The Negotiation

Topics Discussed and Key Points:●      Rui speaks on her work with the Tech Buzz China podcast and community●      How accurate is the data we are getting today from the fundraising world in China?●      What is it like to do due diligence on Chinese tech companies looking for investors?●      Rui describes the trip she conducted in 2019 to bring foreign investors into China●      Trends in China’s tech scene today●      The impact that new data privacy regulations have had on social media in China●      Business trends that are commonly misunderstood by foreign investors●      Western digital ecosystems versus China’s Episode Summary:Today on The Negotiation, we speak with Rui Ma, an angel investor and fund consultant whose work involves identifying superior-tech investment opportunities in both the US and China.She is the creator of Tech Buzz China, a paid community for investors and operators interested in China tech. Rui also co-hosts the biweekly Tech Buzz China podcast.Finally, Rui is the Executive Chairman of the nonprofit Rookie Fund, which aims to be the best student-run fund for discovering and investing in student entrepreneurs in Asia.Asked how often companies release prevalent misleading or outright fraudulent numbers to potential investors, Rui says that transparency has become the norm in recent years, especially in the tech world. She adds that doing due diligence on tech companies in China is virtually no different from how one would do so in the U.S.In any case, she contends that due diligence is less about determining the accuracy of data, but about understanding the wider economic and even political or cultural context around the company’s performance.What is more important is doing “character diligence” on management, and this can only be done effectively from having extensive experience on the ground as well as being in touch with the right industry contacts.Rui speaks on current trends in China’s tech scene. She directs much of her energy towards cross-border eCommerce which has been on the rise since the market is becoming increasingly populated with both foreign-educated entrepreneurs and those who have simply accumulated a lot of experience working in China’s tech space.Also, many companies are now putting their focus on creating their own branded products instead of exporting unbranded products wholesale, which China had been known for in previous years.            Finally, Rui describes common misconceptions that foreign investors have about the business world in China, including the “opportunistic” mentality of Chinese entrepreneurs and business leaders and their continued reliance on Western companies when it comes to deciding on best practices for starting, scaling, and managing their organizations. Key Quotes:“Of course, you hear stories of fraud and such; but, really, it’s about understanding the details of what you’re looking at, because, whatever the company presents to you—you just need to double-check that you fully understand. You could have a contract for x, y, z-million dollars, and it could be true. But when you read the contract and understand the contingencies, you may want to discount that number or look at it differently. The details really matter here. I don’t think it’s at all different from what you would do here in the U.S.” “The most important thing [when it comes to due diligence] is not necessarily data itself, but whether you truly understand what is driving the force or what is behind the economics. [...] I found that a lot of the information or ‘additional color’ that you need—that you can’t get from the data—is very important. This is where being on the ground and having experience and having industry contacts and having worked there a long time really helps you because then you can do, let’s call it ‘character diligence’ on the management.” “These days, if you don’t have the skill to build relationships and execute deals completely virtually, then you need to develop that ASAP because lots of people can and there is a lot of willingness to do that. You do not need to meet face-to-face.” “The opportunistic mentality of Chinese entrepreneurs and companies is underappreciated by investors globally.”

