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You are on the ground there, you're still based in China.Are these fears about this China slow dowm or overblown?
Well, it's slowing down, the overall economy has slow down a bit.As we can see through the numbers. But the China Economy really is two Economies. One is the traditional Economy, the other one is the New Economy. That is tech, online to offline ecommerce and the social network.
The Consumer Economy, right?
The Consumer Service Economy. That part has been growing dramatically.So i think the question is: Will the growth in tech be enough to offset the slowing down in traditional sectors？
And will it?
The growth is tremendous but it's really a...
But it is so small, right?
It's very small.
Yes.
So i think if the drop of overall economy is moderated, there will be time for it to be offset.But we really...I'm not a economist so i can't predict that.
Right, you know the tech industry is still relatively new ini China verss some of the old industries like manufacturing the industry...sector and so forth, you know. I think there are qestions that people have raised, you know,when they look at some of the stock prices of some Chinese tech companies, whether the growth might have even gotten out of hand in these Chinese companies. What do you say to that?
Absolutely not, not overall anyway. I think companies like Tecent,are very very powerful.
But there' re only few of those all right?
Right, those i think, well, in the tech industry, when you become number one, then that is really huge. And you are able to really build off of that. And create tremendous amount of profit. As well as many adjacent business. As we can see from Google going to Alphabet. And we surely see Chinese companies go that way, so in terms of the biggest companies, i think i would be reasonably bullish. Their numbers are tremendous. If you look at Alibaba, they had a one day sell of about 40 billion US dollars in November 11th.
The Single's day?
The Single's day, right.
And in the past Chinese new year, Wechat and QQ both Tecent products generated a 12 billion red envelopes. These are people giving money to each other as a Chinese new year gift. So these numbers are just phenomenal when you have a market that is so large with about 750 million people using smart phones. Over half of the phones are able to pay online without any fees. There' re no credit card or Paypal fees in China. It's all transaction free. That will drive a lot of new business opportunities online.
But Kaifu, I mean a lot of people listening to this will say: Though that even though it' s a big market. There' s a lot of potential, of course these Chinese tech companies would grow so big. Because of Chinese goverment protect their market share.What about for those...the facebook, and the Google of the world who wanna get to the Chinese market and don' t or can' t because censorship rules?
Well there's difference. American companies, some companies such as Apple,and to a certain extent Microsoft that are doing very well.I think other companies are struggling a little bit more. We' ll see how that goes. But i think the larger issue really is can the Amercian companies adapt to the Chinese culture, environment and requirments. For example, the red envelope i talked to you about, if a foreign company doesn't understand that concept, It won't be able to capitalize on that. But it' s a very big thing in the Chinese economy, So for the Amercian company to succeed in China, it has to really reinvent itself for China. As oppose to localize its Amercian products in Chinese.
I think Amercian companies who sell thing to Chinese costumers generally have...a lot of them have done well,like when i think about the Nike of the world. But i think when it comes to catering the consumers on the service side, that's where it get a litter bit tricky. And i think that' s where the things like intellectual property and censorship get in the way, so is that ever gonna change in China? I think it' s actually very difficult for any...There' re only two large countries in the world, US and China,in terms of having a large population and people who can spend money online. There aren' t many examples of Chinese company doing well outside China.Or non-China company going in China. So i think a lot of it is cultural language and empowerments specific, so i would not bet on the Amercian companies in China at this point. There are other issues you' ve mentioned of course.
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