But the process of issuing these shares, called B shares, has caused clashes between authoritarian-minded Chinese officials and Western financiers, who are helping to underwrite the deal.

But Mr. Yusuf's rapport with Western financiers was a mixed blessing.

Despatched to a no-name island in the North Sea to attend a top-secret meeting between Western financiers and East Congolese warlords.

With the support of the Western financier it would be possible to institute a building campaign on a vaster scale than any previously attempted.

Then, Dr. Mahathir blamed what he called a conspiracy of Western financiers trying to destabilize the currencies of Southeast Asia.

Those who voted against Mr. Bielecki's candidacy expressed opposition to his pledge to continue the general direction of the unpopular changes, which enjoy the support of Western financiers and economists.

And Western financiers say she ran financial seminars in Russia in which Benex's consulting services were promoted using the Bank of New York name.

A Western financier added: "It looks like a backing away from long-term economic solutions and is probably making the I.M.F. very nervous.

Opportunities are opening for Western financiers in Southeast Asia, too.

Russia's freewheeling and corrupt business elite, the West itself and Western financiers all come in for a share of the criticism.