From Bursars to Bankers
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.
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