Search results for: chinas-financial-opening

The Jingshan Report

Author : China Finance 40 Forum Research Group
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The Jingshan Report is a collection of research papers on key issues for China’s financial opening, including reform of the RMB exchange rate regime, management of cross-border capital flows and financial support for the Belt and Road Initiative. Authored by leading experts in the relevant fields, the report examines the evolution, current status and problems with the financial opening policy over the past four decades, and puts forward policy recommendations on how to steadily push forward China’s financial opening.

China s Financial Opening

Author : Yu Wai Vic Li
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The twenty-first century has not only seen China become one of the world's largest trading nations, but also its gradual integration into the global financial system. Chinese-sponsored project financing schemes, such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the specter of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the "Great Wall of Money" have overshadowed the equally remarkable opening of China's domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the "big bang" of renminbi use worldwide. Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. This book argues that the interplay between the pro-opening coalitions and dissenting parties has been central to the policymaking process. Financial opening has not only been driven by central bureaucratic actors, but also by financial industry interests and the local authorities of financial centers acting in concert as coalitions. The local and financial constituents have shaped policy agendas and priorities, and defined and framed liberalizing initiatives in ways that appealed to bureaucratic entities. They also sought wider political support by capitalizing on connections with top decision-making elites. To allay opposition and maintain political and technical consensus, the coalition constituents have offered concessions to dissenting parties over implementation specifics. This, however, has not always succeeded. Dissenting parties who recognized adverse distributional and policy risk implications inherent in the opening initiatives might decline concessionary offers, leading to policy tendencies other than opening. As one of the very first political economy contributions to studies of China's financial opening from the 2000s, this book will appeal to researchers of international political economy, East Asia and China specialists, and financial practitioners and policymakers wanting to make sense of the country's liberalizing logic.

The Further Opening Up of China s Financial Sector

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ABSTRACT: Since the introduction of reform and opening-up policies, China has made great progress through a continued focus on the 'troika', the opening up of the financial sector, a market-oriented exchange rate regime, and the relaxation of foreign exchange regulation. In spite of this progress, the relative openness of China's financial sector remains fairly low. Foreign financial institutions have a relatively small market share in China and still face restrictions regarding ownership and scope of business, the breadth and depth of financial market is to be further developed, and institutional environment requires further improvements in areas such as accounting, auditing, and taxation. In this next phase of development, China should continue to pursue coordinated progress in the 'troika', further open up financial sector through adopting Pre-establishment National Treatment (PENT) and a negative list, and step up risk prevention in the meantime.

Proactively and Steadily Advancing China s Financial Opening

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ABSTRACT: Should China continue to open its financial system? Our answer to this question is positive since financial opening is necessary for supporting economic innovation, containing financial risks and participating in international economic governance. However, the needs some new ideas in devising next-stage financial opening policies including replacing the experimental approach by more systemic method and top-level design, combining 'using reform to assist opening' and 'promoting reform through opening', and taking into full account of the spillover effects of Chinese financial policies. Finally, we make policy recommendations in seven key areas, including enforcing better policy coordination, devising macro-prudential regulations, increasing exchange rate flexibility, opening the domestic financial markets, relaxing restrictions on businesses of foreign financial institutions, improving external financing cooperation and adopting prudent cross-border capital flow management.

Internationalising China s Financial Markets

Author : Svenja Schlichting
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Assesses the stability of the Chinese economy and the nature of its economic governance. Svenja Schlichting examines how internationalization has impacted on financial market development in China and how far this has contributed to the development of new institutions within China.

China s 40 Years of Economic Reform and Development

Author : Xinli Zheng
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This book aims to explain the secret to China’s rapid growth over the last 40 years from the viewpoint of a firsthand witness. Zheng Xinli was enrolled as a graduate student of economics 40 years ago, at a time when very few Chinese people could enroll in higher-level education, let alone graduate school. Since 1978, he has been engaged in the study of macroeconomic theory and economic policy. He has worked with the economic group of the Research Section of the Secretariat of the Central Committee of the Communist Party of China, the State Information Center, and the Policy Research Office of the State Planning Commission, as well as other organizations. His work serves to help Chinese leaders in making economic decisions. In 2013, Zheng Xinli appeared on the list of China’s Top Ten Economists. With the addition of several up-to-date articles, this book is mainly a condensed version of a 16-volume collection of essays selected from among the more-than-500 articles published by Zheng between 1981 and 2016. Addressing some of the major issues in China, namely, Reform and Development, Development Patterns, Macro Regulation, Balanced Urban and Rural Development, Innovation, and Industry Revitalization, the book, as Zheng himself puts it, visualizes the birth process of different policies and measures which have catered to the different stages of reform. As an insider, and also partly as a designer and architect, Zheng Xinli provides readers with a view of China’s reform from the top.

