By Wendy Yao

Premier Wen Jiabao met with Henry

Kissinger, Robert Rubin, Hank Paulson,

Bill Gates and other American economic,

financial and academic gurus at the

Waldorf-Astoria Hotel in New York on

September 22.

Wen Jiabao said at the reception

dinner: “It must be a joke if someone said

there would be some trade disputes

between the United States and China before

the diplomatic relations was established 30

years ago; and it must be a joke as well if

someone said there is no trade dispute

between us when the Sino-US bilateral

trade volume has increased from 80.5

billion U.S. dollars in 2001 to 298.3 billion

U.S. dollars in 2009.”

Even Dr. Kissinger, one of the pioneers

for the establishment of Sino-U.S.

diplomatic relations, marveled at the rapid

growth of the economic relations between

over the past 30 years.

Thus, in spite of the economic

interdependence between the two

countries, unavoidably, there are many

conflicts and disputes. I believe that love-

hate would be the most accurate way to

describe the current U.S.-China

relationship.

The differences between Sino-U.S.

cultural heritage, political system,

economic structure and concepts inevitably

cause the current trade and other frictions,

which we should not cry about or make a

big fuss over. Instead, we should realize

that Sino-U.S. economic relations, rather

than expedient measures, are based on the

complementary interests of the world’s

largest developed economy and the largest

developing economy.

Continued on page 2...

By Edison Yin

Google China, founded in 2005, a subsidiary of

Google. Inc. — the world's largest internet searching

engine company—ranks as the number 2 search

engine in the People's Republic of China, after Baidu.

In 2005, a Chinese-language interface was developed

for the Google.com website. In Jan 2006, Google

launched its China-based Google.cn search page with

results subject to censorship by the Chinese govern-

ment.

In Mar 2009, China blocked access to Google’s

Youtube site; while access to other Google online

services is denied to users on an ad hoc basis.

In Jan 2010, Google announced that they and

other US tech companies had been hacked by some-

one from Chinese Mainland and that Google is no

longer willing to censor searches in China and may

pull out of the country.

On March 23, 2010 at 3 a.m. Hong Kong Time

(UTC+8), Google started to redirect all search queries

from Google.cn to Google.com.hk. (Google Hong

Kong), thereby bypassing Chinese regulators and

allowing uncensored Simplified Chinese search

results. As a special entity recognized by internation-

al treaty, Hong Kong is vested with independent judi-

cial power and not subject to most Chinese laws,

including those requiring the restriction of free flow

of information and censorship of international materi-

als.

Google claimed that they moved out of China

mainland based on three facts—first, the company

could no longer run under the censor system estab-

lished by Chinese government considering its busi-

ness ethical purpose; second, Google claimed that it

had been being attacked by hackers from China main-

land, and also Google dropped a hint that the attacks

might be well organized by Chinese government; the

last but not the least, the total revenue of Google

China was no more than 3 percent of Google Inc. total

revenue in 2009. Google also condemned that among

all the governments they had ever dealt with, the

Chinese government runs the strictest and most inhu-

man censorship, so they chose to leave because

upholding their principles and making money where

difficult while coordinating with such a government.

Continued on page 2...

U.S. - China:

Love-Hate Trade Friction

The Stillman ExchangeMade possible by the generous support of the O’Brien Family WEDNESDAY, OCTOBER 13, 2010

The Official Business Publication of Seton Hall University

Google Abandons Chinese Market

S P E C I A L E D I T I O N

Private Equity is

Blooming in ChinaBy Annie Yu

Private Equity, (PE) which

involves investing in privately held

companies, has become a

promising industry in China. The

raised funds can consist of

institutional investors and

accredited investors who can

commit large sums of money for

long periods of time. Generally, PE

involves Development Finance,

Mezzanine Finance, Infrastructure,

MBO/LBO, Restructuring and

PEIP, etc.

PE originated in the U.S. As

early as 1976, Kohlberg Kravis

Roberts & Co., L.P.(KKP), was

established by co-founding

partners Jerome Kohlberg, Henry

Kravis and George Roberts. Now

PE has been developed

internationally for over 30 years

and has become one type of

significant financing, after Bank

Loan and IPO. Blackstone, KKR,

Carlyle, Bain, Apollo, TPG,

Goldman, and Merrill Lynch are

among the top of thousands of PE

corporations globally.

