Today I spent the afternoon with about 30 Moms and Dads in a local Tea House discussing the current economic crisis and how it could impact China next year and in the years to come.
Four tables were covered with snacks and a variety of different teas - each satisfying a different palate. I presented my perspectives on the world economic crisis and tried to put it into perspective for the audience of newly minted middle class Shanghai parents.
This was one of many experiences I have had in China that reinforced the reality that Chinese know substantially more about the United States than Americans know about China.
The conversation was focused on investment opportunities. Is American Real Estate a good investment now ? Should we buy property in the US now (its cheap right ?) and then pass it on to our children ?
Should we send our high school aged children to the US now or wait until they go to college ?
If Americans change their purchasing behavior and stop using credit cards will China's export engine stall even more ?
What is the safest investment in the current downturn ?
The amount of wealth generated by the new Chinese middle class is staggering. The 40%+ savings rate has created a new class of investors who are sophisticated and extremely active. They are aware of the world and engaged in the world.
They see the future as bright.
Americans need to change their thinking about China. China is not a monolith. China is a diverse country with a diverse set of people seeking a better life for themselves and their children. The American dream is alive and well in China.
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