Chinese financial system structure and institutional innovation

Author: Zhang Wei
Publisher:
Publish Date: 2004-05-01
Features: This book, under the backdrop of the market-oriented reform of the financial system, employs the theories and research methods of new institutional economics to conduct an in-depth analysis of the historical formation, structure, main characteristics, existing problems and shortcomings, innovation and transformation, and future model selection of China's financial system. It aims to form a more systematic and comprehensive theoretical framework for research on China's financial system. On this basis, the book draws the important conclusion that "the failure of the financial market is not primarily due to technological backwardness, organizational forms, or financial product development, but rather to the lag in institutional change (innovation)." It also proposes the idea that China's financial system reform should "focus on the market and replace the past government-monopolized financial system with a new, diversified financial system." Furthermore, it suggests that China's financial system innovation should start with "studying the property rights issues in China's financial system" and proposes views on further deepening and expanding the market space. It can be said that the research in this book, regarding China's financial reform, is both a harbinger and an important attempt.