The financial turmoil that erupted in 2008 has led to significant changes in the global economic and financial system, but the future landscape still remains uncertain. After more than a decade of financial deregulation, the international regulatory grip is being tightened up once again, yet the ongoing global financial reform is a painful and protracted process.
Since its inception eight years ago, the China Banking Regulatory Commission (CBRC) has been committed to building a safe banking sector and ensuring that banking services support the real economy. During the darkest days of the global financial crisis, the Chinese banking sector has stood largely unaffected. By the end of June 2011, the total assets of China’s banking institutions had reached Rmb104,000bn ($25,000bn), almost four times the 2003 figure.
