Libmonster ID: CN-1220
Author(s) of the publication: A. N. VDOVIN

A. N. VDOVIN, Candidate of the Far East Institute of the Russian Academy of Sciences

Head of the Representative Office of the Russian Chamber of Commerce and Industry in China (Shanghai)

Keywords: Chinese economy, Chinese banking system, credit and financial institutions, shadow banking, financial system liberalization, small and medium-sized businesses

What is the banking system of modern China? Is it a frozen impression of Western banking mechanisms, hastily converted from a Soviet-style organization, or a dynamically developing sector that meets the needs of the rapid growth of the Chinese economy? Looking ahead, it can be noted that despite all its complexity, the banking industry of the People's Republic of China is a living, actively transforming organism, despite the fact that the very type of banking system can be considered as a whole formed and meeting the requirements of the current economic situation.

The continuous improvement of China's credit and financial system (CFI) naturally identifies and puts on the agenda the most acute problems, solutions to which, in turn, largely form the list of areas in which further reforms of local banking institutions will be implemented.

By the beginning of the twenty-first century, after 30 years of tumultuous and, in the initial period, radical reforms, a new Chinese banking system was created from the old Soviet - type organizational structure, which has a classic two-level structure with a set of elements that are common in world practice.

Having chosen the path of market reforms and the development of" socialism with Chinese characteristics " (i.e., the path of state capitalism), the PRC smoothly and naturally rebuilt its banking system in the image and likeness of the most common models in the market economy, borrowing Western experience and skillfully adapting it to local conditions. A natural consequence of this approach is that the resulting system is very similar in structure and basic elements to the banking systems of developed countries. At the same time, it has its own characteristics, "Chinese characteristics", which significantly distinguish it from the rest.

Despite the fact that the Chinese banking system has acquired a structurally complete look in the new century, nevertheless, the country's socio-economic development and the processes taking place in the global economy constantly increase the requirements for the banking industry and cause the need for various adjustments and reforms. This process often has a certain "domino effect", when changes in one of the elements of the banking system inevitably lead (or even require) changes in other elements of it. Thus, it can be argued that the process of transformation and development of the Chinese banking system is permanent and gets more momentum the faster the state's economic development goes.

It is the banks that are currently the most important tools for the progressive development of the giant Chinese economy. They have also become direct tools for supporting foreign trade, domestic and foreign investment. The country's strategic development goals, which are implemented by the Chinese leadership, are largely based on the national banking sector. There is no doubt that the stability of the entire financial and economic system of the People's Republic of China and the success of implementing the tasks of China's socio - economic development will largely depend on the efficiency of work, regulation, and, most importantly, on the correct choice of ways to further reform and build the Chinese banking system.

WHY REFORMS HAVE BECOME NECESSARY

Among the most important reasons for the need to reform the banking system are the problems that exist in the banking sector of the Middle Kingdom. A unique set of economic challenges and threats has varying degrees of impact on the development prospects of banks. It is often the response to challenges that drives China's most significant financial sector reforms.

When analyzing the main problems of the modern banking system of the PRC, it seems appropriate to conditionally divide them into three large groups: 1) threats of a system-wide nature (i.e., problems that affect the stability of the country's credit and financial system as a whole); 2) problems of industry regulation (containing factors related to difficulties

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and restrictions on the regulation of the financial and banking sector, generally constraining the pace of development and integration of the national banking and financial system into the global system) and 3) technical problems.

The first group of problems of a system-wide nature can be attributed to the continuing (and in some cases increasing) high level of " bad " debts on the balance sheets of Chinese banks, questionable assets on the balance sheets of the so-called "big four" Chinese state-owned banks, and insufficient work to prevent the emergence of new "bad" debts. This also includes the problem of the dominance of the Chinese model of financing, focused on attracting public contributions and government injections in various forms. A certain negative role is played by the lack of development of the practice of attracting cash flows in financial markets through the placement of shares (IPO) and other securities. It is necessary to note the participation of banks in the implementation of semi-legal schemes aimed at circumventing existing restrictions on attracting and placing funds of the population. Finally, another dangerous problem of a systemic nature, which is gaining its relevance, is the lack of capital of credit and financial institutions caused by the lack of effective mechanisms for replenishing funds by banks themselves.

