Great Transformation of China's Financial Market

Author: Ba Shusong
Publisher:
Publish Date: 2006-01-01
Features: The late-coming major transformation of China's financial sector is rapidly restructuring the financial ecosystem and also swiftly changing China's economy and every one of us. China's economy is in a critical stage of industrialization and modernization, raising many practical issues that require research in economics. The financial market is also undergoing a period of intense transformation. Researcher Ba Shusong has accumulated extensive practical experience in fields such as banking, securities, and funds, and has participated in numerous discussions on financial policies. This book, The Great Transformation of China's Financial Market, is one of the results of such discussions and is highly recommended. Professor Zhang Peigang—Director of the Center for Economic Development at Huazhong University of Science and Technology, Honorary President of the China Association of Foreign Economic Thought A good economist should actively engage in cutting-edge academic research in their professional field while also focusing on reality, participating in the operation of the economy, and using economic analysis frameworks to analyze and evaluate real-world issues, providing the public with professional insights and advice from economists. Researcher Ba Shusong has long emphasized combining his practical experience in finance with theoretical research. As a young economist who has been active and productive in the financial field in recent years, his new book, The Great Transformation of China's Financial Market, is worth careful reading for readers interested in economic and financial issues. Professor Hai Wen—Vice President of Peking University and Secretary-General of the China Economics Annual Conference The and eye-popping reforms in China's financial industry in 2005 can be said to be unprecedented since the reform and opening-up. Many financial events that were once little-known to the public have become widely known due to the continuous introduction of reform measures. In the years to come, we will find that the financial reforms initiated in China in 2005, such as the shareholding reform and listing of state-owned banks, the reform of the separation of rights and interests, the strict implementation of capital adequacy regulation, and the liberalization of exchange and interest rates, will become a series of landmark events in the development of China's financial market. Based on my personal experience and insights, the progress of financial reforms in 2005 seems to be greater than the total progress of financial reforms over the past decade and a half. In such a period of intense change, as a researcher of financial policies, I have participated in a series of reforms in different ways while also documenting and analyzing and explaining this process through economic commentary and thematic speeches. The texts collected in this book are selected excerpts from such works. Many of the articles were published in various domestic and international media, but during the publication process, they were often heavily edited and abridged, to the point where they were almost entirely different articles in my opinion. The versions preserved on my computer are what I consider to be the complete versions. This book is divided into several parts, including Macro Finance, Financial Markets, and Financial Dialogues, focusing on discussions of hot topics in finance.