China is now the world’s second largest economy and a hotspot for direct foreign investment. It holds enormous potential for entrepreneurs, and small and medium-sized enterprises are now emerging as a significant source of the nation’s industrial output. Understanding and navigating inherent cultural differences and the constantly changing legal and regulatory environment are critical to survive and thrive in this dynamic arena.
Laurie Underwood, co-author of China Entrepreneur and China CEO, shares lessons on Chinese business culture from her interviews with successful entrepreneurs and multinational company CEOs. She highlights the many dimensions of being “China-savvy” -- from banter and banquets, to the fine art of mixing friendship and business, and the yin and yang of guanxi (relationships). She discusses the complications of negotiating win-win outcomes, gives pointers on how to "play the foreign card", and reveals how to motivate key Chinese employees while protecting key intellectual property.