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ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
SINGAPORE || MACAU || HONG KONG || SHANGHAI || BEIJING || TOKYO
04-16-2012
Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 1 of 66
NOT FOR PUBLIC RELEASE, ELECTRONIC POSTING OR DISTRIBUTION / LIMITED USE BY ANARI INC. ONLY
MARCH 1-13 2012 Trip Report
In March, 2012, Anari Worldview Asia conducted an extensive institutional investor trip to six major Asia financial centers ranging from Singapore to Tokyo. Over the course of nearly two weeks the Anari group engaged in over fifty meetings and face-to-face in-depth encounters with top level governmental, banking, investment and financial executives, diplomats and scholarly experts. This trip report documents and summarizes the experiences of this major Anari Worldview Asia program.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
SINGAPORE || MACAU || HONG KONG || SHANGHAI || BEIJING || TOKYO
04-16-2012
Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 2 of 66
ANARI, INC. Anari Worldview Team & Cooperators
March 2012 Asia Trip
Anari Worldview programs are designed to give top investment executives an immediate first-hand, high-level overview of the current situation and outlook about key economic and financial policy issues in the regions visited. Organized for this purpose by Anari Inc., participating institutions are independent of each other, and have independent interests, concerns, and priorities.
Publication designed by M. Ann Vroom Copyright © 2012 ANARI, Inc. 1 Saint Matthew's Court, NW Washington, DC 20036 USA
All rights reserved
The material in this publication is copyrighted and is not intended for general public release, electronic posting or distribution. Requests for authorized copies of this document should be sent to:
Mr. William Anawaty President 1 Saint Matthew’s Court, NW Washington, DC 20036 USA
Washington DC
Barbara Bennett, CFO, Anari, Inc.
Janalyn Carroll, COO, Anari, Inc.
New York
Alina Kogan, Columbia Business School
Hong Kong
Eric Cheng, Managing Director, Anari Asia Ltd.
Shanghai
Haiying Niu, Anari's China investment collaborator
Jessica Ge, Anari Coordinator, Shanghai
Beijing
Rachel Qiao, Anari Coordinator, Beijing
Tokyo
Yu Serizawa, President, Forma Corp.
Akiko Hamada, Forma Corp.
Chen Su, Anari, Inc., Washington, DC
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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ANARI DELEGATION
The Anari Worldview Asia investors trip delegation, guided by
William Anawaty, President, Anari, Inc.:
Hewlett Foundation
Laurance Hoagland, CIO Palo Alto, California
Acadian Asset Management Ronald Frashure, Chairman Boston, Massachusetts
Acadian Asset Management Richard Barry, Managing Director Singapore Office
Gavekal Research
Anatole Kaletsky, Co-Founder London/Hong Kong
Ontario Teachers Pension Plan
James Davis, Vice President & Chief Economist, Asset Mix and Risk
Toronto, Canada
Ontario Teachers Pension Plan Kevin Zhu Director of Strategy & Asset Mix, Asset Mix and Risk
Toronto, Canada
Fjord Capital Management Laurent Desbois, President Montreal, Canada
Alleghany Capital Partners Anthony Michalak, Research Analyst New York, New York
John Templeton Foundation Jinde Guo, Senior Managing Director, Investments Philadelphia, Pennsylvania
Emerging Sovereign Group Brian McCarthy New York, New York
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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MARCH 1-13, 2012 CITIES
SINGAPORE Thursday-Friday -- March 1-2, 2012
MACAU – HONG KONG Sunday-Monday -- March 4-5, 2012
SHANGHAI Tuesday-Wednesday -- March 6-7, 2012
BEIJING Thursday-Friday -- March 8-9, 2012
TOKYO Monday-Tuesday -- March 12-13, 2012
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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MARCH 1-13, 2012
Companies & Organizations Encountered
Page ABC Capital, Shanghai .................................................................................................................................... 35 ASEAN-AMRO (ASEAN Macroeconomic Monitoring System), Singapore ................................................. 11 Asian Business Council, Hong Kong ............................................................................................................ 21 Asian Development Bank, Beijing .................................................................................................................. 43 Bank of China, Beijing ..................................................................................................................................... 46 Caixin Magazine, Beijing ................................................................................................................................. 48 Chiba University of Commerce, Tokyo .......................................................................................................... 51 China 5e.com, Beijing ..................................................................................................................................... 41 China Development Bank, Hong Kong .......................................................................................................... 24 China Development Research Foundation (CDRF), Beijing ........................................................................ 42 China Investment Corporation (CIC), Beijing ................................................................................................ 45 DBS Bank, Singapore HQ ............................................................................................................................... 10 Dragonomics, Beijing ...................................................................................................................................... 39 Economic Development Board of Singapore ................................................................................................ 12 Embassy of Indonesia, Singapore ................................................................................................................. 14 Embassy of the Philippines in Singapore ....................................................................................................... 9 Fosun Group, Shanghai .................................................................................................................................. 30 Fung Global Institute, Hong Kong ................................................................................................................. 27 GIC – Government Investment Corporation of Singapore ........................................................................... 15 Hong Kong Monetary Authority ..................................................................................................................... 25 Hong Kong S.A.R. Planning Department ....................................................................................................... 23 Industrial Growth Platform, Inc., Tokyo ......................................................................................................... 58 International Monetary Fund, Hong Kong ..................................................................................................... 20 Japan Center for International Finance (JCIF), Tokyo ................................................................................. 57 Japan Institute of International Affairs, Tokyo ............................................................................................. 56 Ministry of Finance of Japan, Tokyo .............................................................................................................. 54 Mizuho Corporate Bank, Tokyo ...................................................................................................................... 56 NTU University / Rajaratnam School of International Studies, Singapore ................................................. 16 Pearl River Delta Development Planning, Hong Kong ................................................................................. 22 People’s Bank of China, HQ Beijing .............................................................................................................. 40 Principal Capital Investors, Shanghai ........................................................................................................... 31 Quintana Energy (US), Beijing ........................................................................................................................ 41 Roppongi Hills, Tokyo / Mori Building Company ......................................................................................... 52 S.A.F.E. - State Administration of Foreign Exchange, HQ, Beijing ............................................................. 47 SAIF Partners, Beijing ..................................................................................................................................... 43 SANKEI Newspaper, Tokyo ............................................................................................................................ 53 Shanghai Stock Exchange .............................................................................................................................. 33 Shui On Land Limited, Shanghai ................................................................................................................... 32 Singapore Institute of International Affairs ..................................................................................................... 8 SJM Holdings, Ltd.- Grand Lisboa Casino, Macau ....................................................................................... 19 SongLin Group, Beijing ................................................................................................................................... 41 Standard Chartered Bank, Shanghai ............................................................................................................. 34 Sumitomo Mitsui Asset Management, Tokyo ............................................................................................... 55 Trinity Corp (listed 100% subsidiary of Li & Fung), Hong Kong ................................................................. 26 U.S. Embassy in Beijing .................................................................................................................................. 44 U.S. Embassy, Singapore ............................................................................................................................... 13 University of Tokyo ......................................................................................................................................... 59
ANARI WORLDVIEW ASIA
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Singapore
S
inga
pore
The 2012 Anari Worldview ASIA
program commenced on Thursday,
March 1, 2012 for two days in
Singapore. || One of the original “Four
Asian Tigers” - along with Hong Kong,
South Korea and Taiwan - Singapore’s
economy is ranked as the second
most free in the world by the 2011
Index of Economic Freedoms and,
according to the Corruption
Perceptions Index, Singapore is
consistently ranked as one of the least
corrupt countries and as one of the top
global financial centers per the annual
evaluation prepared for the City of
London; it is currently the only Asian
country to have AAA credit ratings
from all three major credit rating
agencies. Because of its strategic
location, corruption-free environment,
skilled workforce, low tax rates and
advanced infrastructure there are
more than 7,000 multinational
corporations from the United States,
Japan, and Europe in Singapore as
well as reportedly 1,500 companies
from China and 1,500 from India. ||
Recognizing Singapore’s key
strategic and financial positioning,
the Anari Singapore schedule
included meetings with top
officials and executives together
with their senior staff and
advisors at three embassies –
that of the Philippines,
Indonesia, and the U.S.; the
international agency ASEAN-
AMRO (ASEAN Macroeconomic
Monitoring System); two central
Singaporean economic
organizations – the Economic
Development Board of
Singapore (EDB) and the
Government Investment
Corporation of Singapore (GIC)
– the DBS Bank HQ, Singapore,
and leading scholars at two
eminent international advisory
“think tanks”, the Singapore
Institute of International Affairs
(SIIA) and the Rajaratnam
Institute of International Affairs
of Nanyang Technological
University (NTU).
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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SINGAPORE Meetings
Singapore Schedule
Thursday March 1 – Singapore
Anari group meeting with Dr. Simon Tay,
Chairman, Singapore Institute of
International Affairs (SIIA) (see page 8).
8:30 AM
Singapore Institute of International Affairs
Chairman Simon S. C. Tay
10:00 AM
Embassy of the Philippines in Singapore
Charge d’Affaires Neal Imperial
Consul Catherine Torres
Ms. Catherine Ronquillo, Philippine Trade Office
11:30 AM
DBS Bank, Singapore HQ
Mr. Michael Sia, Sr. VP, Investor Relations, Group Finance
Mr. Philip Wee, Sr. VP & Sr. Currency Economist, Group Research
1 PM Lunch, Hokkaido Sushi Restaurant
3:45 PM
ASEAN-AMRO (ASEAN Macroeconomic Monitoring System)
Director Dr. WEI BenHua (former Vice Chairman, China S.A.F.E.)
Mr. Matthew Liu, Deputy Director, Senior Economist
5:00 PM
Economic Development Board of Singapore
Mr. Lim Wey-Len, Head, Americas
Ms. Melissa Wong, Head, International Organizations
Ms. Sheryl Chen, Assistant Head, Biomedical Sciences
Friday March 2 – Singapore
At the Indonesian Embassy, Embassy staff presentation to the visiting Anari group with Mr. Hari Santoso, Indonesia Investment Promotion Centre and Minister-Counselor, Economic Affairs Natalia Soeharso (see page 14).
8:30 AM
US Embassy, Singapore
Mr. Joel Ehrendreich, Counselor, Economic & Political Dept.
Mr. Manu Bhalla, Economic Chief
10:00 AM
Indonesian Embassy
H.E. Ambassador Mr. Andri Hadi (Courtesy Welcome) Presentation and Discussion:
Minister-Counselor, Economic Division Natalia Soeharso
Mr. Peter Jacobs, MacroEconomist, Central Bank of Indonesia
Mr. Hari Santoso, Indonesia Investment Promotion Centre
12 N Lunch
2:00 PM
GIC – Government Investment Corporation of Singapore Economics and Investment Strategy Department
Dr. Yougesh Khatri, Sr. VP, Head, New Horizons Team, Economics & Strategy Department
Mr. TAN Mui Choo, CFA, Co-Head, Enterprise Risk & Performance Risk & Performance Mgt. Dept.
Ms. CHAN May Yee, CFA, Head Risk Control, Risk & Performance Mgt. Department
Ms. TEH Kwee Chin, CFA, Sr. Vice President, Economics & Investment Strategy Department
Ms. Jesley CHUA, Assistant Vice President, Economics & Strategy Department
5:00 PM
NTU University / Rajaratnam School of International Studies
Dr. Joseph Liow Chen Yong, Associate Dean, Professor of Comparative and International Politics
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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THURSDAY MARCH 1, 2012
SINGAPORE Meetings
Singapore Institute of International Affairs
Mr. Simon S.C. Tay, Chairman
The Singapore Institute of
International Affairs (SIIA) is an
independent organization dedicated to the
research, analysis and discussion of
regional and international issues. The
SIIA aims to make Singapore a more
cosmopolitan and global society through
research, policy work and public
education on international affairs.
Founded in 1961, SIIA is Singapore’s
oldest think tank.
Simon SC Tay is a public intellectual
and adviser on political and economic
issues. He
teaches
international law
and public policy
at the National
University of Singapore and is
concurrently chairman of the Singapore
Institute of International Affairs.
Previously, in 2009, he was with the Asia
Society in New York, directing a Task
Force report on US-Asia relations under
the Obama administration. At Harvard
Law School, Mr. Tay was a Fulbright
scholar and, in Jan 2000, the World
Economic Forum (Davos) named him a
“global leader of tomorrow”. He is also an
award winning writer with five books of
stories and poetry.
Pictured Above: Simon Tay welcomes the Anari group to SIAA
At the first meeting of the Asia program, Mr.
Simon Tay, Director of the SIIA, engaged the
Anari group in wide-ranging expert review of
several key geo-economic situations
throughout the SE Asian region including
especially India, Thailand and Vietnam.
Pictured Below: Simon Tay (left) and (seated right) HO YewWeng, Acadian Asset
Management; Laurance Hoagland, Hewlett Foundation; Anthony Michalak,
Alleghany Capital Partners
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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04-16-2012
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THURSDAY MARCH 1, 2012
SINGAPORE
Meetings
Embassy of the Philippines in Singapore
Charge d’Affaires Neal Imperial
Secondary Secretary and Consul Catherine Torres
Ms. Catherine Ronquillo, Trade Assistant Philippines Trade Office
Pictured above: At the Philippines
Ambassador’s Residence: Charge d’Affaires
Neal Imperial (center); (left) Second Secretary
and Consul Catherine Torres; and, (right)
Ronald Frashure, Acadian Asset Management,
member of the Anari visiting group.
Above: Flight paths between Singapore and three
major cities of the Philippines Manila, Cebu and
Davao [graphic: www.yoursingapore.com].
This 100-million
(and growing)
population country
is one of the few in
Asia that does not
currently have the
"aging society"
problem.
The Government has introduced credible fiscal
discipline reforms and public-private
partnerships (PPP) for infrastructure
investments as well as population management
and anti-corruption programs. This reform
momentum may translate into greater FDI flows
complementing the rising domestic savings
rate, to produce greater economic growth rates
than experienced in the past. The talks on
wide-ranging economic issues may pave the
way for an Anari Worldview trip to specific
countries in the ASEAN in the future.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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THURSDAY MARCH 1, 2012
SINGAPORE
Meetings
DBS Bank, Singapore HQ
• Mr. Michael Sia, Sr. VP, Investor Relations, Group Finance
• Mr. Philip Wee, Sr. VP & Sr. Currency Economist, Group Research
DBS Bank is the largest bank in South
East Asia by assets and among the larger
banks in Asia. It has market-dominant
positions in consumer banking, treasury
and markets, asset management,
securities brokerage, equity and debt
fund-raising in Singapore and Hong Kong.
The bank was set up by Government of
Singapore in June 1968 to take over the
industrial financing activities from the
Economic Development Board. Today, its
branches numbering more than 100 can
be found island-wide.
Philip Wee, Senior
Vice-President &
Senior Currency
Economist Group
Research
DBS BANK, has been
advising on major currency trends in DBS
Bank since 2000. Philip works closely with
the bank's various divisions to service
DBS's diverse retail, corporate and
institutional clients.
Philip was previously a Treasury
Economist at Standard Chartered Bank,
and an Economist at NatWest Markets
and HSBC. In all, he has about twenty
years in analyzing economic and market
trends.
At the DBS Headquarters building, the Anari
group met with Michael Sia, Sr. VP, Investor
Relations, Group Finance, and Philip Wee,
Senior VP and Senior Currency Economist in
DBS’s Group Research department. The
discussion traced the bank’s evolution from a
local development bank for industrialization a
generation ago to its regional presence in
ASEAN and China today, having purchased
local banks in Hong Kong, Taiwan, and the
Philippines, to engage in a wide range of non-
lending businesses.
FX economist Wee gave his views about this
global transition year in which China has a
leadership change and the US has presidential
elections, and the fiscal consolidation taking
place globally. He also shared his simulations
for the US Dollar / Singapore Dollar
relationships under various crisis scenarios.
