China's securities industry is just one of the sectors moving ahead at a dizzying pace as the country readies itself for full entry into the World Trade Organization this year, according to participants in the recent Wharton Global Business Forum's Asia Conference.
Not surprisingly, China dominated discussion at the conference, with many speakers noting the speed with which the country is advancing. While the U.S. has had approximately 200 years to refine its financial systems, one panelist said, China has had just 20 years to catch up. China's astonishing growth is even more remarkable in the face of its cultural heritage, which favors slow, deliberate progress over western style entrepreneurship.
This growth is not just confined to China. Y.J. Choi, permanent representative of the Republic of Korea to the United Nations and lunchtime keynote speaker, predicted that the 21st century will be the Asian century. A keen understanding of East Asia's distinct culture, said Choi, will be indispensable for those wishing to "jump on the Asia train."
The Sophisticated Traveler
While much of the talk centered on Asia's exploding economic growth, conference panelists also asked whether such growth is sustainable. The answer is yes, "barring any major political crisis," said opening keynote speaker Ho Kwon Ping, executive chairman, Banyan Tree Holdings, a leading luxury hotel chain in Asia. His optimism stems from his experience in the travel and tourism industry, which often serves as a bellwether for economic development. During the expansion of developing countries, there is almost always a magic number for per capita income that is needed for tourism to thrive, Ho noted. "This [economic milestone] happened in Japan and Korea over the last 50 years, and now we are seeing it with China."
Indeed, China is the fastest growing supplier of tourists to Banyan Tree's exclusive resort in the Maldives, a group of islands in the Indian Ocean.
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