ISSUE 2 | LENT 2013 published by the asian careers society

Lifestyle: Where Are You From? Good Times as a Gweilo

Law: One Firm Gives a Taste, Eleven Create a Brace

‘Abenomics’: An Insight into Current Japanese Economic Reform

Banking: LSE Alumni on having Careers in Asia

THE NEW BOARD MEMBERSA COMPLETE GUIDE FOR ANYONE ON ASIAN CAREERS AND MORE...

With the successful launch of the Asian Careers Journal last year it was up to me to make sure we continued on producing such a high quality publication; and what a publication we have in store for you. With an excellent and devoted group on the Research Subcom-mittee I am proud to present a varied and informative window into the most exciting market for young graduates. With an ascent that doesn’t seem to be slowing, the nations of East Asia continue to impress. China is intent on returning to her ‘historical normal’ while even the 80s powerhouse of Japan is shaking off her cobwebs under the Premier-ship of Shinzo Abe, and making her economic clout felt. Certainly an exciting few years are coming to Asia.

The Asian Careers Journal is not only keeping readers informed. We have also taken a further leap into explaining what it is, exactly, you might end up facing if you choose to explore Asia. As well as some LSE graduates sharing their experiences we have also enlisted the help of LSE’s local Asian community to share with us their tips and secrets of where to go, and most importantly, what to eat. I hope you enjoy reading our Journal and that you too will share our passion and excitement for Asia and all of the opportu-nities it can offer.

Nico NalbantianEditor-In-Chief

EDITOR’S NOTE

02 | Editor’s Note

CONTRIBUTORS

Editor-in-Chief: Nico Nalbantian

Assistant Editor:Niki Micklem

Design:Pearl HoAndy WongJames Totty (cover page image)

Journalists:Kimberly Tong (University of Edinburgh)Megu Takagawa (University of Tokyo)Leo Wan Yu (HELP Univer-sity College)Loh Teng Kai (London School of Economics)Anna Boumeester (London School of Economics)Emily Ting (Kings College London)Sara Ghazie (University of Nottingham)

Research Committee:Justin Chan Yuan YanTiffany ChangJanet ChanValerie TangJustin LaiLipei TaoAditi Narendra KumarGiang NguyenHoward Wong Yeung HouZoe Tang

Publications and Marketing:Jacqueline ChanStephanie ChoiAdrian ChuaLoh Teng KaiBrian LauClarissa LukEdwin LeeChristie MokJasper Ng Zoe TangMarcus ToAndy WongDan Xu

The ACS Committee:Matthew ChoiJessica HuiJonathan YanHon Ting TsoiPearl HoNico NalbantianAnthony NgKitty LumNoble MakKaren YungBenjamin Fung

©iStockphoto.com/4x6

Published by: LSESU Asian Careers Society (ACS) 2012-2013

ABOUT ACS

05 | ACS

Who are We? The LSESU Asian Careers Society (‘ACS’) is the only so-ciety on campus which spe-cializes in providing insights into different career oppor-tunities around Asia.

Our size, extensiveness and continued engagement with students and corpo-rate firms have reinforced our reputation as a premier source of information and opportunities within the LSE.

Our members are all either from Asia or show strong interests in building career paths in this fast-growing and increasingly influential region.

our Work We act as a platform for members to explore career prospects surrounding the following fields: Account-ing, Banking, Law, Manage-ment and Consultancy and Alternative Careers.

Throughout the school year, we organize a diverse range of events in hopes of spanning the bridge be-tween firms and LSE stu-dents. In offering compa-nies access to our growing membership database, we serve as the perfect chan-nel for firms to recruit grad-uates of the highest calibre.

Read more about our event highlights in this journal, in-cluding Asia Exposure, Le-gal Insight and our new in-itiative, the Law Conference 2012.

our aimsThe ACS has always been dedicated to prepare LSE students for their future ca-reers.

We aim to increase their understanding of their in-terested sectors, deliver comprehensive guidance on developing key compe-tency skills and maximize their chances to meet, net-work and learn from indus-try professionals.

We review and develop our ideas to deliver the most relevant, practical and use-ful events that are enjoya-ble for both students and participating companies.

Investment BankingBy Justin Chan Yuan Yan

overvieWTo a typical LSE student, having a career in investment banking is simply exciting. When we talk about investment banking, most of us will instinctively think of London and New York as these two cities have been the global financial hubs for the last few decades. However, as Eurozone countries and United States struggle to get out of their depressing economic downturn, Asia could be a great alternative for any potential investment bank-ers.

According to Financial Times, the gravity of European money mar-ket funds is starting to shift from the West to the East due to rating downgrades and weak domestic demand in the European coun-tries.1 This has encouraged inves-tors to widen their hunt for invest-ments across Asian countries. A report from Fitch Ratings indicates that a fifth of the total assets of Eu-ropean money market funds have been moved from weak Eurozone economies to emerging Asia coun-tries, especially cash-rich China, as well as other strong economic performers in Europe such as Ger-many.2 Besides, Mergers & Acquisi-tions in Asia are also expanding in influence across the global finan-cial market. M&A activities in China is reported to hit 93.1 billion USD in 2012 compared to 13.6 billion 1 The Financial Times – www.ft.com2 Fitch Ratings – www.fitchratings.com

USD in 2007 and researchers be-lieve that the exponential growth of the M&A market in China is driv-en by domestic policies which pro-vide incentives to firms to acquire foreign assets amid the worsening Eurozone debt crisis.

A recent survey done in the UK suggests that almost a third of UK-based investment bankers prefer to work in Singapore rather than any other financial hubs in western countries. The survey showed that out of the 462 investment bankers that were asked, 31 percent ranked Singapore as their first choice, a fifth opted New York and only 19 percent preferred London as their destination for their future career. In addition, 60 percent of the bank-ers believe that the Asia-Pacific re-gion would dominate the financial service sector in the next ten years time compared to only one fifth predict opting for London.3 The results are not astonishing as prof-it-oriented banks and firms would definitely see fast-growing, low-tax and bank-friendly Singapore as a more favourable place to expand their business. All the statistical data have evidently supported the fact that Asian countries are get-ting more and more comparable to developed Western countries in the competitive financial industry. So, why not Asia?

singaporeSingapore is a highly-developed and political-stable country locat-ed in South East Asia. The low tax policy and its relatively transparent and corruption-free business envi-ronment have made Singapore a lucrative destination in the eyes of 3 The Financial Times – www.ft.com

foreign investment. In terms of fi-nancial sector, Singapore is truly a world-class financial centre and the financial sector is the major driving force of the economy, accounted 11.6% of Singapore total GDP. Ac-cording to the latest report, Singa-pore is ranked as the fourth-best financial hub and fourth largest foreign exchange (FOREX) market in the world.

The investment banking indus-try flourished as Singapore de-veloped into a key international debt arranging hub in Asia. The steady flow of issuance from the Singapore Government, statutory boards, supra-nationals and cor-porate ensure the capital market in Singapore remain active all the time. The growth of Singapore Ex-change (SGX) as an international exchange has successfully attract-ed many foreign companies, who account for more than a quarter of total listings in Singapore. Strict regulation and high standards also play a crucial role in the develop-ment of investment banking sec-tor. Various initiatives such as the Code of Corporate Governance and revisions to the SGX listing rules have been taken to enhance disclosure, improve market dis-cipline and strengthen corporate governance of listed companies. All these measures significantly re-duce uncertainties and indirectly maintain the investors’ confidence.

Most investment banks in Sin-gapore involve in various corpo-rate-finance and investment relat-ed activities such as4:

• Underwriting securities

4 Guide Me Singapore - www.guidem-esingapore.com

INTRODUCING...

• Acting as an intermediary be-tween an issuer of securities and the investing public• Acting as a broker for institu-tional clients• Facilitating mergers and ac-quisitions (M&A)• Advising companies on rais-ing capital through Equity Cap-ital Market (ECM) or Debt Capi-tal Market (DCM)

In terms of market share, bulge-bracket investment banks like JP Morgan, Deutsche and HSBC usually dominate the scene. However, three main local banks (DBS, OCBC and UOB) do present in some investment banking activ-ities. A major move was taken to consolidate the previously six local banks into the present three main local banks. The reason behind of this transition is to strengthen their financial capability and capac-ity in order to compete with major foreign banks in the country.

With outstanding interpersonal and analytical skills, you can at-tempt to be an investment bank-er in Singapore. For educational requirements, most investment bankers hold bachelor’s or mas-ter’s degrees and some positions require professional licenses or certification. A good academic certificate is a good start, but sim-ply not the end. Local students in Singapore are ‘kiasu’(which means afraid of losing to others in Hokkien, a dialect of Mandarin which is commonly used in Sin-gapore) and have very strong en-thusiasm in investment banking, fierce competition in this industry should be expected. Good com-munication skill is significant in this multiracial society and know-ing English and Mandarin could be a big plus to your CV as these are the main languages taught in Sin-gapore. Since investment banker is a high risk, high return profession, the working environment is ex-

tremely stressful and long working hours are pretty common to any investment bankers in Singapore. If you are looking for a place which is relatively less competitive than London, Singapore might not be your choice.

hong kongHong Kong, as one of the fastest growing international financial cen-tres, is reputed for its high stand-ard banking industry regulation. Currently, there are 145 licensed banks, 27 restricted license banks and 28 deposit taking companies

in operation in Hong Kong. Of these 200 authorized institutions, 181 are beneficially owned by sov-ereign entities from 29 countries.5 In the past 50 years, Hong Kong has successfully attracted many top financial firms from all over the world. 68 out of the world’s 100 largest banks have shown their presence in here.

There are several factors that have contributed to the success of Hong Kong in the competitive banking

5 Guide Me Hong Kong - www.guideme-hongkong.com

07 | Intros

industry. Strong and fast grow-ing domestic banking market has provided a great environment for Hong Kong to become a strong fi-nancial institution in its own right. Apart from that, the domination of HSBC in the domestic banking sector is believed to help HSBC to have enough capacity and market share to compete with other ma-jor banks. According to Index of Economic Freedom, Hong Kong has remained as the world’s fre-est economy since the inception of the index in 1995. The economy, which is governed under positive non-interventionism (the econom-ic policy of Hongkong), has very minimal government intervention in the market. This allows more flexibility to investors and reduces the concerns about the effects of government policies to the market. The highly internalized and mod-ernized financial industry along with its capital market in Asia have made Hong Kong a favourable des-tination for international firms, es-pecially firms from Mainland Chi-na, to be listed in the Hong Kong Stock Exchange.

Hong Kong’s position as the com-mercial capital of Asia quite nat-urally spurred the growth of in-vestment banking services. Today, many investment banks in Hong Kong offer a variety of financial services to firms and investors such as issuing securities, trading of financial instruments, managing portfolios of financial assets and other support services. Well-de-veloped stock exchange market also helps to promote the growth of investment banking industry in Hong Kong. The highly regulated Hong Kong Stock Exchange is listed as third largest in Asia in terms of market capitalization.

The rise of China has never gone unnoticed by the banking industry. With the lucrative salary packages, low income taxes (max 17%) and opportunities to work on mega-Chi-nese IPO, Hong Kong is attracting

many top-notch investment bank-ers from traditional financial hubs such as London and New York. Apart from that, more and more top Chinese students and invest-ment bankers now want to work in their own country as opposed to staying developed Western coun-tries as they believe the banking in-dustry in Hong Kong is comparable to the ones in the US or Europe. All these have significantly increased the supply of qualified candidates in the labour market which makes it harder for applicants to secure an offer. Hence, learning local lan-guages (Mandarin & Cantonese) would definitely be beneficial to your applications.

Being an investment banker in Hong Kong is an entirely different experience to what you would do in London or New York. Getting deals done relies a lot more on “network” than strong execution skills or orig-inal ideas. Furthermore, China is has never been extremely success-ful in the M&A market as its main focus is on IPOs. Hence, most of the time you will be spending your time on writing prospectuses and travelling to talk to clients about the latest economic outlook and industry trend, and less on doing complex models and executions. Many IPOs in China tend to be very profitable. If you are an investment banker, this could be good news to you as it will be reflected in your year end-bonuses.

ConsultingBy Aditi Narendra Kumar

Consulting as a profession is lucra-tive to those who have an aptitude for problem solving and love work-ing in different sectors at the same time. There is one mainstream type of consulting, management consulting. The other types are specific to a particular industry such as IT consulting, financial con-sulting or economic consulting.

Management Consulting basically involves you being a part of a team which has to solve a business re-lated problem for a particular cli-ent. This problem can range from raising cost efficiency or increasing sales to the restructuring of busi-ness strategy. Some of the bigger companies in management con-sulting are Bain, Boston Consulting Group or McKinsey. Management consultancies like McKinsey also work for governments to solve unique problems in sectors like health and education. But Bain has a clear policy of not working with government bodies. So each com-pany has its own area of expertise. Financial consulting is a financial advisory service for investments, mergers and portfolio manage-ment; some of the companies spe-cializing in this are Oliver Wyman, Bain and Deloitte.

Another niche type of consulting, of which most students are not aware, is economic consulting which deals with competition pol-icy analysis and market structure. This type of consulting involves assessing cases of unfair competi-tion practices, mergers, cartels and requires a thorough knowledge of microeconomics. Compass Lex-econ, Frontier Economics and RBB Economics are the main compa-nies in this field.There are also a few firms like Ox-ford Economics and Cambridge Economics which deal with Mac-roeconomic consulting which in-volves forecasting and data analy-sis.

Consulting, as a profession, re-quires a few key skills like effective and simple communication skills, problem solving skills, the ability to work in a team on challenging problems and the ability work to tight deadlines. The work of a con-sultant is not as demanding as that of an investment banker but it is both challenging and intellectually stimulating.

In Asia, almost all the big Europe-an consulting firms have offices in Singapore, Bangkok, Taiwan and Tokyo. But mainstream consult-ing in Asia is in financial services. This is due to the large presence of the Investment Banking Sector in the region. Firms like Bain, Moni-tor Group and Oliver Wyman have extensive operations in the Asia Pacific region which are predomi-nantly in financial consulting.

So, depending on your field of in-terest, you can apply to firms which specialize in financial consulting which will mostly be in Asia Pacific and London. The United States and Europe specialize more in Econom-ic and Management consulting services. This difference can also be attributed to the levels of devel-opment within a particular region. Asia is fast growing with cities like Hong Kong, Singapore and Tokyo where there are a plethora of in-vestment and business opportuni-ties. Whereas European countries are facing the developed world problems of unfair competition among big firms, the expansion of business in new areas, possibilities of Mergers and acquisitions and so on.

The best way to start a career in Consulting is to get an internship in any of the most renowned con-sulting firms. Most of the Consult-ing firms go on to hire their interns for graduate roles and moreover, internships are relatively easier to get. Most consultants advise stu-dents to be thorough with some core microeconomics and case study analysis, to perform well in interviews. After applying the first stage is an assessment centre where the candidates sit for ap-titude tests; the second and third rounds are generally interviews.

If you apply for graduate roles, then you apply as an Analyst or Junior consultant. In most of the companies the hierarchy the goes up to Associate, Manager, Senior

manager and Partner. But from the first day of work you are part of a team solving problems head on, irrespective of your peer’s sen-ior positions. Consulting has a very horizontal working structure, as the focus is on performance.Team work and time management are absolutely crucial in order to do well in this field.The work can range from doing a lot of data analysis to running re-gressions to doing field work to un-derstand the problem.Thus, consulting is a very reward-ing, interesting and challenging ca-reer path with ample opportunity to progress.

It is very important to attend com-pany presentations to know more about a particular company and network with their employees. There are websites like Glassdoor and Vault which have organized information on consulting firms and job opportunities; these can be very useful for prospective ap-plicants.

LawBy Janet Chan

Amidst economic uncertainty in the US and Europe, it would be wise to turn your eyes towards Asia with its abundant markets and bags of potential. The world is becoming increasingly dependent

on Asia’s growth, and the flourish-ing economy is constantly fuelling the legal market. As a result, there have been major changes through-out Asia facilitating its expansion. In this article, I will be outlining the progress of the various hubs in the legal markets, comprising of Main-land China, Hong Kong, Malaysia and Singapore.

mainland ChinaWith its thriving markets and in-vestments in full swing, China is an important country to keep an eye on. Although it is a civil law jurisdic-tion and at the moment, only PRC nationals and HK residents (with-out a foreign passport) can qualify as Chinese lawyers, don’t let this put you off because internationally qualified lawyers can give counsel on international deals (inbound and outbound investments). Most international firms are based in Beijing and Shanghai, although there are many local firms dotted all around China. They cannot be said to be completely mutually ex-clusive however, as local firm King & Wood has recently completed a merger with Mallesons, an Aus-tralian firm, to become King & Wood Mallesons, the only law firm licensed to practice Chinese law, English law and Australian law. As Western law firms expand to Chi-na, Chinese firms are also trying to establish themselves overseas, for example, Zhong Lun Law Firm, which opened an office in London

09 | Intros

in May 2012. As China lays founda-tion as one of the most influential countries in the world, it is clear that a career there is an opportu-nity not to be missed.

hong kongArguably the nucleus of Asia, Hong Kong has much to offer to budding lawyers. A common law jurisdic-tion, it is a place where much of the action happens and can be described as a gateway between China and the rest of the world. It is also the preferred venue for arbitration and mediation, where 23 foreign law firms have already formed associations with local firms. This is not surprising, since there is a swelling demand for fi-nancial services, including IPOs and M&As, which in turn stimu-lates demand in the legal mar-ket. For example, in March 2012, Simpson Thacher & Bartlett rep-resented China’s Bank of Commu-nications in its $8.9 billion private share placement.

Prospective lawyers who want to practise in Hong Kong should keep in mind that they need to pass the conversion courses in order com-plete the Postgraduate Certificate in Laws in Hong Kong. This may sound troublesome, but not to worry, the rewards are great. The ‘war’ between UK firms and the US newcomers in their quest for talent has meant that salaries have been on the rise. American firms in their bid to establish themselves on HK soil have offered ‘New York Rates’ to newly-qualified lawyers- sala-ries in the region of £92,000 per annum- compared to a ‘measly’ £73,000 in UK firms. In addition, a number of US firms offer cost of living allowances- extremely gen-erous given the rocketing property prices in Hong Kong.

malaysiaIn 2012, the Malaysian Parlia-ment passed the Legal Profession (Amendment) Bill 2012, allowing foreign firms to open offices and

practise Malaysian law. This is a significant change in the Asian legal industry, however, there are per-ceptible limits put in place at the moment. Foreign firms can either partner up with a local firm and practise in select areas of law in-cluding corporate, Islamic finance and international arbitration, or they could establish their own firm and practise in very limited fields; those including court litigation and criminal law would be off-limits. These restrictions should not be permanent, however, just a way to ensure that liberalisation of the le-gal market occurs gradually.

