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INB20012 Asian Regionalism And Global Business
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INB20012 Asian Regionalism And Global Business
0 Download5 Pages / 1,167 Words
Course Code: INB20012
University: Swinburne University Of Technology
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Assignment Title: Writing a blog on a newspaper article
Assessment Overview:
You are required to choose one newspaper article (from amongst those uploaded to Blackboard) and write a blog about that article. You are required to provide a synthesis of the article, its focus and perspectives on the specific and broader context in which the article can be located.
Topic: Top Tips For Australian Businesses To Succeed In China
Key questions you should consider when writing the blog:
How the core topic area is relevant to International Business and relevant to the Unit (Asia Pacific Business Perspectives)?
What are the socio-political issues (to Australia or any other country/ies) that the article refers to?
Evaluate emerging trends in the country’s (Australia or other) international trade.
What is/ are possible implications identified in the article, or identified in your research (from other articles you have researched)?
Is there any policy issue relating to International Trade that is important for the government (Australian or other) to review, update or change?
Answer:
Factors behind doing business in China- an Australian perspective
The Chinese market is considered to be one of the lucrative and biggest markets for the Australian business organisations. As per the government report on the business relationship between China and Australia, it can be articulated that both the countries enjoy a stable and healthy business interactions. For an example, the Australian export index in 2016-17 showed the amount of business in China were worth $110.4 billion. This was huge in number and helped the Australian government to witness an economic boom. However, there are some factors responsible for the success of the Australian multinational companies to maintain a good business relation with China.
Profound knowledge of the Chinese business- Before plan to go for a business in China it is imperative for the business organisations to get clear understanding regarding the Chinese business laws and government planning. As per the suggestions provided by the Danny Armstrong, GM of China Banking at NAB, it can be stated that the Australian SMEs have immense opportunities by investing and entering in the Chinese market. In this regard, the Chinese government sets a 13th Five Year Plan for 2016- 2020 with a vision to develop better economic opportunities in the country (Williams 2013). Therefore, the new business entrants must possess a detailed insight on the aims and objectives of the Chinese authority and based on this understanding they can take strategic plans for the benefits of the organisations.
For an example, recently over the two years the Chinese market has witnessed a high demand for Australian foods especially the dairy products and the Australian beef and lamb items. As a result of that it will be a strategic scope for the agri-business sector of Australia to expand more robustly with the growing needs in the Chinese market (Zhai et al. 2013). In addition to this, it is important for the Australian companies to follow the Chinese government aims and objectives and set their strategies accordingly.
Impact of the Free-Trade agreement- The Free Trade Agreement (FTA) between China and Australia further stimulates the occupation of the Australian business companies in the Chinese market more intensely and rigorously. The FTA policy came to permanence in 2015 with the purpose to increase the competitive position of Australian in the Chinese market. As a result of that it becomes easier for the Australian companies to encapsulate the Chinese market and boosting the economic growth and creating jobs simultaneously. The recent survey on the efficacy of the FTA in Asia reflects that the Australian Free Trade Agreements with the leading countries in Asia such as Japan, China and Korea accounts more than 50% of the export (Polsa 2013). In return the foreign exchange boosted in a rapid pace and facilitates an economic boom. The long term strategic advantage of the FTA fosters more competitive position for Australia in capitalising the Chinese market in compare to the other countries. While comparing the market capitalisation with New Zealand, there is a lag in course of the Australian companies in China (Ahlstrom et al. 2014). Therefore, the FTA guidelines provides more advantages for the Australian business organisation to initiate more aggression to capture the Chinese market.
Benefits of on-shore and off-shore partnership- As far as the inbound advantages are concerned, it can be seen in the Australian tourism and education sectors. In the tourism sector, the Chinese market is considered to be the second largest in terms of destination tourism. According to Pham, Nghiem and Dwyer (2016), the inbound sector generates $13.3 billion from international destination tourism. In the 2014-15 statistics the arrival of the Chinese tourism in Australia was amounted 22% over the entire visits of tourists. Moreover, the Wang, Moloney and Li (2013) newspaper revealed that the tourists visit in Australia was expected to trigger at a rate of 268 million in a short span of time. The reason behind this robust increase was the coalition between the Turnbull government and the Chinese authorities. On the other hand, in the educational sector, the Australia becomes a hinterland for the Chinese students with an annual visitation of 170,000 students. In response to this, inter-institutional partnership between the Caulfield Grammar School and the Nanjing Middle School created a better environment for student exchange through a Memorandum of Understanding.
Business culture in China- It is highly essential for the foreign companies to get an in-depth understanding of the business culture in China. In this context, it can be argued that the Chinese cities has two type of classification, first tier cities and second tier cities. The first tier cities are comprised with Beijing, Shanghai and Guangzhou (Liu and Almor 2016). On the other hand the second tier cities can be identified as Tianjin, Chengdu and Wuhan. In this regard, the tire-I cities are comprised with large business organisations with maximisation of market. In the tier II cities there are also ample of opportunities with a great number of population. As a result of that it will be beneficial for the organisation to get familiar with the market capitalisation and scopes to attract maximum customers.
Understanding the legislation- There are various layers of legislative policies and regulations that the Chinese government enacts in order to facilitate a fair and equal business environment across the country. Moreover, for the foreign companies the government puts some additional regulations in terms of tax paying norms, maintaining sustainability and respect the culture. In this regard, it can be stated that the Chinese market is controlled entirely by the centralised government mechanism (Zimmerman 2013). Therefore, it will be better to appoint a legal expert who has ample of knowledge regarding the various aspects of the government regulations.
There are plenty of other aspects on which the Australian companies can rely. However, the main focus should be on fair and transparent business activities so that any kind of legal issues will be averted.
References
Ahlstrom, D., Levitas, E., Hitt, M.A., Dacin, M.T. and Zhu, H., 2014. The three faces of China: Strategic alliance partner selection in three ethnic Chinese economies. Journal of World Business, 49(4), pp.572-585.
Liu, Y. and Almor, T., 2016. How culture influences the way entrepreneurs deal with uncertainty in inter-organizational relationships: The case of returnee versus local entrepreneurs in China. International Business Review, 25(1), pp.4-14.
Pham, T.D., Nghiem, S. and Dwyer, L., 2017. The determinants of Chinese visitors to Australia: A dynamic demand analysis. Tourism Management, 63, pp.268-276.
Polsa, P., 2013. The crossover-dialog approach: The importance of multiple methods for international business. Journal of Business Research, 66(3), pp.288-297.
Wang, D., Moloney, R. and Li, Z., 2013. Towards internationalising the curriculum: A case study of Chinese language teacher education programs in China and Australia.
Williams, B.R., 2013. Trans-Pacific Partnership (TPP) countries: comparative trade and economic analysis.
Zhai, Q., Willis, M., O’shea, B., Zhai, Y. and Yang, Y., 2013. Big Five personality traits, job satisfaction and subjective wellbeing in China. International Journal of Psychology, 48(6), pp.1099-1108.
Zimmerman, A., 2013. Contending with Chinese counterfeits: Culture, growth, and management responses. Business Horizons, 56(2), pp.141-148.
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