 In international markets, an invoice is sent to the customer and inform them to pay according to the agreed payment terms. It is then a voucher used to credit the revenue account and debit the receivable account in the general ledger.
When a businessperson comes to China, the meaning of invoice versus “Fapiao” (in Chinese: 发票, literally means invoice) normally generates some confusion. Knowing the difference is important because this is closely related to how you get paid by Chinese customers or handle payment to Chinese suppliers.
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 Although the currency of China is officially called Renminbi (in Chinese: 人民币), which literally means "people's currency", people are often puzzled by the currency acronyms of RMB, Yuan, CNY, and CNH.
 After considerable amount of effort, Happy Customers Faster Cash China edition has been published. This book is invaluable for people practicing credit management and collection in China. Statistics of the payment behavior of Chinese companies are provided by Atradius, Huaxia Dun & Bradstreet, and RMS to help you get the real picture in China.
 You have heard that “Feng Shui” is a serious topic in the Chinese culture. Ever wonder this is superstition or science? How did the banks in Hong Kong practice Feng Shui?
 Some Westerners find it is amazing that, in a Hong Kong restaurant, they always encounter 2 or more parties “fighting” to pay for a bill. What causes this kind of disputes?
 In the West, a corporate purchase is normally initiated by issuing a purchase order. What is the common purchase procedure practiced in local Hong Kong companies?
 Would a Westerner who do not speak any Cantonese (the most popular Chinese dialect spoken in Hong Kong) lives well in Hong Kong? How about practicing credit management without knowing Chinese?
 The Hong Kong Stock Exchange is the largest IPO fund raised exchange in the world, the eighth largest exchange in the world and the fourth largest exchange in Asia by market capitalisation as at December 2015. According to the statistics of the Hong Kong Stock Exchange (HKEx), the number of public companies listed as at the end of 2017 is 2118. How do these local large companies practice credit management in Hong Kong?
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AuthorAlexander has over 25 years of experience in Business Information Management and Information Technology. Previously, he has held leadership positions in the world’s leading Business Information providers, including Managing Director of Thomson Reuters Asia, and General Manager of Dun & Bradstreet (D&B), Hong Kong and Taiwan. In addition, he personally managed Hong Kong's Commercial Credit Bureau while working with D&B, and the Consumer Credit Bureau through his directorship at TransUnion Limited. Archives
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