Quotes of the Day

Many bosses of western multinationals have Asia on their minds. Though Pope Benedict XVI's global conglomerate is focused on converts, not consumers, the Roman Catholic Church also appears to be shifting its gaze eastward. The Vatican held a special meeting on Jan. 19-20 to forge a new policy on China.

This follows several trips to Asia by top cardinals, and Benedict's choice last year to name then Archbishop of Mumbai (formerly Bombay ) Ivan Cardinal Dias as head of the powerful Congregation for the Evangelization of Peoples, which oversees all Catholic missions around the world.

One Vatican official said Benedict has been largely focused on "defense" — issues such as secularism and Islamic violence.Asia is a chance to go on the offensive. "The Pope is fundamentally European," the official notes, "but he knows the big opportunities for the future are in Asia." Benedict is expected to travel to Sydney in 2008, and could add Asian destinations to his itinerary.

But no one is yet counting on Benedict touching down in China. Though there are an estimated 12 million Catholics in the Middle Kingdom, its diplomatic ties with the Vatican have remained broken since 1951. Rome has repeatedly reached out to Beijing, hoping to overcome a standoff over who appoints China 's Catholic bishops. The so-called Patriotic Church, which reports to Beijing, has continued to crack down on papal loyalists in China and appoint bishops without Rome's consent. The two-day meeting in Rome was another sign that the Pope is hoping a softer approach will open the door to normalization.

"You have to live with certain regimes," says the Vatican official."Just denouncing them won't produce anything." Spoken like a true market strategist.

• JEFF ISRAELY
• Benedict's church looks eastwards for potential new converts