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Doing Business In China As It Relates To The United States

1289 words - 5 pages

AbstractDoing business in China has many challenges and many advantages. Many trade-offs happen to help both the United States and China become successful. Americans with aspirations of obtaining a piece of the Chinese-market pie, must invest the time to understand the trade offs and benefits China offers.Doing business in China as it relates to the United StatesWorld Trade OrganizationChina, with a population of more than one billion people, is a country full of marketing potential. However, with a country so rich in history and culture, there are many factors to be considered by marketers. Some of the most important and influential elements such as the monetary policy, currency system, market agreements, and environmental factors of the country, must be further examined.China maybe referred to as the "Land of opportunity". China continues to provide low cost operations, but is gaining many skills needed to compete in the market. One of the major changes China made to become competitive is, in September of 2001, China took a large step in becoming a country that other countries desired to do business with by developing economic relations and trade cooperation, and they joined the World Trade Organization (WTO). As of January 1, 2002, the WTO had a membership of 144 countries. With headquarters in Geneva, Switzerland, the WTO is a global organization dealing with the agreements and disputes of trade between nations. (Prime, July) Because their economy has been steadily improving over the past two decades, China wanted the stability and assurance to keep this growth long-term. By joining the WTO, China will no doubt be a paramount power early in this century in relation to trade.Before China joined the WTO, high tariffs and other import restrictions kept many countries' products out of China's market. Joining the WTO will mean much easier market access into China from firms around the world. And because of China's continual economic growth, major multinational companies from around the world will have great interest in investing in China. China's entrance into the WTO should create nondiscriminatory trading rights between local and foreign commercial operations and the reduction of monopolistic state trading practices.China's market is also very important in relation to the United States commercial interests. The reason the United States wanted China to join the WTO is that it would make them a more global, market-based trading system. This would then give the United States exporters and investors easier access to the Chinese market. As China's economy continues to grow and develop, their need for imported goods and services will continue to grow as well. The United States economy will then grow by supplying some of these needs.Because of China's economic expansion in recent years, it is essential that China maintain its international trade relations. Access to their market has become a critical element in the growth of many countries. China's...

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