Hials, you are a fool. Asia is not Europe. Western values are not Chinese values. It is not racist to say so.
In Asia face is everything, it is an insult to refer to a written contract or to require someone to sign one.
Relationships are everything. You do not do business like you do in Sydney.
There are business ethics in China, but they are not your Western ethics. In some ways they are tougher, in others looser.
If you do not understand these things then God help you. I have one friend who suicided over a failed Asian venture and a few acquaintances who lost their shirts the same way.
If you think that its racist to try and explain that you are dealing with a culture that has different values, then more fool you.