Privatizing China: Inside China's Stock Markets 2nd Edition

Privatizing China: Inside china’s Stock Markets goes behind the hype and the headlines to show the reality of China’s stock markets. Understanding these markets and knowing how they need to develop is essential to the rising generation of foreign investors, fund managers, executives and regulators who only recently have been given access. It is the only book to provide a comprehensive analysis of how the market was established and how this history has shaped its current strengths and weaknesses.

In this second edition of Privatizing China, the authors Carl Walter and Fraser Howie have completely revised and updated their account of the evolution of China’s equity markets. As long-term market participants, the authors have added three new chapters that provide an insider’s view of the political struggle over market reform, an in-depth look at the resulting 2005 G share reforms and a full treatment of the policies and market practice of the Qualified Foreign Institutional Investor (QFll) channel.

Against this larger background, this book shows how the markets have developed from their early dominance by local governments to ones that are controlled and deliberately manipulated by the central government in pursuit of its own policy goals.

Privatizing China: Inside China’s Stock Markets is indispensable reading for those who wish to understand the limits of China’s unique approach to economic reforms – combining the past with an enthusiasm to embrace real market past with an enthusiasm to embrace real market practices.No one should consider investing in Chinese stocks or companies without reading this book.

PRIVATIZING CHINA

INSIDE CHINA’S STOCK MARKETS

In more depth than any other, this highly readable book lays bare why China’s capital markets have fallen so far short of their promise. It is required reading for anyone seeking to understand the realities and the future of an extraordinary economic transformation. – James Kynge, Former Beijing Bureau Chief, Financial Times, Author, China Shakes the World

Carl Walter and Fraser Howie bring together a wealth of experience to this complex and deeply important topic. Their book contains a mine of invaluable quantitative and qualitative information as well as an incredible depth of knowledge. It is essential reading for anyone investing in companies from mainland China. – Professor Peter Nolan, Judge Institute of Management Studies, University of Cambridge

Privatizing China is essential for anyone who wants to understand China’s companies and stock markets. no one should invest in China without reading it. – Arthur Kroeber, Managing Editor, China Economic Quarterly

Carl Walter and Fraser Howie combine a deep knowledge of China and finance to provide an unflinching perspective on the country’s effort to build functioning capital markets. China may have wowed the world with its high-speed economic growth and manufacturing prowess, but this book is compelling evidence that Beijing’s mastery of the universe does not yet extend to the stock market. – Richard MacGregor, beijing Correspodent, FinancialTimes

This book will answer many people’s questions regarding SOEs and the stock market. I think it is destined to become the standard reference work on the subject. – Jean C. Oi, Director, Center for East Asian Studies, Stanford University