Topics Discussed and Key Points:●      How changes in China’s economy and business landscape over the last four years influenced John’s work●      Challenges faced by foreign versus local Chinese startup entrepreneurs●      Potential advantages for foreign startup owners in China●      Changes in the education space in China●      The evolution KOLs and influencer marketing in China●      Problems that unpackAI aims to solve●      What AI is really capable of and how China is exploring these capabilities compared to America Episode Summary:Today on The Negotiation, we speak with John Kaller, a German entrepreneur based in China with an extensive background in AI Product Management.John is the Co-Founder of unpackAI, an e-learning startup that makes AI and deep learning education as accessible as possible by offering affordable, virtual, and project-based bootcamps to business professionals.He is also a Program Consultant for The Startup Yard, a global Think Tank that provides a pre-accelerator bootcamp for international budding entrepreneurs looking to kick-off their startup in China.John volunteers his time as the Managing Director for The German Innovators in China (GINN), a nonprofit that seeks to build bridges between entrepreneurs and innovators from German-speaking countries and the innovation landscape in China.Looking back over his four years in China so far, John has observed that “the market reorganizes itself” at a speed much faster than in Western markets. That is, in a few short years as an entrepreneur in China, John has seen trends come and go, and technological and logistical innovation is a regular occurrence. He also foresees a new wave of foreign entrepreneurs making their way into the China market in a post-COVID world.On succeeding as a foreign startup entrepreneur in China, the biggest challenge is almost always navigating cultural barriers along with a lack of fluency in the language. But, as John says: “You’re not trying to be Chinese or trying to do ‘better’ than Chinese entrepreneurs.”Rather, the key is for the foreign entrepreneur to position themselves as an expert in their particular industry and serve as a “gateway” into the global market for their local Chinese investors.            John also speaks on the progressive democratization and privatization of China’s education and influencer marketing spaces. Finally, he discusses the future capabilities of AI and the differences in how China innovates in this field compared to the U.S. and Canada. Key Quotes:“Especially in China, the moment you are able to speak the language, you are able to access such a wide field of people that you normally wouldn’t have access to because they simply don’t speak English.” “Doing a startup is very, very difficult. However, the set of problems that a foreign startup owner encounters in China [versus that of] a Chinese startup owner in China are just different. They’re not worse or easier—they’re just different. As a foreign founder, you have to be able to still show yourself as an expert in a certain market while being in China, while maybe not being able to speak fluent Chinese [or encountering cultural barriers.]” “Education in China is a huge topic because it’s seen as the lever for families to prepare their children for newfound wealth. [...] Education is a cornerstone in China. The willingness of families in China to spend and invest time and money into it is a lot higher than it is in the West.” “KOLs and the influencer space are wildly different from the West’s. It’s a more evolved version. Why is that? It’s because people in China, especially the current generation, have grown up with technologies that were way more embedded in their normal life. Examples of that are payment, education, and social media. They are a lot more ingrained in the culture using digital and phones compared to the West.” “Both the U.S. and Canada are far ahead when it comes to AI research. [...] These are published in papers and top journals that are widely accessible to anyone. However, the application of AI is mainly happening in China, where these techniques are actually being used and put into practice.”

Topics Discussed and Key Points:●      How Key Opinion Leaders (KOLs) have evolved over the past five years●      Co-founding one of China’s top-ranking beauty KOLs, Melilim Fu●      The team behind Melilim Fu, and how KOLs are typically managed●      KOLs versus Key Opinion Consumers (KOCs) versus micro-influencers●      Launchmetrics and the problems they aim to solve in today’s marketplace●      Scaling a startup in China as a C-suite executive●      The dramatic rise of influencers in China Episode Summary:Today on The Negotiation, we speak with Elijah Whaley, VP of Marketing APAC at Launchmetrics, the leading Brand Performance Cloud used by Fashion, Luxury and Beauty (FLB) executives to connect with the modern consumer in a constantly changing landscape.Elijah is also the host of the PARKLU China Influencer Marketing Podcast, a bi-monthly show which features guests who share their unique insights and perspectives on industry developments.Elijah speaks on the development of Key Opinion Leaders, or “KOLs”, in China over the past five years. Before turning into a huge industry in China’s eCommerce space, the impetus for KOLs began with passionate fans of certain products who shared their purchase experiences with a small online community via blogging and live streaming. Elijah speaks specifically on co-founding one of China’s top-ranking beauty KOLs, Melilim Fu.The greatest and most inexpensive approach to customer acquisition is retention. Elijah believes that there is too little focus being placed on customer retention, especially since the real power of retention lies in a brand’s ability to leverage these loyal customers as communication or marketing channels—Key Opinion Consumers, or “KOCs”.            Finally, Elijah discusses the dramatic rise of influencer marketing in China—a natural evolution in consumer culture due to the country’s inclination to “feel special about themselves by being involved with a group that they consider special.” Key Quotes:“The intersection between education and entertainment is the sweet spot when it comes to content marketing or content development. Everybody wants to be entertained. To be educated and be entertained at the same time provides the maximum amount of value and bang for your buck as far as your time investment into anything.” “I believe KOCs are something that has existed for a long time: a brand advocate. But it’s a digital brand advocate. [...] A KOC is a brand’s customer. When they talk about your product, they generate more sales. As a brand, if you’re able to identify these customers [...] you can put this label of ‘KOC’ on them and put them into a new basket and say, ‘Hey, this person is an extremely valuable asset to our organization. We need to treat this person differently and leverage them as a communications channel.’” “When the customer comes into the store, we need to overdeliver, surprise, and delight, and create it in a visceral way so that someone wants to take their phone out, capture it, and share it. We know that this is the most impactful way of communicating with other potential customers because it’s word-of-mouth from individuals that others know, love, and trust.” “Timing is the big secret in the startup world. If you can hit that wave right, if you see the swell and you start paddling and you position yourself properly, that’s the big, big secret.”

