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Doing Business in China - Essay Example

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Doing Business in China Doing business in a foreign country is not easy. It requires familiarity with its culture, economy, and business practices. Familiarity with culture ensures that the capitalist will serve products that do not clash with the beliefs and values of the people…
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Doing Business in China

Download file to see previous pages... It is a challenge that every businessman should take if they want to succeed. This paper provides information on how to do business in China. Relying on current literature for ideas and examples, it gives recommendations on how to deal with the Chinese and establish business in China. According to Hamilton and Jhang (2012; p.4), “China is one of the most dynamic markets in the world in which change is the only constant.” By saying this, Hamilton and Jhan point out two things about China. The first one is dynamism, and the second is change. These two things suggest the main challenge in doing business in China. Dynamism is evident in the country’s culture, political makeup and religious beliefs while change is constant and rapid in its economy. Therefore, knowing aspects of dynamism and change will give businessmen an edge in their Chinese ventures. Culture Dynamism can be found in every aspect of the culture. Importantly, every foreign capitalist should be aware of the Chinese culture in order to act according to it. Otherwise one will lose all the chance to even start business in China. Culture is a very important aspect in doing business. There are practices that should be observed and non-observance would mean ignorance and lead to failure. The most important value that the Chinese has when doing business is guanxi. This term means goodwill. ...
West (2007) claims that in doing business with the Chinese, especially with the northerners, one must exercise, “eat first, talk later.” This is the same throughout China but the southerners have become more Westernized in doing business, especially Shanghai people. Nevertheless, the culture of guanxi is respected throughout the Mainland. Establishing guanxi is like developing brotherhood in the West. Along with it is showing genuine sincerity with Chinese partners. According to Hamilton and Jhang (2012), genuine sincerity goes a long way in China but not all businessmen realize its importance. Non-Chinese people think of Chinese as corrupt, possibly because of the practice of guanxi but they should understand that guanxi is not similar to bribery. Many Chinese do not accept bribes for jobs they ought to do. For instance, one taxpayer gave a significant amount of money to a banker in gratitude for the fast transactions they had with the bank. When the banker saw it, he did not feel the need for the gift and credited the amount to the company’s account. This act illustrates that bribery is not the way to do business in China. Similarly, foreign visitors are not obliged to give tips to the Chinese. Tips in hotels and restaurants are welcome but they are not expected. The Chinese people appreciate tips even in small amounts but they will do their job even without tips. Greeting them, exchanging stories and smiles are more valued, as it goes with business. One thing that is valued much in China is presence. According to Hamilton and Jhang (2012), visiting often will create goodwill among the Chinese. They cite that Hank Paulson, former CEO of Goldman Sachs, spent 70 visits in China, thus making him well-regarded in the country. Another man named Jim Rogers, an ...Download file to see next pagesRead More
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