From Shanghai Daily via Xinhuanet (link)
China is revamping its fledgling financial sector by trying to create some blockbuster domestic groups that will be strong enough to compete against the foreign giants.
The trend, which is likely to lead to companies with structures similar to those of the Western full-service behemoths, will test China’s risk-control ability and prompt overseas investors to lobby harder for a market presence before the playing field is leveled, analysts said.
Chinese banks, mutual funds, brokers and insurers, formerly prohibited from crossing business categories, have received unprecedented government support since last year to diversify into other sectors, making mergers and acquisitions the new buzzwords.
