China’s Financial System and the Law
نویسنده
چکیده
Law plays a different role in China’s financial system than in most developed economies. China’s financial system is dominated by a large banking sector. The role of the stock market in allocating resources in the economy has been limited and ineffective. The most successful part of the financial system, in terms of supporting the growth of the overall economy, is a shadow banking sector that consists of alternative financing channels, governance mechanisms, and institutions. These by and large do not rely on the law but on other enforcement mechanisms. The co-existence of this sector with banks and markets can continue to support the growth of the Hybrid Sector (non-state, non-listed firms). JEL Classifications: O5, K0, G2.
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