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Chinese companies are emerging as global competitors that foreign companies have underestimated and dismissed. There are four types of competitive Chinese companies on the global stage: National Champions that are using their domestic leadership to build global brands through innovations; Dedicated Exporters that are driven to enter foreign markets through economies of scale and acquisitions; Competitive Networks that are flexible and responsive to market demands; and Technology Upstarts that are gaining recognition through large R&D investments. If foreign companies do not recognize the growing threat from these hidden dragons, they will lose market share as Chinese companies continue penetrating global markets rapidly.