Pictured left: The main
entrance to the DBS HQ in
Singapore where the Anari
group met with Mr. Philip
Wee, Senior VP & FX
Economist. DBS’s Tower
One is a 50-storey tower
block built in 1973. The
four round concrete
caissons in the building’s
foundation inspired the
original design of the DBS
logo in 1972.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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THURSDAY MARCH 1, 2012
SINGAPORE
Meetings
ASEAN-AMRO (ASEAN Macroeconomic Monitoring System)
• Director Dr. WEI BenHua (former Vice Chairman, China S.A.F.E.)
• Mr. Matthew Yiu, Deputy Director and Senior Economist
ASEAN+3 Macroeconomic
Research Office (AMRO) is the
independent macroeconomic surveillance
unit of the Chiang Mai Initiative
Multilateralisation (CMIM) Agreement, a
US$120 billion currency swap
arrangement among the Finance
Ministries and Central Banks of the
ASEAN Member States, China, Japan
and Korea (ASEAN+3 countries). AMRO
is responsible for monitoring the
macroeconomic and financial situation of,
and identifying emerging vulnerabilities
within, the ASEAN+3 region and its
individual economies. AMRO was
established in April 2011.
Mr. Wei Benhua was
unanimously selected by
the Asean+3 Deputy
Ministers and Deputy
Governors as the Director of AMRO in
April 2011. Prior to this appointment, Mr.
Wei was Deputy Chief of China’s State
Administration of Foreign Exchange
(SAFE) and previously served as the
Advisor to Governor of the People’s Bank
of China and Director-General of its
International Department. Mr. Wei holds a
Master’s Degree (Economics) from the
PBOC Graduate School .
In the HQ building of the Monetary Authority of
Singapore, the Anari delegation met with Dr.
WEI BenHua of China, Director of the ASEAN+3
Macroeconomic Research Office, which
undergirds the region’s $120 billion multi-lateral
currency swap pool that stands ready to defend
Asian currencies. Dr. Wei engaged the Anari
group in an excellent discussion of a broad
range of major financial and currency issues
affecting the ASEAN+3 region.
ANARI Context: Anari has known Mr. Wei since his days a decade ago in Washington DC as China’s Executive Director to the IMF, and continuing through his service in Beijing as the Deputy Administrator of S.A.F.E. – managing China’s $3 trillion of foreign exchange reserves.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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THURSDAY MARCH 1, 2012
SINGAPORE
Meetings
Economic Development Board of Singapore
Mr. Lim Wey-Len, Head, Americas
Ms. Melissa Wong, Head, International Organizations
Ms. Sheryl Chen, Assistant Head, Biomedical Sciences
The Singapore
Economic
Development
Board (EDB) is
the lead government agency for planning
and executing strategies to enhance
Singapore's position as a global business
centre. EDB “dreams, designs and
delivers solutions that create value for
investors and companies in Singapore”.
Its stated mission is to create for
Singapore sustainable economic growth
with vibrant business and good job
opportunities. EDB's 'Host to Home'
strategy is about extending Singapore's
value proposition to businesses not just to
help them improve their bottom line, but
also to help them grow their top line
through establishing and deepening
strategic activities in Singapore.
Singapore seeks to be the Global Nexus for
ASEAN’s 320 million people and growing
middle class (making it comparable to Coastal
China in size). At the headquarters of the
Singapore Economic Development Board, the
EDB panel presented a comprehensive
overview of trade and investment initiatives
designed to assure long-term real growth of 3-
5% and shape Singapore’s future knowledge-
intensive economy in sectors like:
bio-medical research
new materials
alternative energies
The Anari group’s discussion
with the EDB staff also
referenced Singapore’s
cooperative development of
the adjacent Iskandar region
on the Malaysian peninsula –
which offers sub-urban
developmental potential like
that of New York-New Jersey,
San Francisco-Oakland or
Hong Kong-Pearl River Delta.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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FRIDAY MARCH 2, 2012
SINGAPORE
Meetings
U.S. Embassy, Singapore
• Mr. Joel Ehrendreich, Counselor, Economic & Political Affairs
• Mr. Manu Bhalla, Economic Chief
Singapore's largely corruption-free
government, skilled work force, and
advanced and efficient infrastructure have
attracted investments from more than
7,000 multinational corporations from the
United States, Japan, and Europe. Also
present are 1,500 companies from China
and another 1,500 from India. Foreign
firms are found in almost all sectors of the
economy. Multinational corporations
account for more than two-thirds of
manufacturing output and direct export
sales, although certain services sectors
remain dominated by government-linked
companies.
Joel Ehrendreich,
Counselor, Economic
and Political Section,
U.S. Embassy
Singapore, is a career
member of the U.S. Foreign
Service, Department of State. He holds
the diplomatic title of Counselor. Currently
stationed in Singapore, he is the chief of
the Economic and Political Section in the
U.S. Embassy. His previous tour was as a
Political Officer in the U.S. Embassy in
New Delhi, where he covered political-
military affairs, non-proliferation issues,
and India’s external relations. Prior to his
tour in India, he was Political Officer in the
U.S. Embassy in Tokyo. Joel is proficient
in both reading and speaking Japanese.
Prior to entering the State Department,
Joel worked in the U.S. Peace Corps, as
well as several years in the private sector.
At the U.S. Embassy in Singapore, the Anari
group conferred with Economic /Political
Counselor Ehrendreich and his colleague Manu
Bhalla. From their on-the-ground perspective,
they reviewed the US’s Trans Pacific
Partnership (TPP) initiative and refreshened
American diplomatic and military cooperation
with Singapore, such as “forward military
deployment” (ship repair facilities but no US
bases) – which China views as US
encroachment and containment.
While the Chinese economic model is attractive
to many Asian nations, the US seeks to
promote free enterprise through finance and
investment in needed sectors like
infrastructure, for which ASEAN-wide
connectivity is a salutary goal. The Singapore
/ASEAN region also provides a useful practical
linkage between the giant emerging economies
of China and India.
Pictured below: The U.S. Embassy in Singapore, venue for the Anari group
meeting with Joel Ehrendreich, Counselor, Economic and Political Section and
Manu Bhalla, Economic Chief.
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FRIDAY MARCH 2, 2012
SINGAPORE
Meetings
Embassy of Indonesia, Singapore
H.E. Ambassador Mr. Andri Hadi
Minister-Counselor, Economic Division, Natalia Soeharso
Mr. Peter Jacobs, Central Bank of Indonesia, MacroEconomist
Mr. Hari Santoso, Indonesia Investment Promotion Centre
Pictured above: At the Indonesian Embassy,
visiting Anari group (right to left): Laurance
Hoagland, the Hewlett Foundation and Ronald
Frashure, Acadian Asset Management. The
meeting also included representatives of the
U.S. Changer of Commerce invited by the
Indonesian Embassy.
At the Indonesian Embassy in
Singapore, the Anari delegation was
personally welcomed by His
Excellency the Ambassador Andri
Hadi, and then convened with a
panel of Embassy senior staff and experts from
the Government and the Central Bank, and the
Investment Promotion Centre.
Also in attendance were Indonesia’s ASEAN
Representative in Singapore and the Bank
Negara Indonesia (BNI) Representative in
Singapore. The presentations focused on
Indonesia’s reform, rising middle class, and
6.5% growth, driven by domestic demand and
not exports.
Pictured below: At the Indonesian Embassy, Embassy staff presentation to the
visiting Anari group (left to right): Peter Jacobs, Central Bank of Indonesia,
MacroEconomist ; Hari Santoso, Indonesia Investment Promotion Centre; and,
Natalia Soeharso, Minister-Counselor, Economic Division, Natalia Soeharso.
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FRIDAY MARCH 2, 2012
SINGAPORE
Meetings
GIC – Government Investment Corporation of Singapore Dr. Yougesh KHATRI, Sr. VP, Head, New Horizons
Team, Economics & Strategy Dept.
Mr. TAN Mui Choo, CFA, Co-Head, Enterprise Risk & Performance Risk & Performance Mgt. Dept.
Ms. CHAN May Yee, CFA, Head, Risk Control, Risk & Performance Mgt. Dept.
Ms. TEH Kwee Chin, CFA, Sr. Vice President, Economics & Investment Strategy Dept.
Ms. Jesley CHUA, Assistant Vice President, Economics & Strategy Dept.
GIC - the Government
Investment Corporation of
Singapore – is a sovereign wealth fund
incorporated in 1981 under the Singapore
Companies Act and is wholly owned by
the Government of Singapore. By
achieving its returns goals, the GIC views
itself as fulfilling its responsibility to
preserve and enhance Singapore's
foreign reserves which provide a stream
of income that can be spent or invested
for the benefit of present and future
generations.
The GIC has offices in 9 cities worldwide
and are headquartered in Singapore.
GIC's investment portfolio is managed by
its three subsidiaries: GIC Asset
Management Pte Ltd (public markets),
GIC Real Estate Pte Ltd and GIC Special
Investments Pte Ltd (private-equity
investments). In 2008, The Economist
reported that Morgan Stanley had
estimated the fund's assets at US$330
billion, making it the world's third largest
sovereign wealth fund.
At the Government Investment
Corporation headquarters in
Singapore, the Anari group met
with the Economics and Strategy
Department’s “New Horizons
Team” that engages in “future-
gazing” with a 20-year horizon.
Robust exchanges took place about the
changing face of global investment planning,
after the old global paradigm of “developed” vs.
“emerging” economies has shifted, causing
asset allocation methods to lose meaning.
Wide-ranging topics addressed included:
middle-income trap;
geopolitical effects of China’s rise;
how to encounter Africa effectively;
US potential self-sufficiency in energy;
the 40-year deleveraging cycle and consequent global fiscal consolidation;
handling the global debt overhang;
future global financial architecture;
increased volatility of FX rates; and,
the era of lower returns and higher volatility.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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FRIDAY MARCH 2, 2012
SINGAPORE
Meetings
NTU University / Rajaratnam School of International Studies
Dr. Joseph Liow Chinyong, Associate Dean, Professor of Comparative and International Politics
Dr. Joseph Liow is currently
Associate Professor and Associate Dean
at the S.
Rajaratnam School
of International
Studies (RSIS),
Nanyang
Technological
University,
Singapore. He received his Ph.D. from
the London School of Economics, U.K.
and his research interests are in Muslim
politics and societies in Southeast Asia,
with a primary focus on Malaysia and
southern Thailand, and international
politics of the Asia-Pacific region. Dr. Liow
has authored or edited 11 books,
including most recently Islam, Education,
and Reform in Southern Thailand:
Tradition and Transformation (Singapore:
ISEAS, 2009). He is currently working on
a comparative book project on
insurgencies across Southeast Asia.
The Institute of Defense and Strategic
Studies (IDSS) at Nanyang Technological
University (NTU) was established in1996
by Dr Tony Tan Keng Yam, then Deputy
Prime Minister and Minister for Defense.
On 1 January 2007, ten years after its
establishment, IDSS was formally
inaugurated to become the S.
Rajaratnam School of
International Studies (RSIS). Since its establishment, the School has
acquired the reputation as a leading
research and graduate teaching institution
in strategic and international affairs in the
Asia Pacific region.
Dr. Joseph Liow, a widely-published expert on
international affairs in the Asian region,
presented an excellent overview and
commentary on the region’s major current
issues:
East Asian Summit;
Arab Spring impact on South East Asia;
Thoughts on Burma, Thailand, Malaysia;
The great submarine construction race;
Potential sectarian conflicts in the region;
Islamic political activity in S.E.A.; and,
South China Sea / Spratly Islands
flashpoint.
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04-16-2012
Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 17 of 66
Macau & Hong Kong
M
acau
& H
ong
Kon
g
Traveling by the Turbo Jet Fast
Boat from Hong Kong to Macau,
the Anari Worldview Asia group
spent Sunday, March 4, 2012 on
a walk-through of the island’s
historic district and luncheon with
the chief financial executive of
SJM Holdings, Ltd., casino
magnate Stanley Ho’s enterprise.
|| Macau is one of the two special
administrative regions (S.A.R.) of
the PRC - Hong Kong is the other
- under the policy of "one country,
two systems" whereby the PRC is
responsible for the territory's
defense and foreign affairs, while
Macau and HK maintain their own
legal systems, police forces,
monetary systems, and customs
and immigration policies. A former
Portuguese colony, Macau's
economy is based largely on
tourism and its gambling revenue
has made Macau the world's top
casino market, surpassing by
fivefold that of Las Vegas. ||
Hong Kong – where the Anari program
included a day-long series of meetings
on Monday, March 5, 2012 - is one of
the world's leading international
financial centers. || Accordingly, the
Anari group met in turn with IMF
officials, top executives of the China
Development Bank as well as the
Hong Kong Monetary Authority.
Also, having established itself as a key
point of entry for trade flowing into the
China mainland, the Anari group
explored this aspect of HK with the
CEO of Trinity Corp., a wholly
owned subsidiary of Li & Fung, the
global consumer products trading giant
and, regarding the infrastructure
development required to support HK’s
ongoing growth, the Anari program
included in-depth presentations by
senior staff of the Pearl River
Development Planning group and the
HK S.A.R. Planning Department. The
program day ended with dinner with
the Director of the Fung Global
Institute, a strategic HK think tank.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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04-16-2012
Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 18 of 66
MACUA & HK Meetings
Macau & Hong Kong Schedule
Sunday March 4 – Macau
Anari group Alina Kogan, Columbia School of Business; Ronald Frashure (right), Acadian Asset Management; and (left) Eric Cheng, Anari HK (see page 19).
9:00 AM Day trip to Macau (Turbo Jet Fast Boat from HK)
Cook’s tour of Old Macau + major casino operations
1:00 PM
Lunch in Macau at Grand Lisboa Casino, 3rd floor, The Kitchen
Mr. Robert E. McBain, CFO, SJM Holdings Ltd (associated with world casino magnate Stanley Ho); President, American Chamber of Commerce of Macau
3:00 PM Return to Hong Kong (fast boat)
7:00 PM Informal Dinner & Program Briefing (Bill Anawaty)
Monday March 5 - Hong Kong
China Development Bank – celebrating it’s centenary anniversity – 1912-2012 - with Dr. Di WeiPing, Global CIO and CEO of the Hong Kong Branch of the CDB and Mr. William Anawaty, Anari Inc. (see page 24)
. Mr. "Sunny" Wong (right), CEO of Trinity Corp, speaking to the Anari group at Li & Fung HQ, Hong Kong; Behind him, the Hong Kong Harbor (see page 26).
7:30 AM
Breakfast International Monetary Fund HK Resident Representatives
Dr. R. Sean Craig & Dr. Andre Meier
9:00 AM
Asian Business Council
Mr. Mark Clifford, Executive Director, ABC; Co-Author, “Through the Eyes of Tiger Cubs: Views of Asia’s Next Generation”
9:45 AM
Pearl River Delta Development Planning
Professor Y.M. Yeung, Chairman, Pearl River Delta Committee of HK Central Policy Unit
11:00 AM
Hong Kong S.A.R. Planning Department @ Planning & Infrastructure Gallery
Mr. Raymond Wong, Deputy Director / Territorial Planning
Ms. Winnie LAU Bo-Lee, Senior Planner / Strategic Planning
12:30 PM
China Development Bank - Luncheon
Dr. Di WeiPing, Global CIO and CEO of Hong Kong Branch, and senior staff
3:00 PM
Hong Kong Monetary Authority
Mr. Peter Pang, Deputy Chief Executive
Mr. Daryl H.K. HO, Head, Market Development Division
Mr. Enoch Fung, Adviser, Market Development
5:00 PM Trinity Corp (listed 100% subsidiary of Li & Fung)
Mr. YatMing “Sunny” WONG, CEO
7:00 PM
Dinner Fung Global Institute
Dr. XIAO Geng, Chief Economist
ANARI WORLDVIEW ASIA
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 19 of 66
SUNDAY MARCH 4, 2012
MACAU
Meetings
SJM Holdings, Ltd.- Grand Lisboa Casino, Macau (associated with world
casino magnate Stanley Ho)
Mr. Robert E. McBain, CFO, SJM Holdings Ltd. Pres., American Chamber of Commerce Macau
Robert E. McBain
serves as Chief
Financial Officer of
SJM Holdings
Limited. Mr. McBain
joined SJM in 2006 and is responsible for
overseeing the financial performance of
the company; he is also Vice Chairman of
the American Chamber of Commerce in
Macau. He holds a BA degree from
Princeton University and a MBA degree
from Columbia University Graduate
School of Business in New York.
