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When Mao Zedong died in September 1976, China was an economic basket case, lacking virtually any financial link with the outside world. In the 40 years since, the country has changed beyond all recognition – or expectation.
A currency then worth little more than the paper on which it was printed, now seeks global recognition. What was once a monolithic state has been sliced and diced, creating cash-rich corporates with a remit to acquire assets around the world.
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