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MNCs face challenges

(Global Times)

08:14, July 05, 2012

China remains a strategically important market for multinationals (MNCs), but they also face a number of challenges including rising labor costs, wage inflation, complexity of regulations and strengthening local competition, global audit firm KPMG said in a report Wednesday.

MNCs see an increasing need to adapt their strategies from "cheap China" to "consuming China", which means firms will be looking to produce less in the country's factories and sell more to its consumers, said Nick Debnam, a partner of KPMG China.

As a result, the MNCs should team up with local partners to expand their markets rather than through acquisitions or organic growth, the report said.

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