That explains why Medef, France's employers' federation, has no official position on whether immigrant workers should be encouraged.

ECONOMIST: Bridging Europe’s skills gap | The

The head of France's main business lobby group Medef, Laurence Parisot, condemned Mr Hollande's new announcement on the 75% rate, saying it was an "anti-business signal" and a "do-it-yourself" policy.

BBC: French criticise 'DIY' President Hollande over economy

On January 18th, the general assembly of the French Enterprise Movement, known as Medef, decided by a vote of 96% to withdraw from the joint management with the unions of France's social-security funds.

ECONOMIST: France��s not-so-social partners

France is leading the European clampdown on executive pay, and is planning to introduce legislation after failing to reach an agreement with Medef, the organization representing employers, who had been asked to draw up a set of guidelines.

FORBES: Market Scan

Another reason why French companies in aggregate have not done so well in China, says Wang Jiann-Yuh, director-general of the France-China Committee, part of MEDEF, the French employer's union, is that French businesspeople can be impatient, sometimes arrogant, and overly focused on short-term results.

ECONOMIST: French companies in China