Word: china
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Dates: during 2000-2009
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Last year China Construction Bank's net profit soared 10% to $11.9 billion. In the same period, Bank of America, which at the time owned some 19% of the Chinese lender, earned just $4 billion, down 73% from 2007. That's all you need to know to understand why Bank of America in May sold a 5.8% stake in China Construction Bank for $7.3 billion. Bank of America has been so badly hurt by the U.S. financial crisis that it needs to raise billions of dollars to recapitalize. Meanwhile, Chinese banks are making money hand over fist as China...
...down and the other way around, and it's going to stay that way for some time. Former powerhouses such as Bank of America and Citicorp have turned into shadows of their former selves as they shed assets and withdraw from foreign markets. Meanwhile, lenders in China and India that are little known outside their home countries now have the wherewithal to expand internationally. They have the potential to become the Citicorps of tomorrow. (See pictures of the global financial crisis...
...Thus, as he headed into his key meetings in China, Geithner actually had an ever so slight wind at his back. He acknowledged as much, in fact, upon greeting Prime Minister Wen: "At the time we met in New York [last autumn]," Geithner told him, "it was a time of great panic. But we are happy to see small signs of recovery...
...welcomed Geithner warmly in his public remarks; the chill in China's rhetoric of just a couple of months ago is now gone, as is any notion that Beijing will stop buying huge amounts of Treasury debt anytime soon. In fact, in March, China's direct holdings of U.S. Treasury securities alone (excluding so-called agency debt issued by Fannie Mae and Freddie Mac) rose $23.7 billion, to reach a new record of $768 billion, according to preliminary U.S. data, making China far and away America's biggest creditor...
...medium term." On his first visit to Beijing, the Treasury Secretary could claim to his Chinese hosts that the necessary precondition for that return to fiscal sanity - a little bit of economic growth - might be on the horizon. Considering where things were the last time he met China's Premier - in October of last year, when the global economy was, as Geithner says now, "falling off a cliff" - that's not nothing...