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New Left Review 64, July-August 2010


PETER NOLAN AND JIN ZHANG

GLOBAL COMPETITION AFTER THE FINANCIAL CRISIS

While the economies of the us, Europe and Japan are still struggling to emerge from their post-2008 recessions, to date China has continued on its path of upward growth, apparently undaunted by the global financial crisis. In 2009 the prc overtook Germany to become the world’s largest exporter of goods, with 34 firms in the Fortune 500. The market capitalization of Chinese firms in the ft 500 was second only to that of American firms, while in the banking sector, the top three positions were occupied by Chinese institutions. Indeed, it has been suggested that the prc has used the financial crisis to embark on a buying spree of western companies. In the autumn of 2009, Fortune ran a cover story under the banner, ‘China Buys the World’, with the sub-heading: ‘The Chinese have $2 trillion and are going shopping. Is your company—and your country—on their list?’ [1] Fortune, 2 November 2009.

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