With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China.

Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.

Taiwan has been depicted as an island facing the incessant threat of forcible unification with the People's Republic of China. Why, then, has Taiwan spent more than three decades pouring capital and talent into China?

In award-winning Rival Partners, Wu Jieh-min follows the development of Taiwanese enterprises in China over twenty-five years and provides fresh insights. The geopolitical shift in Asia beginning in the 1970s and the global restructuring of value chains since the 1980s created strong incentives for Taiwanese entrepreneurs to rush into China despite high political risks and insecure property rights. Taiwanese investment, in conjunction with Hong Kong capital, laid the foundation for the world’s factory to flourish in the southern province of Guangdong, but official Chinese narratives play down Taiwan’s vital contribution. It is hard to imagine the Guangdong model without Taiwanese investment, and, without the Guangdong model, China’s rise could not have occurred. Going beyond the received wisdom of the “China miracle” and “Taiwan factor,” Wu delineates how Taiwanese businesspeople, with the cooperation of local officials, ushered global capitalism into China. By partnering with its political archrival, Taiwan has benefited enormously, while helping to cultivate an economic superpower that increasingly exerts its influence around the world.

As the Ch’ing government’s Inspector General of the Maritime Customs Service, Robert Hart was the most influential Westerner in China for half a century. These journal entries continue the sequence begun in Entering China’s Service and cover the years when Hart was setting up Customs procedures, establishing a modus operandi with the Ch’ing bureaucracy, and inspecting the treaty ports. They culminate in Hart’s return visit to Europe with the Pin-ch’un Mission and his marriage in Northern Ireland.

Richard Smith, John King Fairbank, and Katherine Bruner interleave the segments of Hart’s journals with lively narratives describing the contemporary Chinese scene and recounting Hart’s responses to the many challenges of establishing a Western-style organization within a Chinese milieu.

What has the end of the Cold War meant for East Asia, and for how its people understand their recent history? These thought-provoking essays explore a vigorously contested area in public culture, the wars of the modern era.

All the major East Asian states have undergone a profound reassessment of their experiences from World War II to Vietnam. New and at times aggressive forms of nationalism in Japan, China, South Korea, Vietnam, and Taiwan have affected American security policy in the Pacific and posed a challenge to the post-communist world order. Japan has met fervent opposition to its premiers’ visits to the Yasukuni shrine honoring the wartime dead. China has reclaimed a forgotten war history, such as the positive contributions of Chiang Kai-shek’s Nationalists. South Korea has embraced an interpretation of the Korean War that is hostile to the United States and sympathetic to its North Korean adversaries.

This volume not only illuminates regional and global changes in East Asia today, but also underscores the need for rethinking the Cold War language that continues to inform U.S.–East Asian relations.

This book is the first analytical treatment in any language of the “most durable ‘sino–foreign’ institution in modern Chinese history.” It traces the beginnings of a Russian-Orthodox presence in Peking several decades back before the commonly held date of its origin. It also shows how the news of the plight of prisoners from the Russian fortress of Albazin (taken by the Ch’ing in 1685) was transmitted back to Russia, and how the indecisiveness of the official Russian response colored the entire subsequent history of the mission. The chapters on the Orthodox missionary life in Peking and on the institutions of the mission provide us with new insight into life in the Ch’ing capital.

The tentative beginnings of Russian scholarly and scientific interest in Chinese matters, an outgrowth of the missionary presence in Peking, are also discussed. The book tackles an especially difficult case, for by ordinary standards the Russian ecclesiastical mission was a failure, not a success. The monks and students were an unruly lot, the mission itself never functioned as a full diplomatic institution, and the Chinese frequently treated the missionaries with neglect or disdain.

Yet, as the author demonstrates, even this apparent failure had a purpose. The mission served to maintain a minimal contact between the two empires throughout a long period of conflicting ambitions and actions in the Inner Asian theater.