In recent years, China has

persistently kept an open-door

policy, which provides a

comfortable environment for

China’s industries. With China’s

rise and increasing economic

development, enterprises further

demand more capital to update

industry, optimize enterprise

structure and globalize brand

development; at the same time, due

to the fierce competitions in Euro

and U.S. Markets, more and more

overseas PE corporations focus on

China. Referred to as ‘PE Hot’, the

naming of the rising trend in China

sufficiently demonstrates PE has a

large potential. According to the

related statistics, overseas PE

raised funds of $5.56 billion by

investing in 31 companies in China

at the early half year of 2006; in

2008, 51 overseas PE firms raised

over $60 billion funds, which was

a 71.9 percent increase compared

to the raised amount in 2007.

However, China is still

encouraging more and more

overseas PE management firms on

board.

Although PE has a bright

future in China, with a high rate of

return at over ten or even twenty

times, overseas investors shall be

cautious about certain existing

problems. Mr. Shao Bingren, team

leader of China’s PE Funds

Association mentioned in 2010

China’s PE Fund Development

Forum the five major problems in

the field of China’s PE were: 1,

matching laws and regulations

were lacking; 2, how to guide and

inspect PE field was not clear; 3,

accredited investors and capital

inflows were restricted; 4,

Professionals were short of; and 5,

channels of investments were

limited. Tim Jenkinson, Director of

PE Research Institute of Oxford

University, expressed that China’s

PE market was just at the

beginning stage and not mature

enough currently. The high rate of

return would not last with the

mature markets forming step by

step, but 3 times rate of return in

the future was reasonable.

However, this is still a golden

period for U.S. PE management

firms to pursue business in China.

Contact Annie Yu atchunyang.yu@student.shu.edu

Photos courtesy of Chinanews.com and designed by Herbert Chao Xu

On September 22, Chinese Premier Wen Jiabao met with U.S. President Barack Obama in New York

Chinese citizens place bouquets of flowers at Google's Chineseheadquarters after Google announced it may leave the country

Photos courtesy of foreignpolicyblogs.comand designed by Herbert Chao Xu

The Stillman ExchangePAGE 2 WEDNESDAY, OCTOBER 13, 2010

...continued from page 1

I think the three reasons should be

interpreted like this—first, there was no

proper leader for Google China any

more after Kaifu Li (former CEO)’s

resigning; second, the totally different

regulations and judicial system caused

Google suffering, like sitting on a bed

of nails; and the last, Google China kept

suffering from financial crisis, which

annoyed the headquarter of Google Inc.

Despite of all kinds of politics that

might hide behind the whole event, I

believe Google’s leaving China was an

irresponsible and inhuman action, and a

totally opposite movement against its

principles and its mission for the

following reasons.

One of the principles that Google

insists is to release truth and wisdom

that people query. China has 1/6 of the

world’s population, which means when

you abandon the market in China, you

lock 1/6 of the world’s people out of

your door of truth. Leaving such a huge

amount of people with the possibility

that they might never know the truth for

many events that are happening all over

the world cannot be labeled as “ethical”

or “responsible”.

In another perspective, the very

first mission and liability of a

corporation to its stakeholders should

be maximizing its benefit. Although

Google China only occupies no more

than 30 percent of the searching engine

market in China, while Baidu holds

about 60 percent, Google still earned

more than 300 million USD from China

in 2009, and the total revenue of Google

China in 2010 is promising to be 600

million USD (according to Morgan’s

statistics). On the other hand, China is

the biggest market in the 21 century,

including IT business. Different

regulations and judicial systems are just

different ways to operate. Great

corporations, such as Microsoft and

GM, always know how to keep

increasing their revenue in China while

changing strategies and policies to deal

with Chinese government.

Take a serious look at China—with

all of the endeavors in the last 30 years,

China has been trying so hard to find a

way to prosperity and strength with

achieving the so-called socialism with

Chinese characteristics and a socialist

market economy. However, it turns out

that there is no way to success while

ignoring the power of a free market and

a precise judicial system, even for

socialism. So it began to change. As a

world’s biggest internet search engine

company, Google is supposed to be a

great leader both on inspiring wisdom,

releasing the truth, making life easier,

and setting a wonderful ethical

example. Compromise isn’t always bad,

especially when you are doing business

with someone that is far from behind

you.

