China fact of the day

In 1974, the future Chinese premier Deng Xiaoping led a large delegation to the United Nations in New York. Chinese officials discovered, as they prepared for the expensive trip, that the could muster only $38,000 in foreign cash. In those days there were no banks in China except the People’s Bank of China, then a department of the Ministry of Finance.

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Comments

Wow! That's one ugly masthead.

Why has email address been made a required field?

Now of course they could ask us for some of that 2 trillion they've lent us. Oh, wait.

A proliferation of non-performing loans, hidden in the balance sheets of state-supported banks - due to the loans being made to politically important companies, particularly those working on flashy infrastructural projects - sounds very much like the 1997 Asian financial crisis, doesn't it? I suppose we'll get to find out if China's fundamentals are as strong as (most of) East Asia's turned out to be; both the economic and political fundamentals, at that. During the 1997 crisis, 80% of Indonesia's GNP vanished for a year and the government fell.

In those days there were no banks in China except the People’s Bank of China, then a department of the Ministry of Finance

I don't understand China.

recent EU institutional reforms are at the boundaries of current legal, political and practical feasibility, they include some key breakthroughs that bring the prospect of the

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