On the first evening of the Asian Development Bank’s annual meeting in the capital of Kazakhstan this month, delegates from 16 countries skipped the scheduled Romeo and Juliet ballet for dinner at the Great Wall restaurant to talk about forming a totally different lender.
Ray Dalio, founder of Bridgewater Associates LP, the world’s biggest hedge fund, said 2013 will be a “game changer” for the economy as investors reallocate money after risks such as Europe’s sovereign debt crisis receded.
An executive from China Investment Corp., the nation’s $482 billion sovereign wealth fund, told Australian Prime Minister Julia Gillard that he hopes her government will reduce restrictions on foreign investment.
Economic power is moving from the western world to the east and from the northern hemisphere to the south, Jin Liqun, chairman of China Investment Corp.’s supervisory board, wrote in a commentary published in today’s China Daily newspaper.
Jin Liqun, chairman of China Investment Corp.’s supervisory board, said European authorities have shown a “lack of leadership” on the euro area’s debt crisis and other countries may leave if Greece exits the single currency bloc.