P I N G A N B R I N G S M O D E R N F I N A N C E TO C H I N A 187 In 1992, Ping An's culture evolved into what could be described as "Confucian ideology." The workforce had gone through a period of rapid growth, with people from all walks of life. There was also a societal trend to "make big bucks and then leave." The result was high turnover. Ma turned to the Confucian principles of Li, Yi, and Ren, which placed a high emphasis on respect and courtesy toward colleagues and the avoidance of conflicts of interest. VALUE-BASED MANAGEMENT The opening up of the insurance industry in 1992 helped drive the Chinese market, but it also attracted new competitors. To prepare Ping An for the anticipated competition by expanding its business operations and building its internal capabilities, Ma drafted the "3 Foreigns" rule: Foreign capital (represented by Goldman Sachs and Morgan Stanley), foreign organization (corporate governance, risk