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Cultural differences are cross-border investment barrier, forum told
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EXPERTS said cultural differences have become a major barrier in cross-border investment and Shanghai should be more tolerant to be a successful finance center.
The East's growing power in the wake of the global financial crisis highlighted increasing cultural exchanges in business activities, making it a challenge in the economy, Lu Hongjun, head of the Shanghai Institute of International Finance, told a forum in Shanghai today.
"China should adopt an inclusive and active cultural strategy in making foreign investment to avoid falling into a cross-culture trap," Lu said.
Zhang Chao, deputy editor-in-chief of ENN Weekly, said nearly 70 percent of overseas acquisitions that Chinese companies have made did not meet expectations, and the major reasons are weak negotiation abilities and a lack of international talent.
Speakers said a successful international financial center should embrace different cultures in the West, East, and Middle East if they want to thrive.
"Building an inclusive culture is a trend among development of international financial centers," Lu said. "Shanghai's new free trade zone is tasked with cultivating talent capable of dealing with cross-culture issues and leading financial regulations."
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