Chinas' Agricultural Bank Privatisation?

[Small Geezer]

Here's a boring financial article about the sale. http://www.businessweek.com/ap/financialnews/D9GHJIC80.htm

Does anyone know of any links to articles written by leftists?

Would like to know opinion of tankies as well as trots, if possible. Thanks in advance.

[Adi Shankara]

Here's a boring financial article about the sale. http://www.businessweek.com/ap/financialnews/D9GHJIC80.htm

Does anyone know of any links to articles written by leftists?

Would like to know opinion of tankies as well as trots, if possible. Thanks in advance.

Absolutely disgusting--why do they even pretend to be communist anymore? do they really think this is why all the people died fighting the class system in the Chinese civil war? so 50 years later...they could return to the class system?

I'm appalled by this measure.

[Sperm-Doll Setsuna]

Revolting, yet hardly surprising. Just another step in the process that has been going on since the 1970's. I mean, China even privatised the electric grid and power stations already.

The agricultural bank hasn't been doing what it was intended to do for quite some time though...

[Proletarian Ultra]

This is not a full privatization. The shares offered represent only 20-25% of ABC's total assets, so the PRC government retains control.

[Adi Shankara]

This is not a full privatization. The shares offered represent only 20-25% of ABC's total assets, so the PRC government retains control.

but that still means that 25% of it is controlled by a few business people, thus increasing those business-people's wealth above the rest, thus totally defeating the purpose of communism.

[Small Geezer]

Actually all Chinas' banks are controlled by the state.

[KC]

China is also starting to allow the Yuan to increase in value, albeit very cautiously, which is going to spur further private capital investment. As they tend towards full employment we are going to see a peak in GDP growth and the "miracle growth economy" of China will end. That is when we will see further inroads into the state and state-controlled economy by private investors (both foreign and domestic).