A number of surveys have identified some key issues for foreign entrants in China. Which of the following is NOT a correct statement about these key issues? Select one:

a. Chinese tax laws and other regulations governing business practices are complex

b. Market-access rights from equity holdings to taxation levels vary by industry and are changing rapidly

c. Skilled managers, technicians and engineers are difficult to find and hold onto

d. Intellectual property rights (IPR) are not well-protected, legally or via any local business ethics

e. Contracting tends to be based around formal and legal documents rather than relationships and connections (guanxi)