MENTION CHINA BUSINESS to most investment banks and they start by trotting off the name of the last state-owned enterprise they listed or their latest mainland principal investment. Press a little harder and ask about their domestic business strategy and the spin begins to falter. The overwhelming proportion of the China business of global investment banks, of necessity, still takes place in offshore markets or, at best, is transacted in China by suitcase bankers who have flown in, usually from Hong Kong.
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