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Inside China's Shadow Banking: The Next Subprime Crisis? (English Edition) par [Zhang, Joe]
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Longueur : 178 pages Word Wise: Activé Composition améliorée: Activé
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Présentation de l'éditeur

Is shadow banking in China likely to become the source of the next global financial crisis or simply a little understood area of the enormous Mainland economy? Joe Zhang pulls back the curtain on this sector and explains how shadow banking in China impacts the regional and world economies. He also pinpoints the areas of concern based on his experience in the field and his knowledge of the complicated regulations of banking in China gathered during his years as a staffer at the central People's Bank of China in Beijing. Drawing on his 11 years spent at UBS, as well as the work of prominent economists, Joe Zhang explains shadow banking in China for investors, economists, laypeople, and the general public. In 2001, Joe Zhang resigned as Deputy Head of China Investment Banking at UBS to become the chairman of a microcredit company in Guangzhou. This book is both his personal story and a frank assessment of the shadow banking industry in modern China.

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  • Format : Format Kindle
  • Taille du fichier : 468 KB
  • Nombre de pages de l'édition imprimée : 178 pages
  • Editeur : Enrich Professional Publishing (21 mai 2013)
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  • Langue : Anglais
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Commentaires client les plus utiles sur (beta) (Peut contenir des commentaires issus du programme Early Reviewer Rewards) 3.7 étoiles sur 5 26 commentaires
7 internautes sur 7 ont trouvé ce commentaire utile 
3.0 étoiles sur 5 A personal view of China micro-credit 13 octobre 2013
Par Richard A. Ellis - Publié sur
Format: Broché Achat vérifié
This is a quirky little book whose title may mislead some readers. It is not a macro overview of China subprime credit, nor is it, as the sub-title implies, a warning of a coming crisis in China shadow banking. A better title would have been "My Experiences in China Micro-credit," as it is a personal account of Joe Zhang's experiences in the field. What is micro-credit? In China, anyway, it involves loans to small and medium-sized enterprises (SME) that would not qualify to borrow at prime (about 6% currently) from main-line Chinese banks. Sub-prime is as the name suggests, loans made to such entities at rates much higher than prime. How much higher? The company Joe joins, Wansui Micro Credit, loans at the industry norm, which is up to 4 times prime, or 24% per year! (sometimes they loan at rates as low as 15% if the market is slack, apparently.) Joe spills a lot of ink trying to justify why he should not be called a loan shark. But before we make snap judgments here, we should consider our own check-cashing and payday loan outfits.
We are offered lots of details about Joe's lunches and meeting with various personalities, some of whom are irrelevant to the story. Some readers may see the first half of the book as overly egotistic, as it mainly serves to establish Joe's bona fides. The real 600-pound gorilla in the room, in my opinion, "Wealth Management Products" (WMP), do not even make an appearance until we are half way through the book. These are products offered to depositors that pay much more than the 2-3% the banks offer, and are mainly highly speculative and emblematic of a credit boom and a potential problem if China ever really goes through a credit crunch or recession.
Joe, not surprisingly sees no danger in sub-prime or micro-credit, and in fact the book ends with special pleading for looser regulations by China's financial overseers. I am not at all convinced that he makes out a good case that we don't need to worry. The sheer exponential growth in China's shadow banking, coupled with uncertainty regarding government guarantees for these loans, almost ensures there will be a blowout that will affect global markets.
The ending of the book is bizarre, almost cut off in mid-sentence.
On the plus side, however, I did learn something about credit and banking in the Wild, Wild East. Joe seems like an honest and forthcoming chap, with a propensity to tell it as he sees it, albeit as a cheerleader for micro-credit. Hence, three stars.
7 internautes sur 7 ont trouvé ce commentaire utile 
3.0 étoiles sur 5 Not the book as the title says 30 août 2013
Par Tae Ou Lee - Publié sur
Format: Format Kindle Achat vérifié
This is just a mix of blog level journals of an veteran investment banker. The author is said to have finished this book in 10 days, which is totally understandable to me.
Most of the pages are assigned to the authors's experience and philosophy as a CEO at a Chinese microcredit company named Wansui, which I guess is not an attractive topic for readers who are not in the microcredit field. But it was interesting for me to see the vivid inside descriptions of Chinese financial industry even though i didn't buy this book for them.
The expected analysis on Shadow Banking and Debt problems shows up in the middle, and is very short. He says shadow banking problem of China is just a symptom, not a disease itself. So if you want a quick answer, the author's answer is "Chinese banks and government can handle them". However, the author is more concerned about the overinflated Chinese economy itself, which he sees very pessimistic about the future.
Interesting read, but not sure worth the price.
17 internautes sur 18 ont trouvé ce commentaire utile 
3.0 étoiles sur 5 It could have been a lot better 29 juillet 2013
Par Minxin Pei - Publié sur
Format: Broché Achat vérifié
The author is obviously a very intelligent and perceptive professional. I also admire his high ethical and professional standards. But the book could have been a lot better. The first half is the most interesting -- it gives a unique and honest view of how business is done in China's financial sector (or rather, how good business is prevented from getting done there). The author's personal experience is most revealing and educational. But the second half of the book is rather average -- it is essentially a collection of short pieces that are the author's observations of the Chinese financial sector and its main problems. While his analysis is fine, it does not really tell those familiar with the Chinese financial system anything new. I wish the author had stuck to his personal stories and observations, which knowledgeable observers outside China would have found far more interesting.
3.0 étoiles sur 5 Poorly edited work without much insights on Micro-finance in China 4 juillet 2016
Par 100pcHonk - Publié sur
Format: Broché Achat vérifié
Mr Zhang spotted the main problem behind the economic woes in China, namely, the artificially low interest rate environment which fuels inflation rate and loan. But he fails to go further on the Siamese Twins of SOEs and State-owned banks which rely on such an interest rate environment to consolidate their monopoly and guarantee the survival of SOEs. That's why the Chinese government never risks themselves liberalising the interest rate. They could not risk falling of SOEs, or simply the party officials are sole beneficiary of such a regime of SOEs monopoly of Chinese economy. If they truly open the market, not to mention to the world, be it just within China, SOEs will fall one after one. De-regulatory environment will deprive the officials ways of extortions. Such a fundamental issue does not really go far beyond the realm of microcredit industry. Indeed any private-owned industry could never thrive in China simply because of this peculiar regime.

