Financial System Financial System
Catalog
CH.19.1 planned economy and reform of financial system
19.2 Chinese banking system
19.2.1 state-owned commercial bank
19.2.2 joint-stock commercial bank
19.2.3 City Commercial Bank
19.2.4.1 policy bank
19.2.4.2 agricultural credit cooperatives
19.2.4.3 foreign investment and private banking
19.3 Chinese bank system weakness
19.3.2 ensure good loan decision
19.3.3 bank reform plan and Prospects
19.4 stock market: learn to grow up?
The 19.4.1 market is born: the state-owned sector fundraising
19.4.2 market features
19.4.3 reform begins: reducing government ownership: change the division of stock structure
19.4.4 investment mechanism
19.4.5 Chinese stock market relative evaluation
In 19.5 bond market
19.6 other financial markets
19.7 conclusion
Preface
Bank of China branch in the policy of being overprotective
Economic growth and to promote the development of the financial reform of the
So far, liquidity is still controlled by the State Bank
China's financial system is characterized by a deep and narrow" box19.1"
When after China's accession to the WTO banks will be forced to face competition, and open without area limitation of exchange
While China's stock market is in the reform of regulations and to prevent insider trading period
China's financial system to expand if beyond the pace of economic reform will likely become the economic development.
1997-1998 Asian financial crisis to show China 's financial system in fast growing economy is vulnerable.
CH.19.1 planned economy and reform of financial system
In planned economy under the financial system is very shallow, with governmental dominant banking system without bond and stock market
The financial system very passive, easy to important economic decisions are not based on financial considerations, but as the policy and set the direction
The bank is only executed policy sex investment agency, all the liquidity arrangements must be considered in the decision
Rural credit cooperatives provide household savings and credit transaction, although it is not efficiency but in low income of China is a contribution to the
Today, China has almost all of the modern financial system, Chinese people bank setting monetary policy and provides commercial bank loan service of commercial banks, has complete protection and independent of the banking system
Capital market has also been developing in 1992 the establishment of the Shanghai and Shenzhen stock market
Finance and its reform from 1980 time, has two characteristics: the financial system more and more" deep", but still" narrow"
And still by the banking system dominated by the figure 19.1 table 19.1
Compared to other is in transitional economies, China is smooth
From socialism to market economy, depressed prices liberation will suffer the impact of inflation, in Russia, the broad money M2 1990-1993 years the proportion of GDP from 80% down to 20%, economic collapse caused by income and additional savings of hitherto unknown of the depression, so that they must be on the financial system after the big bang reconstruction
China cautiously avoided such violent destruction and reconstruction, they along with the CPI adjustment of deposit interest rates to help with household in inflation of loss
CH.19.1 planned economy and reform of financial system
The Chinese government to require banks to provide funds to the designated customer or plans, including the poor management of the state-owned units, and in" no failure of reform " policy, loan to cannot own survival manufacturers, so in the 80 to 90 time caused huge bad debt, until the late 90's, the government will face the problem
Chinese financial system second features: still by the government bank system control and capital market is still relatively undeveloped, shown in table 19.1: bank to keep control of the financial system
Conclusion: China's financial system remains narrow and by the government control
19.2 Chinese banking system
Nowadays the Chinese bank system is the core of planned economy period of state-owned banks, table 19.2 shows, three kinds of banking system: the four major banks, joint-stock commercial banks, city bank and account for all the 3 / 4 of total bank assets
In the early nineteen ninties Chinese financial institutions ( China economic reform by Wu Jinglian )
19.2.1 state-owned commercial bank
The founding of new China to 1979 previously, financial institutions in the people's Bank of China, it is management of national financial, currency, and engaged in deposit, put, Department of business, 79 years to set up state-owned specialized banks
1979 / 2 / 23 restoration of Agricultural Bank of China, its task: unified management of support agriculture capital, concentrated rural credit for leadership development, rural credit cooperatives, rural financial institutions
1979 / March Bank of China from the people's Bank of China set out, foreign exchange trading business, raise foreign funds, prop up the export production and the introduction of advanced technology and equipment, to become the national specialized foreign exchange bank of Macao issued notes in 9495 for Hongkong
1983 / September ICBC from the people's Bank of China, respectively, for industrial and commercial credit and savings business 19841 / 1 ICBC was formally established in Beijing, main tasks: according to the national policy to raise funds and the use of funds, in support of industrial development and the circulation of commodities to expand, support the collective, individual industrial and commercial and service industry development
Founded in 1954, the people's Construction Bank of China, the Ministry of Finance for a state-owned bank, pay duty tube distribution according to national economic plan to issue construction projects and infrastructure projects related to the government funds, 1996 / 3 / 26 renamed to China Construction Bank
Agricultural Bank of China Bank of China rehabilitation setting, restructuring, ICBC was founded, China Construction Bank into the financial system, China formed by the people's Bank of China for leadership, to the national specialized bank as the backbone, a variety of financial institutions to coexist in the system of financial institutions
( source: China economy development in 30 years of financial reform volume Wang Guangqian ed.)
