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Time is an indicator of importance, so arriving late to a meeting with Chinese people will give them what impression?
Arriving late to a meeting with the Chinese will give them the impression that you believe that you are more important (are higher in the hierarchy) than them. If it was by accident try and phone before the meeting time to explain & apologise profusely on arrival.
You should expect & plan for…
In China the more people in your entourage, the more important you are