Today was more hectic than usual, due to last minute preparations for Monday’s meeting. However, to be honest, Monday’s event is less about meeting with foreign banks than it is about signing contracts. After all, the real measurement of success will be how many signed letters of intent we receive from our guests; inviting high profile representatives and treating them to a fancy lunch afterwards is merely a means of enhancing the Bank’s reputation. While I’m sure the same tactic applies in the U.S., seeing this happen firsthand is a bit unnerving, to say the least. One thing I have learned in all my trips trips to China is that a very large part of Chinese culture is the concept of “saving face” (给面子). In other words, people are motivated to do certain things in order to preserve and enhance their own image and reputation. For example, if someone invites to you dinner, it becomes your obligation to return the favor. Business is no different. As a means of saying thanks to those foreign banks who have decided to do business with CITIC, inviting representatives of higher title from these banks to lunch becomes a matter of saving face for CITIC. In this case, the actual invitation process is delegated to the Financial Institutions group and it’s leader Yu Yong. Yu Yong, in turn, must make it his priority to successfully carry out the invitations, or he risks “losing face” (丢面子). In such as fashion, the burden of responsibility is transferred down the ladder. Although it is arguable that this system of management is ultimately fueled by personal interest [and desire to save face], such motivation also leads to higher performance and results. The weakness of this system, however, is that the company itself lacks a sense of identity. The “will” of company is instead replaced by an amalgamation of all the employees’ desires and interests. In such an environment, it becomes difficult for employees to act in the pure interest of the company, because they prioritize personal goals above all end. According to Jim Collins in Built to Last, a company that is defined by its employees rather than the other way around will never become a truly “visionary company.” If this is in fact true, then it appears that China may have to undergo a drastic change in its workplace culture if it wants to achieve long-term success in the global market.
Beijing
Update from Work
Things are starting to pick up at the office, and I’m beginning to feel excited about my work. I’m also in a much better mood, since I’ve decided to take a taxi to and from work from now on rather than suffer indescribably on the perpetually crowded 701. Now, not only is my commute shorter, but I can get to and from work without sweating through all my clothes. Because the distance isn’t too long, the cost is only 30 RMB a day. Well worth it, IMO. It’s a lot less than what my dad has to pay for parking and the train on a daily basis, to say the least. Even better, there’s a changing room right here in the office, so don’t have to wear my work clothes outside. I also received my temporary ID card this morning, which serves as my access card to both the main building and the offices of various departments. 
The whole security system reminds of Lawrenceville’s “fob system",” albeit a lot stricter: doors are locked 24 hours a day, so you need to have your ID with you at all times. No doubt this would never work out at a high school…
While am pumped about settling in, the main reason why I am excited is because of an important event that the Financial Institutions (F.I.) Group is organizing next week. Recently, CITIC has been in the talks with foreign banks about promoting the RMB as a standard international currency of exchange (as opposed to the Dollar or Euro). In order to do this, CITIC has decided to invite representatives from foreign banks in hopes of getting their respective banks to enter into a deal/contract with CITIC known as the RMB cross border settlement (e.g. through opening an account). The next event will be held on Monday, and there are eight banks slated to come, including big names such as BNP Paribas and ING. As the F.I. group, it is our responsibility to make sure that every segment of next Monday’s event runs smoothly down to the last cup of coffee. So far, I’ve reworked a PowerPoint presentation, prepared name tags for all the guests, and created a table of contents for the materials to be distributed to the guests. I found it amusing that Hu Xiao was impressed that I knew how to operate a paper cutter. I guess it’s all thanks to cutting hundreds of möbius strips for our annual Math Club MLK activity :).While many of these tasks have been straightforward, I believe they still provide me with a valuable experience. For one, they teach me the importance of hard work and perseverance. One must remember that every executive once started at the bottom as a sales clerk or assistant. Only through industriousness, an eagerness to work, and a positive attitude can one move up the ladder. My work has also taught me that no matter how small of a role you believe you play in the workplace, you can you make invaluable contributions to the company. No one may notice or care about who made and set the name tags during next Monday’s meeting, but when it comes down to it, someone has to do it, and thus, the very task that once seemed so menial has become necessary—the event would not be the same without it. For me, it is the feeling of being able to partake in something much bigger than myself that motivates me to put in my best effort.
