Asian executive shares ideas

The Chairperson and Chief Executive Officer of the China Trust Commercial Bank shared his secret to success in life in a speech yesterday. "[t is] hard work and you need a lot of luck," Jeffrey Koo said. Koo analyzed the Asian and U.S. economies and particularly discussed the ongoing recession, intermingling his speech with comments on his personal success which he attributes to luck and timing. In 1963, after breaking up with his American girlfriend, he returned to Taiwan just as its economy was about to "take off." Since he was a rarity in Taiwan because of his practical experience on Wall Street, he said "the government had no choice" but to enlist his help. Koo also stressed the importance of hard work in economic recovery, stating that what was needed was for everyone to "work a little harder, pay a little more taxes, and spend a little less." He cited Taiwan as an example. Taiwan has "no natural resources, only human resources" and its exports have increased from $100 million in 1950 to $80 billion this year, he said. But Koo was critical of American public policy and the political system. "America has no political stability," he said. "Every four years there is a new president and new policies." During the course of the speech Koo said that after watching this week's presidential debates he would endorse President Bush for re-election. He also decried the two-party system, claiming that "the party's interest is placed ahead of national interest." Japan on the other hand, Koo said, is more stable because of its one party system. He complimented Japan's strong government because its policies are made by section chiefs, department heads and undersecretaries. Koo added that the People's Republic of China must change and accept a free market system or it will collapse. He said that China's leaders should learn from the former Soviet Union. He said that he hopes that China will be successful, because if they "prevail" many Asian nations will be able to work together in advancing their economies. Clarice Chan, a first year Wharton graduate student said Koo "is a master of the Asian economy." "I wanted to see what he thinks about the economic future of Asia," Chan said. Wharton junior Stefan Whitwell said he attended the speech because it was "a rare opportunity to actually hear the opinions of someone this influential." "[Koo] was extremely kind and very gentle in describing the harsh reality of our economy, which so few Americans are willing to recognize," Whitwell added. Koo was introduced by his son Angelo Koo who is president of the Wharton Chinese Club and by Wharton Dean Thomas Gerrity.

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