Miriam L. Campanella
on Nov 24th, 2014
Is the Western liberal order likely to accommodate China’s financial projection?
Elizabeth C. Economy, Senior Fellow and Director of Asia Studies at the Council on Foreign Relations, recently wrote in Asia Unbound (13 November 2014) that “ the United States won big this week, but not for the reasons most people think” regarding last week’s deal on carbon emission cuts. For her, “media and China analysts have focused overwhelmingly on the climate deal, touting the new commitments from both the United States and China as exceptional, even “historic. ” But, Ms. Economy argues, “ this is...
Gov. Gao Jian
on Apr 14th, 2014
Good afternoon, ladies and gentlemen:
China’s financial system and financial markets have undergone profound changes since the Reform and Opening initiated in 1979. Currently, the main elements and structure have been established as well as a relevantly complete layout for the financial system. Its peculiar structure is a reflection of the transition from financial repression in a planned economy to a fully functional financial market in a market economy. The financial sector has developed slowly, lagging behind the real sector. For example, banks are predominant in the financial system, the bond...
on Mar 6th, 2014
An exchange of adjectives is probably triggering a much longer-term process. At the PCC’s Third Plenum last year, Secretary Xi Jin Ping elevated the market’s role in Chinese society, promoting it from “fundamental” to “decisive.” Monolithic until now, what’s happening to the banking system can be interpreted as an attempt at reform, albeit undefined and indirect. If the government doesn’t want to intervene—because of will or weakness—it plays the role of market stabilizer. At first, it launched procedures granting more freedom of action to forthcoming non-public banks,...
Marco Cecchi de Rossi
on Aug 7th, 2013
Economics, Finance, Industry, International Politics & Relations
Throughout history, no single professional financial-market participant has been blamed with such concentrated intensity and pervasiveness as credit rating agencies (CRAs) after 2007.
Banks follow in a distant second place; in any case, they are partly excused because they were reportedly confused by the CRAs’ action (or absence of action).
Stimulated by media and demanding public opinions, policy makers have willingly entered into the rules of the industry’s game. All policy makers from multilateral to national, governments, parliaments and authorities have had their say.
The result was, e.g. in...
Ernesto Gallo and Giovanni Biava
on Aug 1st, 2013
Economics, Finance, International Politics & Relations
By 30 November Australia will have a new parliament. Before then, however, her citizens will have to solve a puzzling dilemma: whom do they want to go with? With the USA or the People’s Republic of China?
The dilemma has been recently proposed by the academic and commentator, Hugh White. To be fair, most politicians and observers, including the recently ousted Prime Minister, Julia Gillard, believe that there is no need to choose at all. On the one hand, the USA would continue being Australia’s main security provider, obviously bearing in mind that in the most recent Defence White Paper (2009), the...