Boy, I am so happy to be able to talk about Zhang Zhiyi in my blog on Asian business. Can you imagine that? Many years ago, Zhang had a wonderful 12 months thanks to Memoirs of A Geisha, but suffered enormous criticism over her role, which involved being involved with a Japanese man... in a movie role.
I am not even going to go into how low-brow and uneducated an opinion it is to be offended by that MOVIE ROLE. You'd think things would die down..., NO... Zhang appeared magnificently in the Oscars that year (presenting the Oscar to Crash), and even presented and she spoke surprisingly well in English.
Was that good enough for the media? Apparently not. The media in China, HK and Taiwan have plenty to say about Chinese actress Zhang Ziyi and most of it is downright vicious.
Hollywood was enthralled with Zhang's beauty in Memoirs Of A Geisha, but it was her turn in House of Flying Daggers that captivated my attention. After her role as a presenter in the Oscars, this was what the HK papers had to say, and her gown was magnificent by the way. 'Zhang Ziyi's Armani evening gown made her look so flat-chested it was scary' HK's Sing Tao Daily said in a headline.
She has said previously the venom has to do with Hong Kongers' deeply entrenched bias against mainland Chinese, who are viewed as bumpkins and gold diggers. 'They think, 'How can you be an international movie star? You are only from China.' For them, China is like the countryside,' Zhang said in an interview with The Sunday Times of London in 2004.
Such evidence is found in a 2004 article in HK's Next magazine, a popular weekly known for its hard-charging paparazzi. It printed a photo allegedly showing Zhang squatting down to check out the bottom shelf in a store. A caption read: 'Miss Zhang displays the special trait of our motherland's compatriots: spreading her legs wide and squatting down.' People can often be seen squatting in China in crowded places - such as railroad stations - where the ground is too dirty for sitting and there is limited public seating.
Zhang's rapid rise and ongoing success may also have bred envy. Many Hong Kong publications made sure their knives were extra-sharp for the Oscars, where she presented the award for best editing. A headline in Apple Daily ripped into her English: 'She still can't change her English with a Beijing country accent. She didn't pronounce the 'r' in the winning movie Crash properly.'
This one really irked me, when do you find an average HK person speaking English well?? So what if she's got a Beijing accent, she's from Beijing isn't she? Nobody faults Antonio Banderas for speaking English with a Spanish accent!!! Or Gerard Depardieu for speaking English with the clipped French accent?? Does Apple Daily's editor even understand what is good English and what is accent? I mean, seriously, Zhang's intonation and pronunciation are so much better than Jackie Chan - do we see any HK papers savaging Jackie's English??
Sing Tao Daily said she read her cue card with 'quivering lips' and her pronunciation of Crash sounded more like that for the toothpaste Crest. The Ming Pao Daily noted that she forgot to hug or shake hands with the award winner, though it conceded that her English was improving. Hong Kong writers also savaged her Giorgio Armani outfit, a black beaded bustier with a crystal-encrusted grey skirt. 'Lacking in youthful vigor,' read a photo caption in the Oriental Daily News. Apple Daily hissed: 'Zhang Ziyi two decades behind the times.'
While HK press were savage and venomous, Taiwan's press was another story. 'Zhang Ziyi's English rolls off her tongue,' said Taiwan's Liberty Times. Another Taiwanese newspaper, the Min Sheng Daily, said 'Zhang Ziyi's English is no longer poor'.
In China, there is still a strong undercurrent that they cannot accept that she has to "sleep" with a Japanese man, even though it was in a movie. Playing a Japanese woman already stirred open some wounds which have not healed properly for many years. China found it hard to "celebrate" with Zhang's newfound international stardom but have toned down the viciousness of late.
Suffice to say, Zhiyi found all these nonsense trivial and even went and had a long-term relationship with a white American (as if to spite all of them). I admire Zhiyi for being able to rise above the crassness and live her own life well.
Business Lessons
1) Though most HKers would not like to admit it, deep down there is a feeling of resentment against how fast some of the Chinese from mainland have gotten rich. HKers feel that they have progressed much faster economically and up the developed country curve, and to make less money than them is an insult. This mentality prevails even when certain HK companies go to the mainland to expand - beware and be aware.
