Banking Regulation in China: The Role of Public and Private by W. He, He Wei Ping

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By W. He, He Wei Ping

Banking law in China offers an in-depth research of the country's modern banking regulatory procedure, concentrating on law in perform. via drawing on private and non-private curiosity theories on the subject of financial institution rules, He argues that managed improvement of the banking area reworked China's banks into extra market-oriented associations and elevated public region development. This paintings proves that financial institution rules is the first skill by which the chinese language executive achieves its political and fiscal ambitions instead of utilizing it as a automobile for conserving effective monetary markets.

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This shift toward a more comprehensive and inclusive consideration of the composition of the public has been accentuated by the GFC. Banks, intertwined through the interbank market, could also be captured as counterparties under the umbrella of “public”. 12 The wider application of “public” has complicated banking regulation and the regulators’ task in achieving regulatory objectives. 30 BANKING REGULATION IN CHINA The justifications for banking regulation are predominantly economically oriented.

In addition, the PBoC, the National Development and Reform Commission (NDRC), and local governments, have felt the need to intervene in some areas, thus creating a fragmented, incomplete, and sometimes overlapping regulatory system. 5 Chapter 6: Regulatory Dissonance This chapter discusses an important regulatory characteristic featuring in the banking regulation in China: regulatory dissonance. In evaluating 24 BANKING REGULATION IN CHINA the institutional regulatory framework, the chapter argues that, unless it can be recognized and constrained, regulatory dissonance between the CBRC and the PBoC in various regulatory areas is detrimental to the achievement of China’s banking objectives, and ultimately to the realization of the public interest.

This weakens the advocacy position of private interest theory in banking regulation. 66 In the wake of the GFC, and the perception that that episode would not have occurred had there been “better” regulation, these arguments has become less compelling to the public and have lost favor with government. The public interest theory of regulation is particularly relevant in an economic climate in which more banks fail and systemic instability is a possibility. Indeed, historically, liberal regulatory attitudes have given way to the particular regulatory considerations concerning a stronger role of government in banking regulation.

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