Red Capitalism

Praise for Red Capitalism

"The most important financial book of the year." —James Grant Editor, Grant's Interest Rate Observer

"Red Capitalism peels back the faÇade of China's economy and reveals how the dominant role of the state has led to enormous financial leverage and endemic malinvestment. China's major role in the global economy makes Red Capitalism required reading for any financial industry fiduciary." —Mark L. Hart III Chairman, Corriente Advisors, L.L.C.

"China is bent on superpower rivalry; reserve currency status for the renminbi is a glint in the party's eye. Red Capitalism puts a powerful case that its economy and financial system are not fully equipped to support such aspirations." —Financial Times

"This book allows us to further deepen our analysis and prepare for the tumultuous events which impend." —Socialism Today

"Walter and Howie possess a rare depth of experience in the analysis of the Chinesefinancial sector. Their hard-hitting conclusions,based on a wealth of empirical research, will stimulate debate about the future of theChinese financial system at a critical point in its evolution." —Peter Nolan Sinyi Professor of Chinese Management, Cambridge Judge Business School, University of Cambridge

"Concise and erudite, Red Capitalism is a fantastic deep dive into China's structurally flawed financial system." —China Economic Review

"A penetrating analysis that demonstrates how hard it is to follow the old adage 'follow the money,' and how rewarding it is to understand what will really drive China into the future." —Christian Murck President, American Chamber of Commerce in China

"Walter and Howie put the Chinese financial system under the microscope to examine how an absence of leadership, institutional squabbling, and complacency have seen appetites for reform splutter out, replaced by stagnation and dysfunction. Theirs is a fascinating, entertaining, and necessary corrective to the hyperbole surrounding China's seemingly miraculous rise."—David Wilder Beijing Bureau Chief, Market News International

"Red Capitalism is an important addition to the reading list of any China-watcher."—The Hindu

"Red Capitalism is a superb guide to China'sfinancial labyrinth. It's a must-read for anyone who wants to understand the sources ofChinese economic power, and the threat posed by the nation's vast hidden debts."—Arthur Kroeber Editor, China Economic Quarterly

NAMED A BEST BOOK OF THE YEAR BY THE ECONOMIST