China s Capital Markets

Author : Yong Zhen
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Summary: Capital markets in China include stock, bond, futures and other derivatives, as well as the private equity market. China's Capital Markets is the first book to systematically study China's capital markets, examining its evolution, policies, reforms, current situation and challenges. Following an introduction to China's capital markets and economic growth, the book moves on to cover further capital markets in China, including: the banking system, mergers and acquisitions, and valuation adjustment mechanisms, before concluding with a discussion of the opening up and internationalization of China's capital markets. Readership: Financial service providers, bankers, private equity and hedge fund managers, equity research and credit analysts. Academics and students in finance and related disciplines. About the author: Yong Zhen is an Associate Professor of Financial Mathematics at Beijing Normal University, Hong Kong Baptist University United International College (UIC). He has worked in investment banking and consulting. He studied in the USA and the UK, and obtained a Ph.D degree from the University of Cambridge. Contents: China's stock market; China's bond market; China's derivatives markets; China's private equity market; Investors in China's capital markets; China's banking industry; Mergers and acquisitions (M&A) in China's capital markets; Valuation adjustment mechanism in China's capital markets; Opening up of China's capital markets

China s Financial Markets

Author : Salih N. Neftci
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Accompanying CD-ROM contains English translations of relevant Chinese regulations.

China s Financial Transition at a Crossroads

Author : Charles W Calomiris
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China's increasing role in global economic affairs has placed the country at a crossroads: how many and what types of international capital-market transactions will China permit? How will China's financial system change internally? What kind of relationships will the Chinese government develop with foreign financial institutions, especially with those based in the United States? Can China broker a sustainable partnership with America that will avoid sending economic shock waves throughout the world? Drawing on the contemporary research of prominent international scholars, the experts in this volume outline the trajectory of China's financial markets since the advent of reform and anticipate their uncertain future. Chapter authors and commentators include Geert Bekaert, Loren Brandt, Lee Branstetter, Mary Wadsworth Darby, Michael DeStefano, Barry Eichengreen, Campbell Harvey, Fred Hu, Xiaobo Lu, Christian Lundblad, Ailsa Roell, Daniel Rosen, Shang-Jin Wei, Jialin Yu, and Xiaodong Zhu. The book begins with an overview of the history of financial-sector development, regulation, and performance and then focuses on the banking sector, discussing the progress, challenges, and prospects of current sector reform. Subsequent chapters describe the role of foreign capital in China's development and analyze the changes in capital flows and controls over time; explore various explanations for China's composition of foreign-capital and foreign-exchange policies, particularly the factors shaping China's reliance on foreign direct investment; and provide an international, comparative perspective on the remarkable growth experience of China and the contribution of its institutional environment to that experience. Contributors dispute the belief that stock market listing has done little to reform state-owned enterprises and take a hard look at the exchange rate regime choice for China, considering the potential long-run desirability of flexibility and the appropriate sequencing of reforms in foreign-exchange policy, domestic banking reform, and capital-market openness. The book concludes with a roundtable discussion in which prominent economists, including Peter Garber, Robert Hodrick, John Makin, David Malpass, Frederic Mishkin, and Eswar Prasad, debate the pace of the appreciation of China's currency and the likely consequences of that policy within and outside of China.

Financial Reform and Economic Development in China

Author : James Laurenceson
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China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.

Red Capitalism

Author : Carl E. Walter
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In Red Capitalism, Carl Walter and Fraser Howie detail how the Chinese government reformed and modeled its financial system in the 30 years since it began its policy of engagement with the west. Instead of a stable series of policies producing steady growth, China's financial sector has boomed and gone bust with regularity in each decade. The latest decade is little different. Chinese banks have become objects of political struggle while they totter under balance sheets bloated by the excessive state-directed lending and bond issuance of 2009. Looking forward, the government's response to the global financial crisis has created a banking system the stability of which can be maintained only behind the walls of a non-convertible currency, a myriad of off-balance sheet arrangements with non-public state entities and the strong support of its best borrowers--the politically potent National Champions--who are the greatest beneficiaries of the financial status quo. China's financial system is not a model for the west and, indeed, is not a sustainable arrangement for China itself as it seeks increasingly to assert its influence internationally. This is not a story of impending collapse, but of frustrated reforms that suggests that any full opening and meaningful reform of the financial sector is not, indeed cannot be, on the government's agenda anytime soon.

The Handbook of China s Financial System

Author : Marlene Amstad
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A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, Julie Lei Zhu, and Ning Zhu.

Integrating China

Author : Peter Nolan
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In this highly relevant collection, Peter Nolan argues that every effort of policy has to be directed towards avoiding this potentially catastrophic outcome. In their search for a way forward, China’s leaders are looking to the lessons from the country’s own past, as well as to those from other countries, in order to find a way to build a stable, cohesive and prosperous society. This effort is of vital importance, not only for China, but also for the whole world.