SJM Holdings Limited is the
holding company of Sociedade de Jogos
de Macau S.A. ("SJM"), one of the six
companies authorized to operate casino
games of fortune and other games of
chance in casinos, under the terms of a
concession granted by the government of
the Macau Special Administrative Region
in March 2002.
SJM is the only casino gaming
concessionaire with its roots in Macau,
and is the largest in terms of gaming
revenue and number of casinos. SJM
operates the Grand Lisboa hotel and the
Sofitel Macau at Ponte 16.
Stanley Ho, chairman and chief
executive of SJM Holdings - although
formerly a major holding – has, according
to the company’s financial filings,
transferred nearly all of his 32% stake in
Sociedade de Tourismo e Diversoes de
Macau SA, the company that controls
SJM Holdings, to two firms controlled by
family members.
After taking the Turbo Jet Fast Boat from Hong
Kong to Macau (50 minutes), the Anari group
enjoyed a walk through the
Portuguese “Old Macau” district
and then met for lunch with
Robert E. McBain, CFO of SJM
Holdings, Limited at the Grand
Lisboa Casino/Hotel complex at
SJM property. Discussion points
included:
RMB currency escaping China via Macau,
Dramatic growth of Chinese gambling tourism;
Macau’s primacy in global gambling (Macau casino revenues = 5X Las Vegas’s)
Entertainment plays almost no role in Macau’s appeal to Chinese visitors.
Pictured above: (center right) Robert E. McBain, CFO SJM Holdings, joining the Anari
group at the Grand Lisboa Casino/Hotel complex; the Anari group members pictured
include (to the left of Mr. McBain) Kevin Zhu and James Davis, Ontario Teachers
Pension Plan; (right of Mr. McBain) Anthony Michalak, Alleghany Capital Partners;
and (left side, back to camera): (front) Laurance Hoagland, Hewlett Foundation;
Ronald Frashure, Acadian Asset Management.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 20 of 66
MONDAY MARCH 5, 2012
HONG KONG
Meetings
International Monetary Fund, Hong Kong
HK Resident Representatives
Dr. R. Sean Craig
Dr. Andre Meier
Dr. R. Sean Craig has been IMF Resident
Representative in Hong
Kong SAR since
January 2011,
representing both the
Asia and Pacific and the Monetary and
Capital Markets Departments. He has
been with the IMF for 11 years, and
before that he worked at the Bank for
International Settlements (4 years) and
the U.S. Federal Reserve Board (10
years). In 2007- 2009, Dr.. Craig spent
several years in the IMF’s London office
doing capital markets surveillance for the
Global Financial Stability Report (GFSR).
Dr. Craig holds a Ph.D. in economics
from Boston University.
Dr. Andre Meier has
been the IMF’s Resident
Representative in Hong
Kong SAR since June
2011. Prior to taking on
this post, Dr. Meier
worked as a contributing author to the
Global Financial Stability Report in the
IMF’s Monetary and Capital Markets
Department. Earlier IMF assignments
include positions as a desk economist for
Cyprus, Norway, Turkey, and the United
Kingdom, among others. He holds a
Ph.D. from the European University
Institute and has published a number of
articles in academic journals, notably on
macroeconomic policy and financial
markets.
Joining the Anari group for a working breakfast
meeting at the Mandarin Oriental, Mr. R. Sean
Craig and Dr. Andre Meier – the International
Monetary Fund’s Resident Representatives in
Hong Kong – talked about the IMF’s work in
Hong Kong (which is not itself an IMF Member).
Pictured above: (left) R. Sean Craig and (right) Dr. Andre Meier, IMF HK
Resident Representatives in conversation with the Anari group.
Their comments included thoughts on Chinese
non-bank lending, latent asset quality
problems, efforts to restrain property prices
especially at the middle class level; China’s
globally novel 48% investment-to-GDP ratio;
the pent-up demand for outbound investment;
the 4th quarter drop in China’s FX reserves; the
sequencing of interest rate liberalization, bank
reform, and opening the RMB capital account.
ANARI WORLDVIEW ASIA
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MONDAY MARCH 5, 2012
HONG KONG
Meetings
Asian Business Council
Mr. Mark Clifford, Executive Director, ABC; Co-Author, “Through the Eyes of Tiger Cubs”
The Asia Business Council is an
independent organization of top
executives, typically from leading Asian
companies or multinational corporations
with significant Asian operations, who
share an interest in the policies needed to
ensure the continued economic
development and competitiveness of the
region. The Council conducts research on
issues that are important to Asia’s future
and, where appropriate, takes needed
action; it is funded by its members and
has no government affiliation.
Mark L. Clifford is
the executive director of
the Hong Kong-based
Asia Business Council
and co-author with Janet Pau of “Through
the Eyes of Tiger Cubs: Views of Asia’s
Next Generation”. Mark is the former
editor-in-chief of both the South China
Morning Post and The Standard (where
he was also the publisher) and held
senior positions at Business Week and
the Far Eastern Economic Review. He is
also the co-author (with former WTO Dir.
Gen. Supachai) of China and the WTO:
Changing China, Changing World Trade
and wrote “Troubled Tiger: Businessmen,
Bureaucrats and Generals in South Korea
and co-authored “Meltdown” on the 1997-
98 Asian financial crisis.
Prominent journalist and
long-time Hong resident
Mark Clifford presented
the views of “next
generation” Asians as
surveyed and published
in his book “Through the
Eyes of Tiger Cubs” (co-
authored with Janet
Pau).
The Tiger Cub cohort (ages 20-32)
Is pro-globalization;
Wants China to rise, but worries about
being steamrolled;
Believes government has a legitimate role
in the economy, but is intolerant of
government corruption; and,
No longer accepts their Tiger Moms’ and
Dads’ excusing of slow reform.
During Q&A, journalist Clifford also responded
to a question about media-government
relations in China.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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04-16-2012
Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 22 of 66
MONDAY MARCH 5, 2012
HONG KONG
Meetings
Pearl River Delta Development Planning
Professor Y.M. Yeung, Chairman, Pearl River Delta Committee of HK Central Policy Unit
The Pearl River Delta is the fastest
growing region of China; it is the main
base for China’s low-cost manufacturing
and accounts for 10 per cent of China’s
gross domestic product and about 30 per
cent of China’s exports.
Recognizing the importance of the
Greater Pearl River Delta, an ambitious
12 year plan sets out how the region will
transform to focus on innovation,
encompassing high-end manufacturing
and high-technology industries. By 2020,
100 state laboratories for engineering
innovation, research & development are
to be established and at least 10 China-
based multinationals with annual sales of
US$20 billion will be developed.
Pictured left: (far right)
Prof. Y. M. Yeung,
Chairman of the Pearl River
Delta planning Committee,
and Anari group members
(left to right): Anthony
Michalak, Alleghany Capital
Partners; Laurent DesBois,
Fjord Investment
Management.
Professor Yeung – the Chairman of a HK
Government study committee on the Pearl
River Delta (“P.R.D.”, China’s provinces
adjacent to Hong Kong) - presented his
overview of plans to develop the region in
concert with Hong Kong.
Hong Kong’s vision is to create a “mega-
urban region” like New York or London.
China’s motivation is to “show Taiwan”.
The advantage that the region has over
other economically liberated zones of
China, says Professor Yeung, is Hong
Kong’s noted
soft power and
already-global
status.
Pictured right: Anari group
members: (examining Pearl
River Delta map) Ronald
Frashure, Acadian Asset
Management; (seated) Anthony
Michalak, Alleghany Capital
Partners; Laurent DesBois,
Fjord Investment Management.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 23 of 66
MONDAY MARCH 5, 2012
HONG KONG
Meetings
Hong Kong S.A.R. Planning Department @ Planning & Infrastructure Gallery
Mr. Raymond WONG Wai-Man Deputy Director / Territorial Planning
Ms. Winnie LAU Bo-Yee
Senior Planner / Strategic Planning
The Hong Kong S.A.R. Planning
Department is responsible for the
preparation of town plans to guide the
proper use and development of land to
make Hong Kong a better place to live
and work. These plans range from
detailed layout plans for individual districts
to development strategies for the entire
territory, like the Hong Kong 2030:
Planning Vision and Strategy project.
The Department works closely with
neighboring cities the Mainland regarding
cross-boundary planning and
development matters.
The Hong Kong Planning and
Infrastructure Exhibition Gallery showcases the planning proposals and
infrastructure projects by the Government
with a wide range of audio-video
presentations and models about the
existing and planned major infrastructure
projects in Hong Kong.
Pictured left: Mr. Raymond Wong, Deputy
Director/Territorial Planning, HK S.A.R. Planning
Dept., addressing the Anari group.
Hosted onsite at the state-of-
the-art interactive Hong Kong
Planning and Infrastructure
Exhibition Gallery, Mr.
Raymond Wong, Deputy
Director/Territorial Planning,
and Ms. Winnie Lau, Senior
Planner/Strategic Planning – both at the HK
S.A.R. Planning Department - presented the
Anari group a first-hand account of the Planning
Department’s function developmental activities to
achieve the “Hong Kong 2030: Planning Vision
and Strategy” project. In particular, Mr. Wong and
Ms. Lau reviewed the extensive transportation
infrastructure designed to link HK, the Mainland,
and Macau in
integrated waves of
ongoing
development.
Pictured right: Ms. Winnie Lau,
Senior Planner/Strategic Planning,
HK S.A.R. Planning Dept.,
presenting to the Anari group.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 24 of 66
MONDAY MARCH 5, 2012
HONG KONG
Meetings
China Development Bank, Hong Kong
Dr. Di WeiPing, Global CIO and CEO of Hong Kong Branch
Based on new powers conferred in 2008,
the strategic goal of the CDB is to
become an international investment bank.
Opening its Hong Kong branch in 2009
was the first step toward “going global”
and provided an effective platform
through which Chinese enterprises could
expand abroad.
Dr. Di WeiPing spearheads the China
Development Bank’s internationalization
effort. During the 1980s as Director of the
People’s Bank of China International
Department Director and later as Vice
Chair of the State Development Bank,
(predecessor of the China Development
Bank) his entire career has been
internationally oriented.
Pictured above: Dr. Di WeiPing, CIO/CEO, CDB, addressing the Anari group; (to
Dr. Di’s left) Laurance Hoagland, the Hewlett Foundation.
Dr. Di WeiPing, Global CIO and CEO of the
Hong Kong Branch of the China Development
Bank, joined the Anari group over lunch,
accompanied by two of his senior CDB officers.
The main theme was the CDB’s major role in
assisting Chinese global business outreach and
expansion for commodities, investment & M&A.
Pictured below: Dr. Di WeiPing (center), CIO/CEO, CDB, shaking hands with Bill
Anawaty, President, Anari Inc. Others, (left to right): Mr. CHEN Gang, CDB Alternate
CEO, Hong Kong; Ms. Alina Kogan , Columbia Business School, NY (previously
Anari Inc. employee); Mr. Wang, CDB HK Corporate Staff; Ronald Frashure, Acadian
Asset Management; Anthony Michalak (obscured), Alleghany Capital Partners;
SONG ZuoJun, CDB Head of Corporate Finance Dept. II; Eric Cheng, Anari Asia Ltd.,
HK; and, (far right) Laurent DesBois, Fjord Capital Management.
ANARI Context: Anari's Bill Anawaty first met DI WeiPing in 1985 at the People’s Bank of China, and has visited him every few years since then in various investment contexts – thereby in effect tracking China’s efforts to internationalize.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 25 of 66
MONDAY MARCH 5, 2012
HONG KONG
Meetings
Hong Kong Monetary Authority
Mr. Peter Pang, Deputy Chief Executive
Mr. Daryl H.K. HO, Head, Market Development Division
Mr. Enoch Fung, Adviser, Market Development
The Hong Kong Monetary
Authority (HKMA) is the government
authority in Hong Kong responsible for
maintaining currency stability within the
framework of the Linked Exchange Rate
system, promoting the stability and
integrity of the financial system, including
the banking system, and helping to
maintain HK's status as an international
financial centre, including by maintaining
and developing Hong Kong’s financial
infrastructure.
Mr. Peter Pang, JP,
Deputy Chief
Executive of the
Hong Kong
Monetary Authority
is responsible for
monetary management, financial
infrastructure and research. Mr. Pang
joined the HKMA as Executive Director
(Banking Policy) in 1994 and was
appointed Executive Director (Monetary
Policy and Markets) in 1996. He was the
Chief Executive Officer of the Hong Kong
Mortgage Corporation, 1997-2007 and
assumed his present position in 2004.
Pictured right: The HK Monetary
Authority occupies 14 floors of HK’s
tallest building, the landmark “2
International Finance Centre” and
venue of the Anari group’s meeting
with Mr. Peter Pang, Dep. Chief
Executive, HKMA.
At the Hong Kong
Monetary Authority’s
impressive offices high
atop Hong Kong’s
tallest building, the Anari group met with Mr.
Peter Pang, the Deputy Chief Executive and
two of his senior colleagues.
Mr. Pang expertly addressed key central bank
issues and answered direct questions from the
investors, providing broad topical coverage
concerning:
The US recovery;
Chinese efforts to achieve a “soft landing”;
China’s property lending measures;
Assessment of China’s ongoing growth;
HK’s ability to combat inflation;
HKMA’s financial autonomy;
Market sentiment about RMB value;
Capital flows in and out of China;
China’s fledgling bond market growth;
Trade financing in RMB and USD; and,
HK banks’ role in EU liquidity.
ANARI Context: Anari Worldview's traveling groups meet periodically with HKMA senior executives -- CEO Norman Chan on several occasions, Peter Pang on two prior occasions, and various other officers and professional staff members in the past fifteen years.
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MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 26 of 66
MONDAY MARCH 5, 2012
HONG KONG
Meetings
Trinity Corp (listed 100% subsidiary of Li & Fung), Hong Kong
Mr. YatMing “Sunny” WONG, CEO
Trinity Corp., is one of the leading
high-to-luxury end menswear retailers
primarily serving Greater China and a
wholly owned entity of the Li & Fung
Group.
Mr. WONG
Yat Ming is
Trinity’s
Group
Managing
Director and
an Executive
Director. He was appointed to the Board
in 2006 and is responsible for the overall
business strategies and business
operation of the Group. Prior to joining the
Li & Fung Group, Mr. Wong was the Chief
Executive, Consumer and Healthcare of
Greater China of Inchcape Marketing
Service and a director of Inchcape Pacific
Limited. He joined Li & Fung Group in
1999 as Regional Director of Li & Fung
(Distribution) Ltd. Mr. Wong holds a B.A.
(Hons) degree in Economics &
Philosophy from the University of HK.
Mr. Yat Ming Wong – known as “Sunny” among
his colleagues and the business press - is a
prominent HK businessman who joined Li &
Fung, the massive Hong-Kong-headquartered
consumer products multi-national trading
conglomerate. Widely recognized as a leading
exponent of international trade exchange and
development, his specific goal is to develop
western brands in China on behalf of Li & Fung.
Meeting at his Trinity Corp. offices in Central
Hong Kong, Mr. Wong talked with the Anari
group about western brand penetration in the
rapidly emerging China Mainland consumer
market and his strategies and techniques for
turning Western brands into major business
victories in China.
