In a recent article, we talked about the economic opportunity China represents and the challenges of doing business there. However, these days the country is facing an entirely different and unprecedented challenge. The coronavirus outbreak has so far affected the lives of tens of thousands. Restaurants and stores have closed, amusement parks have shut down, and people are confined to work from home to minimize potential exposure to the deadly virus. It is a trying time for the Chinese people, and, arguably, one no one could have anticipated.
Businesses banking on the continuous growth of the Chinese economy are now feeling the impact the coronavirus has on their bottom line. Some industries are more heavily affected than others. The closure of ports aimed at containing the spread of the virus is now affecting the global supply chain of manufactured goods. For instance, the carmaker Hyundai has been forced to shut down their plants in South Korea due to a lack of components normally shipped out of China. The coronavirus will continue to have ripple effects on the global business until it is successfully contained.
Global brands such as Nike or Under Armour who have local operations have all shown unwavering support to the Chinese people by offering advice on how they should take care of their health or exercise to keep in shape while they are forced to stay home. Starbucks has detailed all the steps they have taken to ensure the health and safety of their employees during this difficult moment while thanking them.
At Nimdzi, we categorize global readiness into five pillars of intelligence. How do they relate to the geopolitical events of the last year?
It’s early 2020 and by now it’s not exactly news when you hear someone declaring China as a land of opportunity. Most macro- and micro-economic indicators put the country at the top (or close to the top) of any list of the most dynamic economies of the world.
Let's clarify. Translation mistakes ARE fixable. Most of the time, anyway. Usually, the solution is to throw more money at it, to correct the problem and, if the language services provider (LSP) is the one at fault, it’s up to him to foot the bill.
The status quo for global corporations and media doing business in the PRC has been to bow to Chinese influences and censorship pressures to avoid consequences such as getting their products or company banned in the market. With an increased public awareness of this practice comes an increased risk of public backlash, with consequences ranging from public relations issues to mockery to potential boycotting and financial losses.