October 5, 2008
Xinhua News Agency
Chinese Premier Wen Jiabao said in Nanning Sunday that China's financial institutions have generally increased their strength, profitability and risk-resisting ability, and the financial system as a whole is sound and safe in face of the international financial crisis.
Wen made the remarks during an inspection tour to Guangxi Zhuang Autonomous Region in southwest China.
He said that the world economic situation has had dramatic changes this year, the United States' subprime crisis has been deteriorating and is having an increasingly serious negative impact on the world's financial market and the world economy as a whole.
Under multiple negative factors, both international and domestic, China has reacted actively and properly, made efforts to improve the predictability, pertinence and flexibility of macro-economic control policies, and timely solved outstanding problems in economic development. As a result, the country's economy has maintained its momentum of smooth and rapid development, Wen said.
Generally speaking, China's economic foundations have not changed and the economy is developing towards the preset macro control targets, said the Premier.
"We have full confidence in China's economic development and financial stability," Wen said, stressing that the most important thing is to do our own business well, maintain the stability of the economy and the financial and capital markets.
"It is the biggest contribution to the world when a big country with a population of 1.3 billion is able to maintain a lasting, smooth and fast economic development," he said.
On Saturday and Sunday, Wen inspected villages and factories in the cities of Beihai, Qinzhou and Fangchenggang, and talked with local people of different nationalities and from all walks of life.
He said that the development of Beibu Gulf should focus on technological innovation and environmental protection to build into an important zone for international and regional economic cooperation.
In Gaosha Village of Qinzhou, Wen inspected rice paddy and visited farmers' homes. He said that the government will further reinforce its support for agriculture, continue to increase subsidies to farmers and raise the minimum grain purchasing prices to mobilize farmers to produce more grain.
Thursday, October 9, 2008
Morgan Stanley Plans Broader Push Into China
Despite Market Woes, Firm's Local Chief Expects Huge Growth
September 11, 2008
Rose Yu
SHANGHAI -- Morgan Stanley will continue to broaden its business in China despite a slowdown in the market, the chief executive of the U.S. investment bank's China operation said Wednesday.
"The market is obviously slowing down compared with 2007. But that doesn't mean the business is slowing down," Wei Sun Christianson said. "In the long run, we do believe China is going to be unstoppable; not only that, it will be unimaginable in terms of the pace of growth."
More than a decade after entering mainland China, Morgan Stanley has obtained a variety of business licenses, covering commercial lending, mergers and acquisitions advisory, and fixed-income investment.
To expand its mainland China business over the long run, Morgan Stanley will consider hiring local talent or moving people from Hong Kong, Ms. Christianson said.
Morgan Stanley established an office in China in the early 1990s, before helping to set up investment bank China International Capital Corp. with China Construction Bank Corp. in 1995.
In 2006, Morgan Stanley was granted a license to offer corporate-banking services through its wholly owned unit that is now known as Morgan Stanley Bank International (China) Ltd.
The Wall Street bank also plans to set up an investment-banking joint venture with Shanghai-based China Fortune Securities Co., people close to the deal said earlier. But failure to sell its 34% stake in China International Capital appears to have complicated Morgan Stanley's plan to pursue a new partnership with Fortune Securities, they said.
Ms. Christianson declined to comment on the new joint venture Wednesday.
"In the future, we hope to gain more licenses to offer Chinese clients a full suite of services that Morgan Stanley has offered around the globe," she said on the sidelines of a charity event for the city of Dujiangyan, one of the areas worst hit by a major earthquake in May.
In December, China Investment Corp., the state-run investment vehicle that manages China's $200 billion sovereign-wealth fund, paid $5 billion for a 9.9% stake in Morgan Stanley.
September 11, 2008
Rose Yu
SHANGHAI -- Morgan Stanley will continue to broaden its business in China despite a slowdown in the market, the chief executive of the U.S. investment bank's China operation said Wednesday.
"The market is obviously slowing down compared with 2007. But that doesn't mean the business is slowing down," Wei Sun Christianson said. "In the long run, we do believe China is going to be unstoppable; not only that, it will be unimaginable in terms of the pace of growth."
