FSA Research Project China 2014

FSA RESEARCH PROJECT 2014

WWW.FSARESEARCHPROJECT.NL

CHINA

RESEARCH PROJECT 2014 | 2

The FSA Research Project is one of several recurring projects organized by the Financial Study association Amsterdam (FSA). The FSA is the largest financial study association in the Netherlands with over 3000 members and a project portfolio consisting of thirteen yearly events in the areas Banking, Investments, Consultancy and Accountancy. The board of the FSA consists of students from both the UvA and the VU, allowing it to maintain a wide range of stakeholders. The FSA aspires to perform a “magnet” function; enabling financially orientated students to come in contact with the largest parties in the financial sector and vice versa. Moreover, by participating in one of our projects, whether national or international, we hope to instil a sense of the practical importance of the theoretical concepts learned during a university course in our members and help them identify future employers. The FSA is part of the Financial Association Netherlands (FAN), which aims to improve integration of the financial association and realize the organization of nationwide events.

All activities of the FSA are organized by students from both universities of Amsterdam with an interest in finance. The FSA cooperates with a multitude of companies as well as other financial study associations in Groningen, Maastricht, Rotterdam and Tilburg within the Financial Association Netherlands (FAN).

Our slogan is “The urge to improve is what makes the difference” and we would like to characterize our members as being professional, ambitious and enthusiastic. The combination of motivated students and a well-defined goal has made us what we are today and continues to stimulate us in being innovative in every aspect of our association.

ABOUT FSA

HISTORIEStartjaar: 1996 Sprekers2013: Jan Peter Balkenende (Partner Ernst & Young), Roderick Munsters (CEO Robeco), Pierre Sarrau (Managing Director Blackrock), Koos Timmermans (Vice-Chairman ING), Jaqueline Cramer (ex-minister van VRM),

2012: Klaas Knot (DNB), Sarah Carlson (Hoofdanalyst Moody’s), Stijn Claessens (IMF), Maarten Verwey (Europese Commissie)

2011: Jan Kees de Jager (ex-minister van Financiën), Ad Scheepbouwer (CEO KPN), Doug Shaw (COO EMEA BlackRock), Lex Hoogduin (Directeur DNB), Jan Maarten Slagter (Voorzitter VEB), Wim Boonstra (Chefeconoom Rabobank Nederland), Jan Marten de Vries (Partner De Brauw Blackstone Westbroek)

2010: Mark Rutte (fractievoorzitter VVD), Hans Hoogervorst (voorzitter AFM), Coen Teulings (directeur CPB), Dirk Scheringa (ex-directeur DSB), Koos Timmermans (CRO ING), Klaas Knot (Plv. TG en dir. financiële markten Ministerie van Financiën)

2009: Nout Wellink (president DNB), Jan Kalff (oud-bestuursvoorzitter ABN Amro), Hans Hoogervorst (voorzitter AFM), Dick Sluimers (CEO APG), Onno Ruding (ex minister van Financiën) en Andrew Haldane (director Bank of Engeland) Aantal inschrijvingen van studenten2013: ong. 320 2012: ong. 3502011: ong. 3502010: ong. 4002009: ong. 390 Aantal deelnemende studentenZie aantal inschrijvingen

DOELGROEPStudenten met een financiële achtergrond van de UvA, VU, DSF

LOCATIEHet Concertgebouw

PERIODEApril

MOGELIJKHEDEN TOT DEELNAMEBedrijvenDeelname is mogelijk door het afnemen van verschillende sponsorpakketten. Het leveren van een gastspreker (presentatie van ong. 30 min.) is eveneens mogelijk, hier is een hoofdsponsorschap aan gekoppeld. In overleg kan gekeken worden naar de specifieke wensen van de bedrijven. Daarnaast is het mogelijk om voor vooraf geselecteerde studenten een lunch of diner te organiseren. StudentenStudenten melden zich aan via www.fsa.nl. Voor deelname aan lunch of diner zenden de studenten ook hun CV in.