Pictured above: (right) Mr. "Sunny" Wong, CEO of Trinity Corp, speaking to the
Anari group at Li & Fung HQ, Hong Kong; (left): Eric Cheng Anari Asia Ltd HK.
Behind them: Hong Kong Harbour.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 27 of 66
MONDAY MARCH 5, 2012
HONG KONG
Meetings
Fung Global Institute, Hong Kong
Dr. XIAO Geng, Director of Research and Senior Fellow
The Fung Global Institute
generates and disseminates innovative
thinking and business-relevant research
on global issues from Asian perspectives.
It aims to inform global policy and actions
towards a prosperous and sustainable
future for all.
Dr. Xiao Geng is
the Director of
Research and Senior
Fellow at the Fung
Global Institute
where he directs,
oversees and
coordinates the
institutes’ research projects. He is also a
Special Advisor for Strategic
Development for the Columbia Global
Centers | East Asia, an Independent
Director of the HSBC Bank (China) and
the London-based Genesis Emerging
Markets Fund.
Professor Xiao has a BSc in Management
Sciences from the University of Science
and Technology of China and obtained
his MA and PhD in Economics from
UCLA.
Joining the Anari group as a special guest for
dinner, Dr. Xiao Geng engaged the group with
a description of the work of the Fung Global
Institute, of which he is the Director of
Research and a Senior Fellow. His current
special focus is on the development of the
“green” economy.
Also joining the dinner as special guests were a
former employee of Ron Frashure’s Acadian
Asset Management, now at Citibank Hong
Kong; and Pierre Gave of GaveKal Research, a
long-time friendly company / collaborator of
Anari Inc.
Pictured above: Dr. Xiao Geng, Director, the Fung Global Institute, in
discussion with the visiting Anari group; (to his left in partial view) Anthony
Michalak, Alleghany Capital Partners.
ANARI Context: Anari’s Bill Anawaty first met this leading Mainland China economist through friends who, along with Dr. Xiao, were in the first wave of Chinese graduate students in the US in the 1980's.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 28 of 66
Shanghai
S
han
ghai
i
Leaving Hong Kong early, the
Anari Worldview Asia delegation
arrived at Shanghai’s Pudong
Airport mid-morning on Tuesday,
March 6, 2012 for a two-day
program. || Shanghai is a
metropolis of superlatives – it is
one of the four province-level
municipalities of the PRC and is
China’s largest city with a
population of over 23 million. It is
the commercial and financial
center of mainland China where
over 787 financial institutions are
located and the Shanghai Stock
Exchange (SSE) ranks third
among worldwide stock
exchanges in terms of trading
volume. In the last two decades
Shanghai has been one of the
fastest developing cities in the
world with double-digit growth.
The three largest service
industries are financial services,
retail, and real estate. ||
Reflecting Shanghai’s core
energies, the Anari Shanghai
schedule included meetings
with China’s first truly private
global conglomerate, the
FOSUN Group - pharma,
mining, financial services,
retail, and high-tech enterprises
- and the Shui-On Land
company, mainland China’s
leading real estate
development company. In
addition, the Anari group met
with Dr. HU RuYin, prize-
winning economist and Director
of the Research Center of the
Shanghai Stock Exchange
and the managing executives
of two major Shanghai financial
firms, Principle Capital and
ABC Capital as well as the
Senior Economist, Global
Research and Financial
Markets, at Standard
Chartered Bank, Shanghai.
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 29 of 66
SHANGHAI Meetings
Shanghai Schedule
Tuesday March 6 – Shanghai
YuYuan Gardens – redeveloped by the Fosun Group – site of Anari luncheon and walk-through tour following meeting with Fosun executives- (see page 30).
Below: Anari group reviewing model of the XinTianDi project with Shui-On Land Company senior staff (see page 32).
7:40 AM Flight, Hong Kong to Shanghai (PVG – Pudong) Airport
10:00 AM Arrive Shanghai (PVG) (Pudong) Airport
12:00 PM
Fosun Group (Pharma, mining, financial services, retail, high-tech conglomerate)
1:00-1:45
Vice Chairman Xinjun LIANG, CEO
Assistant President, Managing Director Gable GAO
Mr. Harvey Fine, Managing Director, Global Investments & Strategies
Mr. Kurt Jia, Vice Gen Mgr. Fund Management
Dr. Stephanie Shi, Senior Treasury Director
1:45-2:30
Dr. Zhongren Jing, Principle Capital Investors (ventures to IPO)
1:30 PM Lunch hosted by Fosun Holdings at YuYuan Gardens
5:30 PM
Shui-On Land Company
Office meeting – real estate macro issues in China: Michelle SZE KaPing & Tour of XinTianDi (Shui-On’s world class mixed-use development)
Director of Investor Relations Michelle Sze
Mr. Michael Yim, Director of Finance
Mr. Timmy Leung, Head of Treasury
Mr. Patrick Mui, Deputy General Manager - Finance
Mr. Simon Cho, Deputy General Manager - Finance
7:00 PM
Dinner Hosted by Shui-On
Mr. Daniel Y.K. Wan, Managing Director & CFO
Ms. Michelle Sze, Director of Investor Relations
Wednesday March 7 – Shanghai
Shanghai Stock Exchange - Anari group meeting with prize-winning economist Dr. Hu RuyYin, Director of the Capital Market Institute (see page 33).
9:00 AM
Shanghai Stock Exchange
Dr. HU RuyYin, Director, Capital Market Institute
Dr. Situ Danian, Senior Research Fellow
Ms. Lynn Wang, Research Associate
10:30 AM
Standard Chartered Bank
Mr. WEI Li, Economist, Global Research and Financial Markets
12:30 PM
Lunch ABC Capital
Chairman Dr. CHEN QiWei
CEO / Managing Partner, Venture Accelerator Haitong ZHU
Executive Director Wayne CHEN
4:00 PM Fast Train, Shanghai to Beijing (5 hrs / 1,069 km / 665 mi)
9:00 PM Arrive Beijing – Peninsula Hotel
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TUESDAY MARCH 6, 2012
SHANGHAI
Meetings
Fosun Group Vice Chairman Liang, CEO
Assistant President, Managing Dir., Gable GAO
Mr. Harvey Fine, Managing Dir. US, Global Investment & Strategies
Mr. Kurt Jia, Vice Gen Mgr. Fund Management
Dr. Stephanie Shi, Senior Treasury Director
Mr. Liang Xinjun,
is Vice Chairman
and CEO of
Fosun Group.
He has long been studying
China’s economic reform and
development and is a member of the
Eleventh Shanghai Committee of Chinese
People’s Political Consultative
Conference, Vice Chairman of China
Youth Entrepreneurs Association,
Chairman of the Taizhou Chamber of
Commerce in Shanghai and Executive
Chairman of the Shanghai Fudan
University Alumni Association. Mr. Liang
graduated from Fudan University with a
BS in genetic engineering in 1991. He
then obtained a MBA from Cheung Kong
Graduate School of Business.
Shanghai Fosun High
Technology (Group) Co., Ltd.,
established in 1992, has now grown into
the largest private ownership business
entity in Mainland China. Fosun's
business operations cover 5 segments
including pharmaceuticals, property
development, steel, mining, and retail,
services and strategic investments. Fosun
International is among the Top 100
Chinese enterprises and has been the
largest taxpayer among Chinese private
enterprises for 4 consecutive years.
Pictured above: (left table, center) Fosun Vice Chairman Liang and his team
presenting to the visiting Anari group at Fosun Group's private club in Shanghai.
Convening in Shanghai after the morning flight
from Hong Kong, the Anari group was hosted
by Fosun Vice Chairman Liang and his senior
colleagues for presentations on Fosun’s
pharma, mining, financial, retail services and hi-
tech global enterprises. Fosun is China’s first
truly “private’ conglomerate with no government
involvement whatsoever.
Pictured above: (right, speaking) Fosun Vice Chairman Liang hosting luncheon
for the Anari guests including: (immediate left to Mr. Liang) Laurance Hoagland,
Hewlett Foundation; and, (facing camera direction) James Davis and (far left)
Kevin Zhu, Ontario Teachers Pension Fund.
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TUESDAY MARCH 6, 2012
SHANGHAI
Meetings
Principle Capital Investors
Dr. Zhongren Jing, Managing Director
Zhong-Ren Jing is a
Managing Director
of Principle Capital a
Shanghai-based
investment firm. He was
formerly a Senior Consultant at the
American Institutes for Research in
Washington DC and Assistant Professor at
Fudan University. He received an MA in
Economics from Fudan University in
Shanghai and a Ph.D.
from the University of
Maryland.
Principle Capital is
one of the most
successful private equity and direct
investment firms in China. It makes equity
investments through controlling ownership
or strategic minority positions, and then
provides strategic and management
support. Since inception in 2002 Principle
Capital has taken 12 companies public
among its 21 portfolio investments,
producing average annual returns greater
than 40%.
Pictured above: (left) Dr. Jing Zhong-Ren, Managing Director of Principle Capital
Investors, in luncheon conversation with Anari group member, James Davis,
Ontario Teachers Pension Plan.
Also joining for the Fosun presentations and
luncheon event was Dr. JING Zhong-Ren,
Managing Director of Principle Capital
Investors.
Principle Capital is independent, but closely
linked with Fosun and its founders, having
initiated Fosun’s external and venture capital
investments for several years before accepting
capital from outside investors as well.
Insert: (middle left) Dr.
Jing Zhong-Ren, Managing
Director of Principle
Capital Investors, in
conversation with Anthony
Michalak, Alleghany
Investment Partners and
Richard Barry, Acadian
Asset Management, during
the Anari walk-through of
YuYuan Gardens.
Left: YuYuan Tourist Mart avenue - In 2002, Fosun Group
acquired 20% of the shares of YuYuan Tourist Mart and
became the largest shareholder; the property had been
previously managed by a government administrative
organization.
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TUESDAY MARCH 6, 2012
SHANGHAI
Meetings
Shui On Land Limited Managing Director & CF) Daniel Y.K. Wan
Director of Investor Relations Michelle Sze
Mr. Michael Yim, Director of Finance
Mr. Timmy Leung, Head of Treasury
Mr. Patrick Mui, Deputy General Manager - Finance
Mr. Simon Cho, Deputy General Manager - Finance
Shui On Land Limited is the Shui
On Group's flagship property
development company in the Chinese
Mainland. Headquartered in Shanghai,
The Company is well established as one
of the Chinese Mainland's most visionary
and innovative property developers. Shui
On Land develops, sells, leases,
manages and operates innovative and
high-quality residential, office, retail,
entertainment and cultural properties in
the Chinese Mainland such as
XinTianDi, a well-known world-
class mixed-use development.
Mr. Daniel Y. K. Wan
is Managing Director &
Chief Financial Officer
of Shui-On Land Limited;
he also serves as an
Executive Director of the company. Mr.
Wan joined Shui On in March 2009 prior
to which he was General Manager and
Group Chief Financial Officer of The Bank
of East Asia, Ltd. ("BEA"). Mr. Wan holds
a Bachelor of Business Administration
degree from The Chinese University of
Hong Kong and an MBA from The
University of Wales.
Pictured left: Shui On
corporate staff
reviewing model of
the XinTianDi project
(from left) Anthony
Michalak, Alleghany
Investment Partners;
Richard Barry,
Acadian Asset
Management; and (far
right) Laurent
DesBois, Fjord
Capital Management,
Montreal.
On Tuesday afternoon in Shanghai, the Anari
group proceeded to the offices of the Shui On
Land Company including a personal tour of the
Company’s world-class XinTianDi mixed-use
development followed by dinner hosted by Mr.
Daniel Y.K. Wan, Shui-On’s Managing Director /
CFO together with several of his senior
colleagues.
Pictured above: Mr. Daniel U.K. Wan, Managing Director & CFO, Shui On Land Limited,
who hosted the Anari group for dinner, with (right) Dr. HaiYing Niu, Anari’s China
investment collaborator.
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WEDNESDAY MARCH 7, 2012
SHANGHAI
Meetings
Shanghai Stock Exchange
Dr. HU Ruyin, Director, Capital Market Institute
Dr. Situ Danian, Senior Research Fellow
Ms. Lynn Wang, Research Associate
The Shanghai Stock Exchange
(SSE) was founded and started trading
in 1990. The SSE is directly governed by
the China Securities Regulatory
Commission (CSRC) and is the main
board in China. As of 2011, there were
931 listed companies with a total market
value of RMB 14.8 trillion. Total share
turnover value is RMB 23.7 trillion.
Professor HU Ruyin joined the
Shanghai Stock Exchange (SSE) as
director of the Research Center in 1997.
Prior to joining the SSE, Dr. Hu was The
Director of the Institute of Economic
Development at East China University of
Science & Technology from 1988 to 1993.
As an expert in corporate governance and
the stock market as well as the foremost
proponent of Chinese corporate
governance reform and investor
protection campaign, Dr. Hu participated
in amending China’s Company Law and
Securities Law. He led the efforts to
launch China’s first corporate governance
index and corporate social responsibility
index at the SSE. Dr. Hu publishes
extensively and is the twice winner of
Shen Ye Fang Prize, China’s most
authoritative prize in economics.
On Wednesday morning, the Anari group met
with the Director of the Capital Market Institute
of the Shanghai Stock Exchange, Professor HU
Ruyin – a prize-winning economist – and two of
his senior staff.
Dr. Ruyin and his team made direct remarks
explaining SSE policies and the performance of
the Chinese financial markets, followed by a
substantive Q&A exchange with the group.
Pictured above: (back to camera) Dr. Hu Ruyin, Director, Capital Market Institute of the Shanghai Stock Exchange speaks with the Anari group at the SSE offices; Dr. Hu is flanked on his left by two of his staff colleagues – Dr. Situ Danian, Senior Research Fellow and Ms. Lynn Wang, Research Associate (also pictured right and below).
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WEDNESDAY MARCH 7, 2012
SHANGHAI
Meetings
Standard Chartered Bank, Shanghai
Mr. WEI Li, Economist Global Research and Financial Markets
Standard
Chartered
PLC is a
multinational
financial
services
company
headquartered
in London, United Kingdom with
operations in more than seventy
countries. It operates a network of over
1,700 branches and outlets (including
subsidiaries, associates and joint
ventures) and employs around 80,000
people. It has operations in consumer,
corporate and institutional banking and
treasury services. Standard Chartered
has its primary listing on the London
Stock Exchange and is a constituent of
the FTSE 100 Index. It had a market
capitalization of approximately £33 billion
as of 23 December 2011, making it the
13th-largest company on the London
Stock Exchange. It has secondary listings
on the Hong Kong Stock Exchange and
the Indian Stock Exchanges. Reportedly,
its largest shareholder is the Government
of Singapore-owned Temasek Holdings.
To gain an expert economic assessment of
China distinct from those provided by
Chinese Government entities themselves, the
Anari Worldview group met with Standard
Chartered Bank’s Shanghai-based China
Financial Markets economist WEI Li, by
friendly arrangement of the bank’s London-
based Chief Economist Gerard Lyons, himself
a periodic participant in Anari Worldview’s
investor programs.
WEI Li’s slide presentation and discussion gave
investors input from a Western analytical
perspective and setting the stage for meetings
in Beijing with the PBOC and the SAFE.
Pictured above: (at right, presenting) WEI li, Financial Markets economist, Standard Chartered Bank meeting with Anari group: (left to right): (facing presentation) Anthony Michalak, Alleghany Capital Partners, partially behind Mr. Michalak) Laurent Desbois, Fjord Capital Management; Brian McCarthy, Emerging Sovereign Group, NY; Laurance Hoagland, the Hewlett Foundation, and Ms. Alina Kogan, Columbia Business School, NY.
