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Friday 22 April 2016

Ziad K Abdelnour: gnoring China is no more an option

Every day Chinese and American entrepreneurs grow closer: Trade regulations are relaxing, foreign business ownership laws are enforced more reliably, and the Internet has made finding overseas partners cheap and fast.

Yet for every success story, it seems, there are cautionary tales of deals gone awry. Recently, ABC News reported that more than 100 China-based companies have been delisted from American stock exchanges for perpetrating investment scams. Then there are the more common stories of American businesses contracting with Chinese companies, only to get shoddy products or unresponsive partners.

How can you take advantage of lower costs and the prospect of over 1 billion new consumers while minimizing risk?

Here are some of my thoughts given our recent partnership at Blackhawk with one of the most credible investment groups in China … ZMY Financial Group.

Trust and Transparency. Without these 2 key ingredients you cannot accomplish anything of significance in China. Yes it applies the world all over but most particularly in China and other Asian societies where it takes a real long time to achieve trust. The key is to be transparent about it at the outset. Let partners know they’re not alone, and must meet certain standards. Otherwise, unexpectedly introducing new factors later on can damage the relationship for good.

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