Wednesday, January 03, 2018

The Return of Religion: larger than a China quest - review

Ian Johnson
Journalist Ian Johnson's latest book The Souls of China: The Return of Religion After Mao is not short of positive reviews. But Jeremiah Jenne gives in the World of Chinese his review an extra twist. The Return of religion in China is not limited to the country's search of new values, but might be part of a worldwide search of values, Jenne writes.

The World of Chinese:
Overall, this is an impressive book, combining ethnography, journalism, substantial scholarship and an excellent prose style, as one would expect from an author whose work regularly graces the New York Times, the New York Review of Books and other publications around the world. It is also a subtle memoir. Johnson makes no secret of how his own religious journey is intertwined with many of the people he writes about. Rather than being a distraction, as might have been the case with an author of lesser talents, these asides provide insight into the practices and beliefs described by his interviewees. 
As religious historian Jaroslav Pelikan has said (via the eminent Chinese historian Joseph Levenson’s classic Confucian China and its Modern Fate): “Tradition is the living faith of the dead, traditionalism is the dead faith of the living. And, I suppose I should add, it is traditionalism that gives tradition such a bad name.” 
And yet, Johnson shows how today’s religious revival is more than just the reanimation of sages and practices, and that, ultimately, this might be a story bigger than China. As Johnson writes in his final chapter, “Perhaps because Chinese traditions were so savagely attacked over the past decades, and then replaced with such a naked form of capitalism, China might actually be at the forefront of this worldwide search for values.”
More in the World of Chinese.

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Tuesday, January 02, 2018

Daoism is key to understand China - Ian Johnson

Ian Johnson
Daoism is key to understand today's China, says journalist Ian Johnson, author of The Souls of China: The Return of Religion After Mao. to ABC News. "You can provide values, an escape for people, or turn inward to piety, but you cannot challenge the Government. You can't be an alternative source of values or the Government will turn against you."

ABC News:
Author and journalist Ian Johnson has been investigating the revival of Chinese folk religions like Daoism for the past two decades, and he says to understand Daoism is fundamental to understanding China. "It's the DNA of Chinese culture, it includes the ideas like calligraphy, Chinese medicine, things like Feng Shui — all of these things come out of Daoist ideas," he said... 
Mr Johnson says there is much more suspicion of Western religions. 
"You can provide values, an escape for people, or turn inward to piety, but you cannot challenge the Government. You can't be an alternative source of values or the Government will turn against you." The Government is watching the growth of Daoism carefully. It wants to ensure it does not turn into another Falun Gong type movement that could threaten the Government and lead to another brutal crackdown like that which happened two decades ago.
More in ABC News.

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How WeChat is different in sharing data - Matthew Brennan

Matthew Brennan
Tencent's WeChat, one of China's leading data companies, might be easier in sharing data with the government compared to its Western competitors, says WeChat expert Matthew Brennan. But when it comes to sharing data with marketeers, the company is way more restrictive, he tells in Harvard Political Review.

Harvard Politics:
One of the app’s most popular features is WeChat Pay, a mobile payment service. WeChat Pay has “grown organically from micropayments to offline payments” as phones have replaced wallets in major Chinese cities, according to Matthew Brennan, WeChat expert and founder of the platform’s largest marketing conference. WeChat is betting on its nearly 200 million WeChat Pay users to expand its ecommerce services to include full-fledged mobile banking, a potential threat to state-owned and traditional banks. 
With a vast amount of data at stake, critics have often called WeChat’s privacy policies into question. According to Brennan, “In terms of government access to data in China, there’s government access if they [the government] request such access.” This policy applies not only to WeChat, but also to other Chinese platforms. However, Tencent is more restrictive than many U.S. technology companies in sharing data with third parties, such as marketers. 
Furthermore, user data from WeChat app usage outside of China is routed through servers outside of the Chinese mainland, and therefore does not fall under Chinese legal jurisdiction.
More in Harvard Political Review.

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China's changing attitude towards white people - Kaiser Kuo

Kaiser Kuo
When opening and reform of China took off, Western visitors were received as saviors. But that attitude has changed dramatically, writes Chinese-American Kaiser Kuo at SupChina. "While I full-throatedly decry this kind of anti-foreignism, I think at some level it’s entirely natural, and I’m actually thankful that it’s kept mostly in check," he says.

