China’s prowess as a global economic power has been severely overrated by the west, according to a leading US-based industrialist, who says that many Chinese companies are over-reliant on copying rivals’ products and have employees who do not work hard enough.
Martin Richenhagen, chairman and chief executive of Atlanta-based Agco, the world’s third-biggest maker of tractors, also says corruption “remains a big burden” in China while the country suffers from opaque laws and having an over-protectionist government that hinders technological progress.
