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China is considered as one of the rapidly developing country in the world, in terms of

economy, availability of multinational companies, enhanced technology and cultural


diversity. Coming from a developing country which is still in a verge of progress, I see
many scopes for myself in my country afterwards. I believe to overwhelm myself with
enough skills and knowledge required for gaining in-depth understanding of business
world over here. Besides that, education system of China has got Academic excellence
with worldwide recognition focusing on research and practical experiences. Along with
that, China is also well recognized for studying business related programs in world class
universities. Apart from that, I am learning Chinese language and culture which is an
adjunct for a business student like me. And, I am enjoying this transcultural approach
very much.

I visited a some places over a year stay, including some places tourist sites like Chengdu
Zoo, ancient city, Chengdu research base of giant panda Breeding, etc., as well as a
Chinese University, markets, an old courtyard house and restaurants amongst it all, what
struck me most was the friendliness people showed me, and their genuine desire to
converse, in English or in Chinese, about a range of topics from Academic issue, country
What Africa, Ethiopia was like and so on. There were a host of almost topsy-turvy
differences between my own country and China. The main attraction of Chengdu, Sichuan
is food. As a lover of spicy food, the foods of Sichuan suits me. I ate food like Hotpot,
maochai, chowarchowar, etcetra. I like these food because of their spicy nature which
makes the food more delicious. Another best thing of Sichuan is tourism. Lots of tourists
arrive to Sichuan to visit many beautiful places of Sichuan.

Along with that, I got chance to know about some festivals of china like spring festival,
lantern festival and mid-autumn festival, etc. China is rich in its culture. Lots of festivals
prevails in china. Along with that, they have lots of traditions like tea culture, traditional
Chinese medicine and lots of customs. These traditions and customs are regarded as one
of the ancient culture in world.

As a business student lets talk about Chinese business in detail, Observing china as
business prospective, I found china has high prospective in business.
According to IMF China is now the worlds 2nd and largest economy both in purchasing
power parity and World nominal GDP after United States. China is a global hub for
manufacturing, and is the largest manufacturing economy in the world as well as the
largest exporter of goods in the world. The global economic crisis is not over, it continues
and China helps many European, South American and African countries to deal with it.
The international economic and trade relations between China and Africa is China helped
Africa with variety of light industrial, agricultural, social welfare and infrastructure
projects. Today both our cultures are exchanging valuable digital technologies, bank and
credit instruments and automated technologies.

Chinas economy, which had averaged an annual growth rate of 10 percent for three
decades until 2010. It increasingly seen as one of the major economic powers in the world.
This is truly astonishing number: Where does growth come from? It is clearly comes from
two sources:

The first is very high accumulation of capital. More capital means higher productivity and
higher output. According to IMF the investment rate (the ration of investment to output)
in China is between 40% and 45% of output, a very high number. For comparison, the
investment rate in the USA is only 17%.

The second is very fast technological progress. Chinese government follow the strategies
of encouraging foreign firms to come and produce in china. As foreign firms are typically
much more productive than Chinese firms, this has increased productivity and output.
Another aspect of the strategy has been to encourage joint ventures between foreign and
Chinese firms; making Chinese firms work with and learn from foreign firm has made
them much more productive.

China is one of many countries which made the transition from central planning to a
market economy. Most of other countries, from central Europe to Russia and the other
former Soviet republics have experienced a large decrease in output at the time of
transition. Most still have growth rates far below that of China.

The Chinese prefer face-to-face meetings rather than written or telephone


communication. Meals and social events are not the place for business discussions but
social etiquette is important to follow. There is a demarcation between business and
socializing in China, so it is important not to intertwine the two.

Another important term for establishing business is Guanxi. Guanxi is a Chinese term
that literally means relationships. It stands for any type of relationship, whether it is a
family relationship, or a relationship between friends. Guanxi is the basic dynamic in
personalized networks of influence, and is a central concept in Chinese society. The
culture of guanxi is based on family, school, workplace, and social networks. Scholars
have defined guanxi as a special kind of personal relationship in which long-term mutual
benefits are more important than short-term individual gain. The guanxiwang is created
to build trust between businesses; it is a key element in network relationships. This trust,
also known as xin, cannot be bought; it can only be earned, trust is established on the
positive feelings built by int. Even though social networks and business networks are
different it is said that one must have a good personal relationship in order to successfully
carry out business in a Chinese community. It is also common for Chinese businesses to
conduct business with trusted friends.

Chinese people are very hesitant to trust strangers, which they do not have relationships
with. They only trust those who are in their guanxi. Therefore, if one wants to do business
in China, they must work hard to develop a long-term relationship that will provide
mutual rewards.

To conclude, China has a growing market infused with rapid industrial development and
economic growth. China has a growing market infused with rapid industrial development
and economic growth. As the worlds 2nd largest trading nation after the United States,
China will continue to be an important business partner of the whole world. US business
people and organizations must understand the differences in the economic, political, and
cultural environment of the country as these can be difficult to manage and may hinder
business development. Especially important is to learn about cultural and political
differences and their impact on business practices and business conduct.

Martin Jacques, When China Rule the World; The end of the Western World and The Birth of a New Global
order. (New York: Penguin Press, 2009).