NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Chenying Zhang

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Working Papers

February 2012China’s Financial System: Opportunities and Challenges
with Franklin Allen, Jun “QJ” Qian, Mengxin Zhao: w17828
We provide a comprehensive review of China’s financial system, and explore directions of future development. First, the financial system has been dominated by a large banking sector. In recent years banks have made considerable progress in reducing the amount of non-performing loans and improving their efficiency. Second, the role of the stock market in allocating resources in the economy has been limited and ineffective. We discuss issues related to the further development of China’s stock market and other financial markets. Third, the most successful part of the financial system, in terms of supporting the growth of the overall economy, is a non-standard sector that consists of alternative financing channels, governance mechanisms, and institutions. The co-existence of this sector with b...

Published: China's Financial System: Opportunities and Challenges, Franklin Allen, Jun "QJ" Qian, Chenying Zhang, Mengxin Zhao. in Capitalizing China, Fan and Morck. 2013

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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