The second group (regulatory problems) includes high centralization of the banking sector, monopolistically high level of state participation in capital and bank management, and excessive concentration of the industry. In addition, it is necessary to maintain restrictions on banking activities, including administrative regulation of bank rates, restrictions on cross-border capital flows and currency exchange operations, quotas for lending volumes, and a ban on a number of investment operations. Certain problems are caused by direct dependence, subordination of the People's Bank of China (PBOC) and the Banking Supervision and Regulation Commission to the State Council of the People's Republic of China in making decisions on almost all fundamental management issues in the banking sector, as well as excessive regulation and bureaucratic pressure in the industry.

Finally, in the third group (technical problems), the most relevant issues for the Chinese banking system are the overall lack of competition in the banking market, low profitability of local banks, and poor training of bank staff and management. It also affects the low level of credit risk management and assessment and the lack of mechanisms for judicial and legal protection of the interests of credit and financial institutions (CFIs) in terms of repayment of placed credit funds.

The challenges of the first group are of the most acute nature and have a direct impact on the stability and pace of development of the national financial and economic system. Regulatory and technical problems, unlike the factors of the first group, are not immediate and do not pose an immediate threat of destabilization of the country's finances in the short term. Nevertheless, they largely determine the nature and prospects for the development of the banking and financial sector of the PRC, causing the need for reforms and changes in the structure of the national financial landscape.

CHINESE BANKS: DEVELOPMENT VECTORS

The main areas of reform and development of the Chinese banking system are closely related to the problems listed above. In the current situation, these challenges form the agenda and determine the path of further development of Chinese banks, since without a timely response to them, there can be no question of further progressive and sustainable development of the industry.

We will try to list and analyze the most relevant areas in which changes and reforms in the banking sector of the People's Republic of China are likely to occur in the near and medium term.

The main trends and steps for further development of the Chinese banking system can also be divided into three groups:

1) A group of "political" trends, i.e. steps in the banking and financial sphere taken by the country's top political and financial leadership, often affecting the activities of not only banks, but also the entire financial system of the state or a significant part of it, and aimed at solving strategic issues of the development of Chinese society.

2) A group of structural changes and reforms, which can include issues of creating new and reforming old elements of the banking system.

3) A group of technical reforms mainly related to improving the functioning of credit and financial institutions and their work in the market. As a rule, KFUS and their management are responsible for the implementation of technical steps.

First, let's take a closer look at the most significant political trends in the reform of the Chinese banking system.

1.1. The central and most urgent areas of reform of the banking and the entire financial sector of the country in the coming years will be the liberalization of the financial and banking system and increasing the role of the market in determining the main parameters of banking institutions.

The need for gradual liberalization of the modern banking system of the People's Republic of China as a whole, as well as its regulatory mechanisms and instruments, existed from the very beginning of its formation in the 1980s.Continuous reforms have become an integral part of the entire development of the Chinese banking sector. The key points were

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only the speed of the ongoing reforms and the level of their radicality. At times, the process of "introducing the market" (shichanghua) into the banking system almost stopped, and at other times, on the contrary, it rapidly gained momentum.

China's financial system has faced a particularly acute issue of market transformation since the country's accession to the WTO in 2001 and the subsequent intentions of the authorities to turn the PRC (in particular, Shanghai) into one of the world's financial centers. The banking system, which was overregulated and managed mainly by administrative methods at that time, increasingly became a brake that limited not only the possibilities of integrating the financial sector of the Middle Kingdom into the global financial system, but also had an increasingly restraining effect on the growth of the country's economy.

