Financial Security in China: Situation Analysis and System Design PDF
Preview Financial Security in China: Situation Analysis and System Design
Research Series on the Chinese Dream and China’s Development Path Dexu He Financial Security in China Situation Analysis and System Design Research Series on the Chinese Dream ’ and China s Development Path ProjectDirector XieShouguang,President,SocialSciencesAcademicPress SeriesEditors LiYang,Vicepresident,ChineseAcademyofSocialSciences LiPeilin,Vicepresident,ChineseAcademyofSocialSciences AcademicAdvisors CaiFang,GaoPeiyong,LiLin,LiQiang,MaHuaide,PanJiahua,PeiChanghong, QiYe,WangLei,WangMing,ZhangYuyan,ZhengYongnian,ZhouHong Drawing on a large body of empirical studies done over the last two decades, the Research Series on the Chinese Dream and China’s Development Path seeks to provideitsreaderswithin-depthanalysesofthepastandpresent,andforecastsfor thefuturecourseofChina’sdevelopment.ThankstotheadoptionofSocialismwith Chinese characteristics, and the implementation of comprehensive reform and opening, China has made tremendous achievements in areas such as political reform,economicdevelopment,andsocialconstruction,andismakinggreatstrides towardstherealizationoftheChinesedreamofnationalrejuvenation.Inadditionto presenting a detailed account of many of these achievements, the authors also discusswhatlessonsothercountriescanlearnfromChina’sexperience.Thisseries willbeaninvaluablecompaniontoeveryresearcherwhoistryingtogainadeeper understandingofthedevelopmentmodel,pathandexperienceuniquetoChina. More information about this series at http://www.springer.com/series/13571 Dexu He Financial Security in China Situation Analysis and System Design DexuHe InstituteofFinanceandBanking ChineseAcademyofSocialSciences Beijing,China ISSN2363-6866 ISSN2363-6874 (electronic) ResearchSeriesontheChineseDreamandChina’sDevelopmentPath ISBN978-981-10-0967-9 ISBN978-981-10-0969-3 (eBook) DOI10.1007/978-981-10-0969-3 LibraryofCongressControlNumber:2016940518 ©SocialSciencesAcademicPressandSpringerScience+BusinessMediaSingapore2016 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof 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 dissimilarmethodologynowknownorhereafterdeveloped. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexempt fromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthis 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 hereinorforanyerrorsoromissionsthatmayhavebeenmade. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerScience+BusinessMediaSingaporePteLtd. Series Preface SinceChina’sreformandopeningbeganin1978,thecountryhascomealongway onthe pathofSocialism with Chinese Characteristics, under theleadership ofthe CommunistPartyofChina.Over30yearsofreformeffortsandsustainedspectac- ulareconomicgrowthhaveturnedChinaintotheworld’ssecondlargesteconomy, and wrought many profound changes in the Chinese society. These historically significant developments have been garnering increasing attention from scholars, governmentsandthegeneralpublicalikearoundtheworldsincethe1990s, when thenewestwaveofChinastudiesbegantogathersteam.Someofthehottesttopics have included the so-called “China miracle”, “Chinese phenomenon”, “Chinese experience”, “Chinese path” and the “Chinese model”. Homegrown researchers havesoonfollowedsuit.Alreadyhugelyproductive,thisvibrantfieldisputtingout a large number of books each year, with Social Sciences Academic Press alone havingpublishedhundredsoftitlesonawiderangeofsubjects. Because most of these books have been written and published in Chinese, however, readership has been limited outside China – even among many who study China – for whom English is still the lingua franca. This language barrier hasbeenanimpedimenttoeffortsbyacademia,businesscommunitiesandpolicy- makersinothercountriestoformathoroughunderstandingofcontemporaryChina, ofwhatisdistinctaboutChina’spastandpresentmaymeannotonlyforherfuture butalsoforthefutureoftheworld.Theneedtoremovesuchanimpedimentisboth real and urgent, and the Research Series on the Chinese Dream and China’s DevelopmentPathismyanswertothecall. This series features some of the most notable achievements from the last 20yearsbyscholarsinChinainavarietyofresearchtopicsrelatedtoreformand opening. They include both theoretical explorations and empirical studies, and cover economy, society, politics, law, culture and ecology, the six areas in which reform and opening policies have had the deepest impact and farthest-reaching consequences for the country. Authors for the series have also tried to articulate their visions of the “Chinese Dream” and how the country can realize it in these fieldsandbeyond. v vi SeriesPreface AlloftheeditorsandauthorsfortheResearchSeriesontheChineseDreamand China’s Development Path are both longtime students of reform and opening and recognized authorities in their respective academic fields. Their credentials and