๐ ChinaUrbanTrends ๐๏ธExciting shifts are taking place in Chinaโs urbanization!
We’ve stepped into an era of metropolitan circles, with the real estate market entering a new phase characterized by balanced quantities and regional divergences. Ren Zepingโs data underscores that cities are diverging massively in their development potentials, making city research especially crucial.
๐Highlighting the top 20 cities, with no surprise, the big four (#Beijing, #Shanghai, #Guangzhou, #Shenzhen) lead the pack. #Hangzhou is ranked fifth, consistent with its position among hundreds of cities.
To a certain extent, this demonstrates that the higher the ranking, the greater the potential for urban development, a principle that is reflected among the top 100 cities.
While rankings are mostly stable, nuances like Chengdu rising to 6th and Nanjing slipping to 8th show regional fluctuations and strategic opportunities.
๐Intriguingly, some cities outperform their GDP ranks with unexpected development potentials. For instance, Dongguan, Foshan, and XiAn might not boast standout GDPs, but their growth potentials are notably impressive, providing fresh perspectives on their future trajectories.
๐Guangdong demonstrates formidable strength with four cities listed, reaffirming its economic prowess and highlighting the pivotal role of the Guangdong-Hong Kong-Macao Greater Bay Area’s planning.
๐Despite Southeast Coastal areas being the traditional economic powerhouses, rapid strides by old provincial capitals like Hefei, XiAn, and Changsha indicate burgeoning second-tier strongholds, potentially revealing unseen opportunities for young professionals and investors. ๐ฑ
๐ Your Take
Do you consider these cities as the future frontier for career and investment prospects, given their amazing development potential? Let’s talk about how YOU envision the future unfolding! ๐
Building local partnerships, especially in a market as intricate as China’s, can be the cornerstone of your business success. Here are some tips to foster and maintain these crucial relationships:
Research Potential Partners: Understand their business history, reputation in the market, and financial health. This helps avoid partnering with businesses that might be detrimental to your brand.
Shared Values and Goals: Ensure that there’s alignment in business objectives and cultural values, which is critical for long-term partnership success.
Build Personal Relationships: In many cultures, especially in China, business is built on personal relationships (guanxi). Spend time with potential partners, engage in face-to-face meetings, and attend social events.
Understand Local Culture: Learn about the business etiquette, communication style, and negotiation tactics prevalent in the region. This respect for the local culture can strengthen your bond.
Transparent Communication: Ensure all terms, expectations, and roles are clear from the start. Regular check-ins and open channels of communication prevent misunderstandings.
Legal Due Diligence: Understand local regulations related to partnerships. Get all agreements in writing and consult with legal experts familiar with the local business environment.
Start Small: Test the partnership dynamics with a smaller project or collaboration before diving into larger commitments. This way, you can gauge compatibility and operational cohesion.
Flexibility: Be prepared to adapt. What works in your home country might need tweaking in the local market. Show willingness to adjust based on feedback and local expertise.
Joint Ventures: Sometimes, the best way to partner in a foreign market is through a joint venture. This provides both parties with shared ownership and risk.
Continuous Learning and Adaptation: Markets, especially those as dynamic as China’s, change rapidly. Stay updated on market trends and adjust your strategies accordingly. Encourage mutual growth and learning in the partnership.
Building local partnerships requires patience, mutual respect, and an understanding of the nuances of the local business environment. With the right approach, these partnerships can become the bedrock of your success in foreign markets.
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China, with its staggering economic growth and vast consumer base, has become the gold mine for businesses worldwide. But as many Western entrepreneurs have discovered, navigating the Chinese market is not for the faint-hearted. To help you steer through these dynamic waters, here’s a concise guide to prioritize your efforts when expanding or growing your business in China.
1. Dive Deep with Market Research and Localization:
Chinese consumers have their unique preferences, and a one-size-fits-all approach won’t cut it here. Conduct thorough market research. Understand what appeals to the local demographic. Remember, localizing your product or service isn’t just translating it; it’s about making it resonate with Chinese culture, traditions, and values.
