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The Handbook of China's Financial System
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Marlene Amstad
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Preface by:
Darrell Duffie
Language:
English
Published/Copyright:
2020
About this book
A comprehensive, in-depth, and authoritative guide to China's financial system
The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution.
The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come.
Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.
Author / Editor information
Marlene Amstad is professor of economics and finance at the Chinese University of Hong Kong, Shenzhen; codirector of the Fintech Centre at the Shenzhen Finance Institute; and senior fellow at the Harvard Kennedy School. She is the coeditor of Central Bank Digital Currency and Fintech in Asia. Guofeng Sun is director general of the Monetary Policy Department of the People’s Bank of China. He is the author of Reforms in China's Monetary Policy and Financial Reforms in Modern China. Wei Xiong is the Trumbull-Adams Professor of Finance and professor of economics at Princeton University. He is also academic dean of the School of Management and Economics at the Chinese University of Hong Kong, Shenzhen.
Reviews
"Missing in many descriptions of China’s development story are details about its financial sector. This handbook remedies the gap with authoritative pieces on all aspects of China’s financial system by foremost experts in the field. It is essential reading for anyone who wants to understand the role China’s financial system has played in the nation’s growth, and how the system is being transformed to cater to China’s needs."—Raghuram Rajan, University of Chicago Booth School of Business and former chief economist of the IMF
"This handbook, written by scholars from leading academic institutions and the official sector, offers a truly authoritative reference for understanding China’s rapidly evolving financial system. Marvelously curated, each chapter explores a fundamental issue in China’s financial development with clarity and rigor."—Kenneth Rogoff, author of The Curse of Cash and coauthor of This Time Is Different
"This gem of a book presents the perspectives of leading scholars and experts in the field, and together they paint a superbly detailed and insightful picture. It is a must-read for anyone following the global economy and China’s place in the global financial system."—Hyun Song Shin, Bank for International Settlements
"This handbook, written by scholars from leading academic institutions and the official sector, offers a truly authoritative reference for understanding China’s rapidly evolving financial system. Marvelously curated, each chapter explores a fundamental issue in China’s financial development with clarity and rigor."—Kenneth Rogoff, author of The Curse of Cash and coauthor of This Time Is Different
"This gem of a book presents the perspectives of leading scholars and experts in the field, and together they paint a superbly detailed and insightful picture. It is a must-read for anyone following the global economy and China’s place in the global financial system."—Hyun Song Shin, Bank for International Settlements
Topics
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Frontmatter
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CONTENTS
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Foreword
vii -
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Introduction
1 - PART 1. BANKING AND MONETARY POLICY
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1. Banking Institutions and Banking Regulations
9 -
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2. Monetary Policy Framework and Transmission Mechanisms
38 -
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3. Monetary Policy Instruments
63 -
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4. China’s Interest Rate Liberalization
87 - PART 2. BOND AND MONEY MARKETS
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5. Chinese Bond Markets and Interbank Market
105 - PART 3. FINANCIAL SYSTEM AND THE REAL ECONOMY
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6. Macroeconomic Effects of China’s Financial Policies
151 -
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7. China’s Real Estate Market
183 -
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8. Infrastructure Financing
208 - PART 4. ONGOING REFORMS
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9. RMB Internationalization: Past, Present, and Prospect
229 -
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10. China’s Capital Account Liberalization: A Ruby Jubilee and Beyond
252 - PART 5. STOCK MARKET
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11. The Development of the Chinese Stock Market
283 -
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12. Corporate Governance in China
314 -
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13. The Accounting System in China
335 - PART 6. ASSET MANAGEMENT
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14. Investment Funds in China
359 -
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15. China’s Venture Capital Market
383 - PART 7. PENSION SYSTEM
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16. The Chinese Pension System
421 - PART 8. NEW DEVELOPMENTS
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17. Fintech Development
447 -
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Editors and Contributors
477 -
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Index
483
Publishing information
Pages and Images/Illustrations in book
eBook published on:
November 11, 2020
eBook ISBN:
9780691205847
Pages and Images/Illustrations in book
eBook ISBN:
9780691205847
Keywords for this book
Investment; Investor; Economy of China; Monetary policy; Interest rate; Financial services; Financial institution; Commercial bank; Market liquidity; Funding; Stock market; Asset; Shanghai Stock Exchange; Securitization; Currency; Economy; Income; Central bank; Shadow banking system; Capital market; Credit (finance); Liberalization; Asset management; Debt Financing; Institutional investor; Wealth management; Central government; Corporate governance; Bank; Leverage (finance); Credit risk; China Banking Regulatory Commission; Debt; Financial crisis of 2007–08; Economic growth; Government bond; China Securities Regulatory Commission; China; Investment fund; Money market; Bond (finance); Shareholder; Shenzhen; Accounting; United States Treasury security; Cash flow; Macroeconomics; Developed country; Tax; Employment; Bond Yield; Stock exchange; Finance; Government debt; Infrastructure; A-Share; Inflation; Shenzhen Stock Exchange; Financial statement; Foreign direct investment; A-share (mainland China); Public finance; Money market fund; Security (finance); Balance sheet; 1997 Asian financial crisis; Annual report; Diversification (finance); Interest; International Monetary Fund
Audience(s) for this book
For an expert adult audience, including professional development and academic research
