Hong Kong Business School, the Hong Kong Business School provides both online and offline educational programs on doing business in China. Each of the Hong Kong Business School’s speakers has over 10 years of experience and numerous successful cases. The valuable information shared by the lecturers is based exclusively on practice and gives students real-life insights into the world of business. The educational program is mainly aimed at business owners willing to expand the market for their companies in China, as well as managers contemplating on entering the Chinese market. However, innovators seeking to launch their solutions on large investment and sales markets and specialists willing to travel to China to receive international experience and higher salaries are also among the students of the program.
Hello Olga! As we know, you are based in China and are actively working with this region. The rest of the world is only starting to recover from the lockdown. Could you please describe the current situation in China for us? What is the degree of damage that the coronavirus has inflicted on China and Hong Kong?
Hi there! To be honest, I am very glad that I found myself in this region during the pandemic, since the Chinese government responded to the threat early on, coped very quickly and resumed business operations. The whole world witnessed how strong this country is and how it can cope with difficulties. And what a strong economy they have.
Currently, I am in Hong Kong, and the normal way of life has been almost completely recovered. Only schools and museums remain closed, but they are expected to be opened very soon as well.
Most people are already working from their offices, but half of the meetings are still taking place online.
When it comes to the damage, I can say that it was mostly global in terms of economy. One could say that the proverb is true, “If China sneezes, the rest of the world says, “Bless you!”” China itself suffered in terms of interrupted production and restrictions to the domestic trade. After all, the pandemic began on the eve of the national holidays and did not allow people to spend on gifts and make other purchases. Various experts insist that the economic downturn for China can reach up to 10% of GDP, but, in reality, it will be closer to 6.8% in the first quarter. Small businesses were hit the hardest in the most affected regions, like Wuhan. But this is a tiny fraction on the Chinese scale. Also the government is providing a lot of support!
What are the forecasts for recovery?
The recovery will be gradual, it is expected that the situation will more or less normalize by the middle of summer. However, the local population has already adapted, and everyday processes have resumed, such as training, courses, travel, retail trade. There are many new opportunities for development after the pandemic, which have yet to be tapped. We have just launched online courses in the Hong Kong Business School. I can see that businesses are being optimistic about China and are exploring different areas. There are manufacturers, FMCG suppliers, and IT companies among the students of our courses.
How exciting! Could you please tell us in detail what you teach at the Hong Kong Business School? Which programs do you have?
Currently, we provide training in two areas: the entry of companies with real products (food, drinks, watches, dishware, etc.) into the Chinese market and launching investment and IT solutions in China. These are two very different areas, which is why we have gathered experts from different fields and prepared the information that will be divided into units according to participants’ goals. The experts of our school teach the important nuances of entering the market of Greater China, everything from the pre-market research and legal issues to looking for investments and partners and the specific nature of negotiating. Every speaker has +10 years of experience in China and is willing to share their secrets of walking down this difficult path with minimum losses.