FSA Informatiebrochure | 3RESEARCH PROJECT 2014 | 3

INTRODUCTION 4

PREFACE 5

ADVISORY BOARD 6

COMMITTEE OF RECOMMENDATION 8

WHAT WE OFFER 9

CLIENT BENEFITS 10

RESEARCH EXPERIENCE 11

ABOUT CHINA 12

COMMITTEE 14

PARTICIPANTS 15

COLOPHON

Financial Study association Amsterdam (FSA) FSA Research Project Committee 2013-2014Plantage Muidergracht 24 Room P 2.02A/2.03A Jasper Adam (Chairman)1018 TV Amsterdam Daniel Blokker (Coordinator – FSA Chairman)The Netherlands Luuk Deen (Secretary)T: +31 (0)20 525 65 12 Lune Dunning (Coordinator – FSA Treasurer)F: +31 (0)20 525 59 16 Rob Tuinte (Treasurer)E: [email protected] Rosanne de Vos (Head Acquisition)I: www.fsaresearchproject.nl

This brochure was compiled to promote the FSA Research Project China project of the Financial Study association Amsterdam. For more information,

please visit www.fsa.nl or www.fsaresearchproject.nl. All rights reserved.

CONTENT


The FSA Research Project is proud to present its destination for 2014: China. In July and August, a team of eighteen highly talented and motivated students will conduct international research for companies with aspirations towards emerging markets. Extensive training and supervision by knowledgeable experts in the preparatory phase will have the team fully prepared for departure.

The Chinese economy showed remarkable growth over the past decades and is expected to top the U.S. economy in 2016 as the most important economy in the world. Whereas the production industry used to be the foundation on which China’s economic growth was build, a shift has been taking place towards a more Consumption- and service driven economy. The Chinese government has recognized this shift and is acting on it. One of the most important reforms is the opening of a free trade zone in Shanghai to further encourage the development of the service industry. The most promising sectors in China are, amongst others: financial services, IT related services, energy and agriculture.

The FSA Research project is an excellent opportunity to provide answers to your business questions. We deliver tailor made professional consultancy services and research reports for companies with international aspirations. As the FSA operates on a non-profit basis, company specific research can be conducted at a competitive price. The quality is guaranteed by years of experience, the careful selection of the researchers, seminars and language courses from knowledgeable experts, and guidance by the best professors the city of Amsterdam has to offer.

This brochure is intended to inform you about the structure of the FSA Research Project and how we can add value to your business. If you have any further questions, please do not hesitate to contact us. We are more than happy to meet you and to provide additional information.

Kind regards,

Committee FSA Research Project 2014 China

INTRODUCTION


PREFACE

In China, developments have taken place during the past 35 years of a scope and scale we have never seen before. Only very recently the country has become the largest trading nati on in the world.

China will also become the largest economy in a couple of years. What is less known is that China in terms of populati on and gross domesti c product - even when taking into account a margin of error – was already the world’s largest economy unti l about 1820, and had unti l around 1500 the highest income per capita. In other words, it is more accurate to talk about China’s resurrecti on, rather than a sudden emergence without any prior history.

China has become a country we have to take seriously. For many years it was called “ the workshop of the world”. Over the years, economic imbalances greatly have grown due to the excessive dependence on exports and foreign investment as the main drivers of economic growth.

The new leadership has pointed out at the Party plenum in November 2013 that the economy must be restructured in an orderly manner, away from overdependence on infrastructure investment, exports and foreign investment towards expanding the private sector that will develop a sustainable consumer driven economy and increase the quality and quanti ty of consumer goods and services. The target economic growth rate should be around 7.5% and excessive credit growth should be curbed. At the same ti me, major issues, such as effi cient use of energy, raw materials and capital should be addressed; the widening gap between rich and poor should be reduced and environmental issues should be pro-acti vely tackled. In additi on the government should deal with the implicati ons of a fast aging populati on and the consequences of the one-child policy.

This “rejuvenati on of the great nati on” should take place however without threatening the monopoly of power of the Party.