The court system in Malaysia has been highly praised for its effi-ciency. The Chief Justice’s goal for concluding court cases within 9 months has been very successful. Malaysia has also been zealous in its promulgation of the Kuala Lum-pur Centre for Regional Arbitration as a venue for international arbi-tration.

Barristers and solicitors are not separated in Malaysia- you can be both at the same time. However, foreign lawyers are not permitted to practise Malaysian law. De-spite this, internationally qualified lawyers may advise on cross-bor-der deals. If you want to practise Malaysian law, you can sit the CLP after getting your LLB (LSE quali-fies), or you can pass as a barris-ter-at-law in England, after which you should fulfil the requirements for the Malaysian Bar.

singaporeAt the moment there are 6 inter-national firms which hold Qualified Foreign Law Practice licenses: Allen & Overy, Clifford Chance, Herbert Smith Freehills, Latham & Watkins, Norton Rose and White & Case. The license gives these firms the power to practise in Singaporean commercial law. It is expected that these licenses will be distributed to other firms again in 2013.

The Singaporean Parliament has approved legislative changes which would facilitate mergers between international and local firms in early 2012 and international firms have not wasted a second in set-tling themselves in Singapore. This year has seen many high-profile mergers and alliances, including the Ashurst/Blake Dawson merger, the Linklaters Singapore Pte. Ltd/Allens alliance and the Baker & Mc-Kenzie/Wong & Leow alliance.

It would be easier to become a for-eign lawyer at international firms, but should you wish to fully qual-ify as a Singaporean lawyer, you should take Part A of the Singapo-rean Bar Exam first, followed by a training contract, after which you can practise as an advocate and a solicitor.

ConClusion

Many believe that Asia is an up-and-coming region in the world and they have good reasons to do so. Christine Lagarde, managing director of the IMF, emphasized the importance of Asia’s role in the global recovery in the wake of the financial crisis when she said that it was the “defining econom-ic success story of modern times”. Working far away from home may be a daunting idea for many, but where is success without risk?

11 | Intros

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BANKING

Interview with James ChengBy Kimberly Tong

In the high-rise commercial building in Causeway Bay, we were welcomed into the conference room of what ap-pears to be a high-tech modern gal-lery, surrounded by contemporary artwork and paintings. As Mr James Cheng, came out to greet us, we were struck by his friendliness in his neat black-and white polo shirt, practical navy anorak and comfy blue jeans.

Having graduated from the Universi-ty of Hong Kong and the University of Michigan Business School, Mr Cheng was the Lead Portfolio Manager/CEO at Morgan Stanley for 7 years(from 2006), before retiring this year. Cur-rently, Mr Cheng acts as the Senior Advisor to Morgan Stanley. Previous-ly, he had also founded a very suc-cessful company called Asia Strategic Investment Management Limited, which he ran for 8 years from 1996 in Hong Kong.

Speaking very frankly and humbly, the depth Mr Cheng showed his in-tellectual and his personal insight on current affairs and the financial industry was admirable. With a tap, the hallway filled with paintings closed behind us. With another tap, the glass doors of our conference room entitled our interview discre-tion. With his relaxed bespectacled eyes upon us, our discussions be-gan…

1. How much do you enjoy your job, in general?

I am part of an investment bank, but I was more of an investment manager. To me, this industry is a lot of fun as I get to learn new things all the time. I have been very fortunate with my mentors, one of whom was a Wall Street legend.

They are in an industry which makes a lot of money, but they are not to be known to use money frivolously. Instead, they are more involved with the thought process, but they do enjoy the financial game. For one, you get the right to think freely and deeply, before proving your thesis in the market place. There is an objective to fair judgement to a certain sense – the market place will prove whether you are right or wrong.

2. How would you compare invest-ment banking 25 years ago and that of today?

Whilst I am now currently retired, I am still involved as a Senior Advi-sor to Morgan Stanley. Essentially, the last 25 years had seen a tech-nology driving investment banking tremendously. The zillion amount and volume of info dealt with, was not seen previously (e-mail had only just been invented 25 years ago.) Computing was just invent-ed then. Before, we only had the time-consuming one-to-one com-munication. Then fax was invent-ed, which is a faster though con-strained multiple point.

The value on investment bank-ing was timeless…and in the early 1990s, when e-mail was invented

- there was an explosion of info via e-mails I had worked my en-tire career within investing in Asia, and there was no such Pan-Asian index then – with data going back to around 1988 and invented in 1990s, so I had no way of knowing performance in Asia in a whole in-dex going.

Hence, people developed a dif-ferent skill set of how they can worked. Fundamentally, business changed. To me, the invention of technology has changed the vol-ume and timelessness because traders can trade very differently. (Mr Cheng receives an average of 600 e-mails per day, and an incred-ible 2000 e-mails during holidays!)

When I joined Morgan Stanley, we were a very small company and my unit manages around 20 billion dol-lars. Today, after selling half a busi-ness away, we’re at 200~300 billion dollars. The size has increased, and the amount of data you deal with are very different.

3. Do you think there is a certain attitude that an investment banker should hold towards the society in general?

This is an interesting question. When I first started, we were at the cups of taking off in the late 1980s. We were dominated by merchant banking model, mostly British merchant banks which don’t exist today. They are agency brokers, a middle-man between buyer and sellers, who also do advisory work with no risk on the banks itself. It is a very pure form of what I call “turning their blood, sweat and toil into money”.

However, the Americans, using computer technology and bigger capital base, have wiped out the agency model using the risk of their capital and better access of data by the late 1990s.

4. Do you think the tightening of banking regulations will move the industry forward, or would it be a hindrance?

I personally think, 2008 is a water-shed year for the financial industry. This reflects my decision to leave the firm and to move on to do something else in the industry. The way I look at it in the past 20 years, went through an extreme period of what I call “leveraging” from 1990s to 2008. In the developed world (not including emerging markets), private plus government debt from around 15 to 70 trillion in 2008. Over the same time, GDP(in US dollars) 22~44 trillion has doubled. This unprecedented and extraor-dinary period has ended in tears. Hong Kong is a product of this lev-eraging, and have made up a lot of money from it. It is unreasonable and illogical to expect it to contin-ue, right?

Regulations are going to tighten. The financial industry has created a lot of problems, and part of the game has become a gamble. I have had a talk with Laurence Summers (who is currently the Director of the White House Economic Coun-cil) when he was in Singapore, amongst other senior figures, they all have their doubts that a lot of things that go on in the financial world have no economic value. This is a great challenge right now, which is why George Soros spon-sored ”Institutes of New Economic Thinking” is something interesting I would follow more closely than traditional Economics. It is a plat-form to challenge a lot of vested interest. I actually think traditional Economics has a lot of problems, as many students are channeled into very mathematically-model

driven things. At the end of the day, these mathematically-driv-en models don’t really explain the world very well.

In my opinion, the last 20 years models we lived with, with its pe-riod of extreme “leveraging” have to be re-examined. This is why I am doing what I am doing today. If you use the old model to make mon-ey, you will lose a lot of money. In the last 3~4 years, the hedge funds have been doing quite badly. Mar-ketization, with the market price telling you the value of things, is what you look at when you create models. Market price is only true if there is a lot of volume behind this transition. This is why re-examin-ing is the key with hedge funds at the moment.

5. Do you think the finance industry is a “sunset industry”?

No, I think finance is something that can co-exist in any economy. You have seen a lot of accesses in the system, in the last 20 years be-cause of a combination of a tech-nology driven computing power and communication. Humans are not aware of the power of this thing and abusing them. Their power to do that was very damaging in hind-sight. Without internet, we would not have been able to create all

the CDOS. All the main roots is the computing power we misused.

To me, this industry is not a “sun-set industry”. As much as I am concerned, this industry to me, is a lot of fun, but a lot of people enter because they think it makes a lot of money. When I entered the indus-try, the pay wasn’t what it is today.

However, it is still a very high-ly-paid industry. I would argue that you need to enjoy and have a passion for what you are doing. It is a “sunset industry” from the perspective if you think you will make the amount of money pre-2008. Otherwise, there are a lot of things I think we have caused this crisis we have to re-think. On the UK and the Euro, my view is that you can do anything you want, but you have to be aware of the con-sequences and the British has to make a choice.

6. What qualities would you look for in your mentees?

I would look for people who open-minded willing to learn, who can handle their own biasedness. When I run my team, one of the first few guys to work in manage-ment in Morgan Stanley, I refused to have a room when I was pro-moted to a “Principal”(Between Vice-president and Managing Di-rector), as I enjoy an open commu-nication. Yes, rooms are a symbol of status. But I value communicat-ing and thinking freely, I look to people who are willing to experi-ment.

Performance is very important, and it comes to numbers. We tend to focus on longer-term. In the short-term, I place more impor-tance on how the person thinks through to the solution, than the actual solution. To me, the only ability to stay long-term, is the pro-cess of how you think. There is a certain amount of randomness in the very short run. A very interest-

13 | Banking

ing read would be Nassim Nicholas Taleb’s latest book “Antifragile”, a sequel to his earlier book, “ Fooled by Randomness”. I am not the usu-al guy you speak to, there is a lot of pressure on everybody who focus on results.

7. With all the criticism on invest-ment banking, what sort of attitudes should employees have in this re-spect?

This is a very philosophical ques-tion. In the past 20 years, it all comes down to how free-market and stock performance deter-mines everything. Is there some-thing wrong with that? I am not sure whether that is wrong, but my view is that economics is a tool of analysis. It can be employed with different ways and value systems. My very personal belief is that one of reason why the economic pro-fession got into the troubles it has today, is that somewhere along the line, we lost sight that econom-ics is a tool of system, not a belief system, or the moral equivalent of religion. Free-markets can work in different political arrangements. If you look at the fundamental, there is a cer-tain “cage” set by Christianity. All the fundamental of economics are developed by staunt Christians, deep down they all grew up with the 10 Commandments. We don’t talk about it, because it’s so much part of their lives. It goes back to back to: what is the moral choice of the society?

There is no outright “yes” or “no” answer, it is just properly under-standing why our morals are, and making sure our financial rewards are in line with the risks we take.

8. What is your view on the banking industry in China?

Whilst I am not an expert on China, the financial industry will definitely develop in China. They will adopt a

clear system to the one we are now enjoying, as China is at probably at a stage where the banking sys-tem is at where the Western banks were at a stage 20~30 years ago. The Private-Owned Enterprise will have to drive the economy more than the State-Owned Enterprise. The Chinese market is not an easy market to work, but not impossi-ble.

China has the one advantage that few countries have, and the world has not witnessed. Danny Quah, a professor of Economics at LSE, has good views on China. China is industrializing upon their 1.2 bil-lion population, and enjoying un-precedented economies of scale. Economics is an observational sci-ence. China is able to experiment an “Open System” on Shenzhen in 1979, and when it worked, they extended upon the whole country. This helped China to develop their economy a lot faster.

China’s very fast growth puzzles the West very much, but the error many Western Economists make is on China’s scale, and that the economy has been very stable in the last 20 to 30 years. They do not know where China’s ground zero is.

There are many good concepts to use, but we have to be open-mind-ed on possibilities.

9. How does the culture of Morgan Stanley from that of another firm?

Morgan Stanley hires smart, hard-working, but creative peo-ple and it is a distinct fact that we spend an inordinate amount in hiring people. Both Goldman Sachs and Morgan Stanley are very proud of their companies, but Goldman Sachs has more of a col-laborative partnership structure, whereas Morgan Stanley is more staff-based, but I wouldn’t carry it very far.

The firms’ culture is very strong. It does to matter which offices you work in, whether it is in New York or Hong Kong. Overseas offices are smaller, and have less expertise specialization.

Pre-crisis, Morgan Stanley can be rather entrepreneurial. We are very unique in being an investment bank, but continues to be very ag-ile in tapping opportunities. The advantage is that we have the re-sources of a large corporation and the nimbleness to work, if we were to start a new business. However, the current regulations will be a more constraining force. My advice to interns of Spring Weeks: Working hard and being smart is ultimately what they are always looking for.

We are very grateful to Mr Cheng for his insights and experiences, and wishes to thank him for sharing his time with us on during his brief stay in Hong Kong, before travelling back to Singapore. On a personal note, I would like to thank my team of LSE students for their support and advice for making this possible.

Asia ExposureBy Loh Teng Kai

The Asia Exposure is an annual trip by the LSE’s Asian Careers Society (ACS) and Business Society. Every year in December, the two socie-ties co-host and organize visits to multinational financial institutions such as J.P. Morgan, Bloomberg and more. These visits are tar-geted at students seeking to gain knowledge and employment in the financial services industry, and are excellent opportunities to impress prospective employers and net-work with senior professionals, as well as students from other pres-tigious universities. Many partic-ipants from previous years have

15 | Banking

managed to secure internship of-fers from prestigious investment banks through the pre-screen-ing of successful applicants and through the various networking opportunities. Naturally, there are limited spaces and selection crite-ria for participating candidates are thus stringent.

This December was no different. Kitty Lum (from ACS) and Kevin Li (from Business Society) organized a weeklong trip and brought a di-verse group of students to Hong Kong’s central business district for Asia Exposure 2012.

Why Hong Kong though? Hong Kong is one of the world’s top de-veloped financial centers, and is in a prime position to take advantage of the China’s growth prospects due to its unique status of being a part of China, yet being politically and economically separate. This allows Hong Kong to have access to the tremendous investment potential in/from China and yet have strict financial regulations that many investors worry about when investing in other developing markets. With the recent attention Asian economies, particularly Chi-na and its growth story, have gar-nered due to their growth despite the financial crises in the western regions, I daresay participants were definitely excited on explor-

ing the prospects and meeting the top finance professionals in the East Asian region.

Over the course of the weeklong trip, participants had the oppor-tunity to meet with both business and human resource representa-tives from J.P. Morgan, Citigroup, HSBC, Nomura, Deutsche Bank, Barclays, Bank of America Merrill Lynch, Credit Suisse, Bloomberg and HK’s Monetary Authority. The business representatives touched upon various businesses that the institutions were into, with the main focuses being on Investment Banking services such as M&A,

IPOs, Sales and Trading, and on Transactional Banking services (which is quite under explored by many students). They also shared many of their experiences, and de-cision-making processes they used when deciding on why to work in financial services on why to work in Hong Kong.

According to the different repre-sentatives, one of the top reasons for choosing Hong Kong, is that it is is a very international place to work. This was made obvious as many of the business representatives come from very diverse backgrounds - be it nationality, education, or even previous work experiences. Mr Fe-lix Lee, a VP from Deutsche Bank and a passionate LSE Alumni is

an outstanding example. He stud-ied law at the LSE and worked as a lawyer upon graduation. After a few years of hard work, an oppor-tunity to move to join the IBD front office of Deutsche Bank opened up for him. He took the leap despite knowing little about the industry back then, and today, he is a suc-cessful investment banker who is sharing a deal he has recently closed (AIA’s USD 1.7 B acquisition of ING Malaysia Insurance Unit) in detail and using terminology that even some of the finance gradu-ates have little clue about. Accord-ing to him, the bank places more importance on one’s intelligence, ability to work well in teams, and passion to perform. The consensus amongst the other senior profes-sionals we have met was similar. Potential candidates do not need a finance background to pursue a career in financial services, and most of the time do not need to be able to speak Mandarin/Cantonese for most roles in financial services in Hong Kong based roles. One thing I find particularly interesting is that how wide a scope hires to the graduate programs are able to explore. Take Max, another alumni from the LSE and is in apart of the China Coverage team of Deutsche Bank as an example. Due to the less developed market of Asia (rel-ative to US/UK) and smaller deal sizes he participates in, he is able to not just do the financial mode-ling but also deal directly with the senior management of companies he works with, something that will be rare in a bulge bracket bank in more developed markets. He also has the opportunity to touch on a wider array of banking products such as M&A, IPO, Rights Issues and more because of the slightly different way teams are structured here, granting very high exposure and potentially, faster career pro-gression.

On the human resources side, the head of recruitments could not stop emphasizing the importance

of spring and summer internships as they fast trek successful interns into the graduate program, and typically fill up their graduate class with their own past interns. There-fore, piece of advice for students keen on Investment Banking – do your research, pick a company you like and do your internships for them!

Aside from the core “business” side of the trip, there was free time in between for participants to explore Hong Kong as well. The organizers, Kitty and Kevin were always keen to give tips on where to visit, and some participants who were local enthusiastically showed partici-pants who were foreigners around Hong Kong. As one of the partici-pants, I found that despite being extremely packed and crowded, Hong Kong does have its charms. The food was fantastic; the view of the skyline is breathtaking, es-pecially from the Peak and the bay area; and the fusion of east with west, and old with new is re-ally unique to Hong Kong. Howev-er, word of caution is that though useful, I felt that the trip was more catered towards first years and penultimate students, as the ad-vertised opportunities are mostly for internships. Nevertheless, final years students that participated in Asia Exposure 2012 would have had a good takeaway from the net-working sessions and definitely a clearer picture of their next career steps.

All in all, I think Asia Exposure 2012 was a good experience that I am sure the participants enjoyed. It is a good experience for those in-terested in the financial services industry, especially non-locals who are seeking employment in Hong Kong as it gives a glimpse of life in Hong Kong as well. For those who missed the 2012 trip, do look for-ward to the one in 2013!

Asian Adventures: LSE Alumni on Careers in AsiaBy Nico Nalbantian

Name: Dmitry Lapidus

Degree studied at LSE and year graduated: BSc Government and Economics, 2012

Nationality: British/Russian/Italian

1. What is your job out in Hong Kong?

I work for the Fundamental Equi-ty portfolio management team at BlackRock in Hong Kong, trading the local markets and investing in undervalued companies across South East Asia and the APAC re-gion as a whole.

2. What led you to choosing to work in Asia? Was it by design or more un-expected?

Moving to Asia had always been in the back of my mind. I was lucky to have grown up and lived in several different countries prior to attend-ing LSE and I studied Mandarin at university so a move here just seemed like the next logical step.

3. How different is it from home? Have you acclimatised easily?

Hong Kong is certainly different to any other city I have experienced. It is a busy cosmopolitan city of 7m people and gargantuan skyscrap-ers bundled against a backdrop of pristine forests, beaches and hills – the best of both worlds. As a port city it is also incredibly internation-al so in many regards it is similar to London. You can certainly feel

the interaction of East and West here and it is very easy to get used to the way of life. I was shocked at how efficient it was to set up my life here having never visited Asia prior to arriving for my first day of work!

4. Do you feel that the environment provided by LSE prepared you for liv-ing in Hong Kong?

I think LSE does a fantastic job of introducing people to a multitude of different cultures and customs so I didn’t ever really have a cul-ture shock when I arrived. Funni-ly enough I sometimes feel that Hong Kong is like a macrocosm of LSE in that it is extraordinarily in-ternational and revolves so much around the interaction of econom-ics, finance and politics – some-thing very fitting for Asia’s largest financial and trading hub.

