項 兵

|Editorial note|The Belle Corporation is a Chinese domestic shoe maker and seller. It also belongs to an industry that has come to be representative of the ubiquitous “Made in China” label. One of the main reasons the company is favored by global investors is due to its unique business pattern—a pattern that sets manufacturing as its base and is active in exploring industrial chain downstream links and establishing its own individual retail channels. Ever since its ?rst inception in the stock market, Belle has set out to acquire several upstream manufacturing companies, indicating its desire for increasing channel terminals. Using a vertically integrated competition strategy, Belle stands out amongst its rivals as being particularly successful in the non-mainstream manufacturing sector. Consequently, its business practices can be used as a model for other domestic manufacturing companies in their efforts to meet the challenges posed by globalization.