The Netherlands maintains a more than 400 years old trading relati onship with China and is at this moment both the second largest investment and trading partner of China among EU countries. The Netherlands Council for Trade Promoti on (NCH), the largest private trade and investment promoti on insti tute in Holland, takes pride in having played

an important part in developing trade relati ons with China already since 1964. The China Council is one of the largest of its 35 bi-lateral business councils.

One of the key issues of succeeding in this enormous, but highly regulated and complex market is being well-prepared and conduct in-depth research. It is of utmost importance to know very clearly whether there is a demand for your product, service or technology.

This year, the FSA’s RESEARCH Project will again be dealing with China. The 18 carefully selected students can give tailor-made answers to questi ons Dutch businesses may have but do not have the ti me or opportunity to address by themselves. Guided by a team of professors and experts, both in the Netherlands and China, they can conduct research and deliver consultancy services to you at competi ti ve rates.

I highly recommend their services to companies with a serious interest in China.

Dr Jan SiemonsManaging Director Netherlands Council for Trade Promoti on (NCH)


Prof. Dr. A. Lucas FinanceAndré Lucas is an expert in Financial Risk Management, Asset Pricing, and Financial Econometrics. His research focuses on empirical modelling issues for market and credit risk, in particular at the portfolio level. He has published on this topic in journals such as Journal of Econometrics, Journal of Business and Economic Statistics, Applied Mathematical Finance, and Journal of Banking and Finance.

Prof. Dr. A.W.A. BootCorporate FinanceArnoud Boot is Professor of Corporate Finance and Financial Markets at the University of Amsterdam and director of the Amsterdam Center for Law & Economics (ACLE). He is a member of the Dutch Social Economic Council (SER) and the Bank Council of the Dutch Central Bank (DNB).

He is also advisor to the Riksbank (Central Bank of Sweden), Research Fellow at the Centre for Economic Policy Research (CEPR) in London and at the Davidson Institute of the University of Michigan. Prior to his current positions, he was on the faculty of the J.L. Kellogg Graduate School of Management at Northwestern University in Chicago, and during 2000-2001 he was a partner in the Finance and Strategy Practice at McKinsey & Co.

In addition to his academic activities, professor Boot advises extensively on ownership structure issues, particularly related to the public/private domain. He is frequently involved in legal cases (expert opinions), and is consultant to several financial institutions and corporations. His consultancy activities concern the regulation and strategic positioning of financial institutions, corporate finance, governance and anti-trust issues. For these activities, he has also established the Amsterdam Center for Corporate Finance, a ”think tank” designed to improve the interaction between theory and practice

ADVISORY BOARD


Prof. Dr. S.J.G. van WijnbergenEconomicsSweder van Wijnbergen is professor of economics at the Faculty of Economics and Business at the University of Amsterdam. In 1997 Hans Wijers brought him in to the Ministry of Economic Affairs, where he worked as secretary until 1999.

Van Wijnbergen studied physics at Utrecht University and Econometrics at the Erasmus University. He obtained his doctorate on economics at MIT in the US. Between 1980 and 1992 van Wijnbergen was attached to the World Bank, in the second half of this period as head economist. His research area is focused on international economics, finance, balance of payments- and financial crises.

Prof. Dr. Ir. H. Rijken Corporate FinanceHerbert Rijken is attached to the VU University as professor of corporate finance at the Faculty of Economic Sciences and Business Administration. He studied Applied Physics at the TU Delft and Business Administration at the University Nyenrode. He

has obtained his doctorate at the faculty Applied Physics of the TU Eindhoven. Education- and research activities are mainly focused on corporate finance, in particular credit risk and corporate governance.

Prof. Dr. T.L.C.M. Groot Management AccountingTom Groot is professor Management Accounting at the Faculty Economic Sciences and Business Administration at the VU University. He is also head of the department Accounting and director of the research institute Amsterdam Research Center in Accounting (ARCA) and honorary

member of the Association of Financial Controllers. He regularly publishes in national and international magazines about the performance measurement and -judgment, management control and financial management in commercial firms as well as non-profit organizations.

Drs. L.A. van EerdenFinancial Business AdministrationLeo van Eerden is attached to the VU University as a professor at the finance department of the Faculty of Economic Sciences and Business Administration. He studied International Economics at the University of Tilburg and at the moment he is working on

his PhD at the VU University. His current research area is mainly focused on financial crises, regulation, supervision on banks and system risk management.


Prof. dr. D.C. van den BoomRector magnificus Universiteit van Amsterdam

Prof. dr. F.A. van der Duyn Schouten Rector magnificus Vrije Universiteit Amsterdam

Dr. M. van Straalen Chairman SME’s Netherlands

Mr. D.R. Hooft GraaflandMember Executive Board / CFO Heineken

Mr. B. PullesDirector NL EVD Internationaal

Mr. E. E. van der LaanMayor of Amsterdam

Dr. A.H.G. Rinnooy KanEx-chairman Social Economic Counsil (SER) and professor at the University of Amsterdam

Prof. Dr. C.N. TeulingsFormer director Centraal Plan Bureau

Drs. F.W. WeisglasEx-chairman of “de Tweede Kamer der Staten-Generaal”

Mr. G.T. VinigAssociate professor for Entrepreneurship at the University of Amsterdam

mw. drs. L.B.J. van GeestDirector Centraal Plan Bureau

COMMITTEE OF RECOMMENDATION


We conduct high quality, company-specific research in emerging markets on a non-profit base for companies with international aspirations.

What? The main objective of the project is to conduct research in China, which can be fully customized to the wishes of the company. Research can be conducted in several areas. Examples of such areas include: • Market Analysis • Competitor Analysis • Industry entrance analyses• Sector Analysis • Growth strategy analyses• Feasibility Analysis• Identification of possible business partners• Background research and competitive market analyses• Distribution and Logistics Research • Finance or Investment Opportunities • Outsourcing and Off Shoring • Import and Export Analysis • Market Expanding Opportunities

How? Before going abroad, thorough desk research will be performed to ensure maximum preparation. Researchers are offered intensive training about conducting research, China, and relations with clients. The acquisition period starts in January and as soon the client has given the final assignment desk research will start. During the entire process we will be supported by our advisory board. They can be contacted by the committee in case of questions and will act as our consultants.

The field research will take place in China and will last for five weeks. Once the participants have returned to the Nether-lands, the gathered data will be processed and the final re-port will be written. The company will constantly be kept well-informed and updated about the project’s progress. The research results will be presented to the contracted company and, upon request, the report will be published.

Student Selection Each year around 70 students apply for the FSA Research Project. These students are active in the field of Finance, Accountancy, Management Accounting (Controlling), International Financial Economics, Marketing, Fiscal

Economics and other related disciplines such as Law and Social Science. We have selected twelve of the most promising students.

• Final stage of study (120 ECTS prerequisite)• Highly motivated and ambitious• Internationally oriented • Organizational experience• Good academic results• Team playing skills

Note: Participating companies are able to express their pre-ference for participating students

Desk Research Desk research covers a period of approximately six months. The first half of this period will be used to learn about the local economy, politics, culture and language. The students acquire this knowledge through lectures given by guest speakers, i.e. people from business practice. During the second half of the desk research students will start the research for their individual business assignments.

Field Research During the Research Project, approximately five weeks of field research will be carried out in China. The information needed for these assignments will be obtained by means of interviews and visits to companies and institutions. The way the field research is conducted can be adjusted according to the specific preferences of the participating companies.

Reporting After our visit to China each participating student will analyze and process the information gathered during the previous phases of the Research Project. The individual contributions of the participating students to the general survey will then be compiled to a customized report covering the research question proposed by the client. The students will present their individual research reports to the participating companies. A seminar organized in December will inform the companies about the results and give them the chance to get acquainted with professors and participating students.

WHAT WE OFFER


For over 20 years, the FSA Research Project has conducted research in a variety of emerging markets. This has resulted in an extensive network and the accumulation of valuable knowledge concerning this field of research. This enables us to continue delivering the required work and to end up with satisfied clients of the FSA Research Project year after year. Each individual research project will be customized to the needs of the participating organization with the objective to completely satisfy the client. This way, we can offer:

High QualityStudents conducting the research are selected based on both personal and professional performance. Primarily, these students are in the final stage of their study. Prior to departure, the students carry out extensive desk research and study the sector and industry specific characteristics of the particular research subject. Because of this, the time spent in China can be fully dedicated to field research. The field research in China will last five weeks. In order to guarantee quality of the research, it will be conducted under supervision of university professors of both the Vrije Universiteit Amsterdam and the Universiteit van Amsterdam.

ConfidentialityIt is possible to manage discrete research. This means the company name and/or the results of the research will not be published or discussed publicly. Clients named in the subsequent section have given their explicit authorization.

Competitive Price Since the FSA is a non-profit organization, we are able to offer specific research at a price of approximately 10 000 EUR (excluding VAT), based on research to be carried out by two students. The costs will rise accordingly in case the assignment requires more students.

Clarification• Expenses are based on the participation of eighteen

students for a stay of five weeks in China.• Travel and accommodation expenses include airline

tickets, insurance costs and transportation in China.• The organizational expenses consist of correspondence,

telephone bills and brochures.• The academic supervision and the final report, which will

be presented, are part of the research expenses.• Each participating student will contribute 750 EUR.

CLIENT BENEFITS


Over the last twenty years the Financial Study association Amsterdam has gained considerable experience in organizing foreign Research Projects. The destinations of the previous editions are displayed in the ‘FSA Research Project – world map’ at the end of this brochure. In each of these projects, research assignments have played an important role. As mentioned before, the research can be conducted in a variety of fields. Examples of participating companies in the past have been: ABN AMRO, Royal Philips, ABP, P&O Nedloyd, Corus, Rabobank, De Nederlandsche Bank, Stork, DHL, TPG, Grontmij, TNO, ING Group, Unilever

This list shows a number of companies active in different industries. Due to confidentiality issues, we can only mention a limited number of companies, which have given their explicit permission. Some examples of research assignments are provided below. Noteworthy is that only large companies are named here, numerous researches have been done for several small and medium enterprises.

Payvision (Singapore, 2013)The objective of the research commissioned by Payvision was to research the cross-border e-commerce market in Singapore and Malaysia. Over 25 industry experts were interviewed in these two countries. Furthermore industry trends and opportunities were discussed with local representatives of multinationals like PayPal, eBay, but also with executives of local companies which have a major foothold in the local e-commerce industry. All the obtained material is processed into a paper that is used by Payvision for marketing purposes.

FMCG Supply Chain (South Africa, 2011) - The goal of this research was to find out who the most important players were in the FMCG Supply Chain from producer through packager to retailers. The mission was to find out how technologically advanced each industry link was, where decision power and autonomy lies, how the market is evolving and which industry and consumer trends in South Africa are noticeable. Shortly put, the interviews, that took the researchers from Johannesburg through Durban to wonderful Cape Town, were designed to help a Dutch player gain foothold if they were to start conducting any type of operations in the country.

Green Technology (China, 2010) - This research was to identify the opportunities in the Chinese market. The focus was on Shanghai, Beijing and the province of Shandong. The research consisted of two parts. On one hand, the aim was to find out possibilities for doing business in China (including the legal aspects). On the other hand, it was focused on sustainability

and agriculture in particular. To highlight the reciprocal investment possibilities, also a blueprint was made of both these sectors in the Dutch market.

Synclair Packaging B.V. (Argentina, 2009) - The research included a market-scan of the flexible food packaging industry in Argentina, specifying the meat industry, and the identification of possible distributors. This was done in order to give recommendations about entering the Argentinean food packaging market.

Strawberindo Lestari (Indonesia, 2008) - This research re-presents a study on the logistical process of PT Strawberindo Lestari’s export activities to Singapore and Malaysia. The goal of this project was to find a more cost efficient method of transportation, while preserving the quality of the products.

