China represents a special case for U.S. legal and audit practitioners, as the divergence between legal norms, accounting practices, and business culture between the two countries is so profound as to make it extremely challenging to effectively advise and service clients. In this article, three highly experienced practitioners share the extraordinary amount of specialized knowledge, resourcefulness, and patience it requires to complete transactions and educate parties on both sides to avoid running afoul of U.S. and Chinese laws.
The China Conundrum
For many U.S. businesses, China is simply too large and important of a market to ignore. While China’s growth appears to be slowing, the country has a GDP of $11.4 trillion, a middle class of over 100 million, and is positioned at the heart of the global supply chain. Hence, most multi-national corporations believe that they simply can’t afford not to be in China. Similarly, many global investors feel compelled to have some level of exposure to the world’s second largest economy.
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