Question

How are Chinese firms integrated in the international economy?

Answer 1

China is a huge world trading centre. It readily lends itself to tremendous foreign trade, considering its tremendous land mass, population, a massive, increasing economy and strategic ports. Electronic appliances, gasoline, machinery, mined raw materials, and medical and science appliances are the world's biggest Chinese imports. At 163.1 billion USD, Japan is the largest exporter to China, followed by the United States at about 160 billion USD.

Due to the ongoing growth of their business sector, the competition within the Chinese market is stiff. Local Chinese firms, however, are more open to new and more creative market ideas that foreign players might adopt, making it easier for multinational businesses to join.

In their marketing practises, the Chinese have a slightly different approach. Western firms hiring foreign workers are more mindful of the selling force than Chinese local offices that also employ student returnees and expatriates. Westerners put more emphasis on pricing and believe in the recognition of the right pricing methods for their goods by comparative studies. However, items that are marketed well in China seem to sell better. Therefore, it would be beneficial for a Western businessman to prosper in the Chinese market to build a local sales team that is proficient in the advertising facets of the industry as applicable to the Chinese client base. Networking and local partnerships may also be useful.