Ignoring lack of transparency in China is asking for trouble

China could become the next subprime. This is the view of a small but growing number of investors and analysts who warn of the perils of blindly trusting in the Chinese economic miracle, even though hard information is very often wanting or unreliable.

  • 11 Feb 2008

Anyone who has worked in financial markets for any length of time is familiar with those rueful conversations and private thoughts that follow a crisis: “how did I/we/you/they end up thinking it was going to be different this time round?”

With China growing at 10% annually for years on ...

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Bookrunners of International Emerging Market DCM

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1 Citi 22,363.53 123 7.64%
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3 HSBC 21,331.11 168 7.29%
4 Standard Chartered Bank 17,227.94 118 5.89%
5 Deutsche Bank 12,020.83 66 4.11%

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4 Morgan Stanley 2,844.36 8 7.89%
5 Santander 2,639.35 13 7.32%

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4 HSBC 6,799.03 30 6.84%
5 Deutsche Bank 5,013.13 10 5.04%

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1 Citi 857.45 5 12.87%
2 MUFG 848.66 4 12.74%
3 Industrial & Commercial Bank of China - ICBC 742.79 3 11.15%
4 JPMorgan 369.88 4 5.55%
5 SG Corporate & Investment Banking 293.72 4 4.41%

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2 HSBC 1,191.32 13 11.46%
3 JPMorgan 1,015.66 11 9.77%
4 Citi 941.15 11 9.06%
5 Barclays 802.96 10 7.73%