China Tip 10:
Be prepared to improvise 
 
China is much bigger then Europe. Most people are well aware of that. The country is also not just around the corner, this as well is common knowledge. Although we have quite some general knowledge about China, a lot of important business-related knowledge is not known. For instance the banking sector is still highly regulated, foreign currency exchange from RMB to any other currency is not so easy and business licenses are determined by business scope. 
 
Realize there is a strong preference policy to relocate certain industries to certain regions. If these policies concern your industry, it will have a big impact on future market developments. 
 
Information about cultural differences between the West and China is relatively easy accessible. But culture is only a part of doing business. Laws, governmental system, taxes, etc. are at least as important. Realize that the China’s governmental system lacks transparency. The unique system is decentralized and laws and regulations can differ on city level. 
 
Besides, the laws and regulations are complex and implementation of laws is ambiguous. Where to find your legal advice?  
 
While preparing yourself for a business trip, do not only focus on cultural and linguistic differences. Any additional information (whether general or branch related) does make a difference while achieving your goals. 
Some of the businessmen visiting China were not aware of the unique Chinese financial system. They just learned by hitting the wall. Even though it has been on the agenda of the WTO for many years.  
 
Entering the Chinese market is based on a strategic decision that requires more (financial) input than any market entry in Europe.
 
By investing time in research you limit the chances being (unpleasantly) surprised once in China. Your in-depth knowledge and good preparation will optimize and accelerate your capability of doing business. Finding creative localized solutions when problems arise.
 
Being able to improvise requires excellent preparation!