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The Fragile Fortress
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Book Chapter
The Fragile Fortress
2012
Overview
This chapter discusses the fragile situation of the banking sector in China. The various PBOC securities, as well as the 1998 MOF bond, are clear obligations of the sovereign. The chapter seeks to understand how these obligations arose and what they practically represent in order to determine their value and structural implications for the banking system as a whole. From the viewpoint of strengthening the banks, the original PBOC model was the most effective, providing additional capital to the banks through a combination of more new money and better valuations for problem loans. The story of the past 10 years suggests that China's banks, despite their Fortune 500 rankings, are not even close to becoming internationally competitive. They simply do not operate like banks as understood in the developed world. Their years of protective isolation within the system have produced institutions wholly reliant on government‐orchestrated instruction and support. These banks are undeniably big, as they always were, but they are neither creative nor innovative. Their market capitalizations are the result of clever manipulation of valuation methodologies, not representative of their potential for value creation.
Publisher
Wiley,John Wiley & Sons, Incorporated,John Wiley & Sons, Inc
Subject
ISBN
9781118255100, 1118255100
