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Monday, August 14, 2017

3 tips for Chinese firms going global

By Vice Chairman, China Chamber of Commerce in the UK, Mr. Geng Jinhai

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“As you all know, since 2013 when Chinese President Xi Jinping announced the Belt & Road Initiative many Chinese firms have started – and benefited from – investment or doing business overseas.

In my personal experience, and learning from those of many others, there are three important elements we need to bear in mind if a Chinese firm wishes to do well in the UK or any European country.

  1. People:
    We need to understand and identify the strengths of people – both from China and from local markets. We should make the best use of their different talents in their areas of strength and learn to manage them effectively. 
     
  2. Resources:
    We need to rely on the support from the mainland but at the same time learn to cooperate with local partners and agents who can be very useful in achieving our goals. We cannot have a “we are the best” mentality.  We need to best utilize the different resources available, both from China and from the local market.
     
  3. Culture:
    We need to understand and contend with cultural differences in both countries. International business is all about cultures. We need to respect each other, accept our differences and manage the changes gradually in a mutually agreeable manner. 

    However, to get to these key points above, most importantly, we need the right people; the best manager who can understand the west and east, who can adapt to the local market and who can manage an international team. 

    CEIBS is the right place for people to learn and gain knowledge to develop these skills.   For many of us in management, to study at CEIBS would be a dream but today CEIBS is here with so many well respected scholars and experts, presenting a great opportunity for us to learn.”