Contact Edison Yin atpengfei.yin@student.shu.edu

By Grace Xie

The popularity of the computer and

the arrival of information age gave birth

to e-banking. According to the Basel

Committee for Banking Supervision,

“E-banking is based on technology that

by its very nature is designed to expand

the “virtual” geographic reach of banks

and customers without necessarily

requiring a similar “physical”

expansion.”

In China, e-banking started in the

mid 1990’s. In October 1997, the

Industrial and Commercial Bank of

China established its home page on the

internet to promote the financial

services and provide operational

guidelines for network users. On March

6, 1998, the Bank of China successfully

conducted its first electronic trading.

After the year 1999, all of the major

banks were working to speed up the

process of e-banking.

At present, e-banking is developing

quickly in China; up to the end of 2009,

the number of active users of e-banking

(logged in the e-banking over the past

year) was 58 million. E-banking

transaction volume is 354.1 trillion

Yuan.

As a new form of banking

organization, e-banking started late in

China, and is faced with some major

risks such as technical risk, operational

risk, legal risk and reputation risk. To

control the risks and accelerate the

development of e-banking, we can learn

from the experience of the United

States. By enhancing R & D, perfecting

rules and regulations, strengthening

administrative supervision and

improving self-discipline awareness and

the quality of employees, we can create

a harmonious China-style “diminishing

control network” model, which can

control and manage risk separately from

the national, industry and enterprise

level.

Contact Grace Xie atyanan.xie@student.shu.edu

By Ye Tao

Time has gone by so quickly.

I’ve been America for one month.

America is so different from China.

Sometimes, America makes me feel

anxious, confused and homesick.

However, I’m looking forward to

new experiences and surprise with a

positive outlook. I’m ready to take

on challenges and face this new

stage.

Seton Hall left me with a first

impression, which was not the archa-

ic buildings, charming landscape and

advanced teaching facilities. It is the

people and culture of campus that

makes it special. The teachers and

students are so friendly and welcom-

ing. They help me with my prob-

lems, with patience and understand-

ing. They display patience when

helping you with your problems,

which is encouraging when I do not

speak English fluently. They are so

polite when helping me and always

do so with smile on their face. Every

little thing that people do for me at

Seton Hall, for example, holding the

door open for me, demonstrates the

benevolence of the human spirit at

Seton Hall.

As a freshman, there are some

inconveniences to daily life, but with

the care of professor Yin and my

Chinese brothers and sisters, I am

able to overcome my struggles and

have adjusted to life as a Seton Hall

student and an American. They have

become my second family and wel-

come me with open arms. When I

become a sophomore and a new

international student takes my place,

I hope to be as good of a sister as my

current brothers and sisters have

been to me. It takes a certain mind-

set to be able to conquer your fears

and to look at life with a positive out-

look. The biggest difficulties we

faced were speaking English fluent-

ly, being able to wander far from

campus, and blending in with

Americans. Smaller problems

include: getting a debit card, choos-

ing cell phone plans, and even I did

not know how to buy books from

Amazon.com. When I arrived in

America, I felt nervous and con-

fused, but I stayed calm and have a

good mind-set. I am thankful that I

went through the troubles that I did

so I could learn from them and my

mistakes. It is not about the destina-

tion but the journey it takes to get

there; I learned that it is important to

stay calm under pressure. I must stay

strong and adapt to an American

environment. Complaining will

make you miserable and prohibit

your growth.

Life is a journey that takes

patience to travel from a naïve child

to a mature adult. I believe that my

study abroad will be a precious part

of my life. We are the first to pursue

a bachelor’s degree as well as the

first ambassadors of our country.

Right now, I need to study hard and

to improve my over all well-being.

It’s important that I dare to dream. I

hope that every student will pursue

their dreams.

Contact Ye Tao atye.tao@student.shu.edu

Speaking from the Heart

Google Abandons Chinese Market

The Stillman ExchangeThe Official Business Publication of

Seton Hall University

Editorial BoardEditorial Board

Managing EditorIan Mehok

Assistant Managing EditorsMargaret Reilly

Li Duan

Special Edition English EditorMargaret Reilly

Special Edition Chinese EditorHerbert Chao Xu

Special Edition PhotographerSimon Xin He

Faculty AdvisorsMichael Reuter, M.B.A.

Jason Yin, Ph.D.

