research proposal how can paypal grow in china

7/30/2019 Research Proposal How Can Paypal Grow in China

1/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

#080,7.094/8147,3,078

880882039#080,7.!74548,

,.947831:03.390,/459434143305,203933,

4!,!,.,3,..007,9090,/459434143305,203933,

!705,70/147

884.,90!74108847070/900

&$#080,7.094/8147,3,078

&3;07894190$:38304,89

:947

:4,4-3

,


2/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

0.:9;0$:22,7

39,3/02990/0;04520394190042207.0903,43305,20392,709,83.70,80/890,/3,43305,20392,7090892,909470,.#-43

3,3.425,308,;0800398:0455479:390,8!,!,90,;0

039070/39030802,709!,!,8,343305,2039.425,3.,8-0.420

,4-,0,/073982,709 3,3305,20398.:77039,998-033389,0

94:90,703:2-07413907309:807833,-:99070,7089;0710,/459078

4143305,2039,3,/459078477,-4:9 90 80.:79 88:08,3/842050450,70

0;03 :3,,70 41 98 , 94 5, -8 84!,!, 1,.0 , 574-02 41 ,..007,93 90

,/45943 41 4330 5,2039 %8 7080,7. 14.:8 43 90 1,.9478 31:03.3 90

,/45934143305,203933,

!,!,8,.425,314:3/0/398430/-0,425,3!,!,8,1,24:8

43305,2039.425,3.03,-0890504509,302,,//70889424;02430

-09003 3/;/:, ,3/ -:83088 8,10 ,3/ 6:. !,!,8 807;.0 :808 90 -,3

,..4:398/0-9,3/.70/9.,7/8,890-,808!,!,,830,7243,..4:398,3/8

,;,,-0 94 :8078 3 2,7098 ,74:3/ 90 47/ !,!, 03 90 !,!,

039070/ 3 90 3, 90 3, 2,709 ,8 349 944 2:. .438:2078 94 :80 4330

5,203988902

3987080,7.08.759;07080,7.-0:80/.894/08.7-0.,7,.90789.81,

545:,943 47 503420343 9 41903 058 802039 ,3/ 9,709 2,7098 8:7;0 8

.43/:.90/,3/.43/:.9/08.759;089:/347/07944-9,3,/00507:3/0789,3/3

419043305,2039300/94/08.7-0901,.947831:03.390,/45943414330

5,203933,


3/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

%,-0414390398

0.:9;0$:22,7

%,-0414390398

8941:708

8941%,-08

3974/:.943

,.74:3/9490#080,7.!74-02

!74-02013943

,3,02039!74-02 #080,7.!74-02

#080,7.-0.9;08

907,9:70#0;0

330!,20394;07;0

.42207.0

330!,2039

#8

438:207,999:/094,7/843305,2039

11:84341334;,94389047

#080,7.083,3/094/44

#080,7.083

#080,7.094/44

,9,40.943094/8

!72,7,9,

$0.43/,7,9,

$:7;03897:2039":089433,70

$,253

,9,3,88

//943,88:08

%20$.0/:0

:/09

29,943

8941#010703.08

5503/$,250":089433,70

8941:708

:70!,2039459438147330$4553

:70,473080330!,2039507,9478

:70#40784/041334;,943/45943

8941%,-08

%,-0%208.0/:0

%,-0:/09


4/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

3974/:.943

!,!,8,.425,314:3/0/398430/-0,425,3!,!,8,1,24:843305,2039.425,3.03,-0890504509,302,,//70889424;02430

-09003 3/;/:, ,3/ -:83088 8,10 ,3/ 6:. !,!,8 807;.0 :808 90 -,3

,..4:398/0-9,3/.70/9.,7/8,890-,808!,!,,830,7243,..4:398,3/8

,;,,-0 94 :8078 3 2,7098 ,74:3/ 90 47/ !,!, 03 90 !,!,

039070/ 3 90 3, 90 3, 2,709 ,8 349 944 2:. .438:2078 94 :80 4330

5,203988902

$4 90 5:75480 41 98 7080,7. 574548, 8 94 574;/0 , 7080,7. 17,2047 147

0;,:,93 1,.9478 31:03.3 90 ,/45943 41 4330 5,2039 3 3, %0 7080,7.

