By Dominique de Rambures
During the last thirty years, China has been reforming its financial system at breakneck pace. although a surge in nationalism is threatening China's relatives with its neighbours and its upward push to nearby management. This publication addresses a variety of components influencing the improvement of China's version and its impression at the remainder of the area.
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Extra resources for The China Development Model: Between the State and the Market
However, China remains a powerful catalyst to neighbouring countries and a major exporter to those that are most developed, such as Japan and Australia (the latter mainly exporting minerals, and the former manufacturing products such as cars and machine tools). As experienced by the USA shortly after World War II, China must behave appropriately with regard to its neighbouring countries. This should be done either by producing a slight overall deficit of the trade balance to bolster markets with the necessary purchasing power and/or by transferring additional sources of financing (similar to the Marshall Plan).
When the level of the government price was raised to meet the market level, the whole market was unified. In addition, the ‘housing contract system’ paved the way for TVEs and rural credit cooperatives (RCCs) to service the manufacturing and financing needs of the local people, there being no nationwide market in existence into which they could integrate. Deng used the same approach with the corporate sector. According to a contractual commitment, factories were requested to sell a certain amount of products to the government at the government price, the rest being free to be sold on the market at market price.
Following China joining the WTO, foreign banks were permitted to settle in China, although in a minority position (20 per cent in the largest banks, 49 per cent in the smallest: specialized credit institutions or regional banks). The foreign bank brings expertise and the Chinese bank a sales network, as well as critical connections with central and local government. In accordance with the ‘Legalist’ teaching, the government is powerful whether it is a shareholder or not. A mere suggestion from the right person in the right place at the right time is sufficient.