2. Navigate the Regulatory Maze:
China’s regulatory landscape can be a minefield. However, it’s essential to understand the ins and outs of local regulations and stay compliant. Don’t forget to safeguard your intellectual property, as IP concerns are more pronounced in China.
3. Embrace China’s Digital Giants:
Say goodbye to Facebook and Google, and say hello to WeChat, Alipay, and Douyin! Your digital marketing strategies must pivot around China’s unique platforms. Get acquainted, get comfortable.
4. Find Your Local Partner:
Consider forming joint ventures with local businesses. They often provide invaluable insights into the market, help in navigating the regulatory environment, and lend credibility to your brand.
5. Savor the Cultural Soup:
From the significance of color red to the importance of Lunar New Year, understanding Chinese cultural nuances can be a game-changer. This knowledge can influence your marketing campaigns, product launches, and even business negotiations.
6. Tap into E-commerce and Mobile Payments:
Mobile is king in China. Platforms like Taobao and Tmall drive sales, while mobile payments like WeChat Pay and Alipay are omnipresent. If you’re in retail, understanding and leveraging these platforms can offer a significant edge.
7. Be Ready for Fierce Competition:
The Chinese market is saturated, and local brands have an in-depth understanding of their turf. Your value proposition needs to be crystal clear and compelling to make a mark.
8. Cultivate Government Relations:
Having friends in high places can be especially beneficial in China. While this may be different from Western business norms, fostering relationships with local and national government entities can open doors.
9. Streamline Your Supply Chain:
China is geographically diverse. Make sure you have a grasp of the local logistics and supply chains, especially if you’re dealing in tangible goods.
10. Build and Retain a Stellar Team:
Your team is your biggest asset. Understand local compensation trends, workplace expectations, and cultural nuances when hiring and retaining talent.
In closing, while the opportunities in China are immense, so are the challenges. But with the right strategy, diligent research, and a bit of cultural acumen, Western entrepreneurs can truly thrive in the Middle Kingdom.
If you’re already making strides in China or are contemplating the leap, I’d love to hear your experiences and thoughts. Here’s to your success in the Dragon’s den! ๐๐
For any question, please send an email to gracecoachconsult@gmail.com
1. Brand Partnerships & Sponsored Posts: Partner with businesses and brands that are trying to tap into the Chinese market or offer products/services tailored for that audience. They might pay for you to promote their products or services.
2. Affiliate Marketing: Share products related to China’s business trends or tech products and earn a commission for every sale made through your link. Websites like Amazon offer affiliate programs that you can use.
3. Offer Courses/Workshops: If you’re knowledgeable about China’s business landscape or tech scene, you can offer online courses or workshops. Use platforms like Teachable, Udemy, or even Zoom to host these classes.
4. Paid Consultation Services: Offer paid consultation sessions for businesses or individuals looking to understand or penetrate the Chinese market. Share insights on cultural nuances, business etiquette, or marketing strategies specific to China.
5. Digital Products: Create and sell e-books, reports, or other digital resources that provide insights into China’s business culture, technological advancements, or general trends.
6. Merchandise Sales: Launch a merchandise line with designs or slogans that resonate with your audience. This can be anything from T-shirts to mugs, centered around Chinese tech and business culture.
7. TikTok’s Creator Fund: Depending on your location and eligibility, TikTok’s Creator Fund directly pays creators for their content based on various factors, including engagement and view count.
8. Subscription Services: Utilize platforms like Patreon where fans can support you by subscribing to exclusive content related to deeper insights, behind-the-scenes content, or special analyses on Chinese business trends.
9. Host Webinars: Webinars can be a more interactive alternative to courses. Host sessions on specific topics, like “The Future of Tech in China” or “Understanding Chinese Consumers.”
10. License Your Content: If you create original, high-quality content, media outlets or educational platforms might be interested in licensing your videos for their use.