2) HKers not only begrudge the rich ones from mainland but also abhors how crudely they spend their money in HK especially - no class as they say. But most HKers also know they needed cash from China to fund the downtrodden economy in HK for the past few years. HKers can't wait for the good times to roll again so that they can pass crass remarks and shoo the mainlanders back to where they belong.
3) When doing business in China, you are either with them or against them. If you have a fallout with the Chinese, well its not going to be a "agree to disagree" mantra. You cannot afford to have a fallout as some entrepreneurs have found out the hard way. Many would want to hedge their fortunes by parking funds elsewhere whenever possible. There is an undercurrent of uncertainty that you could find yourself on the wrong side of the turning tide of political sentiments too swiftly in China.
4) Taiwan politicians will fight like mad with politicians in China in the media, but business-wise, China has been quite open in welcoming Taiwanese investors. Much of the open war of words is to appease the masses of both sides for championing nationalistic interests. But business has been going to and fro, especially from Taiwan to China in a big way for a very long time.
Thus, you will usually find that anything China says will find the Taiwanese going the opposite way, mainly to spite the other party. You don't like Zhang Zhiyi, I think she is adorable.
Hence when doing business with either Taiwan and China, you do not go extolling the virtues of Taiwan to China or China to Taiwan. Just do the business, even though they may actually agree with you opinions about the other country, its best not to say them out loud.
As the above are generalisations, they are bound to be exceptions. Generalisations applied harshly on everything will lead to prejudice and unjust discrimination. Generalisations are just tools for use to learn a bit more about something, not a divining rod.
Is there "hot money" in the system? Yes, the Fed's and ECB's low interest rates policy has already started the USD carry trade a few months back, and it could add a Euro carry trade to its banner soon. So, where do you think the money is headed or has been residing? Its Asia. The easy way to see where it has been headed over the past few months is to look at Asia's strongest currency this year. At the top of the heap was the Indonesian rupiah, followed by the Korean won and then the Indian rupee. So much so that the central banks at South Korea and Indonesia have expressed strong concerns over the inflow of hot money into their system. Beware of the current gains you have been seeing in stocks, property and currency in these two countries. They could just as easily disappear overnight. It also appears that the new favoured son by these carry trades is Taiwan.Hence, we may well appreciate the efforts of Bank Negara a bit more over the past 18 months because Zeti refused to join in the bandwagon to "allow" the ringgit to appreciate too much. Rightly or wrongly, much of the hot money bypassed Malaysia and the ringgit because the ringgit is still not "that accessible and free-floated". By maintaining a disciplined approach, Bank Negara has basically staved off any future problems that may have to do with hot money moving too fast into the system and then too fast out of the system.Many have been wondering why the Malaysian markets did not rise by as much as their regional peers. In fact Malaysian stock market has been in the bottom quartile in performance when compared to other Asian bourses. A huge part of the answer lies in the currency issue just discussed. Safe to say that taking that point further, we may argue that much of the rise in asset prices in other Asian markets may have been mostly "inflated" by the liquidity rush.Is the region in grave danger of a collapse when these funds exit? What would cause the funds to exit? Well, if the Fed starts to raise rates, not likely over the next 6 months at least. Well, if there is a fresh war or political instability somewhere that causes people to rush to the reserve currency, and/or a massive jump towards risk aversion. The key I guess, is to monitor the rumblings and big trades in USD and the interest rate policy discussions.On November 10, 2009, Taiwan's Financial Supervisory Commission barred foreign investors from parking their money in time deposits after bringing funds into the country. Plus, foreign investors will not be allowed to extend the deposit maturity beyond three months. Until now, foreign investors were allowed to deposit 30% of the inflows in time deposits for three months with a possible extension for another three months. Portfolio investors can still invest 30% of the net inflows in government bonds, money market instruments, money market funds and derivatives. As of October 2009, foreign investors had parked US$15.5 billion in Taiwan dollar accounts, almost five times the level considered appropriate by the central bank. The central bank has voiced concerns that beside investing in Taiwanese stocks, foreign investors were putting money into Taiwan Dollar deposits to earn interest plus currency arbitrage given the appreciating Taiwan dollar.The move follows large capital inflows into Taiwan's dollar accounts recently which is putting upward pressure on the Taiwan Dollar and hurting export competitiveness. The central bank