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B1 noun 7 min read

合资

Examples Notes & Tips 合资 in 30 Seconds
Explanation 合资 in your Level:
At the A1 level, think of '合资' (hézī) as 'making a shop together with money.' '合' (hé) means 'together' or 'join.' '资' (zī) means 'money' or 'things with value.' So, if you and your friend both put 100 dollars into a box to start a small lemonade stand, that is like a 'joint venture.' You share the money, and you share the work. In Chinese, we use this word for big companies, but the idea is simple: Group + Money = Joint Venture. You might not use this word in daily life at A1, but you will see it on signs for big car brands. For example, 'A and B hézī' means they are partners using their money together. It is a big word for a simple idea of sharing costs and profits.
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At the A2 level, you can start using '合资' (hézī) to describe business partnerships you see in the news. It is a noun that means 'joint venture.' You will often see it with the word for company: '合资公司' (hézī gōngsī). When two companies want to build something big, like a factory or a new phone, they might not want to pay for it all alone. They 'hé' (combine) their 'zī' (capital). A common sentence pattern is 'A company and B company hézī.' This shows they are equal partners. You should know that 'hé' is the same 'hé' as in 'héshì' (suitable) or 'hézuò' (cooperate). It always carries the meaning of things coming together. 'Zī' is found in 'tóuzī' (invest). So, 'hézī' is 'jointly investing.'
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At the B1 level, '合资' (hézī) is an essential term for discussing economics and professional environments. It specifically refers to a 'Joint Venture' (JV), which is a legal entity formed by two or more parties. In China, this word is very famous because of 'Sino-foreign joint ventures' (中外合资企业). You should understand that 'hézī' is more formal than 'hézuò' (cooperation). While 'hézuò' can be as simple as helping someone, 'hézī' always involves a contract, shared capital, and shared risk. You will hear it in the context of the car industry (like SAIC-GM) or technology sectors. As a B1 learner, you should be able to explain that a 'hézī qǐyè' is a company owned by multiple investors who have pooled their resources.
At the B2 level, '合资' (hézī) should be used with precision in business discussions. It functions as an attributive (合资项目 - joint venture project) or a verb (两家公司合资 - two companies jointly invested). You should be aware of its role in China's economic history, where 'hézī' was the primary way foreign companies entered the Chinese market to mitigate risk and comply with local regulations. You should also be able to distinguish it from 'dúzī' (wholly-owned) and 'rùgǔ' (equity participation). In a B2 context, 'hézī' implies a strategic partnership where technology, branding, and capital are exchanged. You might use it in a debate about the pros and cons of international business models or when analyzing a company's market entry strategy.
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At the C1 level, '合资' (hézī) is treated as a technical term within corporate law and macroeconomics. You should understand the nuances of 'Equity Joint Ventures' vs. 'Contractual Joint Ventures' (although the latter is often called 合作经营). You will encounter 'hézī' in complex financial reports, discussing 'hézī fāng' (joint venture parties) and their respective 'chūzī bǐlì' (contribution ratios). At this level, you should be able to discuss the legal implications of a 'hézī' agreement, such as profit distribution, management control, and intellectual property rights. You will also see it used in the context of 'jointly funded' public-private partnerships (PPP) or large-scale infrastructure projects involving multiple state-owned and private entities.
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At the C2 level, '合资' (hézī) is part of a sophisticated discourse on global capital flows and corporate restructuring. You can analyze the strategic evolution of 'hézī' models in China, from mandatory partnerships to the current trend of 'dúzī' (wholly-owned) transitions in sectors like finance and automotive. You should be able to use the word in high-level negotiations, drafting articles of association, or critiquing the efficacy of 'hézī' as a vehicle for technology transfer. The word becomes a focal point for discussing 'cross-border strategic alliances,' 'capital synergy,' and 'legal entity structures.' You are expected to handle the term with the nuance of a native business professional, understanding its connotations regarding corporate governance and international arbitration.
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Examples Notes & Tips

合资 in 30 Seconds

  • 合资 (hézī) means 'joint venture' or 'pooling capital'. It is used primarily in business to describe shared investment and ownership between parties.
  • The word is composed of '合' (to join/combine) and '资' (capital/resources), highlighting the financial nature of the partnership.
  • Commonly found in the automotive and tech sectors, it distinguishes shared-equity companies from wholly-owned ones (独资).
  • It is a formal term used in news, legal documents, and professional settings, rather than casual social cooperation.

