A vital business tool which could help Manx firms forge links with China has been released by Grant Thornton.
The Thoughts of Chairmen Now is a new book written by Jon Geldart, Global Head of Marketing at Grant Thornton International, and David Roth of WPP. They hope to dispel many of the myths and misconceptions of doing business in China, applying what they have learned, alongside in-depth interviews with 14 of China’s business leaders giving valuable insight into doing business in China, insight many Chinese business leaders believe the west lacks.
Grant Thornton Senior Partner in the Isle of Man Dennis McGurgan said: “The potential for strong business associations between China and the Isle of Man is well-known and the opportunity to develop mutually beneficial trade and investment links has been highlighted by Chief Minister Allan Bell.”
“This year the Chinese Ambassador has twice visited the Island and an Isle of Man trade delegation to the country earlier in the year has already brought success with the launch of the joint venture Linso Europe.”
“The opportunities are there, but for some Manx companies a barrier to creating these links is a lack of familiarity with the Chinese way of doing business.”
“This book could be a really important tool for Manx firms. It contains remarkable insight into what Chinese business leaders think, but also how they think and why deeply understanding business in China requires viewing it through the prism of Chinese history and culture.”
“Topics covered include attitudes of management and the workforce and how they’re shaped by China’s history and culture, opportunities and barriers facing Chinese brands as they expand at home and abroad, challenges of rapid growth, such as the need for an educated workforce qualified to deal with complexity and change, values guiding business leaders, including honesty, hard work and serving both individual and communal wellbeing, and leadership approaches for fostering staff devotion and more open communication.”
He Fulong, chairman of ITG Group, summed up the views of those interviewed for the book when he said: "People misunderstand China. Some people take a political position and demonise China. Others take a more cultural view and mythologise China. Both of these perspectives are limited and distorted. The reality is in the middle. China is moving forward continuously."
Author Jon Geldart added: “China represents a fantastic opportunity for businesses. It is no longer just a place to get things made, but a place to get things sold. However, without understanding how Chinese business people think and approach commerce, businesses in the West will struggle to grasp the real opportunity.”
“Western businesses need to better understand the way Chinese business leaders think, their values and their priorities. These are different from the rest of the world. Those we interviewed wanted to help set the record straight and dispel some of the myths, misconceptions and misunderstandings they felt the west has of doing business with the Chinese.”
“China business leaders are open and interested in western management. They are looking for much more collaboration but it is to understand and not to copy. They see 'blending' and mixing western and Chinese management techniques as the way forward, to use the 'best of the best' to meet the ever changing dynamics of the Chinese marketplace.”
With 35 million households earning an income over $10,000 and 221 cities with populations of over 1 million by 2025 and the growth of the middle classes, China presents a market no company can ignore.
China is rebalancing after 30 years of unprecedented economic growth. Those seeking to do business in China need to better understand the motivations and drivers of those who lead successful Chinese businesses or they may fail to apply the right cultural lens to their efforts.
To understand more visit www.thethoughtsofchairmennow.com. The book can be purchased via Amazon.co.uk.
