Where is China’s financial system heading? Implications for Europe
How ready is China for the transformation of its financial system and how will this effect Europe?
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China’s financial system has been instrumental for China’s economic miracle as it has intermediated a massive amount of savings into an investment-led growth model. As the return on assets slows down and the aging accelerates, a key question is how ready is China’s financial system for such transformation.
Given the massive Chinese banks and their increasingly large presence in the world, including Europe, and the very rapid growth of China’s bond market both onshore and offshore, this question is also extremely important for Europe.
Deputy Director-General, European Commission, DG ECFIN
Head of China Research, Institute of International Finance (IIF)
Research Fellow, China Institute of Finance and Capital Markets
Guntram B. Wolff
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