China is increasingly turning China’s financial and economic sectors into a playground for corporate and state officials, a sign of Beijing’s growing confidence in its economic future, the New York Times reported Monday.
The newspaper reported that the number of executives in Beijing who are working on developing a global infrastructure infrastructure for the state has nearly doubled in the past decade, from just five in 2007 to as many as 30 now.
In addition to Beijing’s plans to use its massive state-owned banks to finance the development of infrastructure, it has also launched a series of private investment projects.
The article did not name the companies or industries, but it said the financial and infrastructure industries have been under intense scrutiny in China since the country’s financial crisis.
China is trying out a new strategy of “soft power” to gain influence in international markets, according to the newspaper.
Soft power means using foreign investors, the newspaper said.
The idea is to give Beijing a global platform to develop infrastructure and create jobs and influence global markets.