化解中国的银行不良债权与防范金融风险

HEADING OFF CHINA'S FINANCIAL CRISIS

现在国外很多人认为中国的银行问题是全世纪最为严重的，至少是最严重的国家之一。同时，中国的人民币几乎存在不可避免的贬值危险。这些观点或许是言过其实，完全没有根据或是完全错误的，但它们确实影响了中国经济的稳定与前景。而且，如果仅用资本控制来保护中国的经济...

Around the world, emeopng market econondes have experienced curmncy crises in the aftermath ofimprudent credit policies, neglectful supervision and POOr regUlation of politiciZed fir^ial system. HoWever the POlihcians often respond to a ~ financial system by cover up. That is a sure way to let the rotten aPPles in the ~ take over and sPOil the entire comfit system. China's banking system needs deep and early reform. It is sure that the Present system is lwi dysfUnctional and opel'ates outside a comfit culture. The numbers at stake are staggering, the risk Of leaving the task for too late and hence do it under conditions where there is no control, or much less control, of events is serious. This is dangerous because China's ~ is already slowing to half speed and the bang of the society POses major debt burdens in years ahead. Meanwhile, Chinese banking system reform, along with the creation Of regulation and supervision, must Pmeede any notion of opening up the capital matet. The present slability is entirely due to the absence of alternative. That is good for stability but it is very bad for the qUality of cndit allocation. OPening to a domestic capital market and to cross bolder capital movementS must come. but getting thingr right must coming first and soon.hi the paper, the authors also introduced eight baSic principles for tile successful restructuring Of troubled hanks.