China’s smoggiest province is slashing steel production and, with the help of the Swiss government, aiming to become a hub for private banking.
Hebei province has launched a campaign to attract private banking talent and investment, joining other manufacturing regions in the country striving to upgrade from heavy industry to higher-growth areas such as internet technology and wealth management.
But the push into high finance also risks spurring a build-up of unnecessary office space and dormant central business districts, a trend already emerging in cities across the country.
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