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1、SharingChina＇sBankRestructuringBillChi&WorldEconom),/19—37,Vo1.14,No.3,2006SharingChina'SBankReStrUCtUringBillGuonanMaAbstractThispaperaddressesthequestionsrelatedtotheCOStofChina'Sbankrestructuringandhowithasbeenfinanced.Werstproposeaframeworkforrecognizinglosses.Then,weexaminetherecentmajor
2、movesbytheChineseGovernmenttorepairthecountry'.Sbankbalancesheets.Finally,weexploretheimplicationsoftheChineseGovernment'Smethodsoffundingbankrestructuring.WefindthattheChineseGovernmenthasbeendecisiveinconfrontingthecostlytaskofbankrestructuring.Sofar,Chinesetaxpayershavepaidmostofthebillforbank
3、restructuring.Keywor~:China,bankrestructuring,non—performingloans,recapitalizationJELcodes:G21,G28,053,P341.1ntroductionBankrestructuring,includingresolutionofnon—performingloans(NPL)andtheassociatedrecaDitalizationofbanks,iSoftencostly,butiScrucialforthestabilityandefficientfunctioningofbankings
4、ystems.AlthougheffectivelystemmingtheflowofnewNPLisnecessaryforsustainedimprovementinthebankingsystem,theimportanceofdealingwiththestockoflegacyNPLstillonthebooksofbanksorwithinthesystemshouldnotbeunderstated:itmightrevealthepoliticalwillingnessofauthoritiestoconfrontseriousproblemsinthebankingse
5、ctor.Moveover.NPLresolutioniSOfteninextricablylinkedwithbankrecaDitalizationandiSamajorcomponentofthebroaderfinancialsafetynet.Therefore,thequestionsofhowbankrestructuringshouldbefinancedandhowtheGuonanMa,SeniorEconomist,theRepresentativeOfficeforAsiaandthePacificofBankforInternationalSettlements
6、(BIS).Email:Guonan.Ma@bis.org.TheviewsexpressedinthepresentpaperarethoseoftheauthoronlyanddonotnecessarilyreflecttheviewsoftheBIS.TheauthoriSgratefultomanyBIScolleagues.aswellastoparticipantsintheCEPIIseminar"China'Sfinancialsystem:thelinksbetweenopennessandbankingcrisis"inSeptember2005.Paris.'Se
7、e,amongothers,Sheng(1996),DziobekandPazarbasioglu(1997)andHawkinsandTurner(1999).@2oo6TheAuthOrJournalcompilation@2006InstituteofWorldEconomicsandPolitics,ChineseAcademyofSocialSciences—GuonanMa/19—7.Vo1.14,No.3,2006as
