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reply to post by Nephlim
the COMMUNIST PARTY OF CHINA IS REALLY MORE OF A SOCIALIST-CAPITALIST ECONOMY that only monopolizes and controls certain key industries such as oil and transportation.
Bank of China Limited (BOC) SSE: 601988 SEHK: 3988 (simplified Chinese: 中国银行; traditional Chinese: 中國銀行; pinyin: Zhōngguó Yínháng; often abbreviated as 中銀 or 中行) is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank. Its headquarters are in Xicheng District, Beijing.
In December 2010, the Bank of China New York branch began offering RMB products for Americans. This is the first major Chinese bank to offer such a product currently.
2008 Bank of China buys 20 percent stake in La Compagnie Financiere Edmond de Rothschild (LCFR) for 236.3 million euros (US$340 million)
When Jennifer Yu, Rothschild's top executive in China, wanted the firm to advise Chinese carmaker Zhejiang Geely on its bid for Volvo, some colleagues at the bank's headquarters in Europe were skeptical. A senior banker asked her how a "mouse" like Geely could swallow an "elephant" like Volvo. "There's a dragon behind this mouse, and it's China," Yu recalls answering. She and the team handling Geely won the argument, and Geely won the bidding. It completed the takeover of Volvo from Ford Motor (F) for more than $1.3 billion on Aug. 2.
Rothschild, the more-than-200-year-old family-controlled banking dynasty, is making a big move in China, and Yu is leading the charge.
The People's Bank of China (PBC or PBOC) is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China. The People’s Bank of China has the most financial assets of any single public finance institution ever.
In 1979, there were 100 foreign-owned enterprises in China. In 1998, there were 280,000. As of 2007, foreign companies employed 25 million people in China. U.S. companies with offices in Beijing include Google, Microsoft, FMC, Cigna, Unisys and General Electric. U.S. companies with major production facilities in Shanghai include Dupont, Rohm & Haas and General Electric. As of early 2010, Fortune 500 companies had 98 research and development facilities in China.
Foreign companies in China include Coca Cola, Pepsi Cola, Nike, AT&T Corp., Bristol-Myers Squibb Co., Citibank, Morgan Stanley & Co., Volkswagen AG, Unilever, Toshiba Corp., Matsu#a Electrical Industrial Co., General Motors, France's Citreon, Philips Electronics, Cisco, Microsoft, Motorola, Samsung Electronics, NEC. Proctor and Gamble, Wringley chewing gum.and Hitachi Ltd.
Originally posted by Wrabbit2000
reply to post by Nephlim
You note a large % of the Chinese Economy is private sector. well, yes, it is. ...and No, it's not. It's a funny little morphing of Communism and Capitalism they have going over there. For a large % of major industry and business, it isn't Mr. Wu or Chang in some Trump style mansion who own the businesses in the end, It's an address at the People's Liberation Army / Navy. China's Military sector has paws DEEP into most private sector...so calling it private really is a mixed bag. You're not technically wrong.....but that isn't Western capitalism.
“China is only communist in the most limited sense,” Suzanne Ogden, a China scholar and professor at Northeastern University told The Inquirer. “There is a one-party system of rule. Apart from that, there’s no pursuit of communist ideology or serious pursuit of Marxism. There are a lot of wealthy people in China.”
In the anarchist, Marxist and socialist sense, free association (also called free association of producers or, as Marx often called it, community of freely associated individuals) is a kind of relation between individuals where there is no state, social class or authority, in a society that has abolished the private property of means of production. Once private property is abolished, individuals are no longer deprived of access to means of production so they can freely associate themselves (without social constraint) to produce and reproduce their own conditions of existence and fulfill their needs and desires.
Nationalization (British English spelling nationalisation) is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being transferred to the public sector to be operated and owned by the state. The opposite of nationalization is usually privatization or de-nationalization, but may also be municipalization.