The key, but at the same time problematic issues, from the point of view of insufficient liberalization of the banking system, were the relatively strict fixing of the yuan exchange rate by the People's Bank of China and the administrative regulation (restriction) of key bank rates by the Central Bank. There were also restrictions on the movement of capital, quotas for lending (both domestically and abroad) for Chinese companies, the absence of a deposit insurance system, etc.

The importance and severity of these problems have actually made their solution a priority for the further development of China's banking and financial system in the medium term. Thus, shortly after the 3rd plenum of the CPC Central Committee of the 18th convocation (November 9-12, 2013), PBOC Governor Zhou Xiaochuan announced a number of planned innovations in the near future. In particular, he announced the prospect (but without specifying specific terms) of canceling the daily fixing of the yuan exchange rate by the NBK, with the transition to a market mechanism for forming the exchange rate. Also, after the abolition of the lower limit for interbank lending rates in mid-2013, further loosening of regulation in this area was declared in order to "fully achieve interest rate liberalization in the medium term". In March 2014, the NBK management announced a two-year deadline for liberalizing deposit rates, including for individuals.1 In addition, Zhou Xiaochuan announced the acceleration of work on the creation of a deposit insurance system and further loosening of controls on cross-border capital flows and the securities market2.

The first practical step towards the introduction of market-based mechanisms for determining bank interest rates was the launch of sales of free-floating certificates of deposit of the 5 largest Chinese state-owned banks in December 2013. This made it possible to open an additional financing channel in the interbank market, where prices (i.e., in fact, prices for monetary resources for banks) will be determined during exchange trading based on supply and demand, and will not depend on restrictions on the interest rate.

1.2. Another" political " direction of the reforms was to increase the efficiency of distribution of financial flows in the banking system.

A serious problem of the Chinese economy is the relatively low efficiency of using financial resources and investments. Thus, Western studies have shown that in the middle of the last decade, for every dollar of GDP growth, the Chinese economy needed $4.9 of investment, which is, on average, 40% more than the same indicator of Japan and the Republic of Korea during their periods of rapid economic development.3

The responsibility for this largely lies with the banking system, which implements a one-sided credit policy, which consists in priority and preferential lending to the public sector, while ignoring private companies, especially small and medium-sized ones, which are not only the largest employers, but also provide more than half of the country's GDP. For example, in 2006, private businesses accounted for less than 1% of all loans issued by the largest state-owned banks in China.4 As a result, in addition to curbing the pace of development of the non-state sector, the shadow banking and financial system is also actually stimulated, since private companies are massively credited in informal (underground or shadow) structures when it is impossible to obtain loans from banks and financial markets.

Currently, the banking system of the PRC continues to operate a "redistributive" economic model, according to which banks accumulate vast monetary resources of the population through deposits with administratively fixed low rates, with further redirection of the funds received to the corporate sector in the form of cheap loans.

The current situation has already begun to come into conflict with the development needs of the national economy, since it carries great risks of creating overheating in some sectors while underfunding others against the background of indirect stimulation of shadow banking activities. In this regard, significant efforts of the Chinese political and financial authorities will be directed specifically at reforming the existing financial flow patterns.

In particular, we are talking about government programs that are already being implemented to expand lending to private enterprises and companies by official KFIS, while ensuring acceptable levels of interest rates that reflect real levels of risk and the market situation. In addition, options for diversifying the channels of raising funds by banks are being considered, including through IPOs on local and foreign exchanges, work on financial markets, and permission to conduct individual investment projects.-

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investment operations (currently, in accordance with the law, local and foreign banks are prohibited from engaging in investment activities).

1.3.Due to the fact that the problem of the shadow banking sector has already gained strength and has gone beyond purely technical or legal issues in China, its solution has acquired the status of a state (or - in Chinese terminology - "political")task. For this reason, countering the shadow banking and financial sector, along with combating overheating in the field of lending, as well as improving the financial performance of banks, will probably also be significant vectors for the development of this sector in the coming years.

