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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 July 2021

Culture Matters

Culture Matters

Chapter:
2 Culture Matters
Source:
China's Banking Transformation
Author(s):

James Stent

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190497033.003.0002

Traditional Chinese culture retains a powerful hold on China today. Confucian emphasis on the duty of the state to provide for a harmonious and orderly society, on the interests of the collective over the individual, and on “rule of men” over “rule of law” imbue the values and structures of Chinese political economic institutions, including banks. This cultural context in which Chinese banks are embedded contrasts sharply with the American cultural context in which American market capitalist banks are embedded. China’s search for the right combination of modern methods and traditional cultural essence to return “wealth and power” to the country has influenced the development of China’s banking system to become what it is today.

Keywords:   Chinese culture, Confucian, harmonious society, rule of men, wealth and power

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