The weekend is officially here
It's the end of the week and November is rolling along as we take a look at some of the biggest posts in our world this week in another edition of the Hongda Business Services Roundup!
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Click here to take a look at an excerpt out of our case study!
Okay, let's get back to the posts that made an impact in our world this past week (we have a lot of 5's this week):
- China welcomes IMF backing to make yuan world reserve currency
- 5 things to consider when setting up a business in China
- 5 myths about the Chinese economy
- 5 Surprising Facts About Doing Business In China
1) China welcomes IMF backing to make yuan world reserve currency
China on Saturday welcomed backing from IMF experts that the yuan should be included in its reserve currencies, saying the move would strengthen the world's financial system.
Now the world's second-largest economy, China asked last year for the yuan to be added to the elite basket of SDR currencies, but until recently it was considered too tightly controlled to qualify.
It now looks likely the yuan will be formally admitted to the IMF's "special drawing rights" currency basket at the end of the month, which would mark a milestone in China's efforts to become a global economic power.
2) 5 things to consider when setting up a business in China
Setting up, starting and successfully running a business in China is a rewarding experience that many foreigners from all over the world come here to try their hand at.
Getting started on this side involves planning and deciding on most of the things a normal business in the West would need to such as:
- Type of China company
- Location factors
- Taxes
- Corporate banking
- Compliance with the law
In this blog I intend to run entrepreneurs through 5 things to consider when setting up a business in China. Let's jump right in!
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3) Five myths about the Chinese economy
A widely held Western view of China is that its stunning economic success contains the seeds of imminent collapse. This is a kind of anchoring bias,1 which colors academic and think-tank views of the country, as well as stories in the media. In this analysis, China appears to have an economy unlike others—the normal rules of development haven’t been followed, and behavior is irrational at best, criminal at worst.
There’s no question, of course, that China’s slowdown is both real and important for the global economy. But news events like this year’s stock-market plunge and the yuan’s devaluation versus the dollar reinforce the refrain, among a chorus of China watchers, that the country’s long flirtation with disaster has finally ended, as predicted, in tears. Meanwhile, Chinese officials, worried about political blowback, are said to ignore advice from outside experts on heading off further turmoil and to be paranoid about criticism.
My experience working and living in China for the past three decades suggests that this one-dimensional view is far from reality. Doubts about China’s future regularly ebb and flow. In what follows, I challenge five common assumptions.
4) 5 Surprising Facts About Doing Business In China
Doing business in China can be a daunting and confusing time for foreigners!
Despite being a rapidly modernizing country, and very important globally in the world of business, China has its own very strongly unique culture that is very far from Western cultures that you may be accustomed to.
Whilst you may never need to be a 'China Expert,' it will most certainly help you to have better business relationships with local Chinese contacts if you're aware of some of the cultural idiosyncrasies surrounding doing business there.
By being more comfortable with some of the situations and behaviours which you may encounter, you can head to China with confidence that you're ready for anything that doing business there can throw at you!
Find out what the 5 surprising facts about doing business in China are here!
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That it for this week's edition of the Hongda Business Services Roundup! Please let us know about any of your thoughts regarding some of the topics we recapped this week in the comments below, or let us know about any other topics you'd like for us to cover.
Hope everyone has a great weekend and that you catch us again next week for more of the news that matters in our world!
Not sure what type of company is the 'right' fit for your business in China?
Click below to download our China company comparison table and see how 5 different types of companies stack up against each other!