๐๐ค Chinese AI on the Rise: A New Technological & Industrial Revolution! ๐๐ก
Exciting times ahead, as China’s major tech heavyweights are accelerating their efforts to develop AI-powered large models, like ChatGPT! This cutting-edge technology is expected to free us from tedious tasks, enabling us to focus on creative thinking ๐จ๐ง , with immense potential in fields like culture, retail, finance, healthcare, and education ๐ฅ๐๐ผ.
AI’s penetration rate is projected to reach a staggering 20% by 2026, revolutionizing industries such as meteorology, oceanography, agriculture, machinery, aviation, aerospace, and geology ๐ฆ๏ธ๐๐โ๏ธ๐ฐ๏ธ.
Giants like Huawei, JD, Alibaba, Baidu, and NetEase are all joining the AI chatbot race ๐, setting the stage for massive growth in the AI-generated content sector in China.
But as we embrace this incredible technology, let’s not forget the challenges that come with it, such as ethical dilemmas, privacy leakage, and data security ๐๐ก๏ธ. We must ensure responsible use and adherence to laws and regulations to unlock AI’s full potential in a secure and ethical manner.
What do you think about China’s rapid advancements in AI? How will this impact the global AI landscape? Share your thoughts in the comments below! ๐๐
Chinese economist Ren Zeping delivered his annual speech “Igniting Hope – Top 10 Forecasts for the Chinese Economy in 2023” on 20th December 2022.
#1 Forecast
The world will eventually belong to rational optimists, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change“, the times have changed, the only thing we need to do is to change ourselves, follow the trend, survival of the fittest.
#2 Forecast
We are in the midst of a century of old and new global economic and social cycles, social trends, globalization, international order, economic operation mechanisms, development concepts, etc. will face major adjustment and transformation, this is a big cycle, big transformation, big turbulence, big game, a promising era, we may be standing on the starting point of a new cycle, the global economic and social trough is often brewing scientific and technological innovation, business models, economic systems and industrial waves. This is a winter of disappointment followed by a spring of hope.
#3 Forecast
The world is entering an era of high-cost inflation, with the costs of energy, food, labor, capital, trade, and technology all rising, and the global economy has transitioned from the “golden age of high growth, low inflation, and great moderation” of the previous few decades into an era of “low growth, high inflation, and great turbulence.” The “Black Iron Age,” also known as the “Post-Globalisation Era,” brings both significant challenges and opportunities.
#4 Forecast
Faced with the dollar cycle, global recession, cost-driven inflation, and the shift of old and new growth dynamics, Chinese modernisation will set sail in 2023, guided by the new development concept.
Equity, security, real economy, autonomous innovation, ecological environment, high-quality development, and following the trend are the 7 key words for the future Chinese economy.
#5 Forecast
In 2023, China will launch a package of economic recovery plans to expand domestic demand and make every effort to fight for the economy, with new infrastructure, green economy, urban cluster construction, rural revitalization, the Pillars of a Great Power, and high-end manufacturing becoming the focal points of efforts, reflecting the new development concept and bringing new development opportunities.
#6 Forecast
New infrastructure will lead the way, with aย new generationย of information technology, metaverse, artificial intelligence, data center, extra high voltage, intelligent transportation, and other large-scale advanced construction, resulting in innovative technologies, newย industries, and newย engines for China’s economy.
#7 Forecast
The new energy revolution ushers in a period of explosive growth, with the three traditional tracks of new energy vehicles, lithium batteries, and photovoltaic wind power undergoing a major reshuffle, and the 3 trillion-dollar new tracks of autonomous driving, hydrogen energy, and energy storage poised to take off;
NOT investing in new energy now is analogous to NOT purchasing a houseย 20 years ago.
#8 Forecast
New consumer, new China-chic are rising, the one with young people has the future, the one with online has the world, shopping, life, work, production, entertainment, and other online is the trend, 8 beautiful industries take advantage of the trend,
emotional demand will grow rapidly, pet economy, home economy, medical beauty, psychologists, elderly care, and other industries are growing rapidly. We are all single-winged angels, we can only fly if we embrace each other.
