Research on guanxi is conducted principally within the disciplines of anthropology, business studies and sociology. It typically takes the form of empirical case studies, applications of extrinsic theory and literature reviews cum trend reports. The present paper, on the other hand, provides an analysis of guanxi in consideration of its elemental relations, components and properties. Discussion indicates the limitations of treatments of guanxi in terms of trust, guanxi bases, tie‐strength and the conveyance of influence and information. Having established the characteristic features of guanxi discussion then turns to how it may be an option or choice of commitment for persons and groups in contemporary China, its form and role in marketized exchanges, and how the efficiency of guanxi may be characterized.