574548,,8-003/;/0/39490144380.9438

,.74:3/9490#080,7.!74-025708039890.7.:289,3.089,9,;00,/9490220/,90574-02

!74-02 013943 4:933 90 2,3,02039 574-02 7080,7. 574-02 ,3/7080,7.4-0.9;08

907,9:70#0;0,3,357,.994307,3/,.,/02.907,9:7070,90/94905,7039,3/220/,90/8.530841907080,7.

#080,7. 083 ,3/ 094/44 93 90 300/0/ 7080,7. /083 ,3/2094/44

//943,88:08/08.7-39208.0/:08.4898,3/29,9438419089:/,.74:3/9490#080,7.!74-02

3,8 31472,943 90.344 ,8 :0 /0;0452039 3.:/3 3907309 ,..088 ,3/

507843,.425:9078,0883.094:90507.039,04130801,2433,

507843, .425:907 8 4 %7,550 %7,550 4907 1,208 4:/ 43 ,

.425:907 - 33, ,8 -0.420 90 1789 ,7089 39073092,709 3 90

47/ 982,709,8 430/2438 3907309 :8078 43 09, 39080


5/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

0,78014:3/0.,35:7.,800;07934;07390730933,:3/70/841-438

41/4,78344/8,3/807;.08-00307,90/17423907309 97,/33943

3305,20398,84247025479,39324/07384.09

3305,2039 8,3/415,2039;,3907309-,80/43/0-9,3/.70/9.,7/88902

9550 39,3/029 90 /0;0452039 41 90 042207.0 90 3,4330

5,20392,709,83.70,80/890,/94:905741.03.41:8343305,2039

8890286:90 4,3/43305,2039889 39831,3.0803:094

,/;,39,08 41 -03 .43;03039 ,3/ 011.039 3080 4330 5,2039 2,709 ,70

.431/039 9,9 00.9743. 5,2039 2094/8 -030198 ,70 -09907 9,3 4907 97,/943,

5,20392094/83 90 1:9:70,3/90701470 :43,43305,20392,709 0892,90 94 70,. # -43 3 3, 330 4-0 !,2039

,709#0547930307,1043305,2039,8,:02,709

:70!,2039459438147330$4553

,3.425,308,;0800398:0455479:390,8!,!,90,;0039070/

39030802,709!,!,8,343305,2039.425,3.,8-0.420,4-,

0,/073982,7093,,84,849072,343305,20394507,9478!,!,1,.0/

:0.42509943 %0.434289 !,!,3, 8:55 0,8,3/ 1,89 5,2039

807;.0 ,3/ 2,08 4330 5,20398 097020 8,10 %0 ,9,8 39032,33 ;.0

5708/03941 !,!,39073,943, 8,/!,!,3,,8 ,3 097020 011.0394330

5,203930947 9,92574;0905,2039050703.0,3/ 3.70,8090;04.941


6/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

0.42207.033,,8,5430074143305,203980,70574:/94-734:74-,

5,203980507980,3/4.,-:83088340/0943,!,!,

:70,473080330!,2039507,9478

3,3305,20398.:77039,9 98-033389,094:90,703:2-0741

3907309:8078 3 3, -:9 9070,70 89 ;07 10 ,/45907841 43305,2039,3

,/459078477,-4:99080.:7988:08,3/842050450,700;03:3,,704198,94

5,-884!,!,1,.0,574-0241,..007,9390,/459434143305,2039%8

7080,7. 14.:843 901,.9478 31:03.3 90,/4593414330 5,2039 33,

%00.434289

!74-02013943,3,02039!74-02


7/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

;0390-,.74:3/5708039390570;4:880.9439014432,3,02039

574-02,8-003/03910/

4.,3!,!,,..007,9090,/459434143305,203933,

#080,7.!74-02

%02,3,02039574-02,80,/9490/0391.,943419014437080,7.