E-mail stillmanexchange@shu.edu

Website http://www.stillmanexchange.com/

AboutThe Stillman Exchange is the firstundergraduate-published business

newspaper in the United States. TheStillman Exchange is published on abi-weekly basis from the Center for

Securities Trading and Analysis in theW. Paul Stillman School of Business

at Seton Hall University.

E-banking Sees Success in China

Jubilee HallThe home for the Stillman School of Business

...continued from page 1

Therefore, conflicts are not

necessarily a bad thing, indicating a

pessimistic future of the bilateral

relations. Instead, they simply mean

more opportunities and challenges.

Rather than trying to avoid or

exaggerate the conflicts, we should try

to develop Sino-U.S. relations by

resolving the trade frictions actively.

The two nations will eventually become

intimate partners and competitors as

well when these challenges are met.

Premier Wen Jiabao stressed, “The

mutual trust and cooperation benefit

both, and the confrontation and

suspicion are adverse.” Thus, the trade

frictions between the two countries

should not be upsetting. The major

barriers between the two countries have

been removed before as early as 30

years, and the common interests

between them far more outweigh their

differences.

We should realize that the Sino-U.S.

relations concern the benefits of not

only the two countries and but also the

rest of the world. Now there’s no reason

for us to backpedal due to the frictions;

instead, we should turn hate to love in

the process of conflict resolution and

step up the relationship into a

honeymoon period with full

cooperation.

Contact Wendy Yao atxinzhou.yao@student.shu.edu

U.S.-China: Love-Hate Trade Friction

Photo courtesy of Simon Xin He

记者 姚欣宙

2010年9月22日, 温家宝总理

在纽约华尔道夫饭店与基辛格、

鲁宾、保尔森、比尔•盖茨等美国

经济、金融和学术界权威人士座

谈。

在欢迎晚宴上，温家宝说：

“30年前中美建交时，如果说中

美贸易会出现摩擦，那一定会是

一个笑话。如今中美两国双边贸

易额从2001年的805亿美元增长到

2009年的2983亿美元，如果说现

在两国间不存在贸易摩擦，那也

会是一个笑话。”

自中美建交后两国经济的高

速发展，连中美建交的开拓者基

辛格博士都感叹不已。至此，两

国相互依存，在利益上谁都离不

开谁，但同时又充满着矛盾与冲

突，有时还剑拔弩张，以制裁相

威胁。如果用爱恨交加来形容目

前的中美关系，我看实在确切不

过了。

中美两国文化传承，政治体

系和经济结构不同，观念也不尽

相同，因此出现今天的这些贸易

纠纷和冲突在所难免。我们不应

大惊小怪，更不用小题大做，反

而应当看到中美经济关系是建立

在世界上最大的发达国家和最大

的发展中国家的利益互补的基础

之上，而不是权宜之计。

未完... 详见第4页

The Stillman ExchangeMade possible by the generous support of the O’Brien Family 2010年10月13日 星期三 第4期

