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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.

An authoritative guide to the rise of Chinese shadow banking and its systemic implications Shadow Banking in China examines this rapidly growing sector in the Chinese economy, and what it means for your investments. Written by two world-class experts in Chinese banking, including the Chief Advisor to the China Banking Regulatory Commission and former Chairman of the Securities and Futures Commission in Hong Kong, this book is unique in providing true, first-hand perspectives from authorities within the world's largest economy. There is little widely-available information on China's shadow banking developments, and much of it is rife with disparate data, inaccuracies and overblown risks due to definitional and measurement differences. This book clears the confusion by supplying accurate information, on-the-ground context and invaluable national balance sheet analysis you won't find anywhere else. Shadow banking has grown to be a key source of credit in China, and a major component of the economy. This book serves as a primer for analysts and investors seeking real, useful information about the sector to better inform investment decisions. * Discover what's driving the growth of shadow banking in China * Learn the truth about both real and inflated risks * Dig into popular rhetoric and clarify common misconceptions * Access valuable data previously not published in English Despite shadow banking's critical influence on the Chinese economy, there have been very few official studies and even fewer books written on the subject. Understanding China's present-day economy and forecasting its future requires an in-depth understanding of shadow banking and its inter-relationship with the banking system and other sectors. Shadow Banking in China provides authoritative reference that will prove valuable to anyone with financial interests in China.

Banking on Growth Models contends that China's rapid economic rise from the late 1970s to today has been built on and shaped by a highly politicized and inefficient bank-centric financial system . Stephen Bell and Hui Feng argue that if the Chinese growth model drives how key economic sectors interact, no amount of incremental reform can have much impact on the financial system-meaningful reform can stem only from a revised growth model. For a time after the global financial crisis, it appeared that the expansion of a more market-oriented shadow banking system might help sustain China's economic growth. Since around 2015, however, Xi Jinping's regime has reversed this trajectory and placed China's financial system under heavy state control, resulting in slowed economic development and skyrocketing national debt. China's market transition and economic rebalancing are now in doubt, as is the fate of the nation's economy. By pinpointing finance as a vital element of the growth model, Bell and Feng provide a convincing assessment of financial risks and the prospects for economic rebalancing in China. Banking on Growth Models demystifies the world of Chinese banking and finance as it investigates an ever-rising national debt, a declining rate of economic growth, and the possibility of dire and drastic reform by the Asian superpower's government.

Volume 17 of International Finance Review focusses on a variety of issues relating to the political economy of Chinese finance.

China has reached a stage where further financial sector reforms appear essential. As the reform process progresses and macrofinancial linkages deepen, the preservation of financial stability will become a major policy preoccupation. China is already working toward enhancing its surveillance and monitoring capabilities and is actively determining ways to undertake a series of reforms that would lay the foundation for a strong, sustained, and balanced growth. \"China's Road to Economic Stability\" focuses on the key financial policy issues facing China today. The volume draws upon contributions from senior Chinese authorities and academics, as well as staff from the IMF to discuss the financial policy context within China, macroeconomic factors affecting financial stability, and the critical role of financial system oversight. It seeks to improve the understanding of the financial sector policy processes underway and the shifts taking place among China's economic priorities. The book also covers issues such as the financial stability framework, systemic linkages, liquidity management, risk and vulnerability analysis, and sequencing financial reforms. The book is a must read for academics, researchers, and stakeholders interested in China and the shifts taking place in the manner in which China views its financial sector policies and oversees the stability of the financial system.

