Changing the Chinese competitive landscape: Reform of state‐owned enterprises in China

China today and its industries are in flux economically and socially, moving towards a market that is significantly different from that of the past 50 years. With the rising increase of the West's interest in China's economy, foreign competition from multinational companies has risen and led to a change of China's landscape of customers and markets. In face of these changes, five tenets of faith regarding the Chinese economy were challenged to reveal that the country, in order to survive in the global market place, has undergone the following developments: build‐up of national markets and brands, reliance on price competition, and classification of firms. Although China's struggle for its market presence as well as future growth encompasses many uncertainties for the future, it has become a country highly invested in. The question lies in what it exactly means to be in flux, and what changes need to be made when and how.