More than a decade after entering mainland China, Morgan Stanley has obtained a variety of business licenses, covering commercial lending, mergers and acquisitions advisory, and fixed-income investment.
To expand its mainland China business over the long run, Morgan Stanley will consider hiring local talent or moving people from Hong Kong, Ms. Christianson said.
Morgan Stanley established an office in China in the early 1990s, before helping to set up investment bank China International Capital Corp. with China Construction Bank Corp. in 1995.
In 2006, Morgan Stanley was granted a license to offer corporate-banking services through its wholly owned unit that is now known as Morgan Stanley Bank International (China) Ltd.
The Wall Street bank also plans to set up an investment-banking joint venture with Shanghai-based China Fortune Securities Co., people close to the deal said earlier. But failure to sell its 34% stake in China International Capital appears to have complicated Morgan Stanley's plan to pursue a new partnership with Fortune Securities, they said.
Ms. Christianson declined to comment on the new joint venture Wednesday.
"In the future, we hope to gain more licenses to offer Chinese clients a full suite of services that Morgan Stanley has offered around the globe," she said on the sidelines of a charity event for the city of Dujiangyan, one of the areas worst hit by a major earthquake in May.
In December, China Investment Corp., the state-run investment vehicle that manages China's $200 billion sovereign-wealth fund, paid $5 billion for a 9.9% stake in Morgan Stanley.
Green Victory
Award-winning solar energy project benefits millions of people in underdeveloped areas
By JING XIAOLEI
The world's leading green energy prize, Ashden Award for Sustainable Energy, announced on June 19 that China's Renewable Energy Development Project (REDP) was among its latest recipients. The REDP was jointly launched by the National Development and Reform Commission of China and the World Bank in 2001, with an international grant provided by the Global Environment Facility.
The project aims to promote the installation of photovoltaic (PV) solar home systems in remote off-grid homes in nine west China provinces and to improve the quality of production of PV modules and other system components. It also provides free information about PV and facilitates cooperation between the PV sector in China and the rest of the world.
Since its inception, the REDP has enabled sales of more than 402,000 PV solar-home systems to rural people, who live off the land by tending yaks or other animals in remote areas of the western and northwestern parts of China, through a subsidized program.
With the systems, around 1.6 million people, who live in tents for at least several months in a year and previously had little access to electricity, now have an improved living conditions featuring better lighting, communications and entertainment equipment, which are ideally suited to the lifestyle of these semi-nomadic users.
"We bought the system just in time for the Spring Festival (Chinese lunar New Year) in 2007," said a yak herder from Inner Mongolia. "We had the money saved up from selling fungus. It's so much better than before-we used to just have candles. It's good for charging the phone, and for music. It's good that we can carry it with us."
A typical solar home system supplies two lights, a radio and a mobile phone charger, and comes in a metal carry-case so that it is portable. Larger systems can power radio-cassettes, televisions and DVD players. For users, the main benefit of the REDP is brighter, cleaner lighting, for study, work and recreation.
The REDP also supports some village-based PV systems to provide electricity for public facilities, such as schools and health centers.
The REDP has boosted the PV industry in China, improving the quality of production while keeping costs low. It has also greatly expanded the market for solar home systems, and prompted the formation of a network consisting of suppliers, wholesalers and retailers.
"The project has been of enormous economical and social significance to the people living in remote and poor areas in China," said Sarah Butler-Sloss, founder of the Ashden Awards.
The REDP was one of the six pioneering renewable energy projects from Africa, Asia and Latin America that each received a prize of 20,000 pounds ($40,000) at the Ashden Awards ceremony in London.
At the ceremony, India's Technology Informatics Design Endeavour was announced the winner of this year's title and given a prize of 40,000 pounds ($80,000). Bangladeshi Grameen Shakti won the 2008 Outstanding Achievement Award and a prize of 15,000 pounds.
The Ashden Trust, a Britain-based charity, founded the Ashden Awards for Sustainable Energy in 2001. The competition is held annually to identify and reward outstanding and innovative projects in Britain and developing countries, which provide renewable energy and improve energy efficiency at a local level.
