Importance Of International Business

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INTERNATIONAL BUSINESS International business is largely defined as business carried out across the globe which involves commercial transactions between two countries or regions. These commercial transactions are undertaken by private companies and governments alike to earn profits. Cross border transactions undertaken by International business have following in common characteristics: • Product presence in different markets globally • Production bases across different countries • Diverse human resource • Investment in international services like advertising, banking, retailing, tourism, construction etc. • Transactions involving intellectual properties such as copyrights, patents, trademarks and process technology International business is…show more content…
Chinese officials are encouraging more foreign participation in investment projects. The government is taking steps to make investment and business climate more promising than before and lesson the bureaucratic interference. This is evident by the fact that more authority has now been given to local governments to approve foreign investment. Better political and economic approach In the economic showground of the world today, China has become a recognized political and economic power that has played an important role in global business affairs. As the government in center is withdrawing control and delegating it. The controlled business environment is changing by the steps taken towards free business activity by broader policy goals. This shows more inclination towards laissez faire approach to foreign participation in local economies. As explained earlier, China's accession to the World Trade Organization (WTO) on 11 November 2001 was one of the most significant steps towards re-sculpturing the global economic landscape of the 21st century. Unprecedented…show more content…
China is the world’s second-largest economy, having recently overtaken a relatively stagnant Japan, and is thoroughly enmeshed in global trade, logistics, investment, and production streams. As a result, the path of its future growth is critical to the pace, character, and dynamism of the global economy. For example, Chinese acquisitions of mineral reserves in Africa and Latin America, and European based automobile companies like Volvo; bold investments in U.S. high technology like Lenovo’s acquisition of the PC business of IBM; and Chinese-bred technology firms like Alibaba and Baidu gaining funding from Western equity investors, demonstrate how powerfully China’s rise can and has influenced the global economic landscape. Transformation to important global player In the late 1970s, some 30 years after the Communist Revolution, the People’s Republic of China represented a populous but relatively minor economy, with little trade or contact with the outside world. State-owned enterprises dominated the economic
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