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To: hmbsandman who wrote (151415)	1/7/2003 11:44:19 PM
From: GST	Respond to of 164684

Thanks for the post. The Chinese government is about as market oriented as any in the world. It is remarkable how quickly they have downsized government and most parts of the government that remain have to earn their own living. I do not believe you will find the government here actually building fabs -- it seems highly unlikely. What is likely is that they will provide incentives and that can have the effect of over-building the sector. As for capital markets, US companies can make a fortune developing capital markets here. The municipal bond market alone is a trillion dollar market. The market for home buyers looking for mortgages is staggering. And of course there are bond and stock markets to develop. This will indeed take time. A Civil code was just introduced this month that enshrines individual rights -- including property rights. This is an essential step in market develpment and the development of society. But capital markets take time to develop and New York and London remain the key markets.