By JING XIAOLEI
The world's leading green energy prize, Ashden Award for Sustainable Energy, announced on June 19 that China's Renewable Energy Development Project (REDP) was among its latest recipients. The REDP was jointly launched by the National Development and Reform Commission of China and the World Bank in 2001, with an international grant provided by the Global Environment Facility.
The project aims to promote the installation of photovoltaic (PV) solar home systems in remote off-grid homes in nine west China provinces and to improve the quality of production of PV modules and other system components. It also provides free information about PV and facilitates cooperation between the PV sector in China and the rest of the world.
Since its inception, the REDP has enabled sales of more than 402,000 PV solar-home systems to rural people, who live off the land by tending yaks or other animals in remote areas of the western and northwestern parts of China, through a subsidized program.
With the systems, around 1.6 million people, who live in tents for at least several months in a year and previously had little access to electricity, now have an improved living conditions featuring better lighting, communications and entertainment equipment, which are ideally suited to the lifestyle of these semi-nomadic users.
"We bought the system just in time for the Spring Festival (Chinese lunar New Year) in 2007," said a yak herder from Inner Mongolia. "We had the money saved up from selling fungus. It's so much better than before-we used to just have candles. It's good for charging the phone, and for music. It's good that we can carry it with us."
A typical solar home system supplies two lights, a radio and a mobile phone charger, and comes in a metal carry-case so that it is portable. Larger systems can power radio-cassettes, televisions and DVD players. For users, the main benefit of the REDP is brighter, cleaner lighting, for study, work and recreation.
The REDP also supports some village-based PV systems to provide electricity for public facilities, such as schools and health centers.
The REDP has boosted the PV industry in China, improving the quality of production while keeping costs low. It has also greatly expanded the market for solar home systems, and prompted the formation of a network consisting of suppliers, wholesalers and retailers.
"The project has been of enormous economical and social significance to the people living in remote and poor areas in China," said Sarah Butler-Sloss, founder of the Ashden Awards.
The REDP was one of the six pioneering renewable energy projects from Africa, Asia and Latin America that each received a prize of 20,000 pounds ($40,000) at the Ashden Awards ceremony in London.
At the ceremony, India's Technology Informatics Design Endeavour was announced the winner of this year's title and given a prize of 40,000 pounds ($80,000). Bangladeshi Grameen Shakti won the 2008 Outstanding Achievement Award and a prize of 15,000 pounds.
The Ashden Trust, a Britain-based charity, founded the Ashden Awards for Sustainable Energy in 2001. The competition is held annually to identify and reward outstanding and innovative projects in Britain and developing countries, which provide renewable energy and improve energy efficiency at a local level.
China Confident of Continued Growth
Source: Xinhua News Agency
September 27, 2008
Though faced with "the most difficult year" for its economy, China on Saturday showed a strong confidence in its sustained, rapid growth, with Premier Wen Jiabao telling a top-grade world economic forum that his country enjoys a favorable development environment as a whole.
"We have full confidence and capability to overcome various difficulties to ensure sound and fast growth of the national economy for an even longer period of time," said the premier while addressing the opening ceremony of the 2008 Summer Davos forum in Tianjin on Saturday afternoon.
And such a growth will be China's "greatest contribution" to the world economy under the current circumstances, said Wen during a brief question and answer session that followed his speech.
The two-day forum, also known as the Annual Meeting of the New Champions 2008, has drawn some 1,400 participants from nearly 90 countries and regions, most of whom are successful entrepreneurs and high-ranking government officials.
The meeting, second of its kind sponsored by the prestigious World Economic Forum, took place at a difficult time for the world economy, as a financial storm starting from the Wall Street rocked the globe and triggered widespread worries about economic slowdown or even depression.
"It has been an extraordinary few weeks on the financial markets, weeks with consequences across the global economy," said European Union Trade Commissioner Peter Mandelson, who is also in this north China metropolis to attend the forum, on Friday in a speech to the local European business people.
The costs of this crisis will be felt by all countries, including China through changing stock market sentiment, falling inward investment and a fall in export demand tied to falling consumer spending in Europe and the U.S., said Mandelson.
