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China's Banking TransformationThe Untold Story$
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James Stent

Print publication date: 2017

Print ISBN-13: 9780190497033

Published to Oxford Scholarship Online: December 2016

DOI: 10.1093/acprof:oso/9780190497033.001.0001

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China’s Hybrid Banks

China’s Hybrid Banks

1 China’s Hybrid Banks
China's Banking Transformation

James Stent

Oxford University Press

China’s banks reflect the culture in which they are embedded, extensive borrowing of governance and operating models from West, and the pervasive role of the Communist Party. This accords with the findings of institutional economics approaches to understanding economic and financial institutions. The chapter sets forth the “fragile and facing collapse” thesis of skeptics and counters that the banks have transformed “night and day” from being cashiers of a planned economy to modern and professional banks. They are hybrid in nature, reflecting the market socialist economy they support. Banking system structure is described, with focus on the predominantly state-owned tier 1 banks, which comprise the main subject of the book. The success of China’s banking system must be measured by how well it performs financial intermediation, with systemic stability and sustainability, efficient capital allocation, and provision of financial access.

Keywords:   banking transformation, tier 1 banks, financial intermediation, efficient capital allocation, modern banks, systemic stability, institutional economics

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