He was well versed in GNP and economics, but had yet to understand the stock market's contributions to the economy. The Shenyang seminars were concerned with experiments on state guarantees for bond issues. Some bonds were sold with lottery tickets attached. Executives were young, well educated and understood their challenge. Shanghai's experiments showed how vibrant China is becoming.
Investment banking seems to be at the center of their experiments.
The revived Communications Bank shows what is happening. This is a pre-revolution bank. It is now revived to perform nationwide money market functions, investment banking, and trading in foreign exchange. This city has all the vitality of a young nation, drawing its power from trading with the world. The last part of our Securities Management Delegation was a visit to Hong Kong.