State-owned China banks on the rise?

There was a time when Japanese banks struck fear into the hearts of U.S. competitors. That era passed when the Japanese bubble popped. Is the same happening now with Chinese banks? Most of the news has been about the likes of Citigroup and Bank of America yearning to set up shop in the mainland. But Industrial and Commercial Bank of China, a state-owned bank, is making a bid toward becoming a global force. According to the AP, it is seeking approval to open a U.S. branch, to go with the ones it operates everywhere from Macau to the Middle East to Russia. These banks are certainly bent on global growth. But then again aren't we all? This may alarm some, but others will see it as another predictable instance of globalization.

For more:
- here's an AP update

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