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There are plenty of opportunities for American businesses to make money in China’s growing economy, but navigating the culture there can be tricky.
Building trust, relationships, and understanding those cultural differences can be the difference between putting together a deal and being escorted to the door.
“A relationship is like a contract to them,” said William Sinn, who was born in Hong Kong and is now president of Sinn & Company, a Cleveland consulting firm.
Mr. Sinn was one of four experts who spoke today at The China Business Summit, an event aimed at guiding local businesses how to establish a foothold in China. The summit, hosted by Toledo marketing firm Communica and its partner company, Cleveland marketing firm Becker CMCA, was held at the Toledo Club.
“We’re very engaged in forward thinking economic growth, and to us that’s really important,” Communica president Debbie Monagan said. “We have to leave a bigger legacy, a bigger footprint for our future generations than just thinking about Toledo, Ohio, or the Toledo region. We’re very committed to it. We have a staff member in Shanghai. We’re thinking about not only business going to China but Chinese business coming to the U.S. and we want to position ourself as a resource.”