#9 Forecast
Coping with an aging population and the trend of fewer children has become a national strategy, ranging from liberalizing childbirth to encouraging childbirth and vigorously building a childbirth support system. Children are the greatest wealth in the future, and cities are opening up to a war mode of attracting talents.
#10 Forecast
Real estate is entering the era of stock differentiation, regional differentiation, real estate enterprise differentiation, lot differentiation, and so on. The era of urban clusters in metropolitan areas is approaching, and real estate taxation rather than land finance is the general trend.
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China’s new economy is divided into “two decades preceding and following.”
The first two decades are from 2000 to 2019. The largest industrial chain and second-largest consumer market in the world have been created during this time thanks to China’s GDP, which has multiplied nine times. The launch of China’s new economy was enabled by the mega-scale market and industry.
The rise of consumer Internet platforms was the most significant result of China’s new economy in the first two decades. Because China has such a large market, a platform simply uses financial capital to support its continuous expansion, eventually achieving a monopoly position, aiming for a future monopoly, discounting it into a huge net present value (NPV) in the present, and then using this NPV as a valuation to help it achieve a monopoly. This is the closed-loop financial development model of consumer Internet platforms, and as a result, China has produced a number of world-class Internet giants.
However, in terms of technological development, a foreign think tank scholar conducted a study to determine each country’s position on the “smile curve.” According to her research, from 2000 to 2019, China’s economic industry, although the scale has increased significantly, has remained in the middle position, that is, manufacturing, assembly, compared to the two ends of the R&D, sales, the value added is relatively low.
However, China has achieved industrial upgrading in a few areas, including high-speed rail, new energy, 5G, and so on. Even so, these high-tech industries with high R&D investment are led by government departments, and the government is either an investor or a major customer. The venture capital and startups are not heavily involved.
So, in his speech last year, General Secretary Xi Jinping stated that the new round of scientific and technological revolutions and industrial change has provided a strong impetus to economic development, but has also had a profound impact on employment and income distribution, including some negative consequences that must be effectively addressed and resolved.
The first two decades of China’s new economy were essentially “capital leveraged the country“.ย
The consumer Internet is primarily based on business model innovation, with little technical content. The QR code, for example, which we commonly scan, was actually invented in the 1990s. It has grown so fast because it can capitalize on the maximum positive external benefits generated by the country during the development process, such as increased disposable income for our residents, improved logistics and transportation, and popularization of information technology, all of which are done by the state rather than venture capitalists and entrepreneurs.
However, the state bears the negative externalities of this capital-driven, winner-take-all development model, resulting in the emergence of “Gilded Age” problems throughout society, such as the widening income gap, the lack of social security for delivery riders, and the socio-economic problems caused by these monopolies, all of which must be paid for by the state.
As a result, the central government has proposed “high-quality developmentโ, โcommon prosperity” to promote healthy economic growth, optimize the distribution structure, create opportunities for more people to become wealthy, and avoid “in-rolling” and “lying flat.ย This is a significant turnaround and an important opportunity for China’s new economy, as well as the start of China’s new economy’s next twenty years.
It should be “countryย leveragesย capital” in the nextย 20ย years of China’s new economy.
Under the leadership of the national strategy, China’s economy will be able to transition from large-scale development to high-quality development through capital-driven and industrial upgrading.ย
China should not only be large-scale, but also continue to move to the upper left of the smile curve. Moving up means increasing the industry’s value-added, which will result in more high-skilled jobs and higher per capita income, whileย empowering with technology to achieve cost reduction and efficiency and maintain Chinese manufacturing’s global competitiveness. At the same time, China’s position must shift to the left, that is, it must improve its R&D capabilities in order to solveย strangleholdsย problem of key technologies.
Our investment in the new development stage should be heavily focused on “high-quality developmentย and shared benefits“.ย Ourย companyย focuses on three main lines:ย
The first, the transformation and optimization of the supply chain. China has the world’s largest industrial supply chain, but it is still relatively fragmented and generally lacks the ability to transform technology and information technology, leaving a massive value space to be explored.