This book is rather thin in terms of laying out the landscape of micro-finance in China. The flow of the book is often interrupted with side issues and side details. Headings or even titles of Chapters are sometimes quite unrelated with the contents. It tells a lot about the author himself, quite flickering amid different bits and pieces. It is indeed quite disturbing. Besides, several grammatical mistakes could be easily spotted. The book seems going published without any editing effort.

Many people was drawn to this book primarily because rarely any other books could be found on this topic. And the author's first-hand experience seems intriguing, as people are tired of academic research losing touch with the real experience. But this book still falls short of expectations on bringing insights.
4.0 étoiles sur 5 Very Interesting but too tangent and off base to the book's title 3 août 2013
Par Yoda - Publié sur
Format: Broché Achat vérifié
This reviewer has been looking for a decent sophisticated book written by either an academic or insider on China's shadow banking sector. Considering its size relative to China's GDP, its informality and the impact of the subprime banking sector on the US (one of the contributor's to that nation's recent financial crisis) this reviewer thought it a topic of importance, especially in its implications to both China's economy and the world's. This book, especially considering who its author is, Joe Zhang (a renowned expert on China's informal banking sector with very significant actual experience in the field) was thought, by this reviewer, to fit the bill. This reviewer was hoping that it would answer, or at least be geared, to answering the question (as its title implies) "what are the odds of China's shadow banking system leading to a major financial crisis in China?"

Unfortunately the book only partially covers this topic, contrary to the implications of its title. The book, instead of covering primarily this topic, is more a combination of autobiography and the author's business experience in the field, an overview of the regulatory problems in this segment of China's financial and banking sector, the author's views on China's real estate market (and potential bubble) and China's equity and IPO markets and the author's views on the importance of this segment of banking on Chinese society and the economy (primarily that it serves lower end clients that are not properly served by the "standard" banking sector in China). The reader learns of the author's views, among other things, that the Chinese property market is too inflated (even though the author does not state when he expects it to burst), the author's belief that the subprime sector is over regulated and China's banking sector is too biased towards large lenders and borrower and that interest rate ceilings for depositors need to be lifted. The latter is ironic as, in the book, the author states that he believes the odds of this actually happening are quite low but, in reality, it did happen only one week before this reviewer wrote this very review.

Not that all of this is bad. Actually it is very interesting and very good insights into these tangent topics, especially coming from someone with the author's background and integrity. The coverage of these topics, in this reviewer's opinion, make the book well worth reading for anyone with a serious interest in the Chinese financial, banking and real estate sectors. In this reviewer's opinion this is worth a four star rating. The problem, however, is that much of this discussion is a digression from the main topic. As a result, the reader does not obtain a very in-depth analysis of the possibility of a Chinese subprime crash (albeit he or she obtains Mr. Zhang's opinion that he does not believe that China's subprime banking sector is going to crash). This is especially a problem considering that the book itself is already quite short, consisting of only about 160 short pages (i.e., double spaced and small pages).
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