5. What advice would you wish you had been given when you first ar-rived?

Prepare yourself for the unbelieva-ble humidity! The summer months are unbearably sticky and even now in February it is 23 degrees and 70% humidity so there’s no real concept of seasons. Very dif-ferent when you’re used to Russian snow and British rain!

6. Is it an exciting place to live?

Definitely. It is a city that genuine-ly never sleeps and a hub that is a hop, skip and a jump from some fantastic regional destinations. I plan on exploring Vietnam, Cambo-dia, the Philippines and of course China in the coming months.

7. How is the night life?

Hong Kong is pretty much the per-fect blend of London, New York and Shanghai with a wide array of things to do. There are plenty of awesome little bars, galleries and speakeasies tucked in non-de-

17 | Banking

script buildings that are gems the locals tend to keep pretty quiet. The same goes for restaurants and the famous private kitchens that spring up around town. Then there is the notorious Lan Kwai Fong – you really have to see it for your-self.

8. If you had to return to Europe, what one thing would you take back from your adventures in Hong Kong?

If I could, it would have to be the view from the top of the Peak on Hong Kong Island as the sun is ris-ing. Or the delicious local food!

Name: Martin Ryland

Degree studied at LSE and year graduated: BSc International Relations, gradu-ated 2010MSc International Relations, grad-uated 2012

Nationality: Norwegian/Czech

1. What is your job out in Japan?

My job is in procurement for IHI, one of the largest heavy indus-tries companies in Japan. Basically, I work with boilers for coal-fired power plants. I negotiate and pur-chase ancillary machinery that make the boilers work efficiently: accumulators, hydraulic pressuriz-ers, acoustic cleaning devices, etc.

2. What led you to choosing to work in Asia? Was it by design or more un-expected?

Very unexpected. In general, busi-ness was pretty bad in Europe and without a stellar extracurricular

activity and/or impressive intern-ships on your CV it was quite hard to find a job that I wanted to do in England. In this sense, moving to Japan was conditioned largely by path-dependency. I had lived in Japan for my gap year after high school, which made it easier for me to get an internship with the European Union’s delegation to Japan in between my Bachelor and Masters. By then my Japanese was fluent enough to work solely in Japanese, and on quite technical projects. However, I doubt I would have come back to Japan if getting a good job in London had been a little bit easier at the time. Howev-er, realistically, Tokyo was the only real option for me. If I couldn’t do my dream job, and how to take a couple year doing something I’m not truly passionate about, why not do it somewhere where you stand out a little more?

3. How different is it from home? Have you acclimatised easily?

Depends on where you consid-er home. People are basically the same no matter where you go, but in Japan the outer shell is harder to break through. You are often treated as someone’s foreign (gai-jin) friend, feeling more like an ex-hibition rather than an actual per-son. It took me around 6 months to actually make a Japanese proper friend, and even now my other for-eign friends largely outnumber my true Japanese friends.

4. Do you feel that the environment provided by LSE prepared you for liv-ing in Japan?

Yes and no. LSE is international the most international place I’ve ever been, whereas in Tokyo, interna-tionalization is more feared, and the term is generally used with a negative by-meaning. Living in London has made it a lot easier to reach out to people of foreign cultures. In Tokyo, that means that every time you meet a fellow for-

eigner, conversation flows more naturally, and you can end up quite close, quite quickly. That is one of the things the LSE teaches better than any other. How to treat peo-ple based on their personalities, rather than just cultural stereo-types.

5. What advice would you wish you had been given when you first ar-rived?

Don’t expect to become a part of society immediately. You will be placed on the outside for quite a long time.

6. Is it an exciting place to live?

Most definitely so. Temples are a train ride away, and then you can go clubbing in Shibuya or lounge about the bars and cafés of Shimokitazawa and Kichijouji. I absolutely love the attention to quality here.

7. How is the night life?

Good, as long as you know where to go. Clubs are fun, I guess, but the real clincher are the tucked away bars and restaurants that you suddenly end up finding your way into when you miss your last train home.

8. If you had to return to Europe, what one thing would you take back from your adventures in Japan?

I guess the experience of being treated differently from everyone else. How although there are no bad intentions, you never properly feel as an integrated part of socie-ty. I would make sure I never treat-ed anyone like that again.

The US-China Strategic and Eco-nomic Dialogue(S&ED) was es-tablished by President Obama and President Hu in 2009, as a framework for two of the largest economies in the world to mutu-ally cooperate and coordinate on macroeconomic and major issues of the world economics. It is also to enhance mutual understanding, and mutual trust. Previous S&EDs have discussed a range of mutual concerning topics. I shall refer to the latest meeting in 2012, as the symbol on how beneficial the S&ED has been for both economies.

To define on how “beneficial” the S&ED has been for both econo-mies, one view would be see the “immeasurable progress made” regarding communication (Danielle Kurtzleben, business and econom-ics reporter). China and US have reached an agreement to have China increase Open Trade and Development, and to increase the amount of money that foreigners can invest in the Chinese domestic market. This is to encourage China to move away from its export-led growth, and more towards con-sumption-led business model, which would be more advanta-geous to the US markets.

With better understanding of the how the different government op-erates, a positive view would be that the US could tap into the huge Chinese domestic markets. Howev-er, as of such China should reduce the trade barriers on for more US exports, which could help rebal-ance the trade deficit with China. China is still very much dominated by state-owned banks, which pre-fers large state enterprises(Secre-tary Geithner). It is presumptuous to assume a whole country’s sys-tem will transform overnight, but gradual progression is being made.

Experts like Elizabeth Economy (C.V. Starr senior fellow and direc-tor for Asia studies at the Council on Foreign Relations)does state that bilateral leverage has never really been exerted by either sides. Interestingly enough, it has still been on the agenda of the S&ED.

For one, the US trade deficit has increased every year since 1988. This reflects America’s growing trade gap with China, with the 2011 figures to be US$295 billion, and 2012 figures to be US $318 bil-lion. According to President Scott Paul of the Alliance for American Manufacturing(AAM), this growing trade deficit has costed millions of lost US manufacturing jobs. To be concise, the Economic Policy Institute showed the figures to be US$2.7 million jobs in the last dec-ade (2012).

Curiously, converse evidence counters towards the trade liberal-ization which was so much sought after by the US. Most economists are of the view that free trade is a win for all countries involved. A re-cent working paper of Fed’s Justin Pierce and Yale’s Peter Schott ar-gues that it was the 2000 granting of the Permanent Normal Trade Relations (PNTR) that would have helped employment growth by an estimated 10%, instead of a shrink-ing of the manufacturing industry. The PNTR is a legal designation for

the US to offer another nation(in this case, China)all trade advan-tages, such as low tariff. However, this means that it was the absence of job growth, not the concerning job losses, which caused such a negative effect upon manufactur-ing employment. This suggests that trade liberalization contribut-ed greatly to the decline of the US manufacturing industry.

It has been in the 2012 S&ED agenda to “encourage open trade and investment”. While converse evidence may point towards this affecting the US manufacturing industry, the two country’s com-mitment towards building a more open global trade system and re-sisting protectionism contributes to build trust between the two countries. Guanxi(Connections) still play a huge role in business making in China. It would be ben-eficial for the US to gain greater understanding of the political dy-namic at play within China.

China’s ability to ship low-priced goods has been beneficial for the Chinese economy growth, with China being the third largest econ-omy in the world (Source: Inter-national Monetary Fund 2011), and the world’s largest exporter since 2011. China’s unprecedent-ed growth over the past 30 years have had been heavily dependent on exports. This ensures that the Chinese too has vested interest in maintaining a stable and ex-panding US economy. Millions of Chinese migrant workers also de-pends on export manufacturing jobs for their livelihood. As of yet, the Chinese economy must contin-ue selling Chinese manufactured goods to the US in the short-term. Thus, the S&ED would ensure that progress would be made for mutu-al respect and mutual cooperation, with the top agenda in the S&ED 2012 being to build a sustainable global growth.

Washington to Beijing: The Effect of the US-China Strategic and Economic Dia-logue on both economiesBy Kimberly Tong

19 | Specials

Innovation is the US’s comparative advantage expressed in technolo-gy goods, but also medical and other advanced equipment. Unfor-tunately as Chinese intellectual property rights is currently inade-quate, it is simple to see why US firms may have objections towards having their innovations “stolen” and reverse-engineered in short order, as restrictions are also driv-en by national security. As the US innovation advantage is extorted, US’s decision to export a scanty sum of computer equipment, over Scrap Metal can be seen in the Ex-ports Table below (2011).

Source:  United States Department of Commerce, Census Bureau, U.S. Interna-tional Trade Statisticshttp://censtats.cen-sus.gov/cgi-bin/naic3_6/naicCty.pl.

China did however; agree to con-tinue its permanent campaign against intellectual property theft.

This effect of China’s weak intellec-tual property rights can be seen as having the powerful mutual gains undermined. As a result, the US is not making the gains it should, re-garding trade. The S&ED has been beneficial in reinforcing the US’s concerns and enacting the Chinese to give an appropriate measure to this problem. Intellectual property remains a core issue, but concrete action still needs to be undertaken to override this disadvantage.

Another problem regarding US trade is that of Chinese subsidies, in the form of cheap land, energy, and other inputs, implicit finan-cial transfers, and regulatory pro-tection. All of this is to ensure the dominance of State-Owned Entre-prise (SOE), which suppresses im-port competition. Most important-ly, almost all of the Chinese banks are state-owned, which is a lever-age to control the rest of the econ-omy. The Stateen table shows the 18 sectors the Chinese State must have majority control over.

Source: http://www.heritage.org/re-search/testimony/2012/07/the-most-im-portant-chinese-trade-barriers

Whilst state control is undefined, foreign firms are blocked from having a market-leader role, with foreign banks and insurers having less than 2% of sector assets. State-owned banks also make as much as 80% loans to SOEs, with the cen-tral government concerned on the amount of credit going to private firms. This gives less opportunity space for the US firms to pene-trate the Chinese market. Perhaps the S&ED is truly important – not necessarily in concrete measures, but in bringing concerning issues up front. The US will find benefi-cial to understand more and gain a measurements of the Chinese sub-sidies in place, according to Derek Scissors, Senior Research Fellow for Asia Economics at The Heritage Foundation. Until then, US goods and services will be blocked by Chi-nese subsidies, which is harmful to US exports to China. The benefit of the latest S&ED in 2012 has China acknowledging to develop a mar-ket of fair competition to enterpris-es of all kinds of ownership. The US problem has been addressed, and only time will tell of whether con-crete measures will take place.

At the same time, S&ED has seen a gradual progression from econom-ic reforms to financial reforms, as argued by Dan Steinbock, Research Director of International Business at the India, China and America In-stitute. The latest S&ED brokered a deal that will let foreign groups establish joint venture brokerages for Chinese commodity futures. Some experts have expressed the view that the RMB would become a

key commodities currency, in “just 10~20 years”. With its high global demands for commodities, along

with continued urbanization and rising inflation, the latest S&ED may have a benefit of ensuring China having a say in setting com-modities prices.

In recent years, Chinese Yuan has undergone its goal of having a currency which trades relatively freely, or convertible by 2015. Ac-cordingly, China began to interna-tionalize the Yuan while launching a pioneer scheme which allows certain Chinese regions to pay for their imports and exports in Yuan, before allowing all Chinese regions in March, 2012 to pay for the above mentioned in Yuan.

Whilst this is good for the Chinese to continue their currency ex-change reform, many Americans are of the view that Chinese cur-rency policies are harmful to the US economy. To their credit, Chi-nese did take some action to reach a mutual cooperative standpoint, as acknowledged by the US treas-ury in 2012, for “gradually allowing necessary external adjustments to take place” . Beijing has moved its peg to the dollar in 2010, and the RMB has appreciated by 8% since then. Since the S&ED in 2010, Chi-na has defrosted its exchange rate, which is beneficial to the US price competitiveness.

Chinese buying US debt has

brought up huge controversy over the recent years. Contrary to objec-tions, this does ensure the US will be enjoying lower consumer pric-es, allows the US economy to grow by have government federal pro-grams funded and also keeping US interest rates low. The argument is that this will ensure the Chinese Yuan to be always lower than that of the US dollar, which helps to keep its export prices competitive. This gives the Chinese discreet in-terest: if the Chinese were to ever to sell part of its debt holdings, the US interest rate would rise, thus causing slower US economic growth.

At the same time, the latest S&ED has China promise to continue its currency exchange reform. The first Hong Kong-London forum has been seen recently to promote off-shore RMB businesses, which had pledged to “cooperate in boosting” the concerning offshore business. As a result of years of currency tur-moil with the US, perhaps one of the benefits is China accelerating its speed towards RMB interna-tionalization. This would enhance the position of the Yuan and de-crease China’s dependence upon the US dollar.

In conclusion, the S&ED has been beneficial towards enhancing the communication and raising cru-

cial issues which would affect both China and in the US. The Chinese financial markets have much to be reformed, with the Chinese mar-kets still being relatively closed to foreign investors and firms. How-ever, it must be noted that the Chi-nese’s gradual economic success was approached with both caution and ambition. The US has stated its concerns, and a verbal agreement has been acknowledged, by both parties. To a large extent, cooper-ation could be seen from progress attained, but far more concrete measures still have be undertak-en to safeguard US’s trading prob-lems.

Sources:• http://www.usnews.com/news/arti-cles/2012/05/01/3-hurdles-to-us-chi-na-economic-dialogue?page=2• http://www.treasury.gov/press-center/press-releases/Pages/tg1567.aspx • http://chinausfocus.com/fi-nance-economy/from-economic-re-forms-to-financial-reforms/• http://www.americanmanufactur-ing.org/blog/does-ustrade-deficit-chi-na-ebb-and-flow• http://www.chinadaily.com.cn/business/2012-05/05/con-tent_15217009.htm• http://www.heritage.org/research/testimony/2012/07/the-most-impor-tant-chinese-trade-barriers

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Looking for a career in law? At Linklaters, a law firm with 19 practice areas in 27 cities across the globe, we look for talented and highly motivated individuals to join our global network. So whether you are a law or non-law student, link up with us for the opportunity to work in the most interesting markets with the most prominent clients and on the most exciting deals.

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LAW

A Head StartBy Emily Ting

Law Conference 2012: China in the Global Convergence

On December 22nd, 120 students from top universities in the UK and Hong Kong attended the 2012 Law Conference organised by the LSE’s Asian Careers Society. Held in Hong Kong, the theme for the very first student driven Law Conference was ‘China in the Global Conver-gence’. The purpose of the confer-ence was for students from both law and non-law backgrounds to enhance their commercial aware-ness and interest in the Chinese

legal market by investigating the high-growth market in China and its relationship to the global legal industry.

‘Global convergence’ refers to the meeting and merging of markets around the world, which has been the trend in recent years, as illus-trated by the widespread globali-sation of brands and corporate expansions into the international markets. China, as a high-growth economy, is currently at the heart of this convergence – increased ex-pansion into the Chinese market in the forms of M&A, cross-border capital market transactions, as well as strategic alliances. As the coop-eration between Hong Kong and mainland offices grows increas-

ingly intimate, this phenomenon is undoubtedly of great interest to current and future lawyers.

The conference opened with a high-ly stimulating discussion about the rule of law in China, a crucial prin-ciple of governance and the con-text in which commercial dealings take place. Professor Benny Tai of the University of Hong Kong pre-sented his conception of ‘the rule of law at four levels’ and discussed the current status of the rule of law in China with Mr Rico Chan, Head of Baker & McKenzie’s Real Estate and Hotel Practice Group, and Mr Dennis Kwok, a member of the Hong Kong Legislative Council and Election Committee Member for the legal functional constituen-

23 | Law

cy. I found their discussion of the ‘limitation from law’, the aspect of the rule of law that imposes limits such as constitutional and judicial limitation as well as accountability on the exercise of governmental powers, particularly thought pro-voking.

Allen & Overy Greater China Sen-ior Partner Mr Joseph Tse subse-quently shared his views on the evolution of the legal services mar-ket in China over the past two dec-ades. Insight into this development was fascinating, especially with the increasingly close relationship be-tween Hong Kong and mainland offices as China’s economy contin-ues to grow. China has seen a rap-id growth in the value and volume of inbound and outbound M&A and IPO since its admission to the World Trade Organisation a dec-ade ago. This was further exam-ined in the first panel discussion of the day, on inbound investments, in which Mr Rico Chan was joined by Deacons Partner Ms Catherine Zheng, and Herbert Smith Freehills Partner and Head of Greater China international arbitration practice Mr Justin D’Agostino in sharing his views on trends in inbound invest-ments and obstacles hindering in-bound investments in China. They concurred that although inbound investments in China declined in the first quarter of 2012, possibly due to the eurozone crisis, the US and BRIC economies will act as the wheels that drive inbound M&A in the near future as they attempt to revive growth in the aftermath of the global financial crisis. The speakers also discussed the fac-tors that hinder the growth of in-bound M&A; Ms Zheng highlighted cultural barriers between Chinese and foreign companies – Chinese companies have more complex structures with family networks and closer relationships with cen-tral or local government – the dif-ferent corporate cultures some-times cannot integrate, resulting in failed mergers.

We had a networking luncheon with the speakers, some of whom were also Graduate Recruitment Partners; they shared their expe-riences of their legal careers and lives as lawyers and partners in leading firms, and it was a fantas-tic opportunity for participants to chat with them in a more relaxed setting.

In the subsequent panel discus-sion on outbound investments, Hogan Lovells Partner and Head of Asia Corporate Mr Jamie Barr, Lin-klaters Corporate Partner Mr Craig Dally, and Skadden Partner Mr Alan Schiffman discussed China’s outbound M&A and IPOs. They highlighted the lack of transpar-ency and communication between Chinese and foreign companies as obstacles towards outbound investments: the Chinese govern-ment’s bureaucratic approach to processing outbound investments, including a lack of explanation about future plans and a closed decision-making process, have caused many big M&A deals to fail, although Chinese outbound M&A transactions have doubled in the past 5 years. The two panel discussions and the Q&A sessions afterwards were stimulating, and it certainly opened me up to thinking about markets, investment trends and their relationship to the legal sector.

Freshfields Bruckhaus Deringer Partner and China Chairman Ms Teresa Ko then presented a case study, sharing with all of us her experiences in advising BOCI Asia Limited, as the sole placing agent, on the RMB-denominated share placement by Hopewell Highway Infrastructure. Ms Ko outlined the significance of Hong Kong as

a leading fundraising centre, giv-ing examples of the Agricultural Bank of China and the AIA listings, and also as the premier offshore RMB business centre, explaining the RMB bond markets and trade settlements. She explained that through the placement of 120 mil-lion shares that will be priced and traded at RMB3.22 each on the Hong Kong Stock Exchange, up to RMB375 million was expected to be raised. ‘This was a milestone transaction which diversified RMB product offerings in Hong Kong, and opened up opportunities of the new RMB-trading counter,’ she said, referring to the dual-counter trading arrangement of the deal, which allows investors to sell and transfer shares from the HKD to RMB.

