Description: Howard Chao is the head of O'Melveny & Myers Asia Practice. Drawing on his many years of experience living and practicing in Asia, Chao discussed the significant change occurring in China as more foreign investors are compelled to go onshore in China to do financing transactions for Chinese companies. Chinese companies are now relying on the Chinese securities markets for IPOs or have moved their listings to Chinese exchanges. On the private financing front, China has enacted a series of measures that limit the use of offshore holding companies and increase the Chinese legal and governmental "control" over these deals and companies. What does all of this means for capital flows within and into China? Does this signal a relative decline in the importance of the U.S. and other financial centers, to the benefit of Shanghai, and how is this affecting the global and China strategies of law firms, international investment banks, private equity houses and other professionals?