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The Rise and Fall of Abacus Banking in Japan and China phần 8

Chính phủ Trung Quốc và lớn vẫn là chủ sở hữu phần lớn các doanh nghiệp nhà nước và kế CES, thị trấn và làng doanh nghiệp (TVEs). Điều này có nghĩa rằng hội đồng quản trị và quản lý của họ một cách trực tiếp hoặc gián tiếp kiểm soát bởi Đảng Cộng sản quốc gia, tỉnh, và các chính phủ thành phố, bổ nhiệm các nhà quản lý người chạy chúng. | Exhibit 5.8 Bank Assets 1980-1997 Source State Statistical Bureau various years . The Rise of Abacus Banking in China 119 the Chinese government by and large remains the majority owner of SOEs and the successors of CEs township and village enterprises TVEs . This means that their board and management are either directly or indirectly controlled by the Communist Party or national provincial and town governments which appoint the managers who run them. Appointed by a Communist Party-selected board managers primary objective is to maximize people s welfare that is the welfare of the Communist party the national state and local government bureaucrats the large number of SOEs and the surrounding community. Even the emerging private enterprises and joint ventures are at the mercy of provincial and local governments as they must enjoy good relations with them if they want to be and remain in business. The same arguments can be made regarding the banking sector where bank assets are almost 100 percent owned by the government compared to about 30 percent in Argentina and Mexico.21 As Mookerjee and Peebles observe During the 1980s and continuing into the 1990s the monetary system together with the state industrial sector which it was created to serve have remained the least reformed parts of the economy. 22 Wei and Zeckhauser are more emphatic For more than a decade China has been talking about reforming its financial sector cleaning up its bad loan problems. Some progress has been made but far from enough reform is painfully slow. It has not seemed urgent and it is tied to complex problems of reforming state-owned enterprises.23 Indeed in spite of the many financial liberalization measures announced the state banking system continued to account for roughly two-thirds of all financial assets a figure that is probably much higher if many of the bank-owned ITICs are included in the calculations see Exhibit 5.9 . In fact in 1994 there was only one privately owned ITIC the .