Trappit, a business travel tech company, has recently signed an agreement with Link the World Advisers to access the Chinese travel market. The Spanish company is confident that the pandemic situation will gradually improve in the country.
Trappit’s activity is framed within the business travel sector, where they offer a tech solution to optimize corporate air travel costs. This is possible thanks to an innovative software that monitors airline ticket price changes in real time, between the time of purchase and the flight departure date, in search of cheaper tickets than those already purchased, thus providing customers cost savings.
As a member of the IE China Center Advisory Board, our Founding Partner Lisa Wang’s article on “Why cultural identity is key to understanding Chinese entrepreneurs?” was included in IE China Center’s annual report titled “The Intangible Concept Behind a Tangible Economic Miracle. A calling: what drives China’s entrepreneurial class to new heights?”.
In this article, Lisa shared her views on the decisive role cultural identity plays in the way Chinese entrepreneurs do business. The main Chinese values are: a). Orientation toward people and relationships based on trust; b) Adapting to the environment; c) Hierarchy, responsibilities and problem solving; d) Hard work and perseverance; e) Ability to learn and practical approach.
Lisa Wang, partner of LW Advisers and Vice President of China Club Spain, recently participated in the Coronavirus Special Program on Spanish TV channel “Antena 3” and was interviewed live by the journalist Vicente Vallés about the difficulties of bringing medical supplies from China to Spain.
“Spain competes with the rest of the world (…) You have to be very quick and be able to validate products and manufacturers very well when purchasing medical goods now,” said LW Advisers’ partner during the interview, in which she talked about the new Chinese government regulation that requires manufacturers to be on the list of the National Medical Goods Administration to be able to export their products.
Lisa highlighted the special complexity of purchasing from China now that the worldwide demand is extremely high. She also saw that organizations with previous experience and local teams in China are showing better performance and results due to their capabilities of mobilizing contacts and resources in short time.
At LW Advisers we have been very involved in the healthcare sector for a few months, which due to the pandemic has experienced high demand.
Is China still an opportunity market? What are the key aspects to take into consideration before making a move to China? Which sectors have the best projections in this market?
Lisa Wang, partner at LW Advisers and Vice President of China Club Spain, recently published an opinion piece in the leading Spanish economic newspaper Expansión. The article was meant to help executives who are considering expanding their company or brand into the Chinese market to understand some key success factors. The tourist, hotel and cosmetics sectors are examples of high growth sectors for European and Spanish countries.
The author emphasizes that opportunity does not equal success and that “it is important to note that typically it takes one to three years before companies’ investment reaches breakeven in the Chinese market.”
Read the full article «La gran oportunidad china: ¿cuáles son las claves de éxito para empresas españolas?» published in Expansión.
The cultural understanding is considered one of the most important challenges when an international company develops the Chinese market or invests in China. The objective of the article is to reveal some useful tips and to help businessmen and executives better understand the specific cultural elements of China.
Click here to read the full article in Spanish titled “How to communicate and negotiate with Chinese counterparts”.
Link the World Advisers organized a Press Event for its institutional client Madrid Convention Bureau with the aim of presenting “Practical Guide on Chinese MICE outbound tourism” to the Chinese media with presence in Spain. Key advantages of Madrid as a MICE destination were introduced.
Some specialized Spanish media in tourism sector also attended and reported the event in the following articles:
LW Advisers presented the Guide of the China Outbound MICE Tourism Market to members of Madrid Convention Bureau (MCB), Tourist Department belonging to the Madrid City Council. The report had the following objectives:
- To analyze the potential of the China Outbound MICE Tourism Market in order to formulate a medium to long term investment strategy targeting the Chinese market.
- To help the members of MCB to understand to which extent they could capture higher value from China’s outbound tourism market.
- To offer a practical guide with promotion and marketing strategy for China and adaption of the tourist offer in the destination.
The globalization process had made it evident more interaction between people of different cultures. In the future there will be a new profile of individuals in our society, integrating more than one cultural identity.
They will not be defined as 100% of a single culture, but the sum of the different identities, which could be more than 100%.
Lisa Wang shares her vision on this new conception of the reality and explains the benefits of the interculturalism.
Some basic recommendations on doing business with China: do your homework, understand the Chinese market and have in mind the cultural differences with Spain.
Please check out the following link to find out more about the social-cultural protocol for Spain-China business relationship, click here.
Interview by the journalist Pilar Carrizosa at Gestiona Radio together with other guests.
The program covered issues like tourism (as FITUR trade fair just started), food and China. Lisa Wang talked about the interests of Chinese tourists in Spain and some recommendations to do business with Chinese companies and clients.
Listen to the full interview on Gestiona Radio.
She explained the two levels of resilience she experienced when moving from China to Spain: the first one is ADAPTATION as a necessity to survive in the new environment, the other one is INTEGRATION as a personal choice, after accepting new values that were different from the original ones. Lisa also made a parallelism with the Spanish companies that entered the unknown Chinese market, the most resilient and strong ones are those who managed to integrate themselves into the local market due to their high level of flexibility.
Eminent overseas young Chinese from 80 countries participated in the conferences and visits to institutions and local authorities of several regions of China, with the aim of understanding the history, cultural and current economic situation of China, thus to bridge it with their country of residence.
SpainGlobal´s interview to Lisa on Feb. 6th, 2017. Topics include her experience in investment projects between Spain and China, recommendations to Spanish companies willing to enter China, the most common errors, sectors of great potential, cultural factors affecting the business relationships, as well as the perspectives of the Chinese investments in Spain. Under the section of “Success Cases”of Iberglobal.