Jim Rogers

SynonymRogers(Americaninvestorandfinancialscientist)generallyreferstoJimRogers

personalrelationship

Errorcorrection

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• HappyDaughter·Rogers

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Earlylife

RogerswasborninBaltimore,Maryland,andgrewupinDemopolis,Alabama.

Character'slife

In1964,RogersgraduatedwithhonorsfromtheHistoryDepartmentofYaleUniversitywithabachelor'sdegree.HefoundhisfirstjobinDominicandDominiconWallStreet.

In1966,Rogersreceivedhissecondbachelor'sdegreeinphilosophy,politicsandeconomicsfromOxfordUniversityandbecameamemberofBalliolCollege.

After1980,Rogersstartedhisowninvestmentcareer.

In1984,whentheAustrianstockmarket,whichwasseldompaidattentiontoandunderstoodbytheoutsideworld,plummetedtohalfofwhatitwasin1961,RogerspersonallyvisitedAustriawheretheincidentoccurred.Aftercarefulinvestigationandresearch,Rogersdecidedthatanopportunityhadcome.HeboughtalotofstocksandbondsofAustriancompanies.Inthesecondyear,theAustrianstockmarketcamebacktolife.TheAustrianstockmarketindexroseby145%intheskyrocketingprice.Rogersmadeabigprofit,sohewascalledthefatheroftheAustrianstockmarket.

In1987,theJapanesestockmarket,whichcontinuedtoriseforseveralyears,graduallysloweddown.RogersforesawthatthedeclineintheJapanesestockmarketwasabouttobegin.In1988,hebeganshortsellingJapanesestocksinlargequantities.Theresultafterwardswasjustasheexpected.EachoftheJapanesestockshesoldshortfelloneafteranother,andhemadeabigprofitbecauseofthis.

Inthefirsthalfof1987,heforesawthattheU.S.stockmarketwasabouttoplummet,soheshortedstocksattherighttime.OnOctober19,1987,theU.S.stockmarketcrashedandhisshort-sellingoperationwassuccessfulagain.

OnFebruary12,2019,accordingtoYonhapNewsAgency,JimRogerswasinvitedbyKimJongUntovisitNorthKoreainMarch;inApril,hereceivedanhonorarydoctoratefromPusan​​NationalUniversityinrecognitionofhiswork,ThebookshowshispositivemessageaboutthereunificationofNorthKoreaandabrightfuture.

Travelingaroundtheworld

In1980,RogersleftSoros’QuantumFundwith20%ofthecompany’scapitalprofit-14millionU.S.dollars,startinghisdazzlingfascination.Independentinvestorcareer.FromPortugal,Austria,Germany,toSingaporeandBrazil,Rogers’investmentstyleof“bettingonthecountry”isvividlymanifested.Inordertosecureawinningticketininternationalinvestmentactivities,JimRogerslikestotravelaroundtheworld,visitallpartsoftheworld,experiencenewthings,andmeetnewpeople.Heregardstheseasthemostdirectwaytounderstandthedynamicsofthesecuritiesmarket.In1990,herodeaBMWmotorcyclearoundtheworld(excepttheArcticandAntarctic)withadistanceof104,700kilometers,breakingtheGuinnessWorldRecord.Thiswayofcombininginvestmentresearchwithtourismandentertainmenthasenrichedhispersonallifeandpreparedvaluablefirst-handinformationforhiscorrectinvestment,whichwaswrittenas"RogersGlobalInvestmentTravel".

OnJanuary1,1999,hebegantotravelaroundtheworldagainfromIceland,andwrote"PlaytoEarntheEarth".

Classicinvestment

RogersAtlas(8photos)

In1973,duringtheEgypt-Israelwar,whentheEgyptianandSyrianforceswereinlargenumbersDuringtheoffensive,Israelsufferedthousandsofcasualtiesandsufferedheavylossesintanksandaircraft.Israelwasshockedtofindthatalthoughithadbetteraircraftandpilots,theEgyptianAirForceclearlyhadanunusualadvantage.RogersdiscoveredthatthereasonwasthattheformerSovietUnionsuppliedelectronicequipmenttoEgypt,buttheUnitedStatescouldnotsupplyIsraelatthattime.BecausetheUSdefenseworkduringtheVietnamWarfocusedondailysupplies,itneglectedlong-termtechnologicaldevelopment.OncetheUSDepartmentofDefenserealizesthis,large-scaleinvestmentwillbeinevitable.

