Chinese bank executives, government officials and regulators observing the meltdown of the western financial system might be forgiven for regarding with bemusement delegates from that system who advise them on how China’s financial markets should be run. Although executives such as Zhu Min from Bank of China speak with sincerity of the lessons they have learnt from western financial institutions and of the sound advice they have received from their foreign stakeholders, there is now a feeling when talking to bankers in Beijing that they are in a stronger position than their international peers.
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