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  • Date Submitted: 09/03/2013 07:28 PM
  • Flesch-Kincaid Score: 26.7 
  • Words: 261
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Doing Business in China
      China is the great economic success story of the past 30 years. Since the “reform and opening-up” policy was introduced in 1978, China has changed beyond recognition. A Soviet-styled planned economy has transformed into a vibrant market-oriented economy and 400 million people have been lifted out of poverty.
Well known for its manufacturing capability, China is the largest global producer of toys, textiles, washing machines, cameras and computers (among hundreds of other products). It is also the world’s largest consumer of iron, steel, coal and cement, and China’s hunger for raw materials continues. Over a million enterprises have flourished, and nearly 40 Chinese companies have entered the global Fortune 500 list.
With rapid and continuous industrialization and urbanization, a vast and fast-growing consumer market has emerged. Bicycles and Mao suits have been substituted by 13 million cars (now the largest car market in the world), international labels and luxury goods. China is also the world’s largest ICT market, with over 600 million mobile users and more than 400 million internet users. Private consumerism continues to develop with greater sophistication.
Improved international relations, government reforms, an expanding economy and increased foreign investment make doing business in China a potentially lucrative affair.
Doing business in China means that business people will come into increasingly frequent contact with Chinese business people and officials. It is imperative that those doing business in China learn about areas such business culture, business etiquette, meeting protocol and negotiation techniques in order to maximize the potential of their business trip.

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