Welcome to CITIC…
Today was my second [first full] day working at China CITIC Bank. Before I go into the full details of my current situation, let me recount yesterday’s slew of events:
…I wake up at 7:20, eat breakfast, dress in a red polo short-sleeve shirt, khakis, and a brand new pair of brown leather shoes. After walking ten minutes to the bus stop, I get on the 701 bus, which is already jam-packed. Although my destination, Dong Si Shi Tiao (东四十条), is only 15 minutes away, by the time I get off the bus, the back of my shirt is already soaked, and I’m sweating bullets by the second. Not the best way to stop off your first day at work. A brisk 500 meters later, I find myself in front of CITIC’s headquarters, which is located in a building complex called the Fu Hua Manor (富华大厦). There, I am greeted by Zhou Hua, my dad’s friend and my contact person at CITIC. He and my father both attended Ren Min University, where his father was my father’s professor (small world, indeed). Mr. Zhou is the head of the International Banking department at CITIC’s HQ, and is currently managing over 20 people. Coincidentally, one of my dad’s classmates from Ren Min, Sun Jianlin, is also at CITIC, and he is the head of the Credit Management department, which happens to be right across the hall on the same floor! After giving me a brief tour of the office, Mr. Zhou put me under the guidance of Yu Yong, who leads the [[代理]] group, of which I will be an interim member for the next few weeks. I was introduced to the other members of the group, Hu Xiao and Qin Ru, both women in their late 20s/early 30s, and spent the majority of the morning looking over the Bank’s 2008 Annual Report. In doing so, I was able to gain a basic understanding of the company. I was surprised, for example, that despite the financial crisis that left many banks around the world in ruin, CITIC was able to pull in 13 billion RMB in profits. Pretty impressive for a commercial bank that was only established 22 years ago. In fact, CITIC was a relatively small bank for almost two decades after its founding until it went public in 2007. Since then, the Bank has grown rapidly, with profits increasing by 40% and 60% over the past 2 years respectively. To be technical, China CITIC Bank is now part of a larger conglomerate known as CITIC Group, which holds a 60% stake in the Bank. The other 40% is owned by Banco Bilbal Vizcaya Argentaria S.A. (BBVA) and HK Securities Clearing Company Nominees Ltd. Although the Bank still doesn’t compare to the size of China’s Big Four banks, the Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), and Industrial and Commercial Bank of China (ICBC), CITIC is a competitive force in the industry, and it has demonstrated great potential for growth. (In case you are curious, CITIC used to stand for “China International Trust and Investment Company,” but like “SAT,” is now a dead acronym)…
Things were going smoothly until after lunch, when I suddenly noticed that I was terribly out of dress code. Everyone else was in formal attire: suit pants, black shoes, white collared shirts. I needed to get my hands on a suit, and fast. After calling Fan Wei and hurrying home to grab money and change into more comfortable clothes, I headed out for the second time that day—this time to Sogo, a modern shopping center with a wide selection of men’s formal wear. Along the way, I realize, much to my disgust, that my new shoes had caused four huge blisters on the back of my feet. Great. I needed another pair of shoes.
The next couple of hours consisted of my fruitlessly wandering from store to store in hopes of finding a suit that: (1) Fit, (2) Had two buttons (While Westerners like the two-button suit, Chinese businessmen prefer the three-button, as it makes you look more powerful), (3) Didn’t have pinstripes (I already have a three-button pinstripe suit), and most importantly, (4) Didn’t break the bank. If there’s one phrase that summarizes my shopping experience, regardless of whether I am in the U.S. or China, it is “size unavailable.” Back home, I usually resort to ordering all my clothes online, but in China, I have no such luxury and end up visiting every store before either giving up or getting lucky. (Honestly, I find it a bit strange that I am considered abnormally skinny even in China). Anyway, here’s how a typical visit to a men’s formalwear store might go:
Me: Hi, I’m looking for a suit that fits me.
Clerk (doubtful look): Here…try this on. [Hands me smallest size available in store]
Me: It’s too big.
Clerk: We could tailor it for you. What’s your waist size?
Me: 2’1’’
Clerk (involuntary eye popping/stare/double take/neck spasm): 2’1’’!? We don’t have that size…but we could tair it for you.
Me: Wait, how much does it cost for tailoring?
Clerk: 2000 RMB (~$300), and it’ll take a month.
Me (glancing at hefty 8000 RMB price tag, which only includes the jacket): Erm…no. I think I’ll pass…Plus, I don’t have a month, I have 12 hours.
OR ALTERNATIVELY:
Me (tired of introductions): Do you have anything for a 2’1’’ waist?
Clerk: Yes!
Me (involuntary display of bewilderment): You do?
[After trying on suit]
Me: Wow, this is perfect. How much for the suit?
Clerk: Well, we’re doing a special promotion this month. Everything is 20% off, plus an additional 10% off for buying the whole piece…all in all, 3200 RMB (~$470).
Me (-.-): Ugh.
