China’s Financial System: Opportunities and Challenges
China’s Financial System: Opportunities and Challenges
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DOI：
10.2139/ssrn.1945259
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发表时间：
2011-10
期刊：
影响因子：
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通讯作者：
Franklin Allen;Jun Qian;Chenying Zhang;Mengxin Zhao
中科院分区：
文献类型：
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作者：
Franklin Allen;Jun Qian;Chenying Zhang;Mengxin Zhao
我们对中国金融体系进行全面审视，并探讨未来发展方向。首先，金融体系一直由大型银行业主导。近年来，银行在减少不良贷款、提高效率方面取得了长足进步。其次，股票市场在经济中配置资源的作用有限且无效。我们讨论有关中国股票市场和其他金融市场进一步发展的问题。第三，就支持整体经济增长而言，金融体系中最成功的部分是由替代性融资渠道、治理机制和机构组成的非标准部门。该部门与银行和市场的共存可以继续支持混合部门（非国有、非上市企业）的增长。最后，有助于维持中国经济稳定增长的政策包括那些减少破坏性金融危机可能性的政策，包括银行业危机、房地产或股市崩盘以及货币市场和银行业的“双重危机”。
We provide a comprehensive review of China's financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress in reducing the amount of non-performing loans and improving their efficiency. Second, the role of the stock market in allocating resources in the economy has been limited and ineffective. We discuss issues related to the further development of China's stock market and other financial markets. Third, the most successful part of the financial system, in terms of supporting the growth of the overall economy, is a non-standard sector that consists of alternative financing channels, governance mechanisms, and institutions. The co-existence of this sector with banks and markets can continue to support the growth of the Hybrid Sector (non-state, non-listed firms). Finally, among the policies that will help to sustain stable economic growth in China are those that reduce the likelihood of damaging financial crises, including a banking sector crisis, a real estate or stock market crash, and a "twin crisis" in the currency market and banking sector.