China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

The truth about Asian investment banking

January 2006

What does Hong Kong Inc get out of the WTO jamboree?

The security for the sixth ministerial conference was intense but Korean protesters were still able to set off a police fishing operation and the director-general did not escape a barracking, while residents wonder what it’s all for.


“Welcome our friends from all over the world”, read the signs on Hong Kong school children’s paintings hanging from empty freight containers. The rusting hulks, stacked two high, formed the walls of a fortified compound housing the expensive limousines used to chauffeur dignitaries during the sixth World Trade Organization ministerial conference in Hong Kong in December.

Whether the children’s warm welcome was meant to extend to the eclectic group of non-official visitors to Hong Kong during the conference is debatable.

A walk around the conference location suggested that Hong Kong’s finest had their own welcome in mind for the students, overseas workers and professional protesters that have become as much a part of the WTO circus as the delegates themselves.

Glue and netting

The mood ahead of the conference was nervous, with an astonishing police presence across...


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