Internationalising China’s Financial Markets by Svenja Schlichting

By Svenja Schlichting

Assesses the steadiness of the chinese language economic climate and the character of its monetary governance. Svenja Schlichting examines how internationalization has impacted on monetary industry improvement in China and the way a ways this has contributed to the improvement of recent associations inside China.

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In this system, government ownership of enterprises and banks as well as administratively set interest rates led to soft budget constraints, giving the concept of credit little practical meaning. All variables on a macroeconomic level were de facto controlled through the (central) planning apparatus: interest rates, inflation and growth rates, as well as credit amount and distribution. During the Cultural Revolution, as the institutional framework was shaken, banks increasingly became treasuries for local governments (Byrd, 1983) and were used in their favour, a phenomenon that became even more important after the beginning of the reform policies.

The CIRC has attracted far less attention than the CSRC, and has generally been regarded to be much more conservative and less internationally oriented. The third regulatory body, the CBRC, was created in 2003, incorporating functions of the China Financial Working Commission, an important CCP panel, and the regulatory responsibilities for the banking sector transferred to it from the PBC. Its main task is to supervise the banking sector, but the actual division of work and power between the PBC and the CBRC in bank restructuring has so far remained blurry.

This work’s perspective is limited to transnational actors as well as international forces and dynamics in the development and reform of the Chinese financial markets. It is therefore not a book on the domestic side of the reform process and as such does not focus on inner-party dynamics or elite politics involved in financial sector reform. While both are clearly important and are naturally interlinked, purely domestic actor constellations and driving forces are not analysed in detail here. Changes of informal rules among domestic players, for example, have to be left for further research.

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