{"product_id":"chinas-superbank-isbn-9781118176368","title":"China's Superbank","description":"\u003cb\u003eInside the engine-room of China's economic growth—the China Development Bank\u003c\/b\u003e  \u003cp\u003eAnyone wanting a primer on the secret of China's economic success need look no further than China Development Bank (CDB)—which has displaced the World Bank as the world's biggest development bank, lending billions to countries around the globe to further Chinese policy goals. In \u003ci\u003eChina’s Superbank\u003c\/i\u003e, Bloomberg authors Michael Forsythe and Henry Sanderson outline how the bank is at the center of China's domestic economic growth and how it is helping to expand China's influence in strategically important overseas markets.\u003c\/p\u003e \u003cp\u003e100 percent owned by the Chinese government, the CDB 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.\"\u003c\/p\u003e \u003cp\u003eBringing the story of China Development Bank to life by crisscrossing China to investigate the quality of its loans, \u003ci\u003eChina’s Superbank\u003c\/i\u003e travels the globe, from Africa, where its China-Africa fund is displacing Western lenders in a battle for influence, to the oil fields of Venezuela.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eOffers a fascinating insight into the China Development Bank (CDB), the driver of China's rapid economic development\u003c\/li\u003e \u003cli\u003eTravels the globe to show how the CDB is helping Chinese businesses \"go global\"\u003c\/li\u003e \u003cli\u003eWritten by two respected reporters at Bloomberg News\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAs China's influence continues to grow around the world, many people are asking how far it will extend. \u003ci\u003eChina’s Superbank\u003c\/i\u003e addresses these vital questions, looking at the institution at the heart of this growth.\u003c\/p\u003e \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003eAcknowledgments xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Let 10,000 Projects Bloom 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Wuhu Model 4\u003c\/p\u003e \u003cp\u003eThe Chongqing Model 9\u003c\/p\u003e \u003cp\u003eGlobal Financial Crisis 12\u003c\/p\u003e \u003cp\u003eA Town Called Loudi 15\u003c\/p\u003e \u003cp\u003eLi’s Story 18\u003c\/p\u003e \u003cp\u003e“Manhattan” in China 21\u003c\/p\u003e \u003cp\u003eCredit Risk in a One-Party State 26\u003c\/p\u003e \u003cp\u003eCracks in the System 29\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Turning a Zombie Bank into a Global Bank 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Life in the Party 41\u003c\/p\u003e \u003cp\u003eThe Princeling Party: The Beginning of State Capitalism 50\u003c\/p\u003e \u003cp\u003eTaking Over a Basket Case 55\u003c\/p\u003e \u003cp\u003eTransforming CDB from an ATM Machine 58\u003c\/p\u003e \u003cp\u003eDeveloping a Slogan 62\u003c\/p\u003e \u003cp\u003eBeating the Commercial Banks 64\u003c\/p\u003e \u003cp\u003eGao Jian: Creating a Market for “Risk-Free” Bonds 68\u003c\/p\u003e \u003cp\u003eThe West Self-Destructs: The Financial Crisis 72\u003c\/p\u003e \u003cp\u003eMoving Beyond Wall Street 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Nothing to Lose but Our Chains: China Development Bank in Africa 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMade in Ethiopia 90\u003c\/p\u003e \u003cp\u003eEthiopia’s Zone: Exporting to the West 94\u003c\/p\u003e \u003cp\u003eChina Africa Development Fund: The State’s Private Equity Arm 96\u003c\/p\u003e \u003cp\u003eRising Role of China in Africa 101\u003c\/p\u003e \u003cp\u003eFixed Capital: Western-Style Lending 105\u003c\/p\u003e \u003cp\u003eAfrican Tiger: Can Ghana Escape the Resource Curse? 108\u003c\/p\u003e \u003cp\u003eFresh Capital 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Risk versus Reward: China Development Bank in Venezuela 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefault in Bolívar’s Country 125\u003c\/p\u003e \u003cp\u003eChina’s Venezuelan Adventure 126\u003c\/p\u003e \u003cp\u003eLoans for Oil 132\u003c\/p\u003e \u003cp\u003eCars, Housing, and Gold: Good Business for China 136\u003c\/p\u003e \u003cp\u003eEcuador 139\u003c\/p\u003e \u003cp\u003eRussia 140\u003c\/p\u003e \u003cp\u003eChina in the Backyard of the United States 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Funding the New Economy 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eObama’s Dream 151\u003c\/p\u003e \u003cp\u003eDefault-Free Bond Market 153\u003c\/p\u003e \u003cp\u003eFinancing China’s Global Company: Huawei 157\u003c\/p\u003e \u003cp\u003eThe Final Frontier: Private Equity 163\u003c\/p\u003e \u003cp\u003eActing as a Gatekeeper 167\u003c\/p\u003e \u003cp\u003eImprint of the State 169\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 The Future 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbout the Authors 181\u003c\/p\u003e \u003cp\u003eIndex 183 \u003c\/p\u003e  \u003cp\u003e\"Despite CDB’s central role in developing China’s economy and bankrolling the international expansion of Chinese companies, China’s biggest policy lender rarely makes an appearance in most English-language chronicles of the country’s economic rise. All the more reason then to praise a superbly researched new book, written by two Beijing-based reporters for Bloomberg, in which CDB finally makes a star turn.