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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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From Bursars to Bankers

4 Transformation
China's Banking Transformation

James Stent

Oxford University Press

This chapter sketches development of Chinese banking starting with monobanking under Mao. As Reform and Opening got underway from 1979 to 1994, experimentation with commercial banking began under a planned economy, with a national credit plan. The transformational period of reform was from 1994 to 2010, by the end of which the banking system had been modernized and stabilized in its present form. During this transformational period, banks were cleaned up through stripping bad debt into asset-management companies. Banks were corporatized, listed on stock exchanges, and professionalized in management, governance, and operations. Development of Chinese banks is ongoing but since 2010 has been evolutionary rather than transformational.

Keywords:   transformation of banks, modernized banks, national credit plan, monobanking, bad debt, asset-management companies, stock market listing, corporatization

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