1、中文5888字，3478单词，1.9万英文字符出处：ErhCheng Hwa, Yang Lei. China's Banking Reform and ProfitabilityJ. Review of Pacific Basin Financial Markets & Policies, 2010, 13(2):215-236. 毕业论文 英文资料翻译 学 院： &nb
2、sp; 商学院 专 业： 班 级： 姓 名：
3、 学 号： 指导教师： 年 月 1 Chinas Bank
4、ing Reform and Profitability1 Erh-Cheng Hwa Yang Lei 1. Introduction The World Bank (1997) once claimed that China s financial sector was the soft-belly in the economy. Financial sector refo
5、rm has long been argued as necessary to raise efficiency in the use of the capital and in rebalancing the economy toward consumption-based growth, without which the country s growth sustainability is in jeopardy (see Lardy, 1998； Prasad, 2007).Indeed, not too long ago, China s state banks were deeme
6、d “ technically insolvent” and their survival hinged solely on the nation s abundant liquidity.However, after the launching of banking reform, strong profitability has returned to state commercial banks recently. But it may be too early to declare a complete victory on banking reform as yet, s
7、ince Chinese state banks have embarked on the path of reform not too long ago. In addition,their strong financial performance has ridden on the back of strong but unsustainable growth. As growth has begun to soften under the weight of a global recession in 2008, banks are expected to navigate in a m
8、ore difficult economic terrain than hitherto. The aim of this paper is not to evaluate the effect of banking reform on bank performance, which is better tackled after the completion of a full credit cycle. Rather, our aim is to take stock of the progress in reforming China s state banks by reviewing
9、 the banking reformstrategy and analyzing their recent strong post-reform financial performancewhich, however, cannot be entirely separated from reforms efforts undertaken thus far. This paper has three sections. In Section 2, we review the reform strategy of China s large state banks,
10、which is the main thrust of China s banking reform, as well as its implementation. The Section 3 analyzes 2007 financial performance
11、 1 Review of Pacific Basin Financial Markets and Policies Vol. 13, No. 2 (2010) 215 236 World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research DOI: 10.1142/S0219091510001925 2 focusing
12、 on the four largest state commercial banks that have floated shares in the market: Industrial Commercial Bank of China (ICBC),China Construction Bank (CCB), Bank of China (BOC), and Bank of Communications (BOCOM). The conspicuous exception is Agriculture Bank of China (ABC), which is still in the p
13、rocess of restructuring for market listing at an appropriate time later. Section 4 concludes with an assessment on bank performance. 2. Bank Reform Strategy and Its Implementation 2.1. Bank reform strategy Before reform, state banks were solely owned by the State and served national eco
14、nomic policy goals.1 Since they were not wholly profit-making commercial entities, common commercial banking criteria for evaluating their financial performance do not apply strictly. Nevertheless, as soon as the country decided to embark upon the path of a socialist market economy in the October 19
15、92 CCP Congress, commercialization of the state banks had become a foregone conclusion. The goal of banking reform is to turn state banks into commercial entities that are competitive in the marketplace and can provide efficient intermediation of the nations saving. Given their dominance in financia
16、l intermediation, the banks play a crucial role in the efficient allocation of capital. 2.1.1. Creating the enabling environment for banking reform The country s market reform and opening program has greatly accelerated since 1992 when in October that year the 14th CCP Congress declared
17、 that the goal of reform and opening was to create a socialist market economy,which effectively ended the experimental nature of economic reform and opening program launched since the late 1970s. The firming up of market-oriented reforms has created an enabling environment for a host of reforms cent
18、ral to the socialist market economy construct including foremost the banking reform. In early 1994, in response to the inflation threat, the government launched macroeconomic reform encompassing central banking,exchange rate management, and fiscal policy and taxation. The macroeconomic reform permit
19、ted the central authorities to regain macroeconomic control lost to local authorities in the decade of the 1980s under the decentralization policy of “ fang quan rang li” .2 While decentralization ushered a period of rapid growth, it also generated significant macroeconomic instability.Indeed, the pursuit of macroeconomic reform significantly dampened macroeconomic cycles in the 1990s.
