In real, competitive markets, the market provides access to capital.

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Chinese companies' push into the bond market comes amid Beijing's efforts to wean businesses off bank loans and to build a competitive credit market that would better reflect the cost of capital.

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Of course, if interest rates are to be market-determined, there must be fully competitive private capital markets, which would require privatizing state-owned banks and bringing shadow banking into the daylight not just in Wenzhou.

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The good news is that in today's fiercely competitive wine market, with savvy buyers, improved winemaking techniques and considerable capital investment, buying a bad bottle of wine is surprisingly difficult.

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Seeing a shifting balance in their competitive positions, BMO Capital analyst Ambrish Srivastava this morning reduced his rating on Intel to Market Perform from Outperform, while at the same time lifting his stance on ARM Holdings to Outperform from Market Perform.

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According to Paulson, if Beijing works to establish competitive and efficient capital markets, this will then lay the groundwork for a currency that is in fact market determined.

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With only a few years needed to recover capital costs on investment, the competitive landscape changes and rail transportation rates could be reduced after pipelines enter the market to keep railroads competitive and still profitable.

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In a globally competitive market, there is also a question of how far an economy like the UK can force higher capital ratios on its banks than other countries impose on their respective banks, without curbing British banks' global ambitions (although not everyone would agree that those global ambitions are a thoroughly good thing).

BBC: Osborne and the safe size for British banks