Chinese Communist Party

In this timely and provocative book, James Stent, a banker with decades of experience in Asian banking and fluency in Chinese language, explains how Chinese banks work, analyzes their strengths and weaknesses, and sets forth the challenges they face in a slowing economy. Without minimizing the real issues Chinese banks face, China’s Banking Transformation challenges negative media accounts and reports of “China bears.” Based on his 13 years of service on the boards of China Minsheng Bank, a privately owned listed bank, and China Everbright Bank, a state-controlled listed bank, the author brings the informed view of an insider to the reality of Chinese banking.China’s Banking Transformation demonstrates that Chinese banks have transformed into modern, well-run commercial banks, playing a vital role supporting the country’s extraordinary economic growth. Acknowledging that China’s banks are different from Western banks, the author explains that they are hybrid banks, borrowing extensively from Western models, but at the same time operating within a traditional Chinese cultural framework and in line with China’s governance model.From his personal experience working at board level, Stent describes the governance and management of China’s banks, including the role of the Communist Party. He sees China’s banks as embedded in ancient concepts of how government and society work in China, and also as actors within a market socialist political economy. The Chinese banking system today bears similarities with banking in Northeast Asian “developmental states” of recent past, and also pre-1949 Chinese banking.As the first account of Chinese banking by a Westerner who has worked in China’s banks, China’s Banking Transformation should be read by anyone interested in the political economy of contemporary China, in Asian development issues, and in banking issues generally. The book dispels misconceptions and provides insight into the financial aspects of China’s economic growth story. —Oxford University Press{chop}

Globalization has reconfigured both the external institutional framework and the intrinsic operating mechanisms of capitalism. The global triumph of capitalism implies the embracing of the market by the state in all its variants, and that global capitalism is not confined to the shell of nation-state democracy. Guoguang Wu provides a theoretical framework of global capitalism for specialists in political economy, political science, economics, and international relations, for graduate and undergraduate courses on globalization, capitalism, development, and democracy, as well as for the public who are interested in globalization. Wu examines the new institutional features of global capitalism and how they re-frame movements of capital, labor, and consumption. He explores how globalization has created a chain of connection in which capital depends on effective authoritarianism, while democracy depends on capital. Ultimately, he argues that the emerging state-market nexus has fundamentally shaken the existing institutional systems, harming democracy in the process. —Cambridge University Press{chop}

“It was impossible. All of China was a prison in those days.”Mao Zedong’s labor reform camps, known as the laogai, were notoriously brutal. Modeled on the Soviet Gulag, they subjected their inmates to backbreaking labor, malnutrition, and vindictive wardens. They were thought to be impossible to escape—but one man did.Xu Hongci was a bright young student at the Shanghai No. 1 Medical College, spending his days studying to be a professor and going to the movies with his girlfriend. He was also an idealistic and loyal member of the Communist Party and was generally liked and well respected. But when Mao delivered his famous February 1957 speech inviting “a hundred schools of thought [to] contend,” an earnest Xu Hongci responded by posting a criticism of the Party—a near-fatal misstep. He soon found himself a victim of the Anti-Rightist Campaign, condemned to spend the next 14 years in the laogai.Xu Hongci became one of the roughly 550,000 Chinese unjustly imprisoned after the spring of 1957, and despite the horrific conditions and terrible odds, he was determined to escape. He failed three times before finally succeeding, in 1972, in what was an amazing and arduous triumph.Originally published in Hong Kong, Xu Hongci’s remarkable memoir recounts his life from childhood through his final prison break. After discovering his story in a Hong Kong library, the journalist Erling Hoh tracked down the original manuscript and compiled this condensed translation, which includes background on this turbulent period, an epilogue that follows Xu Hongci up to his death, and Xu Hongci’s own drawings and maps. Both a historical narrative and an exhilarating prison-break thriller, No Wall Too High tells the unique story of a man who insisted on freedom—even under the most treacherous circumstances. —Farrar, Straus and Giroux{chop}