To combat the spread of shadow banking at the grassroots level of regional, village, rural companies and private entrepreneurs, i.e. at the level of small businesses and microfinance, in which, according to the most conservative estimates, more than 700 million Chinese people are interested, the Chinese leadership is taking steps to develop an extensive and accessible network of banks such as the Agricultural Bank China and the China Agricultural Development Bank. For the same purpose, the Postal Savings Bank of China was established. Such policies increase the availability of official financial services and resources for small and poorly secured economic entities; this also reduces the attractiveness of informal shadow lending mechanisms. State programs aimed at expanding lending to small and medium-sized enterprises are also aimed at solving this problem.

As part of the legislative support of banking regulators, the development of definitions of shadow financial activities and the differentiation of legal and illegal types of operations of credit and financial institutions began at the end of 2013. However, taking into account the lack of a clear understanding among the authorities themselves of what is beneficial (i.e., it is necessary to legalize) and what is harmful (needs to be banned) for the financial and economic health of the country, we can expect that the process of combating the shadow banking sector may be delayed for many years.

1.4. Finally, the" political " directions include increasing the transparency of certain elements of the banking system, introducing modern mechanisms and tools for assessing credit risks, and improving the overall level of management in the industry. Addressing these issues requires a comprehensive approach and fundamental changes in the work of regulators and the management of local banks.

Despite the fact that reforms in these areas, in general, have already received the approval of the authorities, often the practical steps they take are declarative in nature and do not lead to real changes and significant reforms in the work of KFU. In this regard, it can be argued that the implementation of changes in this area is only at an initial stage and will require considerable time - at least the next decade.

NEW STRUCTURAL CHANGES AND REFORMS

The group of structural changes and reforms includes the following areas::

2.1. The emergence of new elements of the banking system, including new types of banks and the improvement of outdated forms of CFCs.

The Chinese leadership has repeatedly stressed that the Chinese banking system is at the stage of development and permanent reform. First of all, this refers to the fact that the structure of the banking industry itself is inevitably subject to periodic changes both in terms of its element composition and in terms of adjustments to internal relationships of a functional, hierarchical, regulatory or economic nature. The implementation of the liberalization of the financial sector and structural changes in the national economy itself will inevitably lead to the need to further adjust the work of existing credit and financial institutions and create new types of banks that better meet the new needs of the market.

One of the possible promising areas for reforming and reorganizing the upper (regulatory) level of the banking system is the unification and merger of banking regulators and their functions with the creation of a single, so-called mega-regulator of the industry. This idea reflects global trends in the construction of national financial systems, and since the Chinese banking sector largely copies the most successful and progressive foreign organization schemes, we can expect China to develop in this direction. Moreover, moving towards the creation of a mega-regulator would help the Chinese banking system solve a complex set of problems related to improving the efficiency of governance and regulation, transparency of the banking sector, and the current confusion and inconsistency of regulation and government authorities.

In addition, new types of banks are already being created, implementing innovative forms of ownership and management for China. In particular, in early 2014, the State Council of the People's Republic of China approved a pilot program of the Banking Supervision and Regulation Commission (BCC) to establish 5 fully private commercial banks in the country. It is assumed that new banks, unlike existing ones, will be created exclusively by private companies without state participation.

Such banks are planned to be established in Shanghai, Tianjin, as well as in the provinces of Zhejiang and Guangdong. Lending to small and medium-sized businesses will be a priority for private commercial banks. The strategic task of the experiment is to assess the capabilities of Chinese banks in market conditions based on market management principles.-

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risk and profitability assessments. The key innovation is the lack of direct support and guarantees from the state, which to some extent is planned to be replaced by control from the main shareholders - the largest Chinese private corporations, such as Alibaba, Tencent, Fosun Group, June Yao Group, Wanxiang Group, etc.

The sector of rural credit and financial institutions will also undergo significant changes in the medium term. The Government is already working on a program to reorganize numerous rural credit cooperatives and rural cooperative banks.