Kaiser Kuo:
But as the Olympics approached, China’s growing online population in China had both the means and the incentive to see what the rest of the world was saying about their country. This was a generation that had been taught English — well, taught enough English, anyway, to understand when China’s honor was being besmirched. And they clearly believed it was being besmirched, constantly. Comments sections on any online media allowing comments exploded with vitriol, coming to a real boil in March of 2008 in a groundswell of Chinese anger over Western (read: American) reporting on the Lhasa riot of that month. This was the time of AntiCNN.com, and of the fenqing — 愤青, the “angry youth.” Ensuing months saw things worsen, with protests against the Olympic torch relay in some Western capitals touching off retaliatory boycotts (most notably of the French store Carrefour). 
More importantly, in the first decade of the century and still more in this one, Chinese were traveling, studying, and working abroad much, much more than had been the case in the early days of reform and opening. Not surprisingly, the rose-colored glasses came off, and the picture they formed of Western society — always a comparative exercise — was colored now by the changes they had seen in China. 
While I full-throatedly decry this kind of anti-foreignism, I think at some level it’s entirely natural, and I’m actually thankful that it’s kept mostly in check. It lacks, mercifully, a religious tradition around which it might congeal (unlike, say, Hindutva, or various Islamic nationalisms, or extreme forms of Christianity). The party-state keeps the embers glowing because it’s occasionally useful for the rally-round-the-flag effect. But it recognizes the double-edged nature of it and doesn’t allow it to flare up uncontrollably. 
As for the second part of this question — “Conversely, what do old Chinese think about the young Chinese attitude towards white people?” — my sense is that there’s a wide range of responses to it. Some are sympathetic, and perhaps even embarrassed over any sycophancy they might once have evinced. Some are probably analytical about it, and see it as natural for many of the same reasons I’ve sketched out. And some doubtless see it as dangerously hubristic — and shake their heads sadly at the irony that these angry youngsters should take on the same pathologies they profess to loathe in the Westerners.
More at SupChina.

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Thursday, December 28, 2017

How bike-sharing might work - Jeffrey Towson

Jeffrey Towson
Bike-sharing firms like Mobike and Ofo might work out, explains Jeffrey Towson, investment professor at the Peking University. "It is unusual but not crazy," he tells about the pervasive marketing strategy of bike-sharing. Independent assets moving around might just be the new thing.

Jeffrey Towson is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Wednesday, December 27, 2017

33 Ways to dispel a mistress - Zhang Lijia

Zhang Lijia
The BBC reports on a booming, but secretive industry in China: how to get rid of the mistress of your husband. Author Zhang Lijia of Lotus: A Novel on prostitution in China explains why flaws in the current divorce rules cause this weird phenomena.

BBC:
It's hard to measure how widespread these dispelling operations have become. In 17 years, Weiqing claims to have carried out more than 100,000. The company is hoping soon to list on the Shanghai stock exchange. Author and social commentator, Zhang Lijia believes the phenomenon can be partly explained by China's divorce laws. Since 2011, any wealth that a divorcing man can show he has brought with him into a marriage does not have to be shared with his ex-wife. Courts will also grant the man's family sole custody of the children, especially in rural areas. 
"They say that the divorce laws were written to make men laugh and women cry," Zhang says. "Also, outside of the cities it's seen as shameful for a woman to divorce."
Much more at the BBC. Zhang Lijia is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Ant Financial, Didi Chuxing and Xiaomi top 2017 best Chinese unicorns - Rupert Hoogewerf

Rupert Hoogewerf
Ant Financial, Didi Chuxing and Xiaomi made it to the top-3 Chinese unicorns in 2017 on a list of 120 most successful unicorns in Greater China, announced the Hurun Greater China Unicorn 2017 Index last week. Beijing is leading the pack, says Hurun founder Rupert Hoogewerf, followed by Shanghai, Shenzhen, and Hangzhou. Keeping up with the amazing growth is tough, Hoogewerf tells AsiaVenturepedia.

