82
China Detains Investment Bankers, Takes Passports in Corruption Sweep
(www.bloomberg.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 13 Sep 2024
82 points (100.0% liked)
China
1984 readers
2 users here now
Discuss anything related to China.
Community Rules:
0: Taiwan, Xizang (Tibet), Xinjiang, and Hong Kong are all part of China.
1: Don't go off topic.
2: Be Comradely.
3: Don't spread misinformation or bigotry.
讨论中国的地方。
社区规则：
零、台湾、西藏、新疆、和香港都是中国的一部分。
一、不要跑题。
二、友善对待同志。
三、不要传播谣言或偏执思想。
founded 4 years ago
MODERATORS
Consolidating the investment banking industry in China is nice to see. It will probably be very helpful in both economic planning and having good alternatives to western banking (especially important given developments around BRICS).
I am wondering if there will be any negative effects to this move though. For example, until pretty recently, smaller chinese banks were doing business with Russia because they were insulated from the west. As much as I like centralisation, there is some benefit to having things disconnected at times.
Furthermore, I do not look forward to new liberal cope if some big Chinese investment bank becomes famous and successful like they did with huwaei.
I'd actually would to see private investment wound down entirely, and replaced with government loans. And then as the next step, loans for businesses could require that the company is operated as a cooperative.
I would like to see that as well, but I think it'll be decades before private investment is decreased or phased out. I think it still has a part to play, and I have a bad feeling about bad consequences if it's phased out "too early" but ultimately I trust that the CPC know what it's doing.
I agree, it's going to be a long process. However, some tangible progress is being made already as a result of post-Covid policies
https://www.piie.com/research/piie-charts/2024/chinas-private-sector-has-lost-ground-state-sector-has-gained-share-among
I think that the CPC know what it's doing, and I think the recent stores about banks decreasing their business dealings with Russia are mostly exaggerated or neoliberal hysteria.