Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise
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Lin, Zuoming
Liu, Hongru
Liu, Shiquan
Liu, Zhenya
local-government debt (see also local governments)
amount of
bank borrowing
debt issues
local financing platforms
local governments (see also China public debt)
2009 stimulus package
bank borrowing
financial resources
financing platform means of financing
fiscal deficit
incorporation of government bureaus
provincial government debt issuance
Lou, Jiwei
Louis Vuitton
Lujiazui Finance & Trade Zone
M
Maanshan Iron & Steel
Mao, Zedong
Marx, Karl
Medium-term note (MTN) (see bonds)
Mercedes Benz
merger and acquisition (M&A)
Merrill Lynch
Military Weapons Equipment Company
Ministry of Chemicals
Ministry of Coal Industry
Ministry of Finance (MOF) (see also China Investment Corporation)
1998 Special Bond
2007 Special Bond
bank-restructuring model
co-managed problem-loan account
criticism of PBOC reserve management
IOUs
rivalry with PBOC
Ministry of Labor and Social Security
Ministry of Machine-Building
Ministry of Metallurgy
Ministry of Petroleum
Ministry of Posts and Telecommunications (MPT) (see also China Mobile)
Ministry of Power
Ministry of Railways (MOR)
Moody’s Investors Services
Morgan Stanley (see also investment banks)
N
Nanjing Public Utility Holdings Co. Ltd.
National Association of Financial Market Institutional Investors (NAFMII)
approval process for bond issuance
National Champions
as jumbo investors in IPOs
as the government
CEOs on Central Committee
creation of
overseas IPOs
policy need for
National Development and Reform Commission (NDRC)
criticism of PBOC
enterprise bonds
opposition to MTNs
view of commercial paper
National People’s Congress (NPC)
National Social Security Fund
National Team (see also National Champions)
net asset value
New York
New York Stock Exchange (NYSE)
Ningxia
Noble Group
non-government organization (NGO)
non-performing loan (NPL)
acquisition by AMCs
as part of public debt
commercial auction of
spin-off of
trends of
write-down of
O
Olympics
Organization Department (see also Communist Party of China)
Orient Asset Management Company (see also asset-management company)
P
Panzhihua Steel
People’s Bank of China (PBOC)
anti-inflation tools
as sponsor of stock markets
balance sheet
bank-restructuring model
deposit rate
financial stability costs
foreign-exchange reserves
inflation
local branches and Party influence
rivalry with MOF
short-term notes
Special Bills
People’s Construction Bank of China (see also China Development Bank)
People’s Insurance Company of China
People’s Liberation Army
PetroChina
underpricing of IPO
Ping An Insurance
Postal Savings Bank
provincial government debt (see bonds)
Q
Qinghai
Qualified Domestic Institutional Investor (QDII)
Qualified Foreign Institutional Investor (QFII)
R
Red Chips
regulators
regulatory fiefdoms
Super Financial Regulator
Resolution Trust Corporation (RTC)
loan-recovery rate
savings-and-loan crisis
restructuring receivables
as percentage of bank capital
yield vs. bonds and loans
Rong, Yiren
S
SAFE Investment Corporation
and China Investment Corporation
Sarbanes-Oxley
securities regulators (see China Securities Regulatory Commission)
Shaanxi
Shandong
Shandong Power
Shang Fulin
Shanghai
Shanghai Automotive
Shanghai Index
performance against RMB appreciation
strategic investors in IPOs
trading performance
Shanghai Municipal Construction Investment and Development Co. Ltd.
