China’s economic slump holds lessons on development
SummaryIts rise was misunderstood and Beijing’s response to its current woes also reveals a misdiagnosis
This week, Nomura International’s head of investment banking for China, Charles Wang, was reported to have been told he cannot leave mainland China. Like many international bankers, Wang is ordinarily based in Hong Kong, which has an autonomous judiciary and immigration apparatus under the terms of the former British colony’s transfer to China in 1997. Wang’s travel ban is understood to be related to an investigation into the affairs of Bao Fan, China’s top tech dealmaker, who has not been seen in public since February.