In the current form, rural credit and financial institutions face serious problems that are of concern to banking regulators and authorities. Thus, rural credit cooperatives and cooperative banks traditionally experience great difficulties with indicators of overdue debt (which significantly exceeds the average indicators of the banking sector), insufficient equity and competition, and blurred property rights.

To solve these problems, the CDB plans to transform all existing rural cooperative banks into a relatively new type of credit and financial institutions-rural commercial banks, bringing their activities in line with the requirements of the modern banking services market. More than 1,000 rural credit cooperatives will also be reorganized, enlarged, and in some cases transformed into commercial banks. Thus, in the medium term, we should expect active development of rural commercial banks, which will be distinguished by clearer ownership rights, standardized management, evaluation and service delivery systems. As a result of the planned reorganization, there is likely to be a qualitative increase in the indicators of assets, equity and income of rural KFUS, while at the same time significantly reducing their number.

2.2. Introduction of the national bank deposit insurance system.

At the moment, the absence of a formal system of insurance of bank deposits of the population (such as, for example, in Russia) and the corporate sector is in some sense replaced by a system of political (i.e. implied and unformalized) guarantees of the country's leadership. Thus, on the one hand, the trust of bank customers is based on the confidence that banks operate under strict state control, on the other hand, there are no legally formed and guaranteed schemes for returning funds to depositors in cases of insolvency (bankruptcy) of KFUS.

This problem has become more and more urgent in recent years, and now it has become a brake on the further development of local banks. The absence of a formal deposit insurance system for bank deposits has to a certain extent put them (in terms of the formal level of risk) on a par with shadow financial products. This, together with the higher profitability of the latter, makes such products a more attractive investment destination for free funds.

Taking into account the severity of this problem, it seems that in the near future, the authorities and banking regulators of the PRC will start implementing programs for introducing bank deposit insurance systems, which the leadership of the People's Bank of China has already announced. 5

2.3. Another important institution of the national banking market should be national rating agencies (RA) and credit rating determination and management systems.

On the one hand, the task of developing local rating agencies began to be solved in China more than 10 years ago, and to date, some progress has been made in this area. A number of Chinese rating agencies have been established to implement market-oriented risk assessment mechanisms for private companies; the most successful is the Dagong rating Agency, which is well-known outside of China.

However, although national rating systems have become operational, experts estimate that they are still at the stage of collecting, accumulating and systematizing statistical information on local private sector economic actors, gaining experience and gaining market credibility and trust. This process should not be forced objectively, as it requires considerable time to ensure the adequacy of credit ratings, which could become a serious basis for decisions on granting or not granting loans.

Apparently, we should expect this work to continue, with a gradual expansion of its scope and subsequent steps (which are already being implemented) towards internationalization of the activities of Chinese rating agencies, extending their influence from the territory of the PRC first to the Asian region, and then to the European and American markets.

Finally, considering the technical reforms, we can note the following most significant changes in the modern banking industry in China.

3.1. Expansion of lending to national micro, small and medium-sized businesses.

This area is particularly relevant for the Chinese economy in general, and its banks in particular, as it contains significant economic potential. Today, more than 99% of Chinese companies are small and medium-sized businesses; their contribution to GDP exceeds 60%, and they generate about half of tax revenues. However, up to 70% of these companies have some degree of difficulty financing their operations.6 This opens up significant prospects for banks to expand their customer base and, as a result, the volume of services and services provided by them.

page 41

received revenue. Since, as mentioned above, until now the local small business lending market was practically undeveloped, and its potential was not used by official credit institutions.

The task of expanding the scale of lending to small and medium-sized businesses is set by the country's leadership, first of all, for all banks with state participation, which, in turn, actually means a task for the entire banking sector of the PRC. And this task is being successfully solved: in 2009 - 2012, the Chinese banking sector ensured the growth rate of lending to small and micro enterprises at a level no less than the average growth rate of lending in general. In 2012, the volume of loans issued by Chinese banks to small and microenterprises reached 14.8 trillion yuan, which accounted for 28.6% of the total lending volume in the country7.

