CBRC's new capital adequacy rules are causing dramatic, and positive, changes in Chinese banks behavior.  Read my article in the Financial Times.  (click)
Shanghai residential real estate prices are headed down.  This is a buying opportunity in China’s most attractive long term market.                    (click)
To grasp the reality of China one must think about individual Chinese.  Read my recent article.                     (click)





Professional Biography of Stephen M. Harner

2000 to   present

S.M. Harner and Company, President, Hong Kong/Shanghai

Offering strategic business development, management consulting, direct investment, risk management, and M&A advisory services to financial and non-financial companies in China and Japan.     


Concurrently, independent director, Hangzhou City Commercial Bank


Founding member and contributor.   21st Century China Research Institute, Tokyo, Japan


American Express Financial Advisors Japan Inc., Tokyo

President -Japan

Established securities broker/dealer and started up mutual funds sales business

1995 to 1998

Deutsche Bank AG, Chief Representative, Shanghai

Set up and managed Deutsche Banks Shanghai business development office, providing commercial banking and structured finance products to local and MNC customers in East, Central, and Southwest China. 

1991 to 1993

Merrill Lynch International Bank, Chief Representative, Tokyo

Established private banking business based upon securities portfolio     (purpose) lending and asset management. 

1981 to 1991

Citibank N. A.  Osaka, Nagoya, Tokyo, Taipei, Washington, D.C.

Credit officer from 1982. 

Vice President from 1986.                       

Private Banking Group, Washington, D.C.  1990-1991

Transaction Banking Group Head, credit officer, Taipei branch 1988-1989

MNC Subsidiaries Unit Head, credit officer, Tokyo branch. 1987-88.

Corporate Banking Head, credit officer, Nagoya branch, 1983-86. 

Corporate banking, credit officer in Osaka branch, 1981-82 

1975 to 1980

U.S. Deparment of State.  Foreign Service Officer (economic/commercial)

Assignments in Washington, D.C., Tokyo, Hong Kong, Beijing (1977-79.) 

Served as aide and language expert in negotiations on first U.S.-PRC trade agreement.


Chinese (Mandarin):  fluent (near native), written and spoken

Japanese:   fluent, written and spoken 


M.A.     Johns Hopkins University School of Advanced International Studies (SAIS).  Concentration in international economics.

B.A.       California State University at San Diego.  Graduated with high honors and distinction. 


Author, Japan’s Financial Revolution and How American Firms are Profiting  (M.E. Sharpe 2000)

Co-author, China’s New Political Economy - Revised Edition   (Westview Press 1999)

Co-author, Zusetsu Chugoku no Keizai   (Sososha, Tokyo 1998)

Translator (from Japanese), China's New Political Economy-The Giant Awakes, by S. Yabuki (Westview Press 1996) 


_________________________company address:___________________________

Rm 1205, 12th Floor, Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong

Tel: 8621-5465-1904 Fax: 8621-6466-9063 Email: