China made a fool of the west during the global economic crisis, flaunting high growth while western countries languished – and Beijing is not letting anyone forget that. Foreign businessmen complain of a new triumphalism on the part of Chinese interlocutors, from government officials to customers.
Now China has something new to brag about: Forbes magazine says China has the most billionaires outside the US for the first time. And richest among the mainlanders is Zong Qinghou, chairman of Hangzhou Wahaha group, one of China's most famous drinks companies – and unofficial loser of one of China's most famous legal disputes.
Mr Zong fought for years with Danone, his joint venture partner in China, over the right to exploit the Wahaha trademark. Danone accused Mr Zong of setting up copycat operations outside its joint ventures to sell competing Wahaha products. Mr Zong denied it. But a Swedish arbitration panel found that he breached confidentiality and non-competition agreements, precipitating a settlement between the two sides.