In1974,theprofitofRockerAirlines,whichproducesaircraftandmilitaryequipmentintheUnitedStates,fellsharply,andtherewererumorsthatitwasabouttogobankrupt.Duringthisperiod,thestockpricefelltothebankruptprice:$2.ThecalmRogerssawfromtheinternationalcompetitionthatthemilitarytechnologycompetitionbetweentheUnitedStatesandtheSovietUnionisboundtointensify,andtheU.S.governmentwilldefinitelyfocusitsgreatattentiononproducingthebestequipmentfornationaldefense.Therefore,ROCwillreceivestrongpolicysupportfromtheUSgovernment.Basedonthisforesight,heboughtalargenumberofROCstocks.Soonafter,theROCstockssuddenlybrokeoutofsilence,andthestockpricerosefrom2USdollarsto120USdollars.TherewasalsoE-Systems.E-Systemswasstillunknownatthetime,butafterconsultingwithLockheed,Rogers,coupledwithreadingperiodicalsandconsultingmilitaryexperts,knewthatthiscompanywastheirmaincompetitor,soheboughtalot.Thefundrosefrom0.5USdollarsto45USdollars,andthefundwasveryprofitable.Inthisinvestment,Rogers'emphasisonindependentthinkingisfullyrevealed.Heneverconsultedso-calledstockmarketanalysts,believingthattheywouldonlytalkonpaper,eitherblindlyarrogantorunreasonablyworried.Thestockmarketanalystsareabitlikefortunetellers.Ifthefactsarelikewhattheyareanalyzing,wouldn'ttheyallalreadyhavealotofmoney?Therefore,Rogersbelievesthatthemostimportantthingforinvestorsistodeveloptheabilitytothinkindependently.ThisisalsothebiggestreasonforthesuccessofhimandSoros.

Rogers’smostoutstandingfeatureisthatheisoftensurprisinglycalminthemarketwhenthemarketiscraziest.Hewaitsuntilthemarketstartstoruninagapingmanner,andhebecomesadecisiveShortsellers.Inafewdays,peoplewillbeabletoseethatthosecrazyinvestorshavebecomepanicpeople.Ashesaid:"Ifthemarketcontinuestomoveinthedirectionitshouldn't,especiallyifitreachesacrazyclimax,thenyouknowthatthemarketwillprovideyouwithanopportunitytomakebigmoney."InOctober1987,areporterinterviewedJamesWhenRogers,heforesawthattheU.S.stockmarketwasabouttoplummet,sohesoldthestocksshortattherighttime.OnOctober19,1987,theU.S.stockmarketcrashedandhisshort-sellingoperationwassuccessfulagain.

Publishingbooks

Investmentrules

1.Diligence

"Idon'tthinkI'msmart,butIdoworkvery,very,veryhard.Ifyoucanworkveryhardandloveyourwork,youhavethepossibilityofsuccess."ThiswasconfirmedbySoros.Inaninterviewwithreporters,Sorossaid,"Rogersisanoutstandinganalyst,andheisveryhardworking.Hedoestheworkofsixpeople."

2.Independentthinking

"Ialwaysfinditusefultoimmersemyselfinstudying.IfindthatifIonlyactaccordingtowhatIunderstand,itiseasyandprofitable,insteadofaskingotherstotellmewhattodoDoit."RogersnevervaluedWallStreetsecuritiesanalysts.Hebelievesthatthesepeoplefollowthetrend,butinfactnoonecanmakeafortunebyfollowingthetrend."Icanguaranteethatthemarketisalwayswrong.Youmustthinkindependentlyandputasidetheherdmentality."

3.Don’tgotobusinessschool

"Studyhistoryandphilosophy.Doinganythingisbetterthangoingtobusinessschool;beingawaiterandtravelingtotheFarEast."RogersalwaystoldallthestudentswhenhewasteachingatColumbiaSchoolofEconomics,Youshouldn’tcometotheSchoolofEconomics.It’sawasteoftime,becauseyou’llspendabout$100,000duringyourstudiesafteryoucounttheopportunitycost.Insteadofgoingtoschool,thismoneyshouldbeusedtoinvestinbusiness,althoughitmaymakemoneyorlosemoney.,Butnomatterhowyoumakeorlosemoney,youcanlearnmorethansittinginaclassroomfortwoorthreeyearsandlisteningtothose"seniorprofessors"whohaveneverdonebusinesstalkingaboutit.

