I'm back, and that means a Chinese Nobel Prize winner, ranking China's richest, California's investment gateway, and warnings against shadow banking.
"In my childhood, there were only a few books available in my village. I had to resort to every means to find a book to read. I traded books with others and even churned the mill and reaped wheat for others in exchange for books," he said.
"When I finished reading all the books available in villages around, I thought I was the most knowledgeable man in the world."
"With no more books at hand, I even started reading a Chinese dictionary. I read it so many times that I even found mistakes in it."
Slower economic growth took a toll on many of China’s 100 biggest fortunes, with 45 of them slipping from last year’s FORBES ASIA count and the overall roster’s total dipping 7% to $220 billion. But that still beats the 20% drop in the Shanghai Stock Exchange index since our 2011 list. Beverage producer Zong Qinghou, who topped our list in 2010, returns to the No. 1 spot as his net worth hit $10 billion.
California has attracted more Chinese investors than any U.S. state. And in the coming decade, thanks largely to California's robust tech industry, the Golden State is poised to be America's gateway for Chinese investment, according to a new report by the Asia Society.
This could be viewed as good news for California, which in recent years has dealt with strained budgets and joblessness worse than most other parts of the country.
A senior Chinese banking executive has warned against the proliferation of off-book wealth management products, comparing some to a Ponzi scheme in a rare official acknowledgement of the risks they pose to the Chinese banking system. China must "tackle" shadow banking, particularly the short term investment vehicles known as wealth management products, Xiao Gang, the chairman of the board of Bank of China , one of the top four state-owned banks, wrote in an op-ed in the English-language China Daily on Friday.