Summary
Is shadow banking in China likely to become the source of the next global financial crisis or simply a little understood area of the enormous Mainland economy? Joe Zhang pulls back the curtain on this sector and explains how shadow banking in China impacts the regional and world economies. He also pinpoints the areas of concern based on his experience in the field and his knowledge of the complicated regulations of banking in China gathered during his years as a staffer at the central People’s Bank of China in Beijing. Drawing on his 11 years spent at UBS, as well as the work of prominent economists, Joe Zhang explains shadow banking in China for investors, economists, laypeople, and the general public. In 2001, Joe Zhang resigned as Deputy Head of China Investment Banking at UBS to become the chairman of a microcredit company in Guangzhou. This book is both his personal story and a frank assessment of the shadow banking industry in modern China.