Keyu Jin

And also the mold that you can have to protect yourself, the IP protection, right?

That's much weaker in China because the legal system is not very effective.

You have a good idea, you'll be copied.

And there's a lot of work.

You have to dine and wine with the local governments.

I mean, that's not allowed anymore, by the way, but you dine and wine, you know, figuratively speaking, you have to have a very good relationship with them.

That's a different kind of work.

That's true.

The potential negative ramifications are there.

But I think personal protection is a big difference.

If you make a mistake, if your company's not run well, you go to jail.

I think that the U.S.

is much, much more tolerant on entrepreneurship, entrepreneurs on failure.

In the U.S., capital controls politics, one could argue.

In China, it has to be the other way around.

Capital must be reined in by politics.

As part of the capitalist class, do not have the ambition to exceed the powers of the political class is really at the core of it, I'd say, the biggest difference between U.S.

and China.

There are important details that I think the West has not fully provided to the public.

For instance, Ant Financial, as innovative as it was, was doing banking work.