FIN 424 - Hong Kong Shue Yan University



HONG KONG SHUE YAN UNIVERSITY

Department of Economics and Finance

BA (Hons) in Economics and Finance

(Winter 2016)

|Course Title |: |Financial Services in China |

|Course Code |: |FIN 424 |

|Year of Study |: |4 |

|Number of Credits |: |3 |

|Duration in Weeks |: |15 |

|Contact Hours Per Week |: |Lecture (1 hour) |

| | |Group Session (2 hours) |

|The Languages of Teaching and Learning | |Major English supplemented by Cantonese or Putonghua |

|The Language of Assessment | |English |

|Pre-requisite Course(s) |: |ECON 100 Introduction to Economics/ |

| | |ECON 101-102 Principles of Economics/ |

| | |ECON 103-104 Basic Microeconomics & Macroeconomics or by consent of the instructor |

|Instructor |: |Dr. Joe Wong |

| | |Office: |LG 539 |

| | |Tel. No: |2570 7110 Ext. 230; 2104 8230 |

| | |Email: |joewong@hksyu.edu |

| | |Website: | |

Course Aims

This course aims at fostering an understanding of the recent development of financial services in China, including banking, securities, insurance and fund management. It also aims to enhance students’ abilities to analyze the challenges and prospects of the financial services in China.

I. Course Intended Learning Outcomes (CILOs)

Upon completion of this course, students should be able to:

| |Course Intended Learning Outcomes (CILOs) |

|CILO1 |outline the recent financial sector reform in China; |

|CILO2 |discuss the recent development of the China’s financial markets; |

|CILO3 |critically evaluate the restructuring and problems of the banking system in China; |

|CILO4 |explain the recent development of other financial services, including securities, insurance and fund |

| |management in China; |

|CILO5 |analyze the challenges and future prospects of the financial services in China. |

|CILO6 |demonstrate self-management skills through the preparation of the Term Paper Progress Report and presentation |

| |skills through the Presentation of Selected Articles and Term Paper Presentation. |

II. Teaching and Learning Activities (TLAs)

The following teaching and learning activities are designed for this course to achieve the intended learning outcomes mentioned above. About 1/3 of the contact hours are allocated to lectures and the remaining contact hours are allocated to various learning activities.

|Teaching and Learning Activities (TLAs) |

|TLA1 |Lecture: |

| |Lectures are designed to introduce students to the recent developments of financial services in China. |

|TLA2 |Exercise and Discussion: |

| |Exercises are provided to help students understand the main concepts in the lectures and students are required |

| |to participate in the small group discussion of the exercises. |

|TLA3 |Term Paper (in groups): |

| |Term paper is used to enhance students’ abilities to apply basic concepts and theories to analyze the current |

| |issues in the area of financial services in China. |

|TLA4 |Term Paper Progress Report: |

| |In order to provide assistance to students’ writing of the term paper, students are required to submit two |

| |progress reports. Guidance and suggestions will be provided for students before their submission of the term |

| |papers. |

|TLA5 |Term Paper Presentation: |

| |Presentation is used for students to demonstrate their understanding of the content of the term paper and |

| |provide chances for them to practice their presentation skills. |

|TLA6 |Discussion of newspaper and magazine articles: |

| |By providing some articles relating to China’s finance industry in newspapers and magazines, students are |

| |provided opportunities to discuss the articles and ask questions. |

|TLA7 |Presentation of selected articles in the principal reading list: |

| |To train the students to learn independently, students are required to study and present the main concepts of |

| |the selected articles in the principal reading list. Learning is facilitated by encouraging them to discuss the |

| |articles and ask questions. |

III. Assessment Tasks (ATs)

Course assessment is based on a continuous assessment component and a final end-of-course examination with the following percentage distribution:

|AT1 |Attendance and Participation |10% |

|AT2 |Term Paper |25% |

|AT3 |Term Paper Presentation |15% |

|AT4 |Presentation of Selected Articles |10% |

|AT5 |Final Examination |40% |

|Total |100% |

Rubrics for Assessment Tasks (AT1 – AT5):

