Theoretical Analysis, The Transition Period Of China's Financial Reform

Based on fee theory of system-transformation-path-dependence and centered on the great reality of China's financial reform in the transformational period, this dissertetion comprehensively an lyzes the economical background and looks back on the process of China's financial reform in detail. Going deep into (he paths of and the difficult points left by the financial reform, it attempts to propose that against the international background of economic globalization and new network economy the financial internationalization and informationalization will become the "engine" of China's financial system transformation and technological innovation, that is, China's financial reform shall be co npleted by means of "importing".The economical background in which China's financial reform lies includes the domestic, international and time backgrounds. Firstly, China's economy is now in a period of transformation - from the traditional planned economy to modern market economy, from extensive management to intensive management, and any contradiction in its transformation and development will be reflected in the financial field, this means that China's economical reform now enters a difficult period facing new choices. Secondly, while the economic globalization has already become a strong historical trend, which not only nakes the majority of countries a part of the operation of the whole world economy but also greatly affects every country's economical improvement and development, and the financial internationalization is the major element as well as a key point of the current economic globalization, with the acceleration of China's opening up to the outside world China's financial industry will undoubtedly become a part of international financial system. Lastly, the coming of a new era of economy has led the human society to a completely new crossing point, thus making it urgent for us to establish a financial system suitable to the new economy so as to enhance the financial development and innovation.The promotion of China's financial reform is accompanied by China's whole economical system reform and development After several stages of exploration, China's financial reform has made great progress in the following fields: the establishment cf the central bank function system and macroscopic financial regulation and control system; the innovation and consummation of the financial organization system; the preparatory establishment of the financial legal framework; the establishment and development of the financial market system; the continual improvement of ths credit management system; and the innovation of the foreign exchange management system. Nevertheless, many "sequelae" have been left behind due to the fact that the initial China's financial reform was carried out according to the primitive method of "cross the river by groping the stones".Daring the transformational period the "persistent ailment" or serious problems are: the public choice is out of control; the reform of state-owned enterprises, which is the critical issue of the economical reform, encounters great hindrance; the process of the commercialization of the state-owned banks is largely deferred; the marketability of rates and the convertibility of exchange still remain to be greatly developed; and the financial regulating and controlling means by the central bank are far backwardBased on the theory of system-transformaticn-path-cepeadence, the curent financial reform is in a sticking state of "system self-locking" - the present market situations and the particular system arrangement have made every interest side of the state-owned banks be interest-balanced.On the one hand, a large amount of inefficiency exists in the state-owned banks; on the other hand, they extremely lack motivity to carry on the innovation. As a result, the low-efficiency balanced state of "system self-locking" has come into being. The "out-of-system" thought in the financial reform seems not to have achieved an ideal effect; while all seems to have been caught in a...