By DAVID E. SANGER and MARK LANDLER
The United States hopes the dialogue can help set norms to end to what it says is a daily barrage of computer break-ins and theft of corporate and government secrets by Chinese hackers.
China's Self-Reforming Banks?
The liquidity squeeze means it's time for Beijing to embrace the financial market's tentative evolution.
Yet Curtis Milhaupt of Columbia Law School insists that such reforms are “not where the action is”. In a new paper, he examines how exactly China’s big state firms are controlled, and reaches troubling conclusions. Regardless of whether a state-owned firm is listed in New York, has an “independent” board or boasts a market-minded chairman with a Harvard MBA, he finds that the strings always lead back to a core company that is in the tight clutches of SASAC. He thinks genuine market reform will come only when state firms venture abroad en masse and have to adapt to global norms.
where the action is
Also, where the action is. The key center of activity; where important things are happening. For example, He decided to set up his store here, convinced that this is where it's at, or I'm going into the brokerage business; that's where the action is these days. The action or activity in this phrase can relate to just about anything--financial, political, social, or commercial. [Slang; c. 1960]
Definition of norm