The China Development Bank may be the most powerful financial institution in the world, argue Beijing-based Bloomberg News reporters Henry Sanderson and Michael Forsythe in their new book, China’s Superbank: Debt, Oil and Influence – How China Development Bank is Rewriting the Rules of Finance (Bloomberg Press, 2013). The China Development Bank has been the enabler of the government’s policies both at home and abroad. It invented the system of local finance that helped China weather the global financial crisis and has financed the China-Africa Development Fund, bankrolled the global expansion of Chinese companies and extended tens of billions of dollars in energy-backed loans to borrowers around the globe, including Brazil, Russia and Venezuela.
On April 18, the John L. Thornton China Center at Brookings hosted a discussion on China’s Superbank with Forsythe and Sanderson. Brookings Fellow Erica Downs provided introductory remarks and moderated the discussion.