Following the financial crisis, there will be an overall contraction of the financial sectors in developed countries, especially in the US and Britain. The situation in China is the exact opposite—our financial sector has the potential to expand tremendously.
—Guo Shuqing, former head of China Construction Bank, writing in the South China Morning Post, January 22, 2010
The carmaker Chery Auto from the central city of Wuhu has benefited from the power that China Development Bank (CDB) can muster. In 1995, members of the Wuhu government learned during a visit to Europe that a Ford UK assembly line was for sale, so they brought it back to the sleepy town in central Anhui Province, one of China’s poorest. Chery was set up in ...