AT1: Attendance and Participation (10%)

| |Descriptors |

|Grade | |

| |Actual physical attendance |Punctuality |Participation in class |

|Excellent |Attends all classes. |Always punctual for classes. |Participates actively in classes. |

|A, A- | | | |

|Good |Attends all classes. |Late to class 2 to 3 times. |Participates noticeably in classes.|

|B+, B, B- | | | |

|Satisfactory |Absent from class once without any |Late to class 4 to 5 times. |Participation is sporadic and |

|C+, C, C- |acceptable reason. | |passive. |

|Marginal |Absent from class once without any |Late to class 6 to 7 times. |Participation in classes is rare. |

|D+, D |acceptable reason. | | |

|Fail |Absent from class once without any |Late to class more than 7 times. |No participation in classes. |

|E, F |acceptable reason. | | |

AT2: Term Paper (25%)

|Grade |Descriptors |

|Excellent |Well written and well presented; well-referenced and demonstrates the use of a variety of sources; excellent |

|A, A- |understanding of subject area; good academic content and analytical input; well organized and connected. |

|Good |Some minor errors in writing and presentation; demonstrates evidence of relevant reading; very good |

|B+, B, B- |understanding of subject area; acceptable academic content and analytical input; organized but links could be|

| |clearer. |

|Satisfactory |Some errors in writing and presentation; demonstrates evidence of some relevant reading; good understanding |

|C+, C, C- |of subject area; evidence of some academic content and analytical input; some organization. |

|Marginal |Many errors in writing and presentation; demonstrates evidence of some reading and an understanding of the |

|D+, D |subject; show a satisfactory understanding of key concepts and issues; little academic content and analytical|

| |input; limited organization. |

|Fail |The paper is not written in a clear and logical fashion; it does not use enough appropriate literature to |

|E, F |support the body of the text, and literature has not been correctly referenced; no academic content and |

| |analytical input, this is merely a general description of other people’s research findings; poor |

| |organization; the paper is largely incomplete; most of the material is plagiarized. |

AT3: Term Paper Presentation (15%)

|Grade |Descriptors |

|Excellent |Present confidently and convincingly; excellent verbal and visual presentation skills; excellent coverage of |

|A, A- |materials and contents; excellent organization and time management of the presentation. |

|Good |Good verbal and visual presentation skills; good coverage of materials and contents; good organization and |

|B+, B, B- |time management of the presentation. |

|Satisfactory |Acceptable verbal and visual presentation skills; adequate coverage of materials and contents; adequate |

|C+, C, C- |organization and time management of the presentation. |

|Marginal |Barely acceptable verbal and visual presentation skills; marginal coverage of materials and contents; poor |

|D+, D |organization and time management of the presentation. |

|Fail |Not attempted; no preparation at all |

|E, F | |

AT4: Presentation of Selected Articles (10%)

|Grade |Descriptors |

|Excellent |Excellent explanation of the main concepts of the selected articles; excellent verbal and visual presentation|

|A, A- |skills; excellent coverage of materials and contents; excellent organization and time management of the |

| |presentation; present confidently and convincingly. |

|Good |Good explanation of the main concepts of the selected articles; good verbal and visual presentation skills; |

|B+, B, B- |good coverage of materials and contents; good organization and time management of the presentation. |

|Satisfactory |Acceptable verbal and visual presentation skills; adequate coverage of materials and contents; adequate |

|C+, C, C- |organization and time management of the presentation. |

|Marginal |Barely acceptable verbal and visual presentation skills; marginal coverage of materials and contents; poor |

|D+, D |organization and time management of the presentation. |

|Fail |Not attempted; no preparation at all |

|E, F | |

AT5: Final Examination (40%)

Final examination will be conducted at the end of the semester. The testing format of the examination will be the Essay questions.

