Building an Efficient Financial System in China: A Need for Stronger Market Discipline
| Autor: | Yiping Huang, Xu Wang |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
050208 finance
Inter-dealer broker business.industry Financial risk 05 social sciences Geography of finance Financial intermediary Financial system Management Monitoring Policy and Law Financial management Financial regulation Indirect finance 0502 economics and business Political Science and International Relations Economics 050207 economics Economic system business General Economics Econometrics and Finance Financial market participants |
| Zdroj: | Asian Economic Policy Review. 12:188-205 |
| ISSN: | 1832-8105 |
| Popis: | China has built a very comprehensive financial system, but has not let the market mechanism work freely. This unique pattern, rooted in China's dual-track reform strategy between state and non-state sectors, did not prevent a strong economic performance in the past, but is now a main cause of economic inefficiency and financial risks. The rapid development of digital finance is a back-door way of financial liberalization, responding to both old repressive policies and new technologies. To accomplish the mission of building an efficient financial system, the government needs to take at least three further steps in financial reform: creating a level-playing field; freeing up the market mechanism; and improving regulation. The key test lies in the effective enforcement of market discipline for corporate and financial institutions. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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