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Bayangol (right) and one of his students ride on the grassland near his home in the Inner Mongolia autonomous region. QI HONGYAN/FOR CHINA DAILY

Banks are important, but can be dangerous. Ideally, they should provide important services to a modern economy by helping people save while allocating the resulting capital to the best uses for society and by facilitating transactions.

Baker: I think it’s a model for book publishing. It goes back to what writers like Dickens were doing in the 19th Century. Selling a serialized experience. You could sell chapters, and basically you have the buyers become subscribers. Your interaction with them doesn’t end when they buy the book. I could continue to write and funnel content to the people who bought the book, and they could buy it for 50 cents, or 75 cents or whatever it is.

Because A-share market supervision rules do not allow the listed company to split its subsidiaries as independent units to go public, Legend Holdings cannot issue the CDR for the time being. But it actively supports its other listed branches to return to the Chinese mainland's stock market, Zhu said.

Based in the national development zone, the valley enjoys a convenient transportation system and a cluster of colleges and tech firms led by Xidian University and Samsung Electronics Co.