The Chinese premier also observed that the world economic environment is getting "tougher and more complex," with "exacerbated financial volatility" and "notable economic slowdown."
And this is just one of many "considerable difficulties" faced by the country, which also needs to address other prominent problems such as domestic price rises, a weak agriculture, energy and resources constraint, poor business management, and hidden problems in the financial sector.
"As I said earlier in the year, 2008 could be the most difficult year for China's economy," said Wen, who also cited natural calamities that struck the country in a row, including heavy snow and sleet storms in January and February and a devastating earthquake in May.
Nevertheless, he stressed that "the economic fundamentals in China remain unchanged" and the economy "is moving in the direction envisaged in the macro-economic control policy."
He listed out "many favorable conditions" for China to maintainits growth, including the rapid industrialization and urbanization process, abundant supply of labor and capital, huge potential of increased domestic consumption and investment demands, a vast domestic market, and improved ability of macroeconomic regulation.
But most of all, the premier's confidence derives from China's adoption of a correct development course, as reflected in the title of his speech: "Reform and Opening-up -- the Eternal Driving Force for China's Development."
"China's changes over the past three decades would not have been possible without reform and opening-up... Reform and opening-up must be carried on through the entire process of China's modernization drive," said Wen.
The fundamental solution to all problems China now faces, including unbalanced growth, pollution and corruption, lies in deepened reform, he stressed.
Applause burst out from time to time in the full-packed Plenary Hall of the Binhai International Convention & Exhibition Center, the meeting's venue, as the participants expressed their approval of Wen's words.
Many of them have come with the hope of finding a platform to pool the wisdom of business leaders and economic masterminds worldwide, to evaluate the impact of the current crisis and propose possible ways out.
They are also interested in what China will do in the face of the crisis, and whether the country could repeat its success in handling the 1997 Asian financial crisis.
"A crisis is often totally unexpected, and it always strikes atthe most unlikely links," said veteran Chinese investor Wu Ying. "That's why we are here -- to react to the crisis with innovative methods and approaches of imaginative power."
Asked about his prescription for the current crisis, the Chinese premier emphasized international cooperation and -- more importantly -- confidence, on the parts of economists, entrepreneurs, the public and the state leaders. "At this moment, confidence is even more precious than gold or any currencies," he said.
And some key participants of the forum share China's confidence.Klaus Schwab, founder and executive chairman of the World Economic Forum, predicted on Friday that the world economy will see a slowdown in growth in the next one to three years, but China will remain the fastest-growing economy with a growth rate of seven to eight percent.
Founded four years ago for growing enterprises, even though some of them were just of medium or small size, the forum of the new champions has picked "The Next Wave of Growth" as the theme for the Tianjin meeting.
In the context of the financial woes, this theme appears even more significant, as many people have started to view the new businesses, whose growth is often driven by inspiration and innovation, as a major leading force of the global economic revival.
And more attention was paid to the emerging economies like Brazil, Russia, India and China.
The infrastructure improvement in the developing nations has given them more opportunities to embrace new technologies and the new economy, such as bio-techs, which will bring new growth, said Peer M. Schatz, chief executive officer of Germany's Qiagen company.
"These young companies have the potential to list among the Fortune 500 in next five to ten years," said Schwab of the more than 200 new champion companies that have come to the Tianjin forum.
According to Premier Wen, China is ready to share its development opportunities with these new businesses, and Tianjin, designed to be "the economic center in north China" in the country's development blueprint, could be a perfect starting ground.
"Many of you are from growing enterprises that are most dynamic,competitive and full of development potential. You are welcome to invest in China, to start businesses in Tianjin and to seize the opportunity and pursue greater development," Wen told the forum participants at the opening ceremony.
September 27, 2008
Though faced with "the most difficult year" for its economy, China on Saturday showed a strong confidence in its sustained, rapid growth, with Premier Wen Jiabao telling a top-grade world economic forum that his country enjoys a favorable development environment as a whole.
"We have full confidence and capability to overcome various difficulties to ensure sound and fast growth of the national economy for an even longer period of time," said the premier while addressing the opening ceremony of the 2008 Summer Davos forum in Tianjin on Saturday afternoon.
