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The network of personal contacts that is the most important trait of Chinese executives. One may refer to this as their “social capital” as it is used for professional advancement. This network consists of family, college or university acquaintances, co-workers, etc. Guanxi functions as the basis to the principle of reciprocity, something the Chinese refer to as hui bao. When a person does another person a favor, it is expected that the favor be returned. It does not have to be immediately, but at some point in that personal relationship, the favor must be returned. It is almost as if Chinese executives maintain an accounting record of the favors they have done, and received, from every member of their personal contact network. China Business Cultura & Etiquette Guide.
