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  • Beijing Review

    PROGRESS DESPITE PROBLEMS

    Dec 31, 2020 5 minutes
    By Yang Jian
    Copyedited by Sudeshna Sarkar

    The author is research director of J.P. Morgan Center for Commodities, University of Colorado Denver

    Compared with the progress and status of China’s economy and trade, its financial system seems to be much less impressive and powerful. Many analysts regard it as a major vulnerability in China’s economic development.

    The basic facts, however, underscore the success of the system and its global importance today: China has the second largest stock market and bond market in the world; and the four biggest Chinese banks are consistently among the top 10 financial institutions in the world. Actually, China has come a long way in building up a modern financial system, despite many complex challenges. More dramatic progress is anticipated in the next five years,

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