Guanxi - doing business in China
Guanxi. It’s the first word any businessperson learns upon arriving in China. Loosely translated, guanxi means “connections” and, as any China veteran will tell you, it is the key to everything: securing a business
Now, like so many things in China, the old notion of guanxi is starting to make room for the new. Businesspeople—local and foreign—are tapping into emerging networks that revolve around shared work experiences or taking business classes together. Networking that once happened in private rooms at chichi restaurants now goes on in plain view—at wine-tastings for the nouveau riche, say, or at Davos-style confabs such as the annual China Entrepreneurs Forum held annually at China’s Yabuli ski resort. By tapping into these informal groups, Western companies can theoretically improve their understanding of the marketplace, hire the best talent, and find potential business partners.
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