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The United States on Wednesday opened its banking market to ICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.
The broad expansion of China's footprint in the US market comes amid a series of financial reforms in China that could begin to open the lucrative market to US firms.
"This unprecedented acquisition of a controlling stake in a US commercial bank by a mainland bank is strategically significant," Xinhua quoted ICBC
A Chinese Group Plans To Construct A 200 Acre "China City" In Michigan
Unfortunately, this is not just an isolated incident. In fact, Chinese companies have been buying up land and businesses all over the country in recent years. There has even been talk of establishing "special economic zones" inside the United States modeled after the Chinese city of Shenzhen.
Originally posted by sirric
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Fed Cleared....
Check it out
"This unprecedented acquisition of a controlling stake in a US commercial bank by a mainland bank is strategically significant," Xinhua quoted ICBC
A small distinction to be sure, but it's not like a Chinese bank is buying up a majority stake in Bank of America or Wells Fargo...