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Packed with new statistics and stories based on recent developments.
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The truth behind the rise of China and whether or not it will be able to maintain it How did China transform itself so quickly? In Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, Revised Edition Carl Walter and Fraser Howie go deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, and question whether this rapid ascension really lives up to its reputation.
All eyes are on China, but will it really surpass the U.S. as the world's premier global economy? Walter and Howie aren't so certain, and in this revised and updated edition of Red Capitalism they examine whether or not the 21st century really will belong to China.
The specter of a powerful China is haunting the U.S. and other countries suffering from economic decline and this book explores China's next move
Packed with new statistics and stories based on recent developments, this new edition updates the outlook on China's future with the most cutting-edge information available
Find out how China financed its current position of strength and whether it will be able to maintain its astonishing momentum
Indispensable reading for anyone looking to understand the limits that China's past development decisions have imposed on its brilliant future, Red Capitalism is an essential resource for anyone considering China's business strategies in today's extremely challenging global economy.
Contents
Preface to the Second Edition xi
Preface to the First Edition xvii
List of Abbreviations xxi
1 Looking Back at the Policy of Reform and Opening 1
Thirty years of opening up: 1978-2008 2
Thirteen years of reform: 1992-2005 10
The end of reform: 2005 15
China is a family business 22
2 China's Fortress Banking System 27
Banks are China's financial system 29
China's banks are big banks 31
Crisis: The stimulus to bank reform, 1988 and 1998 33
China's fortress banking system in 2010 41
The sudden thirst for capital and cash dividends, 2010 47
3 The Fragile Fortress 53
The People's Bank of China restructuring model 56
The Ministry of Finance restructuring model 66
The "perpetual put" option to the PBOC 73
The new Great Leap Forward Economy 76
China's latest banking model 82
Valuing the asset management companies 85
Implications 88
4 China's Captive Bond Market 95
Why does China have a bond market? 98
Risk management 102
The base of the pyramid: Protecting household depositors 116
5 The Struggle over China's Bond Markets 125
The CDB, the MOF, and the Big 4 Banks 126
Local governments unleashed 134
Credit enhancements 141
China Investment Corporation: Linchpin of China's financial system 145
Cycles in the financial markets 158
6 Western Finance, SOE Reform, and China's Stock Markets 163
China's stock markets today 164
Why does China have stock markets? 168
What stock markets gave China 172
7 The National Team and China's Government 185
Zhu Rongji's gift: Organizational streamlining, 1998 186
How the National Team, its families, and friends benefit 196
A casino or a success, or both? 209
Implications 212
8 The Forbidden City 215
The Emperor of Finance 217
Behind the vermillion walls 220
An Empire apart 227
Have the walls been breached? 231
Cracks in the walls 235
Imperial ornaments 239
Appendix 245
Select Bibliography 249
Index 251