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WEDNESDAY MARCH 7, 2012
SHANGHAI
Meetings
ABC Capital
Chairman Dr. QiWei CHEN
CEO / Managing Partner, Venture Accelerator, Haitong ZHU
Executive Director Wayne CHEN
Asia
Business
Corporation
Group (ABC Group) is a financial
institution which focuses on value-added
services and investments. The Group
includes ABC Capital, ABC Consulting,
ABC Investment Banking, Venture
Accelerator, etc., and serves its clients
with a full range of venture capital, private
equity, direct investments, financing,
mergers and acquisitions pioneer, and
management consulting. Founded in
1988, ABC Group is one of the China’s
earliest pioneer of mergers and
acquisitions, SOEs’ restructuring, and
venture capital. The Group has a net
worth of 3 billion RMB, and has served
and invested more than 400 companies.
Dr. Qiwei Chen is the
Founder and
Chairman of ABC
Group and a
Founding partner of
ABC Capital. He is an advisor and/or a
Director of numerous financial and
international organizations including the
Asian Development Bank, the China
Development Bank, Heilongjiang
Province, Chengdu, and other local
governments. He is also a member of
Advisory Committee of Shanghai Stock
Exchange. Dr. Chen has published
extensively and for his representative
work, “International Competition Theory”,
won the “Sun Yefang Economics Prize for
Outstanding Work”.
The Anari group met for lunch with Dr. Qiwei
CHEN, Founder and Chairman of the Asia
Business Corp. (ABC) Group and two of his
senior colleagues - CEO / Managing Partner,
Venture Accelerator, Haitong ZHU and
Executive director Wayne CHEN - who
conveyed the story of ABC Capital as pioneers
in corporate finance.
Today, after consulting and/or investing in more
than 400 Chinese companies, ABC Group has
a reported net worth of 3 billion RMB.
Pictured left: Dr. Qiwei
CHEN, Founder and
Chairman of the Asia
Business Corp.
converses with (back to
camera) Brian McCarthy,
Emerging Sovereign
Group and (middle,
obscured) Laurent
Desbois, Fjord Capital
Management
Later in the day, the Anari group traveled from Shanghai
to Beijing by Fast Train, covering 1,069 km / 665 miles
through China’s heartland in 5 hours (average speed 210
kph, top
speed
300 kph
or 186
mph).
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Beijing
B
eijin
g
Having travelled 665 miles north
from Shanghai on China’s famed
“Fast Train”, the Anari Worldview
Asia group arrived in Beijing for
two full days of meetings,
Thursday and Friday, March 8 and
9, 2012. || Beijing is the capital of
the People's Republic of China -
governed as a direct-controlled
municipality under the national
government - and one of the most
populous cities in the world; it is
China’s political, cultural, and
educational center and home to
the headquarters for most of
China's largest state-owned
companies. || Taking full
advantage of this key location
opportunity, the Anari program
included large-scale meetings with
the top officials, executives and
senior staff of the People’s Bank
of China (PBOC), the China
Investment Corporation (CIC,
China’s huge sovereign wealth
fund) and the highly influential
State Administration of Foreign
Exchange (S.A.F.E.).
The Anari Beijing program also
included a detailed briefing session
with Dr. David Dollar, the U.S.
Treasury Department’s Economic
and Financial Emissary to China at
the U.S. Embassy and, at the Bank
of China celebrating its centennial
year (1912-2012), a discussion
luncheon hosted by BOC’s Chief Risk
Officer Mr. WaiKin Chim. Additionally,
the Anari group engaged in meetings
at various venues with a wide range
of Beijing-based economic and
financial experts including Arthur
Kroeber, Editor, Dragonomics
Research, Secretary General LU Mai
of the China Development Research
Foundation, Mdm. LiWen FENG,
China energy sector entrepreneur,
Founder & President China 5e.com,
Ben Danielson, Quintana Energy
(US), Beijing CFO, Ms. Alma Ge, VP,
SAIF Partners and Dr. Kangbin
Zheng, Asian Development Bank,
Beijing. On its final evening in Beijing,
the Anari group enjoyed dinner with
senior editors and financial journalists
of Caixin Media.
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Beijing
B
eijin
g
Major Anari meetings: Above: with People’s Bank of China, HQ Beijing, Mr. JIN Zhongxia, Director-General, Finance Research Institute and senior staff (see page 40)
Below: at the State Administration of Foreign Exchange (S.A.F.E), HQ, Beijing with WANG XiaoYi, Deputy Administrator and senior staff (see page 47)
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BEIJING Meetings
Beijing Schedule
Thursday March 8 – Beijing
Headquarters of the People’s Bank of China (PBOC), where the Anari group met with the Director-General of the Finance Research Institute and other senior PBOC officials (see page 40).
7:30 AM Breakfast
Mr. Arthur Kroeber, Editor, Dragonomics
11:00 AM
People’s Bank of China
Mr. JIN Zhongxia, Director-General, Finance Research Institute
Mr. JI Min, Director, Macro-Economy Division
Dr. SUN Bin, Research Department
12:30 PM
Lunch - Jin He Gu Restaurant; special guests:
Mdm. FENG LiWen –China energy entrepreneur, Founder & President, China 5e.com
Ben Danielson – Quintana Energy (US) Beijing CFO
Dr. LI XiaoLin, Managing Director, SongLin Group
4:00 PM
China Development Research Foundation (CDRF)
Secretary General, Mr. LU Mai Deputy Secretary General Dr. FANG Jin
Program Director Mr. YU Jiantuo
6:30 PM
Dinner
Ms. Alma Ge, VP, SAIF Partners
Dr. Kangbin Zheng, Asian Development Bank, Beijing
Friday March 9 – Beijing
At the China Investment Corporation, China’s sovereign wealth fund, Anari meeting with Vice Chairman and President Gao XiQing and Mr. ZHOU Yuan, Managing Director and Head of the Department of Asset Allocation & Strategic Research (see page 45).
9:00 AM
US Embassy
Dr. David Dollar, U.S. Treasury Department’s Economic and Financial Emissary to China
Mr. Ervin J. Massinga, Internal Unit Chief (Macro, Finance, Rural, Energy, Labor)
Ms. Catherine Yu, Economic Specialist
11:00 AM
China Investment Corporation (CIC)
Vice Chairman and President Gao XiQing
Mr. ZHOU Yuan, Managing Director and Head of the Department of. of Asset Allocation & Strategic Research
12:30 PM
Lunch Bank of China
Chief Risk Officer WaiKin Chim
3:00 PM
S.A.F.E. State Administration of Foreign Exchange
Mr. WANG XiaoYi, Deputy Administrator
Dr. LIU Bin, Deputy Director-General, Senior Economist
7:00 PM
Dinner Caixin Magazine
Mr. Shan HUANG, Chief, International Desk
Mr. Zengxin LI, Deputy Editor / International
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THURSDAY MARCH 8, 2012
BEIJING
Meetings
GaveKal Dragonomics
Mr. Arthur Kroeber, Editor
GK Dragonomics provides in-depth
research on the economic, political and
social developments driving the world's
fastest growing major economy, China.
The firm was established in Beijing in
2002 by Joe Studwell and Arthur Kroeber,
and became part of the GaveKal group in
2007. Our Beijing-based team of seven
analysts combines rigorous data analysis
with on-the-ground reportage to produce
unique insights for institutional investors,
multinational corporate strategists, and
governments.
Arthur R.
Kroeber is
managing
director of
GaveKal
Research, an
independent
global economic research firm based in
Beijing, chairman of its subsidiary GK
Dragonomics and chief editor of China
Economic Quarterly. He is also a
nonresident Fellow, Foreign Policy, at the
Brookings-Tsinghua Center. Arthur
focuses on China’s political economy and
its engagement with global economic
institutions. Before joining Dragonomics in
2002, he worked for fifteen years as a
financial journalist and economic analyst
in China, Taiwan and India. He has
written for The Economist, the Far
Eastern Economic Review, Fortune and
Wired and is a contributor to the opinion
pages of the Financial Times, The WSJ &
The Washington Post.
In Beijing, on Thursday
morning, the Anari group
gathered for breakfast with
special guest Arthur
Kroeber, Chairman of
GaveKal Research’s
subsidiary Dragonomics.
Mr. Kroeber,
an eminent
Beijing-
based
western
economic expert, presented a thorough view of
China’s emerging financial situation.
Pictured above: (far right) Arthur Kroeber, Chairman, Dragonomics
speaking with Anari group members (immediately left of Mr. Kroeber)
Brian McCarthy, Emerging Sovereign Group and (far left) James Davis,
Ontario Teachers Pension Plan.
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THURSDAY MARCH 8, 2012
BEIJING
Meetings
People’s Bank of China, HQ Beijing
Mr. JIN Zhongxia, Director-General, Finance Research Institute
Mr. JI Min, Director, Macro-Economy Division
Dr. SUN Bin, Research Department
The People's Bank of China (PBC
or PBOC) is the central bank of the
People's Republic of China with the
power to control monetary policy and
regulate financial institutions in mainland
China. The bank was established in1948
based on the consolidation of the Huabei
Bank, the Beihai Bank and the Xibei
Farmer Bank. The headquarters were first
located in Shijiazhuang, Hebei, and then
moved to Beijing. In the 1980s, as part of
economic reform, the commercial banking
functions of the PBC were split off into
four independent but state-owned banks;
in 1983, the State Council promulgated
that the PBC would function as the central
bank of China.
Dr. Jin Zhongxia formerly served as the
Chief Representative of
the Representative
Office of the People's
Bank of China (China's Central Bank) for
America. Dr. Jin graduated from Beijing
University with BA and MA in international
economics and management economics
in the late 1980s; he then embarked on
his career with the People's Bank of
China working on several major projects
financed by international financial
organizations. After several years' work,
he pursued a Ph.D. at the East West
Center, University of Hawaii, and finished
his dissertation on RMB's exchange rate.
Afterwards, he worked as a consultant in
World Bank, Washington DC, focusing on
research of capital inflow in China.
At the People’s Bank
of China the Anari
group met with Dr.
Jin Zhongxia,
Director-General of
the Bank’s Finance Research Institute together
with several of his senior staff and colleagues.
The discussion was wide-ranging and direct
addressing numerous complex financial issues
of major interest to the group.
Pictured above: Anari group in the PBOC HQ entrance (left to right) James Davis, Ontario Teachers Pension Plan; Alina Kogan, Columbia School of Business, NY; Kevin Zhu, Ontario Teachers Pension Plan; Brian McCarthy, Emerging Sovereign Group; Laurent Desbois, Fjord Capital Management; Richard Barry, Acadian Asset Managemet; Anthony Michalak, Alleghany Capital Partners; and Ronald Frashure, Acadian Asset Management.
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THURSDAY MARCH 8, 2012
BEIJING
Meetings
Mdm. FENG LiWen – China energy entrepreneur, Founder & President, China 5e.com
Mr. Ben Danielson – Quintana Energy (US), Beijing CFO
Dr. LI XiaoLin, Managing Director, SongLin Group
Mdm. FENG Liwen
is a leading China
energy entrepreneur
whose resume includes
CEO, Falcon Pioneer
Technology Co. Ltd., the
funder of China Energy NetCom
(www.China5e.com), the most well-known
website and information and research
center in Chinese energy sector. She has
also been Senior Financial Advisor for
Eastern Energy Development Ltd, on
developing the “Capital Blue Sky
Cogeneration Project” to renovate a
number of existing coal-fired heating
plants within the City of Beijing to the gas-
turbines CHP plants. She holds a M.S.,
Industrial Engineering and M.S., Physics
from the University of Massachusetts and
a B.S., Mechanical Engineering from
Beijing Polytechnic University.
Benjamin C. Danielson
is the Chief Investment
Officer – China for
Quintana Energy (US). Previously, he was a Vice
President with GE Energy
Financial Services, where he managed
upstream oil and gas investments for GE
Capital, and an associate with the GE
Capital Structured Finance Group in its
global energy division. Prior to GE, Ben
also served as a Field Artillery Officer in
the United States Army. Ben attended the
United States Military Academy, where he
earned a B.S. in Mathematical
Economics, and The University of Texas
at Austin, where he earned an M.B.A.
Over lunch in Beijing, the group was joined by
special guests Ms. LiWen Feng, a recognized
China energy expert and entrepreneur and Mr.
Ben Danielson, CFO/Beijing of the US company
Quintana Energy (a major owner of coal
resources in the US and China). Also joining the
group was Dr. LI XiaoLin, Managing Director of
the SongLin Group, international business
consultants. Discussion noted the movement in
China toward natural gas and “green” energy
alternatives, even as coal remains China’s
overwhelmingly major energy source.
Pictured above: Mdm. FENG Liwen in conversation with Anari group member
Ronald Frashure, Chairman, Acadian Asset Management
Pictured below: (right, speaking) Benjamin Danielson, CIO Quintana Energy and,
(right to left): James Davis, Ontario Teachers Pension Plan; Rachel Qiao, Anari
coordinator, Beijing; Kevin Zhu, Ontario Teachers Pension Plan, and (far left)
Kenneth Ma, China Energy Net Consulting, Ltd.
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THURSDAY MARCH 8, 2012
BEIJING
Meetings
China Development Research Foundation
Secretary General, Dr. LU Mai Deputy Secretary General Dr. FANG Jin
Program Director Mr. YU Jintuo
The China
Development
Research Foundation
(CDRF) is a nationwide organization
initiated by the Development Research
Center of the State Council. The stated
aims of the Foundation are: 1) to support
and promote policy consultation and
academic research in China, 2) to render
service to the social and economic
development of China, and 3) to keep the
government decision-making procedure
operating in a scientific and democratic
manner. The CDRF was formally
registered in 1997; in March 2000, under
the leadership of the Development
Research Center of the State Council, the
Foundation successfully
sponsored the "China
Development Forum".
LU Mai has served
as Secretary General
of the CDRF since
1998. Mr. Lu has extensive experience
of rural reform in China. He was Director
of Experimental Area Office for Rural
Reform, Research Center for Rural
Development of the State Council in the
late 1980’s. After obtaining the MA of
Public Administration in 1991 from
Harvard Univ., from 1994 to 1995 he was
senior research fellow in Hong Kong
Polytechnic University. He returned to
Beijing in 1995 and has been working at
the Development Research Center of the
State Council since then. Mr. Lu also
holds a BA in Economics from Beijing
College of Economics.
Pictured right:
CDRF’s Mr. LU
Mai, Secretary
General and Dr
FANG Jin.
Pictured left; Anari group
members at the CDRF: (left to
right) Laurent DuBois, Fjord
Capital Management; Ronald
Frashure, Acadian Asset
Management; Rachel Qiao,
Anari Beijing; Alina Kogan,
Columbia Business School,
and James Davis, Ontario
Teachers Pension Plan.
At the Beijing headquarters of the China
Development Research Foundation, the Anari
group met with LU Mai and two of his senior
staff, one of whom participated in preparing a
recently-published joint World Bank report on
the Path of Reform in China.
Key topics discussed included rural reform,
educational reform and poverty as well as the
recent, much-discussed, World Bank report.
Pictured right; Anari
group members at
the CDRF: (far left)
Anthony Michalak,
Alleghany Capital
Partners, Brian
McCarthy, Emerging
Sovereign Group, in
discussion with
CDRF Secretary
General LU Mai and
Dr. FANG Jin.
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THURSDAY MARCH 8, 2012
BEIJING
Meetings
Ms. Alma Ge, VP, SAIF Partners
Dr. Kangbin Zheng, Asian Development Bank, Head, Private Sector Coordination Unit, PRC Resident Mission, Beijing
SAIF Partners is a leading private
equity firm that provides growth capital to
companies in Asia. It currently manages
over $3.5 billion and has made over 100
investments since its inception in 2001.
Alma Ge joined SAIF in
June 2009 as a Vice
President. She has more than
20 years of experience across
corporate finance, corporate
operation in China,
international business development,
project management, and information
technology. Ms. Ge is a graduate of The
George Washington University with a
Master of Science in Information
Systems. She also holds a MA and BS in
Engineering from Tsinghua University,
China.
Dr. Kangbin Zheng is currently
Senior Economist at the
Asian Development
Bank (Beijing).
