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China Takes Advantage of Economic Crisis

Sing Tao Daily, news report, Posted: Dec 12, 2008



NEW YORK The global economic crisis has created a unique opportunity for Chinese banks and companies to go abroad. The Sing Tao Daily reports that the China Construction Bank announced Tuesday that it has been approved by the United States Federal Reserve to open its first bank in New York. It will be the China Construction Bank's first branch in the United States and the seventh outside of China. Two months ago, the China Merchants Bank and the Industrial and Commercial Bank of China opened branches on Wall Street. At the same time, China's Changan Automobile Group has been talking with Ford Motor Corporation about the possibility of purchasing the Volvo Car Corporation.

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