Banking and Financial Control in Reforming Planned Economies by Haiqun Yang

By Haiqun Yang

This e-book analyses the benefits and downsides of the banking method reforms with specific connection with centrally deliberate economies. The publication experiences the socialist banking reforms and analyses their monetary difficulties. making use of a serious exposition of banking theories, it assesses present monetary problems and takes factor with a few verified theories.

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Yugoslavia and Hungary have been reforming their banking systems for a long period whereas the radical reform of banking in China has only been underway for about a decade. The radical Polish reform has been running since the latter part of the 1980s. Banking system reforms in China Financial reform in China has followed the national social and economic transition that has been unfolding since 1978, although the two are not closely related (see Chapters 3 and 4). Among the socialist economies, China is the second (after the former Yugoslavia) to have changed its monobanking system into a system of diversified banks led by a central bank.

Moreover the control function was largely limited to determining the amount of shortterm credit available. It was highly circumscribed by regulations that gave little freedom of action to either the bank or its clients. In addition the bank's right to exert 'payment discipline' could become rather ineffective in practice. 10 Micro-level banking problems The sub-branches of the banks were managed by different administrative levels and could not exercise autonomy. The Chinese refer to 'big pots'the problem of separating rights, interests and responsibilities between economic entities.

Another important change is that many new financial institutions have been created in the space of only a few years. The Communication Bank of China (CBC), which had been set up in 1908 and merged with the PBC in 1958, was reestablished in July 1986, being the first shareholding bank in China. Other banking institutions were also established, such as the Business Bank of China International Trust and Investment Corporation (CITIC, China International Trust and Investment Corporation in spring 1980), the Xing Ye Bank of Fujien Province (November 1981), the Zhao Shang Bank in the Shekou industrial areas (August 1986), the Development Bank of Sheng Zhen (June 1987) and the Development Bank of Guangzhou Province (June 1988).

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