| | Must Visits | Need to Know | Capital City Beijing | | Tipping Not mandatory | | Electricity 220 V | | Weights and Measurements Metric System |
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Economy
China’s economy, post World War II, was modelled almost completely on the Soviet system- and suffered terribly as a result of it, with increasing dissatisfaction among the people, and an unimpressive economic structure as well. However, in 1978, under Deng Xiaoping, serious rethinking of the country’s economic policies was done and a mass reorganization of the economy set into motion. The main highlights of this ‘open door policy’ included opening up of the economy to foreign trade and investment, encouraging small-scale industries and rejuvenating the earlier system of `household responsibility’ as opposed to collectivization. The new economic policies of 1978 had the desired effect: GDP tripled within a year and recently has been growing at 10% per annum. The trend towards a modern, market economy has continued more or less unhindered.
China is the largest producer of rice and other grains. Owing to the large natural mineral deposits, steel is a thriving industry in China.
Major Industries : Iron and steel, machinery, textiles, coal, cement, telecommunications, consumer electronics.
Major Trading Partners : South Korea, Japan, USA and the European Union.
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Currency
China’s currency is called Renminbi and is available in denominations of 1,2,5,10,50 and 100 yuans, in bills and coins.
Yuan, (also colloquially called `kuai'). 1 Yuan = 100 fen (ten fen = 1 mao or jiao; which means that 1 yuan is actually made up of 10 mao (jiao). In Hong Kong, the currency used is the Hong Kong Dollar, made up of 100 cents. In Macao, the pataca, comprising of 100 avos, are used. Both Hong Kong dollars and Macao patacas are more or less equivalent to the yuan, but the yuan as well as the pataca are not accepted outside China and Macao respectively.
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Business Guide
Business Hours : Usually, offices work from 0900 to 1800 hrs with a one hour lunch break, Monday to Friday. There’s a half holiday on Saturday and a holiday on Sunday, but even this isn’t uniform, as there isn’t a fixed `day of rest’ as such. Most shops open daily and for quite long hours, especially in large cities.
Business Protocol
When on a business trip to mainland China, always remember to follow the basic business conduct rules.
Shake hands on arrival and departure. The Chinese may bow or nod heads. Introductions are austere and formal. First introduce the seniors/elders and women.
Greet the senior person first, the others follow in order of rank; on being introduced the Chinese may receive the visitor with applause. Address everybody by his/her title (Mr/Mrs/Miss/Dr./Mayor etc) and by their family name (in China, the first name comes last). Don’t call anybody by their first name unless asked to do so.
Business cards in English should have Chinese language on the reverse; in China make sure you use “simplified” characters as opposed to “classical” ones used in Hong Kong. Read a card given to you, before putting it away.
Dress code depends on the weather; lightweight suits/shirts and ties in summer for men; suits/skirts/dresses for women, but conservative in style.
Restrain your natural exuberance. Remember: the Chinese are conditioned to be distrustful of foreigners.
Refrain from doing anything that may cause your Chinese friend to lose 'face'.
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