Even billionaires’ scions are struggling to bridge the US-China rift.
Certificates and photographs of Marshall Jen, who also comes from wealth, and who now mentors other second-generation clients. Photographer: Billy H.C. Kwok/Bloomberg , Bloomberg
Asked if she identified more as a Chinese or an American, Zhang called it “an existential question.” But in 2020, she decided to hit a pause on her US journey. Born during the heyday of US-China relations with globalization firmly ascendant, China’s Generation Z is now coming of age in a very different, protectionist world. Manufacturers are shifting production away from China; the US and its allies are restricting China’s access to its cutting-edge semiconductors; Beijing is tightening the flow of information; and potential accusations of technology theft hound Chinese executives and academics alike in the US.
Ho’s social media feed on Chinese microblogging site Weibo is a dizzying montage of Coachella raves, Art Basel parties and Blackpink concerts, sandwiched between her blazered image at the World Economic Forum in Tianjin and climate talks. Daughter of the late billionaire casino owner Stanley Ho, the jetsetter now lives in Beijing and is chief youth officer of the Global Alliance of Universities on Climate, following a stint in Tsinghua University’s Schwarzman Scholars program.
There are exceptions: 24-year-old Marco Ren’s father, the real estate tycoon, circulated on Weibo in March after he spent 10 million yuan buying a company that provided basketball training for his son after the previous owner ran into liquidity issues. “That was blown out of proportion,” Ren said. “Truth is, I don’t feel like a fuerdai.”
When the university told all international students to leave in 2020, he spent more than a year taking online classes from his home in China, nursing the sense of being cheated of his education. When he graduated this year in January, he felt little attachment to Australia. Still, Zhang has no doubt that her decision was the right one. Her job has helped her better understand the hurdles to building a sustainable food system, including last-mile delivery for farmers. Zhang’s connections in China also broaden exposure. In March, Zhang headed to the exclusive China Entrepreneurs Forum at the Yabuli ski resort with one of her employer’s top executives to promote the company's products. Her father was also in attendance.
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