has been intervening in the FX market and had recently hinted at capital controls to contain currency strength.This need not be an explosive issue as it seems that the central bankers in the affected countries are aware of the situation. The danger is when the central bankers do not have the political will to act as they should, or they act too slow to temper the liquidity inflow. One can easily reduce the inflow with various measures, so as to minimise the ill-effects of withdrawal of these kind of hot money.Funnily, the US Federal Reserve Bank of Philadelphia president Charles Plosser said that the capital flows into Asia are a result of a stronger recovery in the region. He added that the flows are not such that he would consider them to be threatening or inconsistent with fundamentals. OMG, the danger is when enough people in high places in Asia believe that diatribe. These are not long term FDI, its short term, its a play on currency outlook and interest rate differentials, is short term - how in the world can Plosser say its not threatening. It can move asset prices up by 30%-50% in 6 months, and we know its seriously never going to be long term, so when they exit, how can Plosser say that it won't be threatening???!!!p/s photos: Reon Kadena
What does it take for a country's stock market to rise 6% in a day? What kind of news can jump start that? Apparently, very little. China Mobile announced that it will buy a 12% stake in Far East Tone Telecommunications. The news raised hopes that there is a tacit approval from Beijing to encourage China firms to do more investments into Taiwan.Besides being a good move politically, its a very good move economically as well. Just look at how Hong Kong's economy rely on China, its like a modern day umbilical cord. At the same time, it leverages on the advantages of each side to link up. A similar situation looks to be happening between China and Taiwan. Can you imagine the economic might of a Greater China economic grouping that has HK, China and Taiwan. Its pretty formidable. Its might and collective strength more than equates an ASEAN grouping.Far East Tone is Taiwan's third largest telco. The deal still needs approval from Taiwan regulators, but it should be a done deal. If approved, it would be the first direct investment from China. This comes after another ground breaking development when China agreed to let Taiwan to send observers to the annual meeting of the World Health Assembly, the WHO's ruling body, next month in Geneva. Ties have improved significantly under Taiwan's President Ma Ying Jeou. The two sides have signed a series of agreements easing limits on investments between the two and establish the first regular two way air and shipping traffic.President Ma Ying-jeou said that the 1952 Treaty of Taipei affirmed the transfer of Taiwan's sovereignty from Japan to the Republic of China. Ma's statement deviated from his previous claim that it was the 1943 Cairo Declaration that gave the ROC its claim to Taiwan. "While the 1952 treaty does not specify the legal successor government [of Taiwan], it was clear between the lines," he said. "Japan would not have signed the accord with the ROC if it did not intend to concede the territories to the ROC." Ma said the 1952 pact had three meanings: It not only affirmed the "de jure termination of war between Japan and the ROC" after Tokyo's surrender in 1945, but reasserted the "de jure transfer of Taiwan's sovereignty to the ROC" as well as "restoring friendly and normal relations with Japan. Read this any way you like, its not the China Mobile story that pushed Taiex higher, its this statement by Ma. There are many ways to court a girl. You can threaten, scream, shout and warn ... but those will never be as effective as cajole, serenade, being generous, showing respect and tenderness. China heart Taiwan.p/s photos: JJ
Boy, I am so happy to be able to talk about Zhang Zhiyi in my blog on Asian business. Can you imagine that? Zhang had a wonderful 12 months thanks to Memoirs of A Geisha, but suffered enormous criticism over her role, which involved being involved with a Japanese man... in a movie role. I am not even going to go into how low-brow and uneducated an opinion it is to be offended by that MOVIE ROLE. You'd think things would die down..., NO... Zhang appeared magnificently in the recent Oscars, and even presented and she spoke surprisingly well in English. Was that good enough for the media? Apparently not. The media in China, HK and Taiwan have plenty to say about Chinese actress Zhang Ziyi and most of it is downright vicious. Below are excerpts from an article in The Straits Times in Singapore today.
Hollywood was enthralled with Zhang's beauty in Memoirs Of A Geisha, but it was her turn in House of Flying Daggers that captivated my attention. After her role as a presenter in the Oscars, this was what the HK papers had to say, and her gown was magnificent by the way. 'Zhang Ziyi's Armani evening gown made her look so flat-chested it was scary' said HK's Sing Tao Daily said in a headline. She has said previously the venom has to do with Hong Kongers' deeply entrenched bias against mainland Chinese, who are viewed as bumpkins and gold diggers. 'They think, 'How can you be an international movie star? You are only from China.' For them, China is like the countryside,' Zhang said in an interview with The Sunday Times of London in 2004.