In the last session of the day Davis Polk Partner Ms Bonnie Chan gave a highly informative review of cap-ital markets in China and in Hong Kong in 2012. 2012 has been a

cy. I found their discussion of the ‘limitation from law’, the aspect of the rule of law that imposes limits such as constitutional and judicial limitation as well as accountability on the exercise of governmental powers, particularly thought pro-voking.

Allen & Overy Greater China Sen-ior Partner Mr Joseph Tse subse-quently shared his views on the evolution of the legal services mar-ket in China over the past two dec-ades. Insight into this development was fascinating, especially with the increasingly close relationship be-tween Hong Kong and mainland offices as China’s economy contin-ues to grow. China has seen a rap-id growth in the value and volume of inbound and outbound M&A and IPO since its admission to the World Trade Organisation a dec-ade ago. This was further exam-ined in the first panel discussion of the day, on inbound investments, in which Mr Rico Chan was joined by Deacons Partner Ms Catherine Zheng, Latham & Watkins Office Managing Partner Mr Michael Liu, and Herbert Smith Freehills Part-ner and Head of Greater China international arbitration practice Mr Justin D’Agostino in sharing his views on trends in inbound invest-ments and obstacles hindering in-bound investments in China. They concurred that although inbound investments in China declined in the first quarter of 2012, possibly due to the eurozone crisis, the US and BRIC economies will act as the wheels that drive inbound M&A in the near future as they attempt to revive growth in the aftermath of the global financial crisis. The speakers also discussed the fac-tors that hinder the growth of in-bound M&A; Ms Zheng highlighted cultural barriers between Chinese and foreign companies – Chinese companies have more complex structures with family networks and closer relationships with cen-tral or local government – the dif-ferent corporate cultures some-

times cannot integrate, resulting in failed mergers.

We had a networking luncheon with the speakers, some of whom were also Graduate Recruitment Partners; they shared their expe-riences of their legal careers and lives as lawyers and partners in leading firms, and it was a fantas-tic opportunity for participants to chat with them in a more relaxed setting.

In the subsequent panel discus-sion on outbound investments, Hogan Lovells Partner and Head of Asia Corporate Mr Jamie Barr, Lin-klaters Corporate Partner Mr Craig Dally, and Skadden Partner Mr Alan Schiffman discussed China’s outbound M&A and IPOs. They highlighted the lack of transpar-ency and communication between Chinese and foreign companies as obstacles towards outbound investments: the Chinese govern-ment’s bureaucratic approach to processing outbound investments, including a lack of explanation about future plans and a closed decision-making process, have caused many big M&A deals to fail, although Chinese outbound M&A transactions have doubled in the past 5 years. The two panel discussions and the Q&A sessions afterwards were stimulating, and it certainly opened me up to thinking about markets, investment trends and their relationship to the legal sector.

Freshfields Bruckhaus Deringer Partner and China Chairman Ms Teresa Ko then presented a case study, sharing with all of us her experiences in advising BOCI Asia Limited, as the sole placing agent, on the RMB-denominated share placement by Hopewell Highway Infrastructure. Ms Ko outlined the significance of Hong Kong as a leading fundraising centre, giv-ing examples of the Agricultural Bank of China and the AIA listings, and also as the premier offshore

RMB business centre, explaining the RMB bond markets and trade settlements. She explained that through the placement of 120 mil-lion shares that will be priced and traded at RMB3.22 each on the Hong Kong Stock Exchange, up to RMB375 million was expected to be raised. ‘This was a milestone transaction which diversified RMB product offerings in Hong Kong, and opened up opportunities of the new RMB-trading counter,’ she said, referring to the dual-counter trading arrangement of the deal, which allows investors to sell and transfer shares from the HKD to RMB.

L to R: Noble Mak, Ms. Teresa Ko

In the last session of the day Davis Polk Partner Ms Bonnie Chan gave a highly informative review of cap-ital markets in China and in Hong Kong in 2012. 2012 has been a relatively volatile year; but despite the global economic uncertainty and Asian IPO slowdown, China maintains its position as market leader – as evidenced by the larg-est-ever, multi-billion mega IPO of the Agricultural Bank of China. The ups and downs of 2012, especial-ly concerning China investments, should probably be kept in mind while we observe and explore Chi-na’s position in the global conver-gence in future.

All in all, it was an ‘extremely well organised and managed confer-ence on a very interesting and rel-evant topic’, as Mr Jamie Barr, one

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of the panellists, put it, in an email to all attendees after the event. Personally, I am glad that I got the opportunity to participate in this informative and stimulating con-ference. The wide variety of speak-ers from an array of practice areas and leading firms were enthusias-tic in sharing with us their experi-ences and opinions on trends and issues concerning China’s market and investments. With the chance to interact with legal elites and to discuss a truly relevant topic for tomorrow’s lawyers, I daresay that the participants would agree that the conference was a success.

One Firm Gives a Taste, Eleven Create a BraceBy Tiffany Chang and Zoe Tang

In the cold and festive December, 25 LSE law students decided to take a break from Santa for four days and sally forth to eleven lead-ing international law firms to take part in ACS’ annual Legal Insight. Legal Insight provided a valuable opportunity for participants to probe into what the exclusive le-gal market has to offer upon LSE graduation. This trip includes firm-based presentations, networking events and case study sessions.

Michael Liu, the Office Managing Partner at the Hong Kong office of Latham & Watkins, suggested that

the uniqueness of the city, where the West is in the East, is what makes the firm establishment of the fatherly link between China and Hong Kong possible.

Joyce, a trainee at Linklaters’ Office, is an American-born Chinese who started her career in Hong Kong after graduating from an American law school. She also echoed Liu’s view that it is the city’s exclusive advantage in geographical, legal, cultural and historical aspects, which brings about the practical-ity and probability in Hong Kong leading lawyers’ participation in high-profile deals with multina-tional corporations, but predomi-nantly Chinese enterprises.

Participants experienced a hands-on session in a case study offered by Baker and McKenzie. In which first and second year students worked on two separate cases and were subsequently divided into two opposing teams to ar-gue their stands. A trainee was assigned to each team, who guid-ed participants through the cases and explained the relevant laws and procedures at court. Bryan Ng, Associate of the Litigation Depart-ment, demonstrated the role of a counsel in court and highlighted the importance of oratory tech-niques in the feedback session. A similar opportunity was kindly of-fered by Clifford Chance, in which participants were faced with a case concerned with the collision of two ships, raising both legal and busi-ness questions, giving participants a taste of complicity and reality.David Winfield, partner of the Hong Kong office, illustrated the importance of teamwork as a lead-ing-firm solicitor, during a team building exercise at Freshfields Bruckhaus Deringer. The exercise served to emphasis the signifi-cance of interpersonal skills within the team as well as liaisons across different teams in large-scale deals.

In the 21st Century, all roads lead to China. Although employees are not expected to have the compe-tency of a translator, emphasises had been placed on the ability to communicate adequately in Man-darin, necessitating the ability to both read and write in Chinese for all members across the entire hierarchy in every firms. On top of that, it should be noted that over-seas applicants have to pass all the relevant conversion exams in or-der to be able to practise in Hong Kong. Finally, before being quali-fied as a lawyer in Hong Kong, law graduates have to complete the Postgraduate Certification in Laws (PCLL) programme in order to equip the relevant practical skills needed as a lawyer, be it solicitor or barrister, at either the Universi-ty of Hong Kong, Chinese Universi-ty of Hong Kong or City University of Hong Kong.

Unfortunately, Santa seems to have made an unnecessary ride to town this December for the 25 of us. The reward of having the op-portunity to liaise with partners, human resources managers of leading law firms, acknowledge-ment of their respective recruit-ment requirements as well as the opportunity to learn from experi-enced members was overwhelm-ingly enriching. Better luck to Santa next year when he decides to clash with the LSESU ACS Legal Insight.

In August 2012, I was able to en-joy the glorious summer weather of Hong Kong on my way to LSE’s joint summer school in Beijing with Peking University. While in Hong Kong I was offered the opportuni-ty to speak with Hong Kong’s Chief Justice Geoffrey Ma at the Court of Final Appeal. Perched on the top of Batter Path in Central, sur-rounded by greenery, the Court of Final Appeal is housed in the for-mer French Mission Building and makes for a welcome change in scenery from the base of the HSBC building a few meters below. It is within these surroundings I was

welcomed into the office of Chief Justice Ma.

To provide some historical back-ground, prior to 1997, the Hong Kong judiciary had the Chief Jus-tice of the Supreme Court of Hong Kong as its most senior judge. With the return of Hong Kong to the Chinese mainland, the title was changed to Chief Judge of the High Court and the Chief Justice of the Court of Final Appeals assumed the leading role of the Hong Kong Judiciary. This office, like much of Hong Kong’s unique culture and governance, reflects the dichot-omy of having in the past been a British colony and the present status of being a special adminis-trative region of the People’s Re-public of China. Under the Basic Law, the constitutional document of Hong Kong, the city remains a common law jurisdiction as op-posed to Mainland China’s civil law model. This means that the Court of Final Appeal is tasked with final interpretation of all of Hong Kong’s laws save the Basic Law. The power of interpretation of the Basic Law lies with the Standing Committee of the National People’s Congress as stated in Article 158 of the Ba-sic Law. Within this context, Chief Justice Ma enforces the laws and rights of the people of Hong Kong.

With the growing concern the people of Hong Kong have about what they see as the increasing in-fluence of Beijing, questions have been raised over the real inde-pendence of Hong Kong’s special administrative region status. With tens of thousands of protestors against Beijing in January 2013 and Chinese citizens on the main-land angry about their portrayal in shows such as ‘Inbound Trouble’ the tendency is to look to and lob-by institutions like the Hong Kong judiciary. Chief Justice Ma would say that it is wrong to attempt to demagogue the judiciary. An ex-ample of its commitment to judi-cial neutrality and independence, the Hong Kong judiciary in the de-termination of cases will not look to what certain members of the public, the majority of the public or even the government consid-ers the desirable outcome in any given case. In order to serve the public interest it is important for the court to stay committed to the fundamental concepts of fairness, dignity and justice. This is the key to the rule of law in Hong Kong. To alter such a commitment as a means to a political end would threaten the principle of equality before the law. Likewise, it is up to the people of Hong Kong, to ensure that judicial decisions are respected, especially that a ‘loser’ abides by the court’s rulings. It is this commitment that serves the public interest: an adherence to the principles of fairness, equality and dignity of the people’s rights no matter who the citizen may be.

Due to the contentious nature of Hong Kong’s place in China, the courts periodically need to deal with legal questions arising out of political matters. These may be areas ranging from the 1999 right of abode controversy to more re-cent conflicts between residents of Hong Kong and their fellow citizens on the mainland. No matter the nature of political issue, Chief Jus-tice Ma maintains that judicial ac-

Independence, Neutrality and Serving the Public Interest - An Interview with Chief Justice Geoffrey MaBy Nico Nalbantian

27 | Law

tivities ought not to be politicised. This is absolutely not a criticism of independent citizens utilising their freedom of speech, a guaranteed fundamental right in Hong Kong. However, the courts and judges will not be influenced by outside opinions, no matter how vehe-mently they are expressed. This contrasts to the highly politicised nature of the American Supreme Court whose Justices are often ranked in the press by where they rank in the political spectrum.

It would seem that Chief Justice Ma has the support of the Department of Justice as Secretary for Justice Rimsky Yuen stated at the opening of the 2013 Legal Year that: “unlike the political process the judicial process is not subject to any lob-bying, and should not be so.” While there is no doubt, like any judicial system, that Hong Kong courts will continue to face challenging legal questions, one can be con-fident that Chief Justice Geoffrey Ma and his peers will protect the judicial independence and neu-trality of the Hong Kong judiciary. Hong Kong is rated by the Political and Economic Risk Consultancy as having the best judicial system in Asia. To quote the Chief Justice on the subject: “There is no doubt whatsoever in my mind that Hong Kong has a fearless and independ-ent Judiciary, and that the concept of the independence of the Judici-ary - a concept that is synonymous with Hong Kong’s success in many people’s minds - very much exists in Hong Kong.” Highlighting how a vigilant judiciary navigating the dy-namic legal questions arising from the vigorous people and city of Hong Kong protects the city’s pub-lic interest.

When Politics Meets the Rule of Law (i) - Interview with the Honourable Alan Leong Kah-Kit By Kimberly Tong

We have just been called into the cosy office on the 5th floor of the newly built Legislative Council build-ing. Outside was the hustle-and-bus-tle of the Central district. Inside, was a completely different story. Com-fortingly at ease and casually digni-fied in a stripped maroon woollen sweater-and-tie combination with a crisp white shirt, Alan Leong Kah-Kit reflected his surroundings: calm, yet attentive.

Having graduated with an LLB and LLM in the University of Hong Kong and the University of Cambridge respectively, Mr Leong was the Chairman of the Hong Kong Bar As-sociation from 2001-2003,before em-barking upon his political career. Mr Leong founded the Concern Group in 2003 due to the legislation of the Basic Law Article 23. This later be-came the Article 45 Concern Group, and also sparked the founding of Civic Party, amidst other supporters. Currently, Leong is the leader of the Civic Party, and Audrey Eu (whom we interviewed in the next article) the Chairperson of the Civic Party.

And so began a one and a half hour of chatting…

1. We know the motivation behind your decision of becoming a politi-cian was when you decided to defend the legal certainty of Hong Kong by standing up against Article 23 of the Basic Law.

Nevertheless, why did you decide to continue your political career?

You are right; It all started with the Article 23 of the Basic Law. I have never dreamt of being a politician. As a defendant of the Rule of Law, I have no choice but to stand up for institution – to see to it, that is be-ing sustained. The saga (which took 15 to 16 months - K. Tong) allowed me to meet characters from differ-ent backgrounds, ones that senior councillors never get to meet.

Under the exposure and interac-tion, people started asking me to run for public office.

The defining incident was the Can-dlelight Virgil at the Charter Gar-dens on the 9th of July, 2003. When I set foot on stage, the MC asked me, in front of the 55 thousand (as reported) present, to run for the Legislative Council. On the stage, at that night, I had a complete case of stage fright.

I recalled replying to their calls: “You yourselves are the ones to thank.

I asked to be given time to think. The next 7 -8 months were a long and tortuous process. I had only took silk in 1998, the 1st after the return of sovereignty. Thus, be-ing relatively young, I would have wanted more time for more great cases.

2003 presented me with opportu-nity. I went through a soul-seek-ing process. With a young family, I knew what I was getting into. At best, I would only be able to keep 1/6 of my practice.

Of course, the rest is history.

(Mr Leong decided to run against Mr Donald Tsang, but unfortunately lost in the Chief Executive election.)

Firstly, I really wanted to see the core values of Hong Kong: the love for liberty, human rights, and the desire for a democratic Hong Kong not to vanish and be “mainlan-dised” too soon. I know how fragile the rule of law is.

Secondly, I still think Hong Kong is unique in contemporary China. Sun Yat-Sen, the Father of Mod-ern China, confessed in 1923 that his desire to learn more about the Western rule of law and was in-spired by his 3 years of higher ed-ucation whilst at Hong Kong (Sun Yat-Sen was a medical student. -K. Tong)

Sun’s words were “There is a task yet unaccomplished. Comrades, we have to work harder.”

In my opinion, Hong Kong has served China as it has served a century or so ago. Hong Kong must sustain its own value and systems.

2. How do you think young lawyers could equip themselves for 2047?

There are only two destinies, des-tinations.

1) Hong Kong “mainlandized”: big-ger remit than simply adopting

laws.

2) Mainland “Hong Kong-ized”. We should not be dwarfed by Chinese history. Nor should we belittle our-selves.

China would one day be a world citizen, embrace the same global values which liberated the world.

Universal suffrage, once it has been given, cannot be taken away. Hong Kong was the experiment, but it can also be applied. It is im-portant for law students to take need of this fact.

Why do I want to see universal suf-frage in Hong Kong? It is the only ultimate safe-guard for the Rule of Law to be sustainable.

In Chinese History, young emper-ors put themselves beneath the Law. Yet, when they are older, cor-rected by power, they want to be above the Law.

Without institution to put into place, the Rule of Law cannot be safe-guarded.

If Hong Kong can sustain this, this will be the model for the rest of China.

I am not saying that Hong Kong has a perfect system, but I am quite sure that one day, the micro and continental system will meet at a mid-point.

I think of the Rule of Law as an in-stitution represented by a set of values and principles.

My advice to law students would be: do not ignore jurisprudence. I understand we all have a hard time studying it as law students, but it’s important to know of what to do, and what not to do.

3. Can you offer some advice for young undergraduate law students or young lawyers?

My advice would be to read more widely, make more friends from all around the world and widen your horizons.

Also, it is very important to learn your law. When I first took up pub-lic office, I felt very deficient. I had gone to Law School straight after matriculation, and I felt I was too young. I had adopted a tunnel no-tion too soon.

Law students can easily end up with too narrow a vision. It is very fortunate that I have been very active in non-academic activities since Form Four.

Don’t just bury yourself in your books. It is brilliant that you are studying abroad, so make the most out of it.

4. How did you manage to persevere when encountering stress from the opposition and critics every now and then?

Basically, I am facing myself. What do I treasure in life? Life is tran-sient, but you would wish to leave a legacy of yourself.

After the few months of soul-searching before deciding to run for Chief Executive, I reflect-ed on what I treasure in life. I am aware of the consequences, and as long as my family are happy and approve of my choices, why not?

In politics, it is not always reasons that prevail. I knew that, when I ran for public office. In politics, differ-ent factors are at work.

5. Some advice on how to become a successful politician in Hong Kong?

Politicians are important, you may not like them, but they influence public policy making. As a lawyer, I could help a few people. As a politi-cian, I could help a lot more.

I can still assure you I do not regret

making that decision nine years ago. I had not envisioned running for Chief Executive after only 2 years short of political career. That is even more remarkable than Ba-rack Obama!

The problem with Hong Kong is: you cannot see a political career, whereas you could in say UK or US. With family and financial burdens on shoulder, how many would want to risk as a young budding politician?

My more down-to-earth advice to university graduates would be: you’re young, so if you’re so pas-sionate about politics, give it 4 to 5 years. That is just enough time to show your eagerness to serve, build your network, and participate in 1 district election. If you make it, stay on. If not, decide whether enough is enough, and perhaps go on to practice law etc.

An alternate route would be simi-lar to mine: not one of conscious choice. You can aspire as lawyers, it can happen. However, you may suffer some short-comings: less time to acquire political skills. The path I took was uniquely unusual, so I cannot say if it happens once, it can happen again in the future.

I still think it is important for any vested in power to undergo what I deem a “baptism of fire”. You have to participate in elections to better understand what the people you are serving wants most. To serve in public, you have to acquire humil-ity, and bring to the public office.The problem is that senior gov-ernment officials often don’t go through an election process, and simply pay lip-service for public opinions. Under the “baptism of fire” however, you would be more amiable and receptive to public voices.

