penetrating analysis on overseas Chinese business may be
incisive and enlightening. However, his observation of overseas Chinese business system
as “Ersatz Capitalism” may not be at all true. As Winn (1998) has shown, large Chinese
enterprises in Hong Kong and Taiwan have invested heavily in information and
telecommunication industries. Even Singapore Chinese companies which have invested
in the real estate previously have also diverted part of their resources to invest in high
value and high-tech industries. Nevertheless, Yoshihara’s observation may still apply to