Over a lunch with senior editors from the Financial Times in late 2007, the chairman of one of China's largest banks casually mentioned that he was planning to buy UK-based lender Standard Chartered.
That was in the heady days when every capital-starved western bank was looking eastward and it seemed that Chinese financial institutions were poised to buy up the world.
But then came the financial crisis and Chinese investments in companies such as Fortis, Blackstone, Morgan Stanley, Barclays Bank and others were eviscerated overnight, leaving behind heavy losses and far more cautious bankers in Beijing.
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