4.Neverlosemoney.

"Don’tdoanythingunlessyoureallyunderstandwhatyou’redoing.Ifyoumake50%ofyourprofitsfrominvestmentintwoyears,youlose50%inthethirdyear.%,then,youmightaswellinvestyourmoneyinthetreasurybondmarket.Youshouldwaitpatientlyforagoodtime,makemoneyandtakeaprofit,andthenwaitforthenextopportunity.Onlyinthiswaycanyoubeatothers.""So,myadviceisNeverlosemoney,dowhatyouarefamiliarwith,andwaituntilyoufindagreatopportunitytoinvest."

5.Valueinvestmentrules

Ifyoubuybecausethegoodshaverealvalue,evenifthetimingofthepurchaseiswrong,youwillnotsufferamajorloss."Normaltime,itisbesttositquietly,thelesstrade,thebetter,andalwayspatientlywaitforinvestmentopportunitiestocome.""Idon'tthinkIamaspeculator,Iamjustanopportunist,waitingforopportunitiestoappear,inasituationoffullconfidence."Onlyattackbelow,"Rogerssaid.

6.Waitingfortheemergenceofcatalyticfactors

Markettrendsoftenshowlong-termsluggishness.Inordertoavoidmakingfundsfallintoastagnantmarket,youshouldwaitforthecatalyststhatcanchangethemarket'strendtoappear.

7.TheLawofQuietVirtue

"Oneofthelawsofinvestmentistoleaveyourhandsalone,unlesssomethingmajorhappens.Mostinvestorsalwaysliketogoinandout,lookingforsomethingtodo.Theymightsay,'LookSeehowcleverIam,andImadeanotherthreetimes.'Thentheywenttodootherthings,theyjustcouldn'tsitdownandwaitforthenaturaldevelopmentofthegeneraltrend."Rogerswasverydisapprovingofthe"tryyourluck"statement."Thisisactuallyadeadendthatledtoinvestorbankruptcy.Somepeoplewhohavesufferedlossesinthestockmarketwillsay:'Ihavelostasum,Imusttrytomakeitback.'Themoreyouencounterthissituation,themoreyoushouldcalmdown.,Waituntiltherearenewconditionsinthemarketbeforetakingaction."

Investmentviews

Learntoinvest

HowtoinvestinChina:

IninvestinginChina,Iwilldefinitelyfollowthegovernment.TheChinesegovernmentissmarterthanmeandricherthanme.Iputthemoneywherevertheyputtheirmoneyandwhichindustrytheyarewillingtospenditin.

Whattoconsiderbeforeinvesting:

Isawthatathingischeap,Ithought,thisthingischeaphere,canitbeplacedelsewhere?Aretherealternatives?CanIgetprofitsbybuyinglowandsellinghigh?Willactimmediatelyafterdrawingaconclusion.

Talkaboutinvestment

Iamoptimisticaboutrailways,agriculture,medicalcare,finance

"InChina,theimpactofpoliciesonthemarketeconomyisnotsmallLook.Ofcourse,ifthegovernmentsofEuropeanandAmericancountrieswanttointerferewiththeeconomy,theycandoit.Therefore,wheninvestinginChina,Iwilldefinitelyfollowthegovernment.TheChinesegovernmentissmarterthanmeandricherthanme.Theyputmoneyintoit.Wheretheyarewillingtospendmoneyinwhichindustry,Iwillputthemoneywhere."Rogerstoldreporters.

Rogerstoldreporters:“Ididn’tseizethetwoopportunitiesofChina’sreformandopeningupin1978and1992.Now,Chinaisreformingindepthandusheringinnewopportunities.Thistime,IInoticedseveralindustries:railways,agriculture,healthcare,andopenfinance.TheseappearedinthereportoftheChinesegovernment.Icanseeit,andyoucanseeit."

RogerstalkedtoreportersabouttherecentAnextremelynewtopicinthecapitalmarket-Shanghai-HongKongStockConnect.

“AlthoughtheShanghai-HongKongStockConnectwillnotbeimplementeduntil6monthslater,Ican’twaittoimplementitimmediately.Theimmeasurablepositiveeffects,includingthefullfreeconvertibilityoftherenminbi,andthegradualliberalizationofChina’svariouspolicies,willdefinitelyhaveabeneficialimpactontheChineseeconomy.”Rogerssaid.

