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Pieter Bottelier 《当代中国》2007,16(51):239-258
The World Bank has played an important role in China's economic transformation since the late 1970s. China used the World Bank well and the Bank was responsive to China's needs. The Bank did not recommend early or comprehensive market liberalization or privatization, as it did in some other transition economies, but supported China's pragmatic—learning-by-doing—approach to economic reform. It pushed at the margin for critical institutional and policy reforms, presenting perspective based on international experience, while providing technical assistance in numerous areas, often through Bank-supported projects. As the Chinese gained expertise, confidence and access to international capital markets, the role of the Bank in China inevitably shrank. China now uses the Bank mainly for selective technical, institutional and conceptual innovations for development. China and the World Bank both gained from their interaction.
China and the World Bank: how a partnership was built
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Pieter Bottelier 《当代中国》2002,11(32):397-411
WTO membership will dramatically change the environment within which China's financial institutions operate. It increases the urgency of many reforms, including the re-capitalization of state-owned commercial banks and the establishment of a healthy credit culture. The severe under-capitalization of state banks and many state enterprises is part of a growing domestic debt problem that cannot be solved through normal fiscal policy adjustments. It will require the sale or securitization of state assets on a much larger scale than has been undertaken so far. The approach that was taken by the government's four Asset Management Companies to non-performing loan clean-up in 1999 and 2000 was flawed and should not be repeated. State banks should play a larger role in absorbing their own accumulated losses. China should leverage its external financial strength for domestic financial clean up. If the balance of payments remains strong, a mild appreciation of the nominal exchange rate--when the risk of deflation has passed--may serve China's interest. A large and growing proportion of state assets is held in the form of non-tradable shares in partially privatized state companies. To protect state solvency, many of these shares will have to be made tradable and sold in the next 5-10 years. A further strengthening of the fiscal system, along with rapid development of domestic capital markets is essential. Breaking up some or all of the four large state-owned commercial banks into smaller units may facilitate their restructuring and eventual privatization. 相似文献
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** Pieter Bottelier is Sr. Adjunct Professor at Johns Hopkins University's School of Advanced International Studies (SAIS), where he teaches several courses on China's economy. He served as Chief of the World Bank's Resident Mission in China from 1993 to 1997. Helpful comments from Steven Dunaway, Jessica Einhorn, Parvez Hasan, Bert Hofman, Nicholas Hope, Ercheng Hwa, Shahid Husain, Edwin Lim, Stephen McGurk, Anthony Saich, Douglas Scott, Jinlin Yang and Jiayi Zou are gratefully acknowledged. The author is responsible for possible remaining errors.View all notes 相似文献