Finance and Society in 21st Century China

The world is now inclined to look to China as the country most likely to lift the global economy out of recessions, but beneath its impressive foreign exchange reserves, China is, in fact, challenged by increasing social and economic threats. Being the world's third-largest economy, the socio-economic stability of the country has an unprecedented influence on the order and peace of the globe.In this revealing book Junie Tong reflects on the role of banking and finance in China. Rather than the usual quantitative analyses, the author adopts a critical perspective that views the societal as well as economic functioning of banking and finance. This book, unusually, is not so much an account of the economic powerhouse that China is meant to be, but rather a critique of how disconnected the modern economy is from Chinese culture and history, and how the growing gulf between the two poses problems that will need to be overcome, if economic growth is to become sustainable.Those who believe that China has already grown out of its reliance on its Western counterparts might be disappointed by the reality that the country is still very much dependent on exports and foreign investments. Something like a collapse in exports and any slowdown of foreign investment causes consequent job losses and other adverse consequences.Providing a model for 'finance and society' that aims to integrate culture and economy, Tong draws on the seminal work of Belgian economist, banker and social commentator, Bernard Lietaer, who has focused on cultural forces and the future of money, in the world generally, Tong takes this work on, in a specifically Chinese context, highlighting the need to root finance and enterprise in the rhythms and forces within Chinese culture to avoid future chaos and achieve socioeconomic stability in that country now so critical to global well being.Illuminated with representative case studies, this book gives a unique insight into what is really happening in China that will enable academics, professionals, and those in governmental and non-governmental organizations, and in the corporate world, to derive a better understanding of some issues that might become critical for all of us.