Story of change

James Stent's new book is an informative insider account of China's banking system, Andrew Moody reports.

James Stent insists China is not heading for a banking or financial crisis any time soon. The 71-year-old veteran banker says those who argue this underestimate the ability of China's financial managers to deal with the current pressing issues.

"Western critics are not wrong in identifying the problems. They are all real and big and challenging problems," he says.