And such a growth will be China's "greatest contribution" to the world economy under the current circumstances, said Wen during a brief question and answer session that followed his speech.
The two-day forum, also known as the Annual Meeting of the New Champions 2008, has drawn some 1,400 participants from nearly 90 countries and regions, most of whom are successful entrepreneurs and high-ranking government officials.
The meeting, second of its kind sponsored by the prestigious World Economic Forum, took place at a difficult time for the world economy, as a financial storm starting from the Wall Street rocked the globe and triggered widespread worries about economic slowdown or even depression.
"It has been an extraordinary few weeks on the financial markets, weeks with consequences across the global economy," said European Union Trade Commissioner Peter Mandelson, who is also in this north China metropolis to attend the forum, on Friday in a speech to the local European business people.
The costs of this crisis will be felt by all countries, including China through changing stock market sentiment, falling inward investment and a fall in export demand tied to falling consumer spending in Europe and the U.S., said Mandelson.
The Chinese premier also observed that the world economic environment is getting "tougher and more complex," with "exacerbated financial volatility" and "notable economic slowdown."
And this is just one of many "considerable difficulties" faced by the country, which also needs to address other prominent problems such as domestic price rises, a weak agriculture, energy and resources constraint, poor business management, and hidden problems in the financial sector.
"As I said earlier in the year, 2008 could be the most difficult year for China's economy," said Wen, who also cited natural calamities that struck the country in a row, including heavy snow and sleet storms in January and February and a devastating earthquake in May.
Nevertheless, he stressed that "the economic fundamentals in China remain unchanged" and the economy "is moving in the direction envisaged in the macro-economic control policy."
He listed out "many favorable conditions" for China to maintainits growth, including the rapid industrialization and urbanization process, abundant supply of labor and capital, huge potential of increased domestic consumption and investment demands, a vast domestic market, and improved ability of macroeconomic regulation.
But most of all, the premier's confidence derives from China's adoption of a correct development course, as reflected in the title of his speech: "Reform and Opening-up -- the Eternal Driving Force for China's Development."
"China's changes over the past three decades would not have been possible without reform and opening-up... Reform and opening-up must be carried on through the entire process of China's modernization drive," said Wen.
The fundamental solution to all problems China now faces, including unbalanced growth, pollution and corruption, lies in deepened reform, he stressed.
Applause burst out from time to time in the full-packed Plenary Hall of the Binhai International Convention & Exhibition Center, the meeting's venue, as the participants expressed their approval of Wen's words.
Many of them have come with the hope of finding a platform to pool the wisdom of business leaders and economic masterminds worldwide, to evaluate the impact of the current crisis and propose possible ways out.
They are also interested in what China will do in the face of the crisis, and whether the country could repeat its success in handling the 1997 Asian financial crisis.
"A crisis is often totally unexpected, and it always strikes atthe most unlikely links," said veteran Chinese investor Wu Ying. "That's why we are here -- to react to the crisis with innovative methods and approaches of imaginative power."
Asked about his prescription for the current crisis, the Chinese premier emphasized international cooperation and -- more importantly -- confidence, on the parts of economists, entrepreneurs, the public and the state leaders. "At this moment, confidence is even more precious than gold or any currencies," he said.
And some key participants of the forum share China's confidence.Klaus Schwab, founder and executive chairman of the World Economic Forum, predicted on Friday that the world economy will see a slowdown in growth in the next one to three years, but China will remain the fastest-growing economy with a growth rate of seven to eight percent.
Founded four years ago for growing enterprises, even though some of them were just of medium or small size, the forum of the new champions has picked "The Next Wave of Growth" as the theme for the Tianjin meeting.
In the context of the financial woes, this theme appears even more significant, as many people have started to view the new businesses, whose growth is often driven by inspiration and innovation, as a major leading force of the global economic revival.
And more attention was paid to the emerging economies like Brazil, Russia, India and China.
The infrastructure improvement in the developing nations has given them more opportunities to embrace new technologies and the new economy, such as bio-techs, which will bring new growth, said Peer M. Schatz, chief executive officer of Germany's Qiagen company.
