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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Reforms targeting reckless lending, homebuilding and graft have stopped the mess getting worse. Behaviour won’t really change until China deals with its backlog of bad debts, empty houses and dirty secrets. This would be a good year to sweep the skeletons from the closet.
The U.S. cosmetics company’s Chinese subsidiary gave officials handbags, holidays and cash to access a huge market. The rationale: muddy markets make dirty hands. Avon has learned its lesson with a $135 mln fine. Elsewhere in China, the belief that bribery pays remains engrained.
The U.S. buyout firm is backing a $219 million capital raising by the Chinese sports brand it has failed to revive in almost three years. The cash will help. But if TPG really wanted to show confidence, it would team up with the company’s founder and take Li Ning private.
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