This study assessed the importance of knowledge, skills, abilities (i.e., KSAs) and competencies for managerial success in China’s market economy. Business students at a major Chinese university were surveyed over a five year period, initially in 2001 and later in 2006, five years after China’s entry into the World Trade Organization (WTO). Using Partial Least Squares (PLS), the explained variances in business acumen and social motivation skills were higher after China’s WTO entry. The results were reversed for communication skills. The results confirmed the predictive relevance of entrepreneurial behavior and adaptability in the model. Overall, the results suggest an enhanced appreciation for these KSAs after China’s WTO entry.