BANKING ON GROWTHMODELS -- Contents -- List of Figures -- Acknowledgments -- List of Abbreviations -- Introduction -- 1. Interactions between China's Growth Model and the Financial System -- 2. Interests, Ideas, Institutions, and the Politics of Banking and Economic Reform in China -- 3. Growth Model Reform and the Banks as the State's Cashier, 1979-96 -- 4. Quick-Fix Banking Reforms after the Asian Crisis, 1997-2002 -- 5. Further Banking Reforms, 2003-8 -- 6. The GFC and State Capitalism on Steroids -- 7. The GFC Critical Juncture and the Rise of Shadow Banking -- 8. Shadow Banking after the GFC -- 9. The Politics of Banking Regulation and Reform -- 10. Mounting Debt and Lurking Risks -- 11. China's Troubled Road to Economic Rebalancing -- Conclusion -- Notes -- References -- Index.

Intro -- Title Page -- Copyright -- Foreword by Victor Fung -- Foreword by Liu Mingkang -- Acknowledgments -- About the Editors -- Executive Summary -- Key Findings and Policy Recommendations -- Chapter 1: Introduction -- References -- Chapter 2: Shadow Banking in the Global Context -- 2.1 Introduction -- 2.2 What is Shadow Banking? -- 2.3 Size of the Global Shadow Banking Industry -- 2.4 Factors for the Rise in Global Shadow Banking -- 2.5 Interconnectedness between Shadow Banks and the Formal Banking Sector -- 2.6 The Nature of Shadow Banking Differs across Countries -- References -- Chapter 3: Shadow Banking within the National Balance Sheet -- 3.1 Introduction -- 3.2 Overview of the Chinese National Balance Sheet -- 3.3 Who Owes What in China's National Balance Sheet? -- 3.4 Zooming in on China's Sectoral Balance Sheets -- 3.5 Shadow Banks within the National Balance Sheet -- 3.6 Evaluation of the National Balance Sheet Approach -- 3.7 Basic Analytical Conclusions and Policy Recommendations from the NBS Approach -- References -- Chapter 4: Shadow Banking with Chinese Characteristics -- 4.1 Introduction -- 4.2 Nature and Scale of Shadow Banking in China -- 4.3 Factors Spurring the Growth of Shadow Banks in China -- 4.4 Different Channels of China's Shadow Banking -- 4.5 Interconnectivity between Shadow Banking and the Official Banking System -- 4.6 Shadow Banking's Impact and Regulatory Implications -- 4.7 Conclusion -- References -- Chapter 5: Inherent Risks in Chinese Shadow Banking -- 5.1 Introduction -- 5.2 Getting to the Heart of the Problem - the Underlying Asset Quality -- 5.3 Non-Financial Corporate Sector (Excluding Real Estate Companies) -- 5.4 Real Estate Companies -- 5.5 Local Government Financing Platforms (LGFPs) -- 5.6 Non-Performing Assets in the Shadow Banking System -- References.

The fast growth of Chinese private sector firms is taken as evidence that informal finance can facilitate firm growth better than formal banks in developing countries. We examine firm financing patterns and growth using a database of twenty-four hundred Chinese firms. While a relatively small percentage of firms utilize bank loans, bank financing is associated with faster growth whereas informal financing is not. Controlling for selection, we find that firms with bank financing grow faster than similar firms without bank financing and that our results are not driven by bank corruption or the selection of firms that have accessed the formal financial system. Our findings question whether reputation and relationship-based financing are responsible for the performance of the fastest-growing firms in developing countries.

This paper examines the roles of Shanghai, Beijing and Hong Kong as financial centres by utilising interview and secondary data to analyse the decision-making of financial and regulatory actors, and the different functional roles of foreign banks in those cities. Their intercity relations demonstrate a complex mix of competition and collaboration that embeds them in evolving networks of interdependence. Empirical findings indicate differentiated markets leading to the distinctive development of Shanghai as a commercial centre, Beijing as a political centre and Hong Kong as an offshore financial centre, with all three financial centres performing distinctive and complementary roles within the regional banking strategies of foreign banks. The analysis first explains Hong Kong's continued dominance in the region and, secondly, reveals insights into changing intercity relationships between these prominent Chinese cities that contribute to their distinctive development as financial centres.