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Business Culture Behind the Great Wall. What Should You Know about Chinese Partners?

GUANXI, meaning „relationships”, adaptation to the local market, reputation and presence in social media – those are the four pillars that make doing business in China successful. Citi Handlowy’s experts and special guest speakers – Andrzej Juchniewicz, Ph.D., of the Polish Agency of Investment and Trade (PAiH) and Piotr Canowiecki of ChińskiRaport.pl, discussed business culture behind the Great Wall, benefits of making transactions in Chinese yuan, building competitive advantage with understanding of local market and customs, as well as solutions supporting Polish business in China.
Business culture behind the Great Wall and Chinese partners’ characteristics were the topic of an online event organized recently for institutional clients by Citi Handlowy’s Financial Markets and Corporate Banking Sector. Citi Handlowy experts presented solutions which may support progress of companies which have business relations with China, as well as enterprises planning to enter this powerful market.
The guest speakers were unanimous that relationships and high quality are key to successful business in China. Adaptation to the local market is vital, too, hence its knowledge and becoming familiar with the difference between the Polish (and speaking more widely – the Western) culture and the Chinese one are very useful. During the event, Piotr Canowiecki, Co-Founder of the consulting platform ChińskiRaport.pl, shared his know-how and expertise in this field. The PAiH representative, Head of Foreign Office in Shanghai, Andrzej Juchniewicz, Ph.D., presented the situation of the e-commerce industry in China, drawing attention to this most dynamically developing market segment. He emphasized the importance of being present on the Internet and in social media – companies which want to trade successfully with China should offer their products on online platforms, such as the globally renown Alibaba, or other services popular in China, to include: JD.com, Pinduoduo, Suning, VIP and Dang-Dang.
Citi Handlowy’s experts spoke about banking solutions which may support companies in their business cooperation with China. Michał Naziębło, FX Corporate Dealer in Citi Handlowy’s Financial Markets and Corporate Banking Sector, presented the benefits of making transactions with Chinese partners in their local currency and Citi Handlowy solutions to support corporate risk management in international trade. He also explained the difference between the CNY and the CNH, i.e. the currency unit used on mainland China, and the offshore currency, used in FX transactions.
Agnieszka Sumera-Adamowicz, Solutions Sales Head, Citi Handlowy Corporate Bank, and Marcin Wiecha, Manager at Citi Handlowy’s Treasury and Trade Solutions, presented solutions for trade financing, and a unique module available for Citi Handlowy’s clients in online banking – Citi® Payment Insights. The module helps to control liquidity and corporate finance, and allows full payment tracking throughout the entire supply chain.
- As a reliable partner, we share with our clients expertise and knowledge of the financial institution operating on the global market. Together, we work for our joint success. We help our clients to strengthen their competitive advantage through a better understanding of financial mechanisms and instruments, which enables them to effectively manage their corporate risk. The event dedicated to the Chinese market and business culture of that region is yet another initiative by Citi Handlowy through which we support our clients in achieving their business goals, said Olek Łakomski, Sales Director at Citi Handlowy Corporate Bank, Markets.
You can watch the event highlight video here:
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