Whentalkingabouthisinvestmentlogic,Rogersspreadhishandsoutandsaidleisurely:“Actually,whatIcanfindandobserveinChinacanbedonebyeveryChineseperson.It’sjustthatIobservedandthenpassedMythinking,Iactedimmediately.Forexample,ifIsawthatanitemischeap,Ithought,thisitemischeaphere,butcanitbeplacedelsewhere?Aretherealternatives?CanIgetbenefitsbybuyinglowandsellinghigh?IlovetothinkaboutwhatIobserve,andactimmediatelyafterIdrawaconclusion."

Dowhatothersdon’twanttodo,gowhereothersdon’twanttogo,thisisRogers’investmentlogicThedifference.

RecommendationsforChineseInvestingintheU.S.StockMarket

"FormoreandmoreChineseenteringtheU.S.stockmarket,Rogersrecommendsinvestingintheabilitycircle."Mostpeoplefailininvestingbecausetheydon'tknowwhattheyaredoing.Theyalwaysrelyongossipandsuggestionsfromothers.Thisisnottherightway.Ifyouknowacompanywell,youcaninvestafterinvestigation,otherwiseitisbestnottoact."

InvestinginChinesecompanies

InDecember2017,JimRogersrevealedinaninterviewthathewasnotoftenknownabouthisknowledgeoftheChineseeducationindustry.Hisattentionandinterest.Hesaid,“IamwatchinginvestmentopportunitiesintheChineseeducationmarket,andIamwatchingeverytrack.Withtheopeningofthesecond-childpolicy,moreandmorepeopleinChinawillhaveeducationalneeds."Infact,Rogers’investmentinChina’seducationsectorhasalreadybegun.In2016,heinvestedinaChineseeducationcompanycalledGoodTalk.ThisisthefirsttimethathehasbecomeanaturalpersonshareholderofaChinesecompany,aswellashisownpersonalInvestinginanunlistedcompanyforthefirsttimeininvestmenthistory.

Talkingabouttheeconomy

Volatilityisinevitable,andtheoutlookisstillgood

"21stCenturyItbelongstoChina."Rogersreiteratedthispointtoreportersagainyesterday.

RogersbelievesthattheinfluenceoftheChineseeconomyintheworldwillbecomeveryimportant.Thisisundoubtedly,butthisdoesnotmeanthatitwillnothappen.Somegrowthordeclinecyclesarerepeated.Therefore,itisnormalfortheChineseeconomytoexperienceupsanddowns,anditdoesnotaffectthelong-termimprovementoftheChineseeconomy.

WhileRogersisoptimisticaboutChina’seconomicprospects,healsomentionedthecurrentChineseeconomy.Thereareseveralproblems."Thefirstismonetarypolicy,includingthefactthattherenminbiisnotyetfullyconvertible,whichwillhindereconomicdevelopment;thesecondisthatenergysubstitutionneedstobefurtherdeveloped.Manyenergysourceshavenotyetfoundsuitablesubstitutes.Therearenotenoughreserves,evenifthereareenoughreserves,theyareconstantlymining.Ifnoalternativerenewableenergyisfoundinthefuture,thiswillgreatlyhinderthedevelopmentofChina’seconomy.Thethirdiswaterpollution,althoughtheChinesegovernmentAlotoffinancialresourceshavebeenpaidforthis,buttheproblemhasnotbeensolvedyet.Ifitwereme,Imightspendmoremoneyonthis."

Talkingaboutthepriceofgold

Ifthepriceofgoldwillfall,Iwon’tbuyit

Asamasterofcommodityfutures,howdoesRogersviewinternationalgoldprices?Trend?

Hementionedthathewillnotbuygoldnow,butwillbuyagainatadifferenttimepoint,thatis,whenthepriceofgoldfallssharply."Becausethegoldinmyhandcanbeusedasahedge,Therefore,itwillnotbuyanymore.Ifthepriceofgoldcontinuestofall,itwillbuywhenitreachesacertainbottomline."

Asforthespecifictimepoint,hesaidthatitisstillunclear.Thecurrentgoldpriceisrelativelylow,butitmayrebound.

PublicinformationshowsthatRogerslikesgoldverymuch.,Hemainlyfancythevaluepreservationeffectofphysicalgold.Whenthereporteraskedhisopiniononthepriceofgold,hetookoutthegoldcoinsfromhispocketandshowedittothereporter.

