally required, but they are
not leading the industry. They are still using hazardous materials unlike Apple.

Lenovo should start producing products without hazardous materials as recommended in

section 3.2. In addition, with increased profits, Lenovo should start a local cause and help the
poor communities. Lenovo already operates in India, hence they could open few local schools
there or start a cause in order to fight a local problem. This would increase brand awareness
as well as loyalty from customers.

13
Lenovo could then be considered as 'Forum for stakeholder interaction'. Being socially
responsible has been justified by 'triple bottom line'- social and environment benefits with
increased profits. In addition, being socially responsible helps gaining competitive advantage
(Johnson, Whittington, Scholes, 2011).

Area of Commitment Promise/Award/Milestone

Corporate Sustainability Index
Corporate sustainability
United Nations Global Compact
The Oekom Corporate Rating
United Nations Global Compact 100
CDP 2013 Carbon Disclosure
Global Supply Chain
Employee Welfare
Environment
Lenovo has been selected three times in a
row as the "constituent rock of the Hang
Seng Corporate Sustainability Index". (Asia
Today, 2013)
Moved to rank AA in 2012 from existing A+
rating (Asia Today, 2013).
Signatory member and committing to align
operations and strategies with the 10
universally accepted principles (Asia Today,
2013).
Rated as prime (Asia Today, 2013).
Lenovo was selected to be part in this new
stock index that combines corporate
sustainability (Lenovo, 2014b).
Lenovo Scored 94 and therefore placed in
band A (Lenovo, 2014b).
Lenovo is part of the EICC since June 2006
(Lenovo, 2014b).
In 2007, Lenovo obtained OHSAS 18001
certification (Lenovo, 2014b).
Lenovo takes part of the ISO 14001 certified
global environment management system
(Lenovo, 2014c).

14
 6. List of References

Asia Today. (2013) Lenovo rated 'prime' in CSR. [Online] Available from:
http://asiatoday.com/pressrelease/lenovo-rated-%E2%80%98prime%E2%80%99-csr
(Accessed on 15.12.2014)

Baldwin, M., D. (2014) Addressing the Challenge of China's Labour Cost Advantages.
[Online] Available from: http://www.strategyletter.com/CD0705/featured_article.php
(Accessed on 02.12.2014)

Biggs, J. (2014) Lenovo Just Patented Their Own Version of Google Glass. Techcrunch.
[Online] Available from: http://techcrunch.com/2014/06/24/lenovo-just-patented-their-own-
version-of-google-glass/ (Accessed on 13.12.2014)

Bloomberg (2013) Lenovo Plans to Open About 7 More Flagship Stores Across China.
[Online] Available from: http://www.bloomberg.com/news/2013-08-07/lenovo-plans-to-
open-about-7-more-flagship-stores-across-china.html (Accessed on 10.12.2014)

Clancy, H. (2014) Greenpeace Updates Guidance on Green Electronics. Forbes. [Online]

Available from: http://www.forbes.com/sites/heatherclancy/2014/09/27/greenpeace-updates-
guidance-on-green-electronics/ (Accessed on 16.12.2014)

Columbus, L. (2013) IDC: 87% Of Connected Devices Sales By 2017 Will Be Tablets
And Smartphones. Forbes. [Online] Available from:
http://www.forbes.com/sites/louiscolumbus/2013/09/12/idc-87-of-connected-devices-by-
2017-will-be-tablets-and-smartphones/ (Accessed on 10.12.2014)

Cui, X. (2009) In-Depth Analysis of PC Industry in China. International Journal of Business

and Management. [Online] 4(11). p150-157. Available from:
http://www.ccsenet.org/journal/index.php/ijbm/article/download/4230/3667 (Accessed on
10.12.2014)

Frank, B., H. (2014) Surprise! Apple now one of the world's top 5PC makers. Geek Wire.
[Online] Available from: http://www.geekwire.com/2014/apple-now-one-top-5-pc-
manufacturers/ (Accessed on 18.12.2014)

15
Holstein, W., J. (2014) Lenovo Goes Global. Strategy + Business. [Online] Available from:
http://www.strategy-business.com/article/00274?pg=all (Accessed on 15.12.2014)

HRW (2014) China. [Online] Available from:

http://www.lenovo.com/social_responsibility/us/en/social_responsibility_resources.html
(Accessed on 10.12.2014)

Johnson, B. (2009) PC Makers are failing the environment, says Greenpeace. The Guardian.
[Online] Available from: http://www.theguardian.com/technology/2009/apr/01/greenpeace-
criticises-hp-dell-and-lenovo-over-environment (Accessed on 05.12.2014)

Johnson, G., Whittington, R., Scholes, K. (2011) Exploring Strategy. Ninth Edition. Harlow:
Pearson Education Ltd.

