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What it is about Baidu and the Chinese search market that's allowed

是什么让百度在中国

Baidu to become much more successful than Google and Yahoo! in China?

比谷歌以及雅虎做得更成功

Specifically, what is it that American companies that,

美国公司对于中国的互联网行业

both then and now, still don't understand about

始终不甚了解

China that you think you do and they don't?

能否谈谈一些你知道而别人不知道的原因

Robin Li: I think that there are a lot

在这个问题之中存在着

of misconceptions about this question.

许多误解

There are very successful American companies

在中国，有很多很成功的美国公司

in China: Intel, Cisco, Microsoft.

比如，因特尔，思科，微软

They have been in China for a very long time.

他们来到中国有很长一段时间了

They figured out how to do business in China

已经摸索出在中国的经营之道

and they have been quite successful.

并且获得了成功

But Internet companies, a little bit different.

但是对于互联网公司来说会有些不同

There are three reasons for that.

原因有三

First is that, during the '90s,

第一，在九十年代

I think the Chinese IT market was very, very small.

中国的互联网市场规模很小

Nobody paid attention to that.

没人关注这个市场

But during the past decade,

但在过去的十年间

I think, with the Internet coming to China,

随着互联网的普及

that the market gets larger and larger as

以及中国经济的崛起

Chinese economy gets larger and larger,

互联网市场规模也不断扩大

the opportunity, the potential for that market

市场潜力上升以及机遇的涌现

has become very meaningful to a lot of people.

吸引不少目光与投资

Therefore, it's a fast-growing market.

这是一个快速成长的市场

It's growing very, very quickly, much faster than the world average.

变化非常迅速，比世界平均速度更快

For example, when I returned to China,

举例来说，当我回到中国

I remember we had less than 10 million Internet users,

当时中国网民人数不足一千万

and today we have more than 338 million Internet users.

而现在网民数达到了3.38亿

So during the past 10 years,

在过去的十年中

the market actually changed very quickly, very dramatically.

市场变化极其迅速

American companies did not realize that in the early days.

许多美国公司都始料未及

They thought, "OK, the amount of online information grows about

他们认为，既然网上信息量每年增长50%

50% per year. I'll grow my index by 50% per year.' But in fact,

那就每年增长50%的索引

if you pay attention to China,

但事实上，如果你关注中国

the amount of Chinese information online triples every

在中国，网上信息量每年翻3倍

year. And we triple our index every year. So that gives

因此我们的索引也同步增长50%

the Chinese Internet users impression that if you cannot

这给中国网民一个印象

find anything on the other search engines,

如果在其他搜索引擎上找不到的东西

you may be able to find it on Baidu. If you cannot find it on Baidu,

百度或许能够帮你，如果在百度上都找不到

you cannot find it anywhere else. So that's just one example of showing

那么其他地方肯定也找不到

how quickly the market is. If you are not close to that market,

这个例子表明中国市场发展得十分迅速，如果你不够关注市场

you have missed a lot of opportunities. The second reason is that,

机会将跟你擦肩而过，第二点原因是

although Baidu is perceived as a Chinese company

虽然百度被认为

like many other NASDAQ-listed folks –SINA,

像其他在纳斯达克上市的中国公司一样

Sohu, Netease, Shenda— but they are almost 100% funded by U.S. VCs,

比如，新浪，搜狐，网易，申达，但它们几乎都是

many of the Silicon Valley-based. This kind of money

由美国风险投资资助的，许多来自硅谷

actually helped a lot in the development of the Internet

这样的资本在中国互联网的发展过程中助益良多

market in China. And as many of you know,

众所周知

Chinese people are very entrepreneurial. They really want to make a difference.

中国人很有企业家精神，总是想着有所作为

They are hardworking. Once they are married with VC money,

并且不辞辛劳，一旦得到了风险投资的资本

it's very competitive. So the Internet

他们将变得十分具有竞争力

space in China has become very,

所以中国的互联网市场极具竞争力

very competitive. This is different from many

这和其他行业不同

other sectors. In the traditional sectors,

在传统行业

American companies are basically competing with state-owned

美国公司的竞争对手是中国的国有企业

enterprises. They move very slowly. They don't have the

他们反应迟缓，没有正确的奖励机制

right incentive structure. But in Internet,

互联网市场就不一样了

it's very different. It's like everyone knows everyone and

公司之间知己知彼

they all have the right incentive structure to become successful.

也有正确的激励机制以达到成功

The third reason is that Internet companies,

原因三，对于互联网公司

be it American or otherwise,

不管是在美国还是在其他国家

are generally very young. Young companies usually do not plan for the

都是新生的企业，一般不做长期打算

very long term. Sometimes they are not patient enough. They try,

有时显得缺乏耐心

they lost a lot of money. A couple of years later,

他们不断尝试，同时也为自己的年轻交了很多学费

five years later, they say,

若干年后，或许5年，他们会说

"OK. I give up. I have enough challenges in my domestic

够了，我还是放弃吧，本国市场上的竞争太激烈了

market. I don't want to deal with this thing."

我不想干了

So that happened to a number of American Internet companies.

一些美国互联网公司碰到过这样的情况

I think that's the three most important reasons for

以上这些就是主要的三个原因

what happened in the Internet space in China.

来解释中国互联网市场的现状

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