THE ONCE-FASHIONABLE debate about whether or not the Chinese economy is coupled to the weakening economies of the developed world is dead. It was a useful stepping stone into the puzzling landscape we face today. The acute global financial crisis, the high degree of Chinese interests in issues such as U.S. dollar debt, and the almost unique appeal of Chinese assets in a world of generally unappealing assets have drawn attention to the Chinese investment environment. What can we expect in a post-Olympic China, from markets, regulators and domestic competitors? As we enter the last quarter of 2008, there are many factors in flux that makes this an interesting and important but challenging question. I will try to address it by dividing the discussion into three parts, the external environment, domestic liquidity and market trends, and regulatory trends.
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