SOURCE: Milken Institute

Milken Institute

December 23, 2009 13:22 ET

Chinese Financial Markets Expanding Rapidly and Present Future Opportunities, According to New Book From Milken Institute

LOS ANGELES, CA--(Marketwire - December 23, 2009) - China has experienced more than thirty years of supercharged growth, aggressive reforms and a new level of integration with the world economy, but few Western observers fully grasp the sweeping changes that are under way.

"China's Emerging Financial Markets: Challenges and Opportunities," the latest volume in the Milken Institute Series on Financial Innovation and Economic Growth published by Springer, is an indispensable tool for understanding the dynamics of China's economy, the ongoing evolution of its financial system, its new role on the global stage and its future opportunities.

Edited by James R. Barth, Senior Finance Fellow at the Milken Institute; John A. Tatom, Director of Research at Networks Financial Institute; and Glenn Yago, Director of Capital Studies at the Milken Institute, this comprehensive book brings together new analyses from 41 renowned financial and policy experts, more than half of whom are Chinese. Their insights provide invaluable perspectives on the major economic growth story of our times.

According to the book, the ongoing development of Chinese financial markets represents a delicate balancing act. Both domestic and foreign investors are discovering new opportunities as the economy continues to open and financial services are expanded to an ever larger population. The collection offers an insightful look at the inner workings of the nation's financial institutions, as well as the bond, equity and real estate markets, detailing how government policies and the ongoing process of privatization are affecting their performance.

The volume explores four main topics:

--  Overview of the Chinese Financial System -- surveys the shifting
    landscape of China's financial system and its ability to promote growth.
    This section also examines the coexistence of the state-owned sector and
    the private sector.
--  Monetary Policy and the Foreign Exchange Market -- includes a summary
    of monetary policy procedures, a history of the People's Bank of China, an
    in-depth look at the rationale behind the rapid pace of foreign exchange
    accumulation and the connection between financial opening and the evolving
    foreign exchange market.
--  The Banking System -- reviews the regulatory approach needed to
    provide banking services to such a large and diverse population and
    geography, and assesses prospects for future bank performance and
--  The Bond and Equity Market -- covers historical and recent
    developments in China's securities market, privatization of state-owned
    companies, the emergence of shareholder protection and the impact of non-
    tradable share reform.

China's spectacular rise means that the stability of its financial system is of vital importance to the global economy. The government's approach to its role in the world and its expansion abroad will have far-reaching implications for years to come.

Authoritative and up-to-date, this comprehensive volume offers the reader new insights into how China's trajectory might shape global convergence -- and our own prospects for growth -- in the years ahead.

"China's Emerging Financial Markets: Challenges and Opportunities" is available from Springer Publishing, in their Finance & Banking section, at

About the Milken Institute: The Milken Institute is a nonprofit, independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It is based in Santa Monica, Calif. (

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