Essential Asian business terms - Lingo - four terms defined: balibayan, chaebol, guanxi and pinyin - Glossary

Business Asia, March, 2003

Balikbayan--is a Filipino term (tagalog) used to describe Filipino's living and working outside of the Philippines. Balikbayan are an important part of the Philippines economy, with overseas Filipinos sending home millions of dollars to their home country every year.

Chaebol--is a term most commonly used to describe giant Korean conglomerates, usually owned by a single family and having much power and influence within the economy. Examples of chaebol include Samsung, Hyundai and Daewoo. The Korean Government has in recent years been trying to curb the power of the chaebol as part of its plans to reform the economy.

Guanxi--is a Chinese term for interpersonal relationships. Guanxi has long been an important determinant in business success when dealing with China or Chinese businesses, as who you know is quite often as important as what you know. Those with powerful guanxi are those who prosper in the region.

Pinyin--is the Chinese term for the official Romanisation of the traditional Chinese writing system. Pinyin translates Chinese characters into Roman characters we use in the West. Pinyin is most often used as a pronunciation tool for those studying Mandarin, for index systems, and for place names and peoples' names.