The term 合资 (hézī) is a cornerstone of the modern Chinese economic lexicon, particularly since the 'Reform and Opening Up' era. At its most fundamental level, it refers to the pooling of capital or resources by two or more parties—often a domestic Chinese company and a foreign entity—to create a new legal business entity. Unlike simple cooperation, hézī implies a shared equity stake, shared risks, and shared profits. It is the linguistic bridge between 'joining' (合 - hé) and 'capital/resources' (资 - zī).

Economic Context
In the late 20th century, China utilized the 'Joint Venture' model to attract foreign technology and management expertise. If you walk through a major city like Shanghai, you will see names like 'SAIC-Volkswagen' (上汽大众); this is the quintessential example of a 合资企业 (joint venture enterprise).

这家汽车公司是中德合资的产物。 (This car company is the product of a Sino-German joint venture.)

When people use hézī, they are usually discussing formal business structures. It is rarely used for casual teamwork. For instance, if you and a friend decide to buy a coffee machine together, you might say hé mǎi (合买) or pīnzū (拼租) if renting, but hézī elevates the conversation to the level of investment and equity. It carries a weight of legality and formal partnership.

Legal Distinction
In Chinese law, there are specific categories for hézī, such as 'Equity Joint Ventures' (中外合资经营企业). Understanding this word is essential for anyone reading business news, financial reports, or legal contracts involving Chinese entities.

他们打算在上海成立一家合资医院。 (They plan to establish a joint-venture hospital in Shanghai.)

In the digital age, hézī has expanded slightly to include venture capital syndicates, though 'joint venture' remains its primary translation. It signifies a strategic alliance where the sum is greater than its parts—combining local market knowledge with international technical standards. It is a word of ambition, growth, and cross-border collaboration.

Using 合资 (hézī) correctly requires understanding its grammatical flexibility as both a noun and a verb-object construction that functions as an adjective. Most commonly, it precedes the noun qǐyè (企业 - enterprise) or gōngsī (公司 - company).

The Attributive Pattern
[Entity A] + 与 + [Entity B] + hézī + [Entity C]. This shows the relationship clearly. Example: 'Apple and a local firm established a joint venture.'

这两家公司去年决定合资办厂。 (These two companies decided to jointly invest in building a factory last year.)

Another common usage is the phrase 'Sino-foreign joint venture' (中外合资). This is a fixed term in business. When using it in a sentence, you can say 'This is a Sino-foreign joint venture' (这是一个中外合资企业). Note that you don't need the particle 'de' (的) when it's part of the formal name, but you might use 'de' in casual descriptions.

Prepositional Use
Use 'yǐ... de xíngshì' (以...的形式 - in the form of) to describe how a project is funded. 'They cooperated in the form of a joint venture.'

我们是以合资的方式进入中国市场的。 (We entered the Chinese market via a joint venture approach.)

In higher-level Chinese, you will see it paired with 'kāifā' (开发 - develop) or 'shìyè' (事业 - cause/undertaking). It implies a deep level of integration. Remember that 'hézī' focuses on the money and ownership. If you just mean 'working together' without money changing hands for equity, stick to 'hézuò' (合作).

You will encounter 合资 (hézī) in several specific real-world environments. First and foremost is the business news sector. Channels like CCTV-2 (Finance) or publications like Caixin frequently discuss 'hézī' when reporting on international trade agreements or new manufacturing plants.

The Automotive Industry
This is the 'home' of the word. For decades, foreign carmakers were required to form joint ventures to produce cars in China. You'll hear 'Hézī chē' (joint-venture car) used to distinguish these vehicles from 'zìzhǔ pínpái' (indigenous brands like Geely or BYD).

很多人认为合资车的质量比国产车更可靠。 (Many people believe the quality of joint-venture cars is more reliable than domestic cars.)

Secondly, you will hear it in legal and administrative settings. If you are applying for a business license in China, the clerk might ask if the entity is 'dúzī' (wholly-owned) or 'hézī'. It determines the tax structure and the regulatory hurdles you must overcome. It's a standard checkbox on government forms.

