Departmental Bulletin Paper 中国におけるシャドー・バンキングの構造的特質と日本経済への影響
The Structural Characteristics of the Chinese Shadow Banking System and its Impact on the Japanese Economy

王, 京濱  ,  湊, 照宏

This paper examines the unique characteristics of the Chinese shadow banking system, identifies its structural characteristics, and emphasizes its impact on the Japanese economy. In recent years, after three decades of financial repression, the Chinese government has been rapidly promoting the universalization of traditional banking. The Chinese shadow banking system ("Yingzi Yinhang" in Chinese) emerged as most domestic financial institutions took advantage of shortcomings in the existing financial regulation, where a banking institution was supervised as per its industrial sector categorization. For example, banks could provide diversified financial products and services, all named as "wealth management products" that were effectively unconstrained by financial regulation. The banks and trust companies would cooperate to create a new pool of funds. Companies are financially supporting each other, directly and secretly, instead of going through formal financial institutions. Further, companies are willing to help other companies, with whom they have a good relationship, to cash discounted bills and create an interbank financial market as well. This study indicates that the Chinese shadow banking system is an example of pooling the surplus profits of banking institutions, which is a function of the slow pace of deregulation. Furthermore,in China, local government finances have long been under significant pressure. Without strengthening their financial base, these local governments would be unable to fulfill the expanded capital needs. Hence, the problem of the Chinese shadow banking system is considered a result of outdated financial policy, rather than a market phenomenon found in countries with a sound financial system. As the Chinese shadow banking system was formed domestically by unique economic and political factors, its influence on the Japanese economy in the event of a future collapse will be limited, as capital transactions have not yet been liberalized in China.

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