China: This time it's different
Chinese banks can recapitalise as the stock market surges and international capital flows come.
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THE Rubik's Cube of Chinese reform continues to click into place. It was interesting to see an article in The Economistlast week focusing on reform rather than the traditional obsession with the gross domestic product (GDP) number.
Over the last few weeks we have seen changes allowing mainland China mutual funds onto the southbound through train, announcements on capital gains and dividend taxes for Hong Kong residents wishing to get on the northbound train and further moves to enhance yuan usage via the newly forming Asian Infrastructure Investment Bank (AIIB).
Meanwhile, official statistics show that mainland China mutual funds now have assets under management (AUM) in excess of five trillion yuan (S$1.1 trillion).
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