Red capitalism - Carl E. Walter

"Carl Walter and Fraser Howie debunk a number of common myths about China's financial markets in this excellent new book. Investors stuffing their portfolios with China stocks would be wise to heed their warnings on the fragile foundations of China's banking system. The authors have done their homework, digging beneath the surface of "China's financial world to reveal uncomfortable truths about a financial system riddled with hidden land mines that threaten to undermine China's hard–fought economic success in the years ahead."?Rick Carew, former Asia M&A Reporter, Wall Street Journal "In Red Capitalism, Carl Walter and Fraser Howie give a powerful, albeit controversial explanation of the fragile underpinnings of the financial edifice that financed the seemingly unstoppable rise of China on the global stage?which is all the more persuasive thanks to their careful mining of the data. Their thesis?that China has the trappings of a market system but not the substance?should be considered by anyone dealing with or investing in China?categories that embrace most of the world today. Their contention that China ultimately is a 'family business' explains much that is puzzling to outsiders."?Henny Sender, Chief Correspondent, International Finance, Financial Times "Red Capitalism is a superb guide to China's financial labyrinth. It's a must–read for anyone who wants to understand the sources of Chinese economic power, and the threat posed by the nation's vast hidden debts."?Arthur Kroeber, Editor, China Economic Quarterly "Finally, a way into the world's most important and least understood financial system. For insight into how China's economy actually operates, begin here!"?Thomas Easton, Asia Business Editor, The Economist "A penetrating analysis that demonstrates how hard it is to follow the old adage 'follow the money,' and how rewarding it is to understand what will really drive China into the future."?Christian Murck, President, American Chamber of Commerce in China "Walter and Howie put the Chinese financial system under the microscope to examine how an absence of leadership, institutional squabbling, and complacency have seen appetites for reform sputter out, replaced by stagnation and dysfunction. Theirs is a fascinating, entertaining, and necessary corrective to the hyperbole surrounding China's seemingly miraculous rise."?David Wilder, Beijing Bureau Chief, Market News International "Walter and Howie's penetrating study addresses a critically important issue in China's political economy. They possess a rare depth of experience in the analysis of the Chinese financial sector. Their hard–hitting conclusions, based on a wealth of empirical research, will stimulate debate about the future of the Chinese financial system at a critical point in its evolution."?Peter Nolan, Sinyi Professor of Chinese Management, Cambridge Judge Business School, University of Cambridge