By China Development Bank, Renmin University of China
From the point of view of Chinas reform and improvement, and the problems inlong-term financing, the authors clarify the strategy China now makes use of to supply improvement finance. The theoretical framework of the advance finance procedure is explored. The booklet concludes with a comparability with the policyoriented finance platforms of overseas nations.
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Additional info for Development Finance in China: Theory and Implementation
9 There are great differences between a government-led capital market system and a capital market system established in accordance with the internal laws of market development. In China, a government-led capital market system was established through mandatory system changes. At the initial stage of establishment, the information cost and search cost of capital were reduced by the use of administrative means, which reduced the information asymmetry issue in the capital market to a certain extent.
However, sustained and rapid economic development requires long-term stable support of funds, and the “short-board effect” of social funds means that those investment projects with large-scale investment, long cycle, high risks and uncertainty of expected profits cannot be implemented owing to lack of fund support. The backwardness of the financing system makes it detached from economic development, and the constraint of shortage of funds for economic development will be highlighted with the deepening of the reform.
The proportion of non-performing assets remained high and the capital adequacy ratio was also constantly declining. In 2003, the Chinese government launched the commercialization reform process of the state-owned banks once again. The biggest difference between this reform and the previous one was the change from incremental reform to stock reform. The cost and difficulty of stock reform are much greater than the incremental reform. , Ltd. and used the ownership rights and interests of more than RMB 300 billion originally held in the name of the Ministry of Finance to write off the bad debts of these two banks and in complement submitted the bad debt reserve that had not been sufficiently submitted.