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Edited 1 Market Cultural Report

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Market Cultural Report
Name of Course
Name of Professor
Name of Student
Name of Institution
Date

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1.0 Introduction
China has multiple holidays, including Chinese New Year, Singles Day, National Day Golden
Week, and Double 11 Festival, which are prominent in China (Quan, 2021). Moreover, the
holidays are usually very colorful and exciting, an incredible display of culture, thus making it an
astonishing experience, hence selecting China for this report. China has the world's second-
largest economy in terms of nominal GDP. One of the primary reasons for the robust economy is
the 1970 amendment to economic regulation (Rahman, 2021). Additionally, China has
transitioned from a centrally planned economy to a market economy, with GDP growth of
approximately 10% annually, according to World Bank reports (2021). Therefore, from a
business perspective, China is doing well thus attracting keen interest based on business opening
in the area. The basis for interest in business commencement is due to not only the fact that the
economy is a strong but also that the minimum wage is less, thus increasing profit margin.
China has the world's largest population, totaling more than 1.4 billion people, according to
World Meters (2021). Therefore, there are multiple consumers on a business perspective, thus
increasing the chances of product or service purchase.
The Chinese people's culture is such that, as an emerging economy, they seek status items such
as luxury cars, smartphones, and designer apparel as evidence of their accomplishments
(Rahman, 2021). The extravagant culture encourages businesses because it shows that the
Chinese culture is willing to spend money, thus a great opportunity for businesses.
2.0 Cultural Analysis of China
China is rich in culture, looking into areas such as personal communication, values and attitudes,
religion, manners and customs and education.
2.1 Personal Communication

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1 Market Cultural Report Name of Course Name of Professor Name of Student Name of Institution Date 2 1.0 Introduction China has multiple holidays, including Chinese New Year, Singles Day, National Day Golden Week, and Double 11 Festival, which are prominent in China (Quan, 2021). Moreover, the holidays are usually very colorful and exciting, an incredible display of culture, thus making it an astonishing experience, hence selecting China for this report. China has the world's secondlargest economy in terms of nominal GDP. One of the primary reasons for the robust economy is the 1970 amendment to economic regulation (Rahman, 2021). Additionally, China has transitioned from a centrally planned economy to a market economy, with GDP growth of approximately 10% annually, according to World Bank reports (2021). Therefore, from a business perspective, China is doing well thus attracting keen interest based on business opening in the area. The basis for interest in business commencement is due to not only the fact that the economy is a strong but also that the minimum wage is less, thus increasing profit margin. China has the world's largest population, totaling more than 1.4 billion people, according to World Meters (2021). Therefore, there are multiple consumers on a business perspective, thus increasing the chances of product or service purchase. The Chinese people's culture is such that, as an emerging economy, they seek status items such as luxury cars, smartphones, and desi ...
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