Kidman, A. (2014) Lenovo Yoga Pro 3 laptop review. ABC. [Online] Available from:
http://www.abc.net.au/technology/articles/2014/11/26/4136229.htm (Accessed on
07.12.2014)

Lee, C. (2014) Lenovo's global PC market share hits 20%. ZDNet. [Online] Available from:
http://www.zdnet.com/article/lenovos-global-pc-market-share-hits-20/ (Accessed on
10.12.2014)

Lenovo (2014a) Our Company. [Online] Available from:

http://www.lenovo.com/lenovo/uk/en/our-company.shtml (Accessed on 13.12.2014)

Lenovo (2014b) Social Responsibility. [Online] Available from:

http://www.lenovo.com/social_responsibility/us/en/#environmental (Accessed on
13.12.2014)

Lenovo (2014c) Think Green. [Online] Available from:

http://www.lenovo.com/social_responsibility/us/en/environment.html (Accessed on
13.12.2014)

Lenovo (2014d) Results & Presentation. [Online] Available from:

http://www.lenovo.com/ww/lenovo/results.html (Accessed on 05.12.2014)

Lenovo (2014e) Social Responsibility Resources. [Online] Available from:

http://www.lenovo.com/social_responsibility/us/en/social_responsibility_resources.html
(Accessed on 02.12.2014)

16
Lenovo (2014f) Global Product Leadership. [Online] Available from:
http://www.lenovo.com/government/us/en/federal/products/product-overview.html (Accessed
on 18.12.2014)

McLaughlin, D., Salant, J., D., Lee, P., G., (2014) Lenovo Said to Turn to U.S. Security
Experts to Aid Deals. Bloomberg. [Online] Available from:
http://www.bloomberg.com/news/2014-02-03/lenovo-said-to-turn-to-u-s-security-experts-to-
aid-deals.html (Accessed on 03.12.2014)

Meglio, F., D. (2008) More Benefits For Green Companies. Bloomberg Business Week.
[Online] Available from: http://www.businessweek.com/stories/2008-08-17/more-benefits-
for-green-companiesbusinessweek-business-news-stock-market-and-financial-advice
(Accessed on 13.12.2014)

Mullins, L., J. (2010) Management & Organisational Behaviour. Ninth Edition. Harlow:
Pearson Education Limited.

Pettinger, R. (2012) Management a concise introduction. Haundmills: Palgrave Macmillan.

Plazibat, I. and Brajevic, S. Flagship Stores as a Method of Entering International Markets.

[Online] Available from:
http://www.efos.unios.hr/repec/osi/bulimm/PDF/BusinessLogisticsinModernManagement11/
blimm1119.pdf (Accessed on 13.12.2014)

Protalinski, E. (2014) Lenovo recalls 544k laptop power cords over fire and burn hazard.
Venture beat. [Online] Available from: http://venturebeat.com/2014/12/09/lenovo-recalls-
544k-laptop-power-cords-over-fire-and-burn-hazards/ (Accessed on 06.12.2014)

Rogowsky, M. (2013) The Death of the PC Has Not Been Exaggerated. Forbes. [Online]
Available from: http://www.forbes.com/sites/markrogowsky/2013/04/11/the-death-of-the-pc-
has-not-been-exaggerated/ (Accessed on 12.12.2014)

Russell, J. (2014) Lenovo Will Launch Its Own Xiaomi Clone To Boost Its Smartphone
Brand In China. TechCrunch. [Online] Available from:
http://techcrunch.com/2014/10/16/lenovo-will-launch-its-own-xiaomi-clone-to-boost-its-
smartphone-brand-in-china/ (Accessed on 10.12.2014)

17
Salter, C. (2011) Protect and Attack: Lenovo's New Strategy. Fast Company. [Online]
Available from: http://www.fastcompany.com/1793529/protect-and-attack-lenovos-new-
strategy (Accessed on 01.12.2014)

Schwartz, M., J. (2013) Intelligence Agencies Banned Lenovo PCs After Chinese
Acquisitions. Dark Reading. [Online] Available from: http://www.darkreading.com/risk-
management/intelligence-agencies-banned-lenovo-pcs-after-chinese-acquisition/d/d-
id/1110950? (Accessed on 10.12.2014)

The Economist (2014a) The World's Second Biggest Consumer. [Online] Available from:
http://www.economist.com/blogs/analects/2014/02/chinas-economy (Accessed on
01.12.2014)

The Economist (2014b) The rise of the frugal innovator. [Online] Available from:
http://www.economist.com/news/business/21602685-having-conquered-global-market-
personal-computers-chinas-lenovo-setting-its-sights (Accessed on 10.12.2014)

Vidal, J. (2013) Toxic E-waste dumped in poor nations, says United Nations. The Guardian.
[Online] Available from: http://www.theguardian.com/global-
development/2013/dec/14/toxic-ewaste-illegal-dumping-developing-countries (Accessed on
16.12.2014)

Wheatley, S. (2013) US Slaps China With Cyber-Security Law; Huawei, ZTE & Lenovo Will
All Suffer. Silicon Angle. [Online] Available from:
http://siliconangle.com/blog/2013/03/28/us-slaps-china-with-cyber-security-law-huawei-zte-
lenovo-will-all-suffer/? (Accessed on 10.12.2014)

WTO (2014) China and the WTO. [Online] Available from:

http://www.wto.org/english/thewto_e/countries_e/china_e.htm (Accessed on 02.12.2014)

18