{"id":29092,"date":"2008-12-03T15:54:27","date_gmt":"2008-12-03T22:54:27","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=29092"},"modified":"2008-12-03T15:54:27","modified_gmt":"2008-12-03T22:54:27","slug":"china-to-shun-west%e2%80%99s-finance-sector","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2008\/12\/china-to-shun-west%e2%80%99s-finance-sector\/","title":{"rendered":"China To Shun West\u2019s Finance Sector"},"content":{"rendered":"<p><a href=\"http:\/\/www.nytimes.com\/2008\/12\/04\/business\/worldbusiness\/04yuan.html?em\"><strong>The New York Times<\/strong><\/a> is reporting China&#8217;s reluctance to invest in the foreign financial sector given the heavy losses on recent investments in Blackstone Group, Barclays and Morgan Stanley.<\/p>\n<blockquote><p>Lou Jiwei, chairman and chief executive of the China Investment Corporation, gave the clearest reasons for future intentions.  \u201cRight now we do not have the courage to invest in financial institutions because we do not know what problems they may have,\u201d said Mr. Lou at the <a href=\"http:\/\/www.clintonglobalinitiative.org\/NETCOMMUNITY\/Page.aspx?pid=2356&amp;srcid=-2\">Clinton Global Inititiave<\/a> conference in Hong Kong.  <a href=\"http:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2008\/12\/images2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-29093\" title=\"Hong Kong\" src=\"http:\/\/chinadigitaltimes.net\/wp-content\/uploads\/2008\/12\/images2.jpg\" alt=\"\" width=\"115\" height=\"83\" \/><\/a><\/p>\n<p>With the global financial markets plunging, many countries are looking to China for assistance, to which Mr. Lou responds, \u201cIf China can do a good job domestically, that is the best thing it can do for the world,\u201d he said.<\/p>\n<p>Over the past few months, some Western analysts expected China to use their $1.9 trillion in foreign exchange reserves to rescue some U.S or European banks; however, financial leaders in Beijing, Hong Kong and Shanghai are less likely to buy more after recent losses.  China Investment Corporation <a href=\"http:\/\/chinadigitaltimes.net\/2007\/08\/china-faces-public-backlash-as-blackstone-investment-backfires-keith-bradsher\/\">lost $2.46 billion, or 82 percent<\/a>, of their investment in Blackstone Group earlier this year.<\/p>\n<p>Currently, the <a href=\"http:\/\/en.wikipedia.org\/wiki\/China_Investment_Corporation\">China Investment Corporation<\/a> holds $200 billion; it was expected to invest this wealth overseas, but it has  purchased large stakes to help banks in China instead.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The New York Times is reporting China&#8217;s reluctance to invest in the foreign financial sector given the heavy losses on recent investments in Blackstone Group, Barclays and Morgan Stanley. Lou Jiwei, chairman and chief executive of the China Investment Corporation, gave the clearest reasons for future intentions. \u201cRight now we do not have the courage [&hellip;]<\/p>\n","protected":false},"author":125,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[116,2,35],"tags":[4915,134,7663],"class_list":["post-29092","post","type-post","status-publish","format-standard","hentry","category-world","category-economy","category-hong-kong","tag-blackstone","tag-economic-growth","tag-financial-crisis-2008-2009","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.9 (Yoast SEO v23.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China To Shun West\u2019s Finance Sector<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/chinadigitaltimes.net\/2008\/12\/china-to-shun-west\u2019s-finance-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China To Shun West\u2019s Finance Sector\" \/>\n<meta property=\"og:description\" content=\"The New York Times is reporting China&#8217;s reluctance to invest in the foreign financial sector given the heavy losses on recent investments in Blackstone Group, Barclays and Morgan Stanley. 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