Zhang Guangdi has watched the market value of his Shanghai International Port Group Co. shares jump 130 percent since Aug. 22, when China’s commerce ministry said the government approved a free-trade zone in Shanghai.
Hong Kong is dead. Economic roadkill on China’s way to world domination. Starting this weekend, a free-trade zone opening in Shanghai will supplant the former British colony as the gateway to the world’s most dynamic economy.
They shape economies, move markets, do deals -- and change the world. They hold sway by virtue of the money they manage, the companies they control, the policies they enact and the ideas they propound. The people on the third annual 50 Most Influential list, to be published in the October issue of Bloomberg Markets magazine, command attention as masters of the global financial system.
China must create more channels for investors and companies to use the yuan if it wants to internationalize the currency and put it on a par with the yen and the euro, central bank officials and economists told a forum in Shanghai yesterday.
A bartender at my neighborhood pub recently asked me how the Shanghai stock market was performing. I said it was at about 2,600 points. He jumped and said, “No! The Communist Party wouldn’t let that happen.”