This article originally appeared on WSJ.com (may require subscription).

Chinese companies have only been operating as private enterprises for about 20 years, so it would be understandable if they didn't make the wisest of moves navigating economic downturns like the one that is now ending. But while they may be novices at dealing with hard times, some have demonstrated an admirable knack for knowing how to take advantage of a slowdown for what it offers: a chance to set in motion a plan for gaining on their competitors when the economy improves.

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