From Washington Post
China’s government Wednesday approved plans by the country’s largest bank, the Industrial & Commercial Bank of China, to raise $14 billion or more in one of the largest stock offerings ever.
Never mind that Chairman Mao’s visage remains on all the money or that the country remains ruled by a Communist Party government. In assenting to the deal, China’s bank regulator took one of the biggest steps yet toward remaking the country’s corrupt and inefficient financial system along capitalist lines.[Full Text]