Word: posth
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Dates: during 1980-1989
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...they were expected to pay exorbitant hidden costs to local administrators for office space or to get by with a steady supply of electricity only four days a week. Foreign entrepreneurs also found that even the paper agreements were subject to loose interpretation by inexperienced Chinese partners. Says Martin Posth, a West German who is deputy managing director of Volkswagen's joint venture in Shanghai: "You need the right partner in the right area, and you need to examine the existing infrastructure. But the human factor is the real yardstick for the success of a joint venture. Machinery...