China's Financial Reform: Current Status and ChallengesJang-Kyu Lee/Tae-joon Kim/Jai-Won Ryou
The essence of financial reform lies in the improvement of allocative efficiency in financing productive projects through household savings. Until now, China's financial reform has been focused on institutional reorganization rather than deregulation and liberalization. Financial liberalization in China has progressed slowly in comparison with her Asian neighbors, with only a handful of foreign banks opening branches locally.

China's monetary authorities declared that they would overhaul the financial system in such a way that the state banks would clear their books of bad loans and start lending on purely commercial terms until the year of 2000. The challenges to achieving this goal are overwhelming: improving the functing of the central bank, commercialization of the banking sector, deregulation of interest rates, integrating domestic and international capital markets, and developing a modern foreign exchange control system. It remains to be seen whether the government-led financial system can transform itself into a market-driven one.
On the other hand, no clear evidence currently exists that would lead to the belief that Asia's financial woes will spread to China, nor is devaluation of the Chinese yuan is yet a foregone conclusion. Experiences of many developed and developing economies, however, imply that financial deregulation and reform may destabilize the financial system. The lack of both adequate surveillance and risk management, which is common under financial repression, often causes financial crisis. The success of Chinese financial reform depends on a synchronized reform of fiscal, industrial and corporate policies. In particular, it should be kept in mind that the structural adjustment of state enterprises and the establishment of property rights are prerequisites to the successful financial reform of a socialist economy such as China's.

序言
國文要約

Ⅰ. 序 論
1. 연구배경
2. 연구목적 및 개요

Ⅱ. 中國 金融改革의 展開過程
1. 중국 금융개혁의 특징
2. 시기별 금융개혁의 주요 내용
3. 금융부문별 현황

Ⅲ. 中國의 中央銀行制度와 通貨信用政策 運用
1. 중앙은행제도의 확립과정
2. 통화신용정책의 목표와 수단

Ⅳ. 中國 金融市場의 開放現況
1. 금융산업의 개방 현황과 전망
2. 자본 및 외환거래 자유화 현황 및 전망

Ⅴ. 中國의 金融危機와 人民幣의 平價切下 展望
1. 아시아 금융위기의 특징
2. 중국의 금융위기 가능성
3. 인민폐의 평가절하 전망과 예상효과

Ⅵ. 中國 金融改革의 課題
1. 중앙은행의 위상정립 및 통화신용정책의 개선
2. 국유은행의 건전성 제고 및 상업은행화
3. 대외개방의 확대 및 외환관리제도의 개선
4. 이자율의 자유화

Ⅶ. 要約 및 結論