At the same time, it can be noted that lending to small and medium-sized enterprises in recent years, although it is in the rank of state priorities, is still perceived by many banks as a "political" rather than an economic activity. Chinese and foreign banks have not yet discovered the full economic potential of small businesses and private entrepreneurship. For this reason, lending in this segment continues to develop at a catching-up rather than advancing pace, as it should be.

Due to the fact that mass servicing of small and medium-sized enterprises implies a radical change in the business models of banks, we should expect a relatively long transition period, during which the banking sector will gradually implement long-term strategic goals and plans for the transition from servicing individual large customers (the vast majority of them from the state-owned sector) to working with the mass private.

3.2. Active development of retail banking services with the broad introduction of modern Internet banking technologies.

Over the past three decades, the development and growth of the Chinese banking sector has been based on comprehensive services to the state and large corporate sectors. At the same time, the population was considered only as a source of financial resources attracted in the form of deposits. Thus, the retail market for a long time acted only as a passive element, the main value of which is the possibility of obtaining a large amount of cheap resources; the possibility of extracting market profits by providing a wide range of banking services was virtually ignored.

Major changes in China's economic policy in recent years, as well as the exhaustion of traditional sources of growth by banks, have led to an urgent need to make better use of the extremely large domestic retail market. The policy of the Chinese leadership to gradually switch from an export-oriented economic model to stimulating economic growth through increased domestic consumption has led local banks to rethink their long-term strategies from relying on lending to large producers and investors to widely involving the population in banking services.

As an illustration of this trend, we can refer to a study by China Market Research Group, which showed that many Chinese state-owned banks, including the Commercial and Industrial Bank of China and the Bank of China, focusing mainly on servicing the largest companies, have already begun to face increasing dissatisfaction with their work on the part of private customers. At the same time, a number of joint-stock commercial and city commercial banks (for example, China Merchants Bank) have already focused their efforts on servicing individuals and plastic card holders. As a result, China Merchants Bank has taken a leading position both in the credit card sector and in terms of private customer satisfaction in China8.

In an effort to boost the retail sector and at the same time increase its efficiency and profitability, Chinese banks have engaged in the widespread adoption of remote service and Internet banking technologies. Taking into account the high level of penetration of mobile communications and the Internet (both landline and mobile) among the population (by the beginning of 2012, China had more than 960 million mobile phone users), we can talk about the overall basis for the intensive introduction of Internet banking technologies. By mid-2011, the number of users of Internet banking services in China exceeded 70 million , or 45% of the global total. 9

Now Chinese banks are improving their technology, making their services more complex, and expanding their customer base. This work is also supported at the state level, as a result of which the necessary regulatory framework has been formed that allows banks to effectively develop the direction of remote services.

Taking into account the truly unique scale of the domestic retail market of the PRC and its economic potential for the banking system, it is logical to assume a trend of further quantitative (customer base) and qualitative (Internet technologies, branch network, etc.) development of the retail sector in the activities of the majority of Chinese banks with the inevitable increase in the level of competition for a private client in the local banking market the market.

3.3. Globalization of the activities of the largest Chinese banks, expansion of foreign presence and activation of work abroad.

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CHINESE BANKS ABROAD

Currently, Chinese banks are still at the initial stage of globalization of their activities, characterized by a small number of foreign branches and subsidiaries, an unformed foreign network, as well as its unevenness on a global scale (however, with a clear dominance of the Asian direction). The scope of activity of foreign divisions of Chinese banks is mainly limited to servicing large national clients.

Nevertheless, national banking institutions have joined in the implementation of the state policy of "going outside" (Zou chuqu). At the same time, penetration into foreign markets is carried out in various forms, using a variety of models and strategies. This is the classic way of opening representative offices and offices, and then subsidiary banks and branches, and often a more complex and costly way of acquisitions of foreign credit and financial institutions.

