Posted by: elambend | February 24, 2008

The Chinese Finance Industry grows up

The million dollar bonus comes the the Shanghai Financial Sector. Partially, its an effort to retain and attract talent, but it’s also a sign of how sophisticated that the financial industry in Shanghai has become.

China has already minted several self-made billionaires, though (even not-so-well connected ones), so I would see this as a lagging indicator of the changes in that economy.

Can we still call them communists? I don’t think so, yet, they’re hardly strictly capitalist, either. Perhaps they are corporatist and even fascists, or maybe a new term news minting.

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