![]() Yu Longze, a broker based in Beijing, said his boss this month ordered all staff to learn the game. “During a game which can stretch for hours, we are bound to chit-chat, and sometimes useful information gets passed around after people feel comfortable and trust you.” Amateur players take part in a competition of guandan, a poker-like card game, in Beijing, China. ![]() “In finance, information is currency,” said Yang, for whom a game of guandan has become a standard gambit before wining and dining local officials. Path to build connections amidst dimming investmentĪs investment prospects darken, financiers increasingly view the game as a way to build ‘guanxi’ or connections with officials who hold the purse strings on local projects, especially those overseas investors might consider too risky. ![]() Total US-based venture-capital investment in China plummeted to $9.7 billion (Rs 80,125,880 crore) last year from $32.9 billion (Rs 2.71 lakh core) in 2021, PitchBook data shows.ĭomestic private capital has also dwindled as President Xi Jinping signalled his preference for a bigger state presence in the economy by launching crackdowns over the last few years in areas from technology to real estate and private tutoring.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |