Keyu Jin

The copying, it's the same kind of mentality.

Just get ahead quickly.

But again, that is all shifting.

That is all shifting because China is now in a different stage of development.

If you ask the younger generation, they really care about quality.

They care about values.

And these companies, these very successful companies, successful in five years, 10 years, found themselves in a very difficult position after a longer period of time.

So that short, flat, fast attitude, which was so popular, especially before the pandemic, that's actually somewhat disappearing.

So in some sense, this economic downturn is not that bad for China because it made the Chinese realize that it's not always going to go up.

And it made them really look down deeper into what they really should be focused on, that there will be cycles, there will be up and downs.

And so these very short termist thinking and opportunistic way of driving business will ultimately fail.

It's bad for China that we're having a sustained economic softness, sustained economic softness, but I think it's also a very, very important lesson for the Chinese people to go through.

You know, we look back at those moments when everybody in China was very poor with a bit of nostalgia.

I remember no doors were locked.

I was in Beijing, and I remember every day in the summer, everybody just went downstairs and chatted with everybody else.

It was very social.

It was very community-based.

The neighbors help each other.

We had very, very little small apartments, very limited access to certain goods.

When I was born, even in Beijing, there were these vouchers for how many eggs you can buy.