Advice offered on doing business in China.(Finance Credit & International Business's Julian Chen speaks at the teleconference)

Participants in an FCIB (Finance Credit & International Business) teleconference August 24, got an opportunity to learn important tips and facts about doing business in China. Julian Chen, COO, FCIB China, was the presenter. He has considerable experience and knowledge about the business, cultural and government environments in China.

Chen discussed the growing stature of China as an economic juggernaut and how it has embraced capitalism despite is communistic form of government. "China is becoming the biggest fan of capitalism." He also said that although China traditionally has been a cash-based economy, both consumer and commercial credit are growing in importance and adoption by the consumer and business communities. However, from the perspective of business credit, Chen pointed out there are some shortfalls there, as compared to the Western world.

In contrast to the U.S., credit and financial information on businesses is often incomplete and not always reliable. However, the government is committed to and engaged in building a strong credit information system and already has a good database of information. "The database they have on companies and consumers is better than anything we have here," he ...