By Dominique de Rambures
ISBN-10: 1137465492
ISBN-13: 9781137465498
ISBN-10: 1349499552
ISBN-13: 9781349499557
Over the past thirty years, China has been reforming its financial system at breakneck velocity. notwithstanding a surge in nationalism is threatening China's relatives with its neighbours and its upward thrust to neighborhood management. This e-book addresses quite a lot of components influencing the advance of China's version and its impact at the remainder of the area.
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Extra resources for The China Development Model: Between the State and the Market
Sample text
Very reactive in the short term, China’s economy was forced by the crisis to redesign its long-term growth model. So far, the Chinese economy has been drawn along by capital expenditures and exports. The volume of foreign trade halved while the balance of trade remained positive, though sharply reduced. From this point on the economic engine moved from investment and foreign trade to internal demand and household consumption. As the Chinese growth model was more suited to facing a crisis by stimulating government (or quasi government) investments, it seemed less fitting to turn to the new consumptiondriven growth.
As the placement price was intentionally lower when compared with the market price, the early investors had the opportunity to collect a fair amount of profits. But the foreign banks which took shares in the early stages were locked into three to five years of lock-out provision. When the world financial crisis blew up, some of them tried to disinvest. Some made huge profits (HSBC, Temasek) whereas most experienced heavy losses (Goldman Sachs, Bank of America). From a ‘financial’ investment, the foreign banks turned to a more ‘industrial’ approach by forming specialized credit institutions with a Chinese partner, or by buying back regional banks with an extensive branch network and deposit base.
From this point on, the Centre had a budget surplus while the local authorities experienced a chronic deficit, which made them highly dependent on government subsidies. Reforming the SOEs Initially, the ‘privatization’ of the SOEs was not so much aimed at changing the ownership status as changing the management model to make it more efficient. Government-owned companies were converted into public companies. The shareholders were still government offices (the State-owned Assets Supervision and Administration Commission of the State Council – SASAC, for the manufacturing companies; Huyjin, for the bank and financial institutions) but the government was still deeply involved.
The China Development Model: Between the State and the Market by Dominique de Rambures
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