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How Finance Is Shaping the Economies of China, Japan, and Korea$
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Hugh Patrick and Yung Chul Park

Print publication date: 2013

Print ISBN-13: 9780231165266

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231165266.001.0001

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Financial Reform in China

Financial Reform in China

Progress and Challenges

(p.44) Chapter Two Financial Reform in China
How Finance Is Shaping the Economies of China, Japan, and Korea

Yiping Huang

Xun Wang

Bijun Wang

Nian Lin

Columbia University Press

This chapter explores China's financial reform. It begins by explaining the framework of asymmetric market liberalization with which China's reform is patterned after. Asymmetric market liberalization refers to the combination of rapid financial development and serious financial repression in order to achieve the policy goal of the fastest growth possible. The chapter then presents an overview of China's initial and current reforms, followed by a brief review of the theoretical and empirical literature on the relationship between growth and finance. Subsequent sections analyze the development and reform of the banking system, as well as the regulation of the capital markets in China. The chapter finally describes the establishment of the central bank, the evolution of monetary policy, and the development of the financial regulatory framework.

Keywords:   China, financial reform, asymmetric market liberalization, financial development, financial repression, banking system, capital markets, central bank, monetary policy, financial regulatory framework

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