Towards Financial Superpower
China's Financial Industry and Its Road to Internationalization
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Product details:
- Publisher OUP Oxford
- Date of Publication 12 June 2025
- ISBN 9780198948537
- Binding Hardback
- No. of pages272 pages
- Size 240x160x21 mm
- Weight 561 g
- Language English 595
Categories
Short description:
Lu captures the fast-changing and dynamic nature of China's financial institutions and markets and critically assesses their strengths and special characteristics, addressing if and when China becomes the next global financial superpower.
MoreLong description:
The topic of the financial industry, from both practical and regulatory perspectives, has been widely debated since the Global Financial Crisis of 2007-2008, but the discussion is mostly framed within a Western context. However, China now boasts one of the largest and most dynamic financial systems in the world and has three of the largest global stock markets as well as the gigantic commercial banks such as the ICBC and the Bank of China. It is actively opening its financial markets by reforming its securities law and introducing stock connect schemes with exchanges in the UK and Switzerland and also has the most advanced Fintech and mobile payment sector. China's central bank digital currency (CBDC) pilot project is already being rolled out on a national scale, contributing to the rise of the Chinese yuan as a new global currency.
In this volume, Lerong Lu explores the remarkable rise of China's financial industry, its detailed operating mechanisms, and regulatory frameworks and regime. He examines the legal and regulatory environments underpinning this industry, including its regulatory agencies and institutional arrangements (such as the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission), financial safety net and crisis management tools, and specialized financial courts and dispute resolution mechanisms.
Lu captures the fast-changing and dynamic nature of China's financial institutions and markets from three unique angles: financial marketization, financial globalization, and financial innovation. Through detailed case studies, the author critically assesses the strengths and special characteristics of these financial institutions, markets, and currencies in the world's second-largest economy, addressing if and when China becomes the next global financial superpower.
Towards Financial Superpower represents a major contribution to the study of Chinese banking and financial law. Dr. Lerong Lu's original and rigorous analysis sheds new light on China's evolving financial system and its interaction with global markets. This is leading scholarship-setting the standard for academic and policy research on China's financial development in Asia and beyond.
Table of Contents:
List of Figures
List of Tables
List of Abbreviations
Overview of China's financial industry
China's financial regulatory agencies
China's financial safety net
China's banking industry
China's capital markets
China's central bank digital currency
China's financial courts
The internationalization of China's financial industry
Bibliography
Index
