Lots of others produce higher-grade stuff, such as electronics goods or branded sportswear for Western companies.

ECONOMIST: Chinese business

Retailers also need to be ruthless in chucking out products that do not gain from being sold in a physical store: not just things like CDs and DVDs, which can be replaced by digital goods, but bulky stuff like nappies (Amazon has become a big seller of Pampers).

ECONOMIST: Retailers and the internet

He understands supply chain logistics, costs of goods sold and all the stuff that most CEOs need to know.

FORBES: Apple Declines To 'Just Fine'