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Structure of China's Financial System

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'**.>!5<Y!6732!+8!F*2.:;7.,..3!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!RU! '**.>!59Y!F*2.:;7.,![?.327+*3!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!RU! ŶŶĞdžϱ͗^ƚƌƵĐƚƵƌĞŽĨŚŝŶĂ͛Ɛ&ŝŶĂŶĐŝĂů^LJƐƚĞŵ!444444444444444444444444444444444444444444444444444444444444444444444444444444!$%%! O.8.:.*(.3!<*/!J79-7+0:<EDA!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!$%$! L#$%&! ! Acknowledgements This report was prepared by CHEN Yanni and LIU Chaoying, under the overall guidance of Nigel Twose, director, IFC Development Impact Department. We would like to thank ,)&¶V(DVW$VLDDQG3DFLILF5HJLRQPDQDJHPHQWIRUWKHLUVXSSRUWIRU this review, in particular IFC Asia Pacific Region Vice President Karin Finkelston and China and Mongolia Country Manager Hyun-Chan Cho. This review would not have been possible without the collaboration and help of IFC China Investment and Advisory Services teams based in Beijing and Chengdu: YAN Meng, XU Weichuan, XU Yuan, LI Zaiheng, ZHANG Rong, YUAN Wei, LAI Jinchang, HUANG Lin, Will Beloe, ZHOU Ying, Shannon Atkeson, CHEN Qing, and GU Yanwen. We are very thankful for the time and help of the teams in sharing their insights, memories, and stories as well as providing relevant materials and facilitation visits with clients. We thank all other IFC colleagues who kindly accepted our requests for interviews and/or gave us their comments on drafts - Matt Gamser, Bill Haworth, John Law, Tania Lozansky, Sérgio Pimenta, REN Li, Peer Stein, Jerry Wu, YU Jing, ZHANG Jun, ZHU Wenqin, Philippe Ahoua, John Borthwick, Keshav Gaur, Monish Mahurkar and, in particular, IFC Vice President for Treasury and IT HUA Jingdong. We also thank the support, guidance, and feedback throughout the study from Roland Michelitsch, Claudio Volonte, and Alexis Diamond of the Development Impact Department. Special thanks go to Mike Ipson, former IFC country manager for China, for his strategic advice, detailed comments, and valuable suggestions to the team. We thank the team of LeaseOne Consulting, Beijing, for their assistance in conducting interviews, collecting, and compiling numerous materials, and drafting the background papers. We also thank YANG Ziming and XIANG Chunhua for their research assistance. Last but not least, we extend our great appreciation to the IFC clients who graciously accepted our visits and interviews. 5#$%&! ! List of Abbreviations ADB Asian Development Bank A2F Access to finance CAGR Compound annual growth rate CBA China Banking Association CBRC China Banking Regulatory Commission CCB City Commercial Bank CG Corporate governance CHUEE China Utility-Based Energy Efficiency Finance Program CISB Credit Information System Bureau CRC Credit Registry Center EHS Environment, health, and safety FI Financial institutions GOC Government of China IAS International Accounting Standards IFC International Finance Corp. MCC Micro credit company MF Microfinance MEP Ministry of Environmental Protection MOF Ministry of Finance MSMEs Micro, small and medium-sized enterprises NBFIs No-banking financial institutions NDTL Non-deposit-taking lending NDRC National Development and Reform Commission NPC 1DWLRQDO3HRSOH¶V&RQJUHVV PBOC 3HRSOH¶V%DQNRI&KLQD OECD Organization for Economic Co-operation and Development PEP Private enterprise partnership PSD Private sector development RCC Rural credit cooperative RMB Renminbi RMS Rural, micro, and small sector RSF Risk-sharing facility SAR Special Administrative Region SEZ Special Economic Zone SME Small- and medium-sized enterprises SOE State-owned enterprise TA Technical assistance WBG World Bank Group WTO World Trade Organization ! ! ! &#$%&! ! Executive Summary Over the past thirty \HDUV &KLQD¶V ILQDQFLDO VHFWRU KDV H[SHULHQFHG D WUHPHQGRXV transformation, evolving from a mono-bank system into a multi-player sector with some of WKHZRUOG¶VELJJHVWEDQNV,)&the member
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