International Financial Structure Adjustment And China's Countermeasures

In recent years, our country’s economic and trade strengths have been growingstronger and stronger. China has become the largest developing economy in the world,and its GDP has become the second largest in the world just behind to US, and itsforeign trade volume and foreign currency reserve volume have become the first inthe world. However, relative to our economic and trade status, our internationalfinance status is still humble, and doesn’t match to the status as a economic and tradegiant.The international financial problems happened in the end of last century and thebeginning of this century reflect that there’re serious flaws in the world financialsystem, and make the contemporary world financial regime to be at turbulent times.Especially in2007-2010the international financial crisis derived from the Wall Streetsub-prime crisis in US, reveals further that: on one hand, western developed countriesrepresented by US have long been occupying the financial hegemony status, and thedeveloping countries have been placed at dependent or passive status; on the otherhand, western developed countries represented by US, wouldn’t take thecorrespondent international responsibility, and along with the development ofeconomic globalization, their internal financial problems of these countries areinclined to and quickly transmit to the whole world, making a more damaging andlarger scale worldwide financial crisis.Rightly cognizing the international financial regime, precisely mastering theprinciples of world finance development, scientifically set out our country’sinternational and domestic financial policies, are meaningful for deepening ourfinancial reform, accelerating financial development，maintaining financial stability,promoting RMB internationalization and advancing our country’s comprehensivepower.Through the research method of combinations of empirical study and theoreticalstudy, quantitative study and qualitative study, structural study and overall study,stressing the comparisons of international experience and domestic situation, historyand reality, applying the theories of Maximum (including the relative theories of Marxand Lenin),the western financial development theories (including financialdevelopment, financial innovation, financial globalization, financial crisis, financial stability, institutional transition, etc.), and international political economy theories,this work studies the historical evolution of international financial regime, analysesthe reality, problems and new changes of contemporary international financial regime,and proposes several advises responding to the adjustments of international financialregime, being established on the analysis of our country’s real status in contemporaryinternational financial regime.This thesis contains7chapters. The first chapter is a introduction. It presents thebackground, significance, methods, possible new ideas and difficulties of this study.The second chapter is “the chapter of theories”. It reviews Marx and Lenin’srelative theories on monetary and financial issues, the relative theories and literatureof financial development, financial innovation, financial globalization, financial crisis,financial stability, institutional transition, international political economy, reform ofinternational monetary system and RMB internationalization.The third chapter is “the chapter of history”. It first analyses the hegemonytransition of Netherlands, UK and US, then, analyses international monetary systemevolution of gold standard, gold exchange standard and Breton woods standard,finally, concludes several inspiration from the history of international financial régime,among them, mainly including the standard sovereign currency, the economic basepower, the strong system of financial institutions and financial markets, multilateralcooperation of special importance.The fourth chapter and fifth chapter are “the chapter of realities”. The fourthchapter mainly studies the current situation and problems of the contemporaryinternational monetary system, the international banking industry, the internationalfinancial markets and international financial organizations. The fifth chapter mainlystudies the new changes of the contemporary international financial regime affectedby the international financial crisis in2008.The sixth chapter and the seventh chapter are “the chapter of China”. The sixthchapter studies China’s real status among contemporary international financial regime,from the perspectives of the international competitiveness of our banking institutions,the internationalization of our capital markets, the internationalization of RMB andthe construction of international financial centers. The seventh chapter, for graspingthe strategic opportunity of the adjustment of current international financial regime,comprehensively improving China’s international financial influence and the power for international financial affairs, proposes seven suggestions, including acceleratingthe development pattern transition of financial institutions, enforcing the constructionof capital markets, promoting financial innovation, advancing China finance “GoingOut”, developing Official Development Assistance, participating actively in thereform of international monetary system and leading to construct new internationalfinancial organizations in according with our strategic interests.