Topics Discussed and Key Points:●      How has merchandising transformed in the age of eCommerce?●      Justice’s typical day as Director of Merchandising at WPIC●      Examples of companies that exemplify effective online merchandising●      Why it is so difficult to master online merchandising●      Global merchandising trends, specifically focusing on trends in China●      The future of merchandising globally and in China●      Why did WPIC develop its merchandising capabilities? Episode Summary:Today on The Negotiation, we speak with Justice Hampton, Director of Merchandising at WPIC Marketing + Technologies.Justice joined WPIC in March 2021, bringing with him 15 years of experience in merchandising. He previously held roles at a number of luxury apparel brands, including Lululemon, Abercrombie & Fitch, Coach, Ralph Lauren, and Club Monaco.Justice speaks on how the world of merchandising changed forever with the rise of the digital era. At the same time, the fundamentals remain the same, and these fundamentals should, in fact, be the basis of all decisions made by the merchandising department. That is, social media and eCommerce platforms are at their most powerful when they are used to “amplify the things that you [already] do at the brick-and-mortar level”.Asked for the best examples of digital merchandising done well, Justice points to menswear brand Mr. Porter for its masterful translation of the unique visual and tactile experience of shopping in-store to the online shopping environment.Justice looks at the market in China as “aggressive” wherein consumer products are advertised—in large part by KOLs—as “need-to-haves” more often than not. Chinese consumers also spend a large amount of time on Tmall beyond browsing for products to buy. True to its name, Tmall is very much the new mall-going experience for the modern Chinese.For every new social media platform adopted by the masses, the merchandising world evolves. From Facebook to Instagram, and now to TikTok, the online marketplace has found itself having to adapt to changing consumer trends at a faster rate than at any other time in history. Key Quotes:“Despite all the changes, what makes a really solid merchandising strategy is being able to use digital technology to amplify the things that you do at the brick-and-mortar level. You have all these amazing ways to accentuate your product story and meet the consumers where they are on multiple platforms.” “One of the really cool things that certain online brands do really well is, they take best [practices for great] in-store experience and they figure out a way to replicate [them] as seamlessly as possible online.” “You can localize a brand by having the right look that is appropriate for the country, having the right logos, having the right copy, and having the right visual experience online. But you also have to localize the assortment. This is where the merchandising role comes in.”

Topics Discussed and Key Points:●      The economic, cultural, and athletic impact that the 2008 Beijing Olympics had on China●      China’s reaction to the 2020 Tokyo Olympics●      China’s expectations for the 2022 Winter Olympics and future games●      Popular and not-as popular sports in China●      The intersection of sports, politics, and business in China’s fitness industry●      China’s growing interest in health and fitness●      How China is investing in infrastructure to aid in the development of the sports industry●      Team sports versus individual sports in China Episode Summary:Today on The Negotiation, we speak with Mark Dreyer, a China-based media and sports professional. Mark has been based in China since shortly before the 2008 Olympics, where he has worked with several media outlets, both domestic and international.Mark is the Marketing and Communications Director of the American Chamber of Commerce in China and the Founder of China Sports Insider and the China Correspondent for SportsBusiness Group.Asked how the 2008 Summer Olympics influenced China economically, Mark says that, while the event itself was not profitable for the country, the Olympics cemented China’s dramatic rise in the 2000s as a major player on the world stage.Culturally, and in the sports world specifically, the nation gained a massive amount of soft power as a result of their virtually flawless handling of the Olympics—not to mention having won 51 gold medals—showing the world a side of China previously unseen.Mark gives his thoughts on the growth of the Chinese sports industry as a vehicle for bolstering national pride. He shares how this intersection of sports, politics and business manifests itself, such as in the famously “manufactured” athletic prowess of NBA star Yao Ming.However, Mark believes that the top-down nature of Chinese society is limiting the country’s potential in the world of sports. With regards to soccer, for instance, instead of allowing a “grassroots” movement to nurture a competent player base over a decade or two, the Chinese leadership would rather search for ways to create Olympic-level athletes in a matter of a few years.Mark believes that the key to creating a thriving and enviable sports industry in China is to make sports something that people voluntarily do for fun and because they simply love it, as opposed to the current culture of handpicking and grooming promising players to compete solely for national pride.In his words: “How do we get people to play sports in a way that they actually, genuinely want to?” Key Quotes:“China is very, very good at the summer games, less so at the Winter Olympics. [...] Ten of their 13 gold medals are in short track speed skating. As you’d expect, that is where there is a lot of interest for the Chinese people when it comes to the Winter Olympics.” “When your country—when your athletes are winning gold medals—it does make it that much more exciting for your country. [...] That patriotism, that nationalism is more of a factor in China than it would be in other countries.” “China has always struggled to create grassroots sports. Soccer is probably the prime example. Everything here in China is top-down. It is a top-down society. To have success in a sport like soccer, you need to build from the bottom up. That contradiction is, in large part, what has prevented China from becoming a global soccer power as it has many, many times declared it wants to be.”

