The Contradiction in China's Gradualist Banking Reforms
Противоречие в градуалистских банковских реформах Китая
2006-01-01
SCID: 54.1/gmwthd4f
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China's banking reformsChinese bond market infrastructureadministrative restrictionscredit rating systemgradualist banking reforms
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Abstract (AI)
4. See Roach (2006) for more details. 5. Lardy (1998, pp.140-82).6. See Honohan (2004) for a forceful argument as to why this is the key weakness.27.Organization for Economic Cooperation and Development (2005, p, 140).28.Asian Development Bank (2006b, p. 5).The infrastructure to support a bond market in China is a work in progress.Issuers still face numerous administrative restrictions, while investors face a number of institutional and regulatory obstacles ranging from nascent bankruptcy legislation and an underdeveloped credit rating system to inadequate accounting and disclosure standards.
Key Findings
1
Bond issuers face numerous administrative restrictions that constrain market development.
2
China’s bond-market infrastructure remains underdeveloped and is still evolving.
3
Inadequate accounting and disclosure standards further impede the development of China’s bond market.
4
Investors encounter institutional and regulatory obstacles, including nascent bankruptcy legislation and an underdeveloped credit-rating system.
Research Object
China's gradualist banking reforms and the infrastructure supporting its bond market
Research Subject
Administrative, institutional, and regulatory obstacles to developing China's bond market, including restrictions on issuers, nascent bankruptcy legislation, an underdeveloped credit-rating system, and inadequate accounting and disclosure standards
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2006-01-01
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