Former JP Morgan China executive and co-author of Red Capitalism — one of the most rigorous analyses of China's state-directed financial system and its hidden risks.
Red Capitalism (with Fraser Howie): the definitive English-language account of how China's financial system actually works — not the neoclassical economy Western analysts assumed but a state-directed credit system where banks serve policy goals rather than market allocation. Documents the implicit government guarantees, off-balance-sheet risks, and structural vulnerabilities that make Chinese finance fundamentally different from Western financial markets. Essential reading for understanding China's debt-driven growth model.
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