Needed: A Strategy

摘要

In their darkest moments, global banks can find some solace in the thought that, regardless of how much they are to blame for the world's financial woes, they remain essential to recovery in America and Europe. Their prospects in China, where an abrupt change in circumstances and mood has taken place during the past year, are much less sure. As in New York and London, lucrative underwriting assignments have disappeared. But in China the crisis is also serving as a superb pretext for hardening regulatory and competitive impediments to all but the state-controlled local financial institutions.