Local Financial Development & Competition in China Analysed by China's Economy & Policy-Gateway International Group

03 Jul 2012 • by Natalie Aster

Local financial problems have recently caused widespread concern. On March 28, 2012, participants at the executive meetings of the State Council approved the implementation of the experimental zone plan for comprehensive financial reform in Wenzhou, Zhejiang Province. They also prioritized 12 key tasks for this reform, including standardizing the development of private financing, accelerating the development of new financial organizations, and developing professional asset management agencies. On April 12th, 2012, participants at the executive meeting of the Shenzhen municipal government discussed and approved Suggestions Regarding Strengthening and Improving Financial Services to Support the Development of the Real Economy, which included a number of financial innovations such as cross-border RMB loans between banks in Shenzhen and Hong Kong. These proposals immediately led to heated discussions throughout the market.

The article «Local Financial Development and Competition in China» by China's Economy & Policy-Gateway International Group provides an analysis related to the reasons for, and the characteristics and consequences of local financial competition, and outlines corresponding countermeasures.

Report Details:

Local Financial Development and Competition in China
Published: May, 2012
Pages: 7
Price: US$ 200,00

Local financial issues have recently become a hot topic for the following reasons:

1. A number of positive developments have improved the state of the financial industry. Since 2000, through ongoing standardized development coupled with reforms in the ownership structure and governance mechanisms, the banking industry, securities industry, and the insurance industry have been on the right track. The once prevalent local financial risks have been brought under control. Meanwhile, the Chinese economy entered a prolonged period of rapid growth and the financial sector also experienced unprecedented pro-cyclical opportunities.

2. The financial industry is contributing more to local GDP. During the 10th Five-Year Plan period, with the accession to the World Trade Organization (WTO) and the optimization of the financial development environment, some local governments began to pay more attention to the contributions made by the local financial industry to GDP. At the end of this period, a significant number of special financial plans appeared in the 11th Five-Year Plans drafted by local governments.

More information can be found in the report “Local Financial Development and Competition in China” by China's Economy & Policy-Gateway International Group.

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