Author: Alan Refkin, Author

Internationally acclaimed, award-winning author; Chairman/CEO of Thornhill Capital, an investment banking firm; married to Kerry Refkin.
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Humility in China

Alan Refkin, Author

Humility is looked at differently in China than in many other parts of the world. In China it’s been a part of the culture for thousands of years. China is a collectivist society which stresses the inter-dependence of individuals within that society and the cohesion that follows. The focus is on the community. Western countries, in contrast, are individualistic. Members are more self-reliant and set their own goals. The focus is on us as an individual. It’s important, especially when conducting business in china, to recognize the existence of humility and how to react to it. Culturally, the Chinese carry … Continue reading Humility in China

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Queuing in China

Alan Refkin, Author

Cultural differences between Westerners and Chinese often cause a great deal of misunderstanding, both in business and in social situations. Take, for example, queuing, or standing in line. Westerners are used to orderly lines. That’s just the way it is, first-come, first-served. It works well in our society and we generally take it for granted. For anyone who has traveled to China, however, queuing takes on a whole new meaning. I can recall standing in a line for a train ticket at the station in Jinan and seeing people, without a second thought or moment of hesitation, come straight to … Continue reading Queuing in China

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China’s Banking System

Alan Refkin, Author

China’s banks play a significant role in both the Chinese economy and in their economic policy. In fact, commercial banks are the dominant force in China’s financial system, even to the extent of determining pricing. The key characteristic of China’s banking system is what has been referred to by Carmen M. Reinhart, Jacob F. Kirkegaard, and M. Belen Sbrancia as financial repression.3 Financial repression occurs when governments implement policies to channel to themselves funds that, in a deregulated market environment, would go elsewhere. Policies include directed lending to the government by captive domestic audiences (such as pension funds or domestic … Continue reading China’s Banking System

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Keeping Your Head Low in China

Alan Refkin, Author

 Last week I was having lunch with a friend of mine in Shenzhen, China when I asked him when he thought he would start seeing private planes flying throughout China, now that the government had approved their use with certain flight restrictions. My friend, who is a Chinese fund manager, told me that he thought the market for private planes may be limited as most wealthy Chinese and government officials now want to keep their heads low. They don’t want to let people know they’re rich. There are two reasons for this, he explained. The first is that China’s new … Continue reading Keeping Your Head Low in China