Anant Goenka (@anantgoenka_rpg)

I led a @ficci_india CEO delegation to China and visited companies like BYD, Geely, Midea, Mindray. My 3 top takeaways: 1. China is like a no frills fighting ring. Extremely competitive. Businesses operate at margins (2-3%) global boards would never approve. Only market share matters and there is no concept of ROI. The few who survive are the toughest and the best. 2. R&D and automation are at the highest levels. The scale of automation and R&D investment at these companies is built for a 10-year time horizon, not a quarterly one. They celebrate innovators, have walls of patents and dark factories with unmatched efficiency. 3. The state is a silent shareholder everywhere. Cheap capital, land, power, and policy support at a scale that fundamentally changes unit economics. As long as you service interest (@ only 2-3%), debt doesn’t have to be paid back. This isn’t a level playing field.