Doing business across borders and across hemispheres is no longer something that will take months going into years to do. Thanks to globalization, advances in technology and the high level of productivity coming out of China, doing business in this country is a possibility.
Of course there are key features you need to become aware of when considering doing business in China. Our Day Translations blog is here to give you a few pointers on things you should know if you want to pursue business in China.
Let’s get started!
A Brief History of China
We’re sure you have at least one item in your possession at this very moment, while reading this that says ‘made in China’. This is beaucase, if you didn’t know before, China is one of the top manufacturers in the world for as many things as you can think of.
The history of China has much bearing on how business is done today. Nearly 40 years ago, free-market reforms came into existence because of new and open foreign trade and investment policies.
China is one of the US’s largest commercial partners and it’s GDP grows significantly each year.
China in the 21st Century
Today China has a population size of 1,392,730,000 and is one of the fastest growing populations in the world. This means that Chinese make up approximately 18.47% of the entire world’s population. With this in mind, doing business in China may prove to be very competitive but it is also a very sought after opportunity for countries all over the world.
Why is this so? Well, China is the second largest economy in the world and it’s set to continue to grow in years to come. Additionally, back in 2015, the Chinese government set a goal for making innovation a top priority as part of its economic planning. They hope to reach this goal by 2025.
Top 3 Reasons for Doing Business in China
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It’s One of the World’s Fastest Growing Economies
If China continues on the path it’s currently on, it could become the world’s largest economy by 2030. With this in mind, the Chinese business sector also accounts for a good amount of the Fortune Global 500 firm.
Additionally, an exchange takes place between the US and China where the exchange of goods is concerned. US consumers for years have bought goods from China and these days Chinese consumers have returned the favor and are now doing the same.
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Innovation is Constant in China
When it comes to production, research and development as well as improvements to digitalization, China can be found at the top of the list for all 3. If you visit China you’ll realize that it is a predominantly cashless society. This is just one of the many features of its highly technological and innovative society.
Because of this high spirit of innovation that exists within China, companies can take advantage of this opportunity because Chinese consumers enjoy taking advantage of new technological products and services.
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China Has a Large Consumer Base
It’s no secret that China’s rapid economic growth impacted the world and how trade is done. That said, there’s a growing market for cars, mobile phones, luxury items and even seafood; The list is almost endless.
Because of this high demand and with the fact that it will continue to grow, China’s customer base in turn also grows.
Doing Business in China
Doing business in China can be very easy because these days the process of registering your business is a simple process. Accessing construction permits and utility services such as water and electricity are also simplified tasks along with importing and exporting.
The atmosphere is accomodating to everyone wanting to do business, especially small and medium sized businesses. On the flip-side, doing business in China may prove to be a longer process than in the US.
This is because personal relationships and interactions play a critical role in business transactions. Be sure to keep this in mind because it’s a very important aspect of business. Additionally, to succeed in the Chinese market, it’s always important to build on face-to-face relationships.
Get to know your Chinese consumers. Understanding their preferences and adapting to the culture comes in handy.
Wrapping Up
There’s a whole world of opportunity that awaits you when you choose to do business in China. When it comes to the language difference, there’s no need to be worried or feel intimidated because Day Translations is here to help. Our wide range of services include on-demand interpreting, translation, and business services. So, we may just have all you need to succeed in the market.
Visit our website today to learn more, or check our office in Shanghai:
15/F L`Avenue, 99 Xianxia Road, Chang Ning District, Shanghai 200051 China.