|Grade |Descriptors |

|Excellent |Evidence of substantial understanding of the issues covered in the entire course; superior capacity for |

|A, A- |analyzing the issues critically and answering the questions from multiple perspectives; strong capability to |

| |integrate relevant concepts in answering the questions; extensive elaboration of ideas and justifying |

| |opinions with ample evidences. |

|Good |Good understanding of the issues covered in the entire course; evidence of good capacity for analyzing the |

|B+, B, B- |issues critically and answering the questions from multiple perspectives; evidence of good capability to |

| |integrate relevant concepts in answering the questions; sufficient elaboration of ideas and justifying |

| |opinions with abundant evidences. |

|Satisfactory |Fair understanding of the issues covered in the entire course; adequate capacity for analyzing the issues |

|C+, C, C- |critically and answer the questions from multiple perspectives; adequate capability to integrate relevant |

| |concepts in answering the questions; reasonable elaboration of ideas and justifying opinions with some real |

| |life examples. |

|Marginal |Marginal understanding of the issues covered in the entire course; marginal capacity for analyzing the issues|

|D+, D |critically and answering the questions from multiple perspectives; marginal capability to integrate relevant |

| |concepts in answering the questions; fair elaboration of ideas and justifying opinions with few real life |

| |examples. |

|Fail |Poor understanding of the issues covered in the entire course; weak capacity for analyzing and answering the |

|E, F |questions from multiple perspectives; poor capability to integrate relevant concepts in answering the |

| |questions; weak elaboration of ideas and no justification of opinions from real life examples. |

V. Constructive Alignment of Course Intended Learning Outcomes (CILOs), Teaching and Learning Activities (TLAs), Assessment Tasks (ATs) and Types of Generic Skills Covered:

|Alignment of CILOs, TLAs and ATs |

|Course Intended Learning Outcomes |Teaching and Learning Activities |Assessment Tasks |

|(CILOs) |(TLAs) |(ATs) |

|CILO1 |TLA 1-2, 6-7 |A 1, 4-5 |

|CILO2 |TLA 1-2, 6-7 |A 1, 4-5 |

|CILO3 |TLA 3-7 |A 2-5 |

|CILO4 |TLA 1-2, 6-7 |A 1, 4-5 |

|CILO5 |TLA 3-7 |A 2-5 |

|CILO6 |TLA 4-5, 7 |A 2-4 |

|Alignment of TLAs, ATs and Types of Generic Skills Covered |

|Types of Generic Skills Covered |Teaching and Learning Activities |Assessment Tasks |

| |(TLAs) |(ATs) |

|Study skills |TLA1: Lecture |AT1: Attendance and Participation |

| | |AT5: Final Examination |

|Communication skills and problem solving |TLA2: Exercise and Discussion | |

|skills | | |

|Collaboration skills and problem solving |TLA3: Term Paper | |

|skills |(in groups) |AT2: Term Paper |

|Self-management skills |TLA4: Term Paper Progress Report | |

|Presentation skills and communication |TLA5: Term Paper Presentation |AT3: Term Paper Presentation |

|skills | | |

|Critical thinking skills and communication |TLA6: Discussion of |AT1: Attendance and Participation |

|skills |newspaper and magazine articles | |

|Presentation skills |TLA7: Presentation of selected |AT4: Presentation |

| |articles | |

VI. Course Content & Schedule

|Week No. |Lecture Topics, Reading Material and |CILOs |

| |Teaching and Learning Activities (TLAs) | |

|1 |Introduction: Financial System of China | |

| |a. |The theory of financial structure and development | |

| |b. |Overview of the financial sector reform in China | |

| | | | |

| |Principal Reading: Yi (2015b); Guo (2015): Session II, p.20-24; | |

| |Ballantyne (2014); Zhu (2009): Overview; | |

| |PBC Annual Report: Financial Sector Reform; | |

| |Supplementary Reading: Goodstadt (2011): Ch.3; Elliott (2013); Yang (2012); Chow (2011): Ch.1, 13 | |

| | |1 |

| |- Exercises about basic concepts of the financial system and theory of financial structure are provided in | |

| |week 1. | |

| |- Zhu (2009): Overview (section I: Growth during ongoing reform) provides an overview of the financial sector| |

