I can presently enjoy a one week holiday in Changchun. The reason for that one week holiday comes down to China’s National Day. My present stomping ground China celebrates its National Day on 1 October. To do so in style, China’s National Day stretches over a week. Over that week, all schools and universities are closed. China’s bash for its National Day takes place on 1 October because the People’s Republic was founded on 1 October 1949. China’s National Day’s celebrated across Mainland China including Hong Kong and Macau.

Because there are no classes for a week, some of the international faculty do some traveling. A few of my colleagues are heading for Beijing, for instance. Many students whose families live - more or less - close to Changchun spend the week at home with their families. Plenty of students, however, live in Southern China. It takes them twenty to thirty hours by train to get back to their home towns. Instead of doing so, they spend the week in Changchun or do some traveling in Northeastern China. And yours truly? You may have guessed it already. Been there. Done that. Traveling no longer offers any sex appeal to me whatsoever, at least for the time being.

Instead, I’ve got some shopping to do. I do need adequate clothes for the upcoming winter, which I never needed in warmer parts of the globe. In autumn it’s getting a little chilly already. On top of it, you can track me down at my favourite restaurants in Changchun. The holiday fortunately provides me with ample time to do that sort of thing leisurely. Even though it’s not the chief reason, that sort of holiday projects why I value to be in university teaching. University teaching almost reflects to me as much excitement as being Pope.

Japanese Banks

The financial crisis projects excitement as well, excitement in spades. You can read in financial media these days that investment banks have crashed out of business. When reading stuff along these lines, the thought typically springs to my mind “hang on mate, don’t jump to conclusions”. Large American investment banks indeed have either crashed out of business or have been transformed into retail banks. However, there are still a few boutique firms around in investment banking. Smallish outfits like Keefe, Bruyette & Woods (www.kbw.com/) and Canaccord Adams (www.canaccordadams.com/) are still in business. They may be in for a rough ride at present. Yet for the long haul they may shore up their turf and leave a mark. They’re likely to use their business acumen to fill the gap left by the former big players. You just don’t hear about it presently.

Canaccord Adams, for instance, does business in the United States and Canada as well as in Europe. Now have a blush at Asia. In Asia in particular Japanese financial institutions seem to be on a shopping spree.Nomura (www.nomura.com/), Japan’s largest brokerage by market capitalisation, has snapped up Lehman Brothers’ equities and banking operations in Europe and the Middle East as well as Lehman Brothers’ whole Asian franchise. Mitsubishi UFJ (www.mufg.jp/english/) has acquired a stake of twenty percent in Morgan Stanley. These samples showcase that Japanese financial institutions at present cut a fine figure and are fighting fit.

More than a decade ago or so Japanese banks pretty much resembled their American counterparts these days. Financial institutions in Japan took a tumble. The tumble was triggered by the bust of a property bubble. The Japanese government stepped in to avoid something worse. All this resulted in a period of economic and financial weakness for about ten years in Japan. Do you recognise the pattern on the other side of the pond today?

As far as I can get a handle on things, Japanese banks have learned the lesson. They have barely dabbled in dodgy mortgages. They’re now awash with cash. Awash with cash, they rush in and take stakes in their American counterparts, presumably at bargain basement prices. It serves as a case in point that the USofA is losing its financial and…..pre - eminence. Whilst residing in Asia, I just sit and watch.

* More Articles on Living in China
* Real Estate in China
* Banks in China - Worldwide Banking Directory
* Universities in China - Colleges & Universities listed by Country
* Embassies and Consulates of China