6. How can society better foster young lawyers and young politicians so that the quality of lawyers and

politicians can improve sustainably in the long-run?

Society needs to learn to be more indulgent in people who practise politics. We also need a system so that budding politicians can see a career – become elected, without the fear of getting married and having children on the job. The US for one is able to keep politicians not in congress within the political network, either in a think tank, or perhaps, as researchers.

However, we would need to have enough resources for such a fall-back.

However, lawyers owe the society everything to bestow the honour to practice law. Hence, they should not fail the expectations of the public. It is up to the training insti-tutions, and not society, to see to it that lawyers are up to mark, and not a failing profession.

Previously, I have been at pains to ask Elsie Leung(the then Secretary of Justice) to scrap Lay Prosecu-tors. This is so that young barris-ters and solicitors can sought out much important training ground. Lawyers do need training on the job after PCLL. However, it is too bad I cannot persuade Elsie (Le-ung). If the public does want bet-ter quality lawyers, they should be more generous to young lawyers for training.

As Mr Leong’s voice trails off, we real-ized we had been discussing close to half an hour behind schedule. Out-side, the clouds were stalling – Night time had arrived. Having learnt from him of his busy day ahead to visit a “not too small housing estate” for a restoration of piping, we could see Mr Leung’s keenness to interact and serve the public.

We felt honoured to be able to inter-view Mr Leong, and wishes to thank him for sharing his experiences and views with us. On a personal note, I

would like to thank my team for their great support and advice for making this possible.

Should you wish to get in touch with Mr Leong regarding his views, he could be reached on his Facebook page(Alan Leong Kah-Kit), and also on his blog via his website: http://www.alanleong.com/.

Having arrived early, we arrived in the glass-tinted office of a barrister’s firm in Central on a Friday afternoon. Portraits of barristers in court dress loomed over to peer at us intently. Promptly on schedule, we are called upon to Ms Audrey Eu’s spacious of-fice. Whilst filled with leather-bound law volumes on shelves and docu-ment piles by the windowpanes, Ms Eu’s office has a distinctively orien-tal touch, with its mahogany desks, chairs and Chinese water-paintings.

Being raised in the Catholic faith, Ms Eu received her LLB and LLM from the University of Hong Kong and the London School of Economics and Political Science respectively. She be-came a successful barrister, before entering politics in 2000. She was one of the founders of the Article 23 Concern Group in 2003 due to the legislation of the Basic Law Article 23. This later became the Article 45 Concern Group, and also sparked the founding of Civic Party, amidst other supporters. Currently, Ms Eu is the

29 | Law

When Politics Meets the Rule of Law (ii) - Interview with the Honourable Audrey Eu Yuet-Mee By Kimberly Tong

Chairperson of the Civic Party.

Dressed in a graceful slim black blouse and neatly tied grey-and-white scarf, tweed skirt and black tights, Ms Eu was the epitome of fe-male elegance and dignity with her thoughtful demeanour and cropped hair-do. Coolly composed, yet with an indulgent smile, which lurks from time to time, we were very kindly served warm Chinese “Heung Pin”(-Flowering or Blooming Tea) tea in porcelain cups. Catching her alertly intelligent eyes, we began to con-verse…

1. Advice on how to become a suc-cessful female politician or barrister?

It is not easy to have a career in politics. The colonial government did not persuade people to do so, and it was not till the late 1980s that people considered forming political parties, or universal suf-frage.

It is not easy to own a political party unless if you are pro-government, which would entitle your appoint-ment to lucrative positions. In our system, there are no retire-ment positions for politicians. Your career ends if you fail in an elec-tion.

In Politics, there are no career lad-der, no job guarantees.

To me, politics is a vocation, not a job. If it were a job, I would not ad-vise anybody to step into it! Politics is about bringing about change, and trying to advocate change, by forming pressure groups or politi-cal parties.

However, Hong Kong is part of “One Country Two Systems”. If “One Country Two Systems” is to go on, it is up to everybody in Hong Kong to do something about it. To bring about change, with political parties in plural, we have to bring about what was promised in the Basic Law. In Hong Kong, it is the

law that serves people, restraining those in power and not the other way round.

2. So what practical things can we do to preserve the Rule of Law in Hong Kong?

It is the duty of all lawyers. Firstly, to Speak Up! Have a stance, organ-ize forums, write articles… there is so much you can do!

Secondly, the Cooperation of 3 Powers. As lawyers, we would not want the Judiciary to be pressured, the relationship between the 3 Powers has to be checked and bal-anced.

Thirdly, organize activities. Invite interested legal experts to talk about it, as I did in the Article 23 Forum Group. Spark interest from Hong Kong people. It is better to have tried and failed, than to have never tried at all.

For barristers, the Bar is a pro-fessional body, and it tries to be a conscious self-governing body. From time to time, it does release a public statement, but not on the very issue of politics as it wishes to distance itself.

3. Advice on how to become a female barrister or politician?

I have never found it embarrassing, or shameful to face failure. In the

end, you only have to face yourself. My attitude in life has always been: Even if you failed, you tried, and some circumstances are beyond your control. If you run away from a problem, you will always remain on the same spot.

I have never been conscious of, or felt inhibited by being a wom-an in politics. My role-model was my mother. She was very strong-willed– whatever men could do, women could do. She never took “No” as an excuse. She also found it a natural consequence that I would occupy first place, so there were no excuses if I were to come second in class.

4. Would you say society should take more affirmative action to encour-age females to participate in politics?

The government certainly tried to maintain a certain % of quota for female appointment. This can be seen from the 30% female quota in advisory, although they have never fulfilled their quota.

I do understand it is not easy for any woman in this situation: they may decide to get married, have children, and perhaps decide to give up their career to look after their family. However, mine was an exception, as I was very fortunate to be married to an extremely un-derstanding and supportive hus-band. It is tough for him too, as I

have functions every weekend, yet he continues to drive me to and from events in his car.

Whilst I have a very busy schedule, I always wanted to spend more time with my children…although my children seem to enjoy their space!

5. Has your role as politician im-pacted upon your legal career in any way?

Yes, of course. I have had to prac-tically give up my legal career! Pol-itics takes up more than a full-time job. During weekends, I have lots of function. Whilst walking on the streets, people with problems of-ten accost me.

However, I deal with matters of the Civic Party. I have to build up party cohesion, recruit new mem-bers and fund-raise etc. Whilst fund-raising is easier to do than district work, people are worried about being a sympathizer of a democratic cause. They are wor-ried if they make donations, it may impact upon their businesses or relative in China. There are many small ways to raise fund however. In the Flower Markets, I write Chi-nese calligraphy and auction it to raise more for our cause. My draw-ings are also commercialized to sell. I had also written a book, with the proceeds as donations.

6. How do you foresee the transition of Hong Kong, from 1 Country 2 Sys-tems to 1 Country 1 System?

At present, nobody can say for cer-tain. The belief is that China would be so modernized; it would be like the Hong Kong system. One way of looking at it is that Hong Kong and China would be have a more open, democratic government.

However, equal and universal suf-frage is still the main issue. Chang-ing systems will be difficult. The other issue will be to ensure there

is an equal weighting of voters (i.e: no classifying voters).

Ultimately, I do not see 2047 as the destination, or the road block. Think of yourself as a Hong Konger on the road, realizing this cause: to have our values safeguarded in Hong Kong. We have to start doing something now, not later.

Knowing of her extremely packed schedule, we are grateful to Ms Eu for her generosity in taking time to share her experiences and view with us. On a personal note, I would like to thank my team for their great support and advice for making this possible.

Should you wish to get in touch with Ms Eu regarding her views, she could be reached on her Facebook page (Audrey Eu Yuet-Mee), and also via her website: http://www.audreyeu.hk/en/.

In Full Swing By Howard Wong

Thousands of graduates apply to magic circle firms every year, but only a handful are lucky enough to get a place. The process from drafting an application to being interviewed is challenging, and is designed to pick out the best can-didates. This article will outline the fundamentals of the application process and highlight the key ele-ments of a successful application.

linklaters Linklaters employs approximate-ly 2,260 advisers and 2,830 other

staff across 26 offices in 19 coun-tries. Linklaters is concerned with big deals (‘FT front page’) and its prestige is partly due to the qual-ity of its services. The firm works across a broad range of commer-cial and business law, including banking, capital markets and in-vestment management. Every year, the firm takes a hundred applicants and gives them training contracts, which are often seen as the first step towards a successful career. Here is a basic rundown of the application process and some of the key characteristics of a suc-cessful applicant.

One of your first tasks will be to complete the Watson Glaser test, which consists of questions de-signed to test your critical think-ing skills. Specifically, these will be your skills of deduction, inter-pretation and evaluation. You will be given several passages to read, and you will be required to answer multiple-choice questions directly related to them. A typical passage looks like this:

‘Studies have shown that there is relatively much more heart disease among people living in the north of England than people living in the south of England. There is little if any difference, however, in rate of heart disease between northern-ers and southerners who have the same level of income. The average income of southerners in England is considerably higher than the av-erage income of northerners.

Inference 1The easiest way to eliminate heart disease in England would be to raise the general standard of living.

• This is true • This is probably true • There is inadequate data to support this statement • This is false • This is probably false

The questions here are very similar to those in the LNAT. They require you to draw inferences from the

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passages by reading between the lines and spotting inconsistencies. The key to prevail in this test is the ability to separate the relevant points from the whole passage, without being distracted by irrel-evant information. This will take some practice, and an effective way of improving your technique is to read a respectable paper every day. For practice questions and ad-ditional advice, visit the Linklaters and Hoganlovells websites.

On the day of your interview you will be given a written exercise. This will usually be an email to a fic-titious client asking you to provide some specific information. You will need to write in a clear and concise manner, and maintain a tight struc-ture. Marks will be deducted for grammar mistakes and syntactical errors, as there is no excuse for poor writing. You will be pressed for time, but even so, it is always good idea to proof read what you have written, as your response will be used as the basis for discussion in your second interview.

Your first interview will be com-petency based, which means you will be asked questions about your skills and achievements. Answers need to be in full in order to show how your experience relates to the job you’re applying for. When an-swering questions, it is important to market your achievements and how your skills might help the firm. If you need help with structure you may want to use the STAR tech-nique:

Situation Task Actions Results

Your second interview will consist of a case study containing informa-tion about a fictitious transaction. Commercial knowledge may be useful, though the focus will be on your communication skills as well as your ability to respond to diffi-

cult questions. As most examples will be situation-based, you will be required to think on your feet. At all times, it is important to engage with the interviewers and show en-thusiasm to the task before you.

FreshFields Freshfields is a leading interna-tional law firm renowned for its breadth and commitment to ex-cellence. It employs 24,00 advisors and some 3,000 other employees, and its work spans across Asia, Eu-rope, the Middle East and North America.

Given its credentials, the firm ex-pects the best from its applicants. Academic achievement is a given (reflected in a good 2:1 degree), so the firm will be looking for other characteristics indicative of a suc-cessful lawyer.

Determination and drive are es-sential to a successful career in the commercial world. The firm will be looking for genuine interest in commerce and the law, as well as an enthusiasm for problem solv-ing and business transactions. The work at Freshfields will be compli-cated, and the hours can be long. It is not unusual to work until 4 in the morning and return to work at 9, so learning how to balance a de-manding workload and a social life is important. Unlike other firms, Freshfield’s unique global reach means that its work can easily span across sever-al jurisdictions at the same time. Freshfields are looking for gradu-ates who have learnt an additional language, especially Chinese. Your communication skills in both writ-ten and spoken will be put to test at interview.

It goes without saying that appli-cants need to be prepared before interview. The usual advice is to do some research on the firm before applying and be specific about its key characteristics. Because Fresh-

fields ‘shares the vision of being the best international law firm’, it is perhaps advisable to stress your interest in international dispute resolution and commerce.

The ideal application is one which displays the whole package: demonstrates mastery in commu-nication, interpersonal skills and problem-solving. It must also re-flect a degree of intellectual rigor, as well as interest in the work of the firm. When drafting an applica-tion however, one must relate his/her skill set to the unique charac-teristics of the firm, as every firm is different. It is therefore impor-tant that your application reflects this and shows commitment to the specific firm that you will be apply-ing to.

‘Abenomics’: An Insight into Current Japanese Economic ReformBy Megu Takagawa

Two months have passed since Mr. Abe returned to his seat which he resigned from 5 years ago. So far he seems to be quite successful in his economic policies, making it his top priority. He has pledged to put the Bank of Japan under gov-ernment influence in order to set a 2% inflation target. The yen has now weakened to 93 yen per dol-lar, and the Japanese stock market is moving at an average of over 10000 yen. Everyone is excited about these changes but how long is it going to continue? Is it going to be a breakpoint of the Japanese economy that has been staggering for over 20 years?

As a student living in Tokyo, it does well seem that everyone’s expec-tations towards the economy are becoming positive, but not to the extent that it will be a breakpoint for the Japanese economy that has long suffered deflation. In other words, inflation expectation is high in the short term but people are still uncertain regarding how long it will last. This is probably because there has been no big change in the structure of the economy itself and manufacturers that used to lead the economy are losing the competition against newly emerg-ing rivals. Also, some critics have pointed out that Mr. Abe’s policies are no different from that of Mr. Koizumi’s around 10 years ago. Those Koizumi days might have been better for some people but

it clearly wasn’t an answer, seeing that Japan has now lost two dec-ades, entering its third.

PM Abe’s “Growth Strategies” are estimated to work for a short pe-riod of time; however structural reform is necessary for long term growth. For example, regulatory reforms and entering the TPP are needed so growth can be led by the private sector. The problems Japa-nese firms face now is the strong yen, making it hard for manufac-turers to export, high corporate taxes, greenhouse gas emission regulations, etc.

Despite the disadvantageous con-ditions, Japanese firms have been working hard to survive in the glob-al competition. They have been seeking efficiency and cutting costs with innovations and new technol-ogy. One of the reasons why Japa-nese major firms have been able to survive even after the bubble burst is because of the high technologi-cal advantage they own which is founded upon elaborate research and development schemes. Man-ufacturers, represented by the declining electronics industry, are now struggling to keep their lead-ing position in the world. As a re-sult, in Japan it feels like every in-dustry is losing competitiveness in the global market. Japan has long had a trade surplus which turned to deficit in 2011. However, there are some notable sectors that have some hope.

The Anime industry is one of them. Japanese anime is becoming fa-mous around the world and is a new source of attraction to tour-ists. Anime is now being exported with the government officially sup-porting the industry. The news that a Japanese anime will be arranged and broadcasted in India was wel-comed a couple of months ago. I believe anime has become a large business within the country too.

Another is Eco-business. Eco-busi-

ness is a hot topic these days as a, hopefully successful, sector in manufacturing. One reason for this is because this business sector is enlarging globally, as maintaining a sustainable environment is now a significant topic in the internation-al society. The second is because Japan is highly competitive in this sector. From past experience, it is arguable that Japan has technolog-ical advantages when it comes to making things in an efficient and cost effective manner. For exam-ple, steel is made most efficiently in Japan and it is estimated that if the technology was applied in oth-er steel producing countries, 340 million tons of CO2 emission could be reduced per year.1 The major manufacturing industries have succeeded to reduce their emis-sion of greenhouse gasses by 14% on an annual average during the years 2008-2012, compared to that of 1990.2 The technology in green business could become Japan’s next leading industry in the world.

Industries related to energy and electricity is also a sector that de-serves attention. Since the earth-quake on March 11th 2011, there has been controversy over nucle-ar power plants. Opinions seem to be split in half. The Fukushima disaster after the earthquake has proved that safety risks shall al-ways exist as long as Japan keeps using nuclear energy. Still, Japan had relied on nuclear power for al-most a third of its energy supplies before the earthquake3 so com-plete abolishment would lead to high energy costs. Many big busi-nesses were strongly pushing the government to restart the power plants. The former government had decided to reduce the usage of nuclear energy and make it zero by 2030, but PM Abe plans to re-consider those policies believing

1 Nippon Steel and Sumitomo Metal Company2 Nikkei Newspaper 2013/01/273 http://www.bbc.co.uk/news/world-asia-20850416

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that they would damage the econ-omy. Japan imports nearly 100% of its energy resources so abolishing nuclear energy completely sounds very unrealistic. It looks like we need to figure out a way to coexist with nuclear power plants, reduc-ing its risks as much as possible.

The future of Japan’s economy is not so bright. (Then again, may-be that is the case for most of the developed countries.) Still, it is not failing quite yet. It still has the third biggest GDP in the world. It has high technology, some of the world’s finest research. The big-gest problem Japan faces is its ina-bility to fit into the ever globalizing world. Japanese companies take time making decisions while their competitors are faster in gaining markets mainly in emerging coun-tries. The lack of people who are willing to go abroad is also a chal-lenge. High resource prices will be-come a huge burden on the econ-omy if Japan decides to abolish nuclear power plants, and we all cannot foresee when the weak yen will end and the strong yen will re-turn. Japan’s economic growth de-pends on whether it can overcome the challenges and reform itself.

The young populations includ-ing myself see no bright future either. The best we can hope for is preservation of the status quo and nothing more. Japan has a rapidly aging and shrinking popu-lation, government debt and high social security costs are bound on future generations. What can we do about the economy? How can structural reform be done? What is the blue print? The problem is no one seems to know the answer. The policy makers are experiment-

ing as to whether bold policies will work and the people just have to wait and see how they play out. We can no longer hope for a weak yen working as an advantage for exports, labour costs are high, and firms aren’t designed to encour-age innovation. Maybe we have reached the steady state leaving us no room for growth other than to be innovative which is easier said than done. Yet, Japan is a peace-ful, comfortable country. I wonder if the people really expect to grow or are actually hoping for it. Japan may not be on the rising path but everyone is coping with the current situation. Yes there is deflation, life is not so easy and we aren’t as rich as we used to be before the bubble burst but it is not as though we are lacking something. We have good infrastructure, public welfare and a relatively low unemployment rate. What else can we hope for? The fact that we have nothing to hope for might exactly be the dis-ease that is the source of all of our problems.

The Global H u m a n i s t : An Interview with John SayerBy Justin Lai

BrieF BaCkground oF oxFam hong kong

Oxfam is an international confed-eration of 17 organizations net-worked together in more than 90 countries, as part of a global move-ment for change, to build a future free from the injustice of poverty.

Oxfam Hong Kong began in 1976, when volunteers came together, opened a second-hand shop, and

raised funds for anti-poverty pro-jects around the world. Some of the first actions in the 1970s and 80s were to advocate for justice in the Vietnamese Boat People/Refugee crisis in Hong Kong, and to help save lives in Ethiopia dur-ing the 1984 famine. To date, Ox-fam Hong Kong has assisted poor people in more than 70 countries/states around the world.

