By W. He, He Wei Ping
Banking law in China offers an in-depth research of the country's modern banking regulatory process, concentrating on rules in perform. by way of drawing on private and non-private curiosity theories when it comes to financial institution legislation, He argues that managed improvement of the banking region remodeled China's banks into extra market-oriented associations and elevated public quarter progress. This paintings proves that financial institution rules is the first ability during which the chinese language executive achieves its political and fiscal targets instead of utilizing it as a car for conserving effective monetary markets.
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Additional info for Banking Regulation in China: The Role of Public and Private Sectors
3 Chapter 4: Regulating the Entry of Foreign Banks Following on from observations in chapter 3 concerning regulation of foreign banks in China, this chapter undertakes a comprehensive review of the regulatory provisions that operate to control the entry and operations of foreign banks in China. In this chapter, public and private interest theories of regulation are used as an instrument to analyze relevant regulatory provisions and policies. A review of the scholarly literature and an analysis of law and regulation enable the author to explore the role of foreign banks in achieving China’s objectives in relation to its banking sector.
The chapter commences with an historical view that examines how Chinese banking objectives have evolved with respect to the entry and operations of foreign banks. After evaluating the five entry vehicles available and how they work, and identifying specific policy considerations underlying those vehicles, the chapter explains the tension between the interest of the Chinese public and the interest of Chinese banks that occurs with respect to the operation of foreign banks in China. From a public interest perspective, the emphasis shifts from a focus purely on economic development to a more prudential-oriented perspective, designed to safeguard the entire banking sector, to mitigate financial crisis, and to protect individual depositors.
In public interest theory, regulatory authorities are presumed to be guided by the public interest, and regulatory rules and processes are modelled so as to satisfy and advance the public interest. Public interest is never a static concept, and is subject to continuous redefinition to reflect evolving economic, social, and cultural changes. 8 Thus, in public interest terms, regulation should embody both appropriate process and appropriate outputs. 10 The public interest theory apparently is a positive theory about what are appropriate regulatory processes and the ultimate goals of such regulation.