Caixin
Jul 30, 2022 10:00 AM
WEEKEND LONG READ

Weekend Long Read: As China Reforms Its Financial System, Pragmatism Should Prevail

China can achieve stable and consistent reform of its financial system if the country adopts viable and consequence-oriented measures, said Huang Yiping, deputy dean of the National School of Development at Peking University. Photo: VCG
China can achieve stable and consistent reform of its financial system if the country adopts viable and consequence-oriented measures, said Huang Yiping, deputy dean of the National School of Development at Peking University. Photo: VCG

In the early days of the economic reform and opening-up, many of China’s financial policies were based on the European and U.S. financial systems. However, when the global financial crisis broke out in 2008, the trajectory of China’s financial reform became a big concern for policymakers.

Looking back at 1978, when the policy of reform and opening-up was established, the People’s Bank of China (PBOC) was the sole financial institution, since there was little demand for financial intermediaries in the planned economy and the allocation of funds was determined solely by the central government.

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