Economics and Regulation in China by Michael Faure, Guangdong Xu

By Michael Faure, Guangdong Xu

This publication, from a most sensible overseas team of students, explores the ways that fiscal instruments can be utilized to enhance the standard of law usually and legislative instruments particularly.

As the position of legislations turns into more and more very important in China, the query arises of ways potent regulatory and legislative instruments may be constructed to accompany the chinese language evolution in the direction of a welfare kingdom. China consequently presents a different case research for students and policymakers drawn to interpreting how rules can play a task in selling sustainable improvement.

Economics and law in China is going past conventional financial research of legislations via focusing particularly at the query of ways fiscal instruments can advisor the standard of laws. To this finish, the booklet centres in on 3 components: legislation as a device of financial progress, pageant coverage and environmental coverage. not just are those 3 domain names of significant value for China, yet also they are suitable for a large scholarship drawn to the commercial research of legislation.

This quantity contributes to discussions on how ex-ante review of legislative proposals and ex-post research can bring up the effectiveness and potency of law, utilizing monetary instruments, supplying insights that transcend the actual case of China. The research provided by means of this booklet makes it a useful source for lecturers and policymakers alike.

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Similarly, state ownership in the banking sector is shown to be bad for financial development and economic growth (World Bank 2001). 9 The policy implication is therefore clear and straightforward: a process of financial liberalization10 that relaxes or abolishes financial repression must be implemented. 2. If the real 8 De Gregorio and Guidotti (1995: 437) claim that the relationship between real interest rates and economic growth may resemble an inverted U rather than a monotonically increasing or decreasing curve: very low (and negative) real interest rates tend to cause financial disintermediation and hence tend to reduce growth, as implied by the McKinnon–Shaw hypothesis.

19 Four state-owned banks then emerged to function as financial intermediaries and provide commercial banking services: the Agriculture Bank of China (ABC), which was founded to serve all banking business in rural areas in February 1979; the Bank of China (BOC), which was subordinate to the PBOC before 1979, became independent in March 1979 and was empowered to specialize in transactions related to foreign trade and investment; the People’s Construction Bank of China (PCBC, renamed the China Construction Bank, or CCB, in 1996), which operated as a subsidiary of MOF since its creation in October 1954 and then was removed from the administrative control of the MOF and tasked to manage transactions related to fixed investment in October 1979; finally, the Industrial and Commercial Bank of China (ICBC), which was formed in January 1984 to manage the commercial transactions of the PBOC.

19 Four state-owned banks then emerged to function as financial intermediaries and provide commercial banking services: the Agriculture Bank of China (ABC), which was founded to serve all banking business in rural areas in February 1979; the Bank of China (BOC), which was subordinate to the PBOC before 1979, became independent in March 1979 and was empowered to specialize in transactions related to foreign trade and investment; the People’s Construction Bank of China (PCBC, renamed the China Construction Bank, or CCB, in 1996), which operated as a subsidiary of MOF since its creation in October 1954 and then was removed from the administrative control of the MOF and tasked to manage transactions related to fixed investment in October 1979; finally, the Industrial and Commercial Bank of China (ICBC), which was formed in January 1984 to manage the commercial transactions of the PBOC.

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