China’s Financial System: Growth and Inefficiency PDF
Preview China’s Financial System: Growth and Inefficiency
China’s Financial System Growth and Inefficiency Dominique de Rambures and Felipe Escobar Duenas China’s Financial System Dominique De Rambures • Felipe Escobar Duenas China’s Financial System Growth and Inefficiency Dominique De Rambures Felipe Escobar Duenas Master Banque Finance Master Banque Finance Paris I University Panthéon Sorbonne Paris I University Panthéon Sorbonne Paris, France Paris, France ISBN 978-3-319-40450-9 ISBN 978-3-319-40451-6 (eBook) DOI 10.1007/978-3-319-40451-6 Library of Congress Control Number: 2017930599 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Mode Images / Alamy Stock Photo Cover Design: Liron Gilenberg Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Contents 1 Introduction 1 2 China’s Decision Making System 5 3 A Non-Independent Central Bank 21 4 Chinese Banks: Between Control and Profitability 37 5 Sidelined Foreign Banks 63 6 Credit Black Market 75 7 Fast Growing Internet Banking and Finance 91 8 Government Controlled Financial Institutions 101 9 Under-developed Financial Markets 131 v vi Contents 10 An International Non-Convertible Currency 163 11 Conclusion 179 Bibliography 183 Index 187 List of Abbreviations and Acronyms ABC Agricultural Bank of China ADA Abu Dhabi Investment Agency ADB Asia Development Bank AIIB Asia Infrastructure Investment Bank AMC Asset Management Company ANZ Australian & New Zealand Bank APEC Asia Pacific Economic Cooperation AVIC Aviation Industry Corp. B2B Business-to-Business BBVA Banco de Bilbao Viscaya Argentaria BEIC British East India Company BMG Beijing Municipal Government BOC Bank of China BOCOM Bank of Communications BRICS Brazil, Russia, India, China, South Africa C2C Consumer-to-Consumer CBRC China Banking Regulatory Commission CCB China Construction Bank CCP Chinese Communist Party CCT China Credit Trust CD Certificate of Deposit CDB China Development Bank vii vviiiiii List of Abbreviations and Acronyms CEXIM China Export and Import Bank CIBIC Commercial and Industrial Bank of China CIC China Investment Corp. CICC China International Capital Corp. CIDM China Insurance Deposit Mechanism CIRC China Insurance Regulatory Commission CITIC China International Trust and Investment Corp. CNAPS China National Advanced Payment System CNCC China National Nuclear Corp. CNIG China National Investment & Guarantee Co Ltd CNPC China National Petroleum Corp. COSCO China Ocean Shipping Cy. CP Group Chaoren Pokphand Group CPB Consumer Protection Bureau CPIC China Power Industrial Corp. CSI China Shipbuilding Corp. CSPG China Southern Power Grid CSRC China Securities Regulatory Commission CSSC China State Shipbuilding Corp. DVP Delivery versus Payment ECB European Central Bank EFT Exchange Traded Fund EM Europay EMS European Monetary System FCPB Financial Consumer Protection Bureau FDI Foreign Direct Investment FSA Financial Supervision Agency FSR IMF Financial Stability Report FTAAP Free Trade Area of Asia Pacific GITIC Guangdong Investment and Trust Company Guotai Guotai Junan Securities Co. HKE Hong Kong Securities Exchange and Clearing Ltd HKMA Hong Kong Monetary Authority HKSE Hong Kong Stock Exchange HKSFE Hong Kong Securities and Futures Commission HPVS High Value Payment System List of Abbreviations and Acronyms iixx HSBC Hong Kong and Shanghai Bank Co. HUIJIN Central Huijin Investment Co. IBRD International Bank for Reconstruction and Development IBOC International Bank of China ICBC Industrial and Commercial Bank of China IFC International Finance Company IIBA Infrastructure Investment Asian Bank IMF International Monetary Fund IPO Initial Public Offering Jiany China Jiany Investment Ltd. KKR Kohlberg Kravis Robert LGFVs Local Government Financing Vehicles LME London Metal Exchange MDE Mainland Designated Companies MOF Ministry of Finance MOR Ministry of Railways MSCI Morgan Stanley Commodity Index NASDAQ National Association of Securities Dealers Automated Quotation NCSSF National Council of Social Security Fund NDB New Development Bank NDRC National Development and Reform Commission NSSF National Social Security Fund NYSE New York Stock Exchange P2P Peer-to-Peer (or Person-to-Person) PBOC People’s Bank of China PICC People’s Insurance Company of China PMC Party Military Commission PSBC Postal Savings Bank of China PwC Price WaterhouseCoopers QFII Qualified Foreign Institutional Investors QIA Quatar Investment Agency RBS Royal Bank of Scotland RDSC Research Department of the State Council ROE Return on Equity RQFII Renminbi Qualified Foreign Institutional Investors xx List of Abbreviations and Acronyms RTGS Real Time Gross Settlement System SAFE State Agency of Foreign Exchange SAMA Saudi Arabia Monetary Agency SASAC State Owned Asset Supervision and Administration Commission SCO Shanghai Cooperation Organization SDR Special Drawing Rights SEA Special Economic Area SEC Security and Exchange Commission SEZ Special Economic Zone SIC Government of Singapore Investment Corp. SMEs Small and Medium-sized Enterprises SOE State Owned Enterprise SSE Shanghai Stock Exchange SWF Sovereign Wealth Fund SWIFT Society for Worldwide Interbank Financial Telecommunication TIC Trust and Investment Company TPG TPG Capital fund (ex Texas Pacific Group) TPP Trans Pacific Partnership TVE Township & Village Enterprise WMP Wealth Management Products WTO World Trade Organization
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