China

Best bank
ICBC

Best equities house
Morgan Stanley

Best debt house
China International Capital Corporation

Best M&A house
JPMorgan

Financially, subject to the usual caveat associated with financial numbers produced by mainland Chinese banks, ICBC remains in relative financial health. Operating profit increased in 2003 to Rmb63.5 billion ($7.7 billion). Its non-performing loan ratio of 21.24% was down from 25.41% the previous year. According to the bank, estimated NPLs are in line with auditor Ernst & Young?s figures. ICBC appears set to weather the impending slowdown in China, managed or otherwise.