Oxfam Hong Kong’s work builds on our local understanding and iden-tity and focuses on Southeast Asia and China, including Hong Kong. We also support poverty allevia-tion and humanitarian activities in other parts of Asia and Africa, and wherever we feel we can make the most valuable difference. Ox-fam Hong Kong works with other members of the international con-federation Oxfam on international campaigns and programmes sup-porting people’s right to develop-ment.

John Sayer served as Programme Director from 1991 to 1995, and Director of Oxfam Hong Kong from 1995 to 2000, returned to the or-ganisation and took up the posi-tion of Director General since Feb-ruary, 2006.

Work1. What motivated you to choose to work on humanitarian and devel-opment issues for Oxfam over the years?

For some reason I will not analyse, I was always interested in social is-sues. When I was about 14, I wrote off to the United Nations Associa-tion and became a member. Unit-ed Nations seemed a better idea than divided nations. I was involved in community action in the UK when I was in my teens, on issues like homelessness and housing, the squatter movement, school student’s rights, and the demonstrations against the Viet-nam War and apartheid in South Africa. This was the 1960s, when

many of us challenged established values (on such things as women’s rights, racial discrimination, sexu-al orientation, consumerism, the environment). There was a huge belief that a better world was de-sirable and possible, and I think many attitudes were changed for the better at that time.

When I reached my twenties I trav-elled overland to India, and there I stayed at an agricultural devel-opment programme in a village, and saw face to face what poverty meant to the lives of people I was living amongst. Several children in neighbouring houses died from curable diseases while I was living there.

2. To what degree do you think Ox-fam HK/ (International) can help the most deprived in developing nations compared to other international charities and authorities?

I dislike the tendency of different institutions to promote themselves by being critical of others who are trying to help with the same prob-lems. The UN and World Bank bodies, governmental aid pro-grammes, the NGOs and everyone else working on human develop-ment make valuable contributions, as do the new kids on the bloc: the Social Enterprises. But none of

these have the ‘one true path’ for a quick and simple solution to pov-erty. Social development is a clear candidate for complex systems analysis, meaning a huge range of factors have positive and negative effects, so lessons from one place (country or even region within a country) cannot be simply applied to solve problems in a different so-cial, economic and cultural setting.

What I like about Oxfam is its constant attempt to understand the underlying causes of poverty, whether at village level or global level, and to work on the struc-tural causes of poverty, not just treat the symptoms. Oxfam does this in its practical programmes,

thinking not just about increasing farmers productivity, but looking at ways to change the economic or social barriers that stop the farm-ers from getting a fair return and a decent livelihood from their farm-ing activities. This is often related to inequality and unjust control of economic and social opportunities. Many people criticize aid in terms of the danger of it increasing de-pendency, but that is not the case if intelligent aid seeks to change social and economic relations, re-duce inequality and increase the rights of all people.

3. What do you think are the most important and efficient ways to man-age an NGO such as Oxfam HK?

NGOs need good management just like any small or medium sized business or government depart-ment. So attention to things like good employment practices and good financial monitoring, plan-ning and governance are common to all types of organization. Where I think NGO management differs is in the culture of participation. NGOs generally pay a bit less than business or government sectors. But the benefit of working for an NGO is that you are addressing meaningful issues which motivate you, and you are not just a cog in a machine carrying out orders. The more participatory culture of NGOs means that all staff have a voice and the views of everyone on the important activities of the organi-zation are listened to and respect-ed. Most NGOs are still hierarchical in terms of management, but man-agement must make the effort to engage and consult staff on the way the organization carries out its work. Participation and consulta-tion can be more time-consuming than a top-down decision-making process, but even in the business sector, management has learnt that more engagement and sense of common ownership of the tasks you can create, the better the out-comes.

4. In your opinion, what are the pros-pects for a university graduate to work for an Asia-based NGO?

NGOs and social enterprises are growing in Asia. East Asia is full of energy, optimism and innovation – not just in the economic sphere, but also in social and environmen-tal sphere. In Hong Kong and other parts of the region, there is a real ‘can do’ attitude, and I think this spills over into the NGO sector.

However, one of the core values of most NGOs is to localize wherever

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possible as they can get the dou-ble benefit of having colleagues who truly understand local ways of working, while also building local capacity in NGO management. So even if staff that they have trained move on to other organizations or form their own NGOs, there is a social benefit. Therefore, for a non-Asian to work for and NGO in Asia, they have to be able to contribute something quite special in terms of skills and experience.

A good start is to engage in com-munity organizations and social ac-tion in your own community. That experience and skills picked up can contribute to groups in other coun-tries, where you may start by vol-unteering or advising. If there are openings for jobs, the networks you develop through volunteer or advisory work will be very useful.

Work in NGOs does not have to be full time. Oxfam receives a lot of help from people who also hold down better paying jobs in the pri-vate sector.

5. In your opinion, can you share some of the most vital attributes and attitudes that a development profes-sional should have?

Above all, those engaged in work on human development, the en-vironment or rights issues need a keen social. An empathy with mar-ginalized people – a feeling that all the world’s children are our collec-tive responsibility, and an intoler-ance for injustice are also impor-tance. Some talk of the motivation of love to help others. Empathy may be a kind of love, but outrage, or even anger at injustice, inequal-ity and the unfair chances that some face when they are born on this earth – jut because of where they are born, their gender, their race or their class – is also a strong motivator for many in NGOs.

In addition, a good sense of how organizations run, facilitating skills

to ensure the voice of all within the organization is heard and respect-ed. Capacity to broker compro-mise and mix idealism with realism about how fast and by what means the world can be changed perma-nently for the better.

Mixed with this should be an appe-tite for risk taking, innovation and radicalism that doesn’t put per-sonal comfort or personal security ahead of personal beliefs.

6. As director-general, what are your visions of Oxfam HK?

Our vision is to assist the devel-opment of a robust NGO sector in many of the fast-growing parts of the world, particularly China, so that they balance the rapacious business sector and the powerful governments, and lead to a truly mature, balanced and harmonious society.

In addition, I hope Oxfam Hong Kong can become one of a new breed of international NGOs not based in western cities like New York, Geneva or London, which contribute new first-hand insights about the nature of rapid econom-ic development in East Asia, and bring new cultural influences to global debates on human develop-ment and building of future socie-ties.

liFestyle1. How did you find adapting to the Chinese culture in your early years settling in HK?

Modern Chinese culture is prag-matic and open to change, despite being old and complex. Chinese culture, for example, is not encum-bered by heavy religious restric-tions and hierarchies; or deeply entrenched biases, prejudices and superstitions.

HK people are amazingly conscien-tious and pragmatic. They work hard and play hard, they are ad-aptable and optimistic. They have a healthy irreverence for authority and privilege.

I don’t feel I had to adapt much coming to live in Hong Kong. With-in any culture there is great varie-ty. Particularly in big cities, and you move into the social circles that fit your own values and likings. In this globalized, internet world, I think these social and cultural affinity groups can be stronger than na-tional identities.

2. What would you say about the language barrier between locals and foreigners?

It is a real challenge for foreign-ers to learn Chinese as adults, and even more so Cantonese, given the

tonal nature, the non-alphabetic writing system, and the fact that there are no common linguistic clues except for people from close by countries like Japan or Vietnam.

Hong Kong people make much more effort to adjust to non-Chi-nese speakers than the other way round. This is to be appreciated and admired.

3. What made you to settle to work in Hong Kong in particular over the oth-er Asian cities? What is it that Hong Kong, as a city where you live and work in, attracts you the most?

Most lives result from rationalized historical accidents. When I was young, I was interested in what Chi-na was saying about development: that they needed barefoot doctors to spread broad-based health care through the countryside, that uni-versity places should be awarded to those most likely to return to the poorer parts of the country where educated people were needed to help reduce poverty. This was the time of the Cultural Revolution and putting politics in command in China. Arriving in Hong Kong and talking to ordinary people with families in the mainland soon made it clear that the gap between the propaganda and the real lives of people in China was vast. Soon after I arrived in Hong Kong the Gang of Four were arrested and the government itself began to denounce the lies and false prop-aganda about the level of pros-perity. An era of economic reform began. Productivity increased, and poverty reduced, but some useful social safety nets, provided for ex-ample by the communes, were lost in the first phase of market reform and the government is now having to rebuild these services to reduce widening inequality in China.

I stayed in Hong Kong as I felt it was a good base in the Asian re-gion. It is a large, dynamic city full of diversity with an enabling envi-

ronment for non-governmental or-ganizations in terms of rule of law, transport and communications links and efficient systems and in-stitutions.

5. Which part of life in HK do you love the most?

The good humour of Hong Kong people. Although the city can be slightly cold on the surface (people are not always friendly to perfect strangers) Hong Kong friends are some of the most consistent and loyal friends you could ever wish for. People are remarkably cheer-ful and polite, despite the fact that this is one of the most dense-ly-populated places on earth.

The strong work ethic (49 hour week average some studies show) is both a plus and a minus, but it keeps the energy levels up and keeps us all feeling young.

The country parks: although HK is very small, the government has done a good job of maintaining huge country parks in the hilly ar-eas of the territory. These are well-used and contribute to our col-lective physical and psychological well-being. More and more main-landers travel to Hong Kong from the vast lands of China, to experi-ence the country parks and hiking trails of the small area of Hong Kong. Many people I talk to over-seas think Hong Kong is just an urban area, and are surprised to hear that Hong Kong has well-pre-served natural areas, and many long country trails.

Sources:• Oxfam HK website : http://www.oxfam.org.hk/en/john.aspx• Oxfam HK website (About Us) : http://www.oxfam.org.hk/en/abou-toxfam.aspx• Oxfam International website (About Us): http://www.oxfam.org/en/about

Where Are They Now? - The 2010-2011 ACS Committee RevisitedBy Benjamin Fung

The Asian Careers Society opens doors in Asia for our memebrs. Now you might think that as we are still at LSE, we can’t be sure of that yet. So don’t believe us just yet. We’ve interviewed some of our ex-committee members - let’s hear what they have to say about ACS and find out where they are now!

Nicole Wong (President)I’m working at Latham & Watkins in HK right now as a first year trainee.

Maggie Lee (Secretary)I have returned to Hong Kong after my graduation last summer (how I miss LSE!) and I am now doing the Postgraduate Certificate in Laws (PCLL) at the University of Hong Kong.

PCLL with HKU has been quite tough and they have a crazy time-table for the 1st semester. Worse still, there are examinations after the holidays --- so there’s no Christ-mas for me this year, while those doing PCLL in City University and Chinese University of Hong Kong could enjoy their long Christmas break! I have to say I really enjoy meeting new people and am glad that many LSE course-mates are also doing PCLL in HKU though!

Having secured a 2013 training contract with Mayer Brown JSM, I hope to join the work force in Sep-tember next year.

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Andrea Yip (Treasurer)I read law at LSE and I’m now doing my PCLL at CUHK. I have secured a training contract with a law firm, work starts next year.

I think, what actually helps being in LSE and ACS, career-wise, is an exposure to their career-oriented culture. The constant exchange and bombardment of job-related information within the student community kept me well informed of market updates and conscious of the urgency in securing a job of-fer!

Diana Chan (Law Event Of-ficer)I am Diana Chan, an alumnus of LSE and was the president of ACS in 2011-2012. Before being elect-ed as the president I served the role as a law event officer in ACS. I am currently studying PCLL in Hong Kong and have been offered a training contract with one of the Magic Circle law firms, Freshfields Bruckhaus Deringer.

My active participation in the law events organised by ACS allowed me to get a broad over-view of the job opportunities in the legal industry. By attending open house events and workshops, I learnt more about the culture of different law firms and the work they are involved with. This has greatly assisted me with my job ap-plication.

Being a committee member of ACS has also given me ample chances to learn about different law firms at a personal level. I had the opportu-nity to work with human resources managers from different law firms directly on various occasions.

As one of the most prestigious universities in the world, LSE has established abundant connections and networks with various employ-ers, and it has the advantage of lo-cating in central London. During my study at LSE, different law firms

came to LSE and delivered pres-entations on campus. By attending these events on a regular basis, this has allowed me to make an in-formed decision about my career.

Wai Hang Louie (Manage-ment & Consultancy Event Officer)I’m working in an international so-cial enterprise called Dialogue in the Dark. To be honest, my story is pretty different. LSE’s culture made me think a lot about not working in the financial industry but instead, to make an impact and contribute something positive to the society’s aggregate welfare. So I chose to work in one of HK’s largest Social Enterprise - Dialogue in the Dark and hopefully with my experience in the PR industry and London Fashion Week, I can help them ex-tend their reach to the mass pub-lic, and raise social awareness of the disadvantaged groups.

Aiden Lo (Alternative Ca-reers Event Officer)I am having a gap year at the mo-ment, and will likely be going to In-dia in January 2013. I will be going into Accountancy in Aug 2013 in the UK.

Quote:“LSE and ACS career events defi-nitely prepped me well for the job market, especially in finding out what I want to do and how to get there!”

Nicholas Loo (Accounting Event Officer)Hi everyone! I am Nicholas Loo, and I am currently a Finance an-alyst at J.P Morgan in London. I was the Accounting Event officer for the ACS during 2010-2011, and have always believed that my in-volvements in ACS helped me to land my current role. Not only did I get to liaise with HRs from different industries, but the experiences of pitching for sponsorships, organ-ising events and networking with leading individuals are all ways to

develop yourself in a multitude of ways. For those who are interested in becoming a part of this society, I sincerely urge you to, as this is a very unique and rewarding experi-ence!

Harris Ho (Marketing Of-ficer)I am Harris Ho, a BSc Economics graduate and the ACS Marketing Officer 2010-2012. On the career side, in addition to all the career information and network that I’ve acquired being in the committee, the most precious skills I’ve learnt is the way to motivate others, and be motivated, at work. Chances of getting to know other like-minded individuals were a very rewarding bonus that I wouldn’t have expect-ed before joining the ACS. Commit-tee meetings were one of the most anticipated events during my term time at the LSE, and we still feel the special connections among us ACS-ers after we have graduated. It has virtually created a club where future lawyers and bankers can keep in touch with each other in the most casual manner. As I fell in love with law after doing the Com-mercial Law module (LL209) as my year 3 outside option choice, I have decided to pursue a career in law and am now doing a law conver-sion at the College of Law in Lon-don Moorgate. As a responsible committee, I attended quite a few of the law events organized by the ACS when law had not yet become my career aspiration. It’s surprising that these experiences turn out to be very useful to me at last!

Where Are You From? Good Times as a GweiloBy Anna Boumeester

“Where are you from?” It is an oft-heard remark to fill awkward si-lences, reveal characters and forge friendships. Yet the seemingly sim-ple and sedate question always stumps me. My parents are from the Netherlands, where I spent one year after birth, before we re-located to Hong Kong, followed by a move to Singapore and then on to Malaysia. I lived in South East Asia until I was eight, upon which it was declared that we were all going to London! Once in England I spent some years at a boarding school in Berkshire before choos-ing to stick around for my higher education. I now find myself in the international institution that is the London School of Econom-ics, studying Anthropology & Law, and planning my next expedition. So where am I from? My national-ity is Dutch, I spent my formative years in the Orient and a great deal of my tempestuous times in Eng-land. Yet despite the fact that I can recite Shakespeare with the best of them, be bothered by close quar-ters and love a good roast, I shall never be British.

A ‘Third Culture Kid’, as determined by American sociologist Ruth Hill Useem, is one who has spent a sig-nificant part of his or her develop-

mental years abroad. Children that have accompanied their parents overseas often forge relationships to many cultures, while not acquir-ing full ownership in any. My Dutch relatives call me and my siblings “the English cousins” while my English compatriots think of me as a “Dutch girl”. Then there was my stint in Asia. Though scarcely any people tend to categorize me as Eastern since I carry few character-istics in terms of nationality or eth-nicity. I do not have the calling card of conversation, colour, or cultural history. All I can offer is an edu-cation in Jay Chou’s greatest hits and a soft spot for Roti Chanai and Char Siu Bao. As a consequence one might say that I am situated among the landlines and labels. Certainly I stand between ‘citizen’ and ‘native’, dipping my toe into a society and developing opinions as to its philosophy before I move on. But this process has made me who I am today.

According to Peter Spiro, an Amer-ican lawyer and professor, “dual citizenship was once thought an offense against nature, an immor-al status akin to bigamy”. Not long ago the concept of the ‘nation-state’ produced a powerful patriotism that brought beliefs of incompati-ble differentiation between sover-eignties. To a degree this tradition continues. Nevertheless, today, ex-tended tourism and expatriation is accepted and oft encouraged. The travels I took as a child, as well as the ‘where are you from?’ dilemma, has provided me with an apprecia-tion for cultural awareness and the importance of custom. That is not to say some of my encounters did not end in tears. While in Malaysia,

one of my after-school activities was traditional dance class. My sister and I, neither slim nor agile, were the only two white children in the lesson. Often I would trip up the kid behind me as I stumbled in my sarong and on many occasions the other girls would pinch our boo-boo (chubby) cheeks in mirth.

In any cross-cultural interaction there is an opportunity for con-frontation or conflict. My family in Holland is often oblivious to for-eigners’ hurt by their blunt char-acterizations and sharp remarks. Contrasts in convention, routine and ceremony can cause tension. Third Culture Kids must attempt to get to grips with these relation-ships. For me this developed into an interest in sociology and anthro-pology, culminating in my choice of university, as a multinational insti-tution, and degree, on the philos-ophy of humanity. Particular inter-ests in South East Asia, Media and Development were then fulfilled by regional and conceptual stud-ies. Any Dim Sum cravings are now satisfied by excursions to China-town, punctuated by jaunts to the real deal. This summer I returned to the Orient and the places of my youth. It was a family trip, as well as a chance to see friends both old and new, but it was also an op-portunity to analyze the area. For I want to return to Asia. I want to work in Asia. I want to live in Asia.

The ASEAN-China Free Trade Area, launched in 2010, has firmly es-tablished Asia as one of the more swift and secure growing areas globally. Job opportunities abound. Within the next two decades Asia is predicted to become the great-

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LIFESTYLE

est economic region, as it’s social and financial influence increases. With policy easing and increasing investment growth, the IMF pre-dicts growth of 8¼ for China in 2013 and we now see six of the Group of Twenty (G-20) economies originating from the Asia-Pacific area. It is this landscape that I want to situate myself in. Like a true Third Culture Kid I am interested in ‘Cross-Cultural Consultancy’. A cross-cultural consultant advises organizations on how to strength-en their communication skills. Common assignments include in-ternational advertising for global brands and the ‘etiquette’ for a for-eign company acquisition. In addi-tion it is possible to provide cultur-al training for individuals planning on living abroad. The Dutch Royal Tropical Institute offers classes for expatriate wives hostess skills.

