A wealth of experience and practical advice, whether you're entering the China market for the first time or growing your existing business.
Now more than ever is the time to do business in China. But how can businesses best take advantage of the opportunities China represents?
This guide was written after listening to our clients' experiences in China and identifies what concerns them most about this huge but challenging market. This is an up-to-date guide that will take you through some of the critical hurdles and success factors that can help you succeed in one of the fastest growing economies in the world.
Finding the right path into China brings its own unique challenges: many companies have discovered that success in their domestic market does not give any entitlement to the same success in China.
Our China sector specialists agree the message from early entrants is clear: make sure you are fully prepared and committed before investing. The key to success is to rigorously assess your markets and risks and invest in identifying, understanding and getting to know your potential markets, customers, partners, government touch points and other stakeholders. Other findings include:
Market entry and growth
China is not a single market. Investors looking to enter or grow will need thorough market analysis to build appropriate capability and ensure any investments are appropriately structured.
Good deals are hard to come by. Investors should be flexible, patient and persistent.
Adopt a holistic and China-specific risk management framework - one that addresses both strategic and sustainability drivers.
Consider using internal audit staff in an advisory role during due diligence and post-deal integration.
Human resources and talent management
China's talent market is highly competitive. Begin succession planning early, and make sure there's a clear path for career advancement.
Finance and treasury
A dynamic and flexible treasury strategy is needed to account for constantly changing business agendas and regulatory policies.
Supply chain strategies
Cost considerations should be balanced against other China advantages such as performance, flexibility and responsiveness.
Government relations, regulatory compliance and stakeholder alignment
Map out your stakeholders - there may be more than you initially expect.
Tax management - planning and compliance
Take tax implications into account when choosing an optimal business model and transaction flows. Your tax and overall strategies should be aligned.
Accounting and reporting
You should have at least a general understanding of the differences among the various accounting regulation systems in China.
We look forward to hearing your views on the guide and would welcome the opportunity to discuss the implications and impact on your business and achieving your goals in the China market.
Globalization does affect China in a way. However China is taking action to maintain the economic growth such as laying out some policies related to the foreign investment to boost the national economy. This CEO survey report comes from PWC which comprehensively reveals that China could be the main stage for market entry. Moreover CEOs emphasize the recent problem about talent gap which can be solved by man and machine work together and it could be a long way to go. Yet finding an agency can be one of the best ways to narrow the talent gap. Talent Spot can help you with your HR solutions in China as well as Asia Pacific Region includes Singapore, Hong Kong, Taiwan, Japan, Korea, Thailand and Vietnam.