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In this issue, we examine the restricted industry sectors and big ticket investments that inevitably go with them. Long approval processes, years of waiting for the regulatory environment to change, the need for a Chinese partner, and restrictions in permitted activities can all be daunting. We examine specific industry environments and take a look at the role of the JV in restricted industry sectors. In our continuing series on China's second- and third-tier cities, we visit Yantai, Wenzhou, Nanning, Hohhot and Lanzhou.