China asked Wall Street for financial advice.
China’s top bankers, branching further into economic reform, met some of Wall Street’s most powerful figures to seek advice over the complexities of raising enormous amounts of money through the sale of stocks and bonds. John J. Phelan Jr., chairman and chief executive of the New York Stock Exchange, is the leader of a U.S. delegation attending a four-day symposium at the invitation of the People’s Bank of China. Members of the 20-member delegation planned to brief the Chinese on such topics as U.S. financial institutions, capital markets and the history and operation of major world stock exchanges.
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