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It was not until the first wholly foreign-owned company started operating in China that the Chi-nese people began to have a full picture of the management and business practices of internationalcorporations and foreign firms got a chance to understand the Chinese market and its people first-hand. Grace China Ltd., a subsidiary of W. R. Grace & Co., a Maryland-based American chemicalconglomerate, was the first wholly foreign-owned company in China, and settled here in 1986.