> China has one of the most sophisticated developmental states around. Look
> beneath the formal political hierarchies of the one-party state, and
> there's a flourishing infrastructure of think-tanks, institutions, public
> spaces, village-township enterprises, and municipal authorities of various
> kinds. This is something which every US firm which has ever tried to burn
> China the same way they burned Brazil and the Philippines has discovered,
> to its dismay - every little transaction needs the approval of sixteen
> different authorities, seven different stamps, fourteen signatures etc.
>
> -- DRR
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Cue to Wojtek to do yet another transactions costs rant!
Ian
-- "Rest and relaxation rocket to my brain" [Talking Heads]