One member of the CEOs’ China Operations Club stated it perfectly when he said that “actually doing business in China is different from what the book says.” This statement supports the World Trade Center of Greater Philadelphia’s goal of introducing its members to a variety of experts, each with something special to offer for the members’ business needs.

After opening remarks from Joanna Savvides, president of the World Trade Center of Greater Philadelphia, the CEOs’ China Operations Club members were welcomed by Citizens Bank’s new CEO and President of Eastern Pennsylvania and New Jersey, Dan Fitzpatrick. Mr. Fitzpatrick introduced the Citizens Bank panel of experts and began the roundtable session.

The bank specialists reminded the audience that the Yuan’s value has been gradually increasing in comparison to the US dollar, and could possibly appreciate 10-15% more in the next few years. Thus, they gave an overview of global trade alternatives for American companies, which included an explanation of classical trade products, structured trade finance, and enhanced trade solutions. Additional tailored solutions on how to mitigate import and export trade risk exposure with China were also provided to the roundtable members.

Finally, the executive presenters provided numerous examples of obstacles that have been encountered by companies doing business in China and how the bank had provided solutions including consolidating banking relationships across provinces and collecting payments from a third party.

In closing, there was strong consensus that many risks could be mitigated, while others still needed improvements within China’s financial, political and business environment. Nonetheless, the need for managing risks in China will remain for a long time and a dedicated banking partner is critically important to a successful China strategy.

WTCGP CEOs' China Operations Club is sponsored

by White and Williams LLP.

PLEASE NOTE: WTCGP CEOs' China Operations Club roundtable meetings are for WTCGP CEOs' China Club members only. However, individuals from companies who are interested in the Club and qualify for membership are welcome to attend one introductory meeting before formally joining the Club. For more information, please contact Ron Drozd at 215-586-4240 ext. 122.

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