Business: A Jack Welch of Communists

While China is already a world economic powerhouse, it has produced virtually no global companies. Haier, arguably China's most respected business leader, aims to change this. With over US$10 million in debt in the early 1980s, the firm started from humbled beginnings. Today, though, Haier is one of the world's top five producers of household appliances, with 30,000 employees and more than US$12 billion in revenue. Its CEO, Zhang Ruimin, brought about this change by focusing on quality control, emphasizing customer care, and investing heavily in R&D. With a US$40 million dollar factory in South Carolina, Haier is now seeking to build up its presence in the United States. Still, China's "number one" company faces substantial challenges in adjusting to global competition. – YaleGlobal