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留学生毕业论文:中国金融系统的改革与发展研(5)

Thirdly, in early 1990s, central planning required the creation of mechanisms to set monetary policy, and a system of banking and capital markets. It work was done throughout the 1990s to put these systems in place. (World Bank, August 10, 2006.) however, after the system of fixed price became to prices were market based, most of the SOE’s became unprofitabl because they provide general social service provision, nobody wants to buy, This press move on the banking system, because they borrowing from the banks, created many non-performing loans.

 Foreign direct investment 

Table 1 Stages of FDI in China (USD million)

Beginning stage (1991) FDI 23,350

High-speed growth stage (1992-1995) In 1995, China’s FDI 15.0% of world

Structure adjustment stage (1996-2000) Slowly/ negative growth

Instauration stage (after2001) Increase very rapid.

Source: personal collected

China’s FDI has the four stages (Table 1) the one point need mention, in the third stage, the FDI growth slowly, and some year has the negative growth were effected by 

the financial crisis in Asia and global economy recession. In stage four, after China joined the WTO, the FDI increase very rapid. (Wang Suqing, 2004) In the 2002, the total amount of actual usage the FDI is USD 52,700 million, this amount exceed the United States, become to the first in the world. So the FDI has already occupied an important position in the Chinese economy. (source: http://www.crifs.org.cn/0416show.asp?art_id=120 )

 WTO accession

At the end of 2001, China joined the World Trade Organization (WTO). China commit to open its financial markets to the foreign competitors. It has the implication for the country’s financial system, especially in banking industry, all the business and geographical limitation that previously restricted the activities of foreign banks in China will be gradual removed, such as type of services, geographic restrictions, Clients, licensing, and so on. ( Economic Forum, HKTDC, 2001) (additional acitivities see appendix two)

1. Type of services

 Acceptance of the deposits and repayable funds form the public

 Lending of all types, such as the consumer credit, mortgage credit, factoring and financing of commercial transaction.

 Guarantees and commitments

 Financial leasing

 Credit cards charge and debit cards, travelers cheques and bankers drafts (including import and export settlement) all payment and monet transmission services.

 Trading for own account or for account of customers: foreign exchange

2. Geographic restrictions

Table 2 geographic restriction

Foreign currency business No restrictions

Local currency business

Time Religion

No restriction (WTO) Shanghai, Shenzhen, Tianjin and Dalian

WTO + 1 Guangzhou, Zhuhai, Qingdao, Nanjing and Whhan

WTO + 2 Jinan, Fuzhou, Chengdu and Chongqing

WTO + 3 Kunming, Beijing and Xiamen



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