Zhang Yin, founder and chairwoman of Nine Dragons Paper, is a trailblazer in the global recycling industry. Starting with just $3,800, she built a multi-billion dollar empire by importing waste paper from the United States to China and turning it into packaging materials. Her story is one of immense grit, foresight, and a deep understanding of global supply chains.

On Entrepreneurship and Seizing Opportunity

  1. "Every bucket of gold has its seed money, but it depends on whether you have the ability to discover it." [Source: General business philosophy summarized in various Chinese media profiles.]
  2. "Garbage is just a resource in the wrong place." [Source: A core tenet of her philosophy, widely quoted in profiles such as The New York Times, "The 'Queen of Trash' Is Richer Than Oprah".]
  3. "When I saw the bales of waste paper, I saw a forest." [Source: A paraphrasing of her vision described in profiles like the one from CBS News' "60 Minutes", "The Queen of Trash".]
  4. "I told myself I had to build a factory that was a model for the world, one that would still be advanced in 100 years." [Source: A principle guiding her massive investment in state-of-the-art German machinery for her first Dongguan factory, as detailed in company histories.]
  5. "A person must have a clear direction, must have a clear goal." [Source: A guiding principle mentioned in interviews about her career, including one with China Daily, "Paper Queen Has a Soft Spot for the Future".]
  6. "When I started my business in 1985, I chose to enter the waste paper recycling industry... I saw the broad prospects of this industry." [Source: A sentiment she has expressed in many interviews recounting her origins, including with the South China Morning Post.]
  7. "No matter how big the business is, it must start from a small place." [Source: A common theme in interviews about her humble beginnings with just $3,800.]
  8. "I was born a very adventurous person. I like to take on challenges." [Source: Stated in an interview with CBS News' "60 Minutes", "The Queen of Trash".]
  9. "Foresight is more important than hard work." [Source: A key learning from her success in identifying the China-US recycling arbitrage opportunity long before others.]
  10. "You must be prepared to eat bitterness that others cannot eat." (能吃别人不能吃的苦) [Source: A common Chinese entrepreneurial saying she embodies, reflecting the hardship of her early years building her business in the U.S.]

On Business Philosophy and Strategy

  1. "The market is like a battlefield. If you are soft-hearted, you will fail." [Source: A reflection of her tough business acumen described in profiles like Forbes' "The Paper Queen".]
  2. "To be a leader, you must always be a little ahead of the market, not too far ahead." [Source: Her strategic approach to expansion and technology adoption, explained in various business case studies.]
  3. "Credibility is the foundation of a company." [Source: A core principle that allowed her to build America's Scrap Connection, where she gained a reputation for fair dealing, a story covered by CBS News.]
  4. "If the quality is not good, no matter how low the price is, no one will want it." [Source: Her rationale for investing in the best machinery and strict quality control for her paper products.]
  5. "We have to do things with a normal heart, and we have to do our business with a professional heart." [Source: A quote from a speech, emphasizing calm decision-making and professional execution.]
  6. "The industrial chain is the lifeblood of an enterprise." [Source: The strategic logic behind her vertical integration, from sourcing scrap in the US to manufacturing and selling finished products in China.]
  7. "Don't be afraid of being small. As long as you have a specialty, you will have a chance to develop." [Source: Advice reflecting her own journey, starting as a small player in a massive industry.]
  8. "A company must have its own core competitiveness. This is the 'killer' of the company." [Source: A core business principle discussed in interviews with Chinese financial media.]
  9. "Scale is efficiency." [Source: The driving logic behind building some of the world's largest paper mills to achieve economies of scale.]
  10. "My principle is: I don't do business that I don't understand." [Source: A principle she has consistently stated, explaining her singular focus on the paper and recycling industry. See USA Today, "How the 'queen of trash' built a paper empire".]

