"NYC on Steroids": Impressions from Hong Kong

The father of modern market reforms in China, Deng Xiaoping kicked off China's amazing growth by encouraging business: "Poverty is not socialism. To be wealthy is glorious." Or put another way, China is dictator capitalism. At least, that is what one Stern student thought after his 2-week jaunt in beautiful Hong Kong. From January 2nd to the 15th, 40 Sternies descended upon the fragrant harbor (the Cantonese meaning of Hong Kong) for cultural learnings and to find out how business really worked in the world's second largest economy. After adjusting to the eye-watering, lung-cramping effects of pollution, the MBA group was ready to do what they do best … getting downtown, down to earth, and down to business ... with a little help from ambassadors of their partner school, Hong Kong University of Science and Technology.

Students had strong first impressions of the city. MBA 2 Jonathan Eisenberg said "Hong Kong is NYC on steroids, a city so densely packed with buildings that it's hard to see where one ends and the next begins." For many, the first stop was the hotel bar, where they learned that jet lag can assist in partying and the keyboardist of the hotel band did a mean Elton John impersonation. After a consultation with HKUST Ambassadors, Sternies found Lan Kwai Fong. Located in Central, in an area known as SoHo (south of Hollywood Road) LKF is the center of night life in Hong Kong. It boasts over 100 restaurants, bars, and clubs all opening directly onto the street. As MBA 2 Lisa Vortsman puts it, "partying in Hong Kong takes you to new heights – between the expats, views, lights and booze you don't know what is more intoxicating." Some folks, though, preferred to stay in North Point, near the hotel and local club Sugar. One enterprising MBA2 even became a lifetime member. After rocking out like Ke$ha, though, it was time to get down to earth. In other words, get some grub and enjoy the culture.

Food in Hong Kong was a treacherous proposition. A variety of bone, fat, and animal head lurked around every dish. MBA 2 Jack Kuhns noted that some of the food was "reminiscent of the appetizers featured in the [Indiana Jones movie] Temple of Doom." Arguably, Hong Kong's best culinary delight was Dim Sum. Do you like bbq? Do you like dumplings? Wrap up both up, share with a few of your closest friends and the Dim Sum experience is complete. HKUST MBAs escorted a group of lucky Stern MBAs to the dumpling house Din Tai Fung. Famous for being one of the least expensive restaurants to ever earn a Michelin Star, Din Tai Fung's soup dumplings surpassed any other American attempt. Amy Chua should really write an article about that. Next stop, culture.

Of course, the very first thing anyone in Hong Kong must see is the bronze Bruce Lee statue. Frozen in an uber bad ass pose, Bruce warns off would be evil doers with his iron (bronze) fists. Once homage is paid to kung fu, Hong Kong offers a variety of cultural sights. Students visited attractions including the Peak, Chi Lin Nunnery and the world's largest, bronze, outdoor, seated Buddha, the Tian Tan Buddha. The Peak is one of the wealthiest neighborhoods of Hong Kong and provides spectacular views of Central and Kowloon Island. Unfortunately, most of the men there were already married. However, all was not lost. After a perilous bus ride to the top, students were able to take lots of smoggy photos. The Chi Lin Nunnery dates back to 1934 and was built without the use of a single nail. Finally, the superlative drenched Tian Tan Buddha provided Sternies with a bit of enlightenment. Once they sampled Buddhism's Middle Path, Stern was ready to get down to business.

Business in Hong Kong is very similar to business in NYC: it is dominated by financial and business services. Hong Kong, though, has a twist. It is a great springboard for foreign companies going into China and for Chinese companies going into the world. The Chinese government has actively worked to keep Hong Kong open and democratic and to further reforms in the country. Referring to the rise of the market economy in an autocratic China, Deng Xiaoping famously claimed "it does not matter if the cat is black or white, as long as it catches mice." Just a little bit north, on the mainland, business gets more difficult.

Business in China can be tough. The advantages are that the market is huge and the costs are extraordinarily low, but the problem is that there is a lot of corruption. An executive who worked on a very successful Sino-European automobile joint venture told us they found their factories were running three shifts to make their model, and one to make a Chinese-branded knockoff. The company had no choice but to accept what was happening. If they wanted to be in China, they had to play by Chinese rules.

To summarize her very last class before graduating, MBA 2 Stephanie Smeriglio says that the DBi "exposed us to a wide array of experiences. Not only did we learn about business in Hong Kong and China, but also about the culture and the politics of both areas – the knowledge was eye opening. It left many of us seriously considering our path to being expats!" Others were struck by the similarity between Hong Kong and NYC: as Nicole Barilka summarizes, "if you love NYC, you will love Hong Kong, and I found that to be very true. Hong Kong is such a wonderful and efficient city teeming with history, incredible restaurants, a very diverse and international population, and great nightlife. The natural landscape of hills and the harbors make the city aesthetically beautiful as well." In all, whether downtown, down to earth, or down to business, Stern students had a great time on the Hong Kong DBi. Finally, every student on the trip wants to thank the trip leader Anna Davitt, who did an incredible job corralling unwieldy students onto a bus and ensuring everyone had a safe and amazing trip.