About 1,400 entrepreneurs, researchers and government officials gathered at the WEF annual meeting at the weekend, sharing their understanding of the financial crisis and seeking solutions to 'become the world's new champions' - the theme of the meeting.

While economists reviewed the US financial system and found derivative products, the Federal Reserve and the US government to blame, fund-thirsty American bankers were keen to meet their mainland counterparts who have been almost unscathed by the financial meltdown.

No officials from Goldman Sachs, Citigroup or JP Morgan appeared alongside peers from the mainland's biggest lenders during the more than 50 rounds of discussions and debates arranged by the forum. But off-stage dialogue was certainly taking place.

'Wall Street's financial storm is a golden opportunity for acquisitions. Only through such strategic opportunities can Chinese banks build strength and networks in the US,' Fred Hu Zuliu, Goldman Sachs (Asia)'s chairman for Greater China, said at an open session.

Mainland bankers responded with caution.

'We will tighten purse strings and spend every penny carefully,' Jiang Jianqing, the chairman of Industrial and Commercial Bank of China, the world's largest lender by assets, said at another session.

'As a commercial bank, we don't favour bargain hunting. We will still focus on strategic investments rather than financial investments,' Mr Jiang said, indicating that the bank was unlikely to take stakes in ailing US financial institutions just because prices were low.

China Construction Bank Corp had no concrete plans to make overseas acquisitions, said Guo Shuqing, the chairman of the country's second-largest lender.

Export-Import Bank of China president Li Ruogu gave the same answer at another occasion during the forum.

However, some parties expressed interest. China International Capital Corp chairman Li Jiange said: 'CICC's capital scale is small. If our biggest shareholder Central Huijin decides to make US acquisitions, we are willing to do so.'

CICC, established in 1995, is the first joint-venture investment bank on the mainland, with registered capital of US$125 million. It is a strategic partnership between several companies, including Morgan Stanley. State-owned Central Huijin Investment unit China Jianyin Investment holds a 43 per cent stake in CICC.

In addition to reaching potential partners, participants took the platform to promote brands.

Zurich Financial Services, a Swiss-based insurer is actively looking for acquisition targets amid the financial crisis, as it seeks to grow in Asia, Latin America and Central Europe.

It has relaunched its brand globally to build awareness of its still-solid financial status and to increase its market share after the world's single largest insurer, American International Group, receded from the stage.

'The dislocation of AIG means the competitive environment has changed beyond recognition. Six months ago we would never have predicted these circumstances,' said Patrick O'Sullivan, a vice-chairman of the company's management board.

Mr O'Sullivan said the firm had relaunched its brand, assuring policyholders of its sound status thanks to its conservative investments.

A property, casualty and life insurance provider, the company was 'specifically interested in serving the expatriate community globally,' he said.

Feng Jun, the chief executive of Aigo, a Beijing-based digital consumer electronics maker, is one of those eager to test the water overseas by adjusting its production line to serve higher-end users and seizing a more lucrative market in the US.

'Globalisation has been a dream for the company,' Mr Feng said. 'It's a good opportunity for Chinese companies to compete with Japanese counterparts in the US market.

'American consumers used to think of Chinese goods as cheap and substandard. As their purse strings are tight now, many people will turn to Chinese goods.

'[Next year] will be an extremely important year for Chinese brands. We cannot afford to miss it.

'The financial turmoil wins time for us to move from the low end to the high end.'