Topics Discussed and Key Points:●      Working in the APAC market●      The differences between UI, UX, and CX●      What is “product-market fit” and how do you know if you’ve achieved it?●      Why neglecting to build the right local team is one of the biggest mistakes a foreign company can make●      Tools that Kaizor uses to collect and interpret data for clients●      Defining the “fractional” C-suite executive●      Elaine speaks on her seven-step methodology to creating products and services that successfully cross cultural barriers between the East and the West Episode Summary:Today on The Negotiation, we speak with Elaine Ann, Founder and Fractional Chief Xperience Officer for Tech Startups at Kaizor Innovation, a consultancy that helps companies research, strategize and design new product/services innovation for the China market.Elaine is the author of the book Xperience Innovation, in which she details a seven-step innovation methodology to guide foreign companies in creating products and services that translate well in the China market.From 2006-2020, Elaine was the organizer for IxDA Hong Kong. Since January 2021, she has organized events for the Vancouver chapter. The nonprofit aims to advance the discipline of Interaction Design through a series of international events that bring together members of the IxD community. Today, IxDA has over 100,000 members and over 200 local groups around the world.Elaine speaks on how she helps her clients home in on product-market fit, which includes a good amount of cross-cultural translation, whether the company in question is in the F&B or health & wellness space.Without understanding differences in the market, a company will not be able to design, much less sell, a product that fits that market. Elaine explains how important this reality is, since even refrigerators and vacuum cleaners in China are designed differently to those in America.Cars, which are primarily owned by the well-off in China, require different marketing as well. This goes especially for higher-end brands such as BMW, because owners of these cars usually hire drivers instead of driving themselves. “So, now, who is the end-user?” says Elaine. “Is it the person who buys the car or the person who drives the car?” Key Quotes:“Sometimes, our biggest challenge is that our clients don’t know what they don’t know. [...] Once they land in a different country and they experience the place for five-to-ten days, they notice all these nuances. But it’s harder than if they’ve never been to China.” “In the U.S., everybody drives. In China, the people who own cars are relatively well-off. The people who own BMWs most likely hire drivers. So, now, who is the end-user? Is it the person who buys the car or the person who drives the car? And the person who drives the car may have grown up in a village and can’t even read that well. So, the whole context changes when you’re in such a different market.” “China is very good at micro-innovations and refining something that already exists. But in terms of fundamental innovation, I still think that U.S. companies have an edge, and it has to do with education and culture.”

Topics Discussed and Key Points:●      A description of the Shanghai startup scene today and how it compares to France’s and the U.S.’s●      What it is like to be a foreign entrepreneur in China●      How to know whether you should start your business in China●      What most Westerners do not know about F&B in China●      Why Shanghai is not representative of China as a whole●      How the F&B space and food’s fusion with tech has developed over time in China●      The impact of the health and wellness industry on F&B in China Episode Summary:Today on The Negotiation, we speak with serial entrepreneur and angel investor Gregory Prudhommeaux. He is the Founder of NextStep Studio, an accelerator for businesses in food, F&B and food tech-based in Shanghai. He is also a Foreign Trade Advisor for Les Conseillers du Commerce extérieur de la France.Gregory is the Co-President at La French Tech Shanghai, a community aimed at gathering the local tech community with an interest in France and building bridges between major innovation hubs. The community facilitates the cross-fertilization of competencies and helps French businesses & entrepreneurs to foster their development in China.Gregory kicks off the conversation with his thoughts on the evolution of Shanghai’s startup scene and how it compares to France’s and the U.S.’s. While many foreigners have seized the opportunity to set up shop in China, it is a difficult process, particularly when it comes to acquiring seed funding.Unlike France, which offers a number of financing options for the aspiring startup entrepreneur, China is a place where knowing the right person—and knowing how to build a relationship with them—is probably the most important factor. Gregory says that the U.S. is more casual when it comes to networking, whereas “it is a bit trickier” in China.Calling Shanghai “the Los Angeles or the San Francisco of China”, Gregory says that the technologically advanced city of 25 million does not represent China’s market as a whole. This is for many