Book notes: The handbook of China’s financial system, edited by Marlene Amstad, Sun Guofeng and Xiong Wei
Important, comprehensive and informed overview of Chinese financial system’s current state
Marlene Amstad, Sun Guofeng and Xiong Wei (eds), The handbook of China’s financial system, Princeton University Press, 2020, 504 pages
There is a story – probably apocryphal – that, according to the laws of aerodynamics, the common bumblebee ought to be unable to fly. When confronted with China’s financial system, the response of many western analysts has been similar: just how can a system riddled with inefficiencies and distortions in the pricing and allocation of capital function for a
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