1st Edition

Structure and Changes of China’s Financial System

By Jie Zhang Copyright 2018
    160 Pages
    by Routledge

    160 Pages 20 B/W Illustrations
    by Routledge

    By virtue of several theoretical models and hypotheses, this book is one of the earliest studies which systematically investigates the structure and changes of China’s financial institutions.

    To begin with, it examines the relation between state utility function and China’s economic growth, and reveals the formation and transition of China’s state-owned financial institutional arrangements. Based on this analysis, the author studies the influence of monetization on the arrangements, and the financial support to China’s gradual reform which have long been neglected by researchers. Also, the model of money demand that can explain the specific conditions of the gradual reform is built, as the neoclassical framework has been incapable of explaining China’s financial performance. In the last chapter, it discusses the dilemma of property rights under the state-owned financial system, with the establishment of the credit equilibrium model and the dual model of bad debts.

    With insightful theoretical analysis and empirical researches, this book will appeal to scholars and students in finance, economics and economic history.

    List of figures 

    List of tables 


    Chapter 1 The Institutional Structure, State and State-Owned Financial Institutional Arrangements 

    Chapter 2 Monetization and Financial Control by the State 

    Chapter 3 Financial Support to the Gradual Reform 

    Chapter 4 The Model of Money Demand During Transition

    Chapter 5 Transitional Arrangements of the Financial System  

    Chapter 6 Dilemma of Property Rights under the State-Owned Financial System and the Path of Solution  

    Appendix Benefit and Cost of Financial Control by the State: Item Data 




    Jie Zhang is a Professor and the Head of the International Monetary Institute, Renmin University of China. His main research interests lie in the financial institution and financial development in China.