Category: Asia

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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

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Dealing with China

Alan Refkin, Author

This morning, as I was sitting down to write a blog, I intended to give my thoughts on negotiating with the Chinese – always a fun subject. I didn’t have to look far for source material as all I had to do was examine one of the many scars on my back to recall what worked and what didn’t work at the negotiating table. However, as I started to write that blog a good friend of mine called and asked for my advice on working with the Chinese. He’s a sophisticated investor, has invested globally, and has spent the last … Continue reading Dealing with China

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Part I: Bridging the gender gap in China – Women come out of the shadows and prosper in present-day China

Alan Refkin, Author

It’s not uncommon in China to have women serve as CEOs, CFOs, or occupy any management position within a Chinese company. When we work with companies to help them adopt more sophisticated accounting and corporate governance procedures, for example, we … Continue reading Part I: Bridging the gender gap in China – Women come out of the shadows and prosper in present-day China