574-02

,9,70901,.947831:03.3,/459434143305,203933,

#080,7.-0.9;08

%014434-0.9;08070/07;0//70.91742907080,7.574-02 %4/08.7-0900307,5741041:80789,/459343305,2039 %4/0391,3/0,2301,.947831:03.3,/459434143305,2039 %4,8889!,!,9413/4:990,894,..007,9090,/459434143305,2039 %413/190708,3,884.,943-09003/0247,5.81,.9478,3/4,/4594341

43305,2039

907,9:70#0;0

%070,703:2-07841907,9:70,//70883901,.947831:03.390,/45943414330

5,2039 33, %8 907,9:70 70;0,70 /;/0/ 394 9700 5,798 90 1789 5,79 8

4330 5,2039 4;07;0 . 14.:808 43 3907309 -,80/ 13,3., 807;.08 ,3/ 90

549039,419080807;.08,43990,884.,90/788,3/970,98418:.807;.08,8

9080 0020398 0,/ 94 :8078 349 94 :80 4330 5,2039 88902 %0 80.43/ 5,79 8

.438:207,999:/094,/459434143305,2039.438:207,999:/080,94,3,0

1,.9478 31:03.3 90 ,/45943 41 4330 5,2039 %0 97/ 5,79 8 /11:843 41

334;,9438 9047 %8 9047 8 :80/ 94 ,3,0 90 1,.9478 94 ,/45943 41 4330

5,2039907,9:70 8;07 25479,39 -0.,:80 :807 8,981,.9439 , 30 % 8 41903

:80/,8,0 3/.,94741,/459430850.,070.70/9.,7/97,38,.9438 902,3

370/0399490807;.0574;/0/-9,990.34470038903',8,70


8/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

330!,20394;07;0

.42207.0

0.9743. .42207.0 0.42207.0 8 41903 94:9 825 94 70107 94 -:3 ,3/

803 :83 90 3907309 -:9 0.42207.0 3;4;08 2:. 2470 9,3 00.9743.,

20/,90/13,3.,97,38,.9438-0900347,3,9438,3/.:8942078,1105

,88:808,-74,//013943410.42207.00701078949,8

90 8,73 41 -:83088 31472,943 2,39,33 -:83088 70,943858 ,3/ .43/:.93

-:8308897,38,.9438-20,3841900.422:3.,9438309478

030.42207.0470-:83088,707,/:,1472,:02,70990-:830882,3300/

,30,8,3/8,105,20392094/94,3/013,3.,97,38,.943

330!,2039

3305,2039 8,3/415,2039;,3907309-,80/43/0-9,3/.70/9.,7/88902

955040;0743,82,57454794341949,.:8942078:8043305,2039

90549039,8034724:84,3/08944/:839043305,203990

.:894207.,32,0,494113,3.,97,38,.9438,9,413,3.0.4893,47/9,98

-0.4233.70,834503,8,708:941903907309,3/9047//00-

#8

%0780898390:839043305,203988902%88902,370,843894,110.9

90,/459434143305,2039

%0 970,9 90 970,9 .,3 .420 1742 ,3430 9 90 249;,943 94 ,990259 94 ,3

:3,:9470/ ,..088 94 90 30947 47 1742 ,3430 9 ,:9470/ ,..088 94 90309473305,2039889022:8957490.9 90889028,10 ,,49,#4-3843


