China’s Financial Markets
This book on China’s financial markets is intended as a manual for market professionals, academics, and researchers. It will be revised and new editions will be published hopefully, every two years. The book has few, very clear aims. Essentially we wanted to collect in the same source “current” market practices, regulations, and the conventions in major financial markets in China. We did this by asking market professionals to write separate chapters on their market of expertise. The same chapters also give a brief description of the history of how each market has evolved during the last twenty-five years. The book does not contain much in terms of analysis. We completely left out any statistical work that researchers may attempt on the existing data from Chinese markets. On the other hand, readers may have access to financial time series from China and to the recent regulatory changes in our Web site, www.ruiji-regis.com. The chapters are written almost in entirety by Chinese market professionals who have worked in that particular sector for significant amounts of time. The contributors are not academics, and their approach is not in the format of an academic journal article. Rather, all chapters describe the players, instruments, andthemarketconventions. Theroleoftheregulatorsisintroducedandabrief history of each market is included. Chapters generally end with a section on the existing problems and future prospects. There are several caveats. First, Chinese markets have their own ways of developing and it is not always easy to give the correct perspective. We think thatourcontributorshavedoneanexcellentjobonthis. Still, thereadershould be aware of this issue. Second, China and Chinese markets are in continuous transformation. Some of the practices discussed in this book will quickly, and inevitably, become obsolete as reforms continue. Finally, the data on Chinese markets is not easy to obtain. Most of our tables would stop at annual data for 2005. Some earlier. On the other hand, in terms of market practices and organization, we tried to update the chapters through July 2006. After the publication we will keep revising many of the tables, figures and the data used in this book. Important reforms and regulatory changes will also be followed closely. These will be incorporated in further editions of this book. However, in the meantime, some of this information can be obtained from our Web site www.ruiji-regis.com.
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By: Christine A. Mallin
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