<tt id="6hsgl"><pre id="6hsgl"><pre id="6hsgl"></pre></pre></tt>
          <nav id="6hsgl"><th id="6hsgl"></th></nav>
          国产免费网站看v片元遮挡,一亚洲一区二区中文字幕,波多野结衣一区二区免费视频,天天色综网,久久综合给合久久狠狠狠,男人的天堂av一二三区,午夜福利看片在线观看,亚洲中文字幕在线无码一区二区
          USEUROPEAFRICAASIA 中文雙語Fran?ais
          China
          Home / China / Business

          Tackling the shadow banking is huge task

          By Ed Zhang | China Daily | Updated: 2014-01-31 15:59

          A government document to regulate shadow banking, reported by the Chinese business media last week, has highlighted more than ever before the dilemma in China's financial system and a daunting task in its financial reform.

          Some say this year will be a time of make-or-break for the country. One thing to watch will be

          But how can new restrictions be reconciled with greater development? There seems to be an inherent contradiction in that.

          But this is exactly what China has to do - if it wants to continue to grow relatively fast and avoid a full-blown financial crisis. According to the resolution adopted by the national leadership's third plenum last year, one of the goals of the next round of reform is precisely to build a large, versatile financial system able to guard its hardcore from indiscreet or unethical practices.

          This is where a multi-layer financial system fits into the picture, as many Chinese economists have pointed out.

          This system would consist of a layer in which a few institutions hold the country's most important financial resources on behalf of the government, a second layer in which many institutions, not necessarily all State-owned, compete in the marketplace - allowed to conduct their own innovations but not expecting a government bailout if things go badly - and a third layer that is left for small services left alone to sink or swim and that therefore cannot do major harm to the main body of the national financial system.

          There will be some shadow banking, but it should not be allowed to grow so large and to fund so many local government projects.

          With better rules and more institutions, China should be able to redirect local governments' fundraising channels from shadow banking to a more open and better-regulated bond market.

          Beijing recently said it would allow local governments to issue bonds to pay back their debt. The question now is who will hold their bonds and who will help float them. This year it would not be too difficult for China to make a few more good moves in this direction.

          But erecting the framework for a multi-layer financial system will require a much larger effort, entailing a tug-of-war between interest groups.

          In the process, the performance of many listed companies, and indeed all companies in the financial service industry, along with a huge amount of wealth in China, will be affected.

          If the financial service industry continues to be dominated by a few very large State-owned banking corporations, the change desired would not materialize and the real economy would probably continue to depend on shadow banking for a great portion of its credit. That would pose a permanent risk for the country's growth.

          If there is to be a real change, there will have to be diverse institutions and services for all players in the economy. The result would inevitably be more financial service companies in the stock market, which would presumably be smaller than the State-owned banking giants, and be good at generating growth from their expertise in specialized services.

          The State-owned banking corporations can spin off some of their better-managed and more competitive departments. They may also sell some of their not-so-profitable services to local banks. All financial services, including those built by private investors, would be forced, not by the government but by market competition, to build a strong management and define a market niche.

          Until a change of this kind takes root, China cannot hope it will walk out easily from the long shadow of shadow banking and the risk it inevitably entails.

          A danger is that if China waits for too long in defining the game rules and playground for smaller financial institutions, which would be tantamount to protecting the monopolistic status of the State-owned banking giants, shadow banking would grow even more out of control.

          The author is editor-at-large of China Daily.

          Editor's picks
          Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
          License for publishing multimedia online 0108263

          Registration Number: 130349
          FOLLOW US
          主站蜘蛛池模板: 9久久精品视香蕉蕉| 人人爽人人模人人人爽人人爱| 欧美福利电影A在线播放| 国产成人精品无码专区| 国产精品原创不卡在线| 国99久9在线 | 免费| 欧美成人www免费全部网站 | 97精品伊人久久大香线蕉APP | 老妇xxxxx性开放| 夜夜添无码一区二区三区| 天天澡夜夜澡狠狠久久| 激情久久av一区二区三区| 亚洲中文字幕无码不卡电影| 亚洲中文字幕无线乱码va| 99中文字幕精品国产| 日韩有码中文字幕国产| 亚洲综合伊人久久大杳蕉| 久久亚洲精品11p| 麻豆国产成人AV在线播放| 蜜桃av观看亚洲一区二区| 欧美日韩v| 国产乱人激情H在线观看| 丁香亚洲综合五月天婷婷| 国产精品污一区二区三区| 一区二区和激情视频| 2021中文字幕亚洲精品| 亚洲国产精品成人av网| 亚洲中文久久久精品无码| 日韩一区二区三区三级| 色欲国产精品一区成人精品| a级毛片免费观看在线| 中文字幕人妻有码久视频| 成人网站免费观看永久视频下载| 99热门精品一区二区三区无码| 伊人成伊人成综合网222| 亚洲中文字幕无码av| 坐盗市亚洲综合一二三区| 偷偷做久久久久免费网站| 亚洲青青草视频在线播放| 亚洲一区成人在线视频| 狠狠色丁香婷婷综合潮喷 |