China's Emerging Financial Markets

1. Front Matter

   Pages i-xxi

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2. Section 1 Overview of the Chinese Financial System

   1. Front Matter

      Pages 1-1

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   2. A Review of China’s Financial System and Initiatives for the Future

      • Franklin Allen, Jun “QJ” Qian, Meijun Qian, Mengxin Zhao

      Pages 3-72

   3. The Transformation of China from an Emerging Economy to a Global Powerhouse

      • James R. Barth, Gerard Caprio Jr, Triphon Phumiwasana

      Pages 73-110

   4. China’s Financial Sector: Contributions to Growth and Downside Risks

      • Albert Keidel

      Pages 111-125

3. Section2 Monetary Policy and the Foreign Exchange Market

   1. Front Matter

      Pages 127-127

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   2. Monetary Policy Implementation in China: Past, Present, and Prospects

      • Bernard J. Laurens, Rodolfo Maino

      Pages 129-165

   3. The China Monetary Policy Handbook

      • Jonathan Anderson

      Pages 167-265

   4. The RMB Debate and International Influences on China’s Money and Financial Markets*

      • Priscilla Liang, Alice Ouyang, Thomas D. Willett

      Pages 267-299

   5. The United States–China Currency Dispute: Is a Rise in the Yuan Necessary, Inevitable, or Desirable?

      • John A. Tatom

      Pages 301-312

   6. New Estimation of the Renminbi Regime

      • Jeffrey A. Frankel

      Pages 313-330

   7. The Chinese Imbalance in Capital Flows

      • John A. Tatom

      Pages 331-348

   8. Some Issues Regarding China’s Foreign Reserves

      • Jie Li, Jing Chen, Liqing Zhang

      Pages 349-365

4. Section 3 The Banking System

   1. Front Matter

      Pages 367-367

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   2. Institutional Development, Ownership Structure, and Business Strategies: A New Era in the Chinese Banking Industry

      • Allen N. Berger, Iftekhar Hasan, Mingming Zhou

      Pages 369-401

   3. China’s Nonperforming Loans: A $540 Billion Problem Unsolved

      • Tong Li

      Pages 403-422

   4. The Evolution of Bank Lending Patterns in China: A Post-1994 Province-By-Province Analysis

      • Richard C. K. Burdekin, Ran Tao

      Pages 423-447

   5. Determinants of Location Choice of Foreign Banks Within China: Evidence from Cities

      • Chung-Hua Shen, Qi Liang, Xiang-Chao Hao

      Pages 449-474

   6. Financial Institutions’ Lending and Real Estate Property Prices in China

      • Perry Wong, Diehang Zheng

      Pages 475-493

   7. Combating Financial Exclusion in China: A Banking Regulatory Perspective

      • Yufeng Gong, Zhongfei Zhou

      Pages 495-520

China’s emerging financial markets reflect the usual contrast between the country’s measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ‘‘QJ’’ Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.

• Banking
• Banking Industry
• Bond Market
• Capital Markets
• Financial Market
• Financial Markets
• Structural Change
• corporate governance
• financial sector development
• international economic growth
• macroeconomics
• monetary and exchange rate

• Director of Capital Studies, Milken Institute, Santa Monica, U.S.A.

  James R. Barth

• Networks Financial Institute, Indianapolis, U.S.A.

  John A. Tatom

• Senior Fellow, Milken Institute, Santa Monica, U.S.A.

  Glenn Yago

James R. Barth,  his research focuses on financial institutions and capital markets, both domestic and global, with special emphasis on regulatory issues. He recently headed up an international team advising the People’s Bank of China on financial reform.

John A. Tatom, has more than 30 years of research and management experience in domestic and international financial markets and monetary policy, including as a Federal Reserve official and policy adviser, and head of emerging market research and country risk for an international bank. His research focuses on policy and influences on international capital markets and economic capacity.

 Glen Yago, specializes in financial innovations, financial institutions and capital markets, and has extensively analyzed public policy and its relation to high-yield

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