Abstract
This chapter provides a background on central banking in China, which examines the profound implications of China's transition to a more market-based economy in the context of an authoritarian state and the governance of its financial system. The chapter explores the mutual shaping mechanisms between China's financial system and its economic transition and how these have shaped the path of economic rebalancing. Since China's economic reform and opening in 1979, a perplexing issue has been the achievement of rapid economic growth on the back of an often dysfunctional and increasingly fragile banking and financial system. The chapter examines the mutually shaping interactions between China's financial and banking system, on the one hand, and its economy and its prospects on the other. It reviews China's competing economic growth models and key questions about China's economic “rebalancing.”
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