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China's Banking: How Reforms Lost Momentum

Leo F. Goodstadt
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Leo F. Goodstadt: Hong Kong Institute for Monetary Research and Hong Kong Institute for the Humanities and Social Sciences and University of Dublin

No 262014, Working Papers from Hong Kong Institute for Monetary Research

Abstract: This paper investigates China's pattern of decade-plus delays in implementing banking reforms. It identifies the ideological factors involved, particularly the persistent suspicion of 'market forces' as the economy's driving force. The dependence on the banks to finance the economic and social costs of the retreat from state planning is traced, together with the costs to the banks of funding such urgent national programmes as the 2008 economic stimulus package and the current affordable housing drive. The paper argues that liberalisation of the banking industry will continue to be limited because of the banks' role as the national leadership's last surviving lever of control over policy implementation after the demise of the command economy.

Keywords: China; Banking; Reforms; Ideology; Market Forces; State Intervention (search for similar items in EconPapers)
Pages: 27 pages
Date: 2014-10
New Economics Papers: this item is included in nep-ban, nep-cna and nep-tra
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