What are the investment opportunities for foreign companies in China today?
Greenberg: Almost everything. … They’ve now got the fourth largest economy in the world with 1.3 billion people. They are coming up the technology ladder very rapidly. The insurance sector, when it was finally opened — when we got a license in 1992 we were the only foreign company — there are now dozens of companies, domestic and foreign in China. So the market has hardly been touched yet. But it has a long way to go. It takes a lot of knowledge and experience both on the buying side and selling side. But that’s true in most of the major sectors in China. Yes, they are much better than they were. But they have a long way to go. They need a capital market and they are beginning to develop one. They need a lot of capital to grow the economy. Last year over $61 billion of direct foreign investment went into China. It has a huge trade surplus. They have reserves of over $1 trillion U.S. dollars now; that is the largest in the history of the world. We buy a lot of things from China. The
