"Until two years ago, no one here had heard of 'conflict of interest' or 'fiduciary duty'," says a top Chinese securities regulator. Having spent years in America studying law, he knows how the meaning of "fiduciary" has evolved over centuries of legal precedent in common-law countries such as Britain and America; but how is he supposed to explain it to his countrymen? For now, he has translated it into the Chinese characters for "principle of honesty and trust", but he still smiles when he thinks about it. "What on earth does that mean?" he asks. "Being a good person?"
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