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Banking on Growth Models contends that China's rapid economic rise from the late 1970s to today has been built on and shaped by a highly politicized and inefficient bank-centric financial system . Stephen Bell and Hui Feng argue that if the Chinese growth model drives how key economic sectors interact, no amount of incremental reform can have much impact on the financial system-meaningful reform can stem only from a revised growth model. For a time after the global financial crisis, it appeared that the expansion of a more market-oriented shadow banking system might help sustain China's economic growth. Since around 2015, however, Xi Jinping's regime has reversed this trajectory and placed China's financial system under heavy state control, resulting in slowed economic development and skyrocketing national debt. China's market transition and economic rebalancing are now in doubt, as is the fate of the nation's economy. By pinpointing finance as a vital element of the growth model, Bell and Feng provide a convincing assessment of financial risks and the prospects for economic rebalancing in China. Banking on Growth Models demystifies the world of Chinese banking and finance as it investigates an ever-rising national debt, a declining rate of economic growth, and the possibility of dire and drastic reform by the Asian superpower's government.

iThis book focuses on the importance for China to correct the present imbalance in the relationship between the financial sector and the real economy. The book looks at China's current financial system in terms of \"extractive\" and \"inclusive\". It asserts that the financial sector is producing huge \"siphonic effects\" that distort the overall development of the Chinese economy. Like a giant magnet, the financial sector attracts too many innovation factors, such as talents, capital and entrepreneurship away from the real economy and inhibits the development of the latter. Hence, the book argues that China's financial system must now be thoroughly reformed to become an inclusive financial system, where finance and the rest of the economy can co-exist and develop in support of each other.ii iii

The Jingshan Report is a collection of research papers on key issues for China's financial opening, including reform of the RMB exchange rate regime, management of cross-border capital flows and financial support for the Belt and Road Initiative. Authored by leading experts in the relevant fields, the report examines the evolution, current status and problems with the financial opening policy over the past four decades, and puts forward policy recommendations on how to steadily push forward China's financial opening.

The Jingshan Report is a collection of research papers on key issues for China's financial opening, including reform of the RMB exchange rate regime, management of cross-border capital flows and financial support for the Belt and Road Initiative.

BANKING ON GROWTHMODELS -- Contents -- List of Figures -- Acknowledgments -- List of Abbreviations -- Introduction -- 1. Interactions between China's Growth Model and the Financial System -- 2. Interests, Ideas, Institutions, and the Politics of Banking and Economic Reform in China -- 3. Growth Model Reform and the Banks as the State's Cashier, 1979-96 -- 4. Quick-Fix Banking Reforms after the Asian Crisis, 1997-2002 -- 5. Further Banking Reforms, 2003-8 -- 6. The GFC and State Capitalism on Steroids -- 7. The GFC Critical Juncture and the Rise of Shadow Banking -- 8. Shadow Banking after the GFC -- 9. The Politics of Banking Regulation and Reform -- 10. Mounting Debt and Lurking Risks -- 11. China's Troubled Road to Economic Rebalancing -- Conclusion -- Notes -- References -- Index.

This book explores the formation, development, and characteristics of modern China's finance, focusing especially on Guangdong province as a case study to illustrate both the macro-level trends and the micro-level reality. The chronological range of this book is mainly from the late Qing period to the early Republican Era ending in 1937, when the full-scale Second Sino-Japanese War broke out. After the concept of modern finance was introduced to China for the first time in the late Qing period, the efforts to build modern finance continued in the Republican Era both nationally and locally. But this process was interrupted by the outbreak of the war against Japan in 1937 and, having been derailed, did not subsequently recover due to the subsequent civil war between the Kuomintang and the Chinese Communist Party. This interrupted process of financial modernization was resumed with Reform and Opening-up, launched in 1978. Therefore, in order to illustrate the structural transformation and persistent characteristics of China’s fiscal system, this book also includes discussions of the early Qing period and current Chinese finance.

The year 2018 marks 40 years of reform and development in China (1978–2018). This commemorative book assembles some of the world’s most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China’s new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China’s fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China’s economic reform and development. Included are discussions of China’s 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China’s global integration. This book further documents and analyses the development experiences including China’s large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.

Wenkai He shows why England and Japan, facing crises in public finance, developed the tools and institutions of a modern fiscal state, while China, facing similar circumstances, did not. He's explanation for China's failure at a critical moment illuminates one of the most important but least understood transformations of the modern world.

Elites often use social policies to garner political support and ensure regime survival, but social policies are not a silver bullet. Using two waves of Chinese national surveys, I find that a recent policy of abolishing school fees has significantly increased citizens’ demand for greater government responsibility in financing compulsory education. I argue that policy awareness, rather than policy benefits, drives citizens’ demand. Finally, I show that policy awareness has enhanced citizens’ trust in China's central government, but not in local governments. This asymmetry in regime support has two sources—the decentralization of education provision and biased media reporting—which induce citizens to credit the central government for good policy outcomes. Given that citizens’ responses are primarily influenced by policy awareness that is promoted by the state media, this study casts doubt on the use of social policies to sustain long-term political support.