Inside China's Shadow Banking: The Next Subprime Crisis

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9781623200176: Inside China's Shadow Banking: The Next Subprime Crisis

Is shadow banking in China likely to become the source of the next global financial crisis or simply a little understood area of the enormous Mainland economy? Joe Zhang pulls back the curtain on this sector and explains how shadow banking in China impacts the regional and world economies. He also pinpoints the areas of concern based on his experience in the field and his knowledge of the complicated regulations of banking in China gathered during his years as a staffer at the central People's Bank of China in Beijing. Drawing on his 11 years spent at UBS, as well as the work of prominent economists, Joe Zhang explains shadow banking in China for investors, economists, laypeople, and the general public. In 2001, Joe Zhang resigned as Deputy Head of China Investment Banking at UBS to become the chairman of a microcredit company in Guangzhou. This book is both his personal story and a frank assessment of the shadow banking industry in modern China.

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About the Author:

Joe Zhang is chairman of China Smartpay based in Hong Kong. He is the author of the bestseller Inside China s Shadow Banking: The Next Subprime Crisis and Party Man, Company Man: Is China s State Capitalism Doomed? published by Enrich Professional Publishing. Zhang was Chairman of Wansui Micro Credit Company in Guangzhou, China, from 2011 to 2012. The Microcredit Association of China named him Microcredit Person of the Year in January 2012. Before starting his own business, Zhang worked at The People's Bank of China and investment banks. Zhang was chief operating officer of Shenzhen Investment (604 HK) between 2006-2008. He worked 11 years at UBS as a banker and head of China Research. Prior to this, Mr. Zhang worked at the People s Bank of China between 1986 and 1989. In the past two decades, Joe's numerous articles have appeared in The New York Times, The Wall Street Journal, Financial Times, Bloomberg and South China Morning Post. Zhang obtained a master s degree in economics from The Australian National University in 1991.

Review:

Mr Zhang's book is marketed to people who suspect that systemic dangers lurk in these shadows. --Simon Cox, The Economist

"Inside China s Shadow Banking" has hit shelves just as concerns about the country's runaway credit boom are capturing global headlines. --Peter Thal Larsen, Thomson Reuters

One of those who has helped shed a little light among the shadows is Joe Zhang, author of "Inside China's Shadow Banking: The Next Subprime Crisis". --Dinny McMahon, Wall Street Journal Now, two years on, he has written a book about his time at Wansui, entitled Inside China's Shadow Banking. His experiences are both illuminating and depressing. "Negative real interest rates and runaway credit growth have reinforced each other," he concludes, "creating the biggest credit bubble on the planet." --Tom Holland, South China Morning Post

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