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China's Great Wall of Debt

Shadow Banks, Ghost Cities, Massive Loans and the End of the Chinese Miracle

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China's Great Wall of Debt

By: Dinny McMahon
Narrated by: Dinny McMahon, Roger Davis
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The world has long considered China a juggernaut of economic strength, but since the global financial crisis, the country's economy has ballooned in size, complexity, and risk. Once dominated by four state-owned banks, the nation's financial system is a tangle of shadow banking entities, informal financial institutions, and complex corporate funding arrangements that threaten growth, stability, and reform efforts. The country has accumulated so much debt so quickly that economists increasingly predict a financial crisis that could make 'Brexit' or Greece's economic ruin seem minor, and could undermine China's ascent as a superpower. Earlier this year, President Xi Jinping issued an urgent call for reform that gives the country until 2020 to transform its economy - a vaguely-defined objective that most economists agree is unrealistic. Whether or not China will be responsible for the next global recession, as some experts forecast, the fate of its economy will have far-reaching consequences for the rest of the world. Yet the inner workings of China's financial system are still very much a mystery to most outsiders. Now more than ever, as the country's slowing economy is being felt around the globe, it is essential to understand how China allowed its economy to become so mired in debt.

China's Great Wall of Debt is a penetrating examination of the country's opaque financial system and the complex factors - demographic shifts; urbanization; industrialization; a pervasive over-reliance on debt-fueled investments - that have brought the country to the brink of crisis. Anchored by stories of China's cities and its people; from factory workers and displaced farmers to government officials and entrepreneurs, the narrative will take readers inside the country's ghost cities, zombie companies, start-ups, and regulatory institutions as McMahon explains how things got so bad, why fixing the problems is so hard, and what the economic outlook means for China and for the rest of us.©2018 Dinny McMahon Asia China Politics & Government Banking Capitalism Thought-Provoking Taxation Government Socialism Great Recession
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Critic reviews

One of the clearest and most thorough statements of an argument often made about the country: that its government has relied on constant stimulus to keep growth strong, an addiction that is bound to backfire. Second, he comes closer than any previous writer to covering the Chinese economy as Michael Lewis, the hugely popular
author of The Big Short, might do. His analysis is informed but accessible, animated by anecdotes and characters, some colourful, some verging on tragic . . . McMahon is among the most compelling of the many analysts who conclude that China's economic miracle will end painfully
An engaging economy lesson: human stories are at the heart of every chapter and he draws on his contacts to bring this well-researched analysis to life
McMahon tracks how the former juggernaut of growth allowed its economy to become mired in debt, and the dangers this poses for the rest of the world
All stars
Most relevant
They had all the ingredients for a thriller, corruption, secret police, the military, hacking and crime. Yet I was bored, the narrator is about as interesting as ditch water. So yes this book is interesting and has some useful points yet they are delivered in the most boring way.

So yes buy it but make sure you are really alert for it.

Made it all boring

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I think a great deal of this work and I've listened and been through the book several times finding it a delight, very informative and very current in light of all that is happening

clear concise excellent in conception and delivery

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very useful anecdotes and broad analysis. Leaves the reader to self summarize and project the future for China's rather odd situation

Informative and well written

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You would get a great deal of information about the Chinese economic miracle in one place. There are not many 'aha' moments during the course of listening to this book; may be because I have come across similar stories in many articles and podcasts in the recent past.

I'm not very happy with the narration because of his constant variation in the volume along with the tone. Some words are not audible if I the volume to my normal listening taste. When I increase the volume after rewinding he shouts the very next sentence. Not very comfortable listening to in a busy metro.

A great deal of information

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