After reading Chapter 3 and the opening case study in Week-by-Week, Week 2 (summary is provided but you SHOULD read the full case study in Chapter 3 titled "China Big Opportunities, Complicated Risks"), recommend a perspective a multinational corporation could use to make sense of the political situation in China, especially during the Covid-19 pandemic outbreak. How would you advise a potential foreign corporation to manage the intricacies (complexities and risks) of Chinas political-legal environment? Remember that a foreign corporation is the one investing, outsourcing or doing businesss with China.

"During its thirty years of communist rule, China prohibited foreign investment and restricted foreign trade. Then, China enacted the Law on Joint Ventures using Chinese and Foreign Investment in 1978. Chinas subsequent transformation has been fueled by a landslide of foreign investments made in response to the countrys market potential, market performance, improved infrastructure, enormous resources, and strategic position. Frustrating this process, however, have been the politics of Chinas elaborate bureaucracy, as well as its ill-defined legal system and pervasive corruption. Historically China has relied upon the rule of man and the belief that legal rights are derived from the power of the individual. Upon joining the WTO, China agreed to continue to reform its business environment and to move toward transparent, rules-based, enforcement-oriented standards. But the business reality is far from the WTO obligations specifically in the continued controversy over the protection of intellectual property. Coming full circle, todays fully-owned Chinese enterprises are themselves becoming global investors, both by acquiring foreign firms and investing in foreign lands".