9/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

%0;:307,-9':307,-9088039,.420817421,:708419080.:798890294

57490.9 9030947 1742,3:3,:9470/507843,33,..08894 9043305,2039

3094788902:11,/0$.30-0707

!49039,99,.8%070,7080;07,950841390730980.:79,99,.9,903/,30790

57;,.41 90:8078,3/90 3907941 907/,9,%0,99,.8.,3-0.,770/4:9:83

90 2489 .42243 0- -748078 8:. ,8098.,50,;,947 ,3/.748419 3907309

5470709985,81443948,,-4:9,.078

,.078 .4:39 43 90 1,.9 9,9 2,3 47,3,9438 439 ,;0 ,//70880/ .079,3

;:307,-90843907889028:31479:3,9090,7041903.4770.9

438:207,999:/094,7/843305,2039

%0 ,/45943414330 5,2039 /0503/ 43:8078 ,999:/0 90 :8078,;0 09:80/ 94

97,/943,5,20392094/90305,20392094/.300/94 0990.:89420794

97:8990305,20392094/%7:8989014:3/,94341,3-:83088::,2,

5/0130/97:89,890050.9,9439,9,780893,.422:394170:,743089

,3/ .44507,9;0 -0,;47 -,80/ 43 .42243 8,70/ 34728 43 90 5,79 41 4907

202-07841 9,9 .422:394743305,203997:89 8 /;/0/43 945,798 84.,

97:89,3/90.3.,97:89$4.,97:89.,3-08003,8 3907507843,97:89.-:9:543

2:9:, 3;4;02039,3/ 1,9 $,0%0.3.,97:89 89084.,,.947897:89 3

31472,943889028:80/ 343305,203988902%7:89343305,2039 08,990

-,80 41 70,943858 -09003 13,3., 3899:9438 ,3/ 3/;/:,8 480 .40.9;0

,.9;9 3 .425093 ,3/ .44507,93 93 , 7043, 80993 8 , 0 ,850.9 41

57485079

11:84341334;,94389047

%0 4330 5,2039 8 ,3 334;,943415,20392094/ #4078 /0;0450/ ,

24/094,3,090,/45943413090.34498,0307,5:754803897:203994

20,8:7090:8078507.059438 41 90574.08841 ,/4593,3% 334;,943%0708:9


10/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

,8,0;,/,90/ 70,-0 3897:20399420,8:7090 3/0503/039;,7,-041

,/4593,3 % 334;,943%03897:2039,8:80/ 9420,8:7090 :8078 507.059438

.43.0733507843,4789,9438.574;/0/0257.,0;/03.0948:55479

:70#40784/041334;,943/45943

#080,7.083,3/094/44

3,//94394-73,3:3/0789,3/34190.42501,.947831:03.390,/459434 1

43305,203933, ,3/ 94 0903/050703.0,3/,// 89703994 ,9 8 ,70,/

343 974: 570;4:8 7080,7. 90 /08.759;0 ,5574,. ,70 :80/ 90 /08.759;0

,5574,..43/:.90/439008938947.,7080,7./43043 43305,203980.:79

,3/ .438:2078 ,999:/0 94,7/8 4330 5,2039 94 0;,:,90 907 70,94385 3

,//943947080,7.901,.947825,.94343305,2039,8:7;0,8.43/:.90/43

3,3907309:8078$9,989.,/,9,,3,80807050714720/4390/,9,.40.90/1742

908:7;0


11/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

43.059:,7,2047

43.059:, 17,2047 ,8 94 2,3 17,20478 3.:/3 5489;89. ,3/

503420344., 17,20478%05489;89.17,2047/7,8.43.:8438-,80/43

0257.,340/0%0503420344.,17,2047574548089,970,9884.,

.43897:.90/ ,3/ 8:-0.9;0 3 98 7080,7. ,5574,. 9 90 5489;89.

17,2047 83.0 90 ,2 41 90 89:/ ,8 94 /0391 90 7080,7. 88:08 -,80/ 43

0257.,13/38,-4:9901,.947831:03.390,/459434143305,2039$0,7,3

#080,7.083

03902,3,02039574-02,3/907,9:7070;0,8-0031380/300/94/0./0

43 90 -089 , 94 ,907 90 31472,943 94 574;/0 90 ,38078 94 90 7080,7.

4-0.9;08 ,05 $4 7080,7. /083 8 ,2,8907 5,3850.1390

2094/8,3/574.0/:708147.40.93,3/,3,390300/0/31472,9432:3/

5 #080,7. /083 3.:/08 9700 .42243 7080,7. /0838 0547,947

7080,7./08.759;07080,7.,3/.,:8,4705072039,7080,7.547,9477080,7.

8.43/:.90/94.,71,2-:4:8574-028%0/08.759;07080,7.8:80/347/0794

,8.079,3 ,3/ -0 ,-0 94 /08.7-0 90 .,7,.90789.8 41 90 ;,7,-08 41 3907089 3 ,89:,943549088908938:3/079,039405,3903,9:7041.079,370,94385

3987080,7.08.759;07080,7.-0:80/.894/08.7-0.,7,.90789.81,

545:,943 47 503420343 9 41903 058 802039 ,3/ 9,709 2,7098 8:7;0 8

.43/:.90/,3/.43/:.9/08.759;089:/347/07944-9,3,/00507:3/0789,3/3

419043305,2039300/94/08.7-0901,.947831:03.390,/45943414330

5,203933,

4!,!,.,3,..007,9090,/459434143305,2039 33,905:754804190

/08.759;0 7080,7. 8 :80/ 3 47/07 94 ,8.079,3 ,3/ -0 ,-0 94 /08.7-0 90

.,7,.90789.8 41 90 ;,7,-0841 3907089 3 , 89:,943 %0 3305,2039 94,7/8

!,!, 8 , /08.759;0 /083 . 8:98 ;07 0 ,0 :79072470 ,


12/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

/08.759;0/0832,0 95488-0 147!,!,2,3,0203990,294 :8090708:98

1472,3,..:7,90/0.8438.43.0733909,7092,7092:3/

#080,7.094/44

#080,7.2094/4470107894902094/:80/94.43/:.9907080,7.