Investment Circles
Venture capitalists use 'hézī' when multiple firms lead a funding round. While 'tóngtóu' (co-investment) is also common, 'hézī' describes the formal structure of the resulting fund.

这几家银行合资成立了一个投资基金。 (These banks jointly established an investment fund.)

In daily conversation among professionals, mentioning you work for a 'hézī qǐyè' carries a certain social status, often implying better benefits, a more international environment, and standardized management practices compared to smaller private firms.

The most frequent error learners make with 合资 (hézī) is confusing it with the much broader term 合作 (hézuò). While both involve 'working together', their scopes are vastly different. Hézuò is any cooperation (like helping a friend move house), while hézī is strictly financial and legal.

Mistake #1: Using it for non-financial cooperation
Incorrect: 'We hézī to finish this homework.' Correct: 'We hézuò to finish this homework.' Unless you are paying for the homework as a business venture, hézī is wrong.

注意：合资必须涉及资金或资产的投入。 (Note: Joint venture must involve the input of funds or assets.)

Another common slip-up is confusing hézī with tóuzī (投资 - invest). While hézī involves investment, it is a *mutual* or *joint* investment. If one person just gives money to a company, that is tóuzī. If two people put money together to *start* something new, that is hézī.

Mistake #2: Redundancy
Learners often say 'gòngtóng hézī' (共同合资). Since 'hé' already means 'together' or 'joint', 'gòngtóng' is usually redundant, though it can be used for extreme emphasis in legal documents.

错误用法：他们合资了一起工作。 (Wrong: They joint-ventured worked together.) -> 正确：他们合作工作。

Finally, watch out for the difference between hézī and hé伙 (héhuǒ - partnership). Héhuǒ is often used for smaller, non-corporate partnerships (like a law firm or a small restaurant), whereas hézī sounds more 'corporate' and 'industrial'. Using héhuǒ for a billion-dollar car plant sounds slightly unprofessional.

To master 合资 (hézī), you must see where it sits in the hierarchy of business terms. Here is a breakdown of its siblings and cousins in the financial world.

合作 (hézuò) vs. 合资 (hézī)
合作 is general cooperation. 合资 is specifically equity-based. You can '合作' on a project without forming a company; you cannot '合资' without a financial structure.
独资 (dúzī)
The opposite of 'hézī'. It means 'wholly-owned' or 'sole investment'. A WFOE (Wholly Foreign-Owned Enterprise) in China is a 外商独资企业.

特斯拉在上海建立的是独资工厂，而非合资。 (Tesla established a wholly-owned factory in Shanghai, not a joint venture.)

联营 (liányíng)
This means 'joint operation'. It is similar to a joint venture but often implies a looser association where the companies remain more independent than in a full 'hézī' entity.
入股 (rùgǔ)
Literally 'to enter with shares'. This is the action of buying into an existing company. Hézī usually implies starting a *new* company together.

他们通过入股的方式参与了这次合资。 (They participated in this joint venture by taking an equity stake.)

In summary, choose 合资 when the focus is on shared capital and the creation of a formal joint entity. Choose 合作 for general teamwork, and 独资 when one party holds all the cards.

How Formal Is It?

Fun Fact

The '贝' radical in '资' represents cowrie shells, which were used as currency in ancient China. Almost all Chinese words related to money or value contain this radical.

Pronunciation Guide

UK /hʌ dzeɪ/
US /hʌ dzeɪ/
The stress is equal on both syllables in standard Mandarin, but 'zī' often carries a slightly longer duration in business speech.
Rhymes With
车子 (chēzi) 日子 (rìzi) 肚子 (dùzi) 样子 (yàngzi) 句子 (jùzi) 袜子 (wàzi) 格子 (gézi) 面子 (miànzi)
Common Errors
  • Pronouncing 'hé' like 'he' (the pronoun). It should be a rising tone like 'huh?'.
  • Pronouncing 'zī' like 'zee'. It should be a flat, high tone with a buzzing 'z' sound.
  • Confusing the tones: hé (2nd tone) and zī (1st tone).
  • Misplacing the stress on the first syllable.
  • Saying 'he-zhi' instead of 'he-zi' (adding an 'h' sound).

