This is a virtual event. Please click here to register and generate a link to the talk.
The link will be unique to you; please save it and do not share with others.
The fundamental reason for the extreme leverage today in China’s banks, enterprises and the state itself is found in the decentralized fiscal arrangements of highly self-reliant local governments. This problem has been compounded by the excessive stimulus lending over the past decade. As a result Beijing has promoted the creation of an extensive shadow banking system designed to protect the stability of the major state banks. Stepping back this has led to the state’s growing leverage. This presentation focuses on the impact of the shadow banking system on the state’s finances and compares the costs of China’s response to the global financial crisis with the US response.
His research interests focus on China's financial system and its impact on financial and political organizations. During his time at Shorenstein APARC Walter will continue his book project on how fiscal reforms in China have impacted the banking system, the overall economy and the prospect for financial reform going forward. Walter has contributed articles to publications including Caijing, the Wall Street Journal and the China Quarterly. He is also the co-author of Red Capitalism: The Fragile Financial Foundations of China's Extraordinary Rise (2012) and Privatizing China: Inside China's Stock Markets (2005).
Walter lived and worked in Beijing from 1991 to 2011, first as an investment banker involved in the earliest SOE restructurings and overseas public listings, then as chief operation officer of China's first joint venture investment bank, China International Capital Corporation. Over the last ten years he was JPMorgan's China chief operating officer as well as chief executive officer of its China banking subsidiary.
Walter holds a PhD in political science from Stanford University, a certificate of advanced study from Peking University and a BA in Russian Studies from Princeton University.