Previously, he had a
distinguished 16-year
career at the World Bank,
where he worked as a senior corporate
planner, risk manager, and financial
economist. Before joining the World Bank,
Dr. Zheng was the founder and Executive
Vice President of the Washington Institute
of Management and Technology. He
holds a MBA from Wuhan University and
a Ph.D. in economics from Georgetown
University. He also finished Doctor of
Science coursework in Operations
Research and Statistics at the George
Washington University.
Pictured right: Alma
Ge, SAIF VP, in
discussion with Anari
group members
Kevin Zhu, Ontario
Teachers Pension
Plan and Dr. HaiYing
Niu.
For Peking
Duck
dinner Thursday evening in Bejing the Anari
group was joined by special guests Alma Ge,
VP at SAIF Partners and Dr. Kangbin Zheng,
Senior Econmist at the Asian Development
Bank in Beijing. After general remarks by both
Ms. Ge and Dr. Zheng about their respective
investment and developmental activities, a
robust exchange of experiences and ideas
ensued.
Pictured below: Dr. Kangbin Zheng addresses the Anari group after dinner.
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FRIDAY MARCH 9, 2012
BEIJING
Meetings
U.S. Embassy in Beijing Dr. David Dollar, U.S. Treasury Department’s
Economic and Financial Emissary to China
Mr. Ervin J. Massinga, Chief, MacroEconomic Financial & Energy Policy Unit
Ms. Catherine Yu, Economic Specialist
Dr. David Dollar is
the U.S. Treasury
Department’s
Economic and
Financial Emissary
to China. Dr. Dollar previously served
as the Country Director for China and
Mongolia at the World Bank and has been
based in Beijing since 2004. Under his
leadership, the World Bank launched a
China quarterly report that has become
one of the most respected sources of
information and analysis on the Chinese
economy. Previous to that post, Dr. Dollar
was a country economist for Vietnam from
1989 to 1995, a period of intense reform
and structural adjustment. Before joining
the Bank he was an assistant professor in
the economics department at UCLA,
where he spent the spring 1986 semester
teaching microeconomics at the Chinese
Academy of Social Science Graduate
School in Beijing. Dr. Dollar has a PhD in
economics from NYU and graduated
summa cum laude from Dartmouth
College with a special major focusing on
Chinese language and history.
Building on the consensus reached by
President Hu Jintao and President Barack
Obama during President Hu’s January
2011 state visit to the United States, the
United States and China have affirmed
that the two countries are promoting the
healthy and steady development of the
U.S.-China cooperative partnership.
The Anari group met with a panel of senior
officials at the U.S. Embassy to gain a broader
awareness of politico-economic issues affecting
investments and capital flows.
Dr. Dollar, the U.S. Treasury Department’s
Economic and Financial Emissary
to China, gave an overview of
recent US-China economic issues,
commenting on the transition
China is engaged in from
investment-led to domestic-demand led growth.
Reform appears underway; but at what pace?
Erv Massinga commented on SOE reform,
China’s nuclear energy and alternative energy
development, and issues before the National
People’s Congress currently in session in
Beijing.
In Q&A, Dr. Dollar noted that if and as the US
economy recovers its health, the recent decline
of the Chinese trade surplus may not continue,
enflaming sensitive US domestic and political
interests during a Presidential election year.
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FRIDAY MARCH 9, 2012
BEIJING
Meetings
China Investment Corporation (CIC)
Vice Chairman and President GAO XiQing
Mr. ZHOU Yuan, Managing Director and Head of the Department. of Asset Allocation & Strategic Research
The China Investment
Corporation (CIC) was established to
dedicate part of China’s $3.2 trillion of FX
reserves for external investment on behalf
of the State, along the lines of
Singapore’s GIC and Temasek Holdings.
Mr. Gao Xiqing, Vice Chairman
and CEO of CIC, previously served as
Deputy Chairman of the
National Social Security
Fund and Deputy Chair of
the CSRC, China
Securities Regulatory
Commission.
Mr. Gao obtained his BA (1978) and
Master in Law (1981) from the University
of International Business in Beijing and a
law degree in 1986 from Duke University.
Picture above, in the CIC HQ conference room, the Anari group meeting with Gao
Xiqing (second from far right side), CIC Chairman and CEO.
Anari group: (far left) Ronald Frashure, Acadian Asset Management; Anatole
Kaletsky, GaveKal Research; Laurance Hoagland, the Hewlett Foundation; James
Davis, Ontario Teachers Pension Plan; Anthony Michalak, Alleghany Capital
Partners; Richard Barry, Acadian Asset Management and Laurent Desbois, Fjord
Capital Management (end of table).
Convening at the Beijing headquarters of the
the China Investment Corporation, China’s
soverign wealth fund, the Anari group conferred
with Mr. Gao Xiqing, President of the CIC, and
Mr. Zhou Yuan, a senior deputy to Mr. Gao as
well as Mr. SUN Xiaochong, Department of
Asset Allocation & Strategy.
(Picture right); Mr.
Gao and Mr. Zhou
in dicussion with
(pictured below):
James Davis,
Ontario Teachers
Pension Plan;
Richard Barry,
Acadian Asset
Management;
Brian McCarthy,
Emerging
Sovereign
Group, and
Laurent Desbois,
Fjord Capital
Management
(end of table).
ANARI Context: Anari’s Bill Anawaty first met Mr. Gao in 1993 at the CSRC; hosted him in 1995 as a panelist for Institutional Investor Magazine’s first-ever seminar on the Chinese securities markets (chaired by Anawaty) and has visited him in China every few years since then on various matters of interest to institutional investors.
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FRIDAY MARCH 9, 2012
BEIJING
Meetings
Bank of China, Beijing
Chief Credit Officer WaiKin Chim
Celebrating its centenary – 1912-2012 -
from 1912 to 1949, the Bank of China
functioned as China’s central bank,
foreign exchange bank and specialized
foreign trade bank. After the founding of
the republic in 1949, the bank became an
international trade bank and in 1994, it
was turned into a wholly state-owned
commercial bank and demutualized. In
2004, Bank of China Ltd. was established
and in 2006 listed on both the Hong Kong
and Shanghai Stock Exchanges - the first
Chinese commercial bank
to be so listed.
Mr. Wai Kin Chim has
been the Chief Credit
Officer at Bank of China
and Bank of China since March 2007.
Previously he held positions at
Standard Chartered Bank,
Bankers Trust and Deutsche
Bank. At the latter he served as
Managing Director and Chief
Credit Officer for Non-Japan Asia.
Mr. Chim has a B.S. from Chinese
University of Hong Kong (1983),
and an MBA from Indiana State
University (1985).
Pictured above: Anari group at formal luncheon with Mr.Wai KinChim (far left)
Bank of China Chief Credit Officer; (left to right) Laurance Hoagland, the Hewlett
Foundation; Brett Johnson, Hewlett Foundation; Kevin Zhu, Ontario Teachers
Pension Plan; and James Davis, Ontario Teachers Pension Plan.
The Anari group was hosted elegantly for lunch
by WaiKin Chim, Chief Credit Officer at Bank of
China, which is having its 100th Anniversary.
At BOC, he has formed an integrated risk
management organization which includes
setting up independent loan due diligence and
approval functions. From his perspective:
(1) loan demand in China appears very solid; (2)
China's required bank capital ratios are more strict than
Basel’s, and (3) China's banking industry is evolving
and growing rapidly, especially as compared with those
of other countries.
Pictured above: Anari group with Mr.WaiKin Chim (center) Bank of China Chief
Credit Officer; (left to right) Richard Barry, Acadian Asset Management; William
Anawaty, Anari, Inc.; Kevin Zhu, Ontario Teachers Pension Plan; Laurance
Hoagland, the Hewlett Foundation – Mr. Chim – James Davis, Ontario Teachers
Pension Plan; Anatole Kaletsky, GaveKal Research; Alina Kogan, Columbia
Business School, NY; and Anthony Michalak, Alleghany Capital Partners.
ANARI Context: While at Deutsche Bank, W.K. Chim was a periodic participant in Anari Worldview’s trips to China, including visits to the Bank of China.
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FRIDAY MARCH 9, 2012
BEIJING
Meetings
S.A.F.E. - State Administration of Foreign Exchange, HQ, Beijing
Mr. WANG XiaoYi, Deputy Administrator
Dr. LIU Bin, Deputy Director-General, Senior Economist
Anari group (right side) at SAFE HQs
meeting with Deputy Administrator WANG
Xiaoyi (left center) and senior SAFE
staff.
The State Administration of
Foreign Exchange (SAFE) performs FOREX functions to achieve an
equilibrium Balance of Payments position,
monitors foreign exchange transactions
and manages the country’s foreign
exchange reserves. SAFE also controls
the volume of investment quotas being
given for China’s Qualified Foreign
Institutional Investors (QFII) program.
Mr. WANG Xiaoyi, Deputy
Administrator of SAFE – appointed
in 2007 - is also member
of its Leading Party
Members' Group. Mr.
Wang had been SAFE’s
Chief Economist and, prior
to SAFE, he served in the
Office of Economic Policy Reform; in the
Planning Department of the People's
Bank of China where he was Director-
General of the Statistics Department.
Pictured right: (at left) SAFE
Deputy Director WANG Xiaoyi and William Anawaty, Anari, Inc.
Friday afternoon,
the Anari group
met at China’s
State
Administration of
Foreign Exchange (S.A.F.E) with Mr. WANG,
XiaoYi, the Deputy Administrator of Safe and
several of Mr. Wang’s senior colleagues and
staff including Dr. LIU Bin, SAFE’s Deputy
Director-General, Capital Account Management
Department. At SAFE Deputy Administrator
WANG XiaoYi affirmed that SAFE’s objectives
are first, to achieve macro
stabilization, and second to
achieve returns on invested
assets. Pictured leftt: Dr. LIU Bin, Deputy-Director General, Senior Economist, S.A.F.E.
ANARI Context: Bill Anawaty and Wang XiaoYi have known each other since Mr. Wang’s 2004-2007 service in Wash. DC as China’s Dep. Exec. Director of the IMF.
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FRIDAY MARCH 9, 2012
BEIJING
Meetings
Caixin Magazine, Beijing
Mr. Shan HUANG, Chief, International Desk
Mr. Zengxin LI, Deputy Editor / International
Caixin Media Company Limited
is a major global media group dedicated
to providing high-quality and authoritative
financial and business news and
information through periodicals, online
content, mobile apps, conferences, books
and TV/video programs. Ms. Hu Shuli, the
former founding editor of Caijing
Magazine, is one of the founders and
editor-in-chief of Caixin Media.
Huang Shan is the Chief of the
International Desk with Caixin;
having joined Hu Shuli in 2009 at the new
venture. Since joining Caixin, Mr. Huang
Shan has been involved in a wide range
of reporting activities, including the 2011
World Economic Forum in Davos, an
exclusive interview with First Deputy
Prime Minister of Russia, Mr. Igor
Shuvalov, and economic and financial
evolutions in emerging markets as well as
in advanced economies. Mr. Huang Shan
received Master of Arts in Political
Science from the University of Notre
Dame in the U.S. in 2004 and a B.A.in
International Politics from Peking
University in 2001.
At a final dinner at Beijing’s historic FangShan
restaurant on Behai Lake, the Anari group
hosted editors and senior staff of the Caixin
Magazine. Discussion included a wide range of
topics of economic, financial, and political
interest.
Pictured Above: Anari group at dinner with Caixin Media editors and
journalists; (top picture) (left) Dr. HaiYing Niu, James Davis (center), Ontario
Teachers Pension Plan and Shan HUANG, Caixin Chief, International Desk.
(bottom picture) (left) Brian McCarthy, Emerging Sovereign Group ;
(center) Anatole Kaletsky, GaveKal Research; Zengxin LI, Caixin Deputy
Editor / International, and (back to camera) Laurance Hoagland, the
Hewlett Foundation.
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Tokyo
T
okyo
On the final day of the
2012 Anari Worldview Asia
program - Tuesday, March
13, 2012 - the Anari group
met for in-depth and wide-
ranging discussions with
the leaders of two of
Japan’s most prestigious
Japan economic and
corporate think tanks - Mr.
Takatoshi Kato, President
the Japan Center for
International Finance,
and Mr. Kazuhiko Toyama,
CEO and Representative
Director of Industrial
Growth Platform Inc. –
followed by luncheon with
Professor Kazuo Ueda,
Faculty of Economics,
University of Tokyo, a
frequent advisor to both the
Bank of Japan and the
Ministry of Finance of
Japan and who also chairs
the Investment Committee
of the Government Pension
Investment Fund of Japan
(GPIF).
Tokyo is the largest metropolitan
economy of the world with a population
of over 35 million people with a total
GDP of greater than US$1.5 trillion. ||
In Tokyo for the final two days of the
Anari Worldview Asia program, March
12-13, 2012, the Anari group was
joined for breakfast by Prof. Haruo
Shimada, President of Chiba University
of Commerce, a noted Japan
government bonds skeptic followed by
a guided review of the Roppongi Hills
development from the rooftop garden of
the Keyakizaka Complex next to the
Mori Tower with Ms. Yu Serizawa, an
advisor to Mori Building Co., Ltd.
President. Monday afternoon, the
Anari program then included in-depth
discussion meetings with the Vice
Minister of International Affairs at the
Ministry of Finance of Japan, senior
executives of the Sumitomo Mitsui
Asset Management, and, at the Japan
Institute of International Affairs, a
meeting with the H.E. Ambassador
Yoshiji Nogami, Japan's former
Ambassador to the United Kingdom
and former Vice Minister of Foreign
Affairs.
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TOKYO Meetings
Tokyo Schedule
Monday March 12 – Tokyo
Mr. Takehiko Nakao, Vice Minister for International Affairs at the Ministry of Finance of Japan speaking to the Anari
group in his office (see page 54).
Ambassador Yoshiji Nogami in discussion with the Anari group at the Japan Institute of International Affairs (see page 56).
8:00 AM
Breakfast meeting:
Prof. Haruo Shimada President, Chiba University of Commerce
9:20 AM Roppongi Hills Tour
10:30 AM SANKEI Shimbun Newspaper
Mr. Hideo Tamura
Lunch
2:00 PM
Ministry of Finance of Japan
Mr. Takehiko Nakao, Vice Minister for International Affairs
Mr. Osamu NAKAMURA, Senior Advisor to the Vice Minister for International Affairs
3:15 PM
Sumitomo Mitsui Asset Management
Mr. Yukichi Itakura, Executive Deputy President
Mr. Hiroaki Kobayashi, Senior Investment Advisor, Investment Management Consulting Department
4:30 PM
Japan Institute of International Affairs (JIIA)
H.E. Ambassador Yoshiji Nogami President and Executive Advisor, Mizuho Corporate Bank (Japan’s former Ambassador to the United Kingdom)
7:00 PM Dinner at Kushihachi Restaurant
Tuesday March 13 - Tokyo
Anari luncheon with (far right) Professor Kazuo Ueda (see page 59).
8:00 AM Breakfast
9:30 AM Japan Center for International Finance (JCIF)
Mr. Takatoshi Kato. President
11:00 AM
Industrial Growth Platform, Inc.
Mr. Kazuhiko Toyama, CEO and Representative Director
12:30 PM
Luncheon
Professor Kazuo Ueda, Faculty of Economics, University of Tokyo; Chair, Investment Committee, Government Pension Investment Fund (GPIF)
ANARI WORLDVIEW ASIA
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MONDAY MARCH 12, 2012
TOKYO Meetings
Prof. Haruo Shimada
President, Chiba University of Commerce (noted scholarly skeptic concerning Japanese Government Bonds (JBG’s))
Professor Haruo Shimada is
President of
Chiba
University of
Commerce. After completing
graduate studies
at Keio University
he received his Ph. D. from the University
of Wisconsin-Madison, and he had for
forty years been a professor at Keio
University. He has been a visiting
professor at the Massachusetts Institute
of Technology and ESSEC, France. He
also served as chairman of Economic
Research Center Fujitsu Research
Institute from April 2004 to March 2008.
