From The Sunday Times’ Special Report:
China has taken a turn to the left just as foreign investors are lining up to place their bets on a capitalist future by buying shares in its biggest bank.
A world record $19 billion (£10 billion) was raised in the biggest flotation ever when the Industrial and Commercial Bank of China sold shares to investors ahead of its debut on the Hong Kong and Shanghai exchanges last week.
The state will retain majority control over the bank, making its partial privatisation a model for the way China’s new rulers see the future.[Full Text]
(Image source: economist.com)
