China - Financial sector review : financial policies and institutional development
Scott, Chris | Amenuvegbe, Ben
Financial sector reform began in the early 1980s with the seperation of China's monobank system into commercial and central banking functions. Additional fundamental reforms are needed in the financial sector for banks to become true intermediaries rather than channelers of funds following government priorities, and achieving a more complete seperation of fiscal and monetary functions. Some essential steps for future sectoral development include : 1) establishing a prudential framework for bank operations; 2) establishing a framework for institutional development; 3) strengthening the People's Bank of China (PBC); 4) strengthening bank management; 5) increasing the competitive environment and the mix of financial institutions; 6) broadening the scope of the credit plan; 7) replacing credit ceilings with other monetary policy tools; 8) acquiring further experience in the control of reserve money; 9) improving the level and structure of interest rates; 10 ) strengthening financial management and organization; 11) strengthening both credit risk management and financial management; and 12) developing a strategy for domestic debt management.
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