Inside the engine-room of China’s economic growth–the
China Development Bank
Anyone wanting a primer on the secret of China’s economic
success need look no further than China Development Bank
(CDB)–which has displaced the World Bank as the world’s
biggest development bank, lending billions to countries around the
globe to further Chinese policy goals. In China’s
Superbank, Bloomberg authors Michael Forsythe and Henry
Sanderson outline how the bank is at the center of China’s domestic
economic growth and how it is helping to expand China’s influence
in strategically important overseas markets.
100 percent owned by the Chinese government, the CDB holds the
key to understanding the inner workings of China’s state-led
economic development model, and its most glaring flaws. The bank is
at the center of the country’s efforts to build a world-class
network of highways, railroads, and power grids, pioneering a
lending scheme to local governments that threatens to spawn
trillions of yuan in bad loans. It is doling out credit lines by
the billions to Chinese solar and wind power makers, threatening to
bury global competitors with a flood of cheap products. Another $45
billion in credit has been given to the country’s two biggest
telecom equipment makers who are using the money to win contracts
around the globe, helping fulfill the goal of China’s leaders for
its leading companies to ‘go global.’
Bringing the story of China Development Bank to life by
crisscrossing China to investigate the quality of its loans,
China’s Superbank travels the globe, from Africa,
where its China-Africa fund is displacing Western lenders in a
battle for influence, to the oil fields of Venezuela.
* Offers a fascinating insight into the China Development Bank
(CDB), the driver of China’s rapid economic development
* Travels the globe to show how the CDB is helping Chinese
businesses ‘go global’
* Written by two respected reporters at Bloomberg News
As China’s influence continues to grow around the world, many
people are asking how far it will extend. China’s
Superbank addresses these vital questions, looking at the
institution at the heart of this growth.
विषयसूची
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 21
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
लेखक के बारे में
HENRY SANDERSON has been a reporter for Bloomberg News
since April 2010. Prior to that, he was a reporter for the
Associated Press in Beijing and Dow Jones in New York. While at
Bloomberg, Sanderson has covered corporate finance, focusing on
China’s banks, the bond market, and the emergence of the yuan as an
international currency. He is a graduate of the University of Leeds
(with a BA in Chinese and English literature) and Columbia
University (with a Master’s in East Asian Studies).
MICHAEL FORSYTHE has been a reporter and editor for
Bloomberg News since 2000. Prior to that, he was an officer in the
U.S. Navy for seven years, serving on ships in the U.S. 7th Fleet.
The highlight of his career in Washington was overseeing
Bloomberg’s coverage of the historic 2008 presidential election.
Since returning to Beijing in 2009, Forsythe has focused on policy
and politics, with particular emphasis on the international impact
of ‘China Inc.’ He is a graduate of Georgetown University (with a
BA in International Economics) and Harvard University (with a
Master’s in East Asian Regional Studies).
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