TalkaboutChengduh3>

Thechangesareunimaginable

"In1984,IcametoChengduforthefirsttime.ComparedwiththecurrentChengdu,itisnotwhatitusedtobe.Rogersrecalledthat30yearsago,Chengdudidnothavedecentrestaurantsandhotels.Nowthisplaceisnolongerwhatitwas30yearsago.Chengduhaschangedalot.Theairporthasbecomebetter,theroadshavebecomebetter,andbuildingshaverisen.Therearealsomanybuildingsunderconstruction."IfyouhavetochooseaplacetosettleinChina,thisplaceisChengdu,butafterhousingpricesfall."

Talkingaboutstocks

JimRogersexpressedasurprisingviewinShanghai.Hebelievesthatinthenext20to30years,therenminbimayappreciateby500%(Basedon2005),andsaidthathehasneversoldChinesestocksandwillleavethesestockstohischildren.

IstillhaveconfidenceintheChinesestockmarket,asofJuly8,2015.SellinganyChinesestocks,onthecontrary,startingfromthe8th,heboughtChinesestocksontheShanghaiStockExchange.

HebelievesthattheShanghaistockindexhasfallenbymorethan32%inthepastthreeweeks,andwhenthemarketcanbottomout,Thebullmarketisbasedonovercomingthewalloffear.Ittakeseveryonetobealittlebitafraidtomakethestockmarketrisehigherandhigher.Butifeveryoneisconfidentandbelievesthattherewillbenoproblems,thenthereisarealproblem.Butnowwhenthemarkethitsthebottom,thestockmarketcanriseinamorerationalandgentleway,andthisrisewillbemorelasting.

TalkaboutthesecretsofChinesestockinvestment

RogersbackthenHebecamefamousforhissuccessfuldipsintheAustrianstockmarket,andlaterbetonSingapore,Brazilandothermulti-nationalmarkets.Itsdistinctiveinvestmentstyleof"bettingonthecountry"becameuniqueonWallStreet.

September2015,RogersInvitedbyTheChinaSpeakerBureautoattendthe"InvestLikeRogers"CentralSummitValueForum.

Hesaidatthe"InvestLikeRogers"CentralSummitValueForumthathehadInthepastfewyears,hepaidcloseattentiontothecorrespondingmeasurestakenbyvariousgovernmentsinthemarket.Basedonhislong-terminvestmentexperience,thegovernmenthadbetternotinterveneinthemarkettoomuch.Asaresultofthestimulusmeasures,themarkethasproducedalotofartificialbubbles,causingfurthermarketinstability.Somyviewisthatthegovernmentshouldnotinterferetoomuchinthemarketandletthemarketdecideitsownfuture."

RogersbelievesthattheChinesestockmarkethasnotyetseenaclearbubble.Therefore,thestocksheboughtinChinacanevenbeheldfordecades.Rogerssaidwithasmile,"MyChinesestocksarenotgoingtoSelling,Iplantoleaveittomytwodaughters,itwillbeagreatfortune."

RogerssaidbluntlythatinChina,investmentshouldfollowthedirectionofthegovernment.Ifthegovernmentiswillingtomakekeyinvestmentsincertainareas,itmeansthatinvestingintheseareascanhelpinvestorsachieveultimatesuccess.RogersspecificallymentionedBytheThirdPlenarySessionofthe18thCentralCommitteeoftheCommunistPartyofChinainNovember2013,afterthat,heobtainedalistofkeygovernmentinvestmentfields,includingagriculture,railways,medicalcare,andfinancialservices.HecitedsomeofhisinthelistTakeinvestmentinthefieldsofmedicineandenvironmentalprotectionasanexample.HebelievesthattheChinesegovernmentneedsmoremedicalsystemsandservices,andiscommittedtoimprovingthecurrentmedicalsituation,soheboughtalargenumberofmedicalstocks.ThepollutionproblemisthattheChinesegovernmentiscurrentlyfacingHesuggestedthatinvestorspayattentiontorelatedcompaniesanddevelopmentsinthisfield.OnJanuary22,2016,TheChinaSpeakerBureau(TheChinaSpeakerBureau))InvitedJimRogerstoattendthe2016ChinaInternetCity"InternationalInnovationSummit"todiscusshowtousenetworkpowertoexplorethedevelopmentpathofsmartcitiesinthecontextofthe"Internet+"era.

