Just who is China Inc? The buyer feared by governments around the world – and revered by cash-strapped investment banks – comes in several guises, including state-controlled companies and a clutch of sovereign entities. Far from being part of a carefully choreographed strategy, rival sovereign buyers are often jostling for a piece of the action.

China Development Bank, a state-owned lender, entered the fray with the purchase of a $3bn stake in Barclays a year ago. Now it is reportedly sniffing around Germany’s Dresdner Bank. CDB is the natural repository for banking assets, although China Investment Corporation may disagree.