it's long known China is struggling with reforms in the financial services industry, which has handicapped many world-class financial institutes' inroads into China the holy grail at the moment. For example, GE's largest business - Commercial Finance has stayed away from China despite of all the buzz. The reason is simple - hard to get things back in China. The chairman of J.P.Morgan Chase, an external director of GE, used to say that GE Capital's strength lies in its ability to collect money (vs lend money to the right customers). In China that would definitely be a show-stopper right now due to the lack of a social framework/system to guanrantee ownership of things - anything that can be used as colletaral.
I'm sure with China's progress in the financial services industry it's only a matter of time to develop such an universal system. In the US, for every consumer/commercial loan, a lien needs to be filed through Diligenze to a central registration database. If the borrower does not pay back loans, the collateral will be claimed by the lender based on this lien verification. Why not start up a company such as Diligenze in China? Imagine how big the market is going to be - eventually every borrowing/lending transaction will flow through this system/database. What's more, it's recession-proof as its success correlates to the overall growth of China's financial services industry - which is going one-way ahead.
Tuesday, July 19, 2005
sitcom about sea turtles in Shanghai
Given the sheer number of sea turtles in major cities such as Beijing, Shanghai, Guangzhou and Shengzhen, a dedicated sitcom about life of haigui would be very popular I'm sure. Many topics can be explored in this series that can draw lots of interest - cultural shock after coming back from overseas, swtiching from MNC to Chinese local company, office politics, life of overseas expats, shanghai girls dating westerners, startup in beijing, red-hot real estate market.. I haven't seen any Chinese sitcom that covers all these in one. Of course that doesn't say much as I've watched little TV programs from China. Heard the news that some people were working on a sequel to the then-famous Beijinian in New York fifteen years ago. So I'm not alone in thinking along this line. But the main character from that series has no education background in the US so it would not cut as a very convincing and representative sea turtle.
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