This title was first published in 2002.Banking reform lies at the heart of economic reform in China and is central to sustaining the countries high economic growth. This timely book covers an important economic policy issue in China, namely the existing and potential roles of the financial sector in the development of the Chinese economy. It explores for the first time the relationship between the reforms of the financial sector, of state-owned enterprises (SOEs) and of the social welfare system. Donald D. Tong presents a wealth of valuable data accompanied by original insights and interpretations. The author also examines the original estimates of the cost of the social welfare burden given that social services such as old age pension, housing, healthcare and education are provided by the SOEs rather than by the private or public sector directly.
Table of Contents
Contents: Introduction; Theories of financial development and economic development; Evolution of China’s financial system; Financial institutions and investment in China: a heuristic model; Financing investment: sources of funds; Channelling savings to investment: the banks; Channelling savings to investment: the non-bank financial institutions; Channelling savings to investment: the capital markets; Efficiency of investment and growth of output; Financial sector reform and social roles of state enterprises; Recent developments in banking reform and enterprise restructuring; Conclusions and implications; Bibliography; Index.
’...examines a very important and timely economic policy issue in the People’s Republic of China. The author has assembled a mass of valuable data and has provided original insights and interpretations.’ Lawrence J. Lau, Stanford University, USA ’...a major contribution to analysis and understanding of the problems, as well as the progress and prospects, of China’s economic reform.’ Charles Wolf, Jr., Ph.D. Senior Economic Adviser and Corporate Fellow in International Economics, Santa Monica, USA 'The theory...is fair and well argued. The work has undeniable qualities: it is extremely clear and informative. Each chapter...explores the question from a different perspective and provides pertinent numerical data.' Perspectives chinoises