Actually, I like the book despite the somehow funky title. The authors try to make sense of Chinese business and they do a pretty good job. They argue that it is misleading to judge chinese business with the same standards like in the west. Apart from Tao, which I think is actually not that important to understand the authors points, some of the basic Chinese values are explained and put into a cultural context. Especially revealing are the patterns of trust. It is often frustrating for Western Businesses when confronted with the Chinese attitude to intellectual property rights. The authors argue that it is not shrewdness or fraudulence that guides their behaviour. Their advice: When in China, try to understand Chinese business patterns and play by their rules. Quite a general rule but still hard to follow for westeners. The book contains a lot of practical advise.
The downside is that the book is based on interviews with executives only but not on really thourough statistical analysis. For instance, it is interesting that they regard product quality as already very important in the chinese market, but the authors cite he same person several times (a German!) to support this claim. Though the subtitle of the book is the 'logic of successful business', successful strategies of western firms in China are covered on two pages. Apparently, no Japanese business executive was asked although Japanese firms are among the most successful in China. In addition, there are contradictions, for instance they advise to 'invest for success in the long run' but at the same time 'get out of the country soon when you don't make money'.