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Annual Report on the Development of China’s Special Economic Zones (2019)Report on the Development of the Financial Industry in the Special Economic Zones of China

Annual Report on the Development of China’s Special Economic Zones (2019): Report on the... [Although the development of financial industry in China’s special economic zones in 2016 underwent a complex and severe test, it was still developing. The scale of assets was on the road of expansion, and there were positive changes in further upgrading regarding the concentration of the industry, continuous improvement of the status of pillar industries and in the initial effect of transformation. However, we should also note that the original problems such as poor operating conditions, unbalanced development, declining influence, continued accumulation of risks and the allocation of assets against the new normal have not changed substantially. In 2017, the development of the financial industry in the special economic zones is facing not only new challenges caused by the economic slowdown, a “spinoff from a virtual economy to a real economy”, financial disintermediation, write-off of non-performing assets, regulation and control of the real estate market and compliance supervision, but also new opportunities brought by the implementation of a number of reform measures such as “steady growth”, “industrial development”, “risk control”, “strong penetration”, “wealth management”, “deepening of reform” and “opening-up”. Based on the analysis of the new trends and problems of the development of the financial industry in 2016 and the new opportunities and challenges faced in 2017, it is advocated that the development of the financial industry in 2017 should firmly grasp the four main aspects of “return, consideration, allocation and innovation”. ] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Annual Report on the Development of China’s Special Economic Zones (2019)Report on the Development of the Financial Industry in the Special Economic Zones of China

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Publisher
Springer Nature Singapore
Copyright
© Social Sciences Academic Press 2022
ISBN
978-981-19-2206-0
Pages
151 –179
DOI
10.1007/978-981-19-2207-7_8
Publisher site
See Chapter on Publisher Site

Abstract

[Although the development of financial industry in China’s special economic zones in 2016 underwent a complex and severe test, it was still developing. The scale of assets was on the road of expansion, and there were positive changes in further upgrading regarding the concentration of the industry, continuous improvement of the status of pillar industries and in the initial effect of transformation. However, we should also note that the original problems such as poor operating conditions, unbalanced development, declining influence, continued accumulation of risks and the allocation of assets against the new normal have not changed substantially. In 2017, the development of the financial industry in the special economic zones is facing not only new challenges caused by the economic slowdown, a “spinoff from a virtual economy to a real economy”, financial disintermediation, write-off of non-performing assets, regulation and control of the real estate market and compliance supervision, but also new opportunities brought by the implementation of a number of reform measures such as “steady growth”, “industrial development”, “risk control”, “strong penetration”, “wealth management”, “deepening of reform” and “opening-up”. Based on the analysis of the new trends and problems of the development of the financial industry in 2016 and the new opportunities and challenges faced in 2017, it is advocated that the development of the financial industry in 2017 should firmly grasp the four main aspects of “return, consideration, allocation and innovation”. ]

Published: Aug 13, 2022

Keywords: New finance; Spinoff from virtual economy to real economy; MPA system

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