The Official Business Publication of Seton Hall University

S P E C I A L E D I T I O N

西 东 大 学 商 学 院 官 方 出 版

私募业在中国迅猛发展记者 余春洋

私募股权投资是对非上市

公司进行的股权投资，或者上

市公司非公开交易股权的一种

投资方式。其募集基金的来源

可以是机构投资者，社会不特

定公众；或采取非公开发行方

式，向有风险辨别和承受能力

的机构或个人募集。广义的私

募股权投资包括发展资本，夹

层资本，基本建设，管理层收

购或杠杆收购，重组和合伙制

投资基金等。

私募（PE）起源于美国。

早在1976年，华尔街著名投资

银行贝尔斯登的三名投资银行

家合伙成立了KKR，这是最早

的从事私募的公司。如今私募

股权在世界范围内经历30多年

的历史，在很多发达国家成为

了仅次于银行贷款和首次公开

募股的重要融资手段。黑石、

KKR、凯雷、贝恩、阿波罗、

德州太平洋、高盛、美林等机

构从全球数千家私募股权投资

公司中脱颖而出，成为行业中

的佼佼者。

中国的崛起使经济迅猛发

展。中国政府持续推进改革开

放政策的同时，进一步加大改

革深度，升级产业、优化企

业、对外拓展品牌，使实体经

济有了发展的广阔空间和宽松

环境。在此培育优秀产业之

际，市场对资本需求极为旺

盛；与此同时，在市场竞争激

烈的欧洲和美国，投资人不断

寻求新的市场机遇，因此越来

越多的海外私募股权投资者将

目光转移到中国。近些年私募

股权投资在中国发展得如火如

荼，中国出现的“PE热”也充

分说明中国私募业的发展有巨

大潜力。据统计显示，在2006

年上半年，海外私募股权基金

在中国投资了共31个公司，投

资总额达到了55.6亿美金。到

了2008年，共有51只投资中国

大陆的私募股权基金,募资总

额达到600多亿美元，比2007

年全年募资额高出71.9％。尽

管如此，中国仍需要并鼓励和

欢迎更多的私募公司登陆并拓

展中国市场。

尽管私募在中国发展形势

良好，回报率高达十几倍甚至

二十倍，但前往中国从事私募

业务的海外投资人也要看到中

国市场存在的一定问题。中国

股权投资基金协会筹备组组长

邵秉仁在 “2010中国股权基金

发展论坛”上表示：“目前中

国私募行业存在配套法律法规

不完善，监管思路和监管方向

不明确，合格人和资金进入渠

道狭窄，缺乏专业人才，投资

渠道单一等问题”。牛津大学

私募研究所主任Tim Jenkinson

认为：“中国的私募市场还处

于早期阶段，不很成熟，随着

资金市场的不断成熟完善，高

额的回报率不会持久”。但他

相信“未来回报率有望从十几

倍回报状态中逐渐下降；长期

看3倍的回报率是比较合理

的”。但不管怎样，对于想进

入中国做私募业务的美国企

业，现阶段仍是一个进入的好

时期。

联系 余春洋chunyang.yu@student.shu.edu

9月22日，中国国务院总理温家宝在纽约与美国总统奥巴马举行会晤

照片转自中新网 由徐超编辑

中美：贸易摩擦 爱恨交加

记者 尹鹏飞

谷歌中国成立于2005年，是谷歌这个

世界第一网络搜索引擎的子公司。谷歌中

国在中国市场排名第二，仅次于百度。

2005年，谷歌国际页面上首次出现了中文

版页面。2006年一月，谷歌启用了总部设

于中国大陆的Google.cn搜索网页，其搜索

结果受中国政府所设审查机制控制。

2009年三月，中国政府封锁了谷歌旗

下Youtube视频网站在中国大陆的路径；谷

歌的其他网上服务也相继被变相封锁。

2010年一月，谷歌发表声明声称他们

与其他一些美国科技公司均遭到了来自中

国大陆的黑客袭击，并且表示不愿再接受

中国政府对其搜索结果的审查控制，否则

将会考虑退出中国市场。

北京时间2010年3月23日凌晨3点，谷

歌开始将所有在Google.cn上的搜索需求全

部转到Google.com.hk（服务器在香港），

以此来规避中国大陆法规并且用简体中文

显示所有搜索结果。在中国一国两制政策

作用下，香港拥有独立的司法体系并且不

受绝大部分中国大陆法律约束，包括那些

禁止在网络上随意流通受审查的国际信息

的法律法规。

谷歌声称他们退出中国大陆市场这一

举动基于三个事实：第一，处于其自身商

