By Wu Xiaoqiu
At the flip of this century, China’s capital industry entered a brand new period. on account that then, the consistently quickly development and emerging source of revenue degrees in China have resulted in major swap within the market’s monetary constitution. more and more lively monetary investments which are changing into extra market-oriented and person call for for monetary prone have caused expanding want for variety, securitization and portfolio administration providers. in the meantime, securities businesses in China, because the significant services of economic prone within the capital industry, are facing a interval of vital chance. Taking account of the extensive house for improvement and more and more difficult pageant, chinese language securities businesses face demanding situations in components corresponding to useful place, organizational constitution, revenue version, threat administration and keep watch over, expertise constitution, middle competitiveness and foreign vision.
The publication will discuss:
- Solid capital strength accompanying a fluent and effective mechanism of capital formation and complementary factors
- Matchless middle competitiveness in accordance with remarkable leading edge skill in human resources
- Rigorous chance administration and regulate mechanisms and the facility to deal with dangers efficiently
- Broad overseas imaginative and prescient mixed with top-ranking foreign ability
It is critical for the long run improvement of chinese language securities businesses to take instance from and soak up the adventure and classes of overseas funding banks (securities businesses) in mature markets. The hundred-year historical past of overseas funding banks’ improvement represents the full international heritage of recent finance, with its simple features of spectacularity, secretiveness, fluctuation and unpredictability. The query we needs to ask is how will chinese language securities businesses locate their place during this background, intertwined because it is with either fog and sunshine?
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Additional info for Chinese Securities Companies: An Analysis of Economic Growth, Financial Structure Transformation, and Future Development
The residents’ division becoming the main provider of financial resources for economic growth has posed the following demands for changes in the financial system: ■ The financial services offered in the financial system will be efficient, flexible, and optional, in order to meet the constantly escalating financial demands from the residents’ division. ■ The vast capital surplus in the residents’ division requires channels and vehicles for smooth, optional conversion into investments. If the huge monetary surplus in the residents’ division becomes the main financial resource for economic growth, the capital foundation will be made available for the development of financial markets, especially capital markets.
6 Xie, Liu, and Wang (2004, 26–27). 0 34 CHINESE SECURITIES COMPANIES distribution, and risk control of securities firms. Securities companies themselves also strengthened their regulatory development and risk controls. With the capital and shares expansion program in 1999, a number of major securities brokerages of strong monetary prowess quickly arose. Business competition in the industry became increasingly furious. Securities companies rushed to upgrade their strength through M&A and internal consolidation, resulting in drastically increased size and assets, coupled with business scale.
16 Note: S/G in a “narrow sense” refers to the ratio of the liquid/tradable market value of shares to GDP, and S/G in a “broad sense” refers to the total liquid market value of shares to GDP. As Chinese shares become increasingly tradable, the two ratios tend to converge. Source: National Bureau of Statistics of China, China Securities Regulatory Commission. 84 Source: National Bureau of Statistics of China, State Administration of Foreign Exchange and China Securities Regulatory Commission (adapted).