State capitalism is the new normal in China
Inefficient and corrupt, the state sector in China is the source of many of the nation's current ills. However, according to corporate financier and bestselling author Joe Zhang, it is fixable. Even amid the rise of private sector capitalism, the government and public in China have faith in the state sector. And now, contrary to the predictions of many experts in the West, China's state sector is rebounding and on track to expand further. In his new book, Party Man, Company Man: Is China's State Capitalism Doomed? Joe shares his firsthand insights into China's SOEs (State-Owned Enterprises) in China, the reasons he left the Communist Party, and his predictions on the future of China's successful and growing state sector.
Chapter 1 Jumping Ship to Canada: A Senior Manager Flees
Chapter 2 Rejecting a Big Acquisition: Investments Amid Fanciful Projections
Chapter 3 Horse Trading: Redefining Our Core Business
Chapter 4 A String of Real Estate Mistakes
Chapter 5 Managing People: Motivation in an SOE
Chapter 6 Woes of the Newly Wealthy During China’s Real Estate Frenzy
Chapter 7 Stress and Anxiety: The Principal-Agent Problem at an SOE
Chapter 8 Moonlighting: Firing Shots at Two Other SOEs
Chapter 9 The Party is Everywhere
Chapter 10 Falling into the Arms of the State: M&As at an SOE
Chapter 11 Economic Reforms Reversed: The Rise of China’s State Sector
Chapter 12 They Love the State Sector, Honestly
Chapter 13 Answering Critics: Case Studies, Facts, and Figures from China’s State Sector
Chapter 14 What’s Wrong with China’s Private Sector?
Chapter 15 Unanswered Questions
Chapter 16 A Way Forward? Muddling Through
Chapter 17 State Capitalism Works: My Open Letter to President Xi Jinping
About the Author
Joe Zhang is a corporate governance advisor based in Hong Kong. He worked for 11 years at UBS, mainly as Head of China Research and then Deputy Head of its China Investment Banking Division. He was an official of the central People's Bank of China in Beijing from 1986 to 1989. Between 2006 and 2008, Joe was the Chief Operating Officer of Shenzhen Investment Limited, a government company. In the past two decades, Joe's numerous articles have appeared in The Wall Street Journal, Financial Times, Bloomberg, South China Morning Post, The Australian Financial Review, The New York Times, and the International Herald Tribune.