\"\u003c\/p\u003e \u003cp\u003e\"Lifting the veil on one of global finance’s least understood institutions, the book is essential reading for anyone seeking insight into the workings of Chinese state capitalism.\" \u003cb\u003e-- China Economic Quarterly, March 2013\u003cbr\u003e  Reviewer: Erica Downs of the Brookings Institution\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"China's economy sometimes seems the work of miracles: three decades of economic growth, with GDP compounding at an annual rate of around 10%; the world's highest levels of savings and investment; vast trade surpluses, which feed the largest foreign-exchange reserves in history. The financial system has played a key role in delivering these economic feats, and no single institution within it has been more important than China Development Bank. \"Understand CDB,\" Henry Sanderson and Michael Forsythe write in \"China's Superbank,\" \"and you understand the core of China's state capitalism.\" \u003cb\u003e-- Wall Street Journal review, Feb 27, 2013\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003e \"The book is another useful insight into the workings of the Chinese state apparatus to come out of the Bloomberg bureau in Beijing – in July it printed an exposé about the family finances of Xi Jinping, and its website has been blocked since. One of the most striking aspects of the CDB story is how the bank managed to balance being a state-owned company with maintaining sufficient independence to function as a commercial business.\" -- \u003cb\u003eIrish Times\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cbr\u003e \"Calls for reform in China tend to come in two kinds – one, the most common in Chinese social media and popular discussion, calls for a crackdown on endemic forms of local tyranny, such as land seizures, black prisons, and bribery.  The other, found among liberals within the Party and expatriate businessmen, talks about rolling back the growing dominance of the state and state-owned companies over the Chinese economy, opening more markets to competition and ending the practices that allow state-owned (or state-blessed) companies to command cheap access to capital, natural resources, and land. So far, Xi Jinping's term looks promising for advocates of the first but the book [China's Superbank: Debt, Oil and Influence – How China Development Bank is Rewriting the Rules of Finance] makes a case that land seizures are at the very foundations of China's model of state capitalism.\" \u003cb\u003e-- The Diplomat\u003c\/b\u003e\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eHENRY SANDERSON\u003c\/b\u003e has been a reporter for Bloomberg News since April 2010. Prior to that, he was a reporter for the Associated Press in Beijing and Dow Jones in New York. While at Bloomberg, Sanderson has covered corporate finance, focusing on China's banks, the bond market, and the emergence of the yuan as an international currency. He is a graduate of the University of Leeds (with a BA in Chinese and English literature) and Columbia University (with a Master's in East Asian Studies).\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMICHAEL FORSYTHE\u003c\/b\u003e has been a reporter and editor for Bloomberg News since 2000. Prior to that, he was an officer in the U.S. Navy for seven years, serving on ships in the U.S. 7th Fleet. The highlight of his career in Washington was overseeing Bloomberg's coverage of the historic 2008 presidential election. Since returning to Beijing in 2009, Forsythe has focused on policy and politics, with particular emphasis on the international impact of \"China Inc.\" He is a graduate of Georgetown University (with a BA in International Economics) and Harvard University (with a Master's in East Asian Regional Studies).\u003c\/p\u003e  \u003cp\u003eChina's rise as a global economic superpower, the success of its top companies, and its continuing domestic boom is intricately tied to China Development Bank (CDB). This less-than-transparent institution, which is wholly owned by the Chinese government, has become \u003ci\u003ethe\u003c\/i\u003e financial enabler of this nation's growth and is arguably the most powerful bank in the world.\u003c\/p\u003e \u003cp\u003eWhile development banks have long existed to finance political projects, infrastructure, and other initiatives, nothing comes close to CDB in scope.\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eChina's Superbank,\u003c\/i\u003e authors Henry Sanderson and Michael Forsythe—both Bloomberg journalists working in Beijing—combine on-the-scene reporting and interviews from across the world with numbers crunched from Chinese bond prospectuses to put CDB in perspective, and help you understand the economic phenomenon that is China.