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’s likely search for a successor to Zhou Xiaochuan as central bank chief is spurring focus on the nation’s banking and securities regulators as the incoming Communist leadership overhauls top government positions.
A copy of Manhattan, complete with Rockefeller and Lincoln centers and what passes for the Hudson River, is under construction an hour’s train ride from Beijing. And like New York City in the 1970s, it may need a bailout.
Wealthy Chinese investors are turning to “sunshine” private trusts, the prototypes of hedge funds in the communist nation, as the property market cools, stocks slump and bank-deposit rates fail to match inflation.
Suddenly finance god John Paulson isn’t looking so omniscient. The New York-based hedge-fund manager was the star of the 2008 subprime crisis, capitalizing on Wall Street’s misrepresentations to the tune of $15 billion betting against U.S. mortgages. Now, fraudsters may have taken him in.
China raised the ceiling on foreign banks’ investments in securities ventures for the first time in more than a decade after two days of talks with the U.S. overshadowed by wrangling over activist Chen Guangcheng.
Every month, traders, investors and money managers like Shi Yu cull rumors about China’s soon-to-be- released economic statistics for what might be the official numbers to try and get an edge in the market.