Morgan Stanley’s China business is highly profitable, says co-head of China investment Jonathan Zhu. He tells Karina Robinson, in Beijing, about the bank’s winning strategies.
China may be slowing down as the authorities cut back on credit availability but foreign investment banks’ business is being boosted: as the government puts the brakes on credit, domestic companies are turning abroad for their funds and Morgan Stanley is one of the beneficiaries.
The US-headquartered investment bank ranks number two in Chinese equity capital markets in the year-to-date with a deal value of $2589m, giving it a 19% market share, according to data provider Dealogic.

Hong Kong’s Financial Secretary Henry Tang tells Karina Robinson the reasons he believes are behind the resurgence of China’s Special Administrative Region.
Q To what do you ascribe Hong Kong’s economic recovery? You have upgraded your forecasts to 7.5% GDP growth in 2004.
A A combination of factors. They say timing is everything and I agree. In the first quarter of 2003, when I was Secretary of Commerce, Industry and Technology, the figures were already showing signs of recovery. Unfortunately, the light at the end of the tunnel was the headlight of an oncoming train. It was a situation where a budding recovery was ruined by one quarter of [the respiratory disease] SARS. [But in addition] the Free Trade Agreement was signed with the People’s Republic of China. [People saw that the mainland government] was prepared to put money where their mouth is. It is not just one country two systems, they also support us and help us improve our situation [for example through allowing] individual travel [for China mainlanders]. Also, Hong Kong people are particularly adaptable and resilient. I have lived in Hong Kong for the better part of my life and have seen Hong Kong come through many crises.

Chilean President Ricardo Lagos talks to Karina Robinson about reform and the challenges ahead of next year’s election.

Karina Robinson argues that, in practical terms, the policies of the Democrats differ little from those of the Republicans. At the end of the day, the US pursues the same strategic objectives regardless of who is in the Oval Office and, moreover, is prepared to go it alone.

Gerrit Zalm is the Dutch finance minister who still believes in the Stability and Growth Pact, he tells Karina Robinson.

As Swiss Re attempts to diversify its business, CEO John Coomber tells Karina Robinson why he is taking lessons from the banking industry.

Morgan Stanley’s recent $54m record settlement in a sex discrimination case will force banks to put the issue of bringing women into senior management on the front burner again, says Karina Robinson

Benjamin Netanyahu, Israel’s finance minister, tells Karina Robinson about Israel’s economic turnaround and his thoughts on returning to power.

Intesa managing director and CEO Corrado Passera tells Karina Robinson how he plans to keep the bank on an upward path after turning it around.

As if remedying Deutsche Bank’s dearth of retail networks outside Germany and its insufficient presence in the US weren’t enough of a challenge, the bank’s CEO is fighting a legal battle to save his career. Karina Robinson reports.