Red Capitalism (44 page)

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Authors: Carl Walter,Fraser Howie

Tags: #Business & Economics, #Finance, #General

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Rong, Yiren

S

SAFE Investment Corporation

and China Investment Corporation

Sarbanes-Oxley

securities regulators (
see
China Securities Regulatory Commission)

Shaanxi

Shandong

Shandong Power

Shang Fulin

Shanghai

Shanghai Automotive

Shanghai Index

performance against RMB appreciation
strategic investors in IPOs
trading performance

Shanghai Municipal Construction Investment and Development Co. Ltd.

Shanghai Oriental Pearl

Shanghai Outer Gaoqiao Free Trade Zone

Shanghai Petrochemical

Shanghai Pudong Development Bank

Shanghai Raw Water

Shanghai Stock Exchange (
see also
stock markets)

as market for bonds
Great Shanghai Bubble
listed-company bonds
rationale for establishment

Shanghai World Expo

Shanxi

Shengli Oil

Shenhua Group

Shenyang

Shenyang Municipal Trust & Investment Co

Shenyin Wanguo Securities

Shenzhen

Shenzhen Development Bank

Shenzhen Stock Exchange (
see
stock markets)

Shi, Dahua

Sichuan

Sichuan Changhong

Sinochem Group

Sinopec

Sinosteel

Small and Medium-sized Enterprise Board (
see
stock markets)

Soviet model

Special Economic Zone (SEZ)

Standard and Poor’s

Standard Chartered Bank

State Administration for Foreign Exchange (SAFE) (
see also
People’s Bank of China)

State Committee for the Reform of the Economic System (SCRES)

critique of state planning
report to State Council on stock markets

State Council

State Council Office for Restructuring the Economic System (SCORES)

State Development Planning Commission (SDPC) (
see also
SPC)

State Economic and Trade Commission (SETC)

State Grid Corporation of China

State-owned Assets Supervision and Administration Commission (SASAC)

and Organization Department
bureaucratic classification
compared to Huijin
ownership of central SOEs
scope of authority
SOE dividend issue

state-owned enterprise (SOE) (
see also
National Champions)

Fortune 500 members
IPO candidates
stock speculation

State Planning Commission

State Power Corporation

stock markets

average size of IPO
brokerage fees
capital-raising capacity
ChiNext Board
comparative market capitalizations
funds raised
Hong Kong Stock Exchange
hot money
investor as speculator
investors by category
market capitalization by investor
market infrastructure
national character
reason for
Shanghai Stock Exchange
share fever
Shenzhen Stock Exchange
Small and Medium-sized Enterprise Board (SME)
strategic investors
subscription lottery
Top 10 listed companies
underwriting fees

Su, Shulin

T

Taiwan

Tiananmen

Tianjin

T-Mobile

Treasury Bonds Department

Treaty Ports

Tsingtao Beer

U

UBS

United States Department of Treasury

United States of America

Urban Credit Cooperatives

US dollar

US Treasury

US Treasury bond

daily trading volume

V

Vodafone

W

Wang, Boming

Wang, Qishan

Wang, Xiaochu

Wang, Yupu

Wanguo Securities

Washington Mutual

Wells Fargo

Wenzhou Lucheng Urban Credit Cooperative

Western financial model

Western Mining

World Bank

World Trade Organization (WTO)

Fixed-asset investment
foreign direct investment

World War II

Wu, Jichuan

Wuhan

Wuhan Waterworks Group

X

Xia, Yaoqing

Xiamen International Bank

Xiao, Gang

Xie, Ping

Xinjiang

Xizhimen Hotel Conference

Xu, Lejiang

Y

Yang, Kaisheng

Yangzi River Delta

Yantai Housing and Savings Bank

Yanzhou Coal

Yizheng Chemical Fiber

Yuan, Jiajun

Yunnan

Z

Zhang, Guoqing

Zhang, Hanqiao

Zhang, Qingwei

Zhang, Ruimin

Zhang, Xiaogang

Zhejiang

Zhou, Xiaochuan

approach to bank restructuring
bond markets and bank restructuring
evaluation of bond market

Zhu, Fulin

Zhu, Rongji

and Chen, Yuan
bank restructuring policy
character of financial-reform policy
comment on GITIC collapse
creation of inter-bank bond market
and Hong Kong Stock Exchange
Mayor of Shanghai
Premier
streamlining of government
Vice Premier

Zijin Mining

“inside the system” as political geography

Table of Contents

Preface

List of Abbreviations

Chapter 1 : Looking Back at the Policy of Reform and Opening

Thirty Years of Opening up: 1978–2008

Thirteen Years of Reform: 1992–2005

The End of Reform: 2005

China is a Family Business

Endnotes

Chapter 2 : China’s Fortress Banking System

Banks are China’s Financial System

Crisis: The Stimulus to Bank Reform, 1988 and 1998

China’s Fortress Banking System in 2009

The Sudden thirst for Capital and Cash Dividends, 2010

Endnotes

Chapter 3 : The Fragile Fortress

The People’s Bank of China Restructuring Model

The Ministry of Finance Restructuring Model

The “Perpetual Put” Option to the PBOC

China’s Latest Banking Model

Implications

Endnotes

Chapter 4 : China’s Captive Bond Market

Why does China have a Bond Market?

Risk Management

The Base of the Pyramid: “Protecting” Household Depositors

Endnotes

Chapter 5 : The Struggle over China’s Bond Markets

The CDB, the MOF and the Big 4 Banks

Local Governments Unleashed

China Investment Corporation: Lynchpin of China’s Financial System

Cycles in the Financial Markets

Endnotes

Chapter 6 : Western Finance, SOE Reform and China’s Stock Markets

China’s Stock Markets Today

Why does China have Stock Markets?

What Stock Markets gave China

Endnotes

Chapter 7 : The National Team and China’s Government

Zhu Rongji’s Gift: Organizational Streamlining, 1998

How the National Team, Its Families and Friends Benefit

A Casino or a Success, or Both?

Implications

Endnotes

Chapter 8 : The Forbidden City

The Emperor of Finance

Behind the Vermillion Walls

An Empire Apart

Cracks in the Walls

Imperial Ornaments

Endnotes

Appendix

Select Bibliography

Index

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