Difficulty Rating

Reading 3/5

Recognizing the characters is easy, but understanding the legal context is B1+.

Writing 4/5

Writing '资' (zī) requires attention to the 'shell' radical.

Speaking 3/5

Clear pronunciation is key to distinguish it from 'hézuò'.

Listening 3/5

Common in news broadcasts; easy to pick out.

What to Learn Next

Prerequisites

合作 公司 钱 投资 银行

Learn Next

股份 董事会 利润 亏损 清算

Advanced

股权激励 风险投资 天使轮 并购 资产重组

Grammar to Know

Verb-Object structure as Adjective

合资 (Verb-Object) + 企业 (Noun)

Preposition '与' (with)

A与B合资

Passive voice with '被'

该项目被合资方取消了。

Resultative complements

合资办成了这件大事。

Duration expressions

合资了十年之久。

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Examples by Level

1

他们合资开了个小店。

They jointly invested to open a small shop.

Subject + 合资 + Verb + Object.

2

这家公司是合资的。

This company is a joint venture.

Use 'de' at the end to show a property.

3

我们合资买礼物。

We pooled our money to buy a gift.

In casual A1, it means pooling money.

4

合资公司很大。

The joint venture company is very big.

合资 acts as an adjective here.

5

那是中外合资企业。

That is a Sino-foreign joint venture.

Fixed business term.

6

他们决定合资。

They decided to jointly invest.

合资 acts as the main verb.

7

合资对我们有好处。

Joint venture is good for us.

合资 acts as a noun/subject.

8

爸爸在合资厂工作。

Dad works in a joint-venture factory.

Short for 合资工厂.

1

这两家银行合资成立了一个中心。

These two banks jointly established a center.

合资 + 成立 (establish).

2

合资汽车通常比较贵。

Joint-venture cars are usually more expensive.

合资 + Noun.

3

他们通过合资进入了市场。

They entered the market through a joint venture.

通过 (through) + Noun.

4

我们正在谈合资的事情。

We are discussing the joint venture matter.

合资的 + 事 (matter).

5

这个项目是三方合资的。

This project is a three-party joint venture.

三方 (three sides) + 合资.

6

合资企业需要合作。

Joint ventures need cooperation.

Showing the difference between hézī and hézuò.

7

他想找人合资做生意。

He wants to find someone to jointly invest in a business.

找人 (find someone) + 合资.

8

合资的比例是多少？

What is the joint venture ratio?

Asking about the share of capital.

1

这家合资企业的总部设在上海。

The headquarters of this joint venture is located in Shanghai.

Formal business sentence structure.

2

合资经营可以降低投资风险。

Joint venture operation can reduce investment risks.

Abstract business concept.

3

双方签署了合资意向书。

Both parties signed a letter of intent for the joint venture.

Professional terminology (意向书).

4

合资品牌在市场上很有竞争力。

Joint-venture brands are very competitive in the market.

Discussing brand positioning.

5

他们合资开发了一款新软件。

They jointly invested in developing a new software.

合资 + 开发 (develop).

6

合资合同已经到期了。

The joint venture contract has already expired.

Discussing legal timelines.

7

这家合资公司拥有先进的技术。

This joint venture possesses advanced technology.

Describing company assets.

8

政府鼓励外商进行合资。

The government encourages foreign businessmen to enter into joint ventures.

Political/Economic context.

1

合资双方在利益分配上产生了分歧。

The two joint venture parties had a disagreement over profit distribution.

Complex subject: 合资双方.

2

该公司通过合资成功实现了技术转型。

The company successfully achieved a technological transformation through a joint venture.

Resultative structure.

3

合资企业必须遵守当地的法律法规。

Joint ventures must comply with local laws and regulations.

Discussing compliance.

4

这种合资模式在过去三十年里非常流行。

This joint venture model has been very popular over the past thirty years.

Historical analysis.

5

合资项目的审批过程相对复杂。

The approval process for joint venture projects is relatively complex.

Discussing bureaucracy.

6

他在一家合资企业担任高级经理。

He serves as a senior manager in a joint venture.

Describing career status.

7

合资方的变动导致了项目的停滞。

Changes in the joint venture parties led to the stagnation of the project.

