Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise by Carl E. Walter; Fraser J.T. Howie

Author:Carl E. Walter; Fraser J.T. Howie
Language: eng
Format: mobi
Tags: Economics
Publisher: Wiley
Published: 2011-01-18T15:00:00+00:00

THE CDB, THE MOF AND THE BIG 4 BANKS

The rapid growth in the China Development Bank’s funding and lending activities coincides with the ascension of the new Party and government leadership in 2003 and the start of a continuing debate about China’s economic development model. During this time, the CDB became the darling of those supporting a return to both a more state-planned economy domestically and a natural-resource-based foreign policy internationally. But understanding the CDB’s position is complicated by the fact that, on the one hand, it represented a challenge to the prevailing banking model sponsored by Zhou while, on the other, it depended on the PBOC for approval of its annual bond-issuance plan. The dramatic increase in its bond issuance during this period may be the result of the PBOC’s antipathy toward the MOF; but the MOF also had its own tactics.

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