China's Emerging Financial Markets: Challenges and Opportunities [Hardcover]

Chinas emerging financial markets reflect the usual contrast between the countrys measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun QJ Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.Section 1 Overview of the Chinese Financial System.- A Review of Chinas Financial System and Initiatives for the Future.- The Transformation of China from an Emerging Economy to a Global Powerhouse.- Chinas Financial Sector: Contributions to Growth and Downside Risks.- Section2 Monetary Policy and the Foreign Exchange Market.- Monetary Policy Implementation in China: Past, Present, and Prospects.- The China Monetary Policy Handbook.- The RMB Debate and International Influences on Chinas Money and Financial Markets*.- The United StatesChina Currency Dispute: Is a Rise in the Yuan Necessary, Inevitable, or Desirable?.- New Estimation of the Renminbi Regime.- The Chinese Imbalance in Capital Flows.- Some Issues Regarding Chinas Foreign Reserves.- Section 3 The Banking System.- Institutional Development, Ownership Structure, and Business Strategies: A la