reasons, including the transitory living situation of many in Shanghai, its multiculturalism, as well as Shanghai’s relative independence from fellow Tier 1 cities and the seat of power in China, Beijing.Gregory goes on to speak on his journey as an entrepreneur and investor in China and why he specifically chose to specialize in F&B. He explains what sets this space apart compared to the West and how Chinese attitudes toward food and beverage shape the industry. Finally, he describes the merging of food and tech and how COVID-19 accelerated many developments that were already underway. Key Quotes:“As a foreign entrepreneur, you can start a business anywhere around the world; but, I don’t think China is necessarily the place where you want to start. There are a lot of other difficulties, because of the Chinese culture and the Chinese tech landscape which is very different from the rest of the world. Whatever you do in China will have a lot of specificities due to the market and the digital ecosystem.” “Shanghai is the Los Angeles or San Francisco of China. The administrative and financial power is in Beijing. The industrial power is in Chongqing. [...] Trade is in Guangzhou or Hong Kong. Shanghai is a massive city with 25 million people [...] and very advanced, technologically speaking.”

Topics Discussed and Key Points:●      What exactly is “antitrust” and why is it so important in the relationship between business and government globally?●      What has China’s relationship with antitrust been historically, and have the events of 2008 and 2013 affected antitrust enforcement?●      The conversations around antitrust at a time when big tech companies both in the U.S. and China are more influential than they have ever been●      Why Angela titled her book “Chinese Antitrust Exceptionalism”●      The main consequences of China’s ascent on the global antitrust policy landscape●      What the West often gets wrong about how Chinese policy is formed●      Is the delay of Alibaba’s IPO due to the current state of China’s antitrust policy?●      How Huawei is being affected by China’s antitrust policy●      The future of U.S-China relations Episode Summary:Today on The Negotiation, we speak with Angela Huyue Zhang, Associate Professor of Law at The University of Hong Kong and former Senior Lecturer in Competition Law at King’s College London. An expert on Chinese law, Angela Zhang has written extensively on Chinese antitrust enforcement.Angela is the Director of the Centre for Chinese Law, which promotes legal scholarship with the aim to develop a deeper understanding of China and facilitate dialogue between East and West. She is the author of Chinese Antitrust Exceptionalism: How the Rise of China Will Challenge Global Regulation (2021).Angela’s research has helped her become a four-time recipient of the Concurrence Antitrust Writing Award, which honors the best antitrust papers published in academic journals each year.Antitrust, which Angela defines as “an area of law that mainly deals with the anticompetitive effects arising from monopoly”, is an incredibly powerful tool for governments to rein in big monopolies—particularly big tech in the modern world.With its state-owned economy, it was debated for a long time whether China should have an antitrust law put in place at all. But one was eventually established in 2007, in large part due to the influx of foreign multinational companies that leave domestic businesses (mostly small enterprises in those years) at risk of being left behind.Angela describes the interdependent relationship between how China regulates and how China is regulated. She also explains why, through its sway over global antitrust policy, China is “nudging” big tech companies to become more integrated.Angela speaks on recent and current issues surrounding antitrust and the clamping down of various big tech companies, including former President Trump’s actions against TikTok and WeChat, the delay of Alibaba’s IPO, and the Huawei situation.Finally, Angela gives her optimistic take on the future of China’s relationship with the West. Key Quotes:“Antitrust is an area of law that mainly deals with the anticompetitive effects arising from monopoly. But I have to clarify that having a monopoly power does not necessarily mean that a firm is in violation of antitrust law. Antitrust law only intervenes when the monopoly firm has abused its power, say by exploiting its consumers or its suppliers or have excluded competitors to the detriment of consumer welfare.” “The fundamental feature of the Chinese bureaucracy is that power is fragmented: Different agencies have a very specific scope of functions. At the same time, the division of labor is not entirely clear; so, there can be overlapping duties over a specific sector or a specific company, and that could potentially give rise to conflicts and competition among agencies. Turf wars are very common in Chinese regulation.” “In terms of how China regulates, its government structure is both concentrated and decentralized. You can see pervasive state influence and fierce competition among Chinese firms at the same time. That makes China an elusive target for regulation.”