A recent Millward Brown study posited that cultural variations, though they could present pitfalls, provide chances to “enhance a brand’s message”. An example of this was found in the fact that with-in Switzerland national produce is particularly respected. McDonald’s universal ‘I’m lovin it’ was adapted in Swiss performances to highlight the fact that their fries are from Swiss potatoes. Cross-cultural consultancy is a fast developing area. As we move closer to Mar-shall McLuhan’s “global village” and physical distance becomes less of a social hindrance there is an employment niche for those interested in the interplay across cultures of macro-social forces, including the economic exertions. ‘Where are you from?’ has taken on a new dimension. This ques-tion opens up our understanding of the wider world; it illustrates the sheer variety of community, citizen and custom today. ‘Where are you from?’ forms a cultural narrative that strongly influences both our intimate relationships and employ-ment opportunities.

In the future I hope to be involved in cross-cultural work in Asia, par-ticularly in the South East. Previous experience has ignited a passion for the area while current events fuel the fire. Cultural dilemmas, such as the ‘where are you from?’ inquiry, has made me and many others question who they are and where they want to be. Discourse on globalization and international cooperation can benefit from an understanding of the Third Culture phenomenon. Military brats, busi-nessmen’s children, civil service offspring, and missionary kids are all growing up with itchy feet. To-day we want to take those feet on quite a walk-around. I hope that people continue to ask me where I am from; it makes me evaluate my past and propel me into the fu-ture. A future I hope that is in Asia, though I expect there to be some travelling of the vicinity involved!

And finally dear readers, if ever stumped, remember that when the entrepreneur Brice Royer, with his Ethiopian mother, half French-half Vietnamese father and seven countries under the belt, is asked where he is from, he replies: “My mom says I’m from heaven”.

Why Study in One Country Only?By Sara Ghazie

Exchange programmes are quick-ly becoming a favourite when it comes to colouring someone’s CV or list of life accomplishments. Due to globalisation, employers are now more interested in hiring peo-ple who have experiences living in different countries and exploring other cultural backgrounds. Ex-change programmes are definite-

ly a good way to start practicing for the working world, especially if you want to become an expatri-ate. Kids have been encouraged to participate in these programmes even before starting college or uni-versity. Many schools, especially secondary schools, organise ex-changes with other reputable in-ternational societies for the sake of boosting their students’ extra-cur-ricular activities. Japan, China, South Korea, Malaysia, you name it! If they can do it, why can’t we?

Many Malaysians dream of stud-ying overseas once they have graduated from secondary school. However, without scholarships, not all can afford it. With education becoming increasingly expensive, it is not always worth it to burden your parents or start a career full of debts (working will never be fun if this is the case). This is where ex-change programmes come in. Lo-cal universities have created part-nerships with foreign institutes to encourage globalisation, and also to make sure their students live outside their comfort zones. You do not need to only focus on the West; Asia offers a lot of these programmes too. It is certainly not easy to survive if you are not a multilingual but what is life without challenges, am I right?

I have friends from Iran and the United Kingdom who have ex-changed to the University of Not-tingham in Ningbo, China. Many people often worry about the lan-guage used during lectures when they first apply, but don’t fret, lec-tures are still in English. However, once you exit the campus, most means of socialising will be in Man-darin. This is where the adven-ture begins. If you are still worried about surviving and communicat-ing, there are many local students that would love to help you. Initial-ly, my friends could not speak the language but as time went by, they slowly learnt to adapt. Nasir, an Ira-nian, is in China now for a yearlong

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programme to improve his Manda-rin. He said most of the local stu-dents are very friendly and have helped him during his journey. Now, these exchange students can go shopping and order xiao long bao (dumplings) like locals!

Not just China, there are also ex-changes to South Korea. You even have the chance to go to the top three universities in the country, Seoul University, Korea University, and Yonsei University. Laura, 21, went to Korea University last year and said that it was one of her most memorable experiences and would not hesitate to go again. She said the reason why she did the ex-change programme was to experi-ence a different culture and com-municate with the locals and other international students from differ-ent countries. As an avid K-pop fan, it would be a waste if she did not mingle with the locals and practice the language she has been learn-ing from songs and dramas. Other than the three universities above, Ewha Woman’s University and KAIST (Korea Advanced Institute of Science and Technology) are some other popular options for ex-change programme destinations.

From my own experience, ex-change programmes have been a very wonderful part of my life. My first ever exchange programme was when I was 16. It was a homestay programme to Japan or-ganised by a club appointed by the Ministry of Education, Malaysia. I first heard about this programme during my school assembly. The teachers announced that only 2 pupils are allowed to go for that year. After hearing about it, I won-dered whether my parents would give me permission or not because it was a self-sponsored trip. Since I had nothing to lose, I went back home and asked my parents about it anyway. To my delight, they ac-tually said yes without interrogat-ing me too much. The next day, I found out that my very good friend

had also applied for this exchange. Since the both of us were the fast-est to apply, we got it. This goes to show that if you are too afraid to ask, you won’t gain anything.

Before going on the actual pro-gramme, we had to stay overnight at a hotel near Kuala Lumpur In-ternational Airport. The club had prepared some activities for all of the participating students, such as basic Japanese classes and even body language classes. Since some of us might not know the language well enough, reading body lan-guage can be part of a survival skill in a foreign country. In my opinion, these activities were also organ-ised to ensure we got to know one another and that these newfound friends would be there for you if you ever got homesick. During this little training, we selected two students to lead us all through-out the journey. Even though we were going to get separated when we met our foster family, I found that it was important to make all of us feel united. From that, I made many friends. Some were as young as thirteen years old and some came from as far as East Malaysia. The next day, we left for Japan. This is where the tiring, yet excit-ing journey began! We arrived in

Nagoya and went straight to meet our foster families. I could see that everyone was tired from the way they dragged their luggage from the airport to the train station and

then to the meeting venue. Every-one was quieter than usual too. However, as soon as we arrive, everyone got their spirits back. A lot of hugging and picture-taking could be seen in that big room. I was glad to find out that my foster mother could speak good English because my Japanese was not that good. My family lived in Shizuoka and it was a few hours away from where we initially gathered. That was the day I boarded the famous bullet train of Japan. A normal four-hour trip by car only took us less than two hours via the shinkansen. Upon reaching the house, I settled myself down and took out the gifts I prepared for each one of the fam-ily members. After giving them the gifts, I went to the kitchen to help my foster mother. She prepared a Japanese dinner and it was the first time I ate raw tuna. It was actually a good dinner, coming from some-one who is not exactly a sashimi fan. From the next day onwards, I could truly feel that this was a cultural exchange programme. I visited the Sunpu Castle, drank

authentic and freshly made green tea, saw actual wasabi leaves, and made Japanese dishes like tem-pura and onigiri (rice balls). I also learned how to make authentic green tea from my foster grand-mother! Not just that, I even vis-ited my foster sister’s junior high school. The school was definitely my best experience on the trip! I got to spend the entire day with the other students, even watching them play basketball. Unlike most schools in Malaysia, each school in Japan has their own uniform. A lot of students consider the best-look-ing uniform as one of the main de-ciding factor when choosing their future school. Without me realising it, the pro-gramme came close to an end. I bid farewell to my foster family, thanking them for giving me such a wonderful experience. This trip made me realise a lot of things. First of all, never be afraid to ask or try new things. You will never know what can happen. Secondly, the Japanese are such a friendly and kind-hearted nation. Many people helped me throughout this trip, and not just my foster family, even shop employees were patient when I was struggling with the lan-guage. Other than that, I experi-enced many firsts during this trip - my first time travelling alone, being on a shinkansen, first time trying onigiri (which is now one of my fa-vourite snacks), and even my first time in a Japanese school. I still keep in touch with the people I met on this trip. I sometimes talk to my foster mother through e-mail and am still friends with the other Ma-laysians who went on the trip. Now, I am on another exchange programme and this time, it is in the UK. The University of Not-tingham has an inter-campus ex-change programme between its three campuses in Malaysia, China, and of course, the UK. This is dif-ferent from my earlier programme because my grades will be as-

sessed at the end of the trip. I have to take exams and submit assign-ments just like the other students here. However, university life is not all about the grades. Since I am older and more independent now, I can take advantage of this op-portunity to travel around Britain. There are months when I travel every weekend and there are days when I explore each corner of Not-tingham.

Learning Mandarin in the Middle KingdomBy Lipei Tao

With the emergence of China as an economic powerhouse, Man-darin has come to be one of the most widely used languages glob-ally, and as such, Mandarin lan-guage resources have proliferated all over the world. Still, immersing yourself in the culture is unrivalled to any workbook or lecture found on the internet. Fortunately for the keen student, there are many ex-citing educational opportunities in the Middle Kingdom for speakers of all levels.

The first place one can look to-wards is a private institution. The best thing about these institutions is that they provide courses that specialise in preparing students for the Hanyu Shuiping Kaoshi (HSK), the officially recognized proficien-cy test, or the Business Chinese Test (BCT). Moreover, they often offer flexible schedules combined with more opportunities for one-on-one sessions. However, the downside is that there is no guar-antee of a high quality education by teachers with the right qualifi-cations. To be safe, you can sign up in the well-established schools or

get some recommendations from your friends who have attended such schools themselves.

The other option is enrolling in a language course offered by a uni-versity. Major universities around China – including the top schools Peking, Tsinghua and Fudan – offer a range of programmes ranging in length from summer school all the way up to yearlong courses. While these programmes do not specif-ically prepare students for profi-ciency exams, the courses cover a broad base of both language and Chinese culture. Attending a course by a well-known university is a safer bet as the course is taught by qualified staff with experience in teaching foreign students. Fur-thermore, graduation comes with a university certificate, which can be used as proof of your studies in China if you ever need one. Still, one of the best advantages of stud-ying in a university is being able to stay in student accommodation. Living on campus will not only be cheaper and more convenient, but most importantly, the dorms are a great place to make new friends in a new country, and will provide great student life.

For the LSE student, there is a sum-mer exchange programme set up by the LSE Language Centre with Fudan University in Shanghai. The programme itself started as a new initiative in 2012 with the aim of facilitating an intensive schedule for those who wanted to progress quickly in their language develop-ment. The programme is specially tailored to fit LSE’s own Mandarin course and uses the same course literature. Currently, LSE students are able to apply for scholarships, such as the Fred Halliday Language Award, to help them finance their exchange studies and there are plans of extending more financial support for students in the future.

Fifteen beginner students who had all studied Mandarin during

the LSE academic year went to Shanghai in the summer to study last year. “By the end of week 8 they had pretty much covered the entire intermediate level course. The course allowed the students to reach a level which would have otherwise taken them a year,” says Dr. Catherine Hua Xiang, the Mandarin Language Coordinator. This year, in its second year of run-ning, advanced level students will be able to attend the programme as well, with a focus on learning about China through attending na-tive university lectures.

The exchange programme also of-fers some planned social activities and trips where you have an op-portunity to meet other students. Indeed, the activity that Dr. Xiang found to be the most memorable was a trip to Suzhou that the stu-dents arranged themselves with-out any additional support: “I think they found that experience re-warding. It made them understand that they could communicate well in Chinese.”

When West Meets East: The Deli-cious Days of an Irish Teacher in JapanBy Giang Nguyen

An Interview with Thomas McComack

Work Culture1. Did you like teaching English in Ja-pan? 

Teaching English in Japan has been fun. The students are shy and of-

ten reluctant to take chances with their English but are always re-spectful and definitely warm up to you after a while. The senior high school I work in has been great in making me feel at home and my colleagues have really helped me to get used to life in Japan. Overall, this has been a great experience!

2. What are the differences, from a cultural perspective, between work-ing in Ireland and in Japan? 

I have found the work-culture in Ja-pan to be pretty hard to get used to. People are expected to put in lots of face-time in the office (or staff-room) even if there is very little work to be done on any giv-en day. Most of the teachers in my school arrive before 8am and often don’t leave until 8pm. There also seems to be a bigger split between people’s professional lives and their private lives with people rare-ly discussing their own affairs when in work. Then there are countless social rules and etiquette that one should abide by when working; everything from whose job it is to boil the kettle in the morning (the young women) to how to take your leave of your colleagues at the end of a day’s work “please excuse me for being so rude as to leave ear-ly” is decided and it is up to you to figure out how things work most of the time. 

That being said, there is also a re-ally fun side to people that comes out during work drinking parties or other less formal work events. I also get the feeling that the peo-ple who work together really do support each other in tough times. An important point too, is that as a foreigner, you are given a lot of leeway in many areas.

3, How is the job market in Japan for foreigners? 

I feel that the job market, in gen-eral, is tough for foreigners. Visa restrictions mean that jobs can’t really just be picked up. In addi-tion, Japan’s economy is in a pretty prolonged period (more than ten years?) of low growth. However, certain fields such as engineering or computer programming are pretty stable and there are always companies looking for people with the right skills. In terms of English teaching, there are far fewer jobs than in the past, salaries are falling and the competition for what is there is pretty intense!

liFestyle1. Do you feel your life is drastically different than your family or friends in Ireland? 

No, I wouldn’t. These days, many of my friends live or have lived abroad. The economy in Ireland means that it is now again not so

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unusual for people to work abroad. I feel the details of my life, the little things may be different, but overall life is pretty similar.

2. Tell me some of your favourite differences in culture between Japan and Ireland? 

I really enjoy the various festivals that are scattered throughout the year here. In spring, for two weeks or so, there are the cherry blossom festivals where people sit under the blooming trees and drink to-gether. In summer, there are fire-work displays and people dress in traditional costumes. In autumn, there are leaf-viewing parties and... You get the idea. There is a much bigger awareness of the sea-sons here. 

I also like the fact that in Japan, a lot of emphasis is placed on ap-pearance. People tend to dress well and stylishly. Food is always well-presented. The streets are clean and pretty. 

In addition, I think I have learnt to love the gap between work and play in Japan. When people work, they work and when they have free time, they seem to know how to enjoy it!

3. Some say that Tokyo and sever-al other big cities in Japan have the best nightlife in the world. What do you think and do you have any rec-ommendations for nightlife hotspots from your own experience? 

Hmmm. That’s a tough question. I would say that, overall, the night-life in Japan is not as accepted as in some parts of Europe (Spain or Germany for instance). Public transport stops between midnight and 5am. Clubs are facing grow-ing restrictions on their licensing hours. Entry prices can be very ex-pensive and good bars can be lost in the mazes of streets dedicated to hostess clubs. Also many Japa-nese people are not as naturally

out going as folks in some parts of the world. Nevertheless, there is all night ka-raoke, love hotels or capsule hotels if you want to lay down, all-you-can-drink deals in most establish-ments, themed bars and restau-rants (I went from a jail-themed bar to a country and western bar in one night) and just walking around the centre of Tokyo or Osaka on a Friday night provides some of the best people-watching I have ever seen. 

I would recommend going to the Ameri-Mura area in Osaka and just wandering around on a Friday night: you never know what you will see!

4. I heard that there are public baths (a place where locals could go and wash themselves, soak in a tub and socialize with neighbours). Have you tried that? What was your experi-ence?

Yes, I have tried the public baths here. Of course, at first, it is a little strange to be surrounded by large numbers of naked Japanese men but after a while you get used to it. They are incredibly relaxing places to spend an afternoon; the water with its special minerals makes you feel great afterwards. In win-ter, I tend to go a couple of times a month.

5. Would you say that Japan is a safe place? 

I think Japan is a very safe place: have never really had any prob-lems. Perhaps in bigger cities some care is needed late at night in the nightlife areas but compared to many places in the world Japan is relatively crime-free.

visa inFormation1. How does the Japanese visa pro-cess work? I heard that Japan has a pretty tough immigration policy. 

Japan is not really a country set up for people to immigrate to, say, America, Canada or Australia. Visas are given for one-year or five-year periods dependent on a business sponsoring you. In order for some-where to do so, they must prove that there is not a Japanese person who can do the same job as you. There are various categories of visas for different skills. I am cur-rently working as an ‘instructor’: a visa provided to people working as teachers in public institutions. 

2. Do you know if the Japanese visa process has changed over the last few years? 

Recently, there have been some minor changes to visa regulations. For more information, look at the Japanese Ministry of Foreign Af-fairs website (http://www.mofa.go.jp).

3. Are there any books, websites or other resources you would suggest for people considering moving to Ja-pan? 

I am working as part of the JET Pro-gramme, a Japanese government programme which invites people to come to help promote grass-roots internationalization. Their website is: http://www.jetprogramme.org/.

If you are interested in teaching English in Japan and don’t know where to start, Dave’s ESL Café has a useful forum on teaching in Ja-pan: http://forums.eslca-fe.com/job/viewforum.php?f=11&sid=2d7506959a26b-5d77aa588f5c997aed1

Life in ShanghaiBy Lipei Tao

By glancing at the early 20th cen-tury European architecture along the Bund, it is clear that Shanghai has long been China’s gateway to the outside world. Boasting a GDP of over $307.3 billion, Shanghai is China’s richest city. As the Chinese government puts more capital lib-eralisation in motion, Shanghai is looking to become a global hotspot for finance and business, increas-ing future career prospects in the city. But other than future career opportunities, what else does this dynamic and growing city have to offer?

the gruBThe local darling dish is xiaolong-bao, a small steamed dumpling holding minced pork in a distinc-tive soup. It is available almost anywhere in the city and a cage will cost around 6-20RMB. For the fried version of the dish, try Yang’s shengjianbao. There is usually a line winding out of the restaurant entrance, however, the pan-fried

pork dumplings sprinkled with sesame seeds, costing 6RMB for four, is well worth the wait. But most importantly, a word of warn-ing should be given to the novice dumpling eater. The correct way to eat the dish is to first bite a small hole in the wrapper and then slurp the soup out of the hole. Taking a large first bite will cause hot scald-ing soup to spray everywhere in addition to causing you huge em-barrassment in front of the locals. Trust me, I learnt the hard way so you don’t have to suffer the same traumatic experience.

In London, if you need to quick-ly satisfy your hunger, your usual options are something like a sand-wich from Pret or a McDonalds burger. In Shanghai, street food is the real fast food. Food carts on the roadside offer a plethora of options; fried noodles, fried rice, shish kebabs, stinky tofu and pan-cake wraps are just a small selec-tion that can be made on the spot, all for under 10RMB. My own per-sonal favourite is roujiamo, pitta bread stuffed with pork, stewed with a delicious mix of spices and seasoning. Though, as in all of Chi-na, caution should be exercised when eating food from unfamiliar places. It seems like food poison-ing always strikes at the most in-convenient times in the most trou-blesome places.

the entertainmentThe customary after-work activity in London is grabbing a beer at a pub with your co-workers. In Chi-na, the reward after a long day’s work is singing your heart out with your peers and friends at a KTV: rooms with a karaoke machine, microphones, and alcohol that are rented out on an hourly basis. Don’t worry if your Chinese isn’t good enough to sing your favourite C-pop song, the larger chains such as Shanghai GeCheng or HaoDeLi will carry most mainstream Eng-lish songs as well as a large selec-tion of K-pop and J-pop. The other crowds you find in KTVs will most likely be high school/university stu-dents and guys singing ballads to impress their dates.