"These young companies have the potential to list among the Fortune 500 in next five to ten years," said Schwab of the more than 200 new champion companies that have come to the Tianjin forum.
According to Premier Wen, China is ready to share its development opportunities with these new businesses, and Tianjin, designed to be "the economic center in north China" in the country's development blueprint, could be a perfect starting ground.
"Many of you are from growing enterprises that are most dynamic,competitive and full of development potential. You are welcome to invest in China, to start businesses in Tianjin and to seize the opportunity and pursue greater development," Wen told the forum participants at the opening ceremony.
Hurdling Language Barriers
Source: China Daily
09-05-2008
For many people, studying Chinese is nothing more than a mild flirtation, but for others it is the Holy Grail, their very reason for being in China.
I'd like to say a foreigner's interest in learning Chinese stems from a deep-seated desire to understand China's ancient and mysterious culture but, frankly, the motivation is often more pragmatic. The temptation to cash in on this booming economy is irresistible. Learn the lingo and the world is your oyster.
Call it what you will, more foreigners are learning Chinese than ever before, many of us burying our heads in textbooks and homework for the first time in decades.
As growth industries go, it is a phenomenon. Only 20 years ago, less than 8,000 foreigners studied Chinese in this country. By the turn of the century it was up to 50,000. By 2004 it was 86,000, and the government estimated then that the number would be 120,000 by the time of the Olympics. Talk about an opening-up. This is a deluge.
If that isn't impressive enough, include the rest of the world in the picture. Even 10 years ago, it was estimated nearly 100 million people around the world were studying Chinese and about 100 countries were offering Chinese courses in various educational institutions. One result of this growing demand was a dire shortage of Chinese teachers and urgent requests to this country to send out more.
The burgeoning growth statistics are borne out by Zhao Changzheng, who has taught Mandarin at Peking University for seven years.
"When I came here we only had 300 foreign students learning Chinese," he says. "Now it's around 500-600 and we could have many more if we wanted.
"The university is keen to expand the department to 1,000 new foreign students each semester but we don't have enough room in the classes and dorms. Soon we will have a new building for foreign students and then the number learning Chinese will be as high as 2,000 each semester."
The geographical breakdown has also changed. "Ten years ago, it was just called the Chinese International College for Language Study and we mostly had Japanese and South Koreans," says Zhao. "In the last 4-5 years we've experienced such an surge of interest from the US that Americans are our biggest group, about 40 percent of all foreigners."
The benefit to the university has been more than merely financial. "Years ago, when we didn't have many applications to our department, we had no choice who we took," he continues.
"Many of the students from South Korea weren't that interested and weren't very good students. Now we have a big pool of students to choose from. We are able to select only the best ones and we have noticed their attitude to be getting better and better."
Courses last one semester, though students can apply to stay on longer. At the start of each semester, students are tested on their oral Chinese and put into the 34 classes, each with around 15 students, according to their results. There are also 34 parallel classes in vocabulary, grammar and script.
It may come as a surprise, but studying Chinese characters is a compulsory component of the program. For Zhao, this is essential. "If you don't study the characters you can't really know our language and our culture," he says. "The best students are also taught about Chinese society, culture, economics and law, and we find they are very interested in these extra subjects."
The rewards are mutual. "I am their teacher but also their student too, sometimes. Just as it is a culture shock for students coming here from Europe and America, so it is for us at the university. The students tell me things I never knew and I learn from them all the time, so life is much more interesting."
While Zhao is reluctant to guesstimate how well students can expect to speak after just one semester, he says the sky is the limit.
"We once had a student who spent one year in China - 6 months with us and 6 months in Shanghai - and at the end of the year he spoke Chinese very, very well," he says.
Usually, though, he reckons you'd need to study full-time for 2-3 years before you are likely to speak with any fluency.
If students need to work hard to achieve their dreams, the same is true for 110-year-old Peking University, which is constantly reviewing its course structures to cater to the ever-changing student roll.
"Having so many Americans and Europeans here spreads the word about Peking University around the world," says Zhao.
