Talk of US-China decoupling is getting loud – but neither side is ready for a clean break
Though relations have turned frosty, analysts said US-China economic ties are too extensive to unwind completely – with dependencies on both sides
As the United States marks the 250th anniversary of its founding, it confronts a new world order dominated by its relationship with China. In this wide-ranging series, we examine the pressure points and possibilities in those ties, from hard tech to soft power. In this article, Sylvia Ma examines the numerous financial links between the two economies that make a true decoupling a difficult affair.
But the Wall Street veteran noticed an issue. The share certificate, with a face value of 50 yuan when it was presented in a ceremony at the Great Hall of the People, was not registered in his name, but that of a Chinese bank official.
Eager to own the Chinese share certificate under his own name, Phelan – then chairman of the world’s largest stock exchange – flew with his delegation to Shanghai, where he had the ownership formally transferred at a tiny trading counter, a full four years before the city would open its stock exchange.