中国と韓国における金融制度改革について

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<China> Before 1978, the financial system of China was mono-bank system based on the Gosbank of the Soviet Union, and virtually there was only one bank ; the People's Bank of China (PBC). Since 1979 China has been reforming the financial system rather gradually. In 1979, three state-owned specialized banks began to operate to make loans to specific sectors, and in 1984, the 4th specialized bank, The Industrial and Commercial Bank of China was established and took over the commercial banking function of the PBC. Since then the PBC concentrated on the works as the central bank. In 1994, three policy banks were established thereby separating the policy-based lending function from four state owned commercial banks (SOCBs) which could concentrate on the commercial banking business thereafter. SOCBs have been dominant in the financial institutions in terms of the credit volumes. However, they hold very high level of non-performing loans (NPLs) since state owned enterprises (SOEs) which are their main borrowers have been inefficient and making losses. Many non bank financial institutions (NBFIs) have been established such as Trust and Investment Companies, Rural Credit Corporations, Urban Credit Corporations, Leasing Companies and so on. Concerning the money and capital market, virtually there was no market before 1978. However, especially in the 1990's, there were very important market reforms such as the establishment of nationwide call market and foreign exchange market (in 1996 and 1994 respectively) and the start of the stock markets in Shanghai and Shenzhen (in 1990 and 1991 respectively. Since SOCBs are owned solely by the state, their lending policies are controlled by the state. Mainly for this reason, the corporate governance of Chinese enterprises, especially SOEs, is weak and needs to be improved. Though China has been making great efforts to reform the financial system, there are still many problems to be solved. The followings are some examples. ・SOCBs should solve NPLs problems and improve their profitability and competitiveness ・the capital market should be developed by such reforms as increasing the number of tradable shares and developing the institutional investors. ・The Chinese financial institutions, especially SOCBs, should strengthen their competitiveness since the competition with the foreign financial institutions would intensify due to China's entrance to WTO. <Korea> The military Park government which took the office In 1961, nationalized commercial banks and established various specialized banks. The government controlled strongly the banks and the banks had little autonomy. Since the early 1980's, the government tried to liberalize the financial system and during 1981-1983 commercial banks were privatized. However, the government still controlled the banks by, for example, maintaining the power to appoint the top managers. Since 1980's, many non bank financial institutions (NBFIs) such as Investment Trust Companies, Merchant Bank Companies, and Mutual Savings and Finance Companies were set up and expanded their share in the financial sector. The share held by the banks dropped dramatically. Liberalization and internationalization of financial sector accelerated in the 1990's and chaebol used NBFIs to raise the fund and much of the fund was raised offshore on the short term basis contributing to the vulnerability of the financial system. In late 1997, the financial crisis occurred in Korea. The immediate cause for the outbreak of the crisis was the sudden outflow of huge amount of foreign capital. However, more fundamental reason was the structural problems in the financial and corporate sectors. Those were poor supervision of banks, the lack of skills of credit analysis and risk management of banks and the regulatory asymmetry between banks and NBFIs in the case of financial sector, and the high debt-to-equity ratio, low profitability and cross debt guarantees among the same chaebol group companies in the case of corporate sector. Under the Kim government, Korea took the decisive structural reform measures to recover from the crisis. In the financial sector, those were the injection of the public fund, financial restructuring and strengthening of the regulatory standard. In the corporate sector, reduction of the debt equity ratio, cut the number of the subsidiaries and affiliates of the chaebol and elimination of the cross debt guarantees were the main measures. Korea's financial system is not market based, but bank based. Under the Government-led banking system, the lending policies of the commercial banks are heavily influenced by the government and the monitoring function of the banks were extremely weak. Consequently, corporate governance of the corporations are weak. China has maintained its very rapid economic expansion. Korea showed the strongest recovery from the financial crisis among the Asian countries affected by the crisis. However, the financial systems of China and Korea still have the structural problems and these two countries should continue the structural reform of the financial sector.
島根県立大学の論文

著者

小林博
島根県立大学総合政策学部

中国と韓国における金融制度改革について

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