Professor Shimada has been involved in
the formulation of government policy as a
special advisor to the Cabinet Office from
2001 to 2006. He is the author of
numerous books and essays on
Japanese economy, international
management and labor problems; his
most recent books include: “Japan at a
Crossroads: 3.11 and Japan's Recovery”
(NTT Publishing Co., Ltd., 2011 [in
Japanese]) and “We Hear the Sound of
Collapsing Japan (Asahi Shimbun
Publications Inc., 2010 [in Japanese]).
Pictured left: (Counter-clockwise from Professor
Haruo Shimada (leaning forward): Kevin Zhu,
Ontario Teachers Pension Plan; (right side of
table) (left end) Brian McCarthy, Emerging
Sovereign Group; Anthony Michalak, Alleghany
Capital Partners; Jinde Guo, Templeton
Foundation; and (far right) James Davis, Ontario
Teachers Pension Plan.
Professor Haruo Shimada and Yu
Serizawa, Forma Corporation, Anari’s
business partner in Japan.
On the program’s opening
day in Tokyo, the Anari
group met for breakfast
with Professor Haruo
Shimada, President of
Chiba University of Commerce in Tokyo -- a
noted scholarly analyst of Japan’s governmental
financial policies and initiatives. Professor
Shimada thinks Japan suffers, by analogy, from
four unhealthy conditions:
“diabetes” – i.e., outdated corporate model
“circulatory organ problems” – i.e., accumulated
fiscal deficits
“schizophrenia” – i.e., a divided society with one
segment losing hope; and,
“serious injury” – i.e., the Tohoku Earthquake of
March 2011.
Once Japan caught up with the US in GDP per
capita, it has stopped cold. The solutions are
100% political, but politics is still dominated by
agricultural interests.
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MONDAY MARCH 12, 2012
TOKYO Meetings
Roppongi Hills, Tokyo / Mori Building Company Tour
Roppongi Hills is Japan's largest
integrated property re-development
project located in the Roppongi district of
Minato ward, Tokyo. Led by the largest
privately held property developer Mori
Building Co., Ltd., the mega-complex
incorporates office space, apartments,
shops, restaurants, cafés, movie theaters,
a museum, a hotel, a major TV studio, an
outdoor amphitheater, and parks.
The centerpiece is the 54-story Mori
Tower. Mori's stated vision was to build
an integrated mixed-use development
where high-rise inner-urban communities
allow people to live, work, play, and shop
in proximity to eliminate commuting time.
He argued that this would increase leisure
time, quality of life, and benefit Japan's
national competitiveness.
Roppongi Hills cost over $4 billion and is
built on a 27 acre (12.5 hectares) site.
The site amalgamated more than 400
smaller lots Mori assembled over 14
years. Seventeen years after the project's
initial conception, the complex opened to
the public on April 23, 2003.
Pictured Left: Roppongi Hills Mori Tower
is a 54-story skyscraper located in
Roppongi, Minato, Tokyo. Completed in
2003 and named for developer Mori, the
tower is the centerpiece of the Roppongi
Hills mixed-use urban development. It is
currently the fifth-tallest building in Tokyo
at 254 meters (781 ft.).
Guided by Ms. Yu
Serizawa, President,
Forma Corporation and
Advisor at Mori Building
Co., Ltd., the Anari group
toured the Roppongi Hills real estate
development project.
Pictured Below: The Anari group proceeds to the top of the Keyakizaka Complex in
Roppongi Hills for a view of Tokyo.
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MONDAY MARCH 12, 2012
TOKYO Meetings
SANKEI Newspaper, Tokyo Mr. Hideo Tamura, Editor
Sankei Shimbun is a daily
newspaper in Japan published by the
Sankei Shimbun Co., Ltd. It has the sixth
highest circulation for a newspaper in
Japan, and is considered as one of the
five "national" newspapers. Sankei
Shimbun's name literally means
"Industrial and Economic Newspaper". In
2007, Sankei Shimbun's website and
MSN Japan started a content partnership,
MSN Sankei News.
Hideo Tamura is a journalist and
Editor of the SANKEI
Shimbun where he has
worked in numerous
roles since 1970. Mr.
Tamura received his
B.A. in Economics from
the School of Political
Science and Economics at Waseda
University. He has also served as
Chairman, Study Group for the US &
Europe of Japan Economic Research
Institute (2000~2004) and Financial &
Monetary Policy Adviser at National
Vision Institute (Private Advisory Group
for Hatoyama Administration) (2009). His
recent books include ˈThe Future of YEN-
-A Market of Desire and Deception
ˉ(2007, Kobunsha), ˈAn Economical
Aspect of The Trilateral Relations of
Japan, America and Chinaˉ (2008,
Fusosha), ˈHow long does the world
support Dollar regime? ˉ (2009, Fusosha),
and ˈThe Great Urgency of Japanese
Economy ˉ (2009, Rihakusha).
Convening at
the Grand
Hyatt
Roppongi Hills
Hotel, the
Anari group
met with Mr. Hideo Tamura, a well-known
journalist and Editor of the SANKEI, and author
of four books since 2007 on Japan's internal
and external economic situation.
Mr. Tamura asserts
that the Japanese
economy is in a
dangerous deflation
and consequently
opposes an
increase in Japan’s
consumption tax
that is being
advocated by the
Ministry of Finance and other Governmental
bodies. He decries the economy's lack of a
service industry and the under-utilization of
women in the work force -- factors which could
help address Japan's economic fate.
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MONDAY MARCH 12, 2012
TOKYO Meetings
Ministry of Finance of Japan
Mr. Takehiko Nakao, Vice Minister for International Affairs
Mr. Osamu NAKAMURA, Senior Advisor to the Vice Minister for International Affairs
.
Mr. Takehiko Nakao is currently
serving as Vice
Minister of Finance for
International Affairs,
Ministry of Finance,
Japan (August 2011 to
present). Prior to his
current appointment,
Mr. Nakao served as Director-General of
the International Bureau from July 2009,
after he worked as Senior Deputy
Director-General of the International
Bureau, playing the role of Financial Sub
Sherpa for G8 Summit.
Mr. Nakao also served as Minister at the
Embassy of Japan in the United States
between 2005 and 2007. Since he joined
the Ministry of Finance in 1978, he has
held many senior positions including at
the Banking Bureau, the Budget Bureau,
the International Bureau and the Tax
Bureau. Mr. Nakao also worked as a
senior-level economist at the International
Monetary Fund from 1994 through 1997.
Mr. Nakao obtained a B.A. in Economics
from University of Tokyo in 1978 and a
M.B.A from University of California at
Berkeley in 1982. He taught international
finance at University of Tokyo as a
Visiting Professor in 2010 and 2011 and
has published two books, "US Economic
Policies" (2008) and "International
Taxation System" (1989), as well as many
academic papers.
At the Ministry of Finance of Japan, the Anari
group was received by Vice Minister of
International Affairs Mr. Takehiko Nakao and
his Senior Advisor Mr. Osamu Nakamura.
Regarding the proposed increase in the
consumption tax, Mr. Nakao acknowledged that
there will be an effect on consumer behavior,
but that the tax is necessary to achieve a
balanced budget, given Japan's aging society,
and that the increased tax (to 8% then 10% in
two stages) would still be lower than in many
foreign countries.
In response to a question, he averred that the
drop in consumption after the tax was first
introduced in 1997 was caused not by the tax
but by the severe Asian crisis and Japanese
bank failures of that difficult period.
Pictured above: (left) Mr. Takehiko Nakao, Vice Minister for International Affairs at
the Ministry of Finance of Japan speaking to the Anari group in his office; (right)
Mr. Osamu Nakamura, Director and Senior Advisor to Mr. Nakao.
ANARI WORLDVIEW ASIA
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MONDAY MARCH 12, 2012
TOKYO Meetings
Sumitomo Mitsui Asset Management
Mr. Yukichi Itakura, Executive Deputy President
Mr. Hiroaki Kobayashi, Senior Investment Advisor, Investment Management Consulting Department
Sumitomo Mitsui Asset
Management Company Limited
(SMAM) is one of the leading asset
management specialists in Japan with
AuM of around JPY10 trillion (approx.
USD100 billion). Solid research platform,
focused on Japan and Asia-Pacific, with
more than 160 investment professionals.
Strong commitment to the investment
management of Japanese and Asia-
Pacific securities with around 500 staff.
Stable ownership structure, owned by 4
major firms that are leaders in the
insurance and banking industries in
Japan.
Mr. Yukichi Itakura is Executive
Deputy President at Sumitomo Mitsui
Asset Management Company Limited. An
economics graduate of Keio University,
Mr. Itakura began his career in at Taisho
Marine & Fire Insurance Company
handling guarantees, credit, and fixed
income. Later for successor company
Mitsui Marine he was Managing Director
for international investments, before
becoming head of Group Corporate
Strategy at Sumitomo Mitsui Asset
Management, where he now serves as
Executive Deputy President.
Pictured above: (right) Mr. Yukichi Itakura, Deputy President and (left) Mr. Hiroaki Kobayash, Senior Investment Advisor, Investment Management Consulting.
At the offices of Sumitomo Mitsui Asset
Management overlooking Tokyo Tower, the
group met with two of its senior leaders – Mr.
Yukichi Itakura and Mr. Hiroaki Kobayashi -
and received three substantive reference
papers -
(1) describing SMAM itself, and its domestic and
overseas activities and operations;
(2) setting forth the investing trends and patterns of
Japanese pension fund investment management;
(3) describing a careful method for picking equities in the
Japanese corporate market based on such factors as
their expanding business in Asia, supply chain
effectiveness, mergers and acquisitions in Japan, and
global competitiveness as yen strengthening subsides.
ANARI WORLDVIEW ASIA
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MONDAY MARCH 12, 2012
TOKYO Meetings
Japan Institute of International Affairs (JIIA) H.E. Yoshiji Nogami, President, JIIA
Executive Advisor, Mizuho Corporate Bank (Japan’s former Ambassador to the UK)
H.E. Ambassador Yoshiji Nogami, President of Japan Institute of
International Affairs and Executive
Advisor of the Mizuho Corporate Bank,
Ltd. He is the former
Japanese Ambassador
to the U.K. and a Vice-
Minister for Foreign
Affairs. He also served
as Director-General of
Japan's Economic
Affairs Bureau. Mr. Nogami graduated
from the Department of Arts, Faculty of
Arts,Tokyo University in 1966. He joined
the Ministry of Foreign Affairs in the same
year where he held numerous
distinguished appointments. Mr. Nogami
is the Standing Advisor for Mizuho
Corporate Bank, Ltd. since June 2008.
The Japan Institute of
International Affairs is Japan's
foremost thinktank for producing and
disseminating ideas on international
relations. As an academically
independent institution affiliated with the
Japanese Ministry of Foreign Affairs, JIIA
is a source of authoritative interpretations
of Japanese foreign policy.
Mizuho Corporate Bank, Ltd., or MHCB, is the corporate
and investment banking subsidiary of Mizuho Financial Group, the second-biggest Japanese financial services conglomerate. MHCB was created in April 2002 by the merger of the Dai-Ichi Kangyo Bank and Fuji Bank's corporate and investment banking division with the Industrial Bank of Japan.
As Japan's former
Ambassador to
the United
Kingdom and
former Vice Minister of Foreign Affairs,
Ambassador Yoshiji Nogami is in a special
position to analyze foreign policy issues
impacting Japan and its future economy. In the
meeting he provided a political tour de force of
current foreign policy issues affecting Japan
regionally and globally. Foremost issues:
Energy: Public sentiment forcing nuclear plant
shutdowns means Japan is importing large amounts
of LNG;
TPP: a major initiative that will likely be expanded to
12 nation membership (he noted that Canada is
applying for TPP membership);
China: concern about China’s expansion of its
declared zone of non-negotiable interest to be any
area "inside the first chain of islands" -- a zone
China is increasing as its power grows.
Pictured left: H.E. Ambassador
Yoshiji Nogami in discussion with
the visiting Anari group at the Japan
Institute of International Affairs;
(seated across from the
Ambassador) (left) Kevin Zhu,
Ontario Teachers Pension Plan;
Ronald Frashure, Acadian Asset
Management; and Anthony Michalak,
Alleghany Capital Partners.
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TUESDAY MARCH 13, 2012
TOKYO Meetings
Japan Center for International Finance (JCIF)
Mr. Takatoshi Kato. President
The Japan
Center for International Finance
(JCIF) is a research institution
specializing in international finance,
founded in March 1983 through
contributions by leading Japanese private
financial institutions in cooperation with
the Ministry of Finance.
Mr. Takatoshi
Kato is President of
Japan Center for
International Finance
and Member of the G-
20 High Level Panel for
Infrastructure Investment. Mr. Kato has
served as Deputy Managing Director of
the International Monetary Fund on
February 2, 2004. Prior to taking up his
current position, he was Advisor to the
President, Tokyo-Mitsubishi Bank and a
Visiting Professor at Waseda University.
Mr. Kato has held a series of senior
positions at the Ministry of Finance of
Japan. These include Vice-Minister of
Finance for International Affairs (1995-97)
and Director-General of the International
Finance Bureau (1993-95). From 1985-
87, Mr. Kato served as Executive Director
for Japan at the Asian Development Bank
(ADB). Mr. Kato has a B.A. from Tokyo
University (1964) and M.P.A. from
Princeton University (1968).
At the Japan Center for
International Finance, Mr.
Takatoshi Kato, President of
the JCIF, offered interesting
insights about currency
issues - noting that “judgment
day” for Japanese
government bonds is not this
year or next year but can be anticipated on the
horizon such that Japan has no choice but to
cultivate the Chinese market next year but can
be anticipated on the horizon such that Japan
has no choice but to undertake suitable
financial and economic reforms and cultivate
the Chinese market.
Pictured above: (right) Mr. Taktoshi Kato, JCIF President, in discussion with the
visiting Anari group members; (left to right): (far left) Yu Serizawa, Forma
Corporation; Brian McCarthy, Emerging Sovereign Group; Jinde Guo, the
Templeton Foundation; Ronald Frashure, Acadian Asset Management.
ANARI WORLDVIEW ASIA
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TUESDAY MARCH 13, 2012
TOKYO Meetings
Industrial Growth Platform, Inc. (IGPI), Tokyo
Mr. Kazuhiko Toyama, CEO and Representative Director
The Industrial Growth Platform,
Inc. (IGPI) was founded in April 2007.
IGPI consists of permanent
and affiliate staff members
with a wide range of
professional experience.
With an emphasis on
hands-on assistance, IGPI
has worked on more than
200 management
restructuring and business
growth projects.
Mr. Kazuhiko
Toyama is the CEO
and Representative
Director of IGPI. With
a background in
business and a
reputation as an innovator, Mr. Toyama
founded IGPI in 2007. Before starting
IGPI, Toyama served as a founding
member and later CEO of Corporate
Directions, Inc. (CDI), which successfully
turned around 41 companies in Japan.
Mr. Toyama is also the former COO of
Industrial Revitalization Corporation
Japan, Inc., which was established by the
Japanese government in 2003.
Mr. Toyama is a member of
Japan’s Council on Economic
Fiscal Policy, the Council for the
Promotion of Regulatory Reform,
and the Council for Science and
Technology’s Basic Plan Special
Committee. Mr. Toyama
graduated from the Faculty of
Law, University of Tokyo, and
holds an MBA from Stanford.
Mr. Kazuhiko Toyama, who has led Japanese
corporate restructuring from both senior
Government and private
sector positions, declared
the need for dynamic
revitalization of Japan
corporate thinking.
"The typical 4-year term of Japanese CEO's is not long enough to let them undertake the needed Big Change."
"Japanese corporations tend to have strong brakes (consensus system) but no accelerator (innovation) and outmoded steering (leadership)."
