중국 그림자금융의 기능 및 위험요인 분석

Abstract

The purpose of this paper is to present the new assessment criteria for the shadow banking in China. Shadow banking in China has started developing with a wealth management products from the early 2000's. Western countries tend to show negative views evaluating mainly based on the shadow banking data in China. However, shadow banking in China plays an important role of providing loans to small and medium enterprises on behalf of the commercial banks during the rapid economic development periods. From macroeconomic, monetary policy, financial regulation, and Commercial Bank perspective, good function is determined to be larger than dysfunction, such as high interest rates. Therefore, the Chinese shadow banking is to be evaluated as a new perspective in view of the unique factors in China. Also this paper examined the potential risks of shadow banking according to the BIS(Bank for International Settlements) method. System risk, operational risk, and market risk were assessed at generally acceptable levels, given the effort and features of shadow banking in China by the Chinese government. Further progress on interest rate liberalization is expected in near future, and shadow banking in China will undergo a more appropriate evaluation.