I think finding joint venture partners is difficult.
It's difficult because to be successful,
you need to have, as a foreign company,
shared objectives, shared goals with the partners.
The JV partner needs to bring some access to the market,
especially to the Chinese market.
Probably some access to the local talents, also.
So it's not only market access, it's not only about money and objectives.
It's also about the workforce and the HR, the human resources.
So for me, these are the three, let's say, most important criteria.
And if you look at the objective, it's not always easy to align the objective.
Because a lot of, let's say, American or European companies may have a very strong,
let's say, policy in terms of their profitability objectives.
And being profitable of a relatively short period of time is
quite often an objective.
While some of the potential Chinese partners might,
on the contrary, have a longer time horizon.
And more emphasis on gaining market share, commanding technology,
investing in fixed assets, as opposed to being profitable in the short term.
Simply because if financing is less of a problem for
Chinese companies, obviously profitability is less important.
I think this is changing, this is definitely changing.
But the notion of time and the alignment of time horizons between,
let's say American firms, European firms,
and Chinese firms might not be very easy.