Description
This book traces the development of Chinas banking system through the first 25 years of Chinas socialist market economy up to the present. It examines how Chinas leaders have chosen their own path for reforming and regulating the banking sector and shows how this approach has differed significantly from the neoliberal approach promoted by the West. The book demonstrates the effectiveness of the Chinese approach, contrasting Chinas relative success in weathering the Asian financial crisis with the huge disruption experienced by other East and Southeast Asian nations which had followed the neoliberal model much more closely. The book explains how Chinas officials were able to resist the persistent efforts of foreign financial institutions to gain control of Chinas financial sector, particularly around the time of Chinas entry to the World Trade Organization. It argues that Chinas increasing influence in international financial institutions after the global financial crisis can help mitigate the risk of future financial crises and promote global financial stability.
