2009－China’s Emerging Financial Markets：Challenges and Opportunities

Springer New York Dordrecht Heidelberg London
Library of Congress Control Number: 2008942365
2009 by Milken Institute

content：
Part I Overview of the Chinese Financial System
A Review of China’s Financial
System and Initiatives for the Future . . . . . . 3
Franklin Allen, Jun
‘‘QJ’’ Qian, Meijun Qian, and Mengxin Zhao
The Transformation of China from
an Emerging Economy to a Global
Powerhouse . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
James R.
Barth, Gerard Caprio Jr., and Triphon Phumiwasana
China’s Financial Sector:
Contributions to Growth and Downside
Risks . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
Albert Keidel
Part II Monetary Policy and the Foreign Exchange
Market
Monetary Policy Implementation in China: Past, Present,
and
Prospects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 129
Bernard J. Laurens and Rodolfo Maino
The China
Monetary Policy Handbook . . . . . . . . . . . . . . . . . . . . . . . . . . .
167
Jonathan Anderson
The RMB Debate and International Influences on
China’s Money
and Financial Markets. . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . 267
Priscilla Liang, Alice Ouyang, and
Thomas D. Willett
The United States–China Currency Dispute: Is a Rise in the
Yuan
Necessary, Inevitable, or Desirable?. . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . 301
John A. Tatom
New Estimation of the Renminbi
Regime. . . . . . . . . . . . . . . . . . . . . . . . . . 313
Jeffrey A.
Frankel
xiii
The Chinese Imbalance in Capital Flows . . . . . . . . . . .
. . . . . . . . . . . . . . . 331
John A. Tatom
Some Issues Regarding
China’s Foreign Reserves . . . . . . . . . . . . . . . . . . . 349
Jie Li,
Jing Chen, and Liqing Zhang
Part III The Banking System
Institutional
Development, Ownership Structure, and Business Strategies:
A New Era in the
Chinese Banking Industry . . . . . . . . . . . . . . . . . . . . . . .
369
Allen N. Berger, Iftekhar Hasan, and Mingming Zhou
China’s
Nonperforming Loans: A $540 Billion Problem Unsolved . . . . . . . 403
Tong
Li
The Evolution of Bank Lending Patterns in China: A
Post-1994
Province-By-Province Analysis . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . 423
Richard C.K. Burdekin and Ran
Tao
Determinants of Location Choice of Foreign Banks Within
China:
Evidence from Cities . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . 449
Chung-Hua Shen, Qi Liang, and Xiang-Chao
Hao
Financial Institutions’ Lending and Real Estate Property Prices
in
China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . 475
Perry Wong and Diehang Zheng
Combating
Financial Exclusion in China: A Banking Regulatory
Perspective. . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. 495
Yufeng Gong and Zhongfei Zhou
Part IV The Bond and Equity
Market
The Chinese Bond Market: Historical Lessons, Present
Challenges,
and Future Perspectives . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 523
Haizhou Huang and Ning Zhu
An
Update on China’s Capital Markets: Focus on China’s Securities
Industry . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . 547
Chung-Hsing Chen
Privatization in China: Experiences
and Lessons . . . . . . . . . . . . . . . . . . . . 581
Jie Gan
xiv
Contents
The Emergence of Shareholder Protection in China. . . . . . . . . .
. . . . . . . . 593
Chen Lin, Clement Chun-Yau Shum, and Sonia Man-Lai
Wong
An Appraisal of the Impacts of Non-tradable Shares Reform
on Large
Shareholders’ Behavioral Modes of Listed Companies
in the A-Share Market. . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
617
Honghui Cao and Huazhao Liu
Will China Surpass the United States?. . .
. . . . . . . . . . . . . . . . . . . . . . . . . 635
John A. Tatom
Index
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . 641