,9,40.943094/8

,9, .,3 -0 4-9,30/ 1742 572,7 47 80.43/,7 84:7.08 !72,7 /,9, 701078 94

31472,943 4-9,30/ 1789,3/ - 90 7080,7.07 43 90 ;,7,-08 41 3907089 147 90

850.1.5:75480419089:/$0.43/,7/,9,7010789431472,943,9070/174284:7.08

,70,/0893$0,7,3

!72,7,9,

!72,7 /,9, .,3 -0 4-9,30/ - :83 97002,3 /,9, .40.9432094/8 3 8:7;0

7080,7. 3907;03 ,/2389073 6:089433,708 ,3/ 4-807;3 50450 ,3/

5034203, 3 98 705479 :80 6:089433,708 94 .40.9 .438:207 708543808 94

/110703943305,2039%08,2506:089433,708,703.:/0/35503/

$0.43/,7,9,

$0.43/,7 /,9,.,3 -04-9,30/ 1742 80;07,84:7.08 3.:/3 -448,3/ 5074/.,8

4;0732039 5:-.,9438 41 0.4342. 3/.,9478 .038:8 /,9, 89,989., ,-897,.98 /,9,

-,80 9020/,,33:, 7054798 41 .425,308 13,3., /,9,-,808 ,3/ 49078 $0,7,3

398705479:8080;07,80.43/,7/,9,84:7.088:.,8,79.0834:73,8

,3/7080,7.7054798-44800.9743./,9,-,808,3/3907309/4.:20398

$:7;03897:2039":089433,70

$0,7,3 /01308 , 6:089433,70 ,8 , 701472:,90/ 79903 809 41 6:089438 94

.708543/039870.47/907,38078:8:,937,907.480/0130/,9073,9;08

":089433,70 8 ,3 011.039 /,9, .40.943 20.,382 03 90 7080,7.07 348


13/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

0,.9,98706:70/,3/49420,8:7090;,7,-0841390708947!,!,98

0,8 94 13/ 90 :801: 31472,943 1742 6:089433,70 94 2,0 /0.843 94 40

.425,3

3987080,7.906:089433,70.439,38:7;06:089438%0/09,41908:7;0

6:089433,70 8 57080390/ 3 5503/ 1;0 5439 8.,0 ,8 :80/ 94 20,8:70 ,

6:0894383906:089433,70%06:089433,708/;/0/39480.9438$0.94341

906:089433,70.40.90/900307, 31472,94341708543/03988:.,803/07,0

7,.02,79, 89,9:80890/:.,943,3/ ,33:, 3.420$0.943 8:80/ 94 .40.9

31472,943 43 .438:2078 ,999:/0 ,-4:9 4330 5,2039 %0 6:089433,70 -0

02,0/94949,708543/0398174282,47.908413,90.4090//,9,

-0,3,0/:83$!$$8419,70

%0 8:7;0 ,8 .43.0730/ 9 :8078 ,3/ 343:8078 41 4330 5,2039 %0

6:089433,7014.:80/439014432,388:08

.438:2078,999:/08,3/70,.9438943090.344 .438:2078,999:/08949097,/943,5,2039.,330 .438:2078507.0594384143305,2039,997-:908

.438:2078050.9,9438,3/2,47.43.07384143305,2039 58.44.,1,.9478,3/ 0247,5.1,.9478$,253

