By Violaine Cousin (auth.)
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The group is also working together with the Communist Party’s Organisation Department9 to oversee senior appointments at both authorities and financial institutions. 1 Summary of the supervisory function in China Structure of the banking market Concentrated and homogenous with regard to ownership types (all in majority state-owned and most as shareholding types now) Authority structure Fragmented and competitive Regulatory goals Not unified Work manner Highly politicised in the sense that politicians have a full role to play, but not in the sense that regulatory questions are discussed openly Style of regulation Non-confrontative, discussions behind closed doors, with closely defined hierarchies and power structures Diversity of supervisory players Vertically and horizontally Legislation Weak parliament and control is exercised solely through Party and State Council Need for codification Low Tendency Towards higher convergence but still at a very low and limited level Bank crises experience Yes but under a fully different regulatory arrangement Experience State known as ‘saviour’, hands-on approach to regulation, strong state Source: Author’s own research, based on Busch, 2003.
Since the establishment of a specialised regulator for banks, PBOC has not interfered in the daily supervision of financial institutions. , 2005). , 2005 and PBOC, 2005d). For that reason it also collects information from the banks. Its responsibilities are closely linked to the management of those risks that are inherent to the system. This is sometimes the source of conflicts over responsibilities with the CBRC – especially with the growing importance of macroprudential regulation. The China Banking Regulatory Commission With the aim of increasing the independence of the central bank and the efficiency of the regulatory function, in March 2003 the central government established the China Banking Regulatory Commission (CBRC).
There are still some areas to be reformed: the standardisation of reporting and accounting, the establishment of a derivatives trading system, and the extension of the regulatory scope to off-balance sheet instruments and to finalise the exit mechanisms for banks. He foresees three challenges: establishing a social safety network, restructuring the industry structure in China and improving the quality of economic development. Finally, the PBOC is also working on improving the ability of the domestic finance industry to withstand systemic risk.