Capitals of Capital
China’s government recently announced the ambitious goal of making Shanghai a global financial capital equal to London and New York by 2020. But China’s aspirations also underscore a worrisome – and increasingly pervasive – new reality: political officials are making decisions normally left to markets on a scale not seen in decades.
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NEW YORK – Recently, China’s government announced that it wants Shanghai to become a global financial capital equal to London and New York by 2020. An ambitious goal, which may or may not be achieved. But China’s aspirations also underscore a worrisome and increasingly pervasive new reality: political officials are making decisions normally left to markets on a scale not seen in decades.