$0,7,3 /01308 8,253 ,8 90 574.088 41 800.93 , 8:11.039 3:2-07 41

0020398174290545:,943849,9,89:/41908,250,3/,3:3/0789,3/34198

.,7,.90789.84:/2,095488-0147907080,7.07940307,08:..,7,.90789.8

9490545:,9430020398


14/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

7,3/428,253574.0/:70,802540/94800.9903907309:80781478:7;0%0

/,9,-,80 41 02, ,//7088 413, 492,:8078 .439,.99.748419492,

/05,79203902,43078-0.439,.90/945,79.5,903908:7;0

%05,79.5,39870.0;0/,302,706:08939075,79.5,943,3//70.939029490

6:089433,70819079400841803/39002,,80.43/02,,88039947023/

94804,/349.425090/908:7;0%0708543807,908050.90/94-0079,3

,9,3,88

,9, .40.90/ 1742 90 8:7;08 300/ 94 -0 ,3,0/ ,3/ 57080390/ 94 0307,90 904-0.9;08 41 98 7080,7. %0/08.759;0 89,989.,2094/8 ,70:80/ 94 ,3,0,3/

5708039/,9,/07;0/1472908:7;08:836:089433,708,9,,3,88/;/0/3

940;08%017890;005470870,943858-0900343305,2039,3/.438:2078

,999:/094,7/8!,!,%080.43/0;0/0907230870,943858-09003!,!, ,3/

1,.947831:03.390,/459434143305,2039$9,989.8,3/6:,9,9;0/,9,,3,88

-0:80/%0708:9-0390147241,7989,-08507.039,08,;07,08,3/

49078

//943,88:08

%20$.0/:0

%09209,-0-048489092030147902,479,88419089:/

439 %,709

89 ,7. $9,79947905740.9574548,

9,7. #0;041907,9:70

9,7. 7,19907,9:7070;0

957

#0;07080,7.2094/8907,9:70,3/,7007080,7.4-0.9;08,3/091472,,..08894!,!,147.40.94341572,7/,9,,3/-03

94790/7,195740.9


15/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

:/09

%0-:/0941907080,7.8949,#

08.75943 ,.:,943 489

425:907:8,01008 #4:78/,8 #

3.039;08 #5078438 #

,9,,3,88 #4:78008 #

%49,489 #

%,-0:/09

29,943

94:987080,7.574;/0:801:31472,943147:3/0789,3/343305,2039

,3/1,.947831:03.390,/459439070,70842029,943841987080,7.

%013,3.,5489434190!,!,8349.438/070/39089:/%070147090

708543/0398,70:3,-094/0907230907841:83!,!,43305,203988902

:094920.43897,3990,6:089433,708.,3349-0.40.90/-043/90

708543/0397,903920%03:2-07416:089433,702931:03.09013,708:98

41987080,7.

&306:,09341,04190708543/0398,4794190708543/0398398

7080,7.174290,0-09003940,784/&306:,/897-:94341,0

4:/,110.990708:941987080,7.

9,38906:089433,708/0;070/94708543/0398,.7488903,3907309:8078

9

:30 38,.74:3/,3/907,9:7070;0

9:30 38#080,7.2094/44

89: 40.943416:089433,708,3/,3,88/,9,1383,808

9::89 4250943411789/7,19415740.9705479

89$05902-07 3,793415740.9705479

%,-0%208.0/:0


16/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

47/80.:/300.:9;08:22,7,3/7010703.08


17/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

8941#010703.08

08033,330,33$9:/,;,,-0,9995089470.3,4330.42.343-,389:92

0998013/03,41807;.0,99,.80947,,305 955095500-890'00/57

995-9550.42989330!,2039892

,110:83088,3/42207.0,3,020393/0/3!7039.0, 3,3304-0!,2039,709#05479'00/57 39434-,88:08 70038903 ',8,70 0.9743. 42207.0 $0.:79 #8

,3,02039,3/439743/

0/3.7,73

:4!0450,'00/5750450/,.42.3-:83088

4,3/!08944/$97,90083,33422:3.,943841905

:11$,/0$.30-0707$,80830.9743.42207.03/0/3.7,73

,,49,##4-3843 :83088 #4,/2,5 147 $:..088 !0,7843/:.,943

,04:78047:/03&$#080,7.094/8147,3,078&3;07894190$:38304,89,744./470:897,,

7033974/:.9439431472,943889028088039,814790-:8308803907578090/3.7,.425,3

!,!,!,!,0-890;00/579955,5,.42 #407811:84341334;,94390/3700!7088047 $,030,23,9434190390730980.:79,3/9825,.94397:89,3/

