| China's financial reform and development is presently at a turning point where it faces many challenges and also some important choices. China's finance needs to transform conceptions, especially those on how to learn, imitate, use for reference and naturalize. In order to develop new theory and methodology, China should pay much attention to the especial local development mode and successful experience from the developing countries, such as those from Asia, East Europe and South America. China should not only focus on the successful modes from developed countries.In this sense, India might be a good model that we should study from. The reasons are as followed. First, India's finance has a similar background to that of China.Second,India's financial reform and development has achieved a great success. Finally, China and India are both countries with a great population and resource. In all, it is significantly meaningful both in theory and practice to deeply explore the historical process and practice experience of India's financial development and stability.India is the largest country in South Asia and plays an important role on the stage of global economy and politics.Before its political independence in 1947, India established a large financial system with a healthy banking industry, diversified financial institutes and financial instruments.With over 10 years of development after its independence, especially after the bank nationalization of 1969, India's financial system witnessed a rapid development and ranked among the top 4 developing countries. Since 1991,India's stock market has experienced a series of reforms,mainly including deregulation in the primary market, and expansion of the market basis,increase of the market liquidity, reinforcement of risk management and maintenance of the market stability in the secondary market. Meanwhile, India further opened the stock market, reinforced its supervision, and improved the trading instruments, consummated the facilities and improved the trading efficiency. Since the financial reform, India's stock market experienced a rapid development, with increasing listed companies, and with leaping market values, trading volumes, stock market liquidity and mobilization capacity of resources, a mass of investors and expansion of market organizations and foreign strategy investors with a reinforcing role.However, India also experienced a few market scandals, the liquidity lack of a large number of stocks, the insufficiency of market depth, and a low rate of stock settlements.What is the biggest enlightenment from India's experience to us? The dissertation doesn't aim at any concrete suggestions which might be drew from the research into India's practice,because any specific reform measures and system transitions are the products of India's especial conditions and backgrounds.However, the dissertation implies that the biggest enlightenment to China's financial reform and financial development is India's assimilation of foreign culture into its national feature and its reforming mode of localization.China's economic and financial development is on the way of internationalization and localization, but full of frustrations. In the last chapter,the dissertation advocates that China's finance is at present on a critical stage of development, and urgently needs transforming conceptions and brave academic innovations through the retrospect into China's near 30 years of financial reforming history and academic advances.To sum up,the dissertation demonstrates the major processes and features of India's financial development and financial stability,and proves the success of India's financial reform through the literature review of financial development and financial stability and through a positive research method.The dissertation is a basic research advance with complete materials,systematic studies and timely contents to better understand India's situation of financial development both for academic and for professional of China's finance. |
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