Their argument and, until recently, the conventional wisdom was that a restructuring would lead to significant losses for international banks - particularly in Germany and France - and that instability would flow through the entire European banking system.

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Its cash flow margin was nearly 31% in 1997 --ten percentage points higher than international competitors like France's Lafarge and Switzerland's Holderbank Financire Glaris.

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Every major international company is already manufacturing and developing sales and distribution channels in the country, and a steady flow of up-and-coming Chinese companies are entering the market, even the premium and high-technology segments, every year.

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