A reflection on the Rise of China
The rise of the sun in the East is the trending aspect in the next century. With the largest population of a fifth of the world’s population, China is the largest growing population in the world. Although the company may be accommodating numerous European businesses, challenges are evident.
I like how the video brings out the factors that attract business from Europe. The video “China Rises – China or Bust” from the Sky Vision documentary highlights the various business shifts of business empires from the European Nations to China. Some of the factors that attract European businesses to The East Asian Economy include cheap labor, cheap raw materials, and a population of a billion people that may provide a market for the manufactured products (Froese et al., 2019). Also, the change in migration pattern from the Rural to the urban cities. As a result, construction companies are racing to adjust the housing challenges in the major cities. Chinese business environment does not provide a predictable, reliable, and fair business environment for foreign companies from the West.
However, I dont like the fact that the Chinese economy slows and becomes difficult for foreign businesses.European companies still struggle to create revenue in the business environment with numerous obstacles. The difficulties Western companies face when doing business in China is attributed to the Hofstede’s Cultural Dimensions. Most significantly, the Chinese population prefers doing business with the family and thus communism. China is a vast country with considerable development potential due to the largest community that serves as a market for produced goods (Froese et al., 2019). The cultural challenges of Chinese people do not allow foreign companies to conform to the regulations of the rapidly increasing economy.
The Chinese economy is rising rapidly. The company produces cheap products due to the affordability of labor. However, the differences in the cultural settings do not offer foreign companies
References
Froese, F. J., Sutherland, D., Lee, J. Y., Liu, Y., & Pan, Y. (2019). Challenges for foreign companies in China: implications for research and practice. Asian Business & Management, 18(4), 249-262.