Been in shanghai for a few days, here's some impression to share with you folks. Fortunately the internet connection here is pretty decent and I can access most web site with moderate delay using dial-up connection.
Pudong is very futuristic with all the glassy buildings. Chatted with a friend who is working at an asset management company owned by a state-enterprise. It appears that many institutions has lots of money to invest but they put too much money in low-yield corporate bonds yielding 2-3% for 10 -years, even lower than US treasury. There is no rating agencies in China and the domestic stock market has been under the cloud of the so-called "state-owned shares reduce and dump" (sorry for my clumsy translation) for two years. He's of the opinion that the finance industry as of right now does not offer real opportunity for private entreprenuers because of all these government restrictions. The real money is probably in the sales and distribution of products in industries such as pharmaceuticals, autos, etc. Many so-called hi-tech software company ain't making much money and the margin in software projects is shrinking quickly.
Most people in the subway appears to be in their low to mid 20's, which makes one feel pretty upbeat Shanghai is too hot and crowded for a California peasant like me.
Shanghai is
