Coverart for item
The Resource Red capitalism : the fragile financial foundation of China's extraordinary rise, Carl E. Walter and Fraser J.T. Howie

Red capitalism : the fragile financial foundation of China's extraordinary rise, Carl E. Walter and Fraser J.T. Howie

Label
Red capitalism : the fragile financial foundation of China's extraordinary rise
Title
Red capitalism
Title remainder
the fragile financial foundation of China's extraordinary rise
Statement of responsibility
Carl E. Walter and Fraser J.T. Howie
Title variation
Fragile financial foundation of China's extraordinary rise
Creator
Contributor
Subject
Language
eng
Summary
For many years now China's economy has seemed unstoppable. A slow appreciations of the renminbi in 2007 brought wave upon wave of liquidity into China and allowed its companies and banks to raise hundreds of billions in dollars via stock market listings. State banks that had started the new century as bankrupt relies of a communist past became the darlings of international investors. Even the collapse of Lehman Brothers in 2008 and the ensuing global financial crisis seemed to have little impact on Chin as the government quickly responded with a huge stimulus package. But the Lehman collapse was a dramatic wake up call to the Chinese leadership. This model of bank and capital market reform had been studiously emulated for more than a decade and had brought great benefits to China. But now, although they believed it to be bankrupt, the Chinese government were bereft to new ideas. In the face of the global financial crisis the government returned to what it knows best, massive state intervention via the banking system. Ten years of banking and Capital market reforms were dead. In Red Capitalism, Carl Walter and Fraser Howie detail how the Chinese government reformed and modeled its financial system in the 30 years since it began its policy of engagement with the west. Instead of a stable series of policies producing steady growth, China's financial sector has boomed and gone bust with regularity in each decade. The latest decade is little different, Chinese banks have become objects of political struggle while they totter under balance sheets bloated by the excessive state-directed lending and bond issuance of 2009. Looking forward, the government's response to the global financial crisis has created a banking system the stability of which can be maintained only behind the walls of a non-convertible currency, a myriad of off-balance sheet arrangements with non-public state entities and the strong support of its best borrowers-the politically potent National Champions-who are the greatest beneficiaries of the financial status quo. China's financial system is not a model for the west and, indeed, is not a sustainable arrangement for China itself as it seeks increasingly to assert its influence internationally. This is not a story of impending collapse, but of frustrated reforms that suggests that any full opening and meaningful reform of the financial sector is not, indeed cannot be, on the government's agenda anytime soon. --Book Jacket
Cataloging source
UKM
Dewey number
332.10951
Illustrations
  • illustrations
  • maps
Index
index present
LC call number
HG187.C6
LC item number
W348 2011
Literary form
non fiction
Nature of contents
bibliography
Label
Red capitalism : the fragile financial foundation of China's extraordinary rise, Carl E. Walter and Fraser J.T. Howie
Instantiates
Publication
Bibliography note
Includes bibliographical references (p. 221-222) and index
Contents
Looking back at the policy of reform and opening -- China's fortress banking system -- The fragile fortress -- China's captive bond market -- The struggle over China's bond markets -- Western finance, SOE reform and China's stock markets -- The national team and China's government -- The forbidden city
Control code
642840138
Dimensions
24 cm
Extent
xiii, 234 p.
Isbn
9780470825860
Isbn Type
(hardcover)
Lccn
2011500710
Other physical details
ill., map
System control number
(OCoLC)642840138
Label
Red capitalism : the fragile financial foundation of China's extraordinary rise, Carl E. Walter and Fraser J.T. Howie
Publication
Bibliography note
Includes bibliographical references (p. 221-222) and index
Contents
Looking back at the policy of reform and opening -- China's fortress banking system -- The fragile fortress -- China's captive bond market -- The struggle over China's bond markets -- Western finance, SOE reform and China's stock markets -- The national team and China's government -- The forbidden city
Control code
642840138
Dimensions
24 cm
Extent
xiii, 234 p.
Isbn
9780470825860
Isbn Type
(hardcover)
Lccn
2011500710
Other physical details
ill., map
System control number
(OCoLC)642840138

Library Locations

    • Grace Hauenstein LibraryBorrow it
      1607 Robinson Rd S.E, Grand Rapids, MI, 49506, US
      42.959678 -85.624761

Library Links

Processing Feedback ...