Chinese financial markets - how have they evolved and where may they go to?
Chinese financial markets have grown rapidly since their inception in the early 1990s, although financial intermediation still remains primarily bank-based.1 The rapid growth has called for an effectual regulatory framework and the China Securities Regulatory Commission (CSRC) has improved its work substantially over the recent years.* 2 However, deficiencies still prevail due to market fragmentation, lack of institutional investors, weak transparency and market irregularities. Furthermore, the listed companies themselves are problematic, because they are dominated by state controlled and financially weak enterprises. While WTO accession has fostered financial market reform together with a gradual capital account liberalisation in China, much still remains to be done (cf. Zhang R.uosi 2002: 21).
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