China turns risk averse even as outflows rise

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	China turns risk averse even as outflows rise

JICWyllie

1-18-2008 4:22 AM

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tags:

economy, financial markets, i-investment, i-policy

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0b172ed8-63f7-41cb-ac04-d0f2151c80c3/0A304FA8-9B6E-4CC6-A3F4-6A65499FBC21/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/e3f7fb3e-c53c-11dc-811a-0000779fd2ac.html" href="http://www.ft.com/cms/s/0/e3f7fb3e-c53c-11dc-811a-0000779fd2ac.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/e3f7fb3e-c53c-11dc-811a-0000779fd2ac.html">Since the disastrous performance of that investment – <B><A href="http://markets.ft.com/tearsheets/performance.asp?s=us:BX" symbol="us:BX">Blackstone</A></B> shares have fallen almost 40 per cent since the IPO – Beijing has changed its mantra. Rather than emphasising the need for high returns, the government now stresses the importance of not losing money.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/e3f7fb3e-c53c-11dc-811a-0000779fd2ac.html">That has meant that other private equity firms, such as Carlyle Group, Kohlberg Kravis Roberts and TPG,  which have been seeking capital from Beijing, notably from China’s social security fund, have come away empty-handed. Moreover, it still isn’t clear why China Development Bank pulled back from contributing the dragon’s share of the rescue finance for <B><A href="http://markets.ft.com/tearsheets/performance.asp?s=us:C" symbol="us:C">Citigroup</A></B>.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/e3f7fb3e-c53c-11dc-811a-0000779fd2ac.html">Paradoxically, the Chinese government seems to be just about the only entity in the country eager to invest overseas. Interest rates in China are negative in real terms, fuelling asset bubbles and get-rich schemes for those able to borrow.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/0A304FA8-9B6E-4CC6-A3F4-6A65499FBC21/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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