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Dos & don’ts in doing business with China
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FICCI MEDIA DIVISION | 21 May, 2009
Is corruption an issue in China? Are Chinese government officials and departments dependable? What about 'side deals' and 'under the table' transactions? The answers to these vital questions would invariably make every businessman worth his salt uneasy while doing business with China.
Yet, China is portrayed as a 'land of opportunity' with world-class infrastructure, work culture and the high technical skills of its workforce, where 'guanxi' or relationship is the key to forging long-lasting business partnerships.
Those aspiring to do business with China, may well take note of the '11 Commandments' held out by Aloysius Wee, Advocate & Solicitor and Managing Partner of Dacheng Central Chambers LLP, a China-Singapore joint venture law firm, at a meeting organized by FICCI in New Delhi.
Doling out tips for driving one’s business in China and conducting business negotiations, Wee outlined the following prescription:
- Keep discussions in office
- Keep a paper trail
- Document meetings
- Be transparent
- Be aware of ‘side deals’ and ‘under table” transactions
- Avoid signing contracts in Karaoke TV (KTV) and restaurants
- Be aware of persistence on the part of the Chinese and know your bottom line
- Use a translator if necessary
- Use a lawyer or professional
- Negotiate a fair deal and prove a mechanism for review and
- Be aware of practices regionally
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