China's Emerging Financial Markets (eBook)

ZHU Min is Group Executive Vice President of the Bank of China, responsible for group finance, internal control, legal and compliance, strategy and research. He joined the Bank of China in 1996, and led the group restructuring and the US$15 billion IPO in 2006, and the Bank of China Hong Kong restructuring and IPO in 2002. Prior to joining the Bank of China, Mr. Zhu worked as an Economist at the World Bank in Washington, D.C. for six years, before which he taught economics at Johns Hopkins University and Fudan University. Mr. Zhu received a Ph.D. and an M.A. in economics from Johns Hopkins University, an M.P.A. from the Woodrow Wilson School of Public and International Affairs of Princeton University, and a B.A. in economics from Fudan University. CAI Jinqing is a partner of Brunswick Group, an international financial communication firm. She advises multinational corporations and Chinese companies on strategic communication issues as well as on cross-border Merger & Acquisition transactions in the region. From 1993-2002, she worked in New York and Hong Kong in management consulting and venture capital focusing on China investments. Ms. Cai graduated from Wellesley College with a Bachelor of Arts degree and obtained her Master of Public Affairs from the Woodrow Wilson School of International and Public Affairs of Princeton University. Martha Avery is President, Avery Press, Inc., which works with Chinese publishers and individuals in bringing Chinese intellectual property to a western market. She served as General Manager for John Wiley in China from 1982 to 1990, following four years in the Commerce Department handling China trade in the 1970s, an MBA at the Wharton School, and a period in Warburg Paribas Becker in Wall Street. She established the Publishing Program for the Soros Foundation in Mongolia, and went on to serve in the Budapest offices of OSI. Throughout her career, Ms. Avery has continued to translate Chinese fiction and non-fiction and to author books.

Acknowledgments ix

Preface xi
Paul A. Volcker

Introduction xiii
Zhou Xiaochuan

Overview xxiii
Zhu Min

Biographies lix

SECTION 1 MACRO 1

Chapter 1 Fundamental Issues and Challenges Facing the ChineseEconomy
Guo Shuqing 3

Chapter 2 China's Global Challenge
Stephen S. Roach 19

Chapter 3 China's High Savings, Investment, and Growth Rates,and Arguments for the Rapid Development of Financial Markets
Li Yang 35

Chapter 4 The Evolution of Banking and Finance in China:Domestic and International Aspects
Pieter Bottelier 53

SECTION 2 BANKING 71

Chapter 5 China's Banking Industry: Moving Forward in Accordwith Reform and Opening
Wang Zhaoxing 73

Chapter 6 China's Financial Transformation and NewChallenges
Stephen K. Green 91

Chapter 7 Commercial Banking Reform
Wang Jianxi 107

Chapter 8 China's Restructured Commercial Banks:Nomenklatura Accountability Serving Corporate GovernanceReform?
Nicholas Calcina Howson 123

Chapter 9 Prospects for Chinese Banks: Why Global Banks AreDrawn To China
Jamie Dimon 165

Chapter 10 Agricultural Financing in China: the DifficultTransition from a Planned to a Market System
Chen Xiwen 181

Chapter 11 Retail Banking: Mastering Wealth Management toCapture Growth Opportunities
Hans-Paul Buerkner 203

Chapter 12 Growing China's Retail Banking Business
Ma Weihua 217

SECTION 3 CAPITAL MARKETS 235

Chapter 13 Shanghai Stock Exchange: History and Prospects
Zhou Qinye 237

Chapter 14 China's Securities Companies: Growth andProspects
Wang Dongming 251

Chapter 15 China's Emerging Financial Markets: Challenges andGlobal Impact
Kevan Watts 263

Chapter 16 China's Capital Markets
Qi Bin 283

Chapter 17 Opening, Reforming, and Growing China's BondMarkets
Lin Yixiang 307

Chapter 18 China's Asset Management Industry
Fan Yonghong 329

Chapter 19 Venture Capital/Private Equity in China
John S. Wadsworth, Jr and Wu Shangzhi 343

SECTION 4 INSURANCE 361

Chapter 20 China's Insurance Markets: Reform, Growth, andProspects
Yuan Li 363

Chapter 21 Strategy of China's Largest Life Insurance Company,China Life
Yang Chao 373

Chapter 22 The Emergence of China's Insurance Industry
Wu Yan 383

Chapter 23 China's Insurance Market
Jacques Kemp 397

Chapter 24 China's Social Security System: Issues andProspects
Gao Xiqing 417

SECTION 5 MONETARY POLICY 431

Chapter 25 China's Monetary Policy: Facing the Challenges ofFinancial Globalization
Wu Xiaoling 433

Chapter 26 Convertibility of RMB-denominated Capital Accounts:Process and Experience
Hu Xiaolian 449

Chapter 27 China's Money, Bond, and FX Markets
Xie Duo 459

Chapter 28 Financial Futures Markets in China
Zhu Yuchen 481

Chapter 29 China's New Currency Regime and Onshore FXMarkets
Stephen Green 491

SECTION 6 SERVICES 513

Chapter 30 China's Legal System and the Financial Industry: ThePast 30 Years
Wu Zhipan 515

Chapter 31 Legal Services in the Field of Banking andFinance
Xiao Wei 529

Chapter 32 The Accounting Profession in China: Review andOutlook
James Turley 545

Chapter 33 China's Taxation and the Financial Industries
Xu Shanda 569

Index 583

"This is almost certainly the best survey of official views on
China's financial overhauls published in
English...

...This collection is a good bookshelf companion for
bankers and investors actively participating in China's
markets. It's also a handy cheat sheet for those who have an
upcoming meeting with Chinese officials and want to understand
their views."

- Rick Carew, Reporter for Wall Street Journal