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1、TheBankingSystemofthePeople’sRepublicofChinaYoonJeChoProfessor,SogangUniversity,Seoul,Korea36ASTUDYOFFINANCIALMARKETSExecutiveSummary○○○○○○○○○efficientfinancialintermediaries.ThecurrentstatusoftheChinesebankingsystemconstrainsthedevel-Substantialprogresshasbeenmadeinreformingtheopmentofther
2、ealsector,andevenposesthepoten-bankingsectorinthePeople’sRepublicofChinatialriskofafinancialcrisis.Thenonperformingas-(PRC)duringthelastseveralyears.Theindepen-setsprobleminthePRCishugeintermsofsizeand○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○denceofthecentr
3、albankinimplementingamon-verycomplexintermsofdimension.Itiscloselylinkedetarypolicyhasincreased,theautonomyofState-withloss-incurringSOEs.Thus,bankrehabilitationownedbanksincreditmanagementhasbeenen-inthePRChastobepursuedinconjunctionwithhanced,banksupervisionhasbeenimproved,andextensiveref
4、ormsintheSOEs.Otherwise,thebank-deregulationoftheforeignexchangecontroloveringsectorproblemwillberecurrent.currentaccounttransactionshasbeensuccessfullySincetheSOEs’financialsituationisfastdeterio-achieved.rating,theauthoritiesshouldtaketherestructuringButtheChinesebankingsectorstillfacesfo
5、rmi-oftheSOEsandresolvingtheproblemofNPLsofdablechallenges.Itissufferingfromthelegacyofbanksasurgentmatter.Thisisnotataskthatcantheoriginofthebanksasfiscalagentsfordomesticbeaccomplishedovernight,butitiscrucialtotheresourceallocation.Afteryearsofdirectedlendingprocessoftransformingthesocial
6、isteconomicsys-underthecreditplanandadministeredinterestrates,temintoafullymarket-basedeconomy.UnlessthetheState-ownedcommercialbankshaveaccumu-situationissuccessfullydealtwith,theChinesebank-latedlargenonperformingloans(NPLs)andarecon-ingsectorcannotfunctionefficiently,theChinesesideredins
7、olvent.Theinternalorganizationstructures,economycannotbefullyintegratedintotheglobalreportingchannels,andinformationflowsthatwereeconomy,andasaresult,thePRC’sroleintheworldcreatedfortheconvenienceofgovernmentagen-economywillremainlimited.cies;andthemeasu
