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Red Capitalism The Fragile Financial Foundation of China's Extraordinary Rise

ISBN-10: 1118255100
ISBN-13: 9781118255100
Edition: 2nd 2012 (Revised)
List price: $35.95
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Description: In 1974 China’s last Emperor, Deng Xiaoping, traveled to New York to speak at the United Nations. This was the first time such a senior Chinese leader had ever visited the United States. As the delegation prepared its trip the question was asked,  More...

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Book details

List price: $35.95
Edition: 2nd
Copyright year: 2012
Publisher: John Wiley & Sons Canada, Limited
Publication date: 3/6/2012
Binding: Hardcover
Pages: 288
Size: 6.25" wide x 9.00" long x 1.00" tall
Weight: 1.826
Language: English

In 1974 China’s last Emperor, Deng Xiaoping, traveled to New York to speak at the United Nations. This was the first time such a senior Chinese leader had ever visited the United States. As the delegation prepared its trip the question was asked, “How can we pay?”A mad scramble ensued in the capital as the Emperor’s men called all the banks to assemble foreign currency. After searching high and low, they were able to scrape up only $38,000. Now just 30 years later China appears to have won the global Monopoly game with foreign exchange reserves of over $2 trillion and an economy the government says will grow at 8% despite recession of the world’s other economies. Everyone is looking to China.How did China in just 30 years pick itself off the floor and become America’s largest creditor, positioning itself if not to surpass the United States, then perhaps acquire major aspects of its crumbling economy? In Red Capitalism authors Carl Walter and Fraser Howie go deep into the Chinese financial machine to illuminate the social and political consequences of  China’s unique business model and pose the question whether it has, in fact, lived up to all the hype surrounding it and whether, after all, the 21st century really will be China’s century.Red Capitalism is indispensable reading for those who would understand the limits that China’s past development decisions have imposed on its brilliant future. No one who is considering China business strategies in today’s extremely challenged global economy can afford to miss this book.

Preface to the Second Edition
Preface to the First Edition
List of Abbreviations
Looking Back at the Policy of Reform and Opening
Thirty years of opening up: 1978-2008
Thirteen years of reform: 1992-2005
The end of reform: 2005
China is a family business
China's Fortress Banking System
Banks are China's financial system
China's banks are big banks
Crisis: The stimulus to bank reform, 1988 and 1998
China's fortress banking system in 2010
The sudden thirst for capital and cash dividends, 2010
The Fragile Fortress
The People's Bank of China restructuring model
The Ministry of Finance restructuring model
The "perpetual put" option to the PBOC
The new Great Leap Forward Economy
China's latest banking model
Valuing the asset management companies
Implications
China's Captive Bond Market
Why does China have a bond market?
Risk management
The base of the pyramid: Protecting household depositors
The Struggle over China's Bond Markets
The CDB, the MOF, and the Big 4 Banks
Local governments unleashed
Credit enhancements
China Investment Corporation: Linchpin of China's financial system
Cycles in the financial markets
Western Finance, SOE Reform, and China's Stock Markets
China's stock markets today
Why does China have stock markets?
What stock markets gave China
The National Team and China's Government
Zhu Rongji's gift: Organizational streamlining, 1998
How the National Team, its families, and friends benefit
A casino or a success, or both?
Implications
The Forbidden City
The Emperor of Finance
Behind the vermillion walls
An Empire apart
Have the walls been breached?
Cracks in the walls
Imperial ornaments
Appendix
Select Bibliography
Index

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