中国の"移行経済"とアジア金融危機(転換期の中国経済と社会の変貌,総合研究)
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概要
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(1) China's socialistic economy is transforming to market economy. Now the serious problem is the privatization of state enterprise and reconstruction of finance system. Since the 15th National Congress of the Communist Party, enterprises in China have been going through a drastic change to the new mechanism operating on share-holding systems. The development of a modern market economy also requires that enterprises change from indirect financing to direct market financing. Consequently, the number of state-owned share-holding enterprises will undoubtedly increase sharply. (2) The banking system is in deep trouble. Once the monetary policies lighten up, more bad debts pop onto the surface. The central banks far from independent of the economic and political objectives of the administration. The market economy demands the central bank to play a neutral role. (3) It was regard as "the Miracle of East Asia" by Wordbank Report. But Asian financial crisis in 1997 extended over Asia. Stock markets in Thailand, Malaysia, Singapore crumbled as a reaction their respective foreign exchange market. Hong Kong government held monetary system though having suffered damage of recession. China also supported foreign exchange rate of Yuan. (4) The prevalence of underground economy and hot money have traditional figure. In this background, linkage of market between China and Asia expanded in decade. In this point of view, China's recovery of market economy and integration with Asian market is realistic to bring out prosperous dimension. But it is not meant the true modern system to adapt to the global standard. China must proceed to the legal system construction than ever.
- 1999-09-30