China's Superbank Debt, Oil and Influence - How China Development Bank Is Rewriting the Rules of Finance

ISBN-10: 1118176367
ISBN-13: 9781118176368
Edition: 2012
List price: $76.00 Buy it from $47.01
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Description: Anyone wanting a primer on the secret of China's economic success needs look no further than China Development Bank (CDB). The bank, 100 percent owned by the Chinese government, holds the key to understanding the inner workings of China's state-led  More...

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Book details

List price: $76.00
Copyright year: 2012
Publisher: John Wiley & Sons Canada, Limited
Publication date: 1/22/2013
Binding: Hardcover
Pages: 224
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.210
Language: English

Anyone wanting a primer on the secret of China's economic success needs look no further than China Development Bank (CDB). The bank, 100 percent owned by the Chinese government, holds the key to understanding the inner workings of China's state-led economic development model, and its most glaring flaws. The bank is at the center of the country's efforts to build a world-class network of highways, railroads and power grids, pioneering a lending scheme to local governments that threatens to spawn trillions of yuan in bad loans. It is doling out credit lines by the billions to Chinese solar and wind power makers, threatening to bury global competitors with a flood of cheap products. Another $45 billion in credit has been given to the country's two biggest telecom equipment makers who are using the money to win contracts around the globe, helping fulfill the goal of China's leaders for its leading companies to ''go global.''CDB has displaced the World Bank as the world's biggest development bank, lending billions to countries in Africa, Asia and Latin America to further Chinese policy goals. Despite one of the world's biggest default risks, it has lent more than $28 billion to Venezuela to secure oil supplies, another $25 billion to Russia, and $10 billion to Brazil's state-run oil company. Now the lender is at the forefront of another Chinese financial innovation -- state-led ``private'' equity investments.Chen Yuan, its 66-year old chairman, who has run the bank since 1998, himself typifies the rise of a Chinese Communist aristocracy which is beginning to pass political power from generation to generation. He's the son of Chen Yun, one of the founders of the People's Republic. Chen Yuan has made sure that his children get the best education. One son studied at an elite New England prep school in the 1980s. A daughter, a New York debutante, enrolled at Harvard Business School and has been romantically linked to the grandson of another Communist Party ''immortal.''This book will bring the story of China Development Bank to life by crisscrossing China to investigate the quality of its loans. We'll travel to Africa to show how the bank's China-Africa fund is displacing Western lenders in a battle for influence and investigate how the bank is introducing what could be a new form of colonialism in Venezuela, where CDB's loans not only buys Venezuelan oil but also benefits China's biggest state-run construction companies, which are building the apartment blocks and oil refineries the loans are earmarked for. This story will be told through anecdotes as well as facts and figures.

Preface
Acknowledgments
Let 10,000 Projects Bloom
The Wuhu Model
The Chongqing Model
Global Financial Crisis
A Town Called Loudi
Li's Story
"Manhattan" in China
Credit Risk in a One-Party State
Cracks in the System
Turning a Zombie Bank into a Global Bank
A Life in the Party
The Princeling Party: The Beginning of State Capitalism
Taking Over a Basket Case
Transforming CDB from an ATM Machine
Developing a Slogan
Beating the Commercial Banks
Gao Jian: Creating a Market for "Risk-Free" Bonds
The West Self-Destructs: The Financial Crisis
Moving Beyond Wall Street
Nothing to Lose but Our Chains: China Development Bank in Africa
Made in Ethiopia
Ethiopia's Zone: Exporting to the West
China-Africa Development Fund: The State's Private Equity Arm
Rising Role of China in Africa
Fixed Capital: Western-Style Lending
African Tiger: Can Ghana Escape the Resource Curse?
Fresh Capital
Risk versus Reward: China Development Bank in Venezuela
Default in Bol�var's Country
China's Venezuelan Adventure
Loans for Oil
Cars, Housing, and Gold: Good Business for China
Ecuador
Russia
China in the Backyard of the United States
Funding the New Economy
Obama's Dream
Default-Free Bond Market
Financing China's Global Company: Huawei
The Final Frontier: Private Equity
Acting as a Gatekeeper
Imprint of the State
The Future
About the Authors
Index

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