1. Have clear understanding of China
It is essential to understand the culture of the country before investing in it. Understanding China is vital as China is a land of vast diversity. As such it is important for the company to understand the culture and the societys values before establishing operations in China. Only through understanding the culture and values strong foundations can be built and higher chance of success can thus be achieved.
2. Understand local business practices
Given Chinas distinct culture differences from the rest of the world, understanding Chinas business culture is extremely crucial. What works in ones country will not be applicable at all in China. Understanding how the local people think and their business practices can allow one to engage better and faster with them. Original organizational culture and practices may have to change in order to accustom to Chinas practices. Thus flexibility and adaptability is the key for any organization to be successful in China.
3. Acquire local knowledge and establish local presence
Establishing a representative office in conjunction with a strong domestic private sector partner...
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