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Webinar held on Chinese style business negotiations based on Confucianism theory

  • Diplomatic Correspondent
  • 1st May, 2022 10:42:48 PM
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Jiangxi University of Finance and Economics Belt and Road Research Institute, China  and Daffodil International University Belt and Road Research Centre, Bangladesh  have jointly organized a Webinar titled, “The Chinese Style Business Negotiations Based on Confucianism Theory" on Saturday (30 April).

AFM Aminul Islam, Consul General  of Bangladesh in Kunming, China was present at the Webinar as the chief guest.

There was an in-depth discussion on the moral aspect of the business approach and what Bangladesh can learn from the “Chinese Style Business Negotiations Based on Confucianism Theory” in the presence of an elite panel of delegates.

Professor Dr. Mohammed Masum Iqbal, Dean, Faculty of Business and Entrepreneurship (FBE), Daffodil International University, and Director, Daffodil International University Belt and Road Research Centre chaired the webinar.

 Dr. Zhang Xifeng, Dean and Professor of Jiangxi University of Finance and Economics was the Keynote Speaker in the Webinar.

Professor Dr. Rafiqul Islam, former Dean of the Faculty of Business and Entrepreneurship and Editor-In-Chief of Daffodil International University Journal of Business and Entrepreneurship played the role of Session Reactor in the Webinar. Dr. Yung Hui, Chinese Director of the Confucius Institute of the Dhaka University was present as a Guest of Honor; and Laura Li, CEO of Beijing Chengyouxuan Cultural Communication Co., Ltd. was present as a Special Guest in the Webinar.

Chief Guest AFM Aminul Islam said the rationale of this theory is one of the biggest reasons why the economy of China has experienced a tremendous bloom alongside structural transformation and a complete production network. By mentioning China as the world’s second-largest economy and largest exporter he said Bangladesh is shouldering on with China intensively in the area of trade and investment relationship intensively. Right now, 25% of Bangladesh's total imports are from China and in the last 20 years, Bangladesh's bilateral trade deficit with China has increased by 1600%. However, China has recently waived tariffs on 98% of Bangladesh's products. This will reduce the trade deficit between Bangladesh and China even at a higher rate.

He also said that it is quite explicit that the Chinese negotiation style is based on mutual trust and benefit, seeking cooperation and “win-win” solutions for every party to succeed. The Confucianism theory places high value on the trust and sincerity of both parties in the negotiation where the cultivation of righteousness through lifelong commitment is far more important than the pursuit of profit. The Chinese business personnel has a distinguished style of negotiation. They follow different mechanisms when it comes to the matter of sealing a business deal. There are few elements that the Chinese strictly maintain and notice if the negotiator in front of them has these virtues or not before finalizing a deal. This culture of them really attracts my attention. They like to follow the paths of their ancestors.  Chinese negotiators focus on the negotiator’s personal and moral behavior more than other things.

Keynote speaker Dr. Zhang Xifeng shared her wisdom of excellency for the manifestation of this webinar. She said in her lecture that there was an exploration of the Chinese business negotiation style which is built on trust and integrity. Throughout her discussion, the audience came to know about Confucianism and its core cultural values, effective conflict management, intercultural business negotiation, Chinese negotiating process and model, cultural factors in business negotiation and negotiation style by geographic areas, the importance of business relationship, various tips for a successful negotiation and much more.

She further discussed that It is important to create a harmonious atmosphere when negotiating with business partners. The Confucianism theory places high value on the trust and sincerity of both parties in the negotiation where the cultivation of righteousness through lifelong commitment is far more important than the pursuit of profit. The Chinese business personnel has a distinguished style of negotiation. They follow different mechanisms when it comes to the matter of sealing a business deal. There are few elements that the Chinese strictly maintain and notice if the negotiator in front of them has these virtues or not before finalizing a deal. This culture really draws the attention of so many investors.

Guest of Honor Dr. Yung Hui made her warm remark. She expressed her willingness to work closely with us to promote the research on the related issues and the people-to-people exchanges between China and Bangladesh. So as to promote the mutual understanding and friendship between the two peoples and the common development of the two countries.

Special Guest Laura Li discussed and shared a history lesson on Confucianism theory in the aspect of business and the daily lives of the Chinese. She wants everyone to embrace the "harmony" culture of the Chinese nation. She urged furthermore all the participants of this webinar to promote economic development and cultural exchanges among countries and build a community with a shared future for mankind.

This session was moderated by Dr. AKM Mohsin, Associate Director of Daffodil International University Belt and Road Research Centre; and coordinated by Mohammad Saiyedul Islam (Woody), Doctoral Fellow in the School of International Trade and Economics at the Jiangxi University of Finance and Economics, and Senior Research Fellow of Daffodil International University Belt and Road Research Center.