Gradualism and the Evolution of the Financial Structure in China

Lino Sau

Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin

Abstract: In this paper we set out to show that China has certain significant specificities in terms of the gradual (i.e. “step by step”) approach it has followed in implementing reforms affecting its financial system. This is in contrast with the traditional shock or “big bang” therapy adopted by other emerging or transition countries, on the basis of what is known as the Washington Consensus, which notoriously prescribes the immediate, wholesale introduction of market-oriented systems through large-scale liberalisations and privatizations. Nevertheless, as we will endeavour to demonstrate the process of reform of China’s financial system has not prevented problems of financial fragility from arising in the banking sector, and of corporate governance for firms, such as to threaten the very sustainability of growth in the future.

Pages: 37 pages
Date: 2009-01
New Economics Papers: this item is included in nep-cna, nep-dev and nep-tra
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:uto:dipeco:200903

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