CHINA'S SURPLUS OF capital is hardly news. Plentiful bank deposits have enabled infrastructure development and industrial plant renewal since the advent of the reform era. More recently analysts have fingered the high savings rate as an impediment to growing domestic household consumption and diversifying the economy away from dependence on the export sector. But now there is a new reason to pay attention to China's pool of savings: In the hands of foreign and domestic private-equity funds this capital is about to transform Chinese companies into global players.
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