19.2.2 joint-stock commercial bank
By the end of 2006, Chinese joint-stock commercial banks with a total of 13
1987 / 4 / 1 traffic bank reorganized after the official business, becoming China's first national joint-stock commercial bank 2005 / 6 / 23 silver cross listing in Hongkong successful, as the first overseas listing of the mainland of China Commercial Banks
In 1987, formerly known as CITIC Industrial Bank, China CITIC Bank was established, China's reform and opening up is the oldest of the emerging commercial banks, is China 's first participation in the international and domestic financial market financing of commercial bank 2006 / 12 / 18 CBRC formally approved the joint stock limited company
1997 / January completed the joint stock system transformation of China Everbright Bank became the first Chinese state-controlled and international financial organization shares of the national joint-stock commercial bank
In 1995, Huaxia Bank, China has become the first national joint-stock commercial bank of China Bank 2003 / September issue of shares to the public, to become China's fifth listed banks in 2005 / 11 the introduction of Deutsche Bank signed a share transfer agreement, a comprehensive long-term strategic cooperation, comprehensive technical support agreement, credit card business cooperation agreement, in addition, also 412 foreign banks to establish business relations agent, become a global coverage of the main trade zone settlement network
China Minsheng Bank is China's first major investment by private enterprises of the national joint-stock commercial bank 2004 / 11 / 8 through the inter-bank bond market to issue 5800000000 yuan subordinated bonds, became the first successful private commercial banks subordinated debt issue volume 2005 / 10 / 26 completed the split share structure reform, in the Chinese capital market the share-trading reform provided a successful example
2002 / March, China Merchants Bank successfully issued 1500000000 ordinary shares and 4 / 9 is listed on the Shanghai stock exchange, as the first wholly owned by corporate legal entities of the joint-stock commercial banks, but also the first to adopt international accounting standards of listed companies
1988 / September, Guangdong Development Bank was established in 2006, the successful completion of restructuring, into Citigroup, IBM credit and first-class international enterprises and China life, State Grid, CITIC Trust strong domestic famous enterprises
