environment are better, the system are better.
So, somehow in my mind, they are far better than
Hong Kong on the entrepreneurship ecosystem.
So, is a healthy dose of competitions that actually keep
them in check? They have to continue to improve themselves.
At this stage, definitely yes.
Because there were limited … certain kind of rules in China
because it's just only only thirty something years’ time,
you know, that they… some of the rules are still quite outdated,
so we need a new set of rules, in particularly on FinTech, okay.
So, why China so advanced on this because they have no burden.
No burden means there was no rule. (Right.) So, as a stage that
the government allow a FinTech company to try their best, okay.
But of course once a problem comes, okay, and the government
address to it and they enhance it and they close the loophole, okay.
So, there's … technically, it is a huge sandbox in China.
Okay, and and to us, we need a sandbox because we have a very
fragile traditional system have
to take good care of. So we need a sandbox.
But in China, there are not much. Okay.
Either the very huge government-owned, state-owned financial institution,
okay, and then they don't need a lot of, you know, nursery.
But on the general, new form of economy, okay, and then there
are not many regulation at the beginning.
Rules are not written yet and so there’s a lot more room to explore.
Exactly, exactly, exactly. So, one is started, so, they … we tested it out, okay,
we tried it out and then they close down the loophole, system
is formed and then now they are more advanced, you know, than the
other other other countries.
Is that the kind of a general ways of Chinese business, right?
The government, right, they let you run and then they watch closely.
If you hit anything like the limit or if you hit something that
may cause trouble, then they would start writing the rules.
This is how the game is playing now.
But, say, China itself, the new China itself is a huge startup.
So, they match well.
So, to do startup in China and the new government is a startup
itself, so it’s … they dance well together.
(Right.) Yeah.
But would you expect some chaos as a result because it’s…?
Come on, there is always a chaos, every 10 years in America, in the
Western world, there is chaos, you know, say, like the Brexit
is a chaos …certain kind of chaos now, okay.
(Yes.) So, chaos
is there, okay. And yeah, it's always there.
(When the dust settles ...)
Yeah, a lot of small manageable chaos is better than a
huge one, okay, that that we face in the past in the old system.
So, I would rather see more small problems and then they are
manageable problems, okay, then hide it up.
(I think I agree. Because if there is no chaos, there's no innovation.)
As Schumpeter said, you know, it is a disruptive … a creative destruction.
That's the way how economy, you know, evolve and innovate.