商品詳細

China's financial system experienced major changes in 1979-91. Bank loans replaced budgetary grants as the most important source of fund for investment. A two-tiered financial structure emerged consisting of a central bank and a system of specialised, newly created commercial banks. Nonbank financial institutions mushroomed. Money and capital markets appeared. Problems, however, remained. Specialised banks did not operate as proper profit-oriented banks. Macro-level resource allocation was controlled by credit plans. Lagged enterprise reforms and a lack of proper financial control mechanism resulted in macroeconomic imbalances. A system of indirect monetary control was not in place. A detailed account of the process of China's financial reform in 1979-91, the book examines these achievements and problems. It looks at the impact of financial reform on the economy, and discusses policy implications. It has an account of the former mono-banking system in China prior to 1979, and a discussion of the post-1991 reforms.