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Doing business in China - are you ready for the challenge?
by Andrew Lee on 17 January 2012
The far reaching effect of the Euro debt crisis and the impact of the global growth concerns on the Asian economies in 2012 dominated the Asia Pacific conference that I attended recently in Kuala Lumpur. China will probably be immune to a slowdown but the general theme is that China’s inward and outward investment flow will continue to grow in 2012. Although the prediction is that China’s growth rate will slow down, it will still expand by around 8% which, let’s face it, is very good in comparison with other economies at the moment.
As you would expect, in order to successfully do business in China you cannot afford to ignore the country’s distinctive history, culture, geographical diversity and above all, the Government’s role. But despite these challenges, China continues to offer businesses with attractive investment and business opportunities.
Although, I feel I have a significant advantage – not only am I a UK Chartered Accountant and tax adviser, I am a native Chinese, who has worked in the Asia Pacific region and in China for over six years – the conference reminded me, that in order to succeed in the Chinese business environment, it is imperative to recognise that local practices and customs are deep rooted in Chinese society. If you do not start with obtaining proper guidance from a trusted local Chinese business adviser, then your efforts will be in vain. And, “time is money” as the saying goes …
Another advantage … not only are Haines Watts part of GGI, our international network, but we have established strong links with our China alliance firm – one of the biggest professional accountancy organisations in China with over 20 offices covering all the main cities in China. So, combining this with my knowledge of the Chinese business environment and the language, we are able to work closely with our clients to provide an all-round business advisory service (including international structuring and support services) to European companies looking to invest in China and to Chinese companies looking to invest in Europe.
As the Euro debt crisis deepens, we need to explore other markets. What’s been your experience of doing business in China or in other Asia Pacific countries?
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