If you can't beat 'em: Rather than a threat, China is Japan's greatest hope for growth.

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…astal rim, with 600 million residents, dwarfs the company's home market. "China could be a saving grace for Japan Inc.," says Fred Hu, the managing director for Goldman Sachs in Hong Kong. Times have changed. When Sony transferred Hiroshi Shoda to Beijing a decade ago, half his colleagues offered him condolences over the career move. Not these days. "Our business is growing very fast," Shoda says. "Now everybody is saying, 'You made a good choice.'"