Research on the development of the shadow banking norms of Jiangsu Zhejiang Shanghai area
|School||CPC Jiangsu Provincial Party School|
|Keywords||the shadow banking financial reform of Whenzhou Market-oriented reform of interest rates Jiangsu Zhejiang and Shanghai|
The shadow banking system of the world is expanding rapidly recent years,which has attracted much attention of regulators of the world. In the USA, shadowbanking mainly refers to the credit intermediation similar to the ordinary bank, whichaffected no or less from the regulators and outside the traditional commercial bankingsystem, including investment banks, hedge funds, private equity funds, financialderivatives and other entities, agencies and products. The expansion of the shadowbanking has brought new challenges to the global financial regulation; the US in2012issued the Dodd-Frank Act to strengthen the supervision of the shadow bankingsystem.Due to less developed financial system and so on, the shadow banking in Chinais much simpler than that in America, and most of them is under the supervision of theregulators, but its rapid expansion of the scale have drawn great attention. GlobalStability Report, issued in IMF2012presented the China regulators should be wary ofthe shadow banking, it is possible to pass on the risk to the bank. Fitch-one of thethree international rating agencies-has put down the rating of China’s long-term localcurrency credit from “AA-” to “A+”, one of the reasons is the great scale of shadowbanking system in China. In this paper, the shadow banking system of Jiangsu,Zhejiang, and Shanghai has been studied, where the economic and financial aredeveloped in China. Learn from the global financial regulatory reform and the shadowbanking countermeasures, we think that at this stage regulators should not interceptthe shadow banking system, but should guard against systemic risk at the same timeactively seeking to regulate the development of the shadow banking system response.This paper propose that the area should adopt the model of the financial reform ofWhenzhou City, break the monopoly of financial, scientific guide the development ofthe private financial. The paper also put forward some countermeasures such asdevelop the shadow banking system and promoting the reform of China’smarket-oriented interest of both, encourage moderate financial system innovation,build a macro-prudential framework to prevent the financial systemic risk.