Du Ronghai received an urgent phone call from his private banker at Industrial & Commercial Bank of China Ltd. about an investment opportunity promising a 10 percent annual return. Only for the privileged few, he was told.
China’s Finance Minister Lou Jiwei said growth as low as 7.2 percent would meet this year’s target of “about” 7.5 percent as he tried to moderate expectations for an economy at risk from swelling debt.
China set a 7.5 percent target for economic growth in 2014, a pace that may make it more difficult to achieve the leadership’s goals of curbing credit risks and stemming the pollution choking the nation’s biggest cities.
Shadow Financial Secretary to the U.K. Treasury, Chris Leslie, called for U.K. Trade Minister Stephen Green to publicly answer questions about his time as chief executive officer and chairman of HSBC Holdings Plc.
British companies have been “complacent” about business opportunities in India, put off by excessive bureaucracy, corruption and restrictions on operating in some sectors, U.K. Trade Secretary Stephen Green said.