Abstract
This chapter addresses the question of whether changes to the banking system have helped with economic rebalancing and growth model reform in China. It examines the politics of rebalancing and the current statist reaction by the Xi regime to earlier market developments. For a time, increased financial liberalization did help in providing more credit to the household and private sectors and other positive changes saw slightly reduced savings rates and corporate debt levels, and moderate increases in household consumption. The chapter highlights the dynamic development of both the external and internal dimensions of China's economic structure, arguing that there have been emerging signs of external rebalancing that reflects more mixed results than internal rebalancing. It further explores the political forces that have constrained economic rebalancing in China.
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