业伦理目标考虑，谷歌无法继续在中国政

府的审查机制下运行；第二，谷歌和一些

其他的美国科技公司均遭受到了来自中国

大陆的黑客袭击，谷歌暗示这些袭击很可

能是中国政府幕后策划的；最后也是最重

要的一点，2009年谷歌中国的年收入占谷

歌全球年收入的比例小于3％。谷歌同时表

示，在其所有合作过的政府中，中国政府

的审查机制是最严格和最不人道的，所以

谷歌宁愿退出该市场也不愿意与这样一个

政府合作谋取收益。

未完... 详见第4页

浅 析 谷 歌 中 国 退 出 大 陆

收到谷歌欲退出中国的消息后，市民献上鲜花表示留念

照片转自 foreignpolicyblogs.com

由徐超编辑

The Stillman Exchange4 2010年10月13日 星期三

...接第3页

我个人也从三个角度看待谷

歌所称这三个事实：第一，李开

复（谷歌中国前任首席执行官）

辞职后，谷歌中国没有了合适的

人选领导其继续前进；第二，完

全不同的法律法规，司法体系和

审查机制让谷歌如坐针毡；最

后，谷歌中国长期受财政危机影

响，谷歌总部对此非常恼火。

抛开政治不谈，我相信谷歌

离开中国大陆这一举动是不负责

任和不人道的，并且这一举动完

全背离了其公司的伦理原则和商

业目标。理由如下：

谷歌一直坚持的伦理原则之

一即是启发大众智慧，告知大众

真相。中国人口占世界人口的六

分之一，这也就意味着如果谷歌

放弃了中国市场，它也就把世界

六分之一的人口锁在了真相大门

的门外。将数量如此庞大的一个

群体放弃，是他们失去了原本有

的了解身边和世界所发生事件的

真相的机会，这不能叫做有道德

和负责任。

从另一个方面考虑，一个企

业最为首要的责任和使命即是使

利益相关者的利益最大化。虽然

谷歌在中国只有不到30％的市场

占有率，远远落后于百度的60％，

但是根据摩根的统计，2009年谷

歌在中国的年收入仍然达到了

3亿美金，2010年更是有望达到

6亿美金。而且中国是21世纪最

大的市场，包括信息产业。不同

的法律法规和司法体制代表的仅

仅是另外一种运营模式。像微软

和通用这种伟大的企业在与中国

政府打交道的时候往往知道如何

改变自己的政策和策略，既能够

保证在中国的年收益逐年稳步提

高，又不会背离自身的商业目标

和伦理诉求。

我们再认真地考虑一下中

国，改革开放30年以来中国所做

的所有努力都是想要找到一条通

往繁荣富强的路，这条路被中国

政府定义为具有中国特色的社会

主义道路，其特点就是中国特色

社会主义和社会主义市场经济。

然而，事实越来越明显地告知中

国政府：倘若忽视自由市场和严

谨的司法体系的力量，任何一种

社会形态，包括社会主义，都是

不可能繁荣富强的。所以，作为

全球最大的网络搜索引擎公司，

谷歌应该成为一个伟大的领导

者。这位领导者启迪智慧，披露

真相，使生活更便捷，为其他公

司和社会团体树立起一个道德榜

样。妥协并非总是坏事，尤其当

你与一个和你相差甚远的人在商

业的道路上共进退的时候。

联系 尹鹏飞pengfei.yin@student.shu.edu

记者 陶冶

时光如白驹过隙，不经意间，

我已经来美国一个月了。这个完

全的陌生的国度，带给了我许多

的期待、惊喜，当然也伴随着迷

惘和无助的泪水。诚然，我会保

持着一颗积极的心态和感恩的心

境去迎接这个全新的舞台。

西东大学给我的第一印象不

是古老典雅的教学建筑，不是幽

静闲适的校园环境，也不是现代

先进的教学设施，而是学校中隐

约透露出的校园文化底蕴气息。

尤其打动我的是，学校里的每一

位师生都非常友好。尽管我英语

说的不够流利，但他们会耐心地

倾听并解决我的每一个问题；他

们永远都是面带微笑的对我说

“You are welcome”；他们会

在不经意间为我撑起快要关上的

门。一点一滴无不流露出学校的和

谐，彰显了学校人文关怀的精神。

起初，初来乍到的我们在生

活上遇到很多不便。在尹教授的

关心和教导下，在学长和学姐的

指导帮助下，在我们自身的共同

努力下，我们的学习生活现在已

经逐步走向了正轨。在这里，我

想对你们说“谢谢你们对我们的

关心和帮助”。因为你们，让我

感觉到了家的温暖，让我觉得不

再孤单，更让我感受到了无私奉

献的力量。我也对自己说：“以后

等我成为学姐的时候，我也一定

会尽自己最大的努力来帮助新生

的。”

