By Chi Lo (auth.)
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Extra resources for Understanding China’s Growth: Forces that Drive China’s Economic Future
China’s Reform Puzzle 27 Though some brokerage licences have been revoked, the too-big-to-fail policy still rules. Even industry consolidation is scanty. All this again reflects the old mindset, as the CSRC is unwilling to rock the system and offend the regional governments, who are the owners of most securities firms. Incentive incompatibility has also persisted between the asset management companies (AMCs) and the firms and banks they target to restructure. The programme has not worked properly because the AMCs and the state-owned enterprise (SOE) managers have different motives.
52 China’s Reform Puzzle 21 Chinese firms to fight for survival by acquisitions and diversification. But being stuck in low-value production lines, these expansion moves have only trapped them in more low-margin, cut-throat businesses instead of one or two. Structural reforms to boost China’s value-added are the only way out of this trap and to strengthen the leadership’s governing legitimacy. Critics argue that Beijing was selling Chinese bank stakes cheaply to amass funds for plugging the black hole in the banking system.
This reform experiment in Pingyao could also be the first step towards legalizing China’s informal lending market (see Chapter 2, ‘Implications from the curb market’ section), which has emerged to fill the financing gap left open by the official banking market. Even the QDII scheme imparts a will to loosen financial control. When fully implemented, the scheme will be a major step towards capital account convertibility. At the current experimental stage, it is only applicable to institutional investors.