The e-commerce business in China has entered a golden period, with transaction volume of online trading reaching 21.86 billion yuan (US$2.64 billion) in 2004. With 94 million Internet users, more than 40 million people conducted transactions on the Internet in 2004, compared with 10.7 million in 2001, and more than 60 percent of people expressed their willingness to try online trading in 2005. Among net citizens, roughly 20 million people have had the experience of playing games online. China's largest e-game operator, Shanda Interactive Entertainment Limited has accumulated a huge amount of wealth in just a couple of years. In May 2004, Shanda was listed on the NASDAQ and generated US$373 million in the online games market; 39.3 percent of this market is from China. Now the company is shifting its business focus from the computer platform to the TV platform-including games, music and literature-through a set-top box to penetrate those 340 million households that already own a television. With 1.3 billion in population, the Chinese market is inviting to both online and offline businesses. In terms of online businesses, what do you foresee as opportunities and threats to multinational corporations, especially in emerging economies?