Abstract
Embarking on banking reform nearly four decades ago, China has made significant progress. This paper takes a closer look at banking reform in China, and reviews historical progress and current efforts that Chinese authorities have made to date. To date, there are three phases of the reforms: from 1979 to 1991 (Phase 1), from 1992 to 2001 (Phase 2), and from 2002 to the present (Phrase 3). China’s banking sector has been gradually transformed from a centralized, government-owned and government-controlled provider of loans into an increasingly competitive market in which different types of banks strive to provide a variety of financial services. The experience of China is interesting because the government both rehabilitate the existing state-owned banks and allow the development of a parallel banking system to emerge. In addition, the appendix of this paper provides a chronicle of banking reform during the period from the beginning of the reform to 2014.
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