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Outbound foreign direct investment in China's finance sector: Implications for domestic banking reform.

机译:中国金融业的对外直接投资:对国内银行业改革的影响。

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摘要

Economic liberalization has occurred at a rapid pace in China since the start of economic reforms in 1978. One sector that has lagged behind when it comes to liberalization, however, is that of the banking and finance sector. The lack of liberalization, and more generally, structural reform in China's banking system is due to its irreplaceable role as financier of the national economy. With no alternative forms of financing, state-led economic development in China has consistently been dependent on bank lending. In particular, large state-owned enterprises (SOEs) are the entities that have benefited most from government-mandated preferential lending policies.;This critical role of financial support has extended beyond the domestic realm in recent years to include assisting enterprises in their outbound foreign direct investment (OFDI). As China's general OFDI increases, so has finance sector-specific OFDI. Finance sector-specific OFDI theoretically can assist in the reform process for China's state-owned banks, but this does not seem to be a primary motivation for banks to invest abroad. Rather, finance sector OFDI indicates an extension of banks supporting state-owned and large enterprises abroad. This project makes the argument that this added imperative role will provide even less of an incentive for policymakers to mandate desperately needed reforms, to the detriment of the banking system.
机译:自1978年开始经济改革以来,中国的经济自由化发展迅速。然而,在自由化方面落后的一个行业是银行业和金融业。缺乏自由化,更普遍地说,中国银行体系的结构性改革是由于其作为国民经济融资者的不可替代的作用。由于没有其他形式的融资,中国政府主导的经济发展一直依赖银行贷款。特别是大型国有企业(SOE)是受益于政府强制性优惠贷款政策最大收益的实体;近年来,这种金融支持的关键作用已经超出了国内领域,包括协助企业开展海外业务。直接投资(OFDI)。随着中国一般对外直接投资的增加,特定于金融部门的对外直接投资也增加了。从理论上讲,特定于金融部门的对外直接投资可以协助中国国有银行进行改革,但这似乎并不是银行进行海外投资的主要动机。相反,金融部门的对外直接投资表明了支持国外国有和大型企业的银行的扩展。该项目提出这样的论点,即这种增加的当务之急将为决策者提供迫切需要的改革动力,从而损害银行体系。

著录项

  • 作者

    Au, Brandy.;

  • 作者单位

    University of Southern California.;

  • 授予单位 University of Southern California.;
  • 学科 Political Science International Relations.
  • 学位 M.A.
  • 年度 2011
  • 页码 74 p.
  • 总页数 74
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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