Such evidence is found in a 2004 article in HK's Next magazine, a popular weekly known for its hard-charging paparazzi. It printed a photo allegedly showing Zhang squatting down to check out the bottom shelf in a store. A caption read: 'Miss Zhang displays the special trait of our motherland's compatriots: spreading her legs wide and squatting down.' People can often be seen squatting in China in crowded places - such as railroad stations - where the ground is too dirty for sitting and there is limited public seating. Zhang's rapid rise and ongoing success may also have bred envy. Many Hong Kong publications made sure their knives were extra-sharp for the Oscars, where she presented the award for best editing. A headline in Apple Daily ripped into her English: 'She still can't change her English with a Beijing country accent. She didn't pronounce the 'r' in the winning movie Crash properly.' This one really irked me, when do you find an average HK person speaking English well?? So what if she's got a Beijing accent, she's from Beijing isn't she? Nobody faults Antonio Banderas for speaking English with a Spanish accent!!! Or Gerard Depardieu for speaking English with the clipped French accent?? Does Apple Daily's editor even understand what is good English and what is accent? I mean, seriously, Zhang's intonation and pronounciation are so much better than Jackie Chan - do we see any HK papers savaging Jackie's English??
Sing Tao Daily said she read her cue card with 'quivering lips' and her pronunciation of Crash sounded more like that for the toothpaste Crest. The Ming Pao Daily noted that she forgot to hug or shake hands with the award winner, though it conceded that her English was improving. Hong Kong writers also savaged her Giorgio Armani outfit, a black beaded bustier with a crystal-encrusted grey skirt. 'Lacking in youthful vigour,' read a photo caption in the Oriental Daily News. Apple Daily hissed: 'Zhang Ziyi two decades behind the times.'
'Zhang Ziyi's English rolls off her tongue,' said Taiwan's Liberty Times. Another Taiwanese newspaper, the Min Sheng Daily, said 'Zhang Ziyi's English is no longer poor'. In China, there is still a strong undercurrent that they cannot accept that she has to "sleep" with a Japanese man, even though it was in a movie. Playing a Japanese woman already stirred open some wounds which have not healed properly for many years. China found it hard to "celebrate" with Zhang's new found international stardom but have toned down the viciousness of late.
Business Lessons
1) Though most HKers would not like to admit it, deep down there is a feeling of resentment against how fast some of the Chinese from mainland have gotten rich. HKers feel that they have progressed much faster economically and up the developed country curve, and to make less money than them is an insult. This mentality prevails even when certain HK companies go to the mainland to expand - beware and be aware.
2) HKers not only begrudge the rich ones from mainland but also abhorrs how crudely they spend their money in HK especially - no class as they say. But most HKers also know they needed cash from China to fund the down trodden economy in HK for the past few years. HKers can't wait for the good times to roll again so that they can pass crass remarks and shoo the mainlanders back to where they belong.
3) When doing business in China, you are either with them or against them. If you fallout with the Chinese, well its not going to be a "agree to disagree" mantra. You cannot afford to have a fallout as some entrepreneurs have found out the hard way. Many would want to hedge their fortunes by parking funds elsewhere whenever possible. There is an under current of uncertainty that you could find yourself in the wrong side of the turning tide of political sentiments too swiftly in China.
4) Taiwan politicians will fight like mad with politicians in China in the media, but business wise, China has been quite open in welcoming Taiwanese investors. Much of the open war of words is to appease the masses of both sides for championing nationalistic interests. But business has been going to and fro, especially from Taiwan to China in a big way for a very long time. Thus, you will usually find that anything China says will find the Taiwanese going the opposite way, mainly to spite the other party. You don't like Zhang Zhiyi, I think she is adorable. Hence when doing business with either Taiwan and China, you do not go extolling the virtues of Taiwan to China or China to Taiwan. Just do the business, even though they may actually agree with you opinions about the other country, its best not to say them out loud.
As the above are generalisations, they are bound to be exceptions. Generalisations applied harshly on everything will lead to prejudice and unjust discrimination. Generalisations are just tools for use to learn a bit more about something, not a divining rod.
