Podcasts about the chinese

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开启你无障碍交流之旅，提高口语+听力+发音，重磅推荐《看美剧学英语》共156节正课（更新中）+N节赠送+纠音辅导+后期测试打卡。让零基础的你也能直达流利听说哦！《听力阅读专项提升》开阔你的英语视野，提高听力+发音+阅读能力，激增单词量。共125节正课+赠送，适合碎片化学习。（内容中含两本KO姐推荐的原版英文书）A: What year is 2019?B: What do you mean?A: The Chinese zodiac, you know, like the year of rat, or the year of dragon, so and so.B: Oh, it's the year of pig, actually, the year of Earth Pig. A: Earth Pig?B: Yeah, earth pig, boar. According to the Chinese calendar, people born between February 5, 2019 and January 24, 2020 are members of the Earth Pig. They are patient and practical, and make great partners when it comes to a relationship. 1月BGM：Empty Space查看完整的文本请关注公众号（esposts）点左下角【口语单词】搜索E190102分享免费纠音打卡旅游主题已经开始，有意者请加纠音小助手的【微信：Lvss66】

Jack Ma said last month that China needs to focus on "new manufacturing", while the U.S. launched a trade war in order to bring "old manufacturing" back to the world's largest economy. Putting the contrast aside, the focus on new manufacturing has never been stronger in China. Efforts to build smart factories and government subsidies toward the initiative are growing across the country. A recent report published by the China Development Research Foundation, a think tank initiated by the Development Research Center of the State Council, documented some of such campaigns. In one example, Dongguan, a small city in coastal Guangdong province, has cut 250,000 jobs, or around 5% of the city's registered labor force, during a three-year "robot-for-humans" campaign. The city government spent RMB200 million (US$29 million) each year to finance companies to upgrade automation equipment. A company in Hangzhou has cut the number of workers to 11 to 13 per production line from 200 to 300 per production line ten years ago. Another kitchen appliances maker in Hangzhou received government subsidies equaling 5% of the costs to upgrade its production lines. Now it is able to cut labor force by over one third from three years ago and is aiming to achieve fully automated productions in ten years. Shenzhen government is spending RMB500 million (US$72 million) to support robotics, wearable and smart equipment sectors locally each year. Our guest of this episode of China Money Podcast, Hao Jingfang, is one of the authors of the report. Hao is also a science fiction writer and won the Hugo Award for Best Novelette for "Folding Beijing" in 2016, becoming the first female writer in Asia to receive the award. China's new manufacturing efforts echo Hao's observation that, "Whenever there’s a technological breakthrough, it is an advantage for Chinese tech companies to test the idea in a massive market." As companies, governments and investors push to "upgrade" Chinese manufacturing to full automation and "intelligent factories", a large number of jobs will disappear. But the report concludes that with careful management and retraining of the labor force, China will be able to overcome the coming labor disruptions from mass adoptions of robots and AI. However, Hao, a PhD graduate from Tsinghua University with degrees in both physics and economics, is concerned over the difficulties China will face transitioning from "technology adopters" to "technology originators." "A lot of companies are just too short-sighted. Because in the past, there were many opportunities for those companies to make quick money...Perhaps there’s no patience in these companies to aspire for bigger things. And also the investors, they want to just copy the fastest successful business model. So they are not patient enough to make long term investment," Hao told China Money Network during during an interview on the sidelines of the Annual Meeting of the New Champions held by the World Economic Forum in Tianjin last month. Read an interview Q&A below. Also subscribe to China Money Podcast for free in the iTunes store, or subscribe to our weekly newsletter. Below is an edited version of the interview. Q: You have written science fictions about China at a distant future. And as a director working at China Development Research Foundation, you have a unique vintage point observing China's technology space. What's your overall view of how the Chinese technology sector has grown and developed? A: The Chinese technology sector has grown quite rapidly. It has advantages of a large (domestic) market and close relationships to its customers. Whenever there's a technological breakthrough, it is an advantage for Chinese tech companies to test the idea in a massive market. However, there are some fallback too. The one main problem is the lack of basic research. Investments in basic research in China is comparatively lower comparing to developed countries.

