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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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Power of the State

Power of the State

7 Power of the State
China's Banking Transformation

James Stent

Oxford University Press

The state’s control over banks is different from Party control. State control comes from a “national balance sheet,” majority state ownership of most banks, and bank supervision. The ability of the state to influence economic outcomes through strategic policy decisions and mobilization of financial resources under the “national balance sheet” is enormous. Banking is a core industry that the state intends to control, but with corporatization and financialization of banks, the state’s role becomes state-shareholder, looking for returns on capital deployed. Private sector competition will be permitted, but on a restricted basis. The large banks will not be privatized. The PBOC is a powerful and competent central bank, and the CBRC is an effective and proactive banking regulator.

Keywords:   national balance sheet, state ownership, bank supervision, financialization, state-shareholder, PBOC, central bank, CBRC, bank regulation

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