John Foley is Reuters Breakingviews' China editor. Based in Beijing, he writes on China’s economy and financial markets. John established Breakingviews’ Hong Kong bureau in 2009, and previously wrote on mergers and acquisitions, capital markets and consumer goods in London. Before joining Breakingviews in 2004, John worked as a copywriter for a London-based advertising agency. John read English Literature at Exeter College, Oxford. Follow John on Twitter @johnsfoley
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It’s one of the Chinese e-commerce group’s crown jewels. Yet public investors don’t control it, and can’t reliably estimate its worth. Only select Alibaba executives see the affiliate’s inner workings. Since they own most of its shares, there is room for interests to diverge.
Chinese bankers who allegedly helped a rogue CEO siphon off $102 mln have some things in common with London’s abusive FX traders. Institutions are sprawling, regulators weak and loyalties mainly local. At least China’s willingness to micromanage ought to help curb bad behaviour.
Slowing lending, investment and output don’t seem to have created mass layoffs. On the contrary, the country has added 10.8 million jobs this year. But it’s hard to see wages rising the way workers have come to expect. Making the job market bigger is easier than making it better.
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- Alibaba delivers chunky growth, but at a cost
- China winning battle over wayward banks
- APEC summit shows value of calm and platitudes
- China's missing bank deposits bode ill for growth