this post was submitted on 13 Sep 2024
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China
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Consolidating the investment banking industry in China is nice to see. It will probably be very helpful in both economic planning and having good alternatives to western banking (especially important given developments around BRICS).
I am wondering if there will be any negative effects to this move though. For example, until pretty recently, smaller chinese banks were doing business with Russia because they were insulated from the west. As much as I like centralisation, there is some benefit to having things disconnected at times.
Furthermore, I do not look forward to new liberal cope if some big Chinese investment bank becomes famous and successful like they did with huwaei.
I think that the CPC know what it's doing, and I think the recent stores about banks decreasing their business dealings with Russia are mostly exaggerated or neoliberal hysteria.