Is The Financial Sector Facing Overcapacity?

来源: 《CHINA FOREX》2017年第3期

In the past year or so,the main theme of macro-economic control has been the elimination of excess capacity as well as surplus inventories and elevated leveraging while reducing costs and strengthening disadvantaged parts of the country. When speaking of overcapacity,people tend to think of the manufacturing sector and rarely think of the financial industry. However,no one can ignore the fact that China's financial industry has also been facing challenges from excess leveraging and financial bubbles. So,is there a problem of overcapacity in the financial industry? If so,what does this mean for the development of the financial industry?

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Zhong Wei,deputy director of China Forex,leads the discussion with Wen Bin,Principal Research Fellow of China Minsheng Bank,and Zhang Anyuan,chief economist of Dongxing Securities.

Zhong Wei: Welcome to our latest round table discussion. Since the subprime mortgage crisis,the central banks of the world's major economies have adopted quantitative easing measures. Now,with the Federal Reserve of the US taking the lead,major central banks are ready to bid farewell to quantitative easing,and are preparing to raise interest rates and shrink their balance sheets. Today,financial liberalization is no longer so popular,and the financial sector continues to face challenges. For example,since the subprime mortgage crisis,US commercial banks have reduced their physical networks by about 5%,the shadow banking system has been shrinking and the number of financial practitioners continues to decline. In your view,are there overcapacity problems in the financial sector? If so,where do you see such problems?

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