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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Obama, Xi, Putin and Abe will have much to disagree about when they meet with other national leaders in Beijing next week. The host city’s odd theatrics add to the awkwardness. But the fact that top people from around the Pacific want to show a united front helps keep the peace.
Most of the country’s big lenders have reported shrinking savings. That’s partly because new rules prevent them from window-dressing their balance sheets. But there are also signs that cash is leaking out of banks, which makes it harder for them to prop up the economy.
Increasing the capital’s subway fares for the first time in seven years raises a development dilemma. Should China stump up for public goods like transport, or ask commuters to pay their way? Markets imply the latter, common sense says subsidise. Expect the worst of both worlds.
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