Is the next stop in China's grand “going out strategy” Hong Kong?
State-owned China Development Bank, which Beijing uses to fund government projects and overseas expansion by state enterprises, upgraded its representative office in Hong Kong to a full-fledged bank branch yesterday as part of its efforts to transform itself into a commercial, publicly listed bank.
Li Jiping, vice-governor of CDB, said the bank would focus on developing its business in corporate lending and renminbi-denominated bonds, and “be a platform in Hong Kong” for Chinese companies looking to list in the city.
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