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China and the Credit Crisis: The Emergence of a New World Order

ISBN: 978-0-470-82507-5
228 pages
March 2010
China and the Credit Crisis: The Emergence of a New World Order (0470825073) cover image
The western world attributed China’s role as world’s largest financer of the developed world and third largest economy in the world to new economic efficiencies, a revolution in risk management and its own wise policies. China and the Credit Crisis argues that if the extent of the role played in the new prosperity by an emerging China, and the fundamental nature of the changes it brought had been better understood, more appropriate policies and actions would have been adopted at the time which could have avoided the crash, or at least limited its impact. 

China’s Credit Crisis examines the larger role that China will play in the recovery from the current credit crisis and in the post-crisis world.  It addresses the major questions which arise from the financial crisis and discuss the landscape of the post-credit crisis world, initially by continuing to provide growth to a world deep in recession, and later by sharing global economic and political leadership

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Foreword.

Preface.

Chapter 1 The World has Changed.

Chapter 2 Did China Cause the Credit Crisis?

Chapter 3 The Economic Effects of the Crisis on China.

Chapter 4 From G8 to G20: China’s Role in Global Governance.

Chapter 5 An End to Dollar Dominance?

Chapter 6 Rowing the Same Boat: Sino–American Relations.

Chapter 7 China as Asian Leader.

Chapter 8 China and the Emerging World.

Chapter 9 Nova Pax Sinica—Can China Lead the World?

Chapter 10 New China, Old China.

Bibliography.

Index.

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Giles Chance is a visiting professor at the Guanghua Business School at Peking University, where he first taught a class in 1999. He met his Chinese wife at the World Bank in 1984, and first visited China in 1988. Since 1989, he has advised numerous foreign companies and investors in China, and has assisted many Chinese companies to source technology from Western companies, and raise capital in the Hong Kong and London markets. Giles was educated at St. Andrew's University in Scotland and at the Tuck School of Business at Dartmouth College in the United States, where he was a Fulbright Scholar.
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“Informative and useful…” – China International Business, China

 “Giles Chance adds a new dimension to our understanding of the financial meltdown by highlighting the role of China in precipitating the credit crisis.” – Business Today, India

 “…Fascinating insight into how China thinks and works.” – MoneyLIFE, India

 “Chance’s book offers the valuable insight gained from 20 years of business experience on the ground in China…” – Jing Daily, US

"Imperative read. " --- The Hindu , India

“…In ‘China and the Credit Crisis: The Emergence of a New World Order,’ author Giles Chance says he has looked deeper into the question and tried to interpret how his conclusions might reshape global economics.”  – Asia Wall Street Journal

Giles Chance does a masterful job at weaving his immense knowledge of China and economics into a convincing case that China's emergence into the world economy, especially in regard to its impact on the global supply of consumer products, was a key factor in the crisis.  If policy makers had recognized the real impact of China, it is likely that monetary policy and the path of the world economy would have been very different.  This book should be read by anyone who truly wants to truly understand all aspects of this amazing economic period we have experienced.
-- Robert G. Hansen
Senior Associate Dean, Norman W. Martin 1925 Professor of Business Administration, Tuck School of Business, Dartmouth College, N.H., USA


The author, with his unique experience and understanding [of China], has raised interesting issues in the book. A recommended read for anyone who has been affected by the Credit Crisis, as well as those with a professional research interest in this subject. 
--Fu Xuedong
Chairman, Guotai Junan Allianz Fund Management Co. Ltd., Shanghai


A fascinating and authoritative account of the relationship between the banking crisis and the emergence of China, and as good an analysis as you'll get on the changes taking place in our world as a result.
--Jolyon Connell
Founder and Editorial Director, The Week and MoneyWeek


Giles Chance is a keen observer of market developments and institutional change in the 25 years he has lived in China. His views about the probable developments in the next several decades are provocative.
--Robert Aliber
Professor Emeritus of Economics and Finance, University of Chicago
Author,
The International Money Game


…the credit crisis has changed the balance of global financial power. This has altered, and in some ways strengthened, China's global position. Giles analyzes this new situation in his book, which I think is the first one to cover this subject directly and in some depth...I recommend this important book to people around the world who want to understand better China's emergence as a superpower. --Zhang Wei Ying
Dean, Guanghua School of Management, Peking University


…In this clear-eyed and thoughtful book, Giles Chance, who has lived and worked in China for much of the past two decades, delivers a penetrating portrait of China at this crucial juncture in its history…We learn how China's emergence will shake up the existing world order, how the world's most populous nation is set to lead Asia economically and diplomatically, and how wealth and influence will shift from the West to the East…
--James Kynge
Editor, FT China Confidential
Author,
China Shakes the World

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December 16, 2009
China’s Role in the Post-Crisis World

Did China cause the credit crisis? China’s accession to the WTO in 2001 set in motion a huge upheaval in the world economy and underpinned a global economic boom. Surging Chinese exports of consumer products brought lower prices to Western consumers and larger profits to multinationals, turning China into the largest financer of the developed world, while massive Chinese buying of commodities promoted strong growth in many commodity-rich but less-developed countries.  

However, China’s emergence also helped create the conditions for the debt excesses which caused the crash of 2008. In hindsight, if financial policymakers had better understood the nature and extent of the shock brought by China to the world economy, more appropriate policies might have been put in place which could have mitigated the crash – or even avoided it.

Meanwhile, the impact of the credit crisis has pushed China from behind America’s shadow into a central position on the world stage.

China and the Credit Crisis: The Emergence of a New World Order (ISBN: 978-0-470-82507-5; John Wiley & Sons) is the first book to examine the important part played by China in the run-up to the crisis and to discuss in detail the implications of China’s sudden elevation to a position of global leadership. Author Giles Chance has lived in China for over 20 years, and is a business professor at the Guanghua Business School at Peking University. A keen observer of market developments and institutional change in China, Chance gives readers an insightful analysis of China’s new role with respect to changes in global governance, the future role of the dollar, and the country’s relations with the United States, Asia and the emerging world.

China, which now depends on worldwide engagement to realize its own development goals, is set to overtake Japan as the world's second largest economy by 2012. But unlike Japan, the country is equipped both by history and national inclination to play a leading role. Increasingly, what happens in China will have global repercussions. It is therefore critical that we understand the new role China will play in the post-crisis world – as a provider of growth to a world deep in recession, and, further into the future, as a central player in international affairs and macroeconomic management. China and the Credit Crisis will be an imperative read for specialists and non-specialists alike, illuminating the global impact of China’s ascent and the future evolution of China itself.

  

China and the Credit Crisis: The Emergence of a New World Order

Published by John Wiley & Sons

Publication Date: November 25, 2009

US$19.95; Paperback; 228 pp.; ISBN: 978-0-470-82507-5

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