Financial Theory

Author : Xingyun Peng
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China is now the second largest economy in the world, with an increasingly efficient and open financial system. Many firms, agents and financial institutions have realized the potential in making money in China. Financial Theory: Perspectives from China serves as a timely textbook providing a unique introduction to economics theory, with a focus on money, banking and financial systems, through examples based mainly on China's financial practices. It contains up-to-date developments of theory and practices, as well as various interesting stories on China's financial system. Topics such as financial institutions, capital markets, debt securities markets, mutual fund markets, money markets, foreign exchange and financial derivative markets are discussed in depth. Financial theories are supplemented with illustrations from China's money supply mechanism and monetary policy system, China's financial regulatory and supervision system, as well as China's financial system and how it has liberalized and opened up to the rest of the world. Readers will find detailed examinations of financial theories, exemplified and reinforced by the inclusion of different financial cases and phenomena, each intriguing in their own right. This book provides readers with a deeper understanding of China's financial practices, providing vital knowledge for investing in China and engaging businesses there. Undergraduate students in economics and finance and those keen on becoming a player in China's financial markets will no doubt find this volume useful and necessary.

China s Emerging Financial Markets

Author : Martha Avery
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"The 19th century belonged to England, the 20th century belonged tothe US and the 21st century belongs to China. Investaccordingly." Warren Buffet This comprehensive resource presents the views of China's mosthighly respected economists, bankers, and policy makers--along withopinions from Western authorities--on the current state of bankingand finance in China. Tracing the history of China's banking andfinance system and looking toward its future, the book offersvaluable insight for financial service providers, bankers, privateequity and hedge fund managers, and equity research and creditanalysts. Contributors to the book includes: Jamie Dimon — Chairman & CEO, JPMorgan ChaseBank Guo Shuqing — Chairman, China ConstructionBank Paul Volcker — Former Chairman, U.S. FederalReserve Stephen S. Roach — Chairman, Morgan StanleyAsia Wang Dongming — Chairman, CITIC Securities Co.,Ltd; and many more!

China s Financial Markets

Author : Ming Wang
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This book provides an overview of China’s financial markets and their latest developments. The book explores and discusses the difficulties in building modern financial markets that are compatible with an increasingly complicated market economy and examines the various strategies to reform China’s financial system. It covers a range of topics: China’s financial structure, financial regulation, financial repression and liberalization, monetary policy and the People's Bank of China, banking reforms, exchange rate policy, capital control and capital-account liberalization, and development of the stock markets. The book provides a basic understanding of the current issues related to the development of China’s financial markets. It enhances knowledge of China’s regulatory framework which has helped to shape China’s financial landscape. It provides specific, useful knowledge about investment in China, such as, market sense, to identify the investment opportunities in various asset classes.

China Taiwan Rapprochement

Author : Min-Hua Chiang
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This book examines how since about 2008 the economy of Taiwan has become ever more deeply integrated into the economy of China. It goes beyond a consideration of trade and investment flows, and discusses also the large population flows, the growing integration of the two financial systems and the nature of the deep economic integration at the industry and firm level. It considers the impact of growing economic integration on society and politics, assesses how China-Taiwan economic integration is affecting the East Asian region more widely, and explores the implications for international relations, including the United States dominance in the region. Overall, the book presents a comprehensive analysis of all the issues.

China s Industrial Reform and Open door Policy 1980 1997 A Case Study from Xiamen

Author : Qi Luo
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This title was first published in 2001. The 1980s and 1990s were not only a period in which many developing countries adopted a series of major economic policy reforms, but also an era in which all socialist countries undertook varying degrees of radical reforms in their Soviet-style central-planning economic management systems. This volume examines the performance of China's industrial reform and open-door policy during the period of 1980-1997 through conducting a case study on one of its Special Economic Zones (SEZs), Xiamen. It adopts an analytical approach - examining Xiamen's performance from the perspective of three important interactions: between the country's general economic reform policies and the Special Policy implemented in the SEZs; between the Xiamen SEZ and the vast Chinese hinterland; and between foreign (especially Taiwanese) direct investment and local industrial transformation.

China s Banking and Financial Markets

Author : Li Yang
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"This is a very timely book. With the recapitalization and reformof China's banking sector now well under way, the banks are on thebrink of a new era of growth and expansion. This work is thedefinitive reference on the banking sector in China, and is anessential tool for anyone seeking to understand the dynamics offinancial intermediation on the Mainland. It sets out the facts,free of the judgment calls that so often cloud the true picture ofthe health of China's banking system." --Dr. David K.P. Li, Chairman and Chief Executive, The Bank of EastAsia, Limited "As China continues its impressive pace of economic growth, therest of the world is constantly reassessing the opportunities andchallenges it presents. This book is the first official report onthe status of China's financial services industry and financialmarkets. For the first time, the international community getsaccess to the same information that the Chinese government uses inmaking key policies. Such unique insights make this book anessential read for business leaders, investors, policy makers,scholars, and anyone who is interested in understanding China'sprofound impact on businesses and consumers globally." --Maurice R. Greenberg, Chairman & CEO, C.V. Starr &Co. "This is the first book that introduces all aspects of the Chinesebanking and financial markets to international audiences. From itsdevelopmental history to its contemporary challenges, China'sbanking and finance markets are presented, explored and analyzedwith great detail and in great depth. Both the richness of the dataand the scholarly strength of the methodology are a milestone.China's increasing participation in global financial markets makesthis book a must read for all financial professionalsworldwide." --Lefei Liu, Chief Investment Officer, ChinaLife Insurance

China Focus

Author : Xiaohuan Su
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