Although that is partly to strengthen them against foreign competitors, efforts to make better use of local capital are also in train.

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The deal is an indication of how reformists in central government intend to use foreign capital and management skills as a way to shake up China's banks.

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At this rate, India can absorb foreign capital and put it to productive use, unlike some of the Southeast Asian economies.

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But under a new set of legislative proposals, the US could also start to use its capital markets as a foreign policy tool.

CENTERFORSECURITYPOLICY: Center For Security Policy