NEC Philips (South Africa, 2007) - This particular research was about finding appropriate business partners for the joint-venture NEC Philips in Mozambique, Tanzania, and Kenya to distribute one of their products. In order to realize this they had to plan and arrange a large variety of business meetings with potential distributors in each of these countries. The outcome of this research assignment was an advisory report concerning which distributors were best suited for the job. NEC Philips actually used their advice to select one of the potential partners.

Dutch Trade Board (India, 2006) - The research in India was performed for the Dutch Trade Board (DTB), which is an agency related to the Dutch ministry of foreign affairs. This research was focused on the trade relations between Dutch and Indian SME’s in the biotech, medical, automotive, ICT and agricultural sector. The final report is now used by the EVD in providing information about India to Dutch companies.

DHL (Brazil, 2005) - The scope of this research assignment was the Brazilian express-market and the interaction with the Benelux express-market in particular. Furthermore they explored the possibility of expanding their business.

Rabobank (Russia, 2004) - The FSA conducted research within the agricultural business and provided Rabobank with a qualitative industry entrance analysis of the Russian agricultural market.

ING group (India, 2003) - The FSA provided ING Vysya Life Insurance with a quantitative analysis of their investment portfolio in India. A decreasing interest rate was the reason to assess whether, next to bonds, investments should be expanded to stocks. ING used the report to rebalance its investment portfolio.

RESEARCH EXPERIENCE


In October 1949 Mao Zedong established the People’s Republic of China after winning the Chinese Civil War. Since the establishment of the People’s Republic of China, the country went from a solely agri-based economy where no foreign investments were allowed to the number one foreign investment destination in the world surpassing the U.S.

EconomyChina has a planned economy where the government holds a significant control over the Chinese economy. Last year, the Communist Party announced economic reforms to further develop their economy by reducing the role of the government. The Chinese economy has shown a remarkable growth over the past decade with GDP growth rates varying from 7.6% to 14.%. One of the main drivers of this economic growth is the international trade boosted by China’s WTO accession in 2001. Economists of the Organisation for Economic Co-operation and Development (OECD) expect the Chinese economy will top the U.S. economy as the most important economy of the world by 2016.

The economy still relies heavily on export, but a shift is taking place towards a more consumption-and service driven economy. Whereas the industry sector of China currently accounts as the largest sector by composing 45.3% of the GDP compared to 44.6% for the service sector, the services sector is expected to take over the spot as China’s most important sector. The recently disclosed plans for economic reforms by the People’s Republic of China is expected to further encourage the shift towards a consumption driven economy by loosening controls over among other, the financial and energy sector.

Economic indicators 2013*GDP US$ 12.61 trillion GDP per capita US$ 9,300 GDP real growth rate 7.8%Inflation rate 2.6%Unemployment rate 6.5%Labor force 798.5 million

Foreign tradeChina is the largest trading nation in the world, with traded goods amounting for US$3.87 trillion in 2012. China is EU’s 2nd trading partner, while the EU is China’s largest trading partner. The EU has a negative trading balance in goods and services

ABOUT CHINA

*Source: CIA World Factbook


with China amounting for more than €145,000 million. China is the Netherlands 2nd largest trading partner outside the EU and the Netherlands was China’s most important trading partner in the EU after Germany accounting for 15% of the trade. Furthermore, the Dutch exports to China rose significantly over the past years, making China the number one non-Western destination of Dutch exports. The Netherlands has a trade deficit with China of €23.8 billion, but for 3 years Dutch exports have been growing faster than imports from China.

Foreign direct investmentsChina surpassed the United States as the number one destination of foreign direct investments. The Netherlands was the 2nd largest investor in China and Hong Kong of the EU countries and 8th largest investor of the world in 2012, with investments accounting for more than €12 billion. During the past 5 years the Dutch direct investments in China more than doubled. The China was the 9th largest investor outside the EU with investments over €2,500 million.

