Is China up to its old trick in the finance industry?

Foreigners bring in money, but get little control in an industry that''s going through a profitability crisis.

The CSRC has just issued the formal version of laws through which foreign companies can access China's brokerage, investment banking and fund management industry. Much of it was predicted, and the memoranda of understanding that foreign financial institutions such as CLSA and BNP have signed with Chinese partners can now be translated into contracts.

The superlatives about China's 'potential' don't bear repeating, but that is exactly what justifies the moves made so far.

Yet the capital markets in this country...

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