The second is hard technology import substitution. For example, chips are China’s largest annual import amount of products because, following an epidemic global shortage of semiconductors and a significant drop in oil prices, China imported 350 billion worth of chips in 2020, more than doubling the second place of crude oil. Another example is medical equipment; China has a lot of drugs and medical devices that are dependent on high-priced imports; the space for domestic substitution is very large, and once localization is achieved, it can greatly reduce the burden of people going to the doctor.
The third is sustainable development. Now the world is trying to achieve carbon neutrality, China is very early in this layout, the investment is also the most. For example, photovoltaic power generation used to cost $100 per unit in foreign countries, but thanks to the continuous development of Chinese enterprises, the cost has now dropped to a few cents per unit, enabling for large-scale application. Similarly, Chinese-made electric vehicle (EV) batteries have significantly reduced the cost of EV production, explaining why EVs have grown so rapidly in recent years.
What kinds of businesses will thrive in China’s new economy over the next two decades?
Baibu, Daxiongxingzuo, BaiAoHeng, All of these companies have one thing in common:
they are all entrepreneurial, but through a key technology, they have leveraged a large scale industry and have quickly grown into leaders in their niche industries. Such a phenomenon is also found in other developed countries, a large-scale industrial chain, able to support hundreds of so-called “invisible champions”. China is the world’s largest producer, there must also be hundreds of “invisible champions”. Therefore, in the latter two decades of the new economy with high quality development, investors should not blindly pursue the financial-driven scale as before, but should focus on quality andย developย a deeper understanding of the industrial chain and supply chain.
The preceding is my interpretation of China’s new economy, as well as some thoughts on future high-quality development. Finally, I’d like to share two guidelines with you that we should always keep in mind when making future investments.
The first point is to focus on the direction of common prosperity. The essential requirement of socialism with Chinese characteristics is common prosperity, and we should look for entrepreneurial opportunities that create universal value in our investments.
The second point is the General Secretary’s discussion of capital. Marx and Engels did not face the problem of large-scale capital at the time, and the Communist Party of China explored the establishment of a socialist market economy, leading the country to “cross the river by feeling the stones.” The pursuit of profit, the pursuit of return, which is engraved in the DNA of capital, is the most essential characteristic of capital. However, capital in China must consider two principles.
First, it should carefully balance its own investment return interests with national interests, and it should actively play the role of production factors.
Second, it must not pursue its own interests in ways that are detrimental to the country’s and people’s long-term interests.
There seems to be a lot of concerns about the China #economy and how geopolitics is affecting it.
The ๐จ๐ณ economy is transitioning towards a new development model. This is driven by China’s own national priorities with or without geopolitical considerations. The current geopolitical tensions are accelerating this process and also at the same time adding risks to this process.
China’s most important asset both for its own economic future and for its position in the world is its ๐ถ๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐น ๐ฐ๐ฎ๐ฝ๐ฎ๐ฐ๐ถ๐๐. China’s industrial capacity is bigger than the ๐บ๐ธ ๐ฏ๐ต ๐ฉ๐ช put together.
We make everything for the world but this capacity’s value is still relatively too low. We’ve been doing better of course. But overall our industrial capacities value still has much room to grow.
We make everything for the world but this capacity’s value is still relatively too low. We’ve been doing better of course, for instance the iPhone, 10 years ago only 3,5% of its value was created by China now it’s more than 25 %. But overall our industrial capacities value still has much room to grow.
To improve we need large-scale transformation of our industrial capacity so that it is enabled by technology, and also to build capacities in new industries such as those sectors driven by low carbon emissions.
China’s entire industrial capacity probably generates between 5 to 10 trillion US $ per year, 5 as industrial output and maybe 10 at the market endpoint. But the value-add of this capacity is still below 20%.
I would guess that our manufacturing generates perhaps 12 to 15 % gross margin, which is too low. Higher quality development would have it generate maybe 30 to 40 % gross margin. Now on such a large base this value increase would be enormous.
