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Private Equity in China: Challenges and Opportunities by KWEK PING YONG

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CHAPTER 2

Overview of the Political, Macroeconomic, and Financial Landscape in China

This chapter provides readers with a basic understanding of the political, macroeconomic, and financial environment in China. The first section covers the general political situation and government structure in China. There are various Chinese government agencies that play an integral role in the operations of a private equity firm. To this end, a general description of the roles and responsibilities of selected key government offices and their relevance to private equity will be highlighted. Even readers who are familiar with the general government structure in China will find interesting nuggets of information on the significant amount of influence that each government agency wields and how they directly affect the operations of private equity firms.

A discussion on the macroeconomic conditions and trends in China provide readers with the background to understand the development of the Chinese market. As a private equity investor with a relatively long-term outlook, understanding macroeconomic trends is a very important part of private equity deal sourcing and portfolio management. Lastly, China’s financial markets (both equity and debt) will be discussed to set the stage for the different types of investments and exits that are being executed in China.

OVERVIEW

China is the world’s most populous country with 1.33 billion people. Its geography spans 9.6 million km2 and encompasses 23 provinces, ...

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