Asiaventurepedia:
The Hurun Research Institute released today the Hurun Greater China Unicorn Index 2017, where Ant Financial, Didi Chuxing, and Xiaomi top the chart. The report listed out 120 best unicorns in the Greater China region that are valued over $1 billion as of the end of November 2017. 
“We select the companies valued over $1 billion based on the initial definition of a unicorn startup. However, for many investors nowadays, only those valued over $10 billion or over $15 billion are considered unicorns,” says Rupert Hoogewerf, chairman of Hurun Report, in a statement. 
It’s worth noting that Beijing accommodates the most unicorn startups, holding up 45% of the companies on the list, followed by Shanghai, Hangzhou, and Shenzhen. Among the selected companies, 17 of them are from the internet finance industry with valuations totaling RMB 700 billion (roughly $106.5 billion). 
On top of that, the list also sees a slew of startups from the internet service and e-commerce sectors, both of which account for 18% of all the listed companies. Startups from the entertainment, transportation, and health sector are active as well. 
Also, among the top 10 unicorns, eight of them are valued over RMB 8 billion ($12 billion). Sequoia Capital, on the other hand, became the venture capital that invested in the most unicorns, followed by Tencent and MatrixPartners China. 
On the list, Ant Financial, Didi Chuxing, and Xiaomi are named the top three unicorns with valuations respectively at RMB 400 billion ($60.84 billion), RMB 300 billion ($45.63 billion), and RMB 200 billion ($30.42 billion). The other unicorns include China Internet Plus, Toutiao, CATL, Lufax, DJI, Koubei, Cainiao, JD Finance, and Ele.me.
More in Asiaventurepedia.

Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Beijing rules as first on self-driving cars - Mark Schaub

Mark Schaub
Getting rid of legal barriers is key for using innovation in real life, and Beijing approved the first regulations in China on self-driving cars, writes lawyer Mark Schaub at the China Law Insight. He elaborates on the details. "We expect more regions to follow Beijing’s lead and compete for innovation in this key sector," he adds.

Mark Schaub:
On 15 December 2017, Beijing Municipal Commission of Transport, Beijing Traffic Management Bureau and Beijing Municipal Commission of Economy and Information Technology jointly issued the Beijing Guidance on Accelerating Road Testing for Self-driving Vehicles (Trial) and Beijing Implementing Rules for Managing Road Testing for Self-driving Vehicles (Trial) (collectively “Regulations”)[1]. 
 While the Regulations only apply to testing of autonomous vehicles in Beijing, this is something of a milestone as it is the first regulation of its kind in China. 
The Regulations may have been spurred in part by Baidu CEO Li Yanhong’s test drive of Baidu’s autonomous vehicle on public roads in July 2017. At the time this test drive was the cause of some controversy as it was wholly unregulated. 
A review of the Regulations show that the legislators have borrowed concepts of good practice from leading jurisdictions including the United States, Germany and Australia... 
The release of the Regulations is a concrete step in China’s regulation on road testing of autonomous vehicles. This will no doubt boost the development of autonomous vehicles and speed the commercialization of autonomous vehicles in China. The Regulations also facilitate China’s autonomous vehicle road testing. We expect more regions to follow Beijing’s lead and compete for innovation in this key sector.
More at the China Law Insight 

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Fosun's Tsingtao purchase might go down well - Ben Cavender

Ben Cavender
China's financial authorities have scrutinized in 2017 many investments by Chinese companies, but the purchase by Fosun of the Asahi 19.9% stake in China's key brewer Tsingtao might go down well with them because the capital goes into a domestic company, explains business analyst Ben Cavender to Reuters. 

Reuters:
“Fosun has been able to pick up the shares at a fairly significant discount,” said Ben Cavender, Shanghai-based principal at China Market Research Group, adding there was room to grow both at home and overseas if Fosun could help Tsingtao move up-market. 
“China’s beer market is going through a reinvention right now as younger consumers shift towards more niche brands. Tsingdao is kind of an outlier because it has mass scale and volume but is also looked upon as being more premium than other domestic beer brands.”... 
It comes as a handful of Chinese conglomerates including Fosun have turned their sights back on the domestic market amid a crackdown by Beijing on eye-catching overseas ventures. 
Cavender said the deal would likely go down well with Chinese regulators because it was “an example of Fosun coming home and investing in a Chinese asset” rather than overseas. “Tsingtao is both a leading brewery in China, and a leading Chinese brand that has successfully penetrated the international markets,” Fosun Chairman Guo Guangchang said in the company’s statement. 
Fosun’s business model and global reach would help grow Tsingtao’s brand and tap into Chinese demand for more premium beers, he added.
More in Reuters.

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KPMG partners sued over another US accounting spat - Paul Gillis

Paul Gillis
China and the US worked out a deal on the age-old argument where Chinese firm are not allowed to hand over paperwork to US institutions for audits. But the agreement is not valid for Hong Kong, and so close to a hundred current and former KPMG partners got sued over the case of the bankrupt US-listed China Medical, reports Beida accounting professor Paul Gillis last week at his weblog.