Causal relationship.

8

合资车企正在面临国产新能源车的挑战。

Joint-venture car companies are facing challenges from domestic new energy vehicles.

Modern economic trend.

1

合资协议中明确规定了知识产权的归属。

The joint venture agreement explicitly stipulates the ownership of intellectual property rights.

High-level legal Chinese.

2

双方在合资谈判中就控股权问题僵持不下。

Both sides reached a stalemate over the issue of controlling interest during the joint venture negotiations.

Nuanced negotiation vocabulary.

3

合资企业的经营自主权受到了母公司的干预。

The operational autonomy of the joint venture was interfered with by the parent companies.

Corporate governance terms.

4

该项合资旨在整合全球供应链资源。

This joint venture aims to integrate global supply chain resources.

Strategic business language.

5

合资企业的解散往往涉及复杂的资产清算。

The dissolution of a joint venture often involves complex asset liquidation.

Legal/Financial closure terms.

6

中外合资经营企业法已经并入了新的外商投资法。

The Law on Sino-Foreign Equity Joint Ventures has been incorporated into the new Foreign Investment Law.

Legal history context.

7

合资方的出资形式可以是现金、实物或技术。

The form of contribution by the joint venture parties can be cash, in-kind, or technology.

Listing contribution types.

8

合资公司通过溢价发行股票筹集了更多资金。

The joint venture raised more funds by issuing shares at a premium.

Advanced financial terminology.

1

合资企业作为跨国资本流动的载体，扮演了关键角色。

As a vehicle for transnational capital flow, joint ventures have played a pivotal role.

Macroeconomic academic style.

2

在全球化逆风中，合资企业的战略协同效应愈发显著。

Amid globalization headwinds, the strategic synergy effects of joint ventures have become increasingly prominent.

Metaphorical and sophisticated vocabulary.

3

合资契约的射幸性特征要求双方具备极高的契约精神。

The aleatory nature of joint venture contracts requires both parties to possess an extremely high spirit of contract.

Highly specialized legal/philosophical terms.

4

合资企业内部的跨文化管理冲突是导致其失败的主因之一。

Cross-cultural management conflicts within joint ventures are one of the primary reasons for their failure.

Academic sociological analysis.

5

通过合资，企业能够绕过贸易壁垒，实现本土化生产。

Through joint ventures, enterprises can bypass trade barriers and achieve localized production.

Trade strategy terminology.

6

合资企业的利润汇出机制受到国家外汇管理局的严格监管。

The profit remittance mechanism of joint ventures is strictly regulated by the State Administration of Foreign Exchange.

Regulatory and administrative Chinese.

7

双方在合资初期的博弈决定了未来十年的权力结构。

The game-playing between the two sides in the early stages of the joint venture determined the power structure for the next decade.

Political science/Game theory application.

8

合资企业的组织架构应当兼顾灵活性与稳健性。

The organizational structure of a joint venture should balance flexibility and robustness.

Management theory terminology.

Common Collocations

合资企业
合资公司
合资办学
合资意向
合资协议
合资方
合资比例
合资开发
合资车
中外合资

Common Phrases

合资经营

— To operate as a joint venture.

该厂实行合资经营模式。

合资建厂

— To build a factory together with shared funds.

他们计划在越南合资建厂。

合资成立

— Jointly established.

该公司由三方合资成立。

合资品牌

— A brand produced by a joint venture.

这个合资品牌在中国很受欢迎。

合资伙伴

— Joint venture partner.

他在寻找可靠的合资伙伴。

合资期限

— The duration of the joint venture.

合资期限通常为二十年。

合资合同

— Joint venture contract.

请仔细阅读合资合同。

合资控股

— Controlling interest in a joint venture.

中方在合资公司中占有控股地位。

合资清算

— Liquidation of a joint venture.

合资清算过程非常麻烦。

合资转型

— Transition of a joint venture model.

合资转型是当前的趋势。

Idioms & Expressions

"集资办社"

— Pooling funds to run a cooperative (Historical).

村民们集资办社，共同致富。

Formal/Historical
"同舟共济"

— To cross a river in the same boat; to help each other in times of trouble.

合资双方应当同舟共济。

Literary
"互通有无"

— To exchange each other's goods; mutual help.

