"When discussing the potential for building large tech companies, opinions vary widely. Some argue that it's too challenging or outright impossible, while others point to China's success, noting that if China could achieve it, why not this region which comprises a quarter of China's economy? Acknowledging the immense challenges, it’s clear that overcoming them requires exceptional entrepreneurs. Despite the criticism directed at venture capitalists, they responsibly manage their investments and the funds entrusted to them. In this diverse economic landscape, some companies and people work harder, some have better judgment, and some have more luck than others. This diversity drives the overall improvement of infrastructure, payment systems, and logistics, thereby enhancing consumer choice and the quality of goods available.” - Jianggan Li, Founder & CEO of Momentum Works" - Jeremy Au
"There are numerous industries tightly linked with real estate, just as the finances of local governments are deeply intertwined with it. This ties back to a tax reform in the 1990s, which delineated what revenues could be collected and retained at local levels versus what would be handled centrally. This is likely why many local governments have been selling land for over two decades—to finance urban development and other needs. Particularly during the pandemic, when expenditures surged due to health measures, the inability to sell land amid stagnant industry growth creates a significant debt issue. Essentially, they need to secure funds from somewhere to cover these costs and maintain services." - Jianggan Li, Founder & CEO of Momentum Works" - Jeremy Au
"After several years of the pandemic, people have come to realize, "Okay, I don't need that kind of stuff, right? I can live perfectly well." This shift in perspective has transformed attitudes significantly. Now, there's a greater focus on personal health and well-being over luxury; people care less about purchasing luxury items merely to impress others. This change is a complete transformation. When discussing industrial overcapacity, it's clear that this is simply how the economy operates. In a market-driven system, production will be organized to meet demand. However, arranging production takes time and doesn't always align perfectly with fluctuating market demands. China, unlike Western countries, hasn't experienced these economic cycles in the same way, and a significant downturn could have serious social repercussions.” - Jianggan Li, Founder & CEO of Momentum Works" - Jeremy Au
In this episode, Jeremy Au speaks on China: Black Myth Wukong $1B AAA game, $86B Tencent publisher (League of Legends, SEA Group and VNG), and real estate bubble burst with Jianggan Li.
Keywords: China, Black Myth Wukong $1B AAA Game, $86B Tencent Publisher, League of Legends SEA Group VNG, Real Estate Bubble Burst, Jianggan Li, China, Southeast Asia, VC, Creators, Thought Leadership
