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Book Reviews:

China's Stockmarket: A Guide to its Progress, Players and Prospects

by Stephen Green (Economist Books / Bloomberg Press)


Canada Residents:
Hardcover
UK Residents:
Hardcover


Few other aspects of reform in China fascinate more than the stockmarket. It has been at the centre of huge policy battles between reformers pushing for more capitalism and conservatives wanting to preserve solcialist contols. Bureaucrats from dozens of government departments have fought extensive turf wars for the authority to regulate it. Hundreds of fortunes have been made - some legally - and thousands of investors have had their savings wiped out by ill-judged efforts at stir-frying shares.

Developing a well-run stockmarket is essential if China is to make a success of the reform of industry, the creation of a modern pension system and the funding of the government's own debts. Sixteen years after the first shares were traded in Shanghai, China's stock market is now recognized as the developing world's most important market and is already the third largest in Asia. All the large Western banks and investment firms have a strong presence in Shanghai. Now that China has become a member of the World Trade Organization (WTO), the growth of the Chinese stock market is being eagerly watched.

China's Stockmarket is an informative and accessible guide to China's stock market. It explains the creation of the market and how it has developed since the 1980s. Key policies are examined; major scandals recounted; and the different types of investors, institutional and individuals, analysed. Finally, the book maps out the likely development of China's stock market over the next 10 years, and examines the opportunities and risks involved for foreign investors.

For anyone interested in China it provides insight into how China's market economy is developing. For those interested in the opportunities China's stockmarket offers for investors, it will be invaluable.

Author Stephen Green based the book on three years of careful research, interviews with market players and regulators, and reviews of topical materials in the Chinese language. He writes regularly for the Economist Intelligence Unit's Business China magazine. He is also Head of the Asia Programme at the Royal Institute of International Affairs.

-Lucas Everidge

Edition: Hardcover, 256 pages (April, 2003)


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