HotPot...yummmmmm!

Its been a productive week here in Shanghai - both professionally and personally I think.  Work wise, we are cruising along getting the legal entity funded and operational.  I had a few interesting experiences... We submitted our paperwork to open our bank accounts on Tuesday.  Luckily, with Miss Cherry Ma by my side, we made the trek to the State Administration of Foreign Exchange (SAFE) to get our Foreign Exchange Certification, required to open accounts.  There was absolutely no English going on at this place.  Actually, I'm pretty sure SAFE will become very familiar to me over the next 6 months.  SAFE regulates everything related to foreign exchange - including requiring us to provide detailed documentation every time we want to convert our USD injection into local currency RMB.  This is going to be time consuming and we are going to have to be organized! Again, I'm so lucky to have great support at the affiliate, Cherry and also, Sherry - the tax manager, she has only been with Lilly  4 months, but spent many years at PWC in the building next door.  She knows tax law in China in and out - and it's severely complicated.  Anyway, we then made our way over to Citibank to submit the account opening documents. Ah, I have forgotten to explain the "chop" concept.  Essentially, each document has to have a stamp or "chop" to be considered authorized.  Its a huge deal, and a pain because our company chop resides at the LRL office - about 40 minutes from the office where I sit.  Thanks goodness for the couriers! This link explains it a little bit better!  So now the bank accounts are open, we just have to wait for the capital infusion from Corporate Treasury - then, not surprisingly, there is about 7-10 days of paperwork and approvals - a Capital Verification report by an independent audit firm + SAFE approvals - then SAFE approvals for the conversion to RMB.

Also, this week, I attended my first meeting ran entirely in Chinese.  Most meetings and conversations at the affiliate at least begin in English, but often move to Chinese when someone needs to better explain themselves.  For my sake, they usually move back to English eventually.  The meeting we had this week was with the Zhangjiang Group.  This Group recruits companies to establish companies and operations in Zhangjiang Hi-Tech Park.  The Group's role is to assist the companies entering the park in achieving specificed incentives, such as tax exemptions (VAT and customs), favorable subsidies for employees including transportation and living, as well as assistance with other government subsidies and exemptions.  They won't be doing anything for us, but helping inform and guide us along this process.  Luckily, we had 6 people (Legal, Tax, Procurement, Scientist, Operations, Finance) from the team in the meeting so many ears heard the important information and I had several people that could translate for me when it was over.  It was enlightening to try to understand the conversation sheerly off body language.  You have to be patient - and admittedly it was hard to stay engaged.

Personally, I tried a few new restaurants this week and got some true Chinese food.  Lunch here in China is approached very differently that at home.  At home, the convenience of the cafeteria at the office is great, and makes things very easy in the city we live.  The days get very full and working through lunch is very common, unless you make a point to set specific lunch meetings.  Here in China, going out to lunch is a daily activity - often longer than an hour and sometimes up to 2.  People use this as a time to socialize, network, but mostly get out of the office, have a walk and get some air.  Its so refresshing and relaxing.  The pace here is very fast, the cultural differences cause us to be "on display" at nearly all times in the office - so the mid-day break has been much needed thus far. Luckily the office is very nicely located in area with many many different types of food.  I had a couple lunch outings with colleagues this week... Tingting took me for some real Chinese food - we had Spicy fish, frog lips and green beasn - along with plum juice to take out the heat that the fish stung my lips with.  Tingting, the financial planning manager, got her MBA at Duke and has been with Lilly about 2 years.  She is very easy to talk to and it makes it easier that she has lived in the US.  She and her husband got married last summer as well, so we  have a lot in common in our lives right now.  We planned to go out with our husbands when Adam is here in 3 weeks (whoo hoo!).

Hotpot at Tokyo Japanese Cuisine

Also, I had the opportunity to try hotpot for lunch at Tokyo.  Its very similar to fondue, however, everyone gets their own pot and the cooking liquid is soup rather than oil.  This is so yummy! Very easy to eat and you can make up the dipping sauce however you like it - peanut, spicy, soy sauce, garlic, cilantro! This restaurant is right across the street from my apartment, which is great, and I even had it again for dinner another night!  And cheap too - all this for less than $8!

The last tidbit I wanted to share this week is my view every morning as I'm blow drying my hair.  Interestingly enough, there are no outlets in the bathroom, but conveniently a special mirror built into the desk in my bedroom.  Luckily, this is right by my window so I can gaze down at the city.  I am on the 31st floor of 38 in my building, and have a great view over the area and on a clear day can see the skyscrapers for miles.  However, it wasn't until this week that I looked directly down just blocks from my building.

I realized that at about 8:20 each morning, you can see some pretty  interesting sights.  First, in Huai Hai Park (top left) you can see the older locals doing their Tai Chi.  They move in unison, but each offering a little different spin on the movements.  I will try to get some up close pictures over the next week.  Also, I found out there is an elementary school in the block across from my building.  Each morning to start the day, all the students file out into the school yard to do synchronized stretching.  They stand in perfect lines and all move together.  It almost reminds me of the military. Its kinds of creepy really - but very indicative of the culture here.  I try to catch a glimpse every morning and it reminds me to get in a few stretches of my own to start the day.

TaiChi in Huai Hai Park

Local school children - morning streching

Finally, after a lunch one day I took a stroll around the small lake next to the office.  It was almost 80 degrees and sunny.  Similar to home I hear - this makes it feel like we aren't thousands of miles away!