New PDF release: Banking Reforms and Monetary Policy in the People’s Republic

By Yong Guo (auth.)

ISBN-10: 134950744X

ISBN-13: 9781349507443

ISBN-10: 1403914540

ISBN-13: 9781403914545

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The fund was directly allocated by the credit plan, and consideration of repayment was largely ignored. In the finance theory, this direct finance channel bears the high transaction cost (the cost paid to make sure the loans are paid back). In China, the cost of administration is high. For supervising the enterprise operations, the Chinese government set up a communist branch committee in the management team of each enterprise. This created inefficient management and can be treated as another type of transaction cost.

938 Structural Change of the Banking System in 1978±92 29 loans to qualified industrial enterprises for viable projects, and making a profit in the process. These banks were not to be subsidized by the State Council. Issuing bonds was permitted by the PBC to raise funds for commercial banks in 1985. 2 billion Yuan RMB in 1988±9. Although a large portion of the bank's savings deposits were earmarked by the government for state-directed loans, a significant portion of the bank's deposits could now be used to make loans and investments deemed safe and profitable to the bank.

Administrative decentralization has allowed provincial and local authorities substantial latitude in routine decision-making and the conduct of day-to-day government business . . Second, fiscal decentralization, introduced by degrees after 1981 partly in response to demands from lower levels of government, enables provinces to retain and allocate more of the tax revenues collected instead of passing them on to the center. . Third, industrial policy and supporting investment in infrastructure has been decentralized.

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Banking Reforms and Monetary Policy in the People’s Republic of China: Is the Chinese Central Banking System Ready for Joining the WTO? by Yong Guo (auth.)


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