[alephnerd]

For BYD in the 1990s, Family banking.

Specifically within the Hokkien, Cantonese, and Hakka diaspora.

Guangdong+Fujian became a major manufacturing hub because most of the business elite in Taiwan, Singapore, Malaysia, Thailand, Hong Kong, and Phillipines were from the same clans and families in Guangdong and Fujian

Before the 2000s, Manchuria tended to be much richer and industrialized than Guangdong/Fujian because of Russian/Soviet, South Korean, and Japanese FDI along with the fact that it was close to Beijing and was the heartland of the CCP after WW2 so most SOEs were based there.

By the mid-late 2000s, China's financial sector formalized and a IB/PE/VC model similar to that in the US and Israel arose.