China’s Emerging Financial Markets: Challenges and by Franklin Allen, Jun “QJ” Qian, Meijun Qian, Mengxin Zhao

By Franklin Allen, Jun “QJ” Qian, Meijun Qian, Mengxin Zhao (auth.), James R. Barth, John A. Tatom, Glenn Yago (eds.)

China’s swift speed of monetary development and improvement is followed by way of wanted reforms in its rising monetary markets. The government’s measured strategy in constructing those markets is growing strange demanding situations and possibilities, either regionally and internationally.

This publication deals the most insightful updated appears to be had on the evolving chinese language economic climate. It offers replacement views of the system’s evolution and its strength contribution to fiscal development. The publication additionally discusses monetary associations in addition to the bond, fairness, and genuine property markets, concentrating on the ways that governmental rules are affecting their performance.

China’s rising monetary Markets: demanding situations and possibilities offers an in-depth overview of such very important concerns because the functionality and lending styles of China’s banks, in addition to an review of genuine property estate costs. major consciousness can be paid to the real function that globalization is having on China’s alternate price and financial policies.

This booklet is the 8th within the Milken Institute sequence on monetary Innovation and financial development, and brings jointly the tips of 41 widely known monetary and coverage specialists. significantly, greater than 1/2 the individuals are chinese language and feature the benefit of front-row seats in China’s rising monetary markets.

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2 Overview of Bond Markets Table 5B provides information on China’s bond markets. 5 billion (or US $285 billion) at the end of 2006). These bonds are issued by ‘‘policy banks,’’ which operate under the supervision of the Ministry of Finance, and the proceeds of bond issuance are invested in government-run projects and industries such as infrastructure construction (similar to municipal bonds in the United States). Compared to government-issued bonds, the size of the corporate bond market is minuscule: 15 For example, Du et al.

8 billion for domestic bank loans for the same year. It is important to point out that equity and bond issuance, which are included in self-fundraising (but falls into the category of formal external finance), apply only to the Listed Sector and account for a small fraction of this category. While the Listed Sector has been growing fast, SOEs are on a downward trend, as privatization of these firms is still in progress. Around 30% of publicly traded companies’ funding comes from bank loans, and this ratio has been very stable.

With the exception of South Korea, China seems to be on a similar pace in terms of size of equity issuance (as fraction of GNP in a given year) with Taiwan, India, and Brazil. From the above comparisons, it is clear that the development of China’s external markets relative to its overall economic growth is not dramatically Review of China’s Financial System and Initiatives for the Future 39 3% IPO&SEO/GDP 2% China S. Korea 2% Taiwan 1% India 1% Brazil 06 04 20 02 20 00 20 98 20 96 19 94 19 92 19 90 19 88 19 19 19 86 0% Year Fig.

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