Capital Markets Transparency and Security: The Nexus Between U.S.-China Security Relations and America's Capital Markets

Prepared By: Adam M. Pener, Senior Analyst, William J. Casey Institute of the Center for Security Policy; June 29, 2001

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• USCC Chairman C. Richard D'Amato's Memorandum to Commissioners

• Foreward

• Executive Summary
  • Background
  • Findings
  • Recommendations
    

• Introduction

• China's Capital Requirements
  • Banking System
  • Energy Shortfalls and Pension Requirements
  • Additional Economic Indicators
  • Conclusion
    

• China's Recapitalization
  • Domestic Chinese Markets
  • International Financial Markets
  • Conclusion
    

• "Bad Actors" in the Markets
  • The Soviet Example
  • Shift To Securities Markets
  • Russia Frames The Debate
  • China's Financial Breakout
  • PLA-Affiliiated Companies
  • Specific Entity Review
  • Governmental Confirmation
  • Early Recommended Solutions
  • Conclusion
    

• Case Studies
  • Gazprom
  • China National Petroleum Company/PetroChina
  • Talisman Energy Inc
  • Conclusion

• Systemic Shortcomings
  • Capital Raising "Loopholes"
  • Transparency and Disclosure
  • Disclosure Deficiencies
  • Expanding Disclosure Requirements
  • Risk In The Market
  • Conclusion

• Capital Markets Leverage
  • Case Studies
  • Depth of the U.S. Capital Markets
  • Capital Markets Sanctions
  • Potential Effectiveness of Capital Markets Sanctions
  • Conclusions

• Next Steps

• Appendices

• Endnotes