Impetuses and Barriers to PRC Financial Reforms

• Main Authors: Martin, James, 馬建明
• Other Authors: Lee Shyan Yuan
• Format: Others
• Language: zh-TW
• Published: 1997
• Online Access: http://ndltd.ncl.edu.tw/handle/05333051158753422592

碩士 === 國立臺灣大學 === 商學研究所 === 85 === AbstractThe purpose of this study is to build a better understanding of the issues behind financial reform and the context in which China''s financial reforms are taking place. In this paper I have opted to take a cross-sectional view of the issues that are important in determining the pace of financial reform. I have tried to integrate issues from a seemingly broad range of topics with my thesis of how they affect the pace of financial reform. The declining effectiveness of traditional measures of economic control accompanying the reform process and the dilemma in which this places regulatory authorities who have repeatedly illustrated a desire to maximize central control will be discussed as will the apparent concern by authorities that financial liberalisation could fuel financial speculation, increase inflationary pressures, or deny the state access to cheap funding through the state banking sector or the sale of government bonds.It must be remembered that financial sector reforms take place against the backdrop of efforts to keep a lid on inflation while avoiding bankruptcies or exacerbating problems in the state sector that might worsen the unemployment problem or prompt social unrest. Any examination of the future of financial liberalisation in China and the possibility of Shanghai''s re-emergence as an important financial centre must consider these factors as part of the context in which the liberalization of China''s financial markets is taking place. Stop and go measures at reform are reflective of Beijing''s concern regarding these issues as well as Beijing''s approach to reforms in general reforming incrementally and trying to follow the least socially disruptive path to achieving economic growth while seeking to maintain as much as possible the state''s control of the development process and the economy as a whole.