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Since 2008 China's banks have made loans that approach 30% of GDP each year. The central bank has used a broader measure of credit, total societal financing, that suggests credit extended in 2011 may exceed 40% of the country's GDP. It is inevitable that such profligate lending will result in significant amounts of problem loans.  The international market is well aware of this and Chinese bank shares have been hit hard for most of this year. How will these bad loans be managed? More importantly, why has the government once again used China's ostensibly commercial banks as if they were policy banks and what are the implications of this for China's economy going forward?

Carl E. Walter worked in China and its financial sector for the past 20 years and actively participated in many of the country’s financial reform efforts. While at Credit Suisse First Boston he played a major role in China’s groundbreaking first overseas IPO in 1992, as well as the first primary listing of a state-owned enterprise on the New York Stock Exchange in 1994. He was a member of senior management at China International Capital Corporation, China’s first and most successful joint venture investment bank where he supported a number of significant domestic and international stock and bond underwritings for major Chinese corporations. More recently at JPMorgan he was China Chief Operating Officer and Chief Executive Officer of its banking subsidiary. During this time Carl helped build a pioneering domestic security, risk and currency trading operation.

A long time resident of Beijing before his recent return to the United States, Carl is fluent in Mandarin and holds a PhD from Stanford University and a graduate certificate from Peking University. He is the co-author of Red Capitalism: the fragile financial foundations of China’s extraordinary rise as well as Privatizing China: inside China’s stock markets. 

This event is part of the China's Looming Challenges series. 

The Nuclear Power Plant Exporters' Principles of Conduct are an industry code of conduct resulting from a three-year initiative to develop norms of corporate self-management in the exportation of nuclear power plants. In developing and adopting the Principles of Conduct, the world's leading nuclear power plant vendors have articulated and consolidated a set of principles that reaffirm and enhance national and international governance and oversight, and incorporate recommended best practices in the areas of safety, security, environmental protection and spent fuel management, nonproliferation, business ethics and internationally recognized systems for compensation in the unlikely event of nuclear related damage.

Speaker Biography:

Ariel (Eli) Levite is a nonresident senior associate in the Nonproliferation Program at the Carnegie Endowment. He is a member of the Israeli Inter-Ministerial Steering Committee on Arms Control and Regional Security and a member of the board of directors of the Fisher Brothers Institute for Air and Space Strategic Studies.

Prior to joining the Carnegie Endowment, Levite was the Principal Deputy Director General for Policy at the Israeli Atomic Energy Commission. Levite also served as the deputy national security advisor for defense policy and was head of the Bureau of International Security and Arms Control in the Israeli Ministry of Defense.

In September 2000, Levite took a two year sabbatical from the Israeli civil service to work as a visiting fellow and project co-leader of the "Discriminate Force" Project as the Center for International Security and Cooperation (CISAC) at Stanford University.

Before his government service, Levite worked for five years as a senior research associate and head of the project on Israeli security at the Jaffee Center for Strategic Studies at Tel Aviv University. Levite has taught courses on security studies and political science at Tel Aviv University, Cornell University, and the University of California, Davis.