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It was an important milestone in RMB internationalization, which reflected that the achievements of China's reform and opening up were highly recognized by the international community. After Deng Xiaoping's Southern Inspection Tour Talks in , more openings were extended to foreign banks by removing geographical restrictions for setting up institutions and by allowing foreign banks to conduct pilot operations of RMB business in Shanghai.

Since the accession to the WTO, China has been constantly expanding the opening of the financial sector in aspects of the establishment of financial institutions, the business scope and foreign ownership. As a result, a number of foreign financial institutions set up operations in China, which formed a financial service network with certain coverage and market depth. Foreign strategic investors were also invited to participate in the transformation of large state-owned commercial banks into joint-stock companies. Meanwhile, the PBC is also promoting reform and opening up of the financial sector in areas such as payment and clearing, bond market, credit-rating and credit reference.

In line with China's overall diplomatic strategy, the PBC carried out financial exchanges and cooperation in an all-round, multi-tiered, flexible and pragmatic manner.

Icebreaker Lecture: China’s Financial Sector – Reform and Opening Up

Secondly, the PBC has strengthened cooperation and innovation in the multilateral development sector by joining, since , various regional and sub-regional multilateral development banks such as the African Development Bank, Inter-American Development Bank and the European Bank for Reconstruction and Development.

Since then the RMB had been fully convertible on current accounts. After that, China started to promote RMB capital account convertibility.

Asian Perspectives on Financial Sector Reforms and Regulation : Dean Masahiro Kawai :

Since China's accession to the WTO, the PBC has been steadily enhancing capital account convertibility through deepening reforms in line with the principle of "prioritizing inflow over outflow, long-term over short-term, direct over indirect, and institutions over individuals". According to the IMF's classification of capital account, 37 out of all 40 items have already achieved full or partial convertibility, accounting for All this made it possible for China to withstand the challenges of financial crises such as the Asian financial crisis, the US sub-prime mortgage crisis and the European sovereign debt crisis and to achieve steady growth in the operation performance.

The rule of law in financial sector has made solid headway. The reform to transform the government's functions has been continuously deepened. The online platform for administrative approval has been built up. We've further streamlined administration and delegated powers while improving the policy transparency. New breakthroughs have been made in financial statistics. A series of indicators of aggregate financing to the real economy AFRE has been formulated, specifying that the management targets for the aggregates of monetary policy are provided by the asset-holding financial institutions.

The indicators now serve as an important reference for macro analysis and decision-making. A comprehensive financial statistics system has been formed while the asset management products have been innovatively incorporated in the statistics. The construction of a modern payment and clearing system has been accelerated. China UnionPay has been founded to facilitate the nationwide bankcard interoperability. The real-name system of bank account has been in place with reform of classified management of personal bank accounts completed. Guidance has been given to non-bank payment institutions for their healthy development.

The credit information system has gradually improved. In the second half of s, the PBC started to build the credit information system of enterprises and individuals.

Crisis after crisis: Why financial sector reform is not enough – A Post-Capitalist Alternative

Based on that, a database of financial credit information system has been built up and now plays a significant role in improving the social credit system and preventing credit risks. Meanwhile, the conditional easing of market access leads to the growing overall competence and competitiveness of market-based credit information institutions, which thus enables its development different from and complementary with the national financial credit information system database.

The PBC has fully advanced the building of the social credit system and participated in establishing the mechanism of collective punishment for deception and collective incentives for honesty.

The service efficiency of currency and coins has continuously improved. The printing techniques and anti-counterfeit level of China's banknote printing and minting have reached the world's advanced standards. The large-value cash management and services in terms of RMB notes with small denominations have been improved with a constantly raising capacity and level of cash management.

The efforts to prevent and crack down counterfeiting banknotes have been stepped up into the stage of systematic, scientific and refined management. The modern treasury system has been continuously improved. The PBC has performed its function of managing the treasury since its foundation. China has been deeply engaged in the international exchanges, cooperation and policy-making of AML. The working mechanism for the protection of rights and interests of financial consumers has taken initial shape.

The PBC has organized various education activities for financial consumers while exploring to incorporate financial knowledge into the national education system.

