The Value of Financial System Reform in China and I

(22页)

'The Value of Financial System Reform in China and I'
McKinsey Global InstituteThe Value of Financial System Reform in China and IndiaDiana Farrell, DirectorMcKinsey Global InstituteJanuary, 2007AGENDA ? China’s Financial System ? India’s Financial System 1CHINA FINDINGS ? China has made steady advances in modernizing its financial system and in mobilizing savings, reflected in the doubling of China’s stock of financial assets relative to GDP over the past ten years. China’s banking sector plays an unusually large role in its financial system. ? Capital allocation in the system is poor: wholly and partially state-owned companies continue to absorb most of the funding from the financial system, while private enterprise, the engine of China’s growth, receives a disproportionately small share. As a result, China’s investment efficiency is declining. ? The dominant bank sector, though improving, remains highly inefficient and potentially vulnerable. ? Reforms that enable a larger share of funding to go to the most productive companies and improved the operating efficiency of financial system components would raise GDP by $321 billion annually, or 17 percent. ? China’s financial system’s remaining problems are intricately linked across its component markets, and will therefore require an integrated approach to reform. 2CHINA’S FINANCIAL SYSTEM DEPTH IS HIGH GIVEN ITS Position in 2004GDP PER CAPITA 1994-2004 evolution for select countries Stock of bank deposits, bonds and equity, 2004 Percent of GDP Mature Japan Malaysia United States United Kingdom Singapore South Africa Australia Sweden Emerging Canada China Chile South Taiwan Nascent Thailand Korea Finland India Saudi Arabia Brazil Norway Egypt New Zealand Turkey Hungary Czech Republic Philippines Mexico Indonesia Russian Federation Tunisia Vietnam United Arab Emirates Ukraine GDP per capita (at purchasing power parity), 2004 US $, logarithmic scale Note: China’s depth would be at 220% of GDP in 2004 according to recent GDP restatement. It is unclear how new GDP calculation methodology would affect China’s 1994 GDP.Source: WEFA; BIS; FIBV; WDI; IMF; GFS; McKinsey Global Institute analysis. 3CHINA’S FINANCIAL SYSTEM IS DOMINATED BY THE Equity Corporate debtBANKING SECTOR Government debt2004 financial stock components Bank depositsPercent, US $ billion 100% = 4,291 247 350 1,105 130
关 键 词:
TheValueofFinancialSystemReforminChinaandI
 剑锋文库所有资源均是用户自行上传分享,仅供网友学习交流,未经上传用户书面授权,请勿作他用。
关于本文
本文标题:The Value of Financial System Reform in China and I
链接地址: //www.wenku365.com/p-43708635.html
关于我们 - 网站声明 - 网站地图 - 资源地图 - 友情链接 - 网站客服点击这里,给剑锋文库发消息,QQ:1290478887 - 联系我们

本站为“文档C2C交易模式”,即用户上传的文档直接卖给(下载)用户,本站只是中间服务平台,本站所有文档下载所得的收益归上传人(含作者)所有【成交的100%(原创)】。本站是网络服务平台方,若您的权利被侵害,侵权客服QQ:1290478887 欢迎举报。

1290478887@qq.com 2017-2027 //www.wenku365.com 网站版权所有

粤ICP备19057495号 

收起
展开