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By Yong Guo (auth.)

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9 per cent. 8 per cent growth rate of the SOEs. The rapid growth of the enterprises with private ownership and other forms of ownership is closely linked to the increased demand for pricing reforms, banking reforms and public finance reforms. At the beginning of the economic reform, the PRC government adopted a soft budget constraint (People's Daily, 1987). 1 Source: China Statistics Yearbook, 1993, pp. 409, 413; Jefferson and Rawski, 1994. growth investment-driven in the 1980s. Sending scholars overseas to learn about high technology and management, and increasing the investment in imports of manufacturing equipment from the Western world, dramatically speeded up technical progress and introduced efficient production practices.

4 per cent of all commercial banking assets in China (China Statistics Yearbook, 1999). 1 billion Yuan RMB was deposited in city commercial banks and urban credit corporations in 2000. 3 billion Yuan RMB that represented an average annual increase of 56 per cent in 2000 when compared with loans granted the previous year. Eighty per cent of the loans were granted to private companies and small- and middlesized urban collective enterprises (China Statistics Yearbook, 2000, 2001). 1). The rural credit corporations serve both the rural and urban populations, and support private companies and small enterprises.

In addition, the newly spun-off commercial banks were required to hold a fraction (13 per cent in 1979) of their total assets in the form of cash reserves with the PBC. Although not a true fractional reserve banking system, the PBC could use this arrangement to regulate the level of credit in the banking system by manipulating the discount rate and controlling the level of commercial bank borrowing. 1 shows the banking structure in China after 1978. 1 shows the rapid development of city commercial banks and urban credit corporations such as Fujian Industrial Bank and Shenzhen Merchants Bank since the banking reform started in 1978.

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