China, the world’s second largest economy, is no longer the stereotypical “low-cost manufacturing” country anymore. It is difficult to settle a business and become successful in the country, yet the prospect for profit earning is unlimited as China is the world’s most populous country with its “sprawling 1.3 billion people.”
In Grace’s blog, she discusses the five elements of barriers to entry that must be overcome in order to establish a field in the country. Having the knowledge of the mosaic of markets, business culture and etiquette, a market-based approach, establishing time, patience and money, as well as building a strong local team are crucial strategies that need to be learnt in order to be triumphant.
Grace states the importance of “cultural factor” in building a successful business model in China, which is true as most Chinese emphasize highly on traditions and believe that they are represented by their rich historical culture.
If the trend of investing in China continues and more people decide to set foot in this profitable area, an interesting question arises as to whether or not Chinese market will eventually be dominated by foreigners. After generations, will China’s cultural characteristics in the business field remain the same or will it become diverse and combined with multicultural features?