Promising sectors• Agriculture and food. China is the world’s largest

producer and consumer of agricultural products. Furthermore, it’s the world’s largest producer of cotton, rice and pork. Attracting foreign investors in the agricultural sector is a top priority for the Chinese government. China has to feed more people per square meter of land than any other country in the world. Furthermore, due to an ongoing urbanization, the amount of people working in agriculture is decreasing. All this makes it hard for China to match demand and supply, offering opportunities to Dutch firms to export products and services related to agriculture. Of all Dutch sectors the agro-food sector is most represented in China.

• Electronics. The electronics sector grew rapidly after the liberalization of the economy. The electronic industry is both export-oriented and foreign capital-led. Foreign investments in local management centers and R&D bases are increasing. The main areas of China’s electronic information industry are computer-related goods, such as software, communication equipment and entertainment equipment.

• Energy. China is world’s second largest consumer of energy. To meet this demand China developed itself as the world’s largest producer of coal and the second

largest producer of electricity. Despite the size of the energy sector the shortage of energy supply remains in China.

• Financial services. The Chinese government is loosening her grip on the financial sector and making it more accessible for foreign investors. The recent opening of the free trade zone in Shanghai displays the intention of the Chinese government to reform the financial sector.

• Water Management. China is facing challenges regarding water management. Currently the demand for water exceeds the supply, and the Northern part of China in particular faces serious water shortages. Furthermore the quality standards for water are being raised in China, which offers opportunities for Dutch companies to provide their expertise.

• Life sciences and health. The aging of the Chinese population combined with increasing incomes make healthcare a promising sector for the future. Healthcare spending in China is expected to grow from $357 billion in 2011 to $1 trillion in 2020. Leading medical-device and – equipment companies such as Philips and GE Healthcare are present in China.

Geography China is located in the eastern part of Asia bordering 14 different countries and two seas. It’s the fourth largest country in the world when it comes to her surface, coveringalmost 9,600,000 square km. As a consequence of the size of China, one cannot assign a particular climate to China. The extreme northern part is subartic and temperature can drop as much as -30 degrees. The southern part on the other hand, has a tropical climate, with a high degree of humidity. Mandarin is the most spoken language followed by Cantonese spoken by the southern part of China.

CultureChina has a multi-ethnic, multicultural, and multilingual society. The country contains 56 etnicities of which the Han people make up most of the population. Mandarin is the most spoken language followed by Cantonese spoken by the southern part of China.The main religions in China are Confucianism, Taoism and Buddhism.


COMMITTEE

Rosanne de Vos MSc. Business Studies:Marketing & International Management

Rob Tuinte MSc. Finance

Luuk Deen MSc. Business Administration:Financial Management

Jasper Adam MSc. Business Administration:Strategy

Daniel Blokker BSc. Economie & bedrijfseconomie

Lune Dunning BSc. Economics & Finance

f.l.t.r. Daniel Blokker, Rob Tuinte, Lune Dunning, Luuk Deen, Rosanne de Vos, Jasper Adam


Elodie de Jong MSc. Business Studies MSc. Communication Science

Nuria Boot MSc. Econometrics: Mathematical Economics MSc. Economics:Industrial Organisation

Bregje Nooteboom MSc. Business Administration: Financial Management

Wouter Hermanides MSc. Business Administration: Strategy & Organization

Kelly Groot MSc. Business Economics:Organisation Economics

Simon Capel MSc. Economics

Orjan Ohlsen BSc. Econometrics and Operational Research

Daphne Kerpel MSc. Transport, Infrastructure & Logistics

Jeen Hartman MSc. Business Administration: Financial Management

Anne Remmert MSc. Business Economics: Organisation Economics

Daniël Hensens BSc. Economics and Business

Bastiaan Schreuder MSc. Business Administration: Strategy & Organization

PARTICIPANTS


NOTES

MAIN SPONSORS OF THE FSA

Financial Study association Amsterdam (FSA)

Plantage Muidergracht 24 Room P2.02A/2.03A 1018 TV Amsterdam The Netherlands

T: +31 (0)20 525 65 12 F: +31 (0)20 525 59 16 E: [email protected] I: www.fsaresearchproject.nl

FSA Research Project China 2014

Documents

Transcript of FSA Research Project China 2014