Semiconductors alone probably accounts for 5 to 10 points and we spend nearly half a trillion US $ importing semiconductor chips and related products.
This is more than crude oil and iron ore combined, as we know China is the largest crude oil and iron importer in human history.
China’s national priority going forward is not to chase mere the quantity of GDP growth but the quality.
The current geopolitical tensions make this process a national imperative. It’s now not just driven by economics but by national security.
In the next 10 years there will be tremendous investment and growth opportunities manufacturing, technologies, supply chain optimization, AI, semiconductors, life sciences and medical equipment, new alternative energy like EV and new materials.
All these makes the west particularly the U.S. feel threatened and insecure, and that’s understandable.
America sees its leadership position in technology innovation the bedrock of its global dominance. So they must compete.
But perhaps because their political system is inefficient and their society is polarized at the moment, they seem to feel they’re unable to compete effectively by improving their own national capabilities.
So they resort to geopolitical tactics to weaken its rival.
This adds significant risks to Chinaโs path forward.
At the moment pessimism abounds about the Chinese economy, you know Covid lockdowns, real estate bubble, big tech blues, geopolitics, you name it, but these are short-term challenges.
Everyone faces short-term challenges; if not these, then something else will, but in the long run, I recommend that we refer to the 14th Five-Year Plan. It sets specific goals for a broad range of sectors manufacturing, technology, AI, semiconductors, Net-zero, R&D, and etc.
In the next 10 to 20 years, compared with the rest of the world China will be the continent of stability and growth.
Another key asset for China going forward in the future is political predictability. We know who will be in charge and what policies they will implement.
Don’t Bet Against the Five-Year Plan is a truism when it comes to investing in China.
On August 7, 2022, the annual “New Species Explosion – Wu Sheng Business Methodology Release 2022” kicked off. Wu Sheng, the proposer of Scene Methodology and founder of Scene Lab, released 8 methods and 5 forecasts of Scene Branding (SB) , systematically telling a “highly deterministic era of branding”.
The 6th New Species Explosion summarizes 8 methods โ of SB.
โ 1๏ธโฃ Trust relationship, with case studies from “Duku” and “Zhihu.” SB is a minimal model of trust relationship, a decentralized mechanism, and in-depth product, channel, and user operation. Wu shared a trend insight that pragmatic consumption is becoming the mainstream of consumption.
โ 2๏ธโฃ NFT spirit, with the case studies are “Bored Ape” and “Kuaishou”. SB is the super IP of digital consumption, NFT spirit, deepening the brand assets in the digital era. Wu believes that Bored Ape represents the new speed of digital popularity, and NFT spirit of quantifiable, distributable and traceable should become the digital belief of each brand.
โ 3๏ธโฃ Experience system, with the cases of “ARCFOX” and “Radish Run”. SB is a transgressive experience of digital life, designing experience systems to lead a differentiated life. Products should build their own experience system to become the meaningful carrier of digital life with performance /social / cognitive experience.
โ 4๏ธโฃ Emotion algorithm, with the case studies of “Whale” and “Fudi”. SB is an emotional algorithm of user journey, modelling the entire scene data and designing the whole life cycle. To activate today’s users, it is necessary to match the emotional “code”.
โ 5๏ธโฃ Problem list, with the case studies are “3 Wings Bird” and “ZX Technology”. SB is a solution that evolves along with users, sorting out problem lists and developing real scenarios. The problem list is a list of lifestyle pain points and is the smallest unit of scene wisdom. Establishing a list of problems is the premise of scene’s continuous problem solving approach.
โ 6๏ธโฃ Scene infrastructure, with the cases of “Jiaotzu Park FBD” and “FocusMedia”. SB is a self-driven refreshing mechanism of scene infrastructure, with bottom-level innovation and new business spirit at the same frequency. Scene infrastructure is required to provide sustainable certainty in the face of diverse, discrete, and uncertain new consumption and new interests.
โ 7๏ธโฃ Scene Identity, with the case studies of “ThinkBook” and “Yunnan Baiyao”. SB is a product logic defined by scene identity, which aggregates the diversity of individuals and fluidly connects digital scenes. A person has multiple real-world IDs that can be switched at any time. SB must deal with this new digital individual.