Paul Gillis:
It is a bad day for KPMG. Reuters reports that the Hong Kong High Court has issued a contempt summons to 91 current and former KPMG partners for their failure to hand over audit working papers for US listed China Medical. China Medical is in liquidation and the court apparently has been overseeing the liquidation of Hong Kong subsidiaries. The case is a repeat of an earlier spat with EY over working papers for Standard Water, which was resolved when EY “found” the working papers on a server in Hong Kong. 
KPMG says it cannot turn over the working papers without permission from mainland regulators. The US PCAOB reached an enforcement agreement with China that allowed it access to working papers in connection with investigations (but not inspections). Hong Kong has no such arrangements, and this is private litigation. 
China has argued national sovereignty and state secrets concerns trump foreign laws requiring the production of documents on Chinese companies listed abroad or doing business abroad. Hong Kong, while part of China, is being treated the same as the United States, presumably to avoid undermining arguments used against the U.S. I seriously doubt there are any state secrets in these working papers.
More at the Chinaaccountingblog.

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Beijing shatters China dream for migrants - Zhang Lijia

Zhang Lijia
Author Zhang Lijia of Lotus: A Novel, a book on prostitution in China, comments on the forceful eviction of migrants in Beijing. It shatters their China dream, she tells Sky News. How can you do that when you call yourself a socialist country?

Zhang Lijia is a speaker on the China Speakers Bureau. Do you need her at your meeting or conference? 
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Wednesday, December 20, 2017

Record fine for failed audit - Paul Gillis

Paul Gillis
Shinewing, leading Chinese CPA, got a record fine from China's regulators for a failed audit of a listed company, writes professor Paul Gillis of Practice at Peking University's Guanghua School of Management at his weblog Chinaaccountingblog. He applauds the tough action.

Paul Gillis:
Chinese regulators have fined leading Chinese CPA firm Shinewing a stunning 4.4 million yuan (US$667,000) for a failed audit of a Chinese listed company.  I believe this is the largest fine ever assessed on a CPA firm in China, although many firms have received the death penalty in previous regulatory crackdowns.  Earlier this year China's two of China's largest local firms (RSM affiliate Ruihua and BDO affiliate Lixin) faced short term practice bans. 
Shinewing was the 9th largest Chinese CPA firm in 2015, the latest year for which CICPA data has been released. Shinewing developed from the former joint venture between Coopers & Lybrand and CITIC. It did not join PWC when PW merged with C&L. Shinewing has long held a reputation of being one of the high quality local CPA firms, although it has not gained the market share that its larger competitors obtained by aligning with second-tier networks like RSM and BDO. 
It is a good thing that Chinese regulators are getting tough on CPA firms, since these firms play a vital role in the development of China's capital markets. 
The Shinewing fine exceeds the fine (US$500k) paid by each of the Chinese member firms of the Big Four to the U.S. SEC for failing to turn over audit workpapers to the SEC. 
It is significant that Chinese regulators have not assessed any major penalties against the Big Four in China. The Big Four firms would likely argue that their quality control is higher, but I think that the main reason is the client base. There are about 5,000 companies listed on the major Chinese exchanges, and the Big Four audit only 374. A sizable portion of the Big Four audits are dual listed companies (H-shares in Hong Kong and NYSE listings) The Big Four has about 90% of the dual listed market which includes major state-owned enterprises like the Bank of China and Sinopec. I think it is highly unlikely regulators will find any problems with the accounts of large SOEs, so the Big Four are less likely to be cited by regulators than a large local firm auditing a thousand smaller publicly listed companies. I expect there will be political pressure on regulators to bring a case against a Big Four firm just to even the playing field.
More at the Chinaaccountingblog.

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Tuesday, December 19, 2017

How WeChat mini programs took off - Matthew Brennan

Matthew Brennan
Tencent's WeChat started early 2017 their mini programs, a solution away from full blown apps, or building a platform, to help brands on their service. WeChat expert Matthew Brennan explains at the JingDaily how why the mini programs took off successfully after a slow start.