Shanghai Oriental Pearl
Shanghai Outer Gaoqiao Free Trade Zone
Shanghai Petrochemical
Shanghai Pudong Development Bank
Shanghai Raw Water
Shanghai Stock Exchange (see also stock markets)
as market for bonds
Great Shanghai Bubble
listed-company bonds
rationale for establishment
Shanghai World Expo
Shanxi
Shengli Oil
Shenhua Group
Shenyang
Shenyang Municipal Trust & Investment Co
Shenyin Wanguo Securities
Shenzhen
Shenzhen Development Bank
Shenzhen Stock Exchange (see stock markets)
Shi, Dahua
Sichuan
Sichuan Changhong
Sinochem Group
Sinopec
Sinosteel
Small and Medium-sized Enterprise Board (see stock markets)
Soviet model
Special Economic Zone (SEZ)
Standard and Poor’s
Standard Chartered Bank
State Administration for Foreign Exchange (SAFE) (see also People’s Bank of China)
State Committee for the Reform of the Economic System (SCRES)
critique of state planning
report to State Council on stock markets
State Council
State Council Office for Restructuring the Economic System (SCORES)
State Development Planning Commission (SDPC) (see also SPC)
State Economic and Trade Commission (SETC)
State Grid Corporation of China
State-owned Assets Supervision and Administration Commission (SASAC)
and Organization Department
bureaucratic classification
compared to Huijin
ownership of central SOEs
scope of authority
SOE dividend issue
state-owned enterprise (SOE) (see also National Champions)
Fortune 500 members
IPO candidates
stock speculation
State Planning Commission
State Power Corporation
stock markets
average size of IPO
brokerage fees
capital-raising capacity
ChiNext Board
comparative market capitalizations
funds raised
Hong Kong Stock Exchange
hot money
investor as speculator
investors by category
market capitalization by investor
<
br /> market infrastructure
national character
reason for
Shanghai Stock Exchange
share fever
Shenzhen Stock Exchange
Small and Medium-sized Enterprise Board (SME)
strategic investors
subscription lottery
Top 10 listed companies
underwriting fees
Su, Shulin
T
Taiwan
Tiananmen
Tianjin
T-Mobile
Treasury Bonds Department
Treaty Ports
Tsingtao Beer
U
UBS
United States Department of Treasury
United States of America
Urban Credit Cooperatives
US dollar
US Treasury
US Treasury bond
daily trading volume
V
Vodafone
W
Wang, Boming
Wang, Qishan
Wang, Xiaochu
Wang, Yupu
Wanguo Securities
Washington Mutual
Wells Fargo
Wenzhou Lucheng Urban Credit Cooperative
Western financial model
Western Mining
World Bank
World Trade Organization (WTO)
Fixed-asset investment
foreign direct investment
World War II
Wu, Jichuan
Wuhan
Wuhan Waterworks Group
X
Xia, Yaoqing
Xiamen International Bank
Xiao, Gang
Xie, Ping
Xinjiang
Xizhimen Hotel Conference
Xu, Lejiang
Y
Yang, Kaisheng
Yangzi River Delta
Yantai Housing and Savings Bank
Yanzhou Coal
Yizheng Chemical Fiber
Yuan, Jiajun
Yunnan
Z
Zhang, Guoqing
Zhang, Hanqiao
Zhang, Qingwei
Zhang, Ruimin
Zhang, Xiaogang
Zhejiang
Zhou, Xiaochuan
approach to bank restructuring
bond markets and bank restructuring
evaluation of bond market
Zhu, Fulin
Zhu, Rongji
and Chen, Yuan
bank restructuring policy
character of financial-reform policy
comment on GITIC collapse
creation of inter-bank bond market
and Hong Kong Stock Exchange
Mayor of Shanghai
Premier
streamlining of government
Vice Premier
Zijin Mining
“inside the system” as political geography
Table of Contents
Preface
List of Abbreviations
Chapter 1 : Looking Back at the Policy of Reform and Opening
Thirty Years of Opening up: 1978–2008
Thirteen Years of Reform: 1992–2005
The End of Reform: 2005
China is a Family Business
Endnotes
Chapter 2 : China’s Fortress Banking System
Banks are China’s Financial System
Crisis: The Stimulus to Bank Reform, 1988 and 1998
China’s Fortress Banking System in 2009
The Sudden thirst for Capital and Cash Dividends, 2010
Endnotes
Chapter 3 : The Fragile Fortress
The People’s Bank of China Restructuring Model
The Ministry of Finance Restructuring Model
The “Perpetual Put” Option to the PBOC
China’s Latest Banking Model
Implications
Endnotes
Chapter 4 : China’s Captive Bond Market
Why does China have a Bond Market?
Risk Management
The Base of the Pyramid: “Protecting” Household Depositors
Endnotes
Chapter 5 : The Struggle over China’s Bond Markets
The CDB, the MOF and the Big 4 Banks
Local Governments Unleashed
China Investment Corporation: Lynchpin of China’s Financial System
Cycles in the Financial Markets
Endnotes
Chapter 6 : Western Finance, SOE Reform and China’s Stock Markets
China’s Stock Markets Today
Why does China have Stock Markets?
What Stock Markets gave China
Endnotes
Chapter 7 : The National Team and China’s Government
Zhu Rongji’s Gift: Organizational Streamlining, 1998
How the National Team, Its Families and Friends Benefit
A Casino or a Success, or Both?
Implications
Endnotes
Chapter 8 : The Forbidden City
The Emperor of Finance
Behind the Vermillion Walls
An Empire Apart
Cracks in the Walls