In this episode of China Money Podcast, guest Jie Gong, a partner at Pantheon’s Asia Investment Team, spoke to our host Nina Xiang. Gong discussed new and important trends she sees in China's private equity and venture capital space, and what the fund-of-funds manager looks for when considering backing funds in China. You can listen to our conversation above or read a Q&A below. Don't forget to subscribe to China Money Podcast for free in the iTunes store, or subscribe to China Money Network weekly newsletters. You can also subscribe to China Money Podcast's Youtube channel or Youku channel. Q: What exciting new trends are you seeing in China's private equity and venture capital space, and also what types of funds are you focused on backing nowadays? A: The Chinese private equity and venture capital landscape has been going through very big changes. We're seeing two very distinct trends. The first trend is that specialization is definitely deepening. We see specialists setting up separate teams to build verticals around sectors that they're interested in, rather than being dependent on reverse inquiries of deal flow. Those that were originally specialized in different industries are certainly building more of their external resources to deepen their expertise, because in today's competitive market you need to have this extra knowledge and foresight as well as resources that you can bring to the company and make yourself indispensable. The second trend is that there was a great proliferation of venture capital managers during 2014 and 2015, which in a way puts the growth capital firms in a bit of a bind, because their operating space previously was wider. We're seeing some of the growth capital firms leaning a bit forward in their investment stages, or moving into more early-stage investments, for example, investing in companies that are pre-breakeven. So, I think for the growth capital firms, they need to recalibrate their strategy and (perhaps) not focus on those really hot themes that the entire market is focusing on. They also need to think about what kind of risks they take or not take as a growth-capital firm. So there's a lot of soul-searching and rethinking of strategy that the growth capital firms are going through right now. Q: We are seeing more buyout firms in China. So, for your own portfolio construction, growth capital versus buyout, which one do you favor? A: We actually construct a widely diversified portfolio of general partners at different stages of the investments life-cycle. But I think, growth capital or classic buyout, both are benefiting from a new wave of entrepreneurs looking at succession options for their businesses, as (family business owners) realize that an IPO isn't the only way to materialize their dreams. Q: The year 2015, as the peak market of the mobile Internet boom in China, created a lot of excess. How do you feel about the return prospects for the funds of this vintage year? A: Well, I think that fund vintage is really a confluence of several things. There was a huge wave of start-ups, entrepreneurial enthusiasm, a lot of capital flowing into the start-up space (that year), as well as many new venture firms (entering the market). So generally speaking, with a lot of capital going into the sector, it can create opportunities that could increase the competitiveness of the deal dynamic. I think 2015 will be remembered as a very busy, very hectic and very buoyant vintage year, with the subsequent return repression coming out from generally elevated and heated valuations. But it doesn't mean that 2015 will not have very good funds, it depends on how disciplined the manager is in their fund size, their investment pace and how they add value to the companies. Q: Can you give us some examples of characteristics that you look for in funds when considering whether to commit to them or not? A: We will choose general partners,

In this episode of China Money Podcast, guest Bing Lin, portfolio manager at Hong Kong-based US$1.4 billion-under-management Keywise Capital Management, speaks to our host Nina Xiang about why he believes there are still many major overseas listed Chinese companies with fraudulent accounting practices, and how 2014 will be a great year for shorting certain overseas-listed Chinese stocks. Read an excerpt below, but be sure to listen to the full interview in audio, or watch an abbreviated video version. Don't forget to subscribe to the podcast for free in the iTunes store. Q: China announced plans to launch a Shanghai-Hong Kong stock connect pilot program in six months. How will this impact hedge funds investing in the Greater China region? A: In general, I think it's good news. We will see the valuation gap among large cap stocks between the two stock exchanges close up. Also, for some small- and mid-cap stocks listed in Hong Kong, their valuation might increase. While for some domestic Chinese small- and mid-cap stocks, they will see negative impact because of their relatively high valuation. Q: We did see the Hang Seng China AH Premium Index, a measure of the valuation gap between the A-share and H-share market, rise to 95 on the news. That's very close to the 100 level that signals parity between Shanghai and Hong Kong listed shares. What type of trading opportunities does this create for hedge funds before the program's official launch in about six months? A: We are buying high quality names (based on fundamental research). For example, there are many small- and medium-sized companies listed in Hong Kong that are generating earning growth of 20% to 30% year after year. But they are traded at single digit multiples. The reasons are that there is little (research) coverage on these stocks, and big institutional investors and local Hong Kong investors tend to buy mostly big-name stocks. In China, the small- and mid-cap