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Conducting business in China by Innes Donaldson
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Conducting business in China |
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Advice,Business,Consumer
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The risks of doing business in China are well documented, and foreign firms often find themselves leaving the country with their tails between their legs. Having said that, with booming economic conditions, the temptation to do business with the Chinese is a strong one. One of the factors that will define the success of your business relationship is risk management here are a couple of ideas to get you stated. Conduct a Complete and Thorough Risk Analysis It's amazing how many companies fail to do a little planning before they run into trouble. Risk analysis is difficult in China but not impossible, you need to rely on more than local media and representatives of the firm (and local government) to understand the market position of your prospective partners. Your industry body and or your chamber of commerce will be a good help in finding out more, or you could engage a specialist consultancy to do the digging for you. Before you enter into a business relationship determine how much risk you are willing to bear and if the deal exceeds that threshold - walk away. If you have a risk management policy for other countries you should apply exactly the same high standards to dealing in China and not lower them because you are salivating at the thought of higher business profits.
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