When China's economic reforms were beginning, there was an
expectation in the west that China's financial markets would be
opened to western banks and that China's banks would be reformed
along western lines. Joint ventures between Chinese banks and
western banks, minority shareholding by western banks and the
involvement of western banking personnel in assisting Chinese banks
with their reforms were all seen as moves towards reform along
western lines. This book analyses the role which western bankers
have played in China's economic reforms, focusing on their
influence on institutional change and corporate governance. Based
on extensive original research, the book shows that while
components of western models of corporate governance have been
widely adopted, the motivation for these changes seems to have been
legitimacy-seeking by Chinese banks, and that whilst there has been
relatively rapid change in the formal legislative environment,
informal organisational practices are changing at a much slower
pace. Alliances between Chinese and western banks are woven with
contradictions and power games and so many actors in the Chinese
banking sector seek to resist manipulation by their western
counterparts. The financial crisis weakened the idea that western
banks are a universally correct model and strengthened China's
resolve to keep control of its banking sector and manage it along
Chinese lines.
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