China's economy, which continues to grow rapidly, is having an ever greater impact on the rest of the world. This impact is likely to be felt increasingly in the financial sector where China's foreign currency reserves, fuelled by the huge trade surplus, are a very significant factor in world financial markets. This book, based on extensive original research by a range of leading experts, examines many key aspects of current reforms in China's financial sector and China's increasing integration into the international economy. Subjects covered amongst many others include: the derivatives market in China; stock market liberalisation; the internationalization of accounting standards in China; the impact of international foreign direct investment by Chinese firms; and a discussion of the likely long-term economic effects of the Beijing Olympic Games.
Table of Contents
Introduction. Financial Sector Reform and the International Integration of China: An Overview Zhongmin Wu Part 1: Financial Sector Reform 1. The Internationalization of China’s Auditing Standards: Developments and Challenges Jinyu Zhu and Simon S. Gao 2. The Collusive Analysis of Large Shareholders and Managers after China’s Shareholder Splitting Reforms Zhenxin Wu, Xufeng Zhang and Shuping Wang 3. Corporate Bond Performance in China and Its Default Spread Xiaobing Feng, Sharon Xiaowen Lin and Feng Zhao 4. Stock Market Liberalization and Liquidity: Firm Level Evidence from the Chinese Market Wei Huang 5. Analysis into IPO Underpricing and Clustering in Hong Kong Equity Market Yongyuan Qiao 6. China’s RMB Exchange Rate Regime Option, Capital Integration, and Financial Development Ping He 7. Testing for Credit Restrictions in Chinese Agriculture Xiaoli Liu 8. Influence of FDI on Financial Stability of China: Su-Kun Pan 9. An Analysis of China’s Derivatives Market and Accounting for Derivatives Zhen Huang & Simon Gao Part 2: The International Integration of China 10. The long-term growth effects of the Olympic Games in Beijing - A theoretical investigation of growth channels of mega-events Tobias Birkendorf 11. An Empirical Analysis of the Chinese Move to Africa Mario Biggeri and Marco Sanfilippo 12. Chinese Firms enter Europe: Some Empirical Evidence F. Hay, C. Milelli and Y. Shi 13. The Factors Limiting the Overseas Listing of Chinese Privately-owned Enterprises: The Ningbo Case Jianying Tian and Weiqi Shen 14. China’s Integration into a Global Economy: A Case of Natural Economic Development or the Deliberate Outcome of Political Decisions to Re-legitimise the Leading Role of the CCP? Christian Ploberger 15. Globalization, North-South Industrial Location and Environment Competition Rieber Arsène and Tran Thi Anh-Dao 16. Foreign R&D Spillovers and Total Factor Productivity in the East Asian Manufacturing Industry Hailin Liao, Xiaohui Liu and Tom Weyman-Jones. Concluding Remarks
Zhongmin Wu is President of the Chinese Economic Association (UK) and Reader in Economics, Nottingham Business School, Nottingham Trent University, UK.