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China Becoming a Global Financial Player by Edith Eckhart
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China Becoming a Global Financial Player |
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Business,E-Commerce,Finance & Investment
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One thing that most banking consumers who open savings accounts, order checks, invest in mutual funds, cash personal checks, deposit business checks or preview check designs at their local banks don’t know is that China is quickly becoming the number one holder of assets within the United States and four of the top 21 companies in the world who own major assets within the U.S. are Chinese based banks. Sign of the Times? Due to the economic recession, more Chinese companies are investing in U.S. based assets than ever before because, assets like land, homes and commercial property have been more affordable than in years past and foreign investors in China and Japan are taking the opportunity to invest in a piece of the United States. One of the biggest holders of U.S. based assets is China’s Agricultural Bank; a commercial institution that was started by Mao in the mid 1950’s but has quickly grown over the years and recently rose over $22 billion dollars in a massive IPO. The Next Big Banker? As China has quickly grasped economic power in the United States, many financial experts have wondered if the country will become the world’s next big banker. China’s goal over the last six months has been to tear down any barriers that still stand between them and the rest of the world, so far they have succeeded and have been able to loan money to companies all over the world. What Does The Future Hold? Many political insiders have feared that Chinese banks would put more money behind causes that were driven by their own politics and so far Beijing has been instrumental in guiding Chinese based banks to do major land deals in Lent, Africa and other parts of the world. As Chinese banks have grown, they have also been establishing offices in major financial centers and their banks like ICBC now have offices in London and Wall Street where they were able to build a book of $2 billion dollars-worth of loans in less than two years. In spite of their successes, some financial experts around the world don’t see China as extending their grasp more than they already have because, due to the power shift within their country and the man power that will be needed for more Chinese banks to expand abroad, it could be another five years or more before China really starts to flex it’s “financial muscles” in the world.
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