| |reform in China and the remaining sections (section II-IV) are about the challenges and future prospectus of | |

| |the financial services in China. | |

| |- Your group is required to choose the term paper area in week 2 and then your group can start collecting | |

| |information to prepare for the Progress Report 1 (PR1). The detail of the Term Paper Guidelines is available | |

| |in the course website. | |

| | | |

|2-4 |Recent developments of China’s financial markets | |

| |a. |Money market | |

| |b. |Bond market | |

| |c. |Stock market | |

| |d. |Futures market | |

| |e. |Foreign exchange market | |

| |f. |Gold market | |

| |g. |Commodity futures market | |

| | | |

| |Principal Reading: Dai (2015); City of London (2015): Ch.2&4; |2 |

| |Van (2014); Bloomberg (2014); PBC Annual Report: Financial Market; | |

| |CSRC Annual Report: Market Overview; Zhu (2009): Ch.16; | |

| |Supplementary Reading: Mavrotas (2008): Ch.5; Wang (2009):Ch.6; | |

| |Kang (2009): Ch.4; Cai (2009):Ch.5 | |

| | | |

| |- CSRC Annual Report: Market Overview and PBC Annual Report (Financial market) provides an analysis of the | |

| |recent development of China’s financial markets. | |

| |- Some articles are selected from the principal reading list and your group can choose two of them. Starting | |

| |from week 5, your group is required to study the articles, prepare the PowerPoint files and present the | |

| |articles. | |

| |- Ethical issues in China will be discussed in week 2-3 (refer to Kang, Shi & Brown (2009): Ch.4 Problems of | |

| |corporate governance in China and China Anti-Money Laundering Report). | |

| |- Your group is required to submit and discuss with me the PR1 in week 4. | |

|5-6 |Banking | |

| |a. |Reforming the banking system | |

| |b. |China’s WTO commitments to open up Chinese banking industry | |

| |c |The impact of China’s WTO accession on the banking industry in China and Hong Kong | |

| |d. |Performance of the banking sector | |

| |e. |Regulatory framework of the banking sector: | |

| | |China Banking Regulatory Commission (CBRC) | |

| |f. |Recent developments: Interest rate liberalization, Deposit insurance system, Shadow banking | |

| | |3,6 |

| |Principal Reading: Yi (2015a); Elliott (2015); Guo (2015): Session III, p.58-69; Jingu (2014); Lau (2014); Li| |

| |(2013, 2014); Prasad (2012); | |

| |Zhu (2009): Ch.7; CBRC Annual Report; | |

| |PricewaterCoopers: Review and Outlook for China Banking Industry in 2014 & The Outlook for 2015; | |

| |CFSR Annual Report: Banking Sector, Special Topic & Appendix; | |

| |Supplementary Reading: Zhu (2009): Ch.10, 12; Wang (2009): Ch.5; Poon (2011); KPMG: Mainland China Banking | |

| |Survey | |

| | | |

|7-8 |Securities (I): Stock Market | |

| |a. |A brief history of China’s stock market | |

| |b. |Recent developments in stock markets: | |

| | |i. |Shanghai Stock Exchange | |

| | |ii.|Shenzhen Stock Exchange | |

| |c. |The A-, B- & H- share markets | |

| |d. |Investors and other market participants | |

| |e. |Market regulatory structure: | |

| | |The China Securities Regulatory Commission (CSRC) | |

| |f. |The implications for foreign investors of WTO membership | |

| |g. |Recent developments of China’s IPO market | |

| |h. |Shanghai-Hong Kong Stock Connect |4-6 |

| | | | |

| |Principal Reading: City of London (2015): Ch.5&6; | |

| |CFSR Annual Report; PricewaterCoopers: Greater China IPO Watch; CSRC Annual Report; Zhu (2009):Ch.13, 14, 16;| |