,/45943414330-,33,50,&3;0789

$0,7,3P,7.094/8147:8308890/3430$4383. $:22078$29422:3.,943$8,3/-443/0/3430

$43878-,30


18/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

%0.4342893,3.0,3/.4342.8-,990,990.0.4:93305,20398%0.43428943/43,'4885

%7,550',3/%7,5500.9743..42207.0370,9073,3/:897,,3,02039,3/,9,$89028'4455

4303,3/,3.42207.0/0;045203933,,3/9825.,9438147-:83088088,!,.1.4:73,41,7093,3/489.8'4

455

2:3/:83088#080,7.094/890/3%42843$4:9089073&$

,88'$97:.9:70,3/2,.740;025,.984100.9743.0.42207.0174290.344.,317,897:.9:709400.9743.2,7095,.083207331472,943%0.344080/03/,$,0%4:8,3/,88


19/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

! 7 0 5 , 7 0 / - : 4 , 4 - 3

5503/$,250":089433,70

":089433,70

%90,.947831:03.390,/459434143305,203933,

0,7$747,/,2

!0,80 -0 314720/ 9,9 ,2 , 89:/039 41 %0 &3;0789 41 $:3830 4,89 ,2

.:77039.43/:.93,89:/943;089,90901,.947831:03.390,/45943414330

5,2039 33,94 1:190706:702039 1472,890741:83088/23897,943

0700%07014704:45343,3/.44507,9433,380739003.480/6:089433,70

.4397-:90 94,7/8 90 .4250943 41 98 7080,7. 4:7 70854380 -0 059897.9.431/039,

%,34:1474:7920,3/.44507,943

4:7883.070

:4,4-3

%0&3;078941$:38304,89

$0.943

!0,809.9,9.47708543/8944:770854380

$ 0

, 0 02, 0

0

0,784/0,784/0,784/0,784/

# , . 0 ,3907850,80850.1********

,79,89,9:8

$30,770/


20/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

089/:.,943":,1.,943

//0$.44542,0700,8907!

33:,3.420 04###

####

###,3/,-4;0

!0,807,904:780;0:83.425:907

439:80.425:9074

0889,3,;07,0;07,0099079,3,;07,0

!0,803/.,9090,55742,903:2-078507004::809043305,203988902

439:809043305,20398890294 94 94 94 4709,3

$0.943

!0,80.7.0903:2-079,9-08970570803984:.4.0

$9743

8,700

8,700 0:97, 700 $9743

700

94:929-0051::83!,!,43305,2039889028.079,3349

.425:8473210

&83!,!,43305,203903,-082094.43/:.913,3.,97,38,.94382470

6:.

&83!,!,43305,20392574;08906:,9419013,3.,807;.0

&83!,!,43305,20392,0890,80794/4.43/:.913,3.,97,38,.9438

&83!,!,43305,203903,3.0820110.9;0308841213,3.,97,38,.9438


21/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

&83!,!,43305,2039;082070,907.439744;07213,3.08

&83!,!,43305,20398.425,9-09,,850.9841210

939,9:83!,!,43305,20391980990,094/4938

&83!,!,43305,2039198394210890

3907,.9439!,!,43305,20398.0,7,3/:3/0789,3/,-0

-00;09,9980,89409!,!,43305,203994/4,9,39994/4

;07,-00;09,9!,!,43305,203980,894:80

0,3394.43/:.9!,!,43305,203980,814720

4:/,;034/11.:990349078,-4:990708:9841:83,343305,2039

-00;0.4:/.422:3.,90944907890.43806:03.0841:83,343305,2039

%0708:9841:83!,!,43305,2039,70,55,70399420

4:/,;0/11.:905,33:8343305,20392,472,349-0

-0301.,

3305,20398/0:80/

3305,20398349;07;8-0942,350450


22/22

&$#080,7.094/147,3,07%,8#080,7.!74548,

!705,70/-:4,4-3

3305,2039250203980.:7920,8:7089457490.93907309:8078

3305,2039:8:,038:7089,997,38,.943,31472,943857490.90/1742,../039,,9070/

3305,20398:370,-0

3305,2039.,3349-097:890/9070,70:899442,3:3.079,3908

30307,.,3349704343305,2039940059057428089,9902,0

3305,2039878

3305,2039039,8:3.079,3947;:307,-9

%,34:,,31474:75,79.5,943

research proposal how can paypal grow in china

Documents