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AmCham China hosts a luncheon with Michael Forsythe and Henry Sanderson, who will discuss their new book, "China's Superbank: Debt, Oil and Influence - How China Development Bank is Rewriting the Rules of Finance."
Anyone wanting a primer on the secret of China's economic success -- and its most glaring vulnerabilities -- need look no further than the China Development Bank. The policy bank, led by the son of one of Communist China's founding fathers, is the brainchild behind China's system of local government-financed infrastructure projects that both shielded China from the full force of the global financial crisis and resulted in trillions of dollars in potentially bad debt for China's state-owned banking system.
The bank is emerging as one of the most potent financial institutions on the global stage, lending more than US $40 billion to the government of Hugo Chavez in Venezuela, spearheading China's push into Africa and providing more than US $100 billion in credit to China's solar, wind and telecoms companies in a state-financed push that is drawing howls of protest from Washington to Brussels.
Anyone wanting a primer on the secret of China's economic success -- and its most glaring vulnerabilities -- need look no further than the China Development Bank. The policy bank, led by the son of one of Communist China's founding fathers, is the brainchild behind China's system of local government-financed infrastructure projects that both shielded China from the full force of the global financial crisis and resulted in trillions of dollars in potentially bad debt for China's state-owned banking system.
The bank is emerging as one of the most potent financial institutions on the global stage, lending more than US $40 billion to the government of Hugo Chavez in Venezuela, spearheading China's push into Africa and providing more than US $100 billion in credit to China's solar, wind and telecoms companies in a state-financed push that is drawing howls of protest from Washington to Brussels.
Speakers:
Henry Sanderson has been a reporter for Bloomberg News since April 2010. Prior to that, he was a reporter for the Associated Press in Beijing and Dow Jones in New York. While at Bloomberg, Sanderson has covered corporate finance, focusing on China's banks, the bond market, and the emergence of the yuan as an international currency. He is a graduate of the University of Leeds (with a bachelor's in Chinese and English literature) and Columbia University (with a master's in East Asian Studies).
Michael Forsythe reports on Chinese politics and policy for Bloomberg News. He joined Bloomberg News in Beijing in 2000, covering a wide-range of beats from technology to economics. In May 2003 he moved to Washington, where he covered campaign finance. In November 2006 he became team leader for US government, overseeing more than 40 editors and reporters covering the White House, Congress, Supreme Court and politics. He returned to Beijing in July 2009. He has a bachelor's degree in international economics from Georgetown University and a master's degree in East Asian Regional Studies from Harvard University. After graduating from Georgetown in 1990, he spent seven years in the US Navy, serving as an officer on ships of the US Seventh Fleet and making two deployments to the Persian Gulf.
Henry Sanderson has been a reporter for Bloomberg News since April 2010. Prior to that, he was a reporter for the Associated Press in Beijing and Dow Jones in New York. While at Bloomberg, Sanderson has covered corporate finance, focusing on China's banks, the bond market, and the emergence of the yuan as an international currency. He is a graduate of the University of Leeds (with a bachelor's in Chinese and English literature) and Columbia University (with a master's in East Asian Studies).
Michael Forsythe reports on Chinese politics and policy for Bloomberg News. He joined Bloomberg News in Beijing in 2000, covering a wide-range of beats from technology to economics. In May 2003 he moved to Washington, where he covered campaign finance. In November 2006 he became team leader for US government, overseeing more than 40 editors and reporters covering the White House, Congress, Supreme Court and politics. He returned to Beijing in July 2009. He has a bachelor's degree in international economics from Georgetown University and a master's degree in East Asian Regional Studies from Harvard University. After graduating from Georgetown in 1990, he spent seven years in the US Navy, serving as an officer on ships of the US Seventh Fleet and making two deployments to the Persian Gulf.
