In THE SUMMER OF 2010, JEFF Immelt, then the CEO of General Electric, sat on one of the private planes at his disposal, headed to a conference of Italian business executives in Rome. He had just come from meetings in Shanghai and Beijing, and was in a sour mood. GE had spent years-and invested millions -in China, believing, like so many other Fortune 500 companies did, that it was the future: the largest and thus most important market in the world. The year before GE's sales there had been $5.3 billion.
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