stocks are trading around 30 to 40, over even higher, multiples. So with the current regulatory change, we think it will serve as a catalyst for value to be realized. Q: The Shanghai Composite is valued at 7.6 times 12-month projected earnings, compared with five-year average multiple of 12.1. Do you see the market sentiment turning any time soon? A: The Chinese macro environment is weak, and the stock market is undervalued. But it's hard to time the market. If the macro issues in the Chinese economy, including bad loans in the banking sector, risks in shadow banking, over-supplies in the property market, are dealt with, they might provide catalysts for the stock market to turn around. Q: Now let's talk about Keywise Capital. Give us a brief introduction of the firm? A: We are a Hong Kong-based hedge fund with US$1.4 billion under management. Our strategy is long-short equities. We typically buy high quality names at reasonable prices, and short those with broken business model or accounting fraud in the Greater China region. Q: A short position Keywise engaged in was China Metal Recycling Holdings, which has been wound up because of accounting fraud. Do you still see many opportunities to short Chinese companies based on accounting fraud? A: Based on my experience and observation, I think there is still widespread accounting abuse among listed (Chinese) companies, even some large ones. There are no strong forces in Asia, in general, to go against those companies. Due to culture issues and regulatory framework, hedge funds here have not been aggressive in pursuing those opportunities. Q: What type of accounting abuse is there? A: For example, revenue recognition. We are seeing some companies booking revenue on a gross revenue basis, which will massively inflate their revenue. A lot of companies also have unfair related party transactions, such as acquisitions. They may be paying inflated price to a small business,

In this episode of China Money Podcast, guest William Shen, senior partner and head of Greater China at Headland Capital Partners, talks with our host Nina Xiang, about why he sees 4S automotive dealerships in China as the next great opportunity, how Chinese consumers are changing, and what the impact of the economic slowdown has on Headland's investments. Listen to the full interview in the audio podcast, watch an abbreviated video version or read an excerpt below. Be sure to subscribe to the podcast in the iTunes store. Q: Can you give us a brief introduction of Headland Capital? A: Headland Capital was established in 1988. For the past 25 years, we have invested an aggregate of US$2.7 billion into around 150 companies based in Greater China, South Korea and Southeast Asia. Our main focus is either providing growth capital for high growth companies or helping companies perform buyouts. We were part of the HSBC Group and did a spin out in 2010. Q: Headland has invested heavily in the Chinese consumer sector. How has the economic slowdown impacted the companies you've invested in? A: The Chinese consumers are still consuming. We are still talking about double-digit annual growth in retail sales. But there are far more choices today than five years ago. If someone's total budget for clothing, for example, has increased 40% or 50% than five years ago, the amount of choices may have doubled or tripled during the same time. Therefore, as a brand, maintaining their market share becomes more challenging. For example, in the apparel industry, the old model of operation is to use a good brand sponsor, advertise on TV and sell your products via a wholesale model. You, as the brand owner, do not operate the retail outlets. You rely on a few thousand wholesale distributors across China to sell your products. In the old days, when choices were few, this model worked for well-managed brands. But with the influx of fast fashion and foreign brands, consumers are becoming far more discerning. So without decent control at the retail level, you wouldn't know which design is selling faster or slower, and inevitably there will be inventory buildup. So in order to do well in the apparel industry, you need to operate your own stores or work very closely with selected distributors today. Q: So the consumer companies you've invested in, did they experience a dip in sales? A: Sales are still growing but at a slower rate since 2011 and 2012. It's keeping a steady rate now. Under this operating environment, if you try to make your shareholders happy by beating industry benchmark, eventually you could get into trouble. Because the demand is just that much. So under the current environment, what we need is steady growth in revenue but more focused on operational efficiency. Q: What do you mean by steady growth? A: Let's take the example of Yonghui Superstores. It was growing at a compound annual growth (CAGR) of 40% to 45% before 2010. Last year, growth moderated to 40% or slightly lower than 40%. This year, growth slowed to 23% during the first half. Obviously, as your base gets bigger, your growth rate should slow down. But even from same store sales growth, it has slowed. But I think it's important that you don't pursue growth for the sake of growth. Q: With the Chinese consumers changing, where do you see great future investment opportunities in this sector? A: We feel one type of company that can reach gross revenue of more than US$10 billion is in the luxury auto sales market, meaning the 4S auto dealerships. 4S stands for Sales, Service, Spare parts and Survey, so it's not just about new car sales. A very well-managed hyper market could potentially generate RMB500,000 to RMB600,000 on a daily basis. In China, a 4S store is affiliated with certain brands, such as BMW or Audi. But a group operator can simultaneously run multiple brands. Q: How fragmented is this market in China?