Asian Perspectives on Financial Sector Reforms and Regulation

However, Chinese authorities face a dilemma. On the one hand, workers complain that the bubble has placed owning and renting apartments beyond their reach, thus fueling social instability. A rollercoaster stock market. Financial repression—keeping the interest rates Interest rates When A lends money to B, B repays the amount lent by A the capital as well as a supplementary sum known as interest, so that A has an interest in agreeing to this financial operation.

The interest is determined by the interest rate, which may be high or low. Over 10 years, the total amount repaid will come to The repayment of the capital is not usually made in equal instalments. In the initial years, the repayment concerns mainly the interest, and the proportion of capital repaid increases over the years. In this case, if repayments are stopped, the capital still due is higher… The nominal interest rate is the rate at which the loan is contracted. The real interest rate is the nominal rate reduced by the rate of inflation.

The unfortunate result: A good many Chinese have lost their fortunes as stock prices fluctuated wildly. When the Shanghai index plunged 40 percent later that summer, Chinese investors were hit with huge losses—debt they still grapple with today. Many lost all their savings—a significant tragedy for individuals and a looming national crisis in a country with such a poorly developed social-security system. Another source of financial instability is the virtual monopoly on credit access held by export-oriented industries, state-owned enterprises, and the local governments of favored coastal regions.

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With the demand for credit from a multitude of private companies unmet by the official banking sector, the void has been rapidly filled by so-called shadow banks. The shadow-banking sector is perhaps best defined as a network of financial intermediaries whose activities and products are outside the formal, government-regulated banking system.

In other words, the assets provide information about how the funds collected by the company have been used; and the liabilities, about the origins of those funds. But when a liquidity crisis takes place, the fiction of an independent investment vehicle is ripped apart by creditors who factor these off-balance-sheet Off-Balance-Sheet Off-balance-sheet activities account for activities that do not entail disbursement or collection of funds by a company or bank, but which expose it to a certain number of risks.

These are most often pending contracts in connection with which no payment has been made. The shadow-banking system in China is not yet as sophisticated as its counterparts on Wall Street and in London, but it is getting there. In , according to one of the more authoritative studies, the scale of shadow-banking risk assets—i.

Committee for the Abolition of Illegitimate Debt

In addition, the shadow-banking sector is heavily invested in real-estate trusts. Thus, a sharp drop in property valuations would immediately have a negative impact on the shadow-banking sector—creditors would be left running after bankrupt developers or holding massively depreciated real estate as collateral Collateral Transferable assets or a guarantee serving as security against the repayment of a loan, should the borrower default.

Is China, in fact, still distant from a Lehman Brothers—style crisis? The negative synergy between an overheating real-estate sector, a volatile stock market, and an uncontrolled shadow-banking system could well be the cause of the next big crisis to hit the global economy, rivaling the severity of the Asian financial crisis of —98 and the global financial implosion of — Thus a major impact of such an event on the global economy is inescapable. The gyrations of global finance continue to pose a threat to the world economy, and the continuing absence of effective regulation means speculative bubbles may build up in different nodes of the world economy.

Today the bubble could be building up in China. Tomorrow it could be in Germany. When bubbles grow, then interact with other economic factors and even geopolitical ones, great uncertainty ensues, much like the anxiety that gripped the world when stock markets began spiraling downwards in February , resulting in the loss of four trillion dollars in paper wealth.


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The stock market turmoil passed, but the next one may not pop without a bang. In the recently completed TNI study, the rationale is laid out in detail for 10 major imperatives for the global financial sector. Progress and Confusion. Olivier J Blanchard. Udaibir Mr. Tax Policy Handbook.

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Parthasrathi Mr. Reconstructing the World Economy. Il SaKong. Time for a Visible Hand. Stephany Griffith-Jones. Stephen J. Todd A. The Mutual Fund Industry. Glenn Hubbard. Asian Financial crises: Origins, implications and solutions. International Monetary Fund. Progressive Consumption Taxation. Alan D. Banks at Risk. Peter Hoflich. Eric Tymoigne. Richard Mr. Vladimir Mr.