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China’s markets are in trouble and the Communist Party is blaming the bankers. It has told them to abandon “hedonistic” lifestyles, and regulators have moved to curb transactions that they consider “ill-intended”. Now, China’s bankers face new orders: to develop a “financial culture with Chinese characteristics”.
David Rennie, The Economist’s Beijing bureau chief, and Alice Su, our senior China correspondent, examine these new directives and ask: what is Xi Jinping’s vision for finance with Chinese characteristics? And where does that idea come from?
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