50s: Starting with a storage ring

Chapter 462 The grandeur of etiquette is why it is called Xia; the beauty of clothing is why it is called Hua.

"Even after the Shang Dynasty destroyed the Xia Dynasty, the descendants of the Xia people never forgot this 'China'."

"Around 3000 years ago, King Wu of Zhou destroyed the Shang Dynasty, but he always wanted to move the capital to 'China' in order to control the world."

"In 1963, a bronze vessel called 'He Zun' was unearthed in Baoji, Shaanxi Province. It has an inscription that reads 'Its dwelling is in China, and from here it governs the people.' This is the first appearance of the word 'China'."

"After King Wu of Zhou passed away, the Duke of Zhou led an eastern expedition. Considering that Luoyi was the throat controlling the eastern vassal states, he decided to establish the eastern capital in Luoyi."

"After that, Luoyi was regarded as the 'center of the world,' and the Nine Tripods were placed there. At this time, the concept of 'China' had expanded to the entire royal domain."

"Later on, as the Xia people dispersed to various places, their civilization also spread to different regions. These Xia people established their own states, calling themselves Huaxia or Zhuxia, while regarding other backward ethnic groups as barbarians."

"And the Xia people came from 'China,' so they can also be called Chinese. Gradually, the geographical concept of 'China' evolved into the area where the Huaxia people lived."

"The Zuo Zhuan Commentary on the Spring and Autumn Annals has an explanation: 'China is called Xia because of its great rites and ceremonies; it is called Hua because of its beautiful clothing and attire.'"

"Therefore, from then on, the country of the Chinese people was called 'China,' and we also called ourselves Chinese."

“Remove ancient myths and legends that lack empirical evidence, as well as the Xia Dynasty that lacks written records.”

“Starting from the Shang Dynasty, when the first written characters, ‘oracle bone script,’ appeared, China has a recorded history of more than 3600 years.”

"In the more than 3600 years since then, the Chinese civilization has never been interrupted, and for most of that time, China has been the richest, most powerful, and most civilized country in the world."

“According to the current method of measuring national strength by GDP, even in the most decadent Qing Dynasty, China’s GDP accounted for more than a quarter of the world’s total.”

"For more than 90% of the past 3600 years, China has completely overwhelmed Western countries in almost every aspect, including population, economy, military, and technology."

"China's real backwardness has only occurred in the last hundred years. If we look at it from the perspective of the entire historical timeline, China's rise is actually inevitable."

"That's why I have full confidence in the mainland. Even if there are some setbacks along the way, they are only temporary."

Sun Zhiwei's words stirred the young Zheng Jiafa's blood. But Chen Damin, an old fox, was also excited, but he wouldn't use that to make business decisions.

"But Cathay Pacific is only so big, I'm worried."

“I know you’re worried that Cathay Pacific is too small and can’t withstand the storms. I’m here to back you up.”

Upon hearing this, Chen Damin immediately perked up and looked at Sun Zhiwei with shining eyes.

Seeing his comical expression, Sun Zhiwei almost burst out laughing. He only stopped laughing when he saw Chen Damin's face turn dark.

“Okay, I’m just kidding. I have 22.68 tons of gold in the Federal Reserve vault, which is worth about $3 million right now. In addition, I have $3 million in cash.”

"As long as Cathay Pacific needs it, I will deposit this 6 million into Cathay Pacific to bail you out."

Upon hearing this, Chen Damin could no longer hide the smile on his face.

When Sun Zhiwei invested in Cathay Pacific two years ago, its total valuation was only over US$50 million. Even with Cathay Pacific's rapid development in the past two years, its total value is still just over US$100 million.

Now that Sun Zhiwei is willing to guarantee him with $3 million plus $3 million in gold, what does he have to be afraid of? He can just charge forward.

"At worst, I'll just work for Sun Zhiwei after I lose everything. Wouldn't that be the same as now? Anyway, Sun Zhiwei is a hands-off boss." "I don't understand the specifics of banking operations, but I'll just mention one thing you can consider."

"What is it?"

"You need to figure out what the mainland needs. As long as you grasp this point, everything else is a minor problem."

"Right now, the other side isn't really sure what will happen next either; everyone's feeling their way across the river. Entering quickly is about seizing the initiative; once you're in, keep your actions subtle to allow both sides time to adjust."

What do you mean by "small movements"?

"After the branch opens, do not rush to carry out all businesses. In the initial stage, the focus should be on building bridges between the mainland and Hong Kong, Macao and overseas."

"Although China is not wealthy, the financial scale of a large country is incomparable to that of a small bank like ours."

"Therefore, the personal deposit business can be slowed down and not opened up in a hurry. The main focus should be on facilitating cooperation between domestic and foreign parties."

"Our initial focus should be on providing high-quality partners to the mainland and avoiding bringing in shady individuals."

"The better you do, the more goodwill you leave behind, and the more you will reap in the future."

“The mainland has its own national conditions. Don’t complain about how slow they are or how complicated the procedures are at first.”

"Life moves at a slower pace in mainland China now. You don't have to worry about running around to dozens of departments or getting hundreds of official stamps to get something done. You just need to be patient."

Sun Zhiwei spent three days explaining the current situation to Chen Damin in great detail, while Zheng Jiafa, who was standing next to him, wrote down everything he said.

Sun Zhiwei nodded secretly. It's not just luck that allows talented people to rise above others.

With this favorable opportunity, Cathay Bank is already on the runway for takeoff, and with two capable leaders at the helm, it would be difficult for it not to prosper.

Historically, the first foreign bank to enter the mainland was Nanyang Commercial Bank, which was two years later.

With him around, they naturally won't be the first to try something new.

A week later, Chen Damin crossed the Shenzhen River and began negotiations regarding Cathay Pacific's decision to open branches in mainland China.

Three months later, the first foreign bank, Cathay Bank's Shenzhen branch, opened to the surprise of outsiders.

With great courage and boldness, Cathay Bank took the lead in becoming the first foreign bank to enter the mainland market, breaking down financial barriers between the mainland and the outside world for the first time.

Guotai's pioneering and enterprising spirit has played a resounding note in the magnificent chapter of reform and opening up.

Even with Chen Damin's boldness, he couldn't have imagined how much the country was looking forward to their arrival.

For a long time, the only way for China to obtain foreign exchange was through foreign trade, resulting in slow growth in China's foreign exchange reserves over the years.

Cathay Bank, being an American bank with most of its shareholders being Chinese, undoubtedly opened a new outlet for foreign exchange inflows into mainland China. Although the scale is not large, it is a good start.

On the day Cathay Bank's Shenhe branch opened, Chen Damin was stationed at the branch, and on that same day he received remittance connection invitations from four major banks.

(End of this chapter)