China On Paper

Published to accompany the exhibition held at the Getty Research Institute, Nov. 6, 2007 to Feb. 10, 2008.

In PAPER TIGER the Chinese journalist and intellectual Xu Zhiyuan paints a portrait of the world's second-largest economy via a thoughtful and wide-ranging series of mini essays on contemporary Chinese society. Xu Zhiyuan describes the many stages upon which China's great transformation is taking place, from Beijing's Silicon district to a cruise down the Three Gorges; he profiles China's dissidents, including Liu Xiaobo, Ai Weiwei and Chen Guangcheng; and explores lesser-known stories of scandals that rocked China but which most people outside that country did not hear about – and which shed troubling light on China's dark heart. Xu Zhiyuan understands his homeland in a way no foreign correspondent ever could. PAPER TIGER is a unique insider's view of China that is measured and brave, ambitious in scope and deeply personal.

China presents us with a conundrum. How has a developing country with a spectacularly inefficient financial system, coupled with asset-destroying state-owned firms, managed to create a number of vibrant high-tech firms? China's domestic financial system fails most private firms by neglecting to give them sufficient support to pursue technological upgrading, even while smothering state-favoured firms by providing them with too much support. Due to their foreign financing, multinational corporations suffer from neither insufficient funds nor soft budget constraints, but they are insufficiently committed to China's development. Hybrid firms that combine ethnic Chinese management and foreign financing are the hidden dragons driving China's technological development. They avoid the maladies of China's domestic financial system while remaining committed to enhancing China's domestic technological capabilities. In sad contrast, China's domestic firms are technological paper tigers. State efforts to build local innovation clusters and create national champions have not managed to transform these firms into drivers of technological development. These findings upend fundamental debates about China's political economy. Rather than a choice between state capitalism and building domestic market institutions, China has fostered state capitalism even while tolerating the importing of foreign market institutions. While the book's findings suggest that China's state and domestic market institutions are ineffective, the hybrids promise an alternative way to avoid the middle-income trap. By documenting how variation in China's institutional terrain impacts technological development, the book also provides much needed nuance to widespread yet mutually irreconcilable claims that China is either an emerging innovation power or a technological backwater. Looking beyond China, hybrid-led development has implications for new alternative economic development models and new ways to conceptualize contemporary capitalism that go beyond current domestic institution-centric approaches.

“An absolutely breathtaking book -- in its thoughtfulness and imaginativeness, in the breadth and depth of the research which it entailed, in its geographical, cultural, and historical situatedness, and in its profound critical empathy for all of the key players. Beautifully and skillfully written.” – Sydney White, Associate Professor of Anthropology, Asian Studies, and Women's Studies at Temple University "The Paper Road is an eloquent, even haunting narrative of the relationships between colonial explorers/scientists and their native collaborators that makes vivid the theme of 'colonial intimacy.' It speaks to scholars working on Chinese minorities and frontier relations, to historians of comparative colonialism, to experts on Tibet and Buddhism, and probably also simply to lovers of tales of mountains and exploration." –Charlotte Furth, Professor Emerita of Chinese History , University of Southern California.

Emerging relatively unscathed from the banking crisis of 2008, China has been viewed as a model of both rampant success and fiscal stability. But beneath the surface lies a network of fissures that look likely to erupt into the next big financial crash. A bloated real-estate sector, roller-coaster stock market, and rapidly growing shadow-banking sector have all coalesced to create a perfect storm: one that is in danger of taking the rest of the world’s economy with it. Walden Bello traces our recent history of financial crises – from the bursting of Japan’s ‘bubble economy’ in 1990 to Wall Street in 2008 – taking in their political and human ramifications such as rising inequality and environmental degradation. He not only predicts that China might be the site of the next crash, but that under neoliberalism this will simply keep happening. The only way that we can stop this cycle, Bello argues, is through a fundamental change in the ways that we organise: a shift to cooperative enterprise, respectful of the environment, and which fractures the twin legacies of imperialism and capitalism. Insightful, erudite and passionate, Paper Dragons is a must-read for anyone wishing to prevent the next financial meltdown.

From one of China’s most acclaimed writers: a unique, intimate look at the Chinese experience over the last several decades. Framed by ten phrases common in the Chinese vernacular, China in Ten Words uses personal stories and astute analysis to reveal as never before the world’s most populous yet oft-misunderstood nation. In "Disparity," for example, Yu Hua illustrates the expanding gaps that separate citizens of the country. In "Copycat," he depicts the escalating trend of piracy and imitation as a creative new form of revolutionary action. And in "Bamboozle," he describes the increasingly brazen practices of trickery, fraud, and chicanery that are, he suggests, becoming a way of life at every level of society. Witty, insightful, and courageous, this is a refreshingly candid vision of the "Chinese miracle" and all of its consequences.