Carlyle Group has a reputation for gaining high-level access – and David Rubenstein, managing director of the US venture capital company, took a trump card on a visit to Beijing last month. The guest speaker at a Carlyle event in the Chinese capital was Colin Powell, former secretary of state.

The reception in some quarters was effusive. “Welcome Carlyle to invest in China,” urged Wang Qishan, the mayor of Beijing. “Carlyle will not only bring in money but also advanced market concepts, management experience and technologies.”