Back to work!
Welcome to another Hongda Business Services Roundup! The whole of China has just enjoyed a long week of holiday and we trust that everyone had a good rest and that they are ready to get back into the swing of things!
We've been really busy as the shortened work week kicked off yesterday, and I'm happy to announce we have some amazing posts lined up for you all today. This week we pay homage to the city of our 'birth', teach you how to attract Chinese staff, and recap some of the latest business developments in China and the rest of the world:
- 6 reasons why YOU should set up a company in SZ!
- A blow to Chinese bank secrecy? Bank of China ordered to disclose counterfeiters' records
- How To Attract Chinese Staff When Doing Business In China
- What An American Company In China Thinks Of The Trans-Pacific Partnership
1) 6 reasons why YOU should set up a company in SZ!
For many of those of you living outside of China looking for the best cities and regions in Asia to set up a company, the southern Chinese city of Shenzhen (SZ) may not be as familiar to you as the cities of Hong Kong, Beijing and Shanghai, but it is this 'migrant city', with its humble beginnings, that has been gaining a lot of steam over the past decade as the business place to be.
Established in 1979 by the famous statesmen Deng Xiaoping, Shenzhen has grown exponentially over the past 35 years, a city that became not only one of China's first and most successful Special Economic Zones, but also one of the most powerful Chinese cities to date, and its rise to further honour and glory doesn't seem like it is going to be stopping anytime soon.
According to results revealed by the Chinese Academy of Social Sciences earlier in May this year, Shenzhen was named as the most competitive city in China for business, overtaking Hong Kong and dethroning the business powerhouse for the first time in a decade.
The survey ranks 294 cities across China and includes Taiwan. It credited Shenzhen's focus on innovation, and the immense financial support the city has invested in developing organizations working in innovation and technology as the reason for its ascent.
Shenzhen's dedication to innovation may be one of the prevailing factors in helping it reach for the skies, but it is certainly not the only one. In this blog I am going to walk you through 6 reasons why YOU should consider living and setting up a company in SZ!
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2) A blow to Chinese bank secrecy? Bank of China ordered to disclose counterfeiters' records
A New York judge has ordered the Bank of China to hand over detailed information about Chinese bank accounts used by a counterfeiting ring that allegedly sold millions of dollars of fake Gucci handbags and wallets in the U.S.
The decision could have far-reaching impact on the ability of U.S. courts to extract information about criminal activity from Chinese banks, which serve as safe havens for counterfeiters and money laundering on a large scale, investigations and lawsuits in the U.S. and Europe show.
Chinese banks have put up a fierce fight, claiming that such disclosures would be an affront to China's sovereignty. The case has drawn political attention from both sides, prompting inputs from both the Chinese Embassy in Washington and the U.S. Justice Department.
3) How To Attract Chinese Staff When Doing Business In China
So you're a foreign company doing business in China.
What's the next step?
Finding the right employees for the right jobs.
Hongda are going to explore the Chinese labour market, and how to attract Chinese staff to your company here in China.
What characterises the Chinese labour market?
How do Chinese staff behave when looking for a job, or in their work?
What expectations could local workers have?
Keep reading our blog as we answer these questions and offer advice to help you find the right local staff for your positions...
4) What An American Company In China Thinks Of The Trans-Pacific Partnership
The New York Times calls the Trans-Pacific Partnership an economic pact designed to challenge China. But while China is not a signatory of the deal, inked between the U.S., Japan and 10 Pacific rim nations on Monday, Chinese companies and multi-nationals doing business there think China will one day join.
And why not? It is the second biggest economy in the region, bigger than every single partnering nation Washington brought on board the TPP train. And each and every one of them, from Japan to Canada, rely on China in one way or another.
“China will eventually agree to be a party to the TPP in order to bring things into balance,” says Raymond Chung, co-founding executive at GMM Non-Stick Coatings company in Zhuhai, China. The company makes the chemical agent used in manufacturing pots and pans for large American brands like KitchenAid. For multinationals like that, the worst thing in the world is competition from Chinese firms with lackluster business practices and equipment. Cheap China has flooded Asian markets for over a decade now, and the TPP is basically an agreement among capitalist economies to not only reduce tariffs, but also abide by international manufacturing and trade standards.
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GMM’s CEO Ravin Gandhi told FORBES that the deal “levels the playing” field in China.
That's us for another 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.
From everyone of us at Hongda, wishing you all a great weekend! Hope to see you all again next week for more of the same!
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