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2017 | OriginalPaper | Chapter

5. Sidelined Foreign Banks

Authors : Dominique De Rambures, Felipe Escobar Duenas

Published in: China’s Financial System

Publisher: Springer International Publishing

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Abstract

Within the framework of the policy of reform and opening up initiated in 1978 under Deng Xiao ping’s leadership, opening up was as important as reform. Actually, opening up was supposed to be an instrument of reform. From the very beginning of the reform policy, opening the Chinese banking sector to foreign banks was aimed at attracting foreign funds, transferring bank technology and expertise, and stimulating competition in sensitive banking and financial markets.

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previous chapter Chinese Banks: Between Control and Profitability
next chapter Credit Black Market
Footnotes
1
From the Portuguese comprar: to buy.
 
2
HSBC has always been said to be very close to the Chinese government. In 2004 during the students demonstration (the “umbrella” revolution) against the new “election law” imposed by Beijing, HSBC gave a statement saying that the student uprising was “counter-productive”. The law provided that only the “patriot” candidates selected by Beijing, would be allowed to compete.
 
Metadata
Title
Sidelined Foreign Banks
Authors
Dominique De Rambures
Felipe Escobar Duenas
Copyright Year
2017
Book
China’s Financial System

Print ISBN: 978-3-319-40450-9

Electronic ISBN: 978-3-319-40451-6

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-40451-6_5