China's GDP growth: money down the drain

Impressive GDP growth is not trickling down to Chinese companies, which suffer low returns due to over-investment and heavy charges, says UBS Warburg. The Big Four state banks, which finance the companies through bank loans, are paying the price.
October 18, 2001

Some cynics say investment banks used the opportunity of the World Trade Centre Attack to rewrite their global and US economic forecasts, which were beginning to look absurdly optimistic even before the attack.

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