Morgan Stanley's Chinese Coup

For more than two years, Morgan Stanley & Co. has been cultivating its Chinese connections to help create China's first joint-venture investment bank. On Oct. 24, at a Beijing villa surrounded by lakes and gardens, the effort paid off. With Morgan Stanley Group President John J. Mack looking on, Chinese Vice-Premier Zhu Rongji launched the new bank, China International Capital Corp. (CICC). Alongside Mack were his partners in the bank, some of the most powerful stars in the Chinese business world (table).

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