Factions and Finance in China: Elite Conflict and Inflation Review

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Factions and Finance in China: Elite Conflict and Inflation ReviewAs someone with some knowledge of China, I picked up this book because the title sounded interesting. Also, I wanted to know more about the financial system in China. It was kind of a whim, but I am so glad I got the book. Dr. Shih provides an insightful and poignant analysis unveiling the deep interdependencies between Chinese banking policy of the last two decades and the evolving political landscape of the Chinese Communist Party. First of all, I learned a LOT about the banking system in China, probably more than I ever needed to know. It's really stunning how much the Communist Party in China still controls the banks. Although parts of the book are too theoretical and pedantic (all the stats!), the book as a whole is nuanced, elegant, and backed by a rich set of primary data, including really detailed accounts of high-level intrigue. I was really impressed that Dr. Shih used classified Chinese government sources to construct behind-the-scene accounts. For example, top level technocrats used anti-corruption campaigns to stop inflation! That's not something you read in the Wall Street Journal. In sum, this book offers experts and laypersons alike a compelling framework for understanding financial policy decisions in China and their longer-term implications. Once you get past all the theory and stats (chapters 4 and 5), it's an engaging read that offers a lot of useful and interesting information about the financial sector and elite politics.Factions and Finance in China: Elite Conflict and Inflation Overview

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China's Financial Markets: An Insider's Guide to How the Markets Work Review

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China's Financial Markets: An Insider's Guide to How the Markets Work ReviewWhat is famous professor of Financial Engineering Salih N. Neftci doing writing about China's financial markets? What could this possibly have to do with his excellent work demonstrating equivalent cash flows and creating synthetic instruments?
Well "omnia et nihilos" (everything and nothing). Neftci's welcome clarity is once again evident here (this time with an edditor's hand), and his efficiency in breaking down topics into digestible bites is also very much in evidence. But Neftci must have picked up his interest in China's growing financial markets from the (now a whole generation) of the excellent Chinese students he has trained. Undoubtedly his students are well placed on Wall Street, China, and globally and this book will bridge their financial engineering skills with this essential study of this important emerging market's microstructure.
This is an excellent reference tool for those interested in the development of financial markets in China and would make a wonderful gift from CLSA for those who attend its annual Shanghai-Hong Kong two-week conference on Asian investments. The CLSA conference is justifiably famous for having the best speakers, firms, institutional investors, and discussions.
Hong Kong-based shareholder activist David Webb has long pointed to the dangers of minority shareholding and security holding in the Hong Kong market (and Taiwan). In Neftci's "China's Financial Markets: An Insider's Guide to How the Markets Work" Webb's concerns are amplified for the mainland China markets as well.
The Shanghai and other mainland Chinese markets are rapidly evolving, and such concepts as a limited liability non-natural person owner (a corporation), the ability to short stock (possible for floor traders, not possible for investors), and the repatriazation of profits are among the challenges that need to be faced as Chinese regulators and a global investor class seek to deploy capital efficiently. The contributions of expert Chinese insiders provide descriptions of the banking system, the mortgage, money, equity, futures, FX, and bond markets, and the all-important capital formation arms of the insurance sector. The baffling roles of government, regulators, and the now globally-powerful Chinese central bank are also covered.
Size alone won't cure poor regulatory environment or respect for property rights and repatriazation of profits. Nevertheless China's financial markets currently represent about $3 trillion and are expected to grow to "about $10 trillion by 2008." In ths face of such rapid change (delta = opportunity) it is no wonder that the master of the greeks Salih Neftci wrote this wonderful book. An excellent thoughtful work that provided first-class information and could easily have been double the size.China's Financial Markets: An Insider's Guide to How the Markets Work Overview

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