With more than US$3 trillion in foreign exchange reserves, the clutch of four big banks and dozens more internationally-listed state-owned enterprises, there is not much doubt that China has some serious economic muscle. Yet, as authors Carl E. Walter and Frasier J.T. Howie explained in their book, 'Red Capitalism: The fragile financial foundation of China’s extraordinary rise', not all is as it seems in the labyrinth that is China's financial system.
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China’s Red Capitalism: A gravity-defying economy built on a foundation of sand?. (2011). Knowledge@SMU.
Available at: http://ink.library.smu.edu.sg/ksmu/43