China’s Banking Transformation: The Untold Story by James Stent

By James Stent

During this well timed and provocative e-book, James Stent, a banker with many years of expertise in Asian banking and fluency in chinese, explains how chinese language banks paintings, analyzes their strengths and weaknesses, and units forth the demanding situations they face in a slowing economic climate. with no minimizing the true concerns chinese language banks face, China's Banking Transformation demanding situations unfavorable media money owed and reviews of "China bears". in response to his thirteen years of carrier at the forums of China Minsheng financial institution, a privately owned indexed financial institution, and China Everbright financial institution, a state-controlled indexed financial institution, the writer brings the knowledgeable view of an insider to the truth of chinese language banking.

China's Banking Transformation demonstrates that chinese language banks have reworked into sleek, well-run advertisement banks, taking part in an essential position assisting China's remarkable fiscal development. Acknowledging that China's banks are varied from Western banks, the writer explains that they're hybrid banks, borrowing broadly from Western types, yet even as working inside a conventional chinese language cultural framework and in keeping with China's governance model.

From his own event operating at board point, Stent describes the governance and administration of China's banks, together with the position of the Communist get together. He sees China's banks as embedded in historic options of the way govt and society paintings in China, and likewise as actors inside a industry socialist political financial system. The chinese language banking process this day bears similarities with banking in Northeast Asian "developmental states" of modern prior, and likewise pre-1949 chinese language banking.

As the 1st account of chinese language banking by way of a Westerner who has labored in China's banks, China's Banking Transformation may be learn through somebody drawn to the political economic climate of latest China, in Asian improvement matters, and in banking concerns ordinarily. The booklet dispels misconceptions and gives perception into the monetary points of China's financial development story.

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Notwithstanding that the hybrid features are residuals from the earlier socialist planned economy, one must ask why the transformation of Chinese banks did not result in clones of one of the various models of Western banks. After all, several East European banking systems made complete conversions, discarding their socialist roots. So have the banks of China’s immediate neighbor to the north, Mongolia, where banks are now mostly in private hands, functioning along the lines of Western banks, despite the country having been a part of the Soviet bloc until 1993.

Chang, who in 2001, in The Coming Collapse of China, made dire predictions about the financial sector, oblivious to the transformation of the banks that Zhu Rongji was then getting underway. More than a decade later, in May 2012, a Bloomberg correspondent wrote that the capital of China’s big banks was overstated because bad debts had been disguised as receivables from the central government. ”11 Perhaps the most well known of the banking skeptics has been Charlene Chu, formerly of Fitch Ratings, who for years has attracted widespread attention for her forecasts of forthcoming banking distress.

No other major country’s banking system so emphasizes shareholder value or so little constrains the workings of the free market in the banking system as does the American system. The role of the Communist Party and of the state in the financial system place Chinese banking as an outlier on the opposite side of the spectrum from America’s. There are, however, other banking systems which either now resemble, or have in the recent past resembled, China’s by providing a major role for the state in owning and guiding the banking system and influencing the allocation of credit.

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