This process is currently only gaining momentum (taking into account the almost complete absence of Chinese banks abroad in the recent past) and in the future will expand both in terms of growing the number of banks operating abroad and in terms of increasing their "financial capacity". In 2012 alone, the Bank of Commerce and Industry of China opened 5 foreign branches and subsidiaries, the Agricultural Bank established 3 branches, the Bank of China-6, and the Development Bank opened a representative office in Latin America. A number of commercial banks have opened offices in Hong Kong and Taiwan. By the beginning of 2013, 16 Chinese banks implementing the strategy of entering foreign markets had established 1,050 foreign structures, including subsidiaries, branches, representative offices and organizations of various degrees of affiliation in 49 countries and regions of the world10.

It is important to note that when implementing development programs outside the country, Chinese banks often receive substantial and versatile state support, since their foreign activities in most cases are closely related to the implementation of the state policy of internationalization of the renminbi11 and the expansion of its use in international settlements.

Thus, following the economic interests of their country, Chinese banks are actively and comprehensively developing their business in different parts of the world, moving from providing the simplest services for servicing trade operations to fully operating as key providers of complex banking services that include complex financial products and investment operations in global financial markets. The development of overseas operations of Chinese banks will undoubtedly continue, not least due to the expansion of the use of the yuan in global markets.

3.4. Comprehensive improvement of corporate banking governance is another complex technical task for the development of the Chinese banking sector in the coming years, and probably even decades. Imperfections in this area create a complex of large and small problems, ranging from insufficiently efficient distribution of financial flows, increasing portfolios of problem loans and low profitability, and ending with the problem of low qualification of personnel, weak competitiveness of local KFUS, lack of clear strategic programs and guidelines, etc.

Work in this direction is being carried out both by the banks themselves and by the regulator. KRBD developed and presented recommendations containing requirements for commercial banks to establish special management structures (committees) responsible for strategic development, internal audit, development of risk assessment policies, personnel issues, etc. The largest and most progressive banks solve these problems by introducing foreign specialists (for example, representatives of a strategic investor)to the boards of directors, with extensive use and borrowing of foreign experience, models and practices.

* * *

Despite the objective difficulties and problems, there is much evidence that the Chinese banking sector continues its progressive development and improvement. The structure and diversity of financial institutions, products and instruments, as well as the management, banking control and supervision systems are becoming more complex. The further development of the country's banking and financial system will undoubtedly largely determine the successful growth and development of the entire economy of the People's Republic of China in the foreseeable future.


1 The Economist. March 15 - 21, 2014, p. 8.

2 Central Bank to promote flexibility // Shanghai Daily. 20.11.2013, p. A2.

Kumiko Okazaki. 3 Banking system reform in China: the challenges of moving toward a market-oriented economy. Occasional paper. Rand National Security Research Division. 2007, p. 56.

4 Ibidem.

5 Central Bank to promote flexibility...

6 2012 China Banking Industry - Top Ten Trends and Outlook. Deloitte China Financial Services Industry Center of Excellence -http://www.deloitte.com/assets/Dcom-China/Local%20Assets/Documents/Industrie s/Financial%20services/cn_gfsi_chinabanking topl0_280512. PDF

7 2013 China Banking Industry... -http://www.deloitte.com/assets/Dcom-China/Local%20Assets/Documents/Industrie s/Financial%20services/cn_fs_2013chinabank ingtop10trends_200513. PDF

Shaun Rein. 8 The end of cheap China: economic and cultural trends that will disrupt the world. New Jersey: John Wiley&Sons, Inc. 2012, p. 187.

9 2012 China Banking Industry...

10 China Banking Regulatory Commission. Annual Report 2012. China Citic Press. 2013, p. 40.

11 For more information, see, for example: Binder A. I., Kononov A. Yu. (Vladivostok). International Currency Competition: Prospects for the Yuan / / Asia and Africa Today. 2013, N 12. (Binder A.I., Kononov A.Yu. 2013. Mezhdunarodnaya valyutnaya konkurentsiya: pcrspektivy yuanya // Aziya i Afrika Segodnya. N 12) (in Russian)


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68 days ago · From Wan Yong

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