Hung-Gay Fung - Böcker

First Published in 2006.

Based on rigorous state-of-the-art research techniques, this book deals with critical issues regarding China's financial markets and foreign direct investment -- key components of China's economic transformation.

China emerged as the largest recipient of foreign direct investment (FDI) and the fifth largest trading nation in the world in 2002. China’s entry into the World Trade Organization (WTO) represents a huge stride forward in its reform efforts. These reforms include liberalization and modernization of China’s economy (in industrial, services, and agricultural sectors) and trading activities.China’s growing economy, its international trade, and its large inward FDI have significantly affected the growth of global trade, the distribution of global direct investments, and the pace of expansion of global output. There is no other country in history, as a WTO member, to have achieved such expansion in a comparable time period. China is expected to be influential in future rounds of WTO trade negotiations. As the only major trading nation that is not classified as an advanced industrial economy, China is bringing an unparalleled perspective to the negotiations and exerting its power on matters important to its trade. China, as a new WTO member, is posing momentous opportunities and challenges to the United States and other countries.A study of the Chinese economy after entering the WTO should be of importance to practitioners, scholars, and policymakers because of China’s vast size, its rapid growth in foreign trade and FDI inflows, and the unprecedented speed of its integration into the world economy. The high quality of the chapters within this volume and their authors’ expertise unite to make this book a most timely contribution to our understanding of China’s rapidly changing economy and its transformation toward globalization after entering the WTO.This volume is divided into four parts. The first part deals with economic performance after China’s accession to the World Trade Organization. The second part relates to the WTO and China’s economic welfare. The third part deals with China’s financial reforms and capital markets, and the last part discusses China’s industrial and agricultural development. In total, we have eighteen chapters that will shed light on the Chinese economy and the challenges posed by WTO membership.

A comprehensive guide to understanding and assimilating into dim sum bond marketsThe expansive growth of the dim sum bond market in the last five years has peaked investor interest and inspired companies to seek out investing opportunities that negate China's capital controls. In a four-pronged approach, Dim Sum Bonds examines the development of the dim sum bond market and its role in China's RMB internationalization policy, characteristics of dim sum bonds and its market, investors' investment objectives and the investment performance of dim sum bonds, motivations of issuers, and underwriters' roles in the dim sum bond market. You will familiarize yourself with every aspect of the dim sum bond market from an issuer, an investor, and an underwriter's perspective. Academics, financial advisors, investment bankers, underwriters, investors, and policy makers should not be without this informative and detailed guide to the offshore market central to China's internationalization of RMB. Written by Hung-Gay Fung, Glenn Chi-Wo Ko, and Jot Yau, all of whom are experts on the dim sum bond marketExplains the rapidly expanding dim sum bond market and puts readers ahead of the curveLandmark issues, Chinese banks (China Development Bank), Infrastructure, red-chip companies (Sinotruk), and multinational corporations doing business in China (McDonald’s) are discussed in detail.Covering landmark issues from a variety of Chinese and multinational corporations, Dim Sum Bonds provides must-read manual to understanding the vast opportunities of this up-and-coming market.

This text provides current and integrated coverage of the important topics in international banking, including foreign exchange markets, derivatives, country risk analysis, asset-liability management, and banking strategies. In order to incorporate the central elements of this field, the text builds on a three-faceted foundation of risk-return tradeoff, the special barriers encountered in international business, and the unique features of banking business. By responding to the increasing globalization of financial markets, this text offers readers the comprehensive, international background they need to prepare for a successful career in banking. Provides current and integrated coverage of international bank management. Incorporates analytical frameworks and real-world examples of key decision-making processes. Includes learning objectives and end-of-chapter review questions.

In recent years, the globalization of financial asset markets has become increasingly important and has led to closer linkages among these markets. New global investment instruments such as sovereign credit default swaps, exchange traded funds, and bond markets have been created, enabling investors to fine tune their investment portfolios to their likings. Financial investments have been further expanded to include real asset investments such as real estate investments. It is important for global investors to make proper decisions in assessing these investments in their asset allocations and for policymakers who can provide sound policy guidance to cope with the globalization of the financial markets. This volume contributes to a fresh perspective on the economic and finance research on international financial markets and also the commodity markets. It enables scholars, policymakers, and practitioners to better understand the changes and dynamics of commodity and financial asset trading following the recent global financial crisis. This volume contains a comprehensive analysis of international financial markets through a series of essays from leading researchers in the field.

China's accession agreements to the World Trade Organization promised to open up the financial sector to foreign competition by the end of 2006, affording a wealth of opportunities for domestic and international investors. However, there also exist inherent risks and challenges, including inefficient financial markets, inadequate and fast-changing regulations, excessive governmental influence, and lack of transparency in accounting and corporate governance. The contributors to this book explore these perplexing and intertwined issues as they systematically document and analyze the capital market's development in association with the banking system and legal framework. China's economy has been growing rapidly since the late 1970s and is expected to maintain this momentum in the foreseeable future. Coupled with the biggest population in the world, there is tremendous growth potential for China's capital markets and financial services industry, both vital to the continued development of the economy. The contributors present research on all facets of China's markets including: stock and bond markets; futures and over-the-counter markets; regulatory issues; and the development and roles of financial institutions such as brokerage firms, banks and insurance companies. Also addressed are the recent performance of equity markets, the emergence of small and medium enterprises, and the state banks' bids to be listed in overseas stock exchanges. Taken together, the book sheds a welcome light on China's overall economic growth.This comprehensive look at the future of China's economy will be of great value to students and scholars of China. Investors and policymakers will also find it of great practical use.

Socially responsible investment (SRI) is becoming increasingly popular and can be potentially rewarding to all parties concerned. This book discusses the opportunities, challenges, and practices of SRI in a global financial environment in a consistent and integrated framework of risk management. It also covers a wide variety of environmental, social, and corporate governance (ESG) issues related to various participants, such as values-based retail, institutional investors, corporations, banks, supranational agencies, and non-governmental organizationsReaders are provided with the perspectives of SRI from various players in the financial community - from values-based investors to fiduciaries to supranational agencies. The authors analyse the incorporation of ESG issues into investment practices within a regulatory, legal, reputational, and operational risk management framework.Academics, corporate executives, government regulators and policymakers, bankers, and non-governmental organizations involved with sustainable development will find much of interest in this book.