Chinese are the unsung heroes of South East Asia: Robert Kuok Memoirs

https://youtu.be/oU0tz-3Uzeg

They are the most amazing economic ants on Earth, ‘Sugar King’ writes in memoir

 Good Chinese business management is second to none; the very best of Chinese management is without compare. I haven’t seen others come near to it in my 70year career. Robert Kuok

The overseas Chinese were the unsung heroes of the region, having helped to build South East Asia to what it is today, said Malaysian tycoon Robert Kuok (pic).

He said that it was the Chinese immigrants who tackled difficult task such as planting and tapping rubber, opening up tin mines, and ran small retail shops which eventually created a new economy around them.

"It was the Chinese who helped build up Southeast Asia. The Indians also played a big role, but the Chinese were the dominant force in helping to build the economy.

"They came very hungry and eager as immigrants, often barefooted and wearing only singlets and trousers. They would do any work available, as an honest income meant they could have food and shelter.

"I will concede that if they are totally penniless, they will do almost anything to get their first seed capital. But once they have some capital, they try very hard to rise above their past and advance their reputations as totally moral, ethical businessmen," Kuok said based on excerpts of his memoir reported in the South China Morning Post .

“Robert Kuok, A Memoir’ is set to be released in Malaysia on Dec 1.

Kuok said the Chinese immigrants were willing to work harder than anyone else and were willing to "eat bitterness", hence, were the most amazing economic ants on earth.

In the extracted memoir published by the South China Morning Post, Kuok, pointed out that if there were any businesses to be done on earth, one can be sure that a Chinese will be there.

"They will know whom to see, what to order, how best to save, how to make money. They don’t need expensive equipment or the trappings of office; they just deliver.

"I can tell you that Chinese businessmen compare notes every waking moment of their lives. There are no true weekends or holidays for them. That’s how they work. Every moment, they are listening, and they have skilfully developed in their own minds – each and every one of them – mental sieves to filter out rubbish and let through valuable information.

"Good Chinese business management is second to none; the very best of Chinese management is without compare. I haven’t seen others come near to it in my 70-year career," he said.

"They flourish without the national, political and financial sponsorship or backing of their host countries. In Southeast Asia, the Chinese are often maltreated and looked down upon. Whether you go to Malaysia, Sumatra or Java, the locals call you Cina – pronounced Chee-na – in a derogatory way," he said.

He added that the Chinese had no "fairy godmothers" financial backers.

"Yet, despite facing these odds, the overseas Chinese, through hard work, endeavour and business shrewdness, are able to produce profits of a type that no other ethnic group operating in the same environment could produce," he said.

Kuok ultimately attributed the Chinese survivability in Southeast Asia to its cultural strength.

"They knew what was right and what was wrong. Even the most uneducated Chinese, through family education, upbringing and social environment, understands the ingredients and consequences of behaviour such as refinement, humility, understatement, coarseness, bragging and arrogance," he said.


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Economic woes a test for South East Asia

Speculative attacks will challenge reserves, defences built after 1997/98

A man is silhouetted as he fishes near Northport in Klang outside Kuala Lumpur June 6, 2014. REUTERS/SAMSUL SAID

Southeast Asia has spent the best past of two decades shoring defenses against a repeat of the Asian financial crisis, including building up record foreign exchange reserves, yet is now feeling vulnerable to speculative attacks again.

Officials are growing increasingly concerned as souring sentiment has made currencies slide and investors reassess risk profiles in an environment where China is slowing and U.S. interest rates will rise at some point.

And while economists have long dismissed comparisons with the 1997/98 currency crisis, pointing to freer exchange rates, current-account surpluses, lower external debt and stricter oversight by regulators, lately there has been a change.

Malaysia and Indonesia, which export oil and other commodities to fuel China's factories, are looking vulnerable as the world's second-largest economy heads for its slowest growth in 25 years and the prices of their commodity exports plunge.

"We are worried about the contagion effect," Indonesian Finance Minister Bambang Brodjonegoro said last week, using a word widely used in 1997/98.

In 1997, "the thing happened first in Thailand through the baht, not the rupiah. But the contagion effect became widespread," he added.

Taimur Baig, Deutsche Bank's chief Asia economist, said that unlike 1997, when pegged currencies were attacked as over-valued, today's floating ones are "weakening willingly" in response to outflows.

But there can still be contagion, as markets lump together economies reliant on China or on commodities. "If you see a sell-off in Brazil, that can easily spread to Indonesia, which can spread to Malaysia, and so on," he said.

Foreign funds have sold a net $9.7 billion of stocks in Malaysia, Thailand and Indonesia this year, with the bourses in those three countries seeing Asia's largest net outflows, Nomura said on Oct. 2.

Baig said that as in 1997/98, falling currencies will naturally pose balance-sheet problems for companies with dollar debts and local-currency earnings.

This year, Malaysia's ringgit MYR= has fallen nearly 20 percent against the dollar and its reserves dropped by about the same percentage, to below $100 billion.

"It's almost like a perfect storm for Malaysia," the country's economic planning minister, Abdul Wahid Omar, said.

Malaysian officials insist the economic fundamentals are stronger than two decades ago, but some economists aren't sure.

Chua Hak Bin of Bank of America Merrill Lynch said he draws "little comfort" from comparisons with 1997. While in many ways Malaysia's economy is stronger now, for example by having a current account surplus, its external debt is 70 percent of gross domestic product, compared with 44 percent in 1997, and there's "significant downside risk even after the sharp ringgit correction".

None of the three main credit-rating agencies has downgraded Malaysia's creditworthiness in response to market ructions, but Moody's said in September the currency's fall was a symptom of declining exports and other factors negatively impacting key credit buffers.

SOURING SENTIMENT

Indonesia, Southeast Asia's largest economy, has a lower external debt relative to GDP - 32 percent – but foreigners also own a large share its local-currency bonds.

This makes the rupiah, down 13 percent against the dollar this year after jumping on Tuesday, vulnerable to souring sentiment.

"We are trying to differentiate ourselves from Malaysia," Indonesia's Brodjonegoro said. "At least we can get the inflows, we can still create positive sentiment."

At end-February, Indonesia's reserves topped $115.5 billion. On Sept. 21, they were $103 billion.

On Wednesday, the central banks of Indonesia and Malaysia are due to announce fresh reserve figures.

By months of import cover, Southeast Asia's holdings of foreign reserves still seem sufficient. But looking at them relative to overall foreign financing needs, they are more stretched.

Malaysia's reserves barely cover its short-term external debt due this year, while Deutsche Bank says Indonesia's are about 1.5 times what's needed to finance its debts and current-account deficit.

The Philippines, by contrast, has reserves equal to 11 times its financing needs. The $2 billion monthly remittances from its overseas workers provides a solid buffer.

BY NICHOLAS OWEN Reuters

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