| |KPMG: Mainland China Securities Survey | |

| |Supplementary Reading: GF Securities Co., Ltd. (Prospectus); | |

| |Lees (2011): Ch.10; Chow (2011): Ch.30, 31; Cai (2009): Ch.5; | |

| | | |

| |- Your group is required to submit and discuss with me the PR2 in week 8. | |

| | | |

|9 |Securities (II): Bond Market | |

| |a. |Structure of China’s bond market | |

| |b. |Inter-bank bond market | |

| |c. |Regulatory and supervision: China Government Securities Depository Trust and Clearing Co. Ltd. (CGSDTC) | |

| |d. |Treasury bonds, policy financial bonds, enterprise bonds, subordinated bonds and corporate bonds |4-6 |

| | | |

| |Principal Reading: CFSR Annual Report: Securities and Future Sector; KPMG: Mainland China Securities Survey | |

| |Supplementary Reading: Zhu (2009): Ch.17, 27 | |

| | | |

|10 |Futures and Derivatives Market | |

| |a. |Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange and China Financial | |

| | |Futures Exchange | |

| |b. |Stock Index Futures | |

| |c. |Futures brokerage companies | |

| |d. |Recent developments |4-6 |

| | | | |

| |Principal Reading: CFSR Annual Report: Securities and Future Sector; | |

| |KPMG: Mainland China Securities Survey | |

| |Supplementary Reading: Zhu (2009): Ch.28 | |

| | | |

| |- CFSR Annual Report: Securities and Futures Sector reports the recent developments of the futures market. | |

|11-12 |Insurance | |

| |a. |Recent developments of the insurance industry | |

| |b. |Performance of the insurance companies | |

| |c. |Life, non-life and re-insurance business | |

| |d. |Major players and competition in the insurance industry | |

| |e. |Regulatory reform and future prospects: | |

| | |The China Insurance Regulatory Commission (CIRC) | |

| |f. |Fund utilization of insurance companies | |

| |g. |Agricultural insurance | |

| | |4-6 |

| |Principal Reading: Dagong Europe Credit Rating (2014); | |

| |CFSR Annual Report: Insurance sector; PricewaterCoopers: Foreign Insurance Companies in China, | |

| |China Reinsurance (Group) Corporation (Prospectus) | |

| |Supplementary Reading: Zhu (2009): Ch.21-23 | |

| |-Zhu (2009): Ch.21 Strategy of China’s largest life insurance company | |

| |Ch.22 The emergence of China’s insurance industry | |

| |Ch.23 China’s insurance market | |

| | | |

|13-14 |Fund Management | |

| |a. |Historical development | |

| |b. |The qualified foreign institutional investor framework (QFII), The RMB qualified foreign institutional | |

| | |investor framework (RQFII) and the qualified domestic institutional investor framework (QDII&QDII2) | |

| |c. |Fund market performance: | |

| | |Market size, types and returns of funds, and future prospects | |

| |d. |Private equity funds |4-6 |

| | | |

| |Principal Reading: City of London (2015): Ch.8; | |

| |CSRC: Private Fund Industry; | |

| |China Huarong Asset Management Co., Ltd. (Prospectus) | |

| |Supplementary Reading: PricewaterCoopers: Foreign Fund Management Companies in China; Zhu (2009): Ch.18, 19 | |

| | | |

| |- Zhu (2009): Ch.18 China Asset Management Industry | |

| |Ch.19 Venture Capital/Private Equity in China | |

| | | |

| |- Your group is required to submit the term paper to the VeriGuide before you submit your term paper in week | |

| |13. | |

| |- Your group is required to prepare for the term paper presentation in week 14. | |

| | | |

|15 |Term Paper Presentation | |

| | | |

| |Read carefully the presentation requirements and techniques. Your group is required to submit a hard copy of |6 |

| |the PowerPoint file of the presentation. A peer group assessment is adopted and an assessment sheet will be | |

| |provided. | |

| | | |

Resources

|Textbook: |

| |

|There is no set textbook for this course. Reading lists including chapters in books, articles and other materials downloaded from websites are|

|suggested for each part of the course, which will be continuously updated to study the financial services in China. |