In this episode of China Money Podcast, Gary Rieschel, founder of Qiming Venture Partners, shares his thoughts on the Chinese economy, the technological evolutions of the Chinese Internet sector and why he is confident that Qiming will be well within the top quartile performers among China's venture capital firms. Founded in 2006, Qiming Venture is one of the most successful venture capital firms in China, having invested in and successfully listed companies including Jiayuan, ChinaCache and Touchmedia. Qiming recently closed its second RMB fund, raising RMB700 million in merely four months. Gary Rieschel talked to China Money Network in Shanghai. Listen to the full-interview in the audio podcast, watch the shortened video version, or read a transcript summary. Q: Let's start with the macro economy. It looks certain that the Chinese economy will grow at the slowest pace in more than ten years. How has your businesses been impacted? A: The Chinese economy this year will grow slower than in the past, but I don't think that's a great surprise. I think it's a natural evolution as China starts to go to (an economic model) more of a consumption driven, more higher valued-added products in the economy. There is some hesitancy by foreign investors, so you have seen a slight drop in foreign direct investment this year. But I think this is all relatively healthy as China starts to go through a transition. I think what's happening in our business is that you have to be more selective. You are not going to be bailed out of your mistakes by the fact that the market is growing very quickly. In the past for Qiming, we've made approximately 70 investments during the last six and half years. We had less than 10% of the companies fail, which is extraordinarily low for the kind of investing that we do compared to what would have been in the U.S. or other markets. So as our (venture capital) market matures, we expect more failures among early stage companies. In the U.S., somewhere from a third or half of the start-ups fail, but we have been nowhere close to that. This means we have to pick better CEOs, look for more complete management teams, and have a better idea of how technology will evolve. So for example, in healthcare and clean tech, we align ourselves more with government policy initiatives, such as the twelfth five-year plan as the leadership decides how they want the sector to develop. Q: You founded Qiming Venture Partners in 2006. What sets you apart from other venture firms in China? A: In the beginning, our premise of founding Qiming was to combine venture capital investing with operating expertise. Secondly, we are a flat organization. All of our employees who share the same title are paid exactly the same. Lastly, we look at everything from a sector lens. We don't have generalists who do a deal in healthcare today and a technology deal tomorrow. Q: You've been in the IT/internet sector for a long time. Where do you see the best investment opportunities within China's IT/Internet sector? A: The most attractive opportunities are clearly in mobile, and it's clearly the migration of all the services that you do on the Internet, on your PC, on your laptop or desktop, the migration of all those to mobile. People doing more electronic commerce transactions, people doing more monitoring of their life, whether it's keeping track of your steps or your calories, keeping track of your photos, it's more and more moving everything you would normally have had tethered to your desk, and having that with you wherever you want to be. And I think also it's interesting here to see how privacy evolves, and issues around privacy. There is no Facebook in China unless you go through a VPN. But there are other companies that have tried, but I don't think anyone has achieved that yet to the extend of what Facebook has done in the U.S. People express themselves through Weibo on Sina,