Topics Discussed and Key Points:●      What brands can do if they want to succeed in China among the millennial and Gen-Z cohort●      Major events that have impacted Chinese millennials similar to the Great Recession in the U.S.●      What are the differences between millennials who grew up in the Mainland and those who studied abroad?●      How prevalent is conspicuous consumption in the life of the average 25-to-30-year-old Chinese individual?●      What makes a good brand in China?●      How environmentally conscious and focused on diversity and inclusion are Chinese millennials? Episode Summary:Today on The Negotiation, we continue our conversation with Zak Dychtwald, Founder and CEO of Young China Group, a think tank and consultancy with a focus on the emerging influence of China’s millennial generation on the marketplace, workplace, and international politics.Zak is the author of Young China: How the Restless Generation Will Change Their Country and the World (2018). The book explores questions of identity impacting China’s young generation, specifically the 420 million or so people born after 1990.Asked about what separates the winning foreign brands from the rest of the pack when it comes to finding millennial and Gen-Z fans in China, Zak says that it comes down to “empowering your local Chinese team to drive strategy.”However, the difficult task for local teams when working with multinationals is that they will almost always work slower than native Chinese teams with native Chinese executives who understand, intuitively, what the Chinese market looks like.Another point is to “stop creating products and thinking about marketing to Tier 1 cities.” Trends do not necessarily trickle down from Beijing or Shanghai to Hangzhou or Chongqin. Recognizing trends that do not originate in Tier 1 cities will give a company a head-start over other global brands whose thinking is still mired in that Shanghai bubble.Zak goes on to peel back the curtain into the mind of the Chinese youth, from how a restructured education system in the post-Tiananmen era divided generations around how they perceive history, to how the 2008 Beijing Olympics created a newfound sense of national pride and modernization for China, and finally to how Xi Jinping’s anti-corruption campaign in 2012 served as a huge pivot towards meritocracy for the whole country.He then explains why Chinese students who study abroad now have greater incentives to return to China after graduating; why conspicuous consumption has moved from a need to look wealthy to a need to develop an identity; and current attitudes toward environmental friendliness, diversity, and inclusion. Key Quotes:“Empower the heck out of your local China team and do it so that they can be fast enough to compete with local brands.” “The problem with the city tier visual is we imagine trends cascading downwards from Tier 1. [...] That’s not necessarily the case, and I think it’s a little bit of linguistic determinism. I think that’s the fault of the tiered idea.” “[Conspicuous consumption back then] was a way to posture, particularly around the wealthy class. What you have now is conspicuous consumption oriented toward brand tribes and identity.” “A lot of our definitions of what it means to be ‘Chinese’, even within China, are based on the past. No longer. This generation is deciding what it means to be Chinese in modernity and going into the future.”

Topics Discussed and Key Points:●      Who are China’s millennials, and how do they differ from millennials in the Western world?●      The downstream effects of the one-child policy on today’s market●      The state of mental health among China’s youth●      What employers expect from millennial hires Episode Summary:Today on The Negotiation, we speak with Zak Dychtwald, Founder and CEO of Young China Group, a think tank and consultancy with a focus on the emerging influence of China’s millennial generation on the marketplace, workplace, and international politics.Zak is the author of Young China: How the Restless Generation Will Change Their Country and the World (2018). The book explores questions of identity impacting China’s young generation, specifically the 420 million or so people born after 1990.Having first arrived in China in his early 20s, Zak was amazed by the “vast chasm” between the China he was always told about, and the China he was experiencing at that moment. He was inspired to bridge that chasm, and so began his multifaceted career journey around the country.“We believe in a people-first perspective on China for a better world,” says Zack, referring to the thesis of not only his book but of his work as a whole.Listen in as Zak defines the unique gap in China between the strict traditionalism of the previous generations and the modernization of the new, and the “identity formation anxiety” that the youth face in trying to reconcile “the pressures of tradition and the needs of modernity”.He also speaks on China’s education system as undervaluing innovation and people skills, and how this translates into a workforce currently in transition. Key Quotes:“The China that gets described to us versus the China that I was seeing and experiencing on the ground—there is a pretty vast chasm between the two.” “We believe in a people-first perspective on China for a better world.” “I call this young generation the “Restless Generation” for a reason: It’s because they are in charge of defining China’s modern identity.” “In order to understand the children, you have to understand the parents.” “In China, the biggest investment that most families will make is in their children.” “When we’re talking about consumption in China, it’s not a matter of where you’re from, but when you’re from.”