"The system is designed for the establishment and the elderly, not for the future. Progress must be painful to insiders."
"Execution quality is great in Japan. What's needed is to reorganize corporate decision-making, and to accelerate the metabolism of young leaders."
Pictured left: Mr. Kazuhiko
Toyama (far right), CEO,
The Industrial Growth
Platform, Inc., presenting
to Anari group members;
(left to right) James Davis,
the Ontario Teachers
Pension Plan; Anthony
Michalak, Alleghany
Capital partners; Ronald
Frashure, Acadian Asset
Management.
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TUESDAY MARCH 13, 2012
TOKYO Meetings
Prof. Kazuo Ueda, Faculty of Economics, University of Tokyo
(Chairman, GPIF Investment Committee)
Professor
Kazuo Ueda
graduated from the
School of Science,
University of Tokyo
and received his
Ph.D. from
Massachusetts
Institute of
Technology. After
working as Assistant Professor at the
University of British Columbia, Prof. Ueda
went on to work at Osaka University as
Associate Professor, then served as
Associate Professor, and later as
Professor at the Faculty of Economics,
University of Tokyo in 2005.
Professor Ueda has also served as Chief
Economist, Institute of Fiscal and
Monetary Policy at the Ministry of Finance
and as a member of the Policy Board at
the Bank of Japan. He was the Dean of
the Faculty of Economics, University of
Tokyo from October 2005 to September
2007. His research fields include
Macroeconomics, Financial Theory and
Theory of International Finance.
At the closing luncheon, the group met
with Dr. Kazuo Ueda, a frequent
advisor to both BOJ and MOF who
chairs GPIF's Investment Committee.
In Prof. Ueda's view, BOJ is at a momentous
point, under enormous pressure to change from
within or have change imposed politically.
Potential actions available to BOJ include
buying longer-term bonds; and buying foreign
bonds. GPIF has begun buying emerging
markets securities as a means to increase
returns on its portfolio.
Japan should put more money into overseas
assets. Asia now being its largest trade partner,
Japan is shifting toward holding more Asian
assets.
Pictured above: Professor Kazuo Ueda in conversation with
Ronald Frashure, Acadian Asset Management and Jinde Guo,
Templeton Foundation.
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Index A
nari
WV
AS
IA D
eleg
atio
n
ANARI WORLDVIEW ASIA - MARCH 1-13, 2012 - DELEGATION
ACADIAN ASSET MANAGEMENT - Barry, Richard - Managing Partner (Singapore Office) 3, 31, 32, 40, 45, 46
ACADIAN ASSET MANAGEMENT - Frashure, Ronald - Chairman (Boston, MA, USA) 3, 14, 18, 19, 22, 24, 40, 41, 42, 45, 56, 57, 58, 59
ACADIAN ASSET MANANGEMENT- HO YewWeng, 8
ALLEGHANY CAPITAL PARTNERS - Michalak, Anthony - Research Analyst (New York, NY, USA) 3, 8, 19, 22, 24, 27, 31, 32, 34, 40, 42, 45, 46, 51, 56
ANARI, Inc. - Anawaty, William - President (Washington, DC, USA) 3, 46, 47
EMERGING SOVEREIGN GROUP - McCarthy, Brian (NY, USA) 34, 35, 39, 40, 42, 45, 48, 51, 57
FJORD CAPITAL MANAGEMENT - Desbois, Laurent - President (Montreal, Canada) 3, 34, 35, 40, 45
GAVEKAL RESEARCH - Kaletsky, Anatole – Co-Founder (London/Hong Kong) 3, 45, 46, 48
HEWLETT FOUNDATION - Hoagland, Laurance - CIO, (Palo Alto, CA, USA) 3, 8, 14, 19, 24, 30, 45, 46, 48
HEWLETT FOUNDATION - Johnson, Brett 46
JOHN TEMPLETON FOUNDATION - Guo, Jinde - Senior Managing Director, Investments (Philadelphia, PA, USA) 3, 51, 57, 59
LI, XiaoLin, Dr. - SongLin Group, Beijing 41
ONTARIO TEACHERS PENSION PLAN - Davis, James – Vice President & Chief Economist, Asset Mix and Risk (Toronto, Canada) 3, 19, 30, 31, 39, 40, 41, 42, 45, 46, 48, 51, 58
ONTARIO TEACHERS PENSION PLAN - Zhu, Kevin - Director of Strategy & Asset Mix, Asset Mix and Risk (Toronto, Ontario) 3, 19, 30, 40, 41, 43, 46, 51, 56
ANARI WORLDVIEW ASIA
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Index G
uest
s &
Ana
ri S
taff
ANARI WORLDVIEW ASIA - MARCH 1-13, 2012 - PROGRAM GUESTS & ANARI STAFF
Cheng, Eric - Anari Asia Ltd., Hong Kong 2, 18, 24, 26
Ge, Jessica - Anari Coordinator, Shanghai 2
Kogan, Alina - Columbia Business School (New York, NY, USA) - previously Anari, Inc. staff 2, 18, 24, 34, 40, 42, 46
Niu, HaiYing, Dr. - Anari China investment collaborator 2, 32, 48
Qiao, Rachel - Anari Coordinator, Beijing 2, 41, 42
Serizawa, Yu - President and CEO, Forma Corporation, Tokyo 2, 51, 52, 57
SU, Chen, Anari Coordinator, Tokyo 2
ANARI WORLDVIEW ASIA
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Index S
inga
pore
ANARI WORLDVIEW ASIA - MARCH 1-2, 2012 - SINGAPORE PROGRAM
PARTICIPANTS
Bhalla, Manu - Economic Chief, U.S. Embassy in Singapore 13
CHAN May Yee - CFA, Head, Risk Control, Risk &Performance Mgt. Dept, Government Investment Corporation of Singapore (CIC) 15
Chen, Sheryl - Assistant Head, Biomedical Sciences, The Economic Development Board of Singapore (EDB) 12
CHUA, Jesley - Assistant Vice President, Economics & Strategy Dept., Government Investment Corporation of Singapore (GIC) 15
Ehrendreich, Joel – Counselor, Economic &Political Affairs, U.S. Embassy in Singapore 13
Hadi, Andri, Ambassador - Embassy of Indonesia, Singapore 14
Imperial, Neal - Charge d'Affaires, Philippines Embassy, Singapore 9
Jacobs, Peter - MacroEconomist, Embassy of Indonesia, Singapore 14
KAHTRI, Yougesh – Sr. VP, Head, New Horizons Team, Economics & Strategy Dept., Government Investment Corporation of Singapore (GIC) 15
Liow, Joseph, Dr. - Associate Dean, Professor of Comparative and International Politics, NTU University, Rajaratnam School of International Studies (Singapore) 16
Ronquillo, Catherine - Trade Assistant, Philippines Trade Office, Singapore 9
Santoso, Hari - Indonesia Investment Promotion Centre, Singapore 14
Sia, Michael – Sr. VP, Investor Relations, Group Finance, DBS Bank, Singapore 10
Soeharso, Natalia, Minister-Counselor, Economic Division, Embassy of Indonesia, Singapore 14
TAN Mui Choo - Co-Head, Enterprise Risk & Performance Risk & Performance Mgt. Dept., Government Investment Corporation of Singapore 15
Tay, Simon S.C. – Chairman, Singapore Institute of International Affairs (SIIS), Singapore 8
TEH Kwee Chin – CFA, Sr. Vice President, Economics & Investment Strategy Dept., Government Investment Corporation of Singapore (GIC) 15
Torres, Catherine – Secondary Secretary and Consul, Embassy of the Philippines, Singapore 9
Wee, Philip - Sr. VP & Sr. Currency Economist, DBS Bank, Singapore 10
WEI BenHua, Dr., Director, ASEAN-AMRO (former Vice Chairman, China S.A.F.E.), Singapore 11
Wey-Len, Lim - Head, Americas, The Economic Development Board of Singapore (ED) 12
Wong, Melissa - Head, International Organizations, The Singapore Economic Development Board (EDB) 12
Yiu, Mr., Deputy Director and Senior Economist, ASEAN-AMRO, Singapore 11
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Index M
acau
& H
ong
Kon
g
ANARI WORLDVIEW ASIA - MARCH 4-5, 2012 - MACAU / HONG KONG PROGRAM
PARTICIPANTS
CHEN Gang - Alternate CEO, China Development Bank, Hong Kong 24
Clifford, Mark - Executive Director, Asia Business Council co-author "Through the Eyes of Tiger Cubs" (Hong Kong) 21
Craig, R. Sean, Dr. - IMF Resident Representative, Hong Kong SAR 20
Di WeiPing, Dr. - Global CIO and CEO of Hong Kong Branch, China Development Bank 24
Fung, Enoch - Adviser, Market Development, Hong Kong Monetary Authority (HKMA) 25
HO, Daryl H.K. - Head, Market Development Division, Hong Kong Monetary Authority (HKMA) 25
LAU, Winnie - Senior Planner / Strategic Planning, Hong Kong S.A.R. Planning Department 23
McBain, Robert E. - CFO, SJM Holdings Ltd., Macua 19
Meier, Andre, Dr. - IMF Resident Representative, Hong Kong SAR 20
Pang, Peter - Deputy Chief Executive, Hong Kong Monetary Authority (HKMA) 25
SONG ZuoJun - Head of Corporate Finance Dept. II, China Development Bank, Hong Kong 24
WONG, YatMing "Sunny", CEO, Trinity Corp., listed 100% subsidiary of the Li & Fung Group, Hong Kong 26
WONG, Raymond - Deputy Director / Territorial Planning, Hong Kong S.A.R. Planning Department 23
XIAO Geng, Dr. - Director of Research and Senior Fellow, Fung Global Institute, Hong Kong 27
Yeung, Y.M., Professor - Chairman, Pearl River Delta Committee of HK Central Policy Unit (Hong Kong) 22
ANARI WORLDVIEW ASIA
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04-16-2012
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Index S
hang
hai
ANARI WORLDVIEW ASIA - MARCH 6-7, 2012 - SHANGHAI PROGRAM PARTICIPANTS
CHEN, QiWei, Dr. - Chairman, Asia Business Corporation (ABC), Shanghai 35
CHEN, Wayne - Executive Director, Asia Business Corporation (ABC), Shanghai 35
Cho, Simon – Deputy General Manager, Finance, Shui On Land Limited, Shanghai 32
Fine, Harvey – Managing Director, US,Global Investments & Strategies, Fosun Group, Shanghai 30
GAO, Gable - Assistant President, Managing Director, Fosun Group, Shanghai 30
Hu Ruyin, Professor - Director, Capital Market Institute, Shanghai Stock Exchange (SSE) 33
Jia, Kurt - Vice. General Manager, Fund Management, Fosun Group, Shanghai 30
Jing, Zhongren, Dr. - Managing Director, Principle Capital, Shanghai 31
Leung, Timmy – Head of Treasury, Shui On Land Limited, Shanghai 32
Liang, Xinjun - Vice Chairman and CEO, Fosun Group, Shanghai 30
Mui, Patrick – Deputy General Manager, Finance, Shui On Land Limited, Shanghai 32
Shi, Stephanie, Dr. - Senior Treasury Director, Fosun Group, Shanghai 30
Situ Danian, Dr. - Senior Research Fellow, Capital Market, Shanghai Stock Exchange (SSE) 33
Sze, Michelle - Director of Investor Relations, Shui On Land Limited, Shanghai 32
Wan, Daniel Y.K. – Managing Director & CFO, Shui On Land Limited, Shanghai 32
Wang, Lynn - Research Associate, Capital Market Institute, Shanghai Stock Exchange (SSE) 33
WEI Li, Economist, Global Research and Financial Markets, Standard Chartered Bank, Shanghai 34
Yim, Michael - Director of Finance, Shui On Land Limited, Shanghai 32
ZHU, Haitong - CEO/Managing Partner, Venture Accelerator,Asia Business Corporation (ABC), Shanghai 35
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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Index B
eijin
g
ANARI WORLDVIEW ASIA - MARCH 8-9, 2012 - BEIJING PROGRAM PARTICIPANTS
Chim, WaiKin - Chief Credit Officer, Bank of China, Beijing 46
Danielson, Ben - CFO, Quintana Energy (US), Beijing 41
Dollar, David, Dr. - U.S. Treasury Department Economic and Financial Emissary to China (Beijing) 44
FANG Jin, Dr. - Deputy Secretary General, China Development Research Foundation (CDRF), Beijing 42
FENG LiWen, Mdm. - Energy Entrepreneur, Founder & President, China 5e.com (Beijing) 41
Gao, XiQing - Vice Chairman and President, China Investment Corporation (CIC), Beijing 45
Ge, Alma - VP, SAIF Partners, Beijing 43
HUANG, Shan - Chief, International Desk, CAIXIN Media, Beijing 48
JI Min - Director, Macro-Economy Division, People's Bank of China (PBOC), Beijing 40
JIN Zhongxia - Director-General, People’s Bank of China (PBOC) Finance Research Institute, Beijing 40
Kroeber, Arthur - Editor, Dragonomic and Managing Director, GaveKal Research, Beijing 39
LI, Zengxin - Deputy Editor / International, CAIXIN Media, Beijing 48
LIU Bin, Dr. - Deputy Director-General, Senior Economist, State Administration of Foreign Exchange (S.A.F.E.), Beijing 47
LU Mai, Dr. - Secretary General, China Development Research Foundation (CDRF), Beijing 42
Ma, Kenneth - China Energy Net Consulting, Ltd., Beijing 41
Massinga, Ervin J. - Chief, MacroEconomic Financial & Energy Policy Unit, U.S. Embassy in Beijing 44
SUN Bin, Dr. - Research Department, People's Bank of China (PBOC), Beijing 40
SUN, Xiaochong - Department of Asset Allocation & Strategy, the China Investment Corporation (CIC), Beijing 45
WANG XiaoYi - Deputy Administrator, State Administration of Foreign Exchange (S.A.F.E.), Beijing 47
YU Jintuo, Dr. – Program Director, China Development Research Foundation (CDRF), Beijing 42
Yu, Catherine - Economic Specialist, U.S. Embassy in Beijing 44
Zheng, Kangbin, Dr. - Asian Development Bank, Head, Private Sector Coordination Unit, PRC Resident Mission, Beijing 43
ZHOU Yuan - Managing Director, and Head of Dept. of Asset Allocation & Strategic Research, China Investment Corporation (CIC), Beijing 45
ANARI WORLDVIEW ASIA
MARCH 1-13, 2012
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04-16-2012
Anari Worldview Asia - March 1-13-, 2012 Trip Report || Page 66 of 66
Index T
okyo
ANARI WORLDVIEW ASIA - MARCH 12-13, 2012 - TOKYO PROGRAM PARICIPANTS
Itakura, Yukichi - Executive Deputy President, Sumitomo Mitsui Asset Management, Tokyo 55
Kato, Takatoshi - President, Japan Center for International Finance (JCIF), Tokyo 57
Kobayashi, Hiroaki – Senior Investment Advisor, Investment Management Consulting Department, Sumitomo Mitsui Asset Management, Tokyo 55
Nakamura, Osamu –Senior Advisor to the Vice Minister for International Affairs, Ministry of Finance of Japan (Tokyo) 54
Nakao, Takehiko - Vice Minister for International Affairs, Ministry of Finance of Japan (Tokyo) 54
Nogami, Yoshiji, Ambassador - President, Japan Institute of International Affairs and Executive Advisor, Mizuho Corporate Bank, Tokyo 56
Shimada, Haruo, Dr. - President, Chiba University of Commerce, Tokyo 51
Tamura, Hideo - Journalist and Editor, SANKEI Financial Newspaper, Tokyo 53
Toyama, Kazuhiko - CEO and Representative Director, Industrial Growth Platform, Inc. (IGPI), Tokyo 58
Ueda, Kazuo, Dr. - Professor, Faculty of Economics, University of Tokyo 59
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