|Reading List: |

| |

|Ballantyne, A., Hambur, J., Roberts, I. & Wright, M., 2014. Financial Reform in Australia and China. Reserve Bank of Australia, Research |

|Discussion Paper, October 2014. |

| |

|Bloomberg, 2014. Reforming China’s Financial Markets, Bloomberg Brief, September, 2014. |

| |

|Burdekin, R. C. K. & Gregory, C. A. & Brown Jr., W. O., 2008. Asset Market Expansion and Shanghai vs. Hong Kong Listings of Chinese Firms. In:|

|R. C. K. Burdekin, ed. 2008. China’s Monetary Challenges: Past Experiences and Future Prospects. New York: Cambridge University Press. |

| |

|Burdekin, R. C. K. & Kochanowicz, E., 2008. WTO Challenges and China’s Banking Sector Today. In: R. C. K. Burdekin, ed. 2008. China’s Monetary|

|Challenges: Past Experiences and Future Prospects. New York: Cambridge University Press. |

| |

|Cabestan, J., Di Meglio, J.& Richet, X., 2012. China and the Global Financial Crisis: A Comparison with Europe. Routledge. |

|Cai, Fang, Lin, Yifu Justin & Cao, Yong, 2009. The Chinese Economy: Reform & Development. McGraw-Hill. |

| |

|China Financial Printing House, 2008. China Financial Market Development Report (2007). China Financial Printing House. |

| |

|Chow, G. C., 2011. China as a Leader of the World Economy. World Scientific Publishing Co. |

| |

|City of London, 2015. Expert Perspectives on China’s Capital Markets. City of London, Policy Practitioner Paper, May 2015. [Online] Available |

|at: |

|research-publications/Documents/Research -2015/Chinas_capital_markets.pdf |

| |

|Dagong Europe Credit Rating, 2014. China’s Insurance Market Overview Characteristics, Trends, Challenges and Opportunities for Foreign |

|Insurers, Dagong Europe Credit Rating , 24 June 2014. |

| |

|Dai, Daohua, 2015. Analysis of the RMB’s Chance to be Included in the SDR. Bank of China, Economic Review, April 2015. |

| |

|Elliott, D., Kroeber, A. & Qiao, Yu, 2015. Shadow Banking in China: A Primer. Brookings, March 2015. [Online] Available at: brookings.edu |

| |

|Elliott, D. J. & Yan, Kai, 2013. The Chinese Financial System: An Introduction and Overview. Brookings. [Online] Available at: |

|brookings.edu |

| |

|Fang, C. Lin, J. & Tong, C., 2009. The Chinese Economy: Reform and Development. McGraw Hill. |

| |

|Goodstadt, L. F., 2011. Reluctant Regulators: How the West Created and How China Survived the Global Financial Crisis. Hong Kong: Hong Kong |

|University Press. |

| |

|Guo, Kai & Schipke, A. eds., 2015. Financial Liberalization, Innovation, and Stability: International Experience and Relevance for China. |

|International Monetary Fund, PBC and IMF Joint Conference, Summaries and Presentations. research-publications/Documents/Research |

| |

| |

|Hasan, I. & Zhou, M., 2008. Financial Sector Development and Growth: The Chinese Experience; In: G. Mavrotas, ed. Domestic Resource |

|Mobilization and Financial Development. Palgrave. |

| |

|Hess, P., 2010. Securities Clearing and Settlement in China: Markets, Infrastructures and Policy-Making. European Central Bank: Occasional |

|Paper Series, No.116 / July 2010. [Online] Available at: |

| |

|Honohan, P., 2008. Protecting Depositors in China: Experience and Evolving Policy. In: Demirguc-Kunt, A. Kane, E. & Laeven, L., eds. Deposit |

|Insurance around the World: Issues of Design and Implementation. Cambridge: The MIT Press. |

| |

|Hsu, S. P., Wu, Yu-Shan & Zhao, Suisheng. eds., 2011. In Search of China’s Development Model: Beyond the Beijing Consensus. New York: |

|Routledge. |

| |

|Hu, Xiaolian, 2010. Successful Experiences of Further Reforming the RMB Exchange Rate Regime. The People’s Bank of China, Speech. [Online] |

