Cultural dynamics while doing business in China
The Basics of American and Chinese cultural differences when doing business in China:
Some key differences in business culture between US and China:
- Americans wants do 'do a deal' while Chinese want to 'build a relationship'
- Americans wants to maximize short-term profits while Chinese are long term thinking
- Americans are 'direct' while Chinese will not deliver bad news
- Americans want to move quickly, while Chinese move when they're ready
Guanxi:
Guangxi describes the Chinese dynamic in personalized networks of influence and is the central idea in Chinese business relationship. Knowing someone who can make introductions for you is a very important step in successful business dealings in China.
Earning trust and respect should be considered the first step in business interactions. With a strong Chinese partner, everything is possible.
Negotiations:
- Americans value straightforward, while Chinese are master of oblique
- Be prepared and know all details, because the Chinese always do (Even after bottles of rice wine)
- Chinese may appear indifferent and unemotional during negotiations
- Remain calm and impersonal during negotiations and discussions
- Know that Chinese will negotiate ANY price
- Americans tend to appreciate value, where Chinese are transactional and price driven
- Give in to some issue in your negotiations, as this will benefit you in the long run
- Be copious and diligent in your contract discussions and signing
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