在狂涨了几年以后，台湾证券交易所指数终于在1990年初达到了历史高位：12465点。但是4个半月后，它大跌60％。然后，它就成了 ... 阴沟里的死鱼。

在泡沫破灭之前的1989年底，台湾的一家银行（中国商业银行）的市值正好等于美国5大银行的市值总和。这五大银行分......

The most fertile land for the P2P industry is in China, not in the US or Europe, because the banks in China have so far kept tight controls over credit cards, and large sections of the private sector still find it hard to gain access to finance.

中国P2P行业的先天缺陷是个人征信系统还比较原始。中国人民银行的系统既不对银行业以外的机构开放，也很不完善。而八大民间征信系统还刚刚起步。

所以，国内真正的P2P行业还在泥巴路上艰难前行。我领教过国内很多将将就就的P2P企业。我也研究了国内好几家优秀的......

昨天在北京，我应邀参加了恒昌财富管理公司第三集团军中层干部（营长，连长之类）的培训活动，大开眼界。

恒昌财富跟宜信的规模差不多，在全国的300多个城市，有1200多个网点（大约一半为财富管理，一半为信贷），46520个员工（这个数字正在快速上升）。......

A presentation at a luncheon in London by Joe Zhang,

Chairman, Cash Equities, Haitong International Securities (665 HK). 9 June 2015.

I see two major themes unfolding in China in the next few years. First, genuine privatisation of the vast state sector, and second, a shakeout in banking.

Between 1978 and 1998, China cut its state sector's share in the economy significantly, only to see the trend completely reversed since then. In 1978, the fiscal revenue as a % of GDP was 25%, and it fell to 11% in 1998. Today, it stands at 23%.

The reversal did not happen b......