China's Banking Transformation
The Untold Story
James Stent
Reviews and Awards
"James Stent has produced a study that is unique among the hundreds of books written about China and its economic transformation. He approaches the topic of banking reform in China as a participant in the process and provides distinct insight into Chinese politics and culture as it influences the way China does business. China's Banking Transformation is a remarkable achievement and should be read by both China scholars, those interested in Chinese banking, and also by those searching for a better and broader understanding of China's economic reforms." - Dwight H. Perkins, Harvard University
"James Stent makes a compelling case as to why fears of a Chinese banking crisis are vastly overblown — very much at odds with the consensus mindset in the West that remains enamored with the dark side of China. His analysis of the Chinese banking system in the context of China's unique hybrid economic model is a must read for those who want to get China right." - Stephen Roach, Senior Fellow Yale University Jackson Institute for Global Affairs and Former Chairman Morgan Stanley Asia
"This opportune, well-conceived volume can stand as at least a partial corrective to the current wave of negative polemics respecting the presumed behavior of China's economy. Relying on decades of Asian banking experience, including a dozen years in the PRC itself, Stent puts forth a strikingly positive assessment of China's ongoing banking metamorphosis. While his interpretation of Chinese cultural norms is at times hackneyed, Stent forcefully argues that Confucianism as well as the ubiquitous party-state have engendered a distinctive banking system capably serving national development goals as well as financial profits. From mere bursars of state funds under Maoism, China's banks have steadily emerged as modern, well-run commercial institutions functioning within a "market socialist" political economy." - R. P. Gardella, United States Merchant Marine Academy, Professor emeritus
"This opportune, well-conceived volume can stand as at least a partial corrective to the current wave of negative polemics respecting the presumed behavior of China's economy. Relying on decades of Asian banking experience, including a dozen years in the PRC itself, Stent puts forth a strikingly positive assessment of China's ongoing banking metamorphosis. Stent relies on his extensive contacts with a wide range of bank personnel to critique ill-informed and often biased Western assessments." - R.P Gardella, United states Merchant Marine Academy
"Understanding the wider political and economic context and modus operandi of China's banks should be the first step for engaging with the sector in China.Stent delivers this through his detailed, thorough and comprehensive account of Chinas banking transformation." - Tim Summers, Asian Review of Books