"This is already the best university in China but we want more. We want to be the best, most famous university in the world. That has been our dream for a long time."
"Bah, humbug!" I thought. Then I surfed the Net and discovered the Times Higher Education Supplement, published in London, rated Peking University the best in Asia in 2006 and the 14th best in the world. Maybe it isn't an impossible dream.
09-05-2008
For many people, studying Chinese is nothing more than a mild flirtation, but for others it is the Holy Grail, their very reason for being in China.
I'd like to say a foreigner's interest in learning Chinese stems from a deep-seated desire to understand China's ancient and mysterious culture but, frankly, the motivation is often more pragmatic. The temptation to cash in on this booming economy is irresistible. Learn the lingo and the world is your oyster.
Call it what you will, more foreigners are learning Chinese than ever before, many of us burying our heads in textbooks and homework for the first time in decades.
As growth industries go, it is a phenomenon. Only 20 years ago, less than 8,000 foreigners studied Chinese in this country. By the turn of the century it was up to 50,000. By 2004 it was 86,000, and the government estimated then that the number would be 120,000 by the time of the Olympics. Talk about an opening-up. This is a deluge.
If that isn't impressive enough, include the rest of the world in the picture. Even 10 years ago, it was estimated nearly 100 million people around the world were studying Chinese and about 100 countries were offering Chinese courses in various educational institutions. One result of this growing demand was a dire shortage of Chinese teachers and urgent requests to this country to send out more.
The burgeoning growth statistics are borne out by Zhao Changzheng, who has taught Mandarin at Peking University for seven years.
"When I came here we only had 300 foreign students learning Chinese," he says. "Now it's around 500-600 and we could have many more if we wanted.
"The university is keen to expand the department to 1,000 new foreign students each semester but we don't have enough room in the classes and dorms. Soon we will have a new building for foreign students and then the number learning Chinese will be as high as 2,000 each semester."
The geographical breakdown has also changed. "Ten years ago, it was just called the Chinese International College for Language Study and we mostly had Japanese and South Koreans," says Zhao. "In the last 4-5 years we've experienced such an surge of interest from the US that Americans are our biggest group, about 40 percent of all foreigners."
The benefit to the university has been more than merely financial. "Years ago, when we didn't have many applications to our department, we had no choice who we took," he continues.
"Many of the students from South Korea weren't that interested and weren't very good students. Now we have a big pool of students to choose from. We are able to select only the best ones and we have noticed their attitude to be getting better and better."
Courses last one semester, though students can apply to stay on longer. At the start of each semester, students are tested on their oral Chinese and put into the 34 classes, each with around 15 students, according to their results. There are also 34 parallel classes in vocabulary, grammar and script.
It may come as a surprise, but studying Chinese characters is a compulsory component of the program. For Zhao, this is essential. "If you don't study the characters you can't really know our language and our culture," he says. "The best students are also taught about Chinese society, culture, economics and law, and we find they are very interested in these extra subjects."
The rewards are mutual. "I am their teacher but also their student too, sometimes. Just as it is a culture shock for students coming here from Europe and America, so it is for us at the university. The students tell me things I never knew and I learn from them all the time, so life is much more interesting."
While Zhao is reluctant to guesstimate how well students can expect to speak after just one semester, he says the sky is the limit.
"We once had a student who spent one year in China - 6 months with us and 6 months in Shanghai - and at the end of the year he spoke Chinese very, very well," he says.
Usually, though, he reckons you'd need to study full-time for 2-3 years before you are likely to speak with any fluency.
If students need to work hard to achieve their dreams, the same is true for 110-year-old Peking University, which is constantly reviewing its course structures to cater to the ever-changing student roll.
"Having so many Americans and Europeans here spreads the word about Peking University around the world," says Zhao.
"This is already the best university in China but we want more. We want to be the best, most famous university in the world. That has been our dream for a long time."
"Bah, humbug!" I thought. Then I surfed the Net and discovered the Times Higher Education Supplement, published in London, rated Peking University the best in Asia in 2006 and the 14th best in the world. Maybe it isn't an impossible dream.
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