China's financial system is not a model for the west and, indeed, is not a sustainable arrangement for China itself as it seeks increasingly to assert its influence internationally. This is not a story of impending collapse, but of frustrated reforms that suggests that any full opening and meaningful reform of the financial sector is not, indeed cannot be, on the government's agenda anytime soon.
Chapter 1. Looking Back at the Policy of Reform and Opening
Chapter 2. China’s Fortress Banking System
Chapter 3. The Fragile Fortress
Chapter 4. China’s Captive Bond Market
Chapter 5. The Struggle over China’s Bond Markets
Chapter 6. Western Finance, SOE Reform and China’s Stock Markets
Chapter 7. The National Team and China’s Government
Appendix + Select Bibliography