expertise lend credibility to these books, each of which having been subject to a rigorouspeerreviewprocessforinclusionintheseries.AspartoftheReformand DevelopmentProgramundertheStateAdministrationofPress,Publication,Radio, Film and Television of the People’s Republic of China, the series is published by Springer,aGermany-basedacademicpublisherofinternationalrepute,anddistrib- utedoverseas.IamconfidentthatitwillhelpfillalacunainstudiesofChinainthe eraofreformandopening. XieShouguang Preface ThefinancialcrisistriggeredbytheUSsubprimemortgagecrisisputtheworldon highalert.Ordinaryinvestors,aftersufferingheavylosses,arelookingforwardto economic recovery and financial revival. The conclusion of the false prosperity brought on by the disordered development of the financial sector has caused regulators to resort to strict measures, such as the introduction of “Basel III,” the launching of systematic regulatory reforms in the USA, and major adjustments to theUKfinancialregulatorysystem.Balancinginnovationandstability,themarket and government, and dividing financial institutions up by type of business or allowing them to operate diversified businesses—these are repeatedly discussed in critiquing and reconstruction. But no matter what the conclusions, the lesson from history is that laissez-faire financial development will inevitably result in disastrousconsequences.Thefinancialsystemmustbesecureandstable. Prior to the financial crisis, the Chinese rarely talked of financial security becauseunderstrictfinancialregulationandthestrongcontrolofthegovernment, itseemedChinesefinancewasnaturallysecure.Thelong-termrapidgrowthofthe Chinese economy and China’s smooth experience with the Asian financial crisis validatedthisview.Butinthemostrecentcrisis,theChineseeconomysufferedlike any other. Foreign trade slid, economic growth fell, and under the impact of the financial crisis, systemic contradictions began to intensify. In the context of the continued integration of the world economy, Chinese finance cannot exist in a vacuum. Financial difficulties in other countries pose challenges to the Chinese financialsystem.ThisprovidesanopportunityforChinatoadjustitsunderstanding offinancialsecurity,adjustitsthinking,andredesignfinancialsecuritymeasures,as wellastorespondtonewtrendsintheinternationaleconomy. This book selects typical issues in internal and external security, bank credit “herdbehavior,”systemicstockmarketrisks,mainrisksintheinsuranceindustry, vii viii Preface risksspecifictoshadowbanking,andrealestatefinancetoanalyzeChina’sfinancial security and design an institutional framework for China’s financial security. The author hopes to explore financial security maintenance and risk prevention issuesinvariouseconomicpatternswiththeinternationalacademiccommunityin ordertoprovidesupportforthesecurityoftheinternationalfinancialsystem. Beijing,China DexuHe Acknowledgments Afterarelativelyshortgestationperiod,theResearchSeriesontheChineseDream and China’s Development Path has started to bear fruits. We have, first and foremost, the books’ authors and editors to thank for makingthis possible.And it wasthehardworkbymanypeopleatSocialSciencesAcademicPressandSpringer, thetwocollaboratingpublishers,thatmadeitareality.Wearedeeplygratefultoall ofthem. Mr.XieShouguang,presidentofSocialSciencesAcademicPress(SSAP),isthe mastermind behind the project. In addition to defining the key missions to be accomplishedbyitandsettingdown thebasic parametersforthe project’sexecu- tion,astheworkhasunfolded,Mr.Xiehasprovidedcriticalinputpertainingtoits everyaspectandateverystepoftheway.ThankstothedeftcoordinationbyMs.Li Yanling, all the constantly moving parts of the project, especially those on the SSAPside,aresecurelyheldtogether,andaswellsynchronizedasisfeasiblefora projectofthisscale.Ms.GaoJing,unfailinglydiligentandmeticulous,makessure every aspect of each Chinese manuscript meets the highest standards for both publishers,somethingofcriticalimportancetoallsubsequentstepsinthepublish- ing process. That high-quality if also at times stylistically as well as technically challenging scholarly writing in Chinese has turned into decent, readable English that readers see on these pages is largely thanks to Ms. Liang Fan, who oversees translatorrecruitmentandtranslationqualitycontrol. TenothermembersoftheSSAPstaffhavebeenintimatelyinvolved,primarily inthecapacityofin-houseeditor,inthepreparationoftheChinesemanuscripts.It istime-consumingworkthatrequiresattentiontodetails,andeachofthemhasdone this,andiscontinuingtodothiswithsuperbskills.Theyare,inalphabeticalorder: Mr. Cai Jihui, Ms. Liu Xiaojun, Mr. Ren Wenwu, Ms. Shi Xiaolin, Ms. Song Yuehua, Mr. Tong Genxing, Ms. Wu Dan, Ms. Yao Dongmei, Ms. Yun Wei and Ms.ZhouQiong.Inaddition,XieShouguangandLiYanlinghavealsotakenpartin thiswork. Ms.ShiXiaolinistheSSAPin-houseeditorforthecurrentvolume. ix
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