[I had only brought 3000 RMB with me to China, all of which I had with me at the moment. Not to mention that I still needed shoes and a shirt]
Anyway, this is how things went for the better part of two hours. We were about to give up completely when suddenly struck gold at the last shop we decided to look at: a two-button black suit uniquely textured with subtle diagonal lines that fit like a charm. And the best part of all? The price tag: 1800 RMB (~$265). They even threw in a free shirt to boot! My cousin and I exchanged high fives. Within 10 minutes, I settled the deal and walked out with suit in hand. We couldn’t get over how good of a deal it was. I, for one, was fairly certain that I wouldn’t be able to tailor a suit in the U.S. for $250, not to mention the free dress shirt. Compared to the suit, picking out shoes turned out ot be a piece of cake. I ended up buying a pair of contemporary semi-formal dress shoes for 550 RMB. Not a steal, but not bad, either.
[Flash Forward: Tuesday Afternoon]
As part of the Financial Institutions Group, I spent the morning calling CITIC’s 30 branches located in all provinces of China. My job was to make sure that several overdue reports would be delivered to HQ ASAP. Although I initially found this task a bit daunting, with the language barrier being my primary obstacle, I quickly got the hang of it after the first couple of calls. By noon, I had called all but two banks (which were on break due to different operating hours), and had gained an adequate understanding of basic bank jargon in Chinese. I’ve discovered that as scary as overcoming an language barrier may be, I can never improve my skills unless I go ahead and try. Sure, I stumbled from time to time and had to struggle a bit to find the right words, but at the end of the day, I got the job done, and my confidence in my Chinese was higher than ever. A few people I contacted even asked me my name (您贵姓？), which made me feel pretty darn special. I guess they thought I was just another fellow CITIC employee. I wonder what they would think if they found out I was actually a high school graduate from the U.S. 😛
Grandma’s House = No Internet
After a week of rest (but really not, since I had to help my cousin move into her new apartment, as well as accompany her while she traveling around the city making plans for her wedding) at my uncle’s house, my aunt and uncle helped me transport all my luggage to my [maternal] grandparent’s house, where I will be staying for the remainder of my time in Beijing. My aunt and I joked that we had done so much moving this week that would should start a family business.
My grandparents live just inside the third ring on the city’s east side, a fairly convenient location as far as commuting goes. Traveling to CITIC, where I start working next Monday, is a mere 20 minutes away by bus. Grandpa and grandma live in a two bedroom apartment not too far away from the Beijing Lufthansa Shopping Center (Yan Sha). About five years ago, they decided to purchase the adjacent one bedroom suite and connect it to the original suite, so now, the place is pretty spacious. It is also more convenient for my grandparents, since they can accommodate guests more easily. Recently, due to my grandpa’s health problems, my grandma has “moved in” with him to the newer suite. As a matter of habit, however, I am still staying in the guest room on the apartment’s older side. Truth be told, I’ve stayed at my grandparent’s so often over the past few summers that aside from Lawrenceville, their apartment, and the guest room in particular, has become my home away from home. The only downside is that in this age of rapid technological growth, the apartment is still without internet connection. However, I’m not going to complain too much, since it gives me more time to read, write (offline) blog entries, and other more productive activities. Besides, I’ll most likely be able to access the internet during weekdays while I’m at CITIC.
My only major concern at the moment is mosquitoes. In the past, I’ve had some nasty encounters while staying in Beijing. This year, I’ve only been bitten once, and I hope to keep it that way. If things start to get bad, I may have to start burning incense every night, a measure I have resorted to in years past.
Web Censorship in China: Annoying? Yes. Logical? No.
After four days of isolation from the web (yes, that is a long time), I open Firefox to find 18 unread mail (15 of which are useless), that Dinara Safina is still the #1 ranked tennis player in the world, and that Facebook and Youtube are blocked. However, I suppose there is no reason why I should be surprised by any of this, least of all the last item. This is China, after all.
What I don’t understand, though, is why Facebook, a popular social networking program, is blocked and its counterpart, MySpace (arguably no longer as popular, but still going strong) is not. As an avid Facebook user, I must protest against such censorship discrimination. To be honest, I would be happier if both sites were banned, rather than just one. Now, instead of feeling frustrated, I’m left feeling both frustrated and confused. Along the same lines, how is that YouTube and Twitter are both blocked, but flickr is not? All three can be used effectively to disseminate information (or create chaos, in the eyes of the Chinese government), and as the adage goes, “A picture is worth a thousand words” (but apparently not 140 characters.)
So I understand you don’t want videos being posted on the internet of soldiers suppressing crowds in Tibet or of the current violence in Xinjiang, but posting pictures is OK?
That doesn’t make a whole lot of sense to me. And let’s face it. As hard as the Chinese government tries to prevent such information from spreading on the Internet, images and video footage will eventually get out sooner or later. It becomes a matter of being embarrassed now, or trying to save face and getting embarrassed later. Either way, it’s more bad PR, but China seems intent on holding to the latter, which only has the potential to generate more confusion and misunderstanding on the international level.
I could go on about this topic, but I think I will stop now and go browse random pictures on flickr for the next couple of hours. I’ll see you tomorrow—that is, if this blog hasn’t been banned by then.