CHINA'S GREAT WALL OF DEBT

Sub-titled 'Shadow Banks, Ghost Cities, Massive Loans and the End of the Chinese Miracle' this is a penetrating examination of the country's opaque financial system and the complex factors of demographic shifts, urbanisation, industrialisation and over-reliance on debt-fuelled investments. This has brought the county 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 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 the rest of the world. China was once dominated by four state-owned banks. President Xi Jinping issued an urgent call for reform that gave the country until 2020 to transform its economy, yet the inner workings of its financial system are still very much a mystery to most outsiders. Until this book. 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. An informed analysis animated by anecdotes and characters, some colourful, some verging on tragic. A most engaging economy lesson. 256pp, large softback.