Doing Business In China Is Undergoing Transformation

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Introduction

Doing business in China today is very  different from what it was previously.  In the last few years, China had become receptive to foreign investments. However,  the  pandemic  has resulted in  rising tensions between China and the world community and things have drastically changed again. .

China has always been a  closed community shutting out the  world from its country and its citizens.  It is time they open  up their economy  and venture  out onto foreign soils with their business ventures and also allow  them  to set up businesses  in their country. Only then will there be a change in the current situation . I In the past, the Chinese government has allowed certain foreign  investors  to establish their business  there while  at times they have totally shut their doors.

Ushering In Change 

China is a $10 trillion economy that is growing at a rate of 7% every year. So, here you can very well see the huge untapped potential of doing business in China. Some global business giants like the automotive equipment manufacturers  have made a foray in   China  , but the same cannot be said about other sectors especially the service sectors .

The Most Vital Shaping Force In Doing Business In China

Doing Business In China The most important source of growth for  the Chinese economy today is their domestic consumption and focus on infrastructure.  Whether their current economy will sustain or not remains to be seen. It all depends on how fast they evolve  and adopt changes while at the same time opening up to the world .

The government is the most important factor that determines  your doing business in China .
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Everything there depends on their government. They can give a boost to the economy or they can pull it down by controlling the GDP growth rates .

The main factor  that is  affecting business there is the marketization of the price of land, electricity, capital and water. It is impacting  businesses and it needs to be seen how well they perform.
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. Private capital investment in  state-owned business in China is very slow. The situation is no longer the same now. This is because the government is  gradually opening up.  Many non-core government-owned businesses like hotels and manufacturing businesses are being sold to private investors.  With gradual  easing of rules and  a progression in the government  mindset, doing business in China might just get easier in the years to come.

The Challenges Faced In Doing Business In China

Doing Business In China There are several  challenges  in doing business in other countries. You have to follow stringently all the rules and regulations of that  country. There are  other challenges as well . I In doing business in China the main challenges are:

Access to the market

Preference of consumers

Bureaucracy

Challenges posed by the government

Right to intellectual property

Stiff competition from Chinese companies

Labour costs rising dramatically

Lack of trained and skilled labour in China

Laborious administrative processes acting as hurdles

However, in conclusion, it can be said that there is great potential in doing business in China today. The Chinese economy has  gradually  traansitioned from an era of growth at high speed to an era of growth with focus on  quality.  This transition process has has brought about  cyclical changes and structural adjustments to their economy. Today the decrease in growth rate  may  act  as a dampener but  may prove to be a positive factor  for foreign companies intending to do business there in the future.

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