合资的目的是互通有无。

Formal
"取长补短"

— To learn from others' strengths to offset one's weaknesses.

合资企业通过取长补短实现共赢。

Common
"并驾齐驱"

— To run neck and neck; to keep pace with.

合资品牌与本土品牌并驾齐驱。

Literary
"强强联手"

— A powerful combination; giants joining forces.

这次合资可谓是强强联手。

Journalistic
"共创辉煌"

— To create brilliance together.

希望合资公司能共创辉煌。

Formal/Greeting
"利害攸关"

— To be of vital importance; sharing stakes.

两家公司在合资项目中利害攸关。

Formal
"各显神通"

— Each shows their own special prowess.

合资双方在各自领域各显神通。

Common
"互惠互利"

— Mutual benefit.

合资的基础是互惠互利。

Formal

Sentence Patterns

A1

我们合资买 [Noun]。

我们合资买书。

A2

这是 [Country] 和 [Country] 合资的 [Noun]。

这是中德合资的工厂。

B1

这家公司是由 [Entity A] 与 [Entity B] 合资成立的。

这家公司是由阿里与腾讯合资成立的。

B2

通过合资，我们可以 [Verb]。

通过合资，我们可以共享资源。

C1

合资协议中明确了 [Topic]。

合资协议中明确了利润分配。

C2

在 [Context] 下，合资成为

Word Family

Nouns

资金 (capital)
资产 (assets)
资格 (qualification)
资历 (seniority)
资源 (resources)

Verbs

投资 (invest)
出资 (contribute funds)
筹资 (raise funds)
融资 (finance)

Adjectives

资深的 (senior/experienced)
资助的 (subsidized)

Related

公司
企业
股份
股权
分红
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Memorize It

Mnemonic

Think of 'HE' (Together) + 'Z' (Money/Zillions). You are getting together to make zillions of dollars.

Visual Association

Imagine two distinct company logos (like a blue circle and a red square) merging to form a new purple triangle logo.

Word Web

Capital Equity Partnership Shares Risk Profit Contract Enterprise

Challenge

Try to find three 'hézī' car brands in China (e.g., GAC-Toyota) and write a sentence about them.

Word Origin

The word '合资' is a modern compound. '合' (hé) originally depicted a lid and a container meeting, signifying 'to close' or 'to join'. '资' (zī) consists of '次' (second/next) and '贝' (shell/money), originally meaning 'wealth' or 'provisions'.

Original meaning: To combine wealth or provisions for a common purpose.

Sino-Tibetan (Sinitic).

Cultural Context

Be aware that 'hézī' can sometimes imply 'technology transfer' issues in modern political discussions.

In English-speaking countries, 'Joint Venture' is often a temporary project. In China, it is frequently a permanent, separate company structure.

SAIC-Volkswagen (The first major automotive JV in China). Guangdong-Hong Kong-Macao Greater Bay Area development plans. The 1979 Law on Sino-Foreign Equity Joint Ventures.

Practice in Real Life

Real-World Contexts

Business News

  • 达成合资协议
  • 注入资金
  • 扩大规模
  • 技术合作

Job Interviews

  • 合资企业背景
  • 跨文化沟通
  • 管理体系
  • 国际化视野

Car Shopping

  • 合资品牌
  • 发动机技术
  • 内饰质量
  • 售后服务

Legal/Contracts

  • 出资额
  • 股权比例
  • 违约责任
  • 争议解决

Economic Study

  • 外商直接投资
  • 市场准入
  • 技术转让
  • 本土化

Conversation Starters

"你觉得合资车和国产车哪个更好？"

"你愿意在合资企业工作还是在纯外企工作？"

"如果我们要合资做生意，你打算出多少钱？"

"为什么很多外国公司选择通过合资进入中国市场？"

"你听说过最近哪两家大公司要合资吗？"

Journal Prompts

想象你正在和一家外国公司谈合资。你会提出哪些条件？

描述一下合资企业对一个城市经济发展的影响。

对比合资（Joint Venture）和独资（Wholly-owned）的优缺点。

写一段关于你在合资公司工作一天的日记。

如果你有足够的资金，你想和谁合资开什么样的公司？

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