Lying in a Beijing military hospital in 1990, General Wang Zhen told a visitor he felt betrayed. Decades after he risked his life fighting for an egalitarian utopia, the ideals he held as one of Communist China’s founding fathers were being undermined by the capitalist ways of his children -- business leaders in finance, aviation and computers.
China Development Bank Corp. ’s private-equity unit sports three bronze busts of Communist Party leaders in its Beijing lobby. Chairman Mao Zedong is there, and so is his eventual successor as leader, Deng Xiaoping . Then there’s Chen Yun, once China’s top economic planner.
China Development Bank Corp.’s bonds will keep their zero risk weighting on the books of Chinese commercial banks, Vice President Li Jiping said, holding down borrowing costs for the world’s largest policy lender.
China Development Bank Corp. Chairman Chen Yuan will step down, handing the reins of the world’s largest policy lender to Bank of Communications Co.’s Hu Huaibang, said two people with knowledge of the matter.
The middle-aged Chinese woman who answers the door apologizes for the wait as she stands in the entryway, sporting leopard-print slippers. She’s been exercising, she says. Two tiny dogs, fuzzy like the slippers, yap at her feet.
Petroleo Brasileiro SA , Brazil’s state-run oil company, is in talks with China Development Bank Corp. for a new loan after borrowing $10 billion from the policy bank in 2009, bank Chairman Chen Yuan said.