PrefaceList of AbbreviationsChapter 1 From Turning Point to Turning PointAn Abrupt About-FaceThe Golden Age: A Short StoryUnderlying ConditionsThe Yin and the Yang of the China DreamConvergenceNotesChapter 2 The Shadow Fiscal System: Local Governments, National BudgetsChina's "Centralized" State and Localized FinancingAspirational Central Finances, Fiscal Collapse, and the 1994 Budget LawThe Continual Local Scramble for FundingThen There Was the Land, but Land Is Not FreePaving the Country OverThe Vulnerability of Local Governments, Banks, and EnterprisesImplicationsNotesChapter 3 China's Banks and the Deposit BonanzaChina's State Banks and the "Tree" Model of BankingCommand Lending and FundingFintech and Other Challenges to Bank DepositsLocal Bank ConsolidationWealth Management ProductsPeer-to-Peer LendingTao Bao, MyBank, and Yu'e BaoBank CapitalizationImplicationsNotesChapter 4 Trees Can Grow Up to Heaven!Evolution of Balance Sheet Management TechniquesOutcomes in Financial Engineeri...ng Chinese-styleChannels to Support State Bank Performance MetricsState Asset Management CompaniesTrust Companies and Trust PlansAsset-Backed SecuritiesHuida Asset Management Company and Structured EntitiesWealth Management ProductsAsset Exchanges and Online AuctionsLocal Asset Management CompaniesDebt-to-Equity SwapsImplicationsNotesChapter 5 Beautifying Bank Balance Sheets"Parking" Assets - The Interbank MarketFlexible Loan AgreementsLocal Government BondsGovernment "Guidance" FundsOff-Balance-Sheet ItemsEntrusted LoansDebt-to-Equity SwapsOther Contingent LiabilitiesUnconsolidated Structured EntitiesCommentsNotesChapter 6 After 30 Years Was Deng Xiaoping Right?A Summary State Balance SheetInefficient Investment Equals Extra-Budgetary FundingThe Promise of the Stock MarketsMassive Growth in Deposits"Opening" the Door to Foreign InvestmentExcessive Reliance on DebtDeterioration of State FinancesSumming UpChina Evergrande and Local BudgetsChina Huarong: The Crack in the FoundationSo Was Deng Right, Can Capital Markets Be Used in a Socialist Economy??NotesChapter 7 China versus the United States: Comparing the Costs of Financial CrisesSummary Financial Crises, the United States and ChinaComparisons of CrisesThe US Savings and Loan (and Banking) Crisis, 1980-1994The Asian Financial Crisis and Chinese Bank Restructuring, 1997-2007The US Mortgage Crisis, 2008-2015China's Deleveraging Campaign from 2016 to 2019Macro Comparisons and the Role of Central BanksComparisons of State Net WorthCommentsNotesChapter 8 Japanese BubblesBubbles and the Japanese Banking Crisis of the 1990sWhy Did the Resolution of Japan's Banking Crisis Take So Long?Further Points of Comparison, China versus JapanComparative Cashflow ChainsHow Might the Party Change Its Spots?The Value of Chinese State Enterprise AssetsCommentsNotesChapter 9 Chinese BalloonsThe Party's Ruling ParadigmChinese BalloonsConvergence RevisitedNotesAppendicesAppendix 1: China Government-Only Debt Obligations, 2009, 2015-2019Appendix 2: The State Sector Balance SheetSelected BibliographyIndex