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China Slams Western Financial Firms
China’s $200 billion sovereign wealth fund, China Investment Corp. (CIC), doesn’t plan to open its wallet to foreign financial firms and banks any time soon.
Still mindful of losing about $6 billion of the $8 billion CIC invested in Morgan Stanley (MS) and Blackstone last year, chairman Lou Jiwei not only bluntly rejected the notion of putting the government’s money into banks outside of its homeland, but did so citing an overwhelming fear.
"I don’t dare to invest in financial institutions now," Lou, said today (Wednesday) at a conference in Hong Kong, Bloomberg reported. "The policies of the developed nations…
4Dec2008 | Money Morning | 0 comments | ContinuedMassive China Stimulus is Viewed as an Attempt to Help the West
The half-trillion-dollar stimulus package that China unveiled on Sunday underscores that country’s growing importance to the global economy and shows Beijing’s willingness to assume a leadership role in the battle to blunt a widening worldwide financial crisis, a top expert on China said yesterday (Monday).
“China understands that it’s gaining importance in the world economy and that it’s going to participate in that process,” said Keith Fitz-Gerald, Money Morning’s investment director and a former professional trade advisor who’s spent more than two decades focusing on investment opportunities in China, Japan and the rest of the Asia region.
“Many experts will see this…
11Nov2008 | Money Morning | Comments Off | Continued
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