China has been the world’s biggest market for initial public offerings for the past five years. But on the mainland’s bourses, Goldman Sachs has not underwritten a single IPO since 2009. (Financial Times)

“Over the next 10 or 15 years, the biggest challenge facing the whole financial sector is how we allocate capital and credit more efficiently,” says Richard Jackson, one of the few non-Chinese nationals to have served in top management in China’s state-run banking industry. (Wall Street Journal)

India’s stock markets might have taken a beating recently but local fund managers are not letting the doom and gloom from developed economies get them down as they remain bullish on the long-term Indian growth story. (Financial Times)

UK Chancellor George Osborne has resisted intense pressure from Britain’s bank bosses and decided to introduce Sir John Vickers’ banking reforms “in full” before 2015. (Telegraph)

British Deputy Prime Minister Nick Clegg will issue a blunt warning to Britain’s state-controlled banks that they will face tough restrictions if they attempt to introduce “irresponsible payments” during the forthcoming bonus season. (Guardian)

The retreat of capital-starved European banks from Australia could spell serious trouble next year for small to medium-sized businesses, according to Wesfarmers chief executive Richard Goyder. (The Australian)

A novel legal union between a leading Chinese law firm and a top Australian practice is causing a stir in a global legal industry long dominated by powerhouses in the West. Beijing-based King & Wood and Australia’s Mallesons Stephen Jaques said last week that they would create an 1,800-lawyer venture by March in one of the biggest cross-border partnerships of this magnitude to have neither a US. nor British firm involved. (Wall Street Journal)