万事开头难嘛！在美国的这

一个月，最大的收获不是英语能

力的提高，不是领略了异国风情

和文化，也不是交到了各国的朋

友。对我来说，收获的是一种面

对逆境的心态，是一种必须要改

变自己去适应环境的能力。我们

遇到了很多的困难，大到：语言

不流利、出行不方便、很难融入

真正美国同学的活动中，小至：

办银行卡，选择手机套餐甚至是

从网上买书。我也一度很烦躁，

很着急。可是，静下心来想想，

我依然很感谢这些生命中的绊脚

石般的经历。是你让我明白了，

欲速则不达，拥有一份平静的心

态，冷静的解决每一个困难，未

来，一切都会好起来。是你让我

明白了，弱者等待环境，强者适

应并创造环境。是你让我明白了，

抱怨只会蒙蔽你的双眼，迷惑你

的心智，阻碍你的成长。是你让

我明白了，学生就是要脚踏实地

学习。更是你，锻炼了我待人处

事的能力和面对困难的勇气。

人生就是一段旅程，是一段

青涩走向成熟的旅程。而我相

信，在美国的求学生活也一定

会成为我最珍贵的经历。我们是

来西东大学的第一批本科生。

“第一届”也意味着我们将肩

负着更光荣的使命和承担更大责

任。不断充实自己，努力学习是

我们目前最大的任务。

“承载梦想，风雨兼程”。

愿与所有的同学一齐共勉！

联系 陶冶 ye.tao@student.shu.edu

心之笛声——留美小记

浅 析 谷 歌 中 国 退 出 大 陆The Stillman ExchangeThe Official Business Publication of

Seton Hall University

编辑组编辑组

总编辑Ian Mehok

副总编Margaret Reilly

Li Duan

特刊英文编辑Margaret Reilly

特刊中文编辑Herbert Chao Xu

特刊摄影师Simon Xin He

指导教师Michael Reuter, M.B.A.

Jason Yin, Ph.D.

电子邮箱stillmanexchange@shu.edu

网址http://www.stillmanexchange.com/

关于The Stillman Exchange是美国第一份

由大学生出版的商务报纸。The Stillman Exchange是在西东大学W. Paul 斯德尔曼商学院证券交易分析中心编辑并出版的双周刊报纸。

记者 谢亚楠

随着计算机的普及以及信息

化时代的到来，网络银行应运而

生。根据巴塞尔银行监管委员会

的定义，“网络银行通过借助计算

机和互联网等技术手段，为客户

提供了突破时空限制的服务。”

在我国，网络银行起步于20

世纪90年代中期。1997年10月，

中国工商银行在因特网上建立银

行主页，向外界宣传中国工商银

行的金融服务业务，为网络用户

提供业务指南。1998年3月6日，

中国银行成功地进行了第一笔电

子交易。1999年后各大银行纷纷

都加快了网上银行的工作进程。

目前，我国网上银行业务迅速发

展：截至2009年底，我国网络银

行活跃用户数量(过去一年内登

陆过网上银行)为5800万。网络

银行的交易量达354.1万亿元人

民币。

作为一种新型的银行组织形

式，我国网络银行的发展起步较

晚，面临着诸如技术风险、操作

风险、法律风险和信誉风险等主

要风险。为了控制风险，加快我

国网络银行的发展与完善，可在

借鉴美国网络银行丰富经验的基

础上, 针对我国网络银行存在的

问题，增强技术研发，完善规章

制度，强化行政监督，加强行业

自律意识，提高从业人员素质，

积极营造内外环境相互协调发展

的运营模式，建立一个适合中国

国情的三位一体式“递减控制

网”，分别从国家层面、行业层

面和企业层面三个层次上寻求控

制和化解网络银行风险的具体对

策。

联系 谢亚楠yanan.xie@student.shu.edu

中国网络银行逐步成熟

...接第3页

因此矛盾并不是件坏事, 其

存在并非证明两国关系的前途是

悲观的；相反，我们只是面临更

多的机遇及挑战。我们不应回避

或夸大矛盾，而是应该不断在解

决矛盾及摩擦中发展中美关系。

当这些挑战都迎刃而解的时候，

两国将成为更亲密的对手兼朋友

的伙伴关系。

温总理强调:“中美两国和

则两利，斗则俱伤；互信则进，

猜忌则退。”因此, 中美两国间

的贸易摩擦并不可怕，可怕的是

不能正确地对待。中美之间的铁

幕早在30年前已经打开，两国间

的共同利益远远大于分歧。中美

关系不仅关系两国利益，而且影

响着整个世界。现在我们没有任

何理由因为两国出现摩擦而去走

回头路，而应该在解决冲突的过

程中化恨为爱，共建双赢，将两

国推向全面合作的蜜月时期。

联系 姚欣宙 xinzhou.yao@student.shu.edu

中美：贸易摩擦 爱恨交加Jubilee Hall

斯德尔曼商学院的教学办公楼

照片由 何鑫 提供