JingDaily:
In early January 2017, with much fanfare, WeChat officially launched its Mini Program platform. While the market questioned their necessity at first, they started gaining momentum in the second half of the year. 
Confident in the future of Mini Programs, Matthew Brennan, WeChat expert and founder of China Channel, explained, “Mini Programs are finally starting to deliver on the hype, and the mission is ‘let’s kill Taobao’.” 
He went on, “The Mini Program framework is starting to supercharge WeChat ecommerce by taking away all friction and making the entire buying experience virtually the same as Tmall. What’s more, brands can control the experience and they are not ranked next to their competitors.” 
In the past, brands entering China either had the option of building their own ecommerce platform or opening a store on a third-party ecommerce platform such as Taobao or JD.com. However, neither option was ideal.
More at the JingDaily.

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Why the Chinese censor might not like my book - Shaun Rein

Shaun Rein
How to make money in China, and how the country works as a powerbroker are the key subjects of The War for China's Wallet: Profiting from the New World Order by author Shaun Rein. For NPR he tells what companies are doing well, but also why the Chinese censor might ban his book, as they did with previous ones.

NPR:
Brancaccio: Now, international companies have a huge stake in figuring out how to crack this, and which companies are doing better do you think, Shaun, which are doing worse in understanding where China is going? 
Rein: I think you see companies like Starbucks are doing really well. Apple's also doing very well. For both companies, China is their largest market out of the United States. Another great example would be KFC — over 50 percent of their global revenue comes from China. So these companies are keeping their core brand DNAs, but they are localizing to fit the needs of the Chinese consumers. So for instance, with Starbucks, in the United States, I believe about 80 percent of their sales are takeout. In China, about 80 percent of their sales are dining in, because Chinese like to go feel part of an American culture, feel like they're part of a globally sophisticated elite, and they're able to do that by having coffee. Luxury in a cup. 
Brancaccio: Before we go, I want to bring up something Shaun, I don't know if it's a sore subject, but I remember a couple of books ago, you wrote the book "The End of Cheap China." That was not embraced in China, that book. 
Rein: That book was actually banned in China. The Chinese government didn't like it because it talked about local corrupt officials that were protecting the red light districts and really stealing from everyday Chinese. So that book was banned in the country. 
Brancaccio: Getting any feedback on the new one? 
Rein: The state-owned media has gone quiet on me. When they first heard that I was writing this book, "The War for China's Wallet," they wanted to interview me and profile me. After they saw the advance media copies, they stopped returning my calls. So I'm expecting that this book is going to get banned, too. And I'll get a little bit of heat in the coming months. 
Brancaccio: What do you think, what's so controversial from the Chinese perspective about what you've just been talking about? 
Rein: I think that the government doesn't want people to know the framework that they punish other countries and companies if they don't follow what they want. So I mean, if you look at it, when Liu Xiaobo won the Nobel Peace Prize, China blocked imports of salmon from Norway. Overnight, that dropped from about 80 percent market share down to zero percent.
More in NPR. Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Monday, December 18, 2017

How China's doomsayers failed for two decades - Arthur Kroeber

Arthur Kroeber
Renowned China expert Arthur Kroeber, author of China's Economy: What Everyone Needs to Know®, uses the final edition of the China Economic Quarterly (CEQ) to rub it in. Many journalists and other analysts made a living predicting China's demise over the past two decades. Kroeber explains why those predictions failed, and not China itself, in the South China Morning Post.

The South China Morning Post:
In the magazine’s final edition, editor Arthur Kroeber said that all those who had predicted a collapse of the Chinese economy since the Deng Xiaoping days of the 1990s had been proved wrong because they failed to see the resilience of its financial system. 
Kroeber also said China’s one-party “authoritarian politics” was not strangling economic growth. Even Chinese President Xi Jinping, the most powerful Chinese leader since Deng, “seems more interested in creating a resilient governance system that will outlive him than in making China his personal fief”, he said. 
And the ruling Communist Party as a whole has “proved itself surprisingly adaptable to new conditions”. 
“China will keep defying the sceptics and keep on growing, and its influence will grow too,” Kroeber wrote. 
But he added that a “Chinese century” was unlikely to emerge because China still lacked military allies and soft power.
More in the South China Morning Post. (And why the CEQ stops after twenty years)

Arthur Kroeber is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Thursday, December 14, 2017

How China's state and consumer wallets relate - Shaun Rein

Shaun Rein
China is using its growing state power to put pressure on other countries and companies, but it is not only the government, argues business analyst Shaun Rein, author of The War for China's Wallet: Profiting from the New World Order. The government has become very sophisticated in using also the consumer wallets to put pressure on foreign brands and tourist destinations, he tells The Diplomat.

