China's Superbank (Bloomberg) (Hardcover)

Preface ix

Acknowledgments xix

Chapter 1 Let 10,000 Projects Bloom 1

The Wuhu Model 4

The Chongqing Model 9

Global Financial Crisis 12

A Town Called Loudi 15

Li's Story 18

"Manhattan" in China 22

Credit Risk in a One-Party State 26

Cracks in the System 29

Chapter 2 Turning a Zombie Bank into a Global Bank 39

A Life in the Party 41

The Princeling Party: The Beginning of State Capitalism 50

Taking Over a Basket Case 55

Transforming CDB from an ATM Machine 58

Developing a Slogan 62

Beating the Commercial Banks 64

Gao Jian: Creating a Market for "Risk-Free" Bonds 68

The West Self-Destructs: The Financial Crisis 72

Moving Beyond Wall Street 75

Chapter 3 Nothing to Lose but Our Chains: China Development Bank in Africa 85

Made in Ethiopia 90

Ethiopia's Zone: Exporting to the West 94

China-Africa Development Fund: The State's Private Equity Arm 96

Rising Role of China in Africa 101

Fixed Capital: Western-Style Lending 105

African Tiger: Can Ghana Escape the Resource Curse? 108

Fresh Capital 116

Chapter 4 Risk versus Reward: China Development Bank in Venezuela 123

Default in Bolívar's Country 125

China's Venezuelan Adventure 126

Loans for Oil 132

Cars, Housing, and Gold: Good Business for China 136

Ecuador 139

Russia 140

China in the Backyard of the United States 141

Chapter 5 Funding the New Economy 147

Obama's Dream 151

Default-Free Bond Market 153

Financing China's Global Company: Huawei 157

The Final Frontier: Private Equity 163

Acting as a Gatekeeper 167

Imprint of the State 169

Chapter 6 The Future 175

About the Authors 181

Index 183