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In 1974 China's last Emperor, Deng Xiaoping, travelled to New York to speak at the United Nations. This was the first time such a senior Chinese leader had ever visited the United States.
List of contents
Chapter 1: "One short nap took me all the way back to before 1949".
1978-2008: 30 years of Opening.
1992-2005: 13 years of Reform.
2005: the end of Reform.
China is a family business.
Chapter 2: China's fortress banking system.
Banks are China's financial system.
Crisis and bank reform, 1994 and 1998.
China's fortress banking system in 2009.
The sudden thirst for capital and cash dividends, 2010.
Chapter 3: The fragile fortress.
The foundation of China's banking machine.
Bad bank performance and its implications, 2009.
The "perpetual put" option to PBOC.
China's new post-Lehman Brothers banking model.
Implications.
Chapter 4: China's captive bond market.
Why does China have a bond market?
Yield curves in China.
The base of the Pyramid: "protecting" household depositors.
Chapter 5: The struggle over China's bond markets.
China Development Bank, the Ministry of Finance and the Big 4 Banks.
People's Bank of China, NDRC and CSRC: corporate bonds.
Local governments unleashed.
China Investment Corporation: the lynchpin of China's financial system.
Cycles in China's financial markets.
Chapter 6: Western finance, SOE reform and China's stock markets.
Why does China have stock markets?
What the stock markets gave China.
Chapter 7: The National Team is China's government.
The National Team, the Organization Department, Huijin and SASAC.
Chinese stock markets: Who benefits?
A casino or a success or both?
Implications.
Chapter 8: The Forbidden City.
The Emperor of Finance.
Behind the vermillion walls.
Red capitalism means leverage.
The Emperor's new financial playthings.
Appendices.
