It's been referred to as a miracle. In the past 10 years, China's economy has exploded--doubling in size, making it the seventh-largest economy in the world. And it continues to gain momentum. In 2004, the country's trade volume totaled
$1.1 trillion and its foreign investment reached $60 billion. In the first quarter of this year, its imports grew 15 percent; its exports grew 35 percent and its economy overall increased 9.5 percent. The growth is showing no signs of slowing.
Haghighi also suggested that in-house counsel join an association that provides resources for companies doing or wanting to do business in Asia. For example, the Hong Kong Trade Development Council (HKTDC), on which Haghighi is a national board member, was established in 1966 to encourage trade with Hong Kong and the rest of China. It offers information about China's economy, its international business community and general information about doing business in China.
"HKTDC has offices and chapters everywhere," Haghighi said. "We have regular meetings to discuss best practices for doing business in China."
If something goes wrong, however, participants agreed finding good legal help in Asia can prove challenging.