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China's Financial System: Growth and Risks provides an updated and
comprehensive review of China's financial system and compares it
with financial systems in other countries. It reviews what has
worked and what has not within the markets and intermediaries in
China, and further considers the effects of the recent development
of China's financial system on the real economy. It also examines a
non-standard financial sector, which operates beyond the markets
and banking sectors and consists of alternative financing channels,
governance mechanisms, and institutions. Finally, the authors
provide prospects for future research on several unresolved issues
including how China's financial system can integrate into the
world's markets and economy without being interrupted by damaging
financial crises. China's Financial System: Growth and Risks draws
four main conclusions about China's financial system and its future
development. First, compared with other developed and emerging
economies, China's financial system has been dominated by a large
banking system. Second, China's financial markets have witnessed
significant development, however, their current scale and
importance are not comparable to those of the banking sector and
they may not be effective in allocating resources in the economy.
Third, the alternative financial sector has played an important
role in satisfying the financing demand and maintaining the high
growth rate in the real economy. Finally, a significant challenge
for China's financial system is to avoid damaging financial crises
that can severely disrupt economic stability.
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