It is important to focus on key Chinese cultural concepts and their impact on business operations. Global Business Culture runs China’s cultural awareness programs. We always focus on core issues like how important is ‘face’, what a hierarchical mindset has on information flow, and decision-making, and why deep, lasting relationships are crucial to your success.
What are your competitive advantages from a China market perspective? Are your prices competitive Are you able to offer lower prices to compete with local businesses? Or does your “foreign” product allow for price increases? Your product might be able to command a premium because of its uniqueness or market appeal. These questions are important regardless of the outcome. This, along with a cost structure that is correct, will determine your success or failure.
It is important to conduct thorough research. Do not try to pinch pennies at this stage. It is a huge false economy. China’s research is not limited to desktops. You must get out in the field and work with local advisors who understand your goals and will tell you the truth.
Be adventurous and experimental
Water Tigers are open to new ideas. This is the year to make a change in any area of your life. Start small by listening to new music, taking up a hobby, or starting a new project at your job. You’ll soon find yourself more confident as you make larger life decisions.
Being open to new ways of doing business can make you more successful and independent in finances. E-wallets can make a big difference in the world of finance. ShopeePay is Shopee’s all-in-one e-wallet. It allows you to load, pay bills and send money. You can also scan to pay at thousands of nationwide merchants. Enrollment is easy and takes only a few minutes. You can activate your ShopeePay account by clicking.
Flexibility is the key to success
Water Tigers are able to quickly adapt to their situations, making them great role models in a time of unprecedented change. Entrepreneurs need to be more strategic and creative in order to keep their businesses thriving. ShopeePay’s expanding list of Offline Partner Merchants is available to you if you have a physical shop. This will allow for cashless transactions and safe transactions. ShopeePay’s Scan to-Pay feature allows you to make secure, real-time payments in-store for goods and services by scanning a QR code. ShopeePay offers many benefits. Sign up to become a ShopeePay partner merchant. Fund transfers may be your main method of payment if you are an online merchant. ShopeePay offers real-time money transfers free of charge to all Shopee users or bank accounts.
Resources can make a big difference in your life
Water Tigers are resourceful, which means they can find solutions to problems and search for better ways to do a job. This is one of the most valuable traits you can imbibe in money matters. A good financial decision-maker will weigh the options and seek out ways to save money and spend more. Explore your e-wallet’s capabilities and keep track of ongoing promotions and specials.
Solve the distribution problem
China can be difficult to access due to the lack of local distribution networks, the buying habits of local consumers, and regulatory requirements
SITUATION IN 2022
Residents will be allowed to travel between provinces in 2022 CNY as long as they have green travel codes and health codes. There will be no home quarantine or mandatory testing. However, the situation will still depend on local policies and whether there are any outbreaks in your destination.
After reporting its first Omicron case, Beijing has been increasing inbound travel restrictions. People traveling to Beijing or returning from Beijing must have a negative nucleic acids test certificate for the past 48 hours. They also need to show a green code on the “Beijing Jiankang Bao APP.” Except for commuters, all people who travel to Beijing or return to Beijing will need to perform another nucleic acids test within 72 hours.
It is a good idea to check the COVID-19 requirements and confirm your travel plans with local authorities before you leave for cross-regional events.
The highly transmissible Omicron variant was reported in at least nine cities within six province-level regions, including Beijing, Tianjin, and Shanghai. This has led to large and small lockdowns as well as control measures. Many businesses and citizens are now cautiously awaiting the onset of an outbreak to disrupt their plans for travel.
China State Railway Group, a state-owned railway passenger- and cargo transport services entity, has estimated that passenger travel via railways will exceed 280 million in the 40-day travel period (January 27 to February 25, 2022). This is an increase of 28.5 percent compared to last year. China State Railway Group estimated that there were 407 million passenger trips last year. However, the actual number was only 218 million.
The Public is encouraged to celebrate at the place. 29 Chinese cities and provinces have encouraged citizens to “Celebrate in Place”. They are facing the challenges of fighting both Omicron and Delta variants of COVID-19. To retain staff during the holiday, many local governments have implemented policies such as red envelopes, subsidies, and consumption vouchers.
What trends are expected for this year’s Spring Festival?
Holiday consumption and a stay-at-home economy. Omicron, a highly contagious variant of the Omicron virus, and China’s zero Covid strategy may cause holiday spending to be cut again. However, there may be other business opportunities such as the stay-at-home economy. In Chinese, the CNY holiday was a time when locals would visit their relatives and friends to bring them gifts, known as Nianhuo.
This year, however, people will be encouraged to spend less on gifts and more money for their own rewards. Personal care, apparel, as well as electronic products will all benefit. Website traffic may increase on streaming and e-commerce platforms.
There are expectations that government support will increase consumption
China’s recent economic slowdown has been caused by problems in the property market, and slow consumer spending. In recent months, both imports and retail sales growth rates have been lower than expected.
The country’s top economic planner has some suggestions for how to increase spending during the Spring Festival holiday. These include upgrading online consumption and boosting rural consumption.
Despite the challenges that exist, the Spring Festival shopping frenzy could still provide some unique opportunities for foreign brands to gain footholds in China’s vast market.
What are the expected restrictions on international travel and disruptions to supply chains during the 2022 CNY
Beijing is intensifying its efforts to stop the import of COVID-positive cases from overseas due to the increase in COVID infections around the world, the upcoming CNY holiday, and the 2022 Winter Olympics.
Announcements about travel to China for Business
The Civil Aviation Administration of China has suspended 182 international flights from January 1-12, including nine between China and the USA. On January 7, 2022, the Chinese Embassy in the US stated that all passengers traveling to China from the US must remain in the US city of departure for seven days in order to be subject to health monitoring and COVID-19 screenings before they can board the China-bound flight.
Port restrictions and ongoing epidemiological surveillance
Beijing called on local governments in December to improve prevention and control measures within port cities, as well as epidemic surveillance and early warning systems. Truck drivers are unable to transport cargo from factories to ships due to COVID testing in many port cities including Ningbo and Shenzhen. This has caused disruptions in supply chains.