China Banks Escape The Crisis Largely Unscathed

While the US struggles with its worst economic crisis since the Depression, China’s banks have escaped the crisis largely unscathed.

“Shanghai’s stock exchange has lost two-thirds of its value this year but China’ s banks have so far escaped the credit crisis,” says Joseph Meuse, founder of Belmont Partners, an international financial consulting firm and provider of public shell vehicles for use in reverse merger transactions.

According to Meuse, more than one-third of reverse-merger deals recorded on the United States’ OTC Bulletin Board were Chinese companies going public in the US this past 12 months. He says that was a 30 per cent year-on-year increase, with 28 mergers in the fourth quarter valued at an aggregate of almost US$1.5 billion.

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Two weeks ago, Meuse said “The perception is that the US is broke, financial markets are imploding – and that the US government is buying more debt with these companies. Although the Chinese government is being cautious with regard to offshore investment, they recently reiterated their commitment to subsidizing small and medium-sized enterprises.”

Joe Meuse on where China’s financial markets are headed:

Nancy Tamosaitis, Vorticom Inc contributed to this story.

Alan Gray is the Publisher and Editor-in-Chief of NewsBlaze Daily News and other online newspapers. He prefers to edit, rather than write, but sometimes an issue rears it’s head and makes him start hammering away on the keyboard.

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