Ties That Bind - Bay Area Council Economic Institute

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20 Ties That Bind Indeed, Chinese “superstitions” proved well founded: Page, Bacon & Co., a Chicago-based bank with a branch that shared the Adams & Co. building, suspended operations in 1855 and the announcement prompted a run on all San Francisco banks that touched off the Panic of 1855. Some 200 San Francisco businesses went under including all but one of the city’s banks, Wells Fargo—thanks to the loyalty of Chinese customers.
2 New Networks Emerge The Bay Area benefits from a unique structure of family, provincial, academic and professional networks within and among the various overseas Chinese communities. These mutually supportive links have grown out of successive waves of immigration, but reflect commonly held values about the importance of education; family and social hierarchy; professional advancement, and entrepreneurial initiative. E ven during the 61 years that the Exclusion Act was in effect in the U.S., from 1882–1943, the two-way flow of Chinese merchants, students and families permitted under the law continued and produced dynamic Chinese communities in Northern California. Chinese entrepreneurs prospered in farming, manufacturing, retail businesses, banking, hotels and property. New arrivals to the U.S. were lured by the Bay Area’s Chinese-speaking communities, Chineselanguage newspapers, restaurants and stores. The Bay Area also offered opportunities to learn English and obtain a professional education well beyond what was available back home. The same basic forces remain in play today, and in fact have accelerated since the 1960s. But the entrepreneurial connections are now more complex and sophisticated—involving business and professional associations; university alumni networks; greater China economic, trade and technology development offices; deal-focused venture firms, business incubators and angel investors; and advisors with China-connected banks, law firms and accountancies. These networks—often overlapping with mutually supportive family and social networks—form a highly efficient system for developing contacts, pursuing business leads, structuring and financing new businesses, and accessing cross-border comparative advantage in knowledge, design and production. They emphasize collaboration and information-sharing rather than isolated action, business relationships rather than specific deals, and a willingness to assume greater risk spread across a group of trusted partners. In the process they generate jobs, business formation, technological innovation, tax revenues, personal wealth and philanthropic giving across the regional economy. New School Ties Education has long been a priority in Chinese society, and a preferred path of entry into the U.S. A new generation open to fresh ideas and methods, and fluent in the languages, business cus- 21
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Page 9 and 10: Introduction About This Report The
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Page 15 and 16: Executive Summary The San Francisco
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Page 21 and 22: 1 A Rich History of Work and Reward
Page 23 and 24: A Rich History of Work and Reward m
Page 25 and 26: A Rich History of Work and Reward t
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Page 31 and 32: New Networks Emerge With scholarshi
Page 33 and 34: New Networks Emerge nomic Law; the
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Page 37 and 38: New Networks Emerge schools on the
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Page 41 and 42: New Networks Emerge financing—ban
Page 43 and 44: New Networks Emerge Since the mid-1
Page 45 and 46: New Networks Emerge (R&D) innovatio
Page 47 and 48: Hong Kong Seeks Its Role New Networ
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Page 51 and 52: New Networks Emerge savings rates a
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Bay Area-China Trade: Behind the Nu
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4 Investment: Building Global Busin
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Investment: Building Global Busines
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5 Building Bridges, Leveraging Asse
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Building Bridges, Leveraging Assets
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Building Bridges, Leveraging Assets
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Acknowledgments This report was co-
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Walter Reichert Hewlett-Packard Co.
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Sources Introduction American Chamb
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Sources Hicks, John D. “The Ameri
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Financial Services Sources “A Gre
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Sources Schmitt, Kellie, “Lost Ho
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Sources Guerin, Didier, “Human Ca
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Sources Cooper, Chris, Ken DeWoskin
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Sources Liou, Fu Tai, “How Taiwan
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Bay Area Economic Forum 201 Califor
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Ties That Bind - Bay Area Council Economic Institute

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