Development of China's Financial Supervision and Regulation

China’s financial regulatory system is crucial to the global economy, but is little understood. This book surveys and explicates the current status, the development, and planned reform of the Chinese financial supervision and regulatory system in a system

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Development of China’s Financial Supervision and Regulation

Bin Hu • Zhentao Yin • Liansheng Zheng Editors

Development of China’s Financial Supervision and Regulation

Editors Bin Hu Chinese Academy of Social Sciences Beijing, China

Liansheng Zheng Chinese Academy of Social Sciences Beijing, China

Zhentao Yin Chinese Academy of Social Sciences Beijing, China

ISBN 978-1-137-52224-5 ISBN 978-1-137-52225-2 DOI 10.1057/978-1-137-52225-2

(eBook)

Library of Congress Control Number: 2016936091 © The Editor(s) (if applicable) and The Author(s) 2016 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover illustration: © Peter Scholey / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Nature America Inc. New York

ACKNOWLEDGEMENTS

Financial Regulation in China: Shadow Banking, Securities and the Foreign Exchange Regime has become available to our readers, thanks to the hard work of dozens of dedicated scholars. We are indebted to Dr. Gang Wang from the Development Research Center of the State Council; Dr. Zuqing Mao from the China Banking Regulatory Commission; Dr. Xiaochuan Zhang, Dr. Yongdong Pan and Dr. Limei Wan from the China Securities Regulatory Commission; Dr. Liu Tang from the Institute of Finance and Banking Chinese Academy of Social Sciences; Dr. Qian Xie from the Institute of Economics, Chinese Academy of Social Sciences; and Dr. Jianjun Li from Bank of Kunlun. Mr. Junfeng Zheng and Ms. Lee Bi Ling Stella made major contributions to the tasks of translation and final polishing. Finally, we would like to thank all the organizations and individuals, particularly Ms Li Zhou, Ms Yanling Li and Dr. Xue Bai, who have supported this book so warmly.

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CONTENTS

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China’s Shadow Banking System—Scale, Risks and  Regulation: Research from the Perspective of  Non-Traditional Credit Financing Bin Hu and Liansheng Zheng Internet Finance: Definition, Models, Risk, a