The morning began with a lecture on Chinese financial markets from Professor Huang Ming. It was a quick, yet thorough overview of the banking sector, stock market, bond market and private equity/debt markets in China. His outlook is that China is not a healthy financial market at the moment. His 3 rules for a healthy market are: 1) companies have access to $ when they need it, 2) Investors enjoy fair returns, 3) Everyone plays by the rules (transparency). Over 80% of bank loans in China are for a 1-year term. Think about starting up a new business or feeding a growing one knowing that you only have access to capital for the next 12 months. Additionally, the most powerful Chinese companies tend to be state owned enterprises (SOE's) and are not listed on the Chinese
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