"The 19th century belonged to England, the 20th century belonged to the US and the 21st century belongs to China. Invest accordingly."
Warren BuffetThis comprehensive resource presents the views of China's most highly respected economists, bankers, and policy makers--along with opinions from Western authorities--on the current state of banking and finance in China. Tracing the history of China's banking and finance system and looking toward its future, the book offers valuable insight for financial service providers, bankers, private equity and hedge fund managers, and equity research and credit analysts.
Contributors to the book includes:
Jamie Dimon Chairman& CEO, JPMorgan Chase Bank
Guo Shuqing Chairman, China Construction Bank
Paul Volcker Former Chairman, U.S. Federal Reserve
Stephen S. Roach Chairman, Morgan Stanley Asia
Wang Dongming Chairman, CITIC Securities Co., Ltd; and many more!
ZHU Min is Group Executive Vice President of the Bank of China, responsible for group finance, internal control, legal and compliance, strategy and research. He joined the Bank of China in 1996, and led the group restructuring and the US$15 billion IPO in 2006, and the Bank of China Hong Kong restructuring and IPO in 2002. Prior to joining the Bank of China, Mr. Zhu worked as an Economist at the World Bank in Washington, D.C. for six years, before which he taught economics at Johns Hopkins University and Fudan University. Mr. Zhu received a Ph.D. and an M.A. in economics from Johns Hopkins University, an M.P.A. from the Woodrow Wilson School of Public and International Affairs of Princeton University, and a B.A. in economics from Fudan University.
CAI Jinqing is a partner of Brunswick Group, an international financial communication firm. She advises multinational corporations and Chinese companies on strategic communication issues as well as on cross-border Merger& Acquisition transactions in the region. From 1993-2002, she worked in New York and Hong Kong in management consulting and venture capital focusing on China investments. Ms. Cai graduated from Wellesley College with a Bachelor of Arts degree and obtained her Master of Public Affairs from the Woodrow Wilson School of International and Public Affairs of Princeton University.
Martha Avery is President, Avery Press, Inc., which works with Chinese publishers and individuals in bringing Chinese intellectual property to a western market. She served as General Manager for John Wiley in China from 1982 to 1990, following four years in the Commerce Department handling China trade in the 1970s, an MBA at the Wharton School, and a period in Warburg Paribas Becker in Wall Street. She established the Publishing Program for the Soros Foundation in Mongolia, and went on to serve in the Budapest offices of OSI. Throughout her career, Ms. Avery has continued to translate Chinese fiction and non-fiction and to author books.
Acknowledgments ix
Preface xi
Paul A. Volcker
Introduction xiii
Zhou Xiaochuan
Overview xxiii
Zhu Min
Biographies lix
SECTION 1 MACRO 1
Chapter 1 Fundamental Issues and Challenges Facing the Chinese Economy
Guo Shuqing 3
Chapter 2 China's Global Challenge
Stephen S. Roach 19
Chapter 3 China's High Savings, Investment, and Growth Rates, and Arguments for the Rapid Development of Financial Markets
Li Yang 35
Chapter 4 The Evolution of Banking and Finance in China: Domestic and International Aspects
Pieter Bottelier 53
SECTION 2 BANKING 71
Chapter 5 China's Banking Industry: Moving Forward in Accord with Reform and Opening
Wang Zhaoxing 73
Chapter 6 China's Financial Transformation and New Challenges
Stephen K. Green 91
Chapter 7 Commercial Banking Reform
Wang Jianxi 107
Chapter 8 China's Restructured Commercial Banks: Nomenklatura Accountability Serving Corporate Governance Reform?
Nicholas Calcina Howson 123
Chapter 9 Prospects for Chinese Banks: Why Global Banks Are Drawn To China
Jamie Dimon 165
Chapter 10 Agricultural Financing in China: the Difficult Transition from a Planned to a Market System
Chen Xiwen 181
Chapter 11 Retail Banking: Mastering Wealth Management to Capture Growth Opportunities
Hans-Paul Buerkner 203
Chapter 12 Growing China's Retail Banking Business
Ma Weihua 217
SECTION 3 CAPITAL MARKETS 235
Chapter 13 Shanghai Stock Exchange: History and Prospects
Zhou Qinye 237
Chapter 14 China's Securities Companies: Growth and Prospects
Wang Dongming 251
Chapter 15 China's Emerging Financial Markets: Challenges and Global Impact
Kevan Watts 263
Chapter 16 China's Capital Markets
Qi Bin 283
Chapter 17 Opening, Reforming, and Growing China's Bond Markets
Lin Yixiang 307
Chapter 18 China's Asset Management Industry
Fan Yonghong 329
Chapter 19 Venture Capital/Private Equity in China
John S. Wadsworth, Jr and Wu Shangzhi 343
SECTION 4 INSURANCE 361
Chapter 20 China's Insurance Markets: Reform, Growth, and Prospects
Yuan Li 363
Chapter 21 Strategy of China's Largest Life Insurance Company, China Life
Yang Chao 373
Chapter 22 The Emergence of China's Insurance Industry
Wu Yan 383
Chapter 23 China's Insurance Market
Jacques Kemp 397
Chapter 24 China's Social Security System: Issues and Prospects
Gao Xiqing 417
SECTION 5 MONETARY POLICY 431
Chapter 25 China's Monetary Policy: Facing the Challenges of Financial Globalization
Wu Xiaoling 433
Chapter 26 Convertibility of RMB-denominated Capital Accounts: Process and Experience
Hu Xiaolian 449
Chapter 27 China's Money, Bond, and FX Markets
Xie Duo 459
Chapter 28 Financial Futures Markets in China
Zhu Yuchen 481
Chapter 29 China's New Currency Regime and Onshore FX Markets
Stephen Green 491
SECTION 6 SERVICES 513
Chapter 30 China's Legal System and the Financial Industry: The Past 30 Years
Wu Zhipan 515
Chapter 31 Legal Services in the Field of Banking and Finance
Xiao Wei 529
Chapter 32 The Accounting Profession in China: Review and Outlook
James Turley 545
Chapter 33 China's Taxation and the Financial Industries
Xu Shanda 569
Index 583
