Publication
Most scholars on China would accept, as a general proposition, that sustained Chinese growth depends critically on reform and development of China’s financial sector.
However, even if one accepts this general proposition, many issues remain unsettled in our knowledge and understanding of China’s financial sector. One set concerns basic empirical detail. Despite the comprehensive and pioneering work of Nicholas Lardy (1998), basic issues remain highly uncertain and debatable, such as the current stock and flow of non-performing loans (NPL) in China’s banking system, or the impact of the stock market on state-owned enterprise (SOE) behavior.