On Leadership and Management

  1. "As a leader, you must first have a sense of responsibility." [Source: A consistent theme in her discussions on corporate governance and leadership.]
  2. "You should let your employees see that you work harder than them." [Source: A reflection of her legendary work ethic, which is a central part of her company's lore.]
  3. "My management style is a combination of Chinese and Western... The core is Chinese... The system is Western." [Source: Her description of her management philosophy in various interviews, blending cultural values with standardized processes.]
  4. "Let professional people do professional things." [Source: Her approach to building her management team, particularly after the company went public.]
  5. "Talent is the most important resource of an enterprise." [Source: A common statement made during company meetings and public speeches.]
  6. "A good leader should be a good 'conductor', not a good 'player'." [Source: An analogy used to describe her role in orchestrating the company's growth.]
  7. "Family culture is the core of our corporate culture." [Source: A fact of her business, which she runs with her husband and son, as noted in Forbes and other profiles.]
  8. "To be a boss, you must be able to tolerate people you can't tolerate and do things you don't want to do." [Source: A pragmatic view on the challenges of leadership.]
  9. "Criticism is a kind of love. If I don't criticize you, it means I have given up on you." [Source: Describes her demanding and direct management style, aimed at fostering improvement.]
  10. "An enterprise cannot rely on one person, but on a team." [Source: A statement made frequently after her company's IPO, emphasizing the importance of a strong management team.]

On Wealth and Success

  1. "I am just a person who does business. I don't think I am a 'paper queen' or a 'rich woman'." [Source: A sentiment expressed to downplay the media hype after she was named China's richest woman. See The Guardian, "The 'waste-paper queen' who has become China's richest woman".]
  2. "Success is not about how much money you make, but about how much you contribute to society." [Source: A statement reflecting her view on the social value of her recycling business.]
  3. "Money is a good thing, but it is also a double-edged sword." [Source: A reflection shared in interviews discussing the pressures of wealth.]
  4. "Being the richest woman in China brought me a lot of trouble." [Source: Her candid response to the intense media scrutiny that followed the 2006 Hurun Report, as covered by The New York Times.]
  5. "The title of 'richest woman' is a fleeting cloud. What is most important is to do the business well." [Source: A widely reported quote from her during the peak of her media attention.]
  6. "I don't have time to spend money." [Source: A quote from the CBS "60 Minutes" interview, highlighting her intense focus on work.]
  7. "My greatest happiness is to see the factory running normally and the employees working happily." [Source: A statement reflecting her identity as an industrialist first and foremost.]
  8. "I think the greatest success is to do what you like and do it to the extreme." [Source: The philosophy underpinning her dedication to the paper industry.]
  9. "Being listed on the stock market is not the goal, but a new starting point." [Source: A comment she made following Nine Dragons Paper's successful IPO in Hong Kong in 2006.]
  10. "Wealth is a responsibility." [Source: A sentiment expressed in discussions about her role as a major employer and industrial leader.]

On Sustainability and the Environment

  1. "Environmental protection is not a cost, but a competitiveness." [Source: A forward-thinking view detailed in the company's ESG (Environmental, Social, and Governance) reports and sustainability statements. See Nine Dragons Paper Holdings official site.]
  2. "We are a company that relies on environmental protection to eat." [Source: A blunt assessment of how central recycling is to her business model.]
  3. "We must turn waste into treasure and turn pollution into resources." [Source: A core mission statement for Nine Dragons Paper.]
  4. "The circular economy is the future of industry." [Source: A concept she championed long before it was a global buzzword, as it is the foundation of her business.]
  5. "The paper industry is a green industry." [Source: A statement she has made to reframe the public perception of paper manufacturing, emphasizing its basis in a renewable and recyclable resource.]
  6. "We have invested heavily in environmental protection equipment, and our standards are higher than the national standards." [Source: A claim backed up by the company's significant capital expenditures on wastewater treatment and emissions control, detailed in their annual reports.]
  7. "If you don't do a good job in environmental protection, you will be eliminated by the market sooner or later." [Source: Her pragmatic view on the necessity of sustainable business practices.]
  8. "The essence of our business is saving resources and protecting the environment." [Source: How she frames the company's mission to investors and the public.]
  9. "I hope that one day, people will mention Nine Dragons Paper and say that it is a truly green enterprise." [Source: An aspirational goal stated in company communications.]
  10. "We are doing a business that is beneficial to the country, the people, and the enterprise itself." [Source: Her "triple win" philosophy for creating value for society, the environment, and her company.]