2004, Shenzhen Development Bank to introduce the United States overseas group, the group holds 17.89% of the shares, as China 's first foreign capital as the first major shareholders of Chinese joint-stock commercial banks
2004 / 6 / 30, CBRC approved bank reorganization as the Commercial Bank of Zhejiang in Zhejiang, is a private capital as the main body of Chinese joint-stock commercial banks, the bad debt rate of 0
The state-owned commercial banks, joint-stock commercial banks introducing foreign capital.
目錄
CH.19.1計畫經濟下和改革中的金融體制
19.2 中國的銀行體系
19.2.1國有商業銀行
19.2.2股份制商業銀行
19.2.3城市商業銀行
19.2.4.1政策性銀行
19.2.4.2農業信用合作社
19.2.4.3外資投資及私人銀行
19.3中國銀行體系的弱點
19.3.2 確保有好的貸款決策
19.3.3 銀行改革計畫及前景
19.4 股票市場：學習中成長？
19.4.1 市場的誕生：為國有部門募款
19.4.2 市場的特徵
19.4.3 改革的開始：縮減政府持股：改變劃分股票的結構
19.4.4 投資機構
19.4.5 中國股票市場的相對評價
19.5 債券市場
19.6 其他的金融市場
19.7 結論
前言
中國銀行部門在政策下被過度保護
而經濟的成長與發展推動著金融改革的進行
迄今,資金流動仍被國家銀行所控制
中國金融體系的特徵是”深且狹窄”box19.1
當中國加入WTO之後銀行界將被迫面對競爭,並開放無地區限制的兌換外匯
而中國的股票市場正處於改革規章及防範內線交易的時期
中國金融體系的擴大若超越經濟改革的步伐將可能成為經濟發展的隱憂
1997-1998的亞洲金融風暴展現出中國的金融體系在快速成長的經濟下是有易受傷害的弱點
CH.19.1計畫經濟下和改革中的金融體制
在計畫經濟下的金融體系是很淺薄的,以政府主導的銀行體制裡沒有債卷和股票市場
金融體系相當被動,易指重要的經濟決策不是基於金融考量,而是視政策的方向而定
銀行只是執行政策性投資的機關,所有資金流動的安排都要視執政者的決定
農村信用合作社則提供家戶儲蓄及信用交易,雖然很沒效率但在低所得的中國卻是具有貢獻的
今天,中國擁有差不多所有現代金融體系的制度,中國人民銀行訂定貨幣政策及提供商業銀行借款服務,擁有對商業銀行完全的保護和獨立的銀行制度
資本市場也有所發展1992年成立上海和深圳股市
金融和其制度的改革源於1980年代,有兩個特徵:金融體系越來越”深”,但仍然很”窄”
且仍受銀行系統所支配圖19.1表19.1
相對於其他正處於過度時期的經濟體，中國的深化是平穩的
由社會主義轉為市場經濟,受壓抑的物價被解放將遭受通貨膨脹的衝擊,在俄羅斯,1990-1993年間廣義貨幣M2占GDP的比例由80%掉到20%,經濟的崩解造成所得和新增儲蓄前所未有的大衰退,使他們必須對金融體制進行大爆炸後的重建
中國謹慎避免如此劇烈的破壞再重建,他們以隨著CPI調整的定存利率來貼補家戶在通膨中的損失
CH.19.1計畫經濟下和改革中的金融體制
中國政府要求銀行提供資金給指定的客戶或計劃,其中包括經營不善的國營單位,並且在”沒有失敗的改革”的政策下,貸款給無法自行生存的廠商,如此在80到90年代造成龐大的不良債務,直到90年代末,政府才正視這個問題
中國金融體系的第二個特徵:仍然被政府銀行系統所控制及資本市場仍然相對不發達,表19.1所示:銀行持續對金融體系的控制
結論:中國金融體系仍然狹窄且被政府所管制
19.2 中國的銀行體系
現今中國銀行系統組成的核心為計畫經濟時期的國有銀行,表19.2示,三種銀行體系:四大銀行、股份制商業銀行、城市銀行總技占全體銀行總資產的3/4
20世紀90年代初期的中國金融機構(當代中國經濟改革 吳敬璉)
19.2.1國有商業銀行
中國建國至1979以前,金融機構以中國人民銀行為主,它管理國家金融,發行貨幣,又從事存、放、匯等業務,79年才開始設立國有專業銀行
1979/2/23恢復中國農業銀行,其任務:統一管理支農資金,集中辦理農村信貸,領導農村信用社,發展農村金融事業
1979/3月 中國銀行從中國人民銀行分設出來,經營外匯買賣業務,籌集國外資金,扶植出口生產和引進先進技術設備,成為國家外匯專業銀行94 95年分別為香港澳門發行鈔票
1983/9月中國工商銀行從中國人民銀行分設,辦理工商信貸和儲蓄業務19841/1中國工商銀行在北京正式成立,主要任務:依據國家方針政策籌集資金和運用資金,支持工業發展和商品流通擴大,支持集體、個體工商業和服務性行業的發展
