China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle

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9781328846013: China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle
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A stunning inside look at how and why the foundations upon which China has built the world’s second largest economy, have started to crumble.

Over the course of a decade spent reporting on the ground in China as a financial journalist, Dinny McMahon gradually came to the conclusion that the widely held belief in China’s inevitable economic ascent is dangerously wrong.
 
In this unprecedented deep dive, McMahon shows how, lurking behind the illusion of prosperity, China’s economic growth has been built on a staggering mountain of debt. While stories of newly built but empty cities, white elephant state projects, and a byzantine shadow banking system, have all become a regular fixture in the press in recent years, McMahon goes beyond the headlines to explain how such waste has been allowed to flourish, and why one of the most powerful governments in the world has been at a loss to stop it.
 
Through the stories of ordinary Chinese citizens, McMahon tries to make sense of the unique—and often bizarre—mechanics of the Chinese economy, whether it be the  state’s addiction to appropriating land from poor farmers; or why a Chinese entrepreneur decided it was cheaper to move his yarn factory to South Carolina; or why ambitious Chinese mayors build ghost cities; or why the Chinese bureaucracy was able to stare down Beijing’s attempts to break up the state’s pointless monopoly over the distribution of table salt.
 
Debt, entrenched vested interests, a frenzy of speculation, and an aging population are all pushing China toward an economic reckoning. China’s Great Wall of Debt unravels an incredibly complex and opaque economy, one whose fortunes—for better or worse—will shape the globe like never before.

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From the Back Cover:

"Dinny McMahon is one of the finest chroniclers of China's economic rise and this book - with its mixture of personal observation and sharp economic analysis - is a timely warning of the pitfalls that lie ahead for the world's most populous nation. A most provocative read."Jamil Anderlini, Asia Editor for the Financial Times
"A superb, grassroots tour through the underworld of Chinese finance, an issue which -- much more than top-level power struggles or conflict with the United States -- could determine whether China becomes a true superpower or grinds to a halt under the weight of tons of bad debts." Richard McGregor, award-winning journalist and author of Asia's Reckoning: China, Japan, and the Fate of U.S. Power in the Pacific Century  "China's Great Wall of Debt by Dinny McMahon puts red meat on the dry bones of standard economic analysis about China. From fake Moutai and Bobbie bears to how the government plays with its 'great ball of money,' his 10 years on the ground during a critical period enable McMahon to provide unique insight into China's precarious financial condition today and how it is likely to evolve  tomorrow. A must read for those grappling with an increasingly closed China."Carl E. Walter, former CEO JPMorgan Chase Bank China, and co-author of Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise

About the Author:

DINNY MCMAHON spent more than a decade in China as a journalist covering the Chinese economy and financial systems for the Wall Street Journal and for the Dow Jones News Service. A native Australian, he is fluent in Mandarin. McMahon wrote China’s Great Wall of Debt while a fellow at the Woodrow Wilson International Center for Scholars in Washington DC.
 

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Book Description HOUGHTON MIFFLIN, United States, 2018. Hardback. Condition: New. Language: English. Brand new Book. A stunning inside look at how and why the foundations upon which China has built the world's second largest economy, have started to crumble. Over the course of a decade spent reporting on the ground in China as a financial journalist, Dinny McMahon gradually came to the conclusion that the widely held belief in China's inevitable economic ascent is dangerously wrong. In this unprecedented deep dive, McMahon shows how, lurking behind the illusion of prosperity, China's economic growth has been built on a staggering mountain of debt. While stories of newly built but empty cities, white elephant state projects, and a byzantine shadow banking system, have all become a regular fixture in the press in recent years, McMahon goes beyond the headlines to explain how such waste has been allowed to flourish, and why one of the most powerful governments in the world has been at a loss to stop it. Through the stories of ordinary Chinese citizens, McMahon tries to make sense of the unique--and often bizarre--mechanics of the Chinese economy, whether it be the state's addiction to appropriating land from poor farmers; or why a Chinese entrepreneur decided it was cheaper to move his yarn factory to South Carolina; or why ambitious Chinese mayors build ghost cities; or why the Chinese bureaucracy was able to stare down Beijing's attempts to break up the state's pointless monopoly over the distribution of table salt. Debt, entrenched vested interests, a frenzy of speculation, and an aging population are all pushing China toward an economic reckoning. China's Great Wall of Debt unravels an incredibly complex and opaque economy, one whose fortunes--for better or worse--will shape the globe like never before. Seller Inventory # BZE9781328846013

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