Explain the Term "Guanxi" and Its Importance in Doing Business

question 97

Essay

Explain the term "guanxi" and its importance in doing business in China.

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Definitions:

Monetary Damages

Compensation awarded in the form of money to a person who has suffered loss or injury as a result of the wrongful act of another.

Liquidated Damage Clause

A provision in a contract specifying a predetermined amount of damages to be paid if one party breaches the agreement.

Specific Performance

A legal remedy whereby a court orders a party to perform a specific act, often pertaining to fulfilling a contract.

Personal Services

Services provided directly to individuals based on personal skill or expertise.