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Asset or liability? The role of the financial system in the political economy of China's rebalancing

Vermögen oder Verpflichtung: die Bedeutung des Finanzsystems in der politischen Ökonomie Chinas
[journal article]

Gruin, Julian

Abstract

"China's financial system, dominated by the banking sector, has played a central role in the development of an imbalanced trajectory of economic development and growth. As one of the primary mechanisms for implementing decisive macro-economic policy, the banking sector has hitherto served the Chines... view more

"China's financial system, dominated by the banking sector, has played a central role in the development of an imbalanced trajectory of economic development and growth. As one of the primary mechanisms for implementing decisive macro-economic policy, the banking sector has hitherto served the Chinese growth strategy well in actively allocating capital towards the investment and export sectors, whilst proving capable of managing the macro-economic ramifications of this highly interventionist strategy. However, the role of the financial system in this growth strategy is also rooted in the requirement that authority over financial capital remains closely tied to state institutions and policies, due to elite concern over politico-economic instability. Based on policy analysis and qualitative interviews conducted in mid-2012, the article suggests that whilst the structure of the financial system was conducive to fostering the growth of the real economy, it will hold back not the need for rebalancing, but rather the process of rebalancing itself." (author's abstract)... view less

Keywords
China; capitalism; finance; fiscal policy; credit; assets; strategy; national state; exertion of government pressure; banking; stability; financial management; Far East; developing country; Asia

Classification
Economic Policy
Public Finance

Method
applied research; descriptive study; empirical; quantitative empirical

Document language
English

Publication Year
2013

Page/Pages
p. 73-104

Journal
Journal of Current Chinese Affairs, 42 (2013) 4

Issue topic
Rebalancing China's political economy

ISSN
1868-4874

Status
Published Version; peer reviewed

Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.