Western markets down? Head to China
LOVE it or hate it, the 2008 Olympics in Beijing demonstrate that China's time in the capitalist spotlight will last long after the Closing Ceremony of the Games.
Seamus Byrne ponders if there has ever been a better time to explore Chinese opportunities for your business.
China now boasts a population of 1.3 billion, income levels and living standards - for the most part - are rising, and with the increasing liberalisation of the business market companies have been eager to move beyond seeing China as a manufacturing base to treating it as a true consumer market.
Hugh Humphrey, General Manager Business Markets, Vodafone Australia sees there has been a notable increase in mobile business travellers heading East instead of West.
"We've found our small-to-medium business customers are more and more focused on opportunities in the growing Asian markets, particularly China," says Humphrey.
"So while Western economies might be experiencing a down turn, new business is rising in the East. Business in places like Shanghai is very fast paced. It's a very modern, very connected market so you want to be ultra responsive to new business opportunities."
Vodafone is giving travellers an added bonus should they be visiting China this month, offering 50 per cent off the usual roaming rates through the end of August on its new Vodafone Traveller plans that aim to make roaming costs more transparent for regular international business customers.
Humphrey also notes that while many businesses are seeing increasing costs due to surging oil prices, the cost of communications is one area a business can rest easy.
"Vodafone's call and data cap pricing hasn’t risen in line with inflation. In fact, they’ve been lower thanks to better deals with our overseas partners. We're partnered with nearly 40 network providers, which means that when you do roam overseas, you're still able to control your costs and know your spend."
According to Austrade, China is now a $22.8bn industry for Australian exporters, with notable opportunities across a wide range of industries including automotive, biotechnology, building materials and construction, education, environmental, food and beverage, health and medical, information technology, marine, and mining.
In fact there are excellent support mechanisms in place through Austrade for businesses eager to explore Chinese business opportunities.
It will no doubt take a big commitment to overcome the cultural barriers to trading in China, but aren’t all the best rewards only available to those willing to make the effort?
Tips on Chinese business etiquette
It is a very good idea to work with a translator who can not only interpret but also advise you on appropriate business etiquette and customs.
At welcoming, bowing is the common greeting. Many have started to shake hands at business, but wait for the Chinese to offer first.
Business cards are very important in Chinese business culture, so treat them as highly valuable. Always present and receive with both hands, and look at the details on cards you are given - putting a card away without reading is considered a serious insult. Investing in cards with details in Chinese on one side will make a very good first impression.
Never arrive late to a meeting, as this insult could spell immediate failure. Keep hand gestures to a minimum while speaking and take things slowly - the Chinese custom is to take pauses in conversation as a sign of a well-considered discussion. Do not raise deadlines and never say 'No'.
Gifts are a difficult area in Chinese business, so tread carefully. Keep things inexpensive and Australian themed, and bring gifts for everyone. Wrap in red to signify good luck. It is suggested a banquet is the most acceptable form of gift you can offer.
Content supplied by Vodafone Australia