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China's Great Wall of Debt - Shadow Banks, Ghost Cities, Massive Loans and the End of the Chinese Miracle (Paperback)
Loot Price: R247
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China's Great Wall of Debt - Shadow Banks, Ghost Cities, Massive Loans and the End of the Chinese Miracle (Paperback)
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List price R303
Loot Price R247
Discovery Miles 2 470
You Save R56 (18%)
Expected to ship within 9 - 15 working days
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'One of the clearest and most thorough statements of an argument
often made about the country: that its government has relied on
constant stimulus to keep growth strong, an addiction that is bound
to backfire. Second, he comes closer than any previous writer to
covering the Chinese economy as Michael Lewis, the hugely popular
author of The Big Short, might do. His analysis is informed but
accessible, animated by anecdotes and characters, some colourful,
some verging on tragic . . . McMahon is among the most compelling
of the many analysts who conclude that China's economic miracle
will end painfully' The Economist The world has long considered
China a juggernaut of economic strength, but since the global
financial crisis, the country's economy has ballooned in size,
complexity, and risk. Once dominated by four state-owned banks, the
nation's financial system is a tangle of shadow banking entities,
informal financial institutions, and complex corporate funding
arrangements that threaten growth, stability, and reform efforts.
The country has accumulated so much debt so quickly that economists
increasingly predict a financial crisis that could make 'Brexit' or
Greece's economic ruin seem minor, and could undermine China's
ascent as a superpower. Earlier this year, President Xi Jinping
issued an urgent call for reform that gives the country until 2020
to transform its economy - a vaguely-defined objective that most
economists agree is unrealistic. Whether or not China will be
responsible for the next global recession, as some experts
forecast, the fate of its economy will have far-reaching
consequences for the rest of the world. Yet the inner workings of
China's financial system are still very much a mystery to most
outsiders. Now more than ever, as the country's slowing economy is
being felt around the globe, it is essential to understand how
China allowed its economy to become so mired in debt. China's Great
Wall of Debt is a penetrating examination of the country's opaque
financial system and the complex factors - demographic shifts;
urbanization; industrialization; a pervasive over-reliance on
debt-fueled investments - that have brought the country to the
brink of crisis. Anchored by stories of China's cities and its
people; from factory workers and displaced farmers to government
officials and entrepreneurs, the narrative will take readers inside
the country's ghost cities, zombie companies, start-ups, and
regulatory institutions as McMahon explains how things got so bad,
why fixing the problems is so hard, and what the economic outlook
means for China and for the rest of us.
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