|30th Jul., 2010. Available at: |

| |

| |

|Huang, Yiping &Yu, Miaojie. eds., 2012. China’s New Role in the World Economy. Routledge. |

| |

|Jingu, T., 2014. Internet Finance Growing Rapidly in China. Nomura Research Institute, Ltd. [Online] Available at: |

| |

|Kang, Yong, Shi, Lu & Brown, E. D., 2008. Chinese Corporate Governance: History and Institutional Framework. RAND Centre for Corporate Ethics |

|and Governance. [Online] Available at: |

| |

|Lau, L. J., 2014. The Age of the Renminbi is Just Beginning. Working Paper No.22, |

|April 2014, Institute of Global Economics and Finance, The Chinese University of Hong Kong. [Online] Available at: |

| |

| |

|Lees, F. A., 2011. Financial Exchanges: A Comparative Approach. Routledge. |

| |

|Li, C., 2014. China’s Interest Rate Liberalization Reform. Federal Reserve Bank of San Francisco, Asia Focus, May 2014. |

| |

|Li, C., 2013. Shadow Banking in China: Expanding Scale, Evolving Structure. Federal Reserve Bank of San Francisco, Asia Focus, April 2013. |

| |

|Liu, Xiaohui & Zhang, Wei, eds., 2010. China’s Three Decades of Economic Reforms. Routledge. |

|Mishkin, R. S. & Eakins, S. G., 2015. Financial Markets and Institutions. 8th ed. Prentice Hall. |

| |

|Orlik, T., 2012. Understanding China’s Economic Indicators: Translating the Data into Investment Opportunities. FT Press. |

| |

|Poon, C. C. & Wong, F. K. J., 2011. China’s Monetary Policy and its Transmission Mechanisms Before and After the Financial Tsunami, The |

|Chinese Economy, May-June 2011. |

| |

|Prasad, E. & Ye, Lei. 2012. The Renminbi’s Role in the Global Monetary System. Brookings. [Online] Available at: brookings.edu |

| |

| |

|The American Chamber of Commerce in Shanghai, 2011. View Point: Financial Services in China: Capitalizing on the World’s Fastest Growing |

|Market. [Online] Available at: |

|/Viewpoint/Viewpoint_Financial-Services.pdf |

| |

|Shu, Chang & Ng, B., 2010. Monetary Stance and Policy Objectives in China: A Narrative Approach. Hong Kong Monetary Authority, China Economic |

|Issues, [Online] 1/10, January 2010. Available at: |

| |

|Van Der Borght, K., Wang, Q. & Zhang, J., 2014. Financial Services Liberalisation in China (Shanghai) Pilot Free Trade Zone: Reflects on |

|Regulations and Regulators. United Nations: Economic and Social Commission for Asia and the Pacific (ESCAP). [Online] 23 September, 2014. |

|Available at: |

|research-openness-and-comprehensive-supervision-financial-services-industry-china-shanghai |

|Wang, Mengkui. ed., 2009. China in the Wake of Asia’s Financial Crisis. Routledge. |

| |

|Wu, Zhongmin, ed., 2009. Financial Sector Reform and the International Integration of China. Routledge. |

| |

|Yam, J., 2011a. China’s Monetary and Exchange Rate Policies. Public Lecture (in Chinese), May 2011, Institute of Global Economics and Finance,|

|The Chinese University of Hong Kong. [Online] Available at: |

| |

| |

|Yam, J., 2011b. A Safe Approach to Convertibility for the Renminbi. Working Paper No.5, |

|April 2011, Institute of Global Economics and Finance, |

|The Chinese University of Hong Kong. [Online] Available at: |

| |

| |

|Yang, Gu, 2012. Financial System and Institutions in China. Routledge. |

| |

|Yi, Gang, 2015a. On Removal of the Deposit Interest Rate Ceiling. The People’s Bank of China, Speeches,.[Online] 27th October, 2015.Available |

