China and the World Trade Organization (WTO)

Paper Summary:

An in-depth research paper into China joining the WTO and the details of the agreement of trade tariffs and quotas that was established. The paper discusses the different business cultures between east and west and why these differing cultures made it harder to implement the changes into China's economy. The writer examines how these countries are now able to merge due to the trend of globalization - both economically and culturally.

I. Introduction
II. Review of Literature
China and the West in Business
Case Studies
Tips and Other Opinions
III. Methodology
IV. Results
A Convergence of Business Cultures?
Case Studies
Tips, Strategies and Opinions
V. Summary and Conclusion
Implications and Recommendations for Further Study
References

From the Paper:

"What makes China stand out as a global market potential, despite its status as an underdeveloped country, is its sheer size: its huge and diverse population of close to 1.2 billion is five times the US population. This makes China the world's largest consumer economy (Ralston et al). This is why those who wish trade with, and invest in, China must be most knowledgeable about Guanxi, the Chinese's negotiating behavior (Buttery and Leung, 1997). It is their access to the needed influence in China in order to make things happen there, in establishing political capital and building relationships, which foreign investors must have and use to do business in China. But Western or foreign investors must be most aware that they will not finish up with a single negotiation or accomplishing a quick return-on-investment. Guanxi requires the building of a life-long relationship with foreign investors and proof of certain virtues. The Chinese culture in business differs widely from the Western in a number of ways, which must be effectively addressed to insure business success."

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