โ 8๏ธโฃ Knowledge map, and the case study is “LAUNCH debut”. SB is the knowledge map of a new lifestyle, as well as the planning of the supply chain and the delivery of new ideas.
Have you been living in a cross-cultural environment? If yes, then you must have known why cross-cultural communication is important. If not, these tips will be useful for you to start.
Cross-cultural communication is invaluable in business. It is required for successful business negotiations, building relationships with global business partners and collaboration within and outside your team.
Cross-cultural communication is not just about verbal communication either. It helps to be able to read body language and eye contact and communicate using other ๐ป๐ผ๐ป-๐๐ฒ๐ฟ๐ฏ๐ฎ๐น ๐ฐ๐๐ฒ๐. These nuances are unique to cultures and are very important to effective communication.
6 Tips for Improving Cross-Cultural Business Communication
โ 1. Develop Cultural Awareness
โ Understanding the differences between oneโs own culture and the culture of others is called cultural awareness. Developing this ๐๐ป๐ฑ๐ฒ๐ฟ๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด and striving to understand more is an essential step in cross-cultural communication.
You can gain this awareness by ๐ฎ๐๐ธ๐ถ๐ป๐ด questions, ๐๐ฎ๐น๐ธ๐ถ๐ป๐ด to people with different cultural backgrounds, ๐๐ถ๐๐ถ๐๐ถ๐ป๐ด cultural museums or institutions, ๐ฟ๐ฒ๐ฎ๐ฑ๐ถ๐ป๐ด books, or ๐๐ฎ๐ธ๐ถ๐ป๐ด classes.
โ 2. Learn a New Language
โ Learning a new language can be hugely beneficial for cross-cultural communication in business.
Learning a new language helps us ๐ฐ๐ผ๐ป๐ป๐ฒ๐ฐ๐ with others and gives us ๐ถ๐ป๐๐ถ๐ด๐ต๐ into the culture.
โ 3. Choose Face-to-Face Communication
โ A lot of communication happens in our mannerisms and body language. As much as possible, try to communicate with people ๐ถ๐ป ๐ฝ๐ฒ๐ฟ๐๐ผ๐ป ๐ผ๐ฟ ๐ผ๐ป ๐๐ถ๐ฑ๐ฒ๐ผ. This helps to develop relationships and reduces miscommunication, a common problem in international business.
โ 4. Open Your Mind
โ When you’re part of a large global enterprise, you have colleagues from other cultures with a wide spectrum of perspectives, experiences and skills, which often differ from those that may be common in your own culture.
With an open mind, youโre more willing to ๐ต๐ฒ๐ฎ๐ฟ new ๐ฝ๐ฒ๐ฟ๐๐ฝ๐ฒ๐ฐ๐๐ถ๐๐ฒ๐ and ๐๐ฟ๐ new ๐ถ๐ฑ๐ฒ๐ฎ๐, both of which foster ๐ถ๐ป๐ป๐ผ๐๐ฎ๐๐ถ๐ผ๐ป.
โ 5. Be Flexible
โ This is where we really embrace and practice trying new ideas. When we stay flexible, we are more open to improvement and opportunities โ both of which are critical for professional and personal development. Try stepping out of your comfort zone and doing something a new way.
โ 6. Maintain Proper Etiquette
โ When meeting with a new client or business associate, having proper etiquette is important.
For example, if youโre meeting someone from China, it would be helpful to know that a proper greeting is a nod, a bow or a handshake. ๐
Each culture has different rules of etiquette and formalities. Using poor etiquette communicates a lack of knowledge or care and could make the difference in business activities. When in doubt, do your research and observe.
Cross-cultural communication is a necessary capability as our world becomes increasingly globalised and interconnected. Especially in business, being able to communicate across cultures is crucial to success.
We help professionals to learn cross-cultural ( especially cross west-east ) business skills for a global career / business that can take them anywhere.
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