In response to American investors pulling funds out of China, local financiers are focusing on domestic business opportunities and learning the popular Chinese card game, Guandan. This game, also known as “throwing eggs,” has become a must-have skill for Chinese financial professionals as U.S. curbs on investment in China have altered the strategic landscape. With President Joe Biden’s executive order last August restricting U.S. investment in strategic sectors like artificial intelligence and semiconductors, Chinese officials are working to revive confidence in the economy through measures to attract foreign investment, which has been at its lowest in 30 years.
The game of Guandan, originating in Jiangsu province and popular among more than 20 million players in the region, offers a social activity for investment institutions to connect with potential sources of business. Unlike betting games like Texas Hold’em and mahjong, Guandan is a safe option as Chinese authorities crack down on illegal gambling activities. With a simple objective of playing all cards before your opponents and the ability to finish games quickly, Guandan is a preferred choice for business professionals looking to build stronger business partnerships. Players engage in conversation during the game, discussing market news, updates, and social topics, fostering closer relationships compared to more adversarial games.
The popularity of Guandan has spread across China, with the number of players nationwide reaching 140 million. In cities and provinces, including Shanghai and Hubei, the game is being actively promoted and in some cases even integrated into educational curriculums to cultivate intellectual abilities and teamwork skills among students. In major cities like Beijing, finance professionals volunteer to organize Guandan gatherings with participants from different industries, highlighting the game’s role in fostering social and business connections. The game’s simplicity, lack of gambling elements, and focus on teamwork make it an ideal choice for socializing with clients and building relationships with local government officials.
Chinese professionals like Chris You, an associate at a venture capital firm, emphasize the role of Guandan in serving the preferences of potential investors and clients. Learning the local card game becomes a natural social activity to engage with those who have money to invest in businesses. With the game’s ability to bring people together and encourage conversation, Guandan serves as a platform for networking and building closer relationships in various professional settings. Amidst challenging economic conditions and shifting investment landscapes, the popularity of Guandan reflects a broader trend of Chinese professionals adopting new strategies to navigate the changing business environment.