Moreover, as Shanghai is one of Asia’s most international and mod-ern urban cities, it has a flourishing nightlife that is able to accommo-date a wide range of preferences. For a relaxing evening, enjoy a drink and a nightly live jazz perfor-mance at JZ Club or have a glass of wine on the Kartel rooftop terrace overlooking the Former French Concession. As a rule of thumb, al-ways call ahead of time to reserve a table.

For the night-clubbers, you will be happy to hear that most ven-ues in Shanghai do not have cover fees. Chinese-style clubbing can be found at places such as No.88, Phebe and Richbaby. The only thing I can say of Chinese clubs is that they are an experience found nowhere else. The general account of a night at one of these clubs is characterized by randomness, craziness (of the fun kind) and all-round shenanigans.

At the pricier Chinese nightclubs, such as the Muse clubs, one can witness the cultural phenomenon of the fu er dai (literal translation: wealthy second generation). They are a new generation of young Chi-nese who are able to enjoy a lav-

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ish lifestyle because of the wealth their families own. Indeed, see-ing Lamborghinis parked outside these clubs is a common sight. Fol-lowing the rise of this new gilded lifestyle, the fu er dai have become public symbols of the ostentatious-ness enjoyed by the newly created upper class.

Upper-scale clubs, such as M1NT, mainly serve the population of well-off expats. They follow strict dress codes and have exclusive guest lists. Sometimes it is alright to just call ahead to be put on the guest list, but otherwise, you must either be a member or know a member. The menu is very ex-pensive and membership is cost-ly. However, for the price, you get a tasteful venue overlooking the Shanghai skyline and a 17 meter long shark tank.

the sartorial artsFor those looking to dress sharp-ly, Shanghai offers high quality tailoring services. There are great benefits to getting tailoring done on your professional wardrobe. Whether to make a strong impres-sion in an interview or to develop client relationships, being able to present a professional image is immensely important in business. Hence, having tailoring done on your suit is extremely valuable as the suit is the primary part of your professional image. Tailors in Shanghai are not only skilled and accessible, but they also remain af-fordable at the same time.

The South Bund Fabric Market is where bargains can be found. The mazes of stalls sell everything from suits and shirts to traditional Chi-nese qipao dresses. As with most markets in China, the shops prac-tice the true art of haggling and all prices are negotiable. A two-piece suit will cost anything from 250-500RMB and a shirt 90-150RMB – all depending on your own barter-ing talents. The caveat of cheaper prices and made-to-match designs

is that the quality of the final prod-uct is like a game of Russian rou-lette; know exactly what you want, from cuffs to shoulder-padding to fit, in order to avoid disappoint-ment.

The British, French and American settlers who came to Shanghai during the late 19th century liked to dress dandy and brought with them a strong sartorial tradition. Later, for this reason, the best tai-lors in China were trained in the tailoring schools established in Shanghai. Shanghai’s Savile Row lies on Maoming Road and it is the haven for bespoke clothing. Here, suits will cost anything from 3000-10000RMB depending on the shop. The benefit of paying higher prices compared to the Fabric Market is the guarantee of a knowledgeable staff, better service, better cuts and superior materials. The most re-nowned tailors are W.W. Chan’s & Sons and Dave’s on Wuyuan Road, both shops have long histories and are founded by students of the old Shanghainese tailoring schools.

ConClusion All in all, Shanghai is a city combin-ing the best of China and the West. In addition, it offers something for everyone with its large diversity of great food, fun and shopping. For all the things not covered in this ar-ticle, arm yourself with http://www.SmartShanghai.com, a site that ag-gregates almost all of Shanghai’s events, food, nightlife, and activi-ties in one place.

Rise of K-PopBy Janet Chan

K-pop, short for Korean pop, is part of the phenomenon called the Ko-rean Wave or ‘Hallyu Wave’, terms given to the increasing spread in popularity for South Korean en-tertainment and culture, covering anything from gastronomy to fash-ion. K-pop is a musical genre en-

compassing many styles of music, including electropop, rock and hip-hop. Previously unknown to those outside South Korea, social media has provided a platform for K-pop to branch out – first to Asia in the noughties, and globally in more re-cent years.

With attractive visuals and mem-orable songs, it is not surprising that K-pop artists have had such an overwhelming influence in Asia. Groups and solo artists are called ‘idols’, and their fan bases are fervent, to say the least. The ‘Big Three’ management compa-nies, SM, YG and JYP, are pioneers in the K-pop idol formula – appeal-ing aesthetics, charisma, and tal-ent in singing or dancing, or both. The staggering popularity has led to the creation of many other en-tertainment companies who have joined the bandwagon – in the early noughties, an average of sev-en groups debuted in one year, in 2012, no less than 80 groups have done so. In a given year, idols are likely to produce an album or two and a number of EPs, and appear on music programmes and other TV shows to promote their songs. Furthermore, concerts are given a couple of times a year and most of them are sold-out. A popular idol may also be cast in roles in televi-sion dramas and films. Idols are expected to interact with fans at events such as fan-signings, free-hugs and guerrilla concerts. This can often be too much for idols and some have been sent to hos-pital due to overwork and exhaus-tion! It is well known that if idols are to be popular, this is the price that has to be paid. However, no hard work goes unrewarded (for the lucky ones who have estab-lished popularity). Popular idols such as TVXQ and Girls’ Generation have made millions for their man-agement and for themselves, and members are often seen to be in-vesting their money wisely.

An idol’s popularity is not to be un-

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derestimated. This can be demon-strated by occurrences in airports. Whenever it is known that so-and-so will be arriving at or departing from an airport, legions of loyal fans will camp out there in order to see a glimpse of their beloved idol, which leads to airports any-where from London to Hong Kong being ground to a standstill. Fans also show their undying support by donating ‘fan rice’ to their favourite idols who in turn donate to a char-itable cause. On the other side of the spectrum, there are ‘sasaeng’ (private) fans who exhibit obses-sive behaviours such as stalking and invading their idol’s privacy. These range from fans who book taxis for a day to follow their idols around, to the more extreme ones who install CCTV surveillance cam-eras near idol’s homes, and GPS trackers in their cars.

K-pop’s popularity is not confined to Asia, however, since as of late, it has exerted influence in seem-ingly unlikely places around the world. Various idols have held sold-out concerts in Latin America and Australasia. In Europe, artists performed in London, Berlin, and Paris where ‘SM Town Live in Paris’ sold out within 15 minutes in 2011. Big Bang, an idol group who have previously won the Best World-wide Act at the MTV Europe Music Awards against the likes of Britney Spears, Gotye and Lena, also held a concert in London’s Wembley Arena at the end of 2012. A fan who attended the concert said: “It was great and it’s amazing how big their fan base is, even in the UK - and you could tell that they were very surprised and touched too. When you can feel so much energy it doesn’t matter that you don’t un-derstand the lyrics.” For the ultimate example of K-pop’s popularity, look no further than Psy’s ‘Gangnam Style’, the MV of which went viral in a matter of days and has now even surpassed Justin Bieber’s ‘Baby’ as the most

watched video on YouTube, as well as most liked video. Topping music charts around the world, he also recently collaborated with MC Hammer at the American Music Awards 2012, and is also on the shortlist for TIME’s Person of the Year. Not bad for a few months work.

K-pop idols have also influenced the sales of Korean products, in-cluding electronics, cosmetics and fashion. Companies in South Ko-rea often contract idols to endorse their products to the public. Sam-sung has recently enlisted idols in-cluding 2PM, Miss A and Sistar to promote their mobile phone Sam-sung Galaxy SIII. In terms of cos-metics and skincare products, idols are key in boosting sales. Their good looks attract both men and women who purchase products in the hope that they too will look as appealing. No doubt you have also heard of the BB cream, originating from South Korea, which has ben-efited from idols’ promotion to be-come the new ‘it’ product. Clothing lines wasted no time in recruiting

idols’ help either, with girl group 2NE1 featuring in the Adidas Origi-nals campaign, ‘CF’, alongside Nicki Minaj and Jeremy Scott.

Since its humble beginnings in the 90s, K-pop has reached astonish-ing popularity worldwide. With Psy making a true breakthrough in the West, it should not be long until an idol also makes significant ground here. Tourism in South Korea is already reaping the benefits of K-pop, as many tourists visit in or-der to feel closer to their idols and to buy their endorsed products. As for the rest of Asia, K-pop is dom-inating the music industry and it looks like it is here to stay.

Food Trail-ing Across BordersBy Leo Wan Yu

“Make sure you have your weight measured before you leave your country.” This is what my friends and I always say jokingly to friends who plan to visit Malaysia because sooner or later they will find them-selves on an endless food-hunting journey.

When people think of Malaysia, most of them will start to picture the soaring Petronas Twin Tow-ers, white sandy beaches, scuba diving in one of the richest waters in the world, and attractions that show cultural elements of Malay, Chinese and Indian, which are the three largest ethnic groups in the country. In fact, Malaysia has even more to offer than that! Here, be-cause of its unique characteristic of being a melting-pot of races and religions, where Malays, Chinese, Indians and many other ethnic groups live together in harmony, the multiculturalism has made the country a gastronomical paradise. Start with Nyonya (Chinese-Malay) dishes, move on to Malay kuihs (bite-sized snacks), Indian curries, Chinese dim sum and even inter-national cuisine; Malaysia has got what you want.

One word to describe Malaysian foods – savoury! Of all the dishes, the most significant dish is nasi le-mak – the national dish that one should not miss while in Malaysia! Nasi lemak is a Malay cuisine, and literally means ‘fatty rice’, but in this context means ‘creamy’ or ‘rich’. It is a fragrant rice dish cooked in co-conut milk and pandan leaf, both commonly found in Malaysia. Nasi lemak comes in many varieties de-pending on the chef’s own recipe.

However, nasi lemak is generally served with ikan bilis (fried ancho-vies), roasted peanuts, hard-boiled egg, cucumber slices, and the spicy sauce you find everywhere in Ma-laysia – sambal. Sambal is said to be the most important part in nasi lemak - the tastiness of it could make the dish the most perfect dish in the world or simply ruin it. Sometimes nasi lemak is served with fried fish or chicken. Nasi le-mak with rendang – meat stewed for hours in coconut milk and spic-es until the liquid has evaporated – is common too. Over time, many varieties of nasi lemak have been developed. Now, nasi lemak lov-ers can find the dish served with sambal sotong (cuttlefish in chilli) or acar (pickled vegetables) etc. Imagine the fragrant rice flavoured with pandan leaf, spicy sambal, crispy anchovies and the authentic aroma, it’s no wonder nasi lemak always tops the list of best food in Malaysia. All in all, Malaysians like spicy foods – they utilise spices and herbs whenever they can.

If you are not a fan of spicy foods, don’t worry, there’s still something for you. Cendol is a traditional dessert made from shaved ice, coconut milk, palm sugar and noo-dle-like jelly made from rice flour with pandan flavouring. A rich and creamy cold cendol is a blessing on a hot afternoon, especially when

the temperatures can soar above 30°C. It is sold everywhere, at ei-ther hawker stalls or restaurants. It is not surprising to spot locals en-joying cooling cendol on the road-sides! Malacca State is said to have the best cendol in Malaysia, but lo-cals hold different opinions…

Malaysian Mamak (Malay-Indian) culture represents another side of Malaysian culinary culture. Food served at mamak stalls include roti canai (Indian-influenced flatbread), mee goreng (fried noodles), satay (grilled meat), and the ever-pop-ular drink – teh tarik (pulled tea). Locals like to spend time chatting or watching ‘live’ telecasts of ma-jor sports events with friends at the stalls to while the night away. The culture has gradually integrat-ed into the locals’ life. The mamak culture experience is unique, and all one needs is teh-tarik and good friends to hang out with. The night is always young with mamak stalls in the city.

While across the border, the fast-developing island, Singapore, offers good varieties of eatery too. Some of the Singaporean cuisine originates from Malaysia but it has gradually developed its own dis-tinct characteristics. Singapore is a multicultural country, and being a financial hub, gathers talents from

Chilli crab with mantou, Jumbo Seafood Restaurant (from http://thecrazyfood.blogspot.com)

all over the world; the island does not only offer local cuisines but

also a wide range of international cuisines and styles – Japanese, Por-tuguese, French, Thai, you name it. It is never a problem for foreigners to have a taste of their hometown specialties or venture further afield to satisfy their food cravings in this internationalised community.

Of course, Singapore has its own list of best foods (die-die must-try) in town but on top of all, almost all Singaporeans would suggest chil-li crab. Chilli crab is a well-known Singaporean seafood dish. Crabs are stir-fried in a semi-thick, sweet, flavourful tomato and chilli based sauce, hence the name. But fear not, chilli crab is not a spicy dish despite its name. One of the best ways to taste chilli crabs is with mantou (Chinese buns). The plain bread definitely brings out the sweet and savoury taste of the sauce. The moment you put the

crabmeat and sauce-dipped bun in your mouth, the aroma will fill your nostrils and then your whole mouth. Perfecto if you are sitting by the window in one of the res-taurants along Singapore River, overlooking the blazing lights and amazing night view of the city!

However, you are wrong if you think chilli crab is good enough to be crowned Singapore’s national dish. The national dish, chicken rice, is the proud owner of this ti-tle. It is available everywhere, from hawker stalls, food courts, restau-rants, and even 5-star hotels. It is a dish of fluffy white fragrant rice and poached chicken prepared with ginger and garlic, usually served with dips such as chilli sauce and dark soy sauce, pounded ginger, and sliced cucumber. The chicken could be steamed or roasted. The dish is undoubtedly a must-try dish when you visit Singapore.

The list hasn’t come to an end yet. Enjoy a whole new dining expe-rience while experiencing a 360° panoramic view 165m above the ground in Singapore Flyer, the world’s largest observation wheel. Take a walk to Chinatown and find yourself tasting delicious (and sometimes weird) foods on the street. There’re a lot more for you to discover on this little red dot.

As neighbours, Malaysia and Sin-gapore are separated by only a bridge, however they are pretty distinctive. Nevertheless, no mat-ter what style of cuisine you desire, you will find your paradise here somewhere.

By the way, guess what happened to one of my friends who enjoyed his stay in Malaysia a little too much? He had to buy new pants during his stay after satisfying all his food cravings – the pants he brought from his home country no longer fit!

In Search of Food: Hidden Places in Hong KongBy Tang Valerie Wai Yee

Known as ‘Food Paradise’, Hong Kong has always been famous for her wide variety of food, and there is no doubt that part of the fun is exploring. Recent times have seen the expansion of food chains in Hong Kong, which are gradually dominating and homogenizing the culinary markets; for example, the corporation of Maxim and Fair-wood. However, if one looks hard enough, one may spot the hidden gems; these restaurants often pro-vide a unique dining experience, and chances are, they may be the new secret hideout place that you have been looking for.

Hidden on the 15th floor of an in-conspicuous building in Leighton Road, Causeway Bay, Hit the Road is a cosy and artistic café that pro-vides a small day-to-day menu for its customers. Furnished with so-fas, bookshelves, paintings and an-tique decorations, the whole café emanates a relaxing and comforta-ble atmosphere – perfect for a nice afternoon tea while you casually flip through your favourite read. With its ivory walls, complemented by black rims and outlines, the café looks almost as if it has emerged from a child’s painting, giving the place an ineffable feeling of happi-ness. The café itself is rather small, perhaps because of its secluded lo-cation, but this is just all the better for people looking for a quiet place to take some time off the stressful and fast-paced life of Hong Kong.

Perhaps the most well known dish

49 | Lifestyle

Have a teh-tarik moment at the mam-ak stalls - chef is ‘pulling’ tea.

Chilli crab with mantou, Jumbo Seafood Restaurant (from http://thecrazyfood.blogspot.com)

at Hit the Road is its honey-grilled chicken. The dish comes in many variations, but one of the best is Spaghetti with Honey-Grilled Chick-en in Homemade Pesto. As you slowly bite through the chicken, the rosemary and the honey flavour are the first things to hit your pal-ate. The grilling process caramelis-es the honey-coated chicken skin, forming a sweet and crispy layer of on the surface. The aromatic scent of the rosemary, which has been sprinkled on top of the chicken, also becomes more pronounced after the grilling and complements the chicken perfectly. Then it gets even better: the chicken is amaz-ingly tender and succulent, clearly they use fresh chicken instead of frozen. On the other hand, the spa-ghetti is cooked al dente, and the rich but not too heavy homemade pesto sauce brings the dish to an-other level.

After a satisfying main course, how can one skip dessert? (Personally, that is the main point really). All the desserts at Hit the Road are excel-lent, but the lemon meringue tart really stands out. The café strikes the perfect balance with this des-sert: the light, fluffy meringue and a crunchy tart base balances out the acidity of the lemon filing, making this dessert one to die for. The unique arrangement of the meringue – small individual perks topped with a mint leaf – scores for this dessert presentation-wise as well, giving a well-rounded culinary experience.

For those dessert fanatics, one dessert definitely cannot satisfy your sweet tooth! So, anyone up for some Japanese pudding? Wa-

sakuraya, a Japanese pudding shop in Happy Valley, is established by a Japanese chef who is dedicated to bringing genuine Japanese cuisine to Hong Kong. Wasakuraya insists on importing ingredients from Ja-pan for their pudding in order to ensure the best quality, such as the Hokkaido 3.6 milk and Wasab-on sugar.

The signature pudding at Wa-sakuraya is the Premium Custard Pudding topped with wagashi, which is a traditional Japanese con-fectionery. It literally melts in your mouth: one can taste the rich fla-vour of eggs, milk and vanilla seeds all at the same time. It is not the kind of dessert that is too sweet and makes people want to stop after a few spoonfuls, but rath-er makes you long for more; you could definitely continue for three whole puddings without getting tired of it at all (which was what I did)! And if you happen to be into nice kitchenware, an additional fringe benefit is that you can take away the beautiful Japanese ce-ramic cup.

The other custard puddings at Wa-sakuraya are equally delectable. These, compared to the premium one, are less creamy and come in various flavours, which can really be a headache for one to choose from. As recommended by the

staff, the original custard pudding and the black bean custard pud-ding are extremely popular, and the reason why is apparent – the former glides smoothly into one’s mouth and gives off a subtle aro-ma; while the latter has a hint of bitterness, which neutralizes the sweetness without overpowering the natural flavours of the ingre-dients. These puddings also come with a selection of syrups, such as maple syrup, caramel and green tea syrup, which transforms the taste of the puddings considerably, generating even more variations.

These two places are just a tiny representation of the hidden gems one can find in Hong Kong. There are still numerous places yet to be discovered, and it is up to you

whether you want to enrich your culinary experience or not. Hong Kong is indeed a place filled with endless possibilities, and it is im-possible not to love this city for its cosmopolitan setting.

© UBS 2013. All rights reserved.

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