tailieunhanh - The Rise and Fall of Abacus Banking in Japan and China phần 10

và các điều khoản mà họ cung cấp để cho vay và đã cung cấp một loạt các dịch vụ không được cung cấp bởi các ngân hàng. Họ cũng có quyền truy cập vào kinh phí khác hơn so với tiền gửi thông thường và đã cung cấp khuyến khích cạnh tranh truyền thống tài chính ITICS tích lũy được số tiền rất lớn của các quỹ cả ở trong nước và thị trường nước ngoài với mục đích tài trợ các dự án tỉnh và địa phương như nhà ở và thương mại thực sự bất động. | Exhibit Bank Net Loans in China 1980-1997 percent of total assets Exhibit Bank Net Loans in the United States 1980-1995 percent of total assets 156 The Rise and Fall of Abacus Banking in Japan and China and terms they offer for lending and have provided a range of services not offered by banks. They also had access to funding other than conventional deposits and have provided stimulating competition to traditional financial ITICS amassed huge amounts of funds both in the domestic and in foreign markets for the purpose of financing provincial and local projects such as housing and commercial real estate projects. ITICs played an important role. They provided funds to China s less reputable companies that wouldn t have access to domestic equity markets and foreign Owned and controlled by provincial and local governments which are often at odds with Beijing over the direction of economic policy ITICs escaped from regulation and central government control turning into some kind of discretionary hidden reserves of local governments. These TICs were born as a kind of hidden reserve for provincial governments. They were forced by local governments to make investments in local projects or give loans to local enterprises. They lacked selfdiscipline and monitoring by the central bank. 21 In this sense Their role in China s financial system has been characterized by a series of cyclical swings with expansion and diversification being encouraged during cyclical upturns only to have their numbers growth and scope of activity tightened during more strained economic SITICO TITIC and ZITIC are three cases in point. SITICO for instance is 85 percent owned by the Shanghai municipality and functions as a development bank in the Shanghai region engaged in the financing of the local automotive company hotels real estate and land development. TITIC is owned by the Tianjin municipal government and also functions as a local development bank .