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pros and cons of licensing, Joint Venture and subsidiary

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What are the pros and cons of licensing, Joint Venture and subsidiary as they affect China?

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https://brainmass.com/business/business-culture-in-china/pros-cons-licensing-joint-venture-subsidiary-75630

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Since China's World Trade Organization (WTO) entry and the PRC government's relaxation of investment regulations, foreign investors have been choosing to establish more wholly foreign-owned enterprises (WFOEs), which in the first three quarters of 2004 made up nearly 67 percent of the value of new foreign direct investment projects in China (see Table). ...

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What are the pros and cons of licensing, Joint Venture and subsidiary as they affect China?

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