China’s More-for-Less Formula Faces Its Biggest Test

Many business empires have been built on the idea that a trusted name justifies charging considerably more than it costs to produce. But decades after “Made in China” became synonymous with shoddy workmanship, Chinese companies are starting to challenge the notion that quality must come at a hefty premium. If they can succeed abroad, established rivals may no longer be able to command the higher prices they’ve long taken for granted.