The Diplomat:
The book outlines two separate but parallel tools in China’s economic toolkit: China’s “State Wallet” (decisions taken directly by the government), and the wallets of Chinese consumers, guided by Chinese citizens’ preferences. How are these two interrelated? To what extent does the Chinese state ‘control’ Chinese consumers’ interest in (or lack thereof) foreign brands or tourist destinations?  
Many observers say that Chinese are inflamed by government propaganda and thus unsophisticated. The reality though is that everyday Chinese consumers do tend to feel the government is correct and that other nations, like South Korea in THAAD’s case, hurt the security of China. These consumers thus vote with their wallets by forgoing trips to unfriendly nations or boycotting their products. This happened to South Korea, as I showed in the book, and to specific brands like Lotte, Orion Cream Pies, and Amore Pacific Cosmetics.  
In fact, while the government often fans the flames initially, they very often try to calm the situation after a certain point when the general population starts to get too angry and might stop the government from being able to forge friendlier relations again. 
This happens every few years when China-Japanese tension rises. The government via the state media inflame passions, so Chinese start to protest. Eventually, the government tries to peter down the protesting by stopping people from demonstrating on the street or by censoring the most inflammatory posts on social media. 
Having the Chinese state and Chinese consumer wallets directed at you in anger in tandem is a tough force to go against for any government, let alone company.
More in the Diplomat.

Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Migrants are the unsung heroes of China - Zhang Lijia

Zhang Lijia
A visibly angry Zhang Lijia, author of Lotus: A Novel on prostitution in China, shows that the eviction of migrants in Beijing - described by the insulting term "low-end population - is raising the tensions in China's capital. "We live in a socialist country," she fumes at CNN. "They are the unsung heroes of our country."

Zhang Lijia is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers' request form.

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Wednesday, December 13, 2017

Why the World Internet Conference mattered - William Bao Bean

William Bao Bean
The World Internet Conference in Wuzhen has long been derived as part of China's propaganda tool. But those days are over, writes William Bao Bean, managing director of the Chinaccelerator, who attended the conference last month, together with IT leaders from the US and China, he writes in Medium. "It is going to be a wild ride."

William Bao Bean:
While three of the top 20 political leaders in China attended the event, along with the Deputy Prime Ministers of Thailand and Mongolia, the more important part of the WIC’s guest list was its heavily curated group of global internet power elite, who gathered for open- and closed-door sessions over two days in a meticulously restored river village and adjoining conference facility built solely for the event. While Pony Ma and Jack Ma don’t hang out together like they used to, all the major players were in the house, and talking business. 
The main stage presentations were each about five minutes long, and there was nothing subtle about the order of company presentations — size matters, and the largest go first. Presentations focused not on new product announcements, but on market power and technology advantage. How many users. How much data. How many AI researchers. What can we do that you can’t. 
Like schoolyard rivals, each company strutted their stuff and radiated an unspoken challenge to the rest. The ARkit technology, to give one example, makes Apple the largest Augmented Reality platform in the world, because they make their existing iPhones and iPads AR-capable through software — and they don’t want you to forget it...
First it was copy to China. Then China innovation. Now even a company as big as Facebook is cribbing their Messenger product roadmap from Tencent’s WeChat
In 2015, the US saw about US$72bn in venture investing, versus US$12.5bn for Europe combined. China was at roughly US$60bn. In the two years since, local Chinese governments have reportedly poured another US$250–350bn into Chinese venture capital firms. 
At the conference, I learned that there are now 60,000 VC firms in the country, as well as 130,000 startups resident in some 3,200 incubators. There isn’t enough market in China to support this many companies at this level of investment, so China is going global. When you go from 50% market share to 15% in five quarters, as Indian handset brands just did, you will know what that means. Buckle up — its’ going to be a wild ride!
More at Medium.

William Bao Bean is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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How China became a politicized society - Shaun Rein

Shaun Rein
Known as the ultimate consumer guru, business analyst Shaun Rein, author of The War for China's Wallet: Profiting from the New World Order, now turned to politics in China, he explains at the Hong Kong Foreign Correspondents Club. In the past you could make a lot of money, no questions asked, he tells. Now you can still make money, but not that much and you need much more political sensitivity, he says. The pros and cons of Xi Jinping's anti-corruption drive.

Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers' request form.

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