PartofChina'sinsightsandactivities

InsightsonChina

InaninterviewinSingaporein2016,heexpectedChinatoacceleratetheongoingreformsinthefinancialsystem,investmentandconsumptionandotherfields.“Chinaisthepast30years.Inrecentyears,themostsuccessfulcountryintheworld,Chinahastheabilitytoleadtheworldtomeetnewthings.”WhentalkingaboutthecurrentdevelopmentstatusandprospectsofRMBinternationalization,RogerssaidthatChinahasperformedverywellinpromotingtheprocessofRMBinternationalization.IhopethatthepaceofRMBinternationalizationwillnotslowdown.Inhisview,theRMBhasbecomethestrongestcurrencyintheworldsince2005.However,after11yearsofdevelopment,theRMBalsoneedsacertainperiodofadjustmentandstability.Thisisthepastfewyears.Thelawsofoperationoftheworldandvariousmarketsoverthepastcentury.Whentalkingaboutthe"OneBeltOneRoad"initiative,Rogersbelievesthatthisinitiative,likenavigation,exploration,railwayconstruction,telegraph,telephone,etc.,haschangedthegeographicalpatternoftheentireworld.ThisgratifyingchangewillcausedrasticchangesinmanypartsofAsiaandEurope,especiallysomeunderdevelopedcountriesinSoutheastAsia,whichmayriseup."

UnderstandingofChina’seconomyandChinese

Inaninterview,RogerssaidthatwhentalkingaboutChina’svariousdevelopments,Chinaistheworld’ssecondlargesteconomyandwilleventuallybecomeThelargesteconomy.WiththecontinuousenhancementofChina’ssoftpower,theinfluenceoftheChineselanguageisalsoincreasingdaybyday.Chinaisthemostimportantcountryinthe21stcentury.Underthe“BeltandRoad”policy,nomatterhowtheworldsituationchanges,China’seconomywillmakeabigdifference.Allrelatedindustries,especiallyculturaleducation,willbenefitfromthedevelopmentofChinaDevelopmentplaysavitalrole.RogershasinvestedinaseriesofculturalandeducationalprojectsincludingtheYouthBilingualSpeechContest.Hebelievesthatthebilingualspeechcontesthasbuiltagoodcommunicationplatformforyoungpeople,whichwillbeusefulforcultivatingthelanguagediplomacyabilityoftheyouthoftheworldinthefutureandpromotingChinaCommunicationandcontactwiththeworldplayanimportantrole.Throughinvestment,helpingyoungpeopleunderstanddifferentlanguages,theworldandpeers,andcommunicatingwitheachotherisveryimportantfortheworldandindividuals.

ThemostinvestmentinChinaSixindustriesofvalue

Atthe2015China(Fujian)InternetFinanceConferenceandXinhuaNetThinker,Rogersgaveakeynotespeechentitled"OntheRoadofChina’sFinancialMarket".HebelievesthattherearesixindustrieswiththemostThereisinvestmentvalue:

"Firstofall,agriculture.Inthepast35years,Chinesecitieshaveperformedverywell,buttheruralpopulationhasnotenjoyedmoredevelopmentresults.SoIthinktherearegreatopportunitiesinagricultureinthefuture,andmyinvestmentinagricultureisalsocontinuing.Thesecondisthetourismindustry.Inthepast,Chinesepeoplerarelytraveledabroad.NowitiseasierforChinesepeopletoobtainvisasandpassports.Therefore,tourismisanindustrywithgreatpotentialfordevelopmentinChina.Thethirdistheenvironmentalprotectionindustry.AveryimportantreasonwhywechosetoliveinSingaporewasbecauseoftheseriouspollutioninChina.ButIhaveseenthattheChinesegovernmentisverydeterminedincombatingpollution.Thefourthisthefinancialindustry.China’sfinancialmarketisstillrelativelyclosed.ShanghaiusedtobethemostimportantinternationalfinancialcenteroutsideofLondonandNewYork.Ifthefinancialmarketisfullyopenedup,ShanghaiwillevenhaveachancetoleaveLondonbehind.Becomeoneofthemostimportantfinancialmarkets.Finally,thepharmaceuticalindustryandrailways.TheChinesegovernmentwillinvestalotofenergyandworkinthesetwofieldstodevelopthesetwoindustries".