\u003c\/p\u003e \u003cp\u003eAlong the way, you'll not only become familiar with the growing accomplishments and influence of CDB, but you'll also gain valuable insights into the darker side of this political-financial institution—one that has never had to answer to anyone apart from its state shareholders. You'll also discover how China's seemingly unstoppable banking system could potentially be saddled with bad debt from trillions of yuan invested in projects with questionable economic value both at home and abroad.\u003c\/p\u003e \u003cp\u003eThroughout the book, the authors:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eExplore CDB's hallmark innovation—the system of local government finance—which has transformed China's landscape in just over a decade by pumping trillions of yuan into various domestic projects\u003c\/li\u003e \u003cli\u003eProfile Chen Yuan, the Chairman of CDB since 1998, and discuss how he's been instrumental in reasserting the Communist Party in China's economy, while managing to preserve enough independence from the government to make decent investment decisions and function as a commercially driven institution\u003c\/li\u003e \u003cli\u003eAnalyze CDB's China-Africa Development Fund—China's largest private equity fund investing in Africa—and its attempts to stimulate manufacturing in Ethiopia, and CDB's lending to Ghana\u003c\/li\u003e \u003cli\u003eAddress CDB's work to secure a steady flow of oil and gas to China through loans-for-energy deals around the world, particularly to Venezuela\u003c\/li\u003e \u003cli\u003eExamine CDB's lines of credit that have helped new Chinese firms in telecom and alternative energy win significant global projects, as well as how the bank is developing a new form of private equity financing through CDB Capital.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAs China's influence continues to grow around the world, many people are asking how far it will extend. \u003ci\u003eChina's Superbank\u003c\/i\u003e addresses this vital question, looking at the institution at the heart of its growth.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePraise for \u003ci\u003eChina's Superbank\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"The phenomenal economic rise of China and its growing global role have been driven by a unique mix of political and economic actors. China Development Bank has been at the center of much of this growth especially as the principal banker in China's overseas commodity investments. Henry and Michael's timely book, \u003ci\u003eChina's Superbank\u003c\/i\u003e, details for the first time the role that CDB has played under the focused leadership of its Chairman Chen Yuan. This book is essential reading for anyone wanting to understand how China funds its growth but it also raises important questions as to whether CDB's strategy will be sustainable over the long term.\"\u003cbr\u003e —\u003cb\u003eFraser Howie,\u003c\/b\u003e Managing Director, CLSA Singapore and co-author of \u003ci\u003eRed Capitalism\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Combining in-depth knowledge of China with hard-nosed economic analysis and first-rate journalism, Sanderson and Forsythe have written an astonishingly detailed yet lively portrait of China's muscular state capitalism. This important work tells us in concrete terms how China is expanding its influence around the world, not through military force, but through writing checks. This is a must-read for all those who take an interest in China's rising influence in the world—and its increasingly vulnerable financial system.\"\u003cbr\u003e —\u003cb\u003eVictor Shih,\u003c\/b\u003e Associate Professor, Northwestern University\u003c\/p\u003e \u003cp\u003e\"In \u003ci\u003eChina's Superbank\u003c\/i\u003e Henry and Michael shed a much-needed light on the operations and people behind China Development Bank, an apparent policy bank that in a brief decade has in many ways surpassed the power and functions of the country's Ministry of Finance. The tale of how this formerly moribund institution ignited China's local debt crisis while financing China's foreign policy initiatives is a must for anyone seeking to understand China's opaque financial system.\"\u003cbr\u003e —\u003cb\u003eCarl Walter,\u003c\/b\u003e former COO of JP Morgan China, independent consultant andco-author of \u003ci\u003eRed Capitalism\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"American Cabinet members say the global reach and growth of China Development Bank keeps them up at night. After reading this book, they might not go to sleep at all. For all the tsunami of news about China's rise in recent years, the country's political and financial institutions remain vastly undereported and little understood. Mike Forsythe and Henry Sanderson's book helps correct that with remarkable detail and insights about the bank that laid the financial foundations for China's economic miracle at home, before then finding a formula to spread its money abroad.\"\u003cbr\u003e —\u003cb\u003eRichard McGregor,\u003c\/b\u003e Financial Times reporter and author of \u003ci\u003eThe Party\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988916027621,"sku":"NP9781118176368","price":63.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118176368.jpg?v=1761782040","url":"https:\/\/k12savings.com\/es\/products\/chinas-superbank-isbn-9781118176368","provider":"K12savings","version":"1.0","type":"link"}