Pragmatism and Patience
China’s Leadership Transition at the 18th Party Congress
Hamid Bilgari, Vice Chairman of Citicorp, the strategic arm of Citigroup, is a leader in international investment banking.
Bilgari says that pragmatism and patience are the dominant qualities exhibited by cultures facing major change, such as the leadership transition at the top of the Chinese Communist Party.
“Cultures that have existed for thousands of years, be they Chinese, or Indian or Persian or Egyptian, basically operate on a much different scale. They believe that history is on their side,” Bilgari says.
“There’s a deliberate pace to change, and an expectation of dramatic change is just unrealistic. The Chinese have been successful in taking advantage of the changes that have happened around them by focusing very specifically on their Five Year Plans over an extended period of time to dramatically grow over the last thirty years.”
Jianying Zha describes China as “way too big a cow for anyone to tackle in full.” Therefore, Ms. Zha says, she omits “the rural life, the small-town stories, the migrants working in huge manufacturing plants…continued poverty in parts of interior rural China, surging...
(Dalian)—The sudden disappearance of a self-made billionaire in the coastal city of Dalian has unnerved not only bank executives concerned about loans they made to his companies, but also government officials who have lent generous support to the expansion of his business...