Co. C, an electronics producer based in Singapore is looking to expand to China. China has a great reputation for producing high quality electronics but the govt imposes high levels of tax on foreign investors. Co. C has no previous track record in China and the board wants to keep administration costs to a minimum. Which is the best structure? 1. A JV with a local co in China 2. License a local producer based in China 3. Set up a subsidiary co in China 4. Set up branches in China