Banking on China

Review of Dealing with China: An Insider Unmasks the New Economic Superpower, by Henry M. Paulson, Jr. Twelve, 2015.

Years after the conversation happened, a senior Western executive still relished telling me how much the compliment meant to him when a high Communist Party official told him “the words that all of us who have worked in China long to hear: that I was ‘a friend of China.'” That friendship is not without a certain price. Sometimes, the longer one knows someone, the less one truly understands him at all.

Count possibly among these blinded friends Hank Paulson, former chief of Goldman Sachs and U.S. Secretary of the Treasury, who has recently published his account of more than three decades Dealing With China. The China Paulson knows is a deeply pragmatic one, committed to economic reform. But the China Paulson professes to know is an incomplete one, one that excludes the undercurrents of nationalism and ideology that so many other China watchers consider grave risks. For Paulson, they are little more than impediments to the next deal.

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A new empire?

Review of China’s Second Continent: How a Million New Migrants Are Building a New Empire in Africa, by Howard W. French. Knopf. 2014.

For the past decade, the West has been obsessed with the narrative of Africa as a continent subject to exploitation by a rising and resource-hungry China. According to Western convention, China, in its rush for resources and wealth, has exerted a corrupting influence upon Africa’s fragile governments. A new book provides the most richly reported and, perhaps, the fairest look yet at how China’s presence is reshaping Africa.

Howard French, a professor at Columbia University and former international correspondent for the Washington Post and New York Times in Africa, China and a host of other locales, is the author of China’s Second Continent. French’s reporting takes him to a dozen African countries and into the lives of a colorful cast of Chinese who, either on their own or as part of state-directed efforts, have found their way to Africa.

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Modern family

Review of The Lius of Shanghai, by Sherman Cochran and Andrew Hsieh. Harvard University Press. 2013.

They were the Chinese Rockefellers. At their head stood Liu Hongsheng, head of a Shanghai industrial empire whose family lived through China’s tumultuous war years beginning with the Japanese invasion and ending with the Communist triumph in 1949. Thanks to a unique trove of thousands of letters, in the Lius of Shanghai, it is his role as a father of nine sons and three daughters (and one of each by two mistresses) that is the center of this captivating piece of Chinese history.

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