|at: |

| |

|Yi, Gang, 2015b. Statement to the Thirty-Second Meeting of the International Monetary and Financial Committee. International Monetary Fund, |

|October 9-10, 2015. |

| |

|Zhang, P. G. (with T. Chan), 2011. The Chinese Yuan: Internationalization & Financial Products in China. Singapore: Wiley. |

| |

|Zhao, Yuepeng, ed., 2011. China’s Rural Financial System: Households’ demand for credit and recent reforms. Routledge. |

| |

|Zhou, Xiaochuan, 2009. Pro-cyclicality for Financial and Economic Stability. The People’s Bank of China, Speeches,.[Online] 26th March, |

|2009.Available at: |

| |

| |

|Zhu, Min, Cai, Jinqing & Avery, M. eds., 2009. China’s Emerging Financial Markets: Challenges and Global Impact. Singapore: Wiley. |

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|Statistical Data: |

|Almanac of China’s Finance and Banking Editorial Board, Almanac of China’s Finance and Banking, China: China’s Financial Publishing House. |

|National Bureau of Statistics of China, China Statistical Yearbook, China Statistics Press. |

|The China Securities Regulatory Commission (CSRC) China Securities and Futures Statistical Yearbook, China: Baijia Publishing House. |

|Reports and Surveys: |

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|China Banking Regulatory Commission |

|Annual Report |

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|China Insurance Regulatory Commission |

|二○○八年保險中介市場發展報告 |

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|China Investment Corporation |

|Annual Report |

| |

|China Securities Regulatory Commission |

|Annual Report |

|China Capital Markets Development Report |

| |

|The People’s Bank of China (PBC) |

|Annual Report |

|China Anti-Money Laundering Report |

|China Financial Stability Report (CFSR) : Annual Report |

|China Payment System Development Report |

|China Monetary Policy Report (Quarterly) |

|KPMG |

|Issues & insights: Financial Services Publications |

|Mainland China Securities Survey |

|Mainland China Banking Survey |

|Available at: |

| |

|PricewaterCoopers |

|Publications: |

|Banking Newsletter: Review and Outlook for China Banking Industry in 2014 |

|Banking and Finance in China: The Outlook for 2015 |

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|Annual Report: |

|Foreign Insurance Companies in China |

|Greater China IPO Watch |

|Foreign Fund Management Companies in China |

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|Prospectus: |

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|Bank of Jinzhou (416) (Listed on HKEx on Dec. 7, 2015) |

|Bank of Qingdao (3866) (Listed on HKEx on Dec. 3, 2015) |

|China International Capital Corporation Ltd. (3908) (Listed on Nov. 9, 2015) |

|China Huarong Asset Management Co., LTd. (2799) (Listed on HKEx on Oct. 30, 2015) |

|China Reinsurance (Group) Corporation (1508) (Listed on HKEx on Oct. 26, 2015) |

|Hengtou Securities (1476) (Listed on HKEx on Oct. 15, 2015) |

|Luzheng Futures (1461) (Listed on HKEx on Jul. 6, 2015) |

|Guolian Securities Co. Ltd. (1456) (Listed on HKEx on Jul. 7, 2015) |

|GF Securities Co., Ltd. (1776) (Listed on HKEx on April 10, 2015) |

|Shengjing Bank (2066) (Listed on HKEx on Dec. 29, 2014) |

|Harbin Bank Co. Ltd. (6138) (Listed on HKEx on Mar. 31, 2014) |

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|Useful Websites: |

|Financial Regulators: |

|The People’s Bank of China (PBC) .cn |

|The Ministry of Finance (MOF) .cn |

|China Banking Regulatory Commission (CBRC) .cn |

|The China Securities Regulatory Commission (CSRC) .cn |

|State Administration of Foreign Exchange (SAFE) .cn |

|The China Insurance Regulatory Commission (CIRC) .cn |

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|Others: |

|Shanghai Stock Exchange .cn |

|Shenzhen Stock Exchange |

|Chinabond (CGSDTC) .cn |

|China Securities Journal .cn |

|Financial News .cn |

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