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7 TIPS TO AVOID DECEPTION

IN A BUSINESS DEAL WITH CHINESE PARTNERS

Business is not easy, and every partner tries to get maximum benefits. Chinese businessmen are not the exception. By concluding a contract with them, it is necessary to thoroughly recheck everything. Sometimes, due to ignorance, it is possible to contact scammers, having nothing in common with business. Recommendations of 4YOU GLOBAL will help you avoid possible mistakes and misunderstandings in business relations with partners from China.

7 SIMPLE RULES FOR SECURE DEALS

Example. The Russian businessman decided to start his own business which required equipment. On the Internet, he found suitable machines from Chinese manufacturers and wrote a letter to the specified address. He liked the answer to the request: technical characteristics of the equipment corresponded to his expectations and the value of the goods was average on the market.

The emergent entrepreneur went to the factory in China. He met a potential partner, had a tour around the enterprise, where they discussed details of the agreement. Having returned to Russia, the businessman received the contract (its language – Chinese), signed it and sent the advanced payment to the specified account. After that, the contact with "suppliers" was lost.

After long and troublesome trials, it became clear that "suppliers" had nothing to do with the factory. The story is authentic and not the only one. The scammers were not found. What should not be forgotten when working with future partners?


  • RULE 1. BEFORE YOU MAKE A DEAL, MAKE SURE THAT YOUR PARTNERS ARE REAL SUPPLIERS.

    First of all, you need to check the website. These companies have Chinese-language websites with domains .cn/.cn.com. Passports are required for their registration, so websites are trustworthy. The absence of a stationary phone number of the company is another reason to be suspicious.

    The website always contains information about the Chinese company that should be carefully considered. If the authorized capital of the organization is less than 100,000 yuan, it is not the company with which it is possible to negotiate large deliveries.

    No document can be signed without an interpreter of the Chinese language. Fraudsters sometimes send an old/inactive license.

  • RULE 2. ALL CASH TRANSACTIONS ARE CARRIED OUT THROUGH THE BANK

    If partners ask to transfer capital through Western Union, they are fraudsters. Any reputable organization has bank accounts with which it is necessary to deal.

  • RULE 3. CONTRACT FOR ONE YEAR IS MORE PROFITABLE THAN ONE-TIME DELIVERIES

    The rule concerns those who plan not one-time cooperation but for at least one year. The first order is almost always done at a low price, which has nothing to do with further purchases. The next time the prices rise sharply due to the alleged grown salaries of workers or consumables. Oftentimes, this is the strategy of those suppliers who have the required product, and there are no competitors. Therefore, it is necessary to conclude a dealer agreement and to stipulate all possible changes in case of falling of the ruble exchange rate.

  • RULE 4.CARGO INSPECTION BEFORE CUSTOMS IS AN IMPORTANT STEP

    The tradition of Chinese suppliers is to give small presents to their partners. They can put a pack of tea, a beautiful dinnerware set or a children's toy together with the goods. During the inspection, such additions may look suspicious. One should not tell the partner that this moment can harm because gifts are made from the bottom of one's heart. To prevent issues at customs, it is better to open and inspect the contents of the container.

  • RULE 5. DETAILED EXPLANATION TO THE CHINESE PARTNER OF ANY TRIFLE — GUARANTEE THAT THE PRODUCT WILL BE EXACTLY AS NEEDED

    The Chinese are accustomed to explaining why the part of the device should be of the exact colour, for example, and not just to naming it. If there is no explanation, the partner from the Celestial Emire can send the product at his/her discretion. He/she will never ask if something is not understood, so it is better to explain everything as clearly as possible and make sure that the supplier has a clear idea of the customer's wishes.

  • RULE 6.OBSERVING TRADITIONS OF A FOREIGN COUNTRY IS A SIGN OF GOOD UPBRINGING

    The assistance of an interpreter in the Chinese language is something that will save you from different incidents associated with traditions of the country. In the Celestial Empire, it is not acceptable to interrupt seniors, and business cards are given with two hands. In the restaurant, one cannot take the place of the owner, and to deal with business issues after lunch is considered a bad tone. All profitable deals are made at dinner and not hastily. To make it happen, it is necessary to spend at least 1-2 hours at the negotiating table.

  • RULE 7. NOT TO SAVE ON EXPERTS — TO GET 100% PROFITABLE DEAL

    There can be many pitfalls on the way to signing a good agreement. But there is a good solution. 4YOU GLOBAL can protect you from the tricks of fraudsters. Among its staff, there are qualified interpreters with experience of at least 5 years and people who know the traditions of Chinese people.

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