This is the terrifying story of China’s vampire economy.

State capitalism. Socialism with Chinese characteristics. A socialist market economy. There have been numerous descriptions of the Chinese economy. However, none seems to capture the predatory, at times surreal, nature of the economy of the world’s most populous nation – nor the often bruising and mind-bending experience of doing business with the Middle Kingdom.

Rules and agreements mean little. Markets are distorted, statistics fabricated, foreign industrial secrets and technology systematically stolen. Companies and entrepreneurs, at home and abroad, are bullied – often with the collusion of the victims themselves. The Party is in every boardroom and lab, with businesses thriving or dying at its will.

All this is part of realising President Xi Jinping’s ambition of China becoming the world’s pre-eminent economic, technological and military power.

One of the Financial Times' Best New Books on Economics in 2024

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'This is a timely and important read ... Through several deeply reported chapters, he outlines how Beijing wields its influence on business: from regulatory coercion and boardroom intimidation, through even to the mysterious disappearance of entrepreneurs'

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'This is a real eye-opening read and a testament to what goes wrong when the Emperor will not suffer to be told bad news… even if it’s true'

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'a remarkable book and certainly timely'