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Silicon Valley Bank's bankruptcy has led to a severe crisis in the U.S. financial market, and will possibly bring broader problems to the rest of the world. But here in China, Silicon Valley Bank's joint company with Shanghai's Pudong Development Bank is continuing normal operations.
In 2021, Shanghai Pudong Development Bank and Silicon Valley Bank set up a joint bank. The two banks each own a 50 percent share in the joint venture. Shanghai Pudong Development Bank has earlier published a notice, to say that the joint bank has its own balance sheet and has been following Chinese regulations in running its business.
CGTN talks to Hu Jie, former senior economist at the U.S. Federal Reserve, to find out more.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466