For foreign brands working on the China market is tough, says business analyst Shaun Rein, author of The War for China’s Wallet: Profiting from the New World Order. They can both over-localized and under-localize, he tells Hicom-Asia. Some of the pitfalls for foreign companies.
Beida accounting professor Paul Gillis describes on his weblog how auditor KPMG Hong Kong got itself into trouble for signing off papers on China Medical, a company convicted in 2012 for looting US$400 million from its investors. Problem: KPMG Hong Kong was not really in charge and now the Hong Kong legal system caught up with this omission.
Much attention goes to the epic battle between China’s internet giants Alibaba and Tencent. But WeChat expert Matthew Brennan does not see why one of their payment systems, Alipay and WeChat Pay, should defeat the other. He sees room enough for both, he tells That’s Magazine.
Very slowly the dreadful verdict of China’s approximately 30 million left-behind children on the country-side is slowly getting more coverage. Journalist Zhang Lijia, preparing a book on the issue, summarizes the problems for the New York Times. Why have they been forgotten?
Cash was king, not so long ago in China. But as wealth and the middle class increased, mobile payments had an advantage, says business analyst Ben Cavender. Because other payment tools like cards did not have a solid footprint, eager smartphone users adopted mobile payments quickly, he tells That’s Magazine. But: “Realistically, I don’t think cash will go away entirely, but it will certainly be relegated to a less important role.”
China’s internet authorities have strengthened the rules on VPN’s – popular tools to jump the country’s online censorship. Nevertheless, getting online with a VPN is still relatively easy, says internet expert Matthew Brennan to The News Lens, but he is not giving a guarantee that will still be the case in one year time.
When brands enter China, they not only have to figure out what their demanding customers want, but also have a good look at politics, argues business analyst Shaun Rein, author of The War for China’s Wallet: Profiting from the New World Order, in a wide-ranging interview at Knowledge CKGSB.
In China power and religion are intertwined, argues journalist Ian Johnson, author of The Souls of China: The Return of Religion After Mao and you cannot understand China without knowing its religion. At the UC San Diego School of Global Policy and Strategy, he explains how religion moved from apparently irrelevant to crucial in today’s China. Why religion is not going away, as many intellectuals have thought.
China’s millennials are increasingly defining the country’s consumer space, and Western fashion brands fail to appeal to them, says business analyst Shaun Rein, author of The War for China’s Wallet: Profiting from the New World Order, to the South China Morning Post. Brands like Mark&Spencer failed because they focused on the middle-class, he says
Overseas mergers and acquisitions by Chinese companies went down in value over 2017, says a report by Hurun. Especially the real estate and energy industries went down, says Hurun chief researcher Rupert Hoogewerf to Global Times. Retail, technology and manufacturing did relatively well.