Tycoon having a grand name in China (7)
I believe the answer is:
magnate
'tycoon' is the definition.
('magnate' can be a synonym of 'tycoon')
'a grand name in china' is the wordplay.
'a grand' becomes 'ag' (I've seen this in other clues).
'name' becomes 'n' (common abbreviation e.g. on forms).
'in' indicates putting letters inside.
'china' becomes 'mate' ('China plate' is rhyming slang for 'mate').
'ag'+'n'='agn'
'agn' put inside 'mate' is 'MAGNATE'.
'having' acts as a link.
(Other definitions for magnate that I've seen before include "Wealthy or powerful businessman" , "Mogul" , "Important fellow" , "Wealthy figure" , "Tycoon" .)