1954年成立中國人民建設銀行,為財政部下屬的一家國有獨資銀行,付責管裡分配根據國家經濟計劃發放建設項目和基礎建設相關項目的政府資金,1996/3/26更名為中國建設銀行
中國農業銀行恢復設立,中國銀行改制,中國工商銀行成立,中國建設銀行納入金融體系後,中國形成了以中國人民銀行為領導的、以國家專業銀行為骨幹的、多種金融機構並存的金融機構體系
(資料來源:留学生金融学专业作业中國經濟發展30年 金融改革卷 王廣謙主編)
19.2.2股份制商業銀行
截至2006年底,中國股份制商業銀行共有13家
1987/4/1交通銀行重新組建後正式對外營業,成為中國第一家全國性的股份制商業銀行2005/6/23交銀在香港上市成功,為首家在境外上市的中國內地商業銀行
1987年原名中信實業銀行的中信銀行成立,是中國改革開放中最早成立的新興商業銀行之一,是中國最早參與國內外金融市場融資的商業銀行2006/12/18銀監會正式批准其成立股份有限公司
1997/1月完成股份制改造的光大銀行成為中國第一家國有控股並有國際金融組織參股的全國性股份制商業銀行
1995年華夏銀行成為中國第一家全國性股份制商業銀行2003/9月華夏銀行公開發行股票,成為中國第五家上市銀行2005/11引進德意志銀行簽署股份轉讓協議，全面長期戰略合作,全面技術支持協議,信用卡業務合作協議,此外,還與境外412家銀行建立代理業務關係,成為覆蓋全球主要貿易區的結算網絡
中國民生銀行是中國首家主要由民營企業投資的全國性股份制商業銀行2004/11/8通過銀行間債劵市場發行了58億人民幣次級債劵,成為第一家成功私募發行次級債卷的商業銀行2005/10/26完成股權分置改革,薇中國資本市場股權分置改革提供了成功的範例
2002/3月,招商銀行成功發行15億元普通股並於4/9在上海證交所上市,為第一家完全由企業法人持股的股份制商業銀行,也是第一家採用國際會計標準上市的公司
1988/9月,成立廣東發展銀行,2006年成功完成改革重組,引入了花旗集團,IBM信貸等一流國際企業和中國人壽,國家電網,中信信託等雄厚的國內知名企業
2004年,深圳發展銀行引進美國新僑集團,該集團持有17.89%的股份,為中國首家外資作為第一大股東中資股份制商業銀行
2004/6/30銀監會批准浙商銀行重組為浙江商業銀行,是以浙江民營資本為主體的中資股份制商業銀行,其呆帳率為0
國有商業銀行,股份制商業銀行引進外資一覽
19.2.3城市商業銀行
截至2006年底,中國城市信用合作社有78家,城市商業銀行113家
1997年城市信用合作社統一更名為城市商業銀行,因為規模較小且呆帳問題困擾城市商業銀行正常發展,在十年的發展過程中,一方面通過加大清收力度,加大核銷,收購兼併等手段努力改善資產狀況,一方面尋求與地方政府合作,以優質資產換制不良資產的方式處置呆帳問題,取得較大成效,上海,南京,北京,西安,寧波,濟南,杭州,南充等城市商銀陸續引進外資,開始大規模重組整合,城市商銀逐漸步入”規範管理,加快發展”的階段
城市商業銀行引進外資一覽表
19.2.4.1政策性銀行
1993/12月,國務院在<關於金融體制改革的決定>中正式決定建立政策性銀行,實行政策性金融和商業性金融的分離,並割斷政策性貸款與基礎貸款的關係,確保人民銀行調控基礎貨幣的主動權,1994年,三家政策性銀行相繼成立
國家開發銀行:主要任務-根據國民經濟發展的戰略目標和規劃,以國家信用為基礎,利用現代各種金融工具,籌集和引導境內外資金,為國家基礎建設,基礎產業,支柱產業,和高新技術產業的重點項目提供金融服務
中國進出口銀行:主要任務-執行國家產業政策和外貿政策,為擴大機電產品和成套設備等資本性貨物出口提供政策性金融支持;以辦理出口賣方和買方信貸業務為主,同時開辦信用保險及信貸擔保業務
中國農業發展銀行:主要任務:辦理扶貧貸款,支農貸款,及農業政策性貸款
19.2.4.2農業信用合作社
農村信用合作社,從1950末逐漸演變成為銀行的農村基礎機構,其發展可分四個階段
1980-1985恢復信用合作社的”三性”-即組織上的群眾性,管理上的民主性,經營上的靈活性
1990-1995中國農業銀行公佈<農村信用合作社管理暫行章程實施細則>,對信用社機構,業務,資金,利率,財務等作詳細的規定
1996-2002改革重點為:改革信用合作社的管理體制,把信用社辦成由農民入股,社員民主管理,主要為入股社員服務合作金融組織
2003-今中央農村工作會議提出農村信用社改革的總體要求:明晰產權關係,強化約束機制,增強服務功能,國家適當扶持,地方政府負責
改革後農村不良貸款明顯改善,支農資金實力明顯增強,支農信貸投放明顯增長
19.2.4.3外資投資及私人銀行
1979日本輸入銀行被批准在北京設立常駐代表,這是第一家外資銀行來華設立代表處
1994/2開放11個城市允許外資銀行設立營業性分支機構
1997年光大銀行成為吸收國外資金的股份制商業銀行
2006年底銀監會批准首批9家外資銀行將其在境內分行改制為外資法人銀行的申請,包含渣打銀行,東亞銀行,匯豐銀行,恒生銀行,日本瑞穗實業銀行,日本三菱東京日聯銀行,新加坡星展銀行,花旗銀行,荷蘭銀行
19.3中國銀行體系的弱點
中國銀行體系在進入21世紀不適合高度經濟發展的市場的基經濟需求
由於1978-1993年間太多不良債務及不平衡的存放款利率(1995年存款利率24% 放款利率14%)使銀行的收益受到損害表19.3
重新定義企銀的領域
業務由貸款轉移至服務費，如信用卡。
收入多來自借貸間的利差。
消費者借款比例逐漸增加，如抵押貸款。
銀行資產多樣化。
內部監控
對貸款的監控十分薄弱。
缺乏監控能力將導致嚴重的後果。