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Strategies & Market Trends : Asia Forum
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To: Thomas Haegin who wrote ()11/28/1999 6:28:00 AM
From: tom  Read Replies (2) of 9980
 
China trip

I've just come back from a trip around China (Beijing down to Zhuhai) visiting with various friends and companies. My overwhelming impression is extremely positive. SOEs ARE being closed down or sold to foreigners (I met a HK printing company that had bought an old SOE paper mill and reduced the work force from 1300 to 700, recapitalised the business and it is now profitable). There are many other businesses like this. Not all SOEs are complete basket cases although many are. Corruption is still a problem but is being contained.

Another interesting bit of information was the restructuring at places like the Peoples Bank of China. They have halved their workforce. How? They set an exam for all the staff and the bottom 50% were sacked. That is how they are managing to fire staff in the SOEs. They just set an exam and then say "Sorry, you're can't do the job"

Consumer demand picking up. I met with Dell in Xiamen and they said demand and internet use has exploded in China in the last 12 months. They also say their productivity in China is better than it is in the US in terms of inventory turns. Michael Dell doesn't give them any leeway just because they are in China.

Much more stuff going on but the news is good. Best 30 year investment story going.
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