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The west and China: globalisation and competition in financial services

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  • Peter Nolan

Abstract

This paper examines the evolution of the industrial structure of global financial firms since the 1970s, during which time, free market policies dominated theoretical and practical policy discussion. It examines the logic behind and evidence on consolidation in the international financial services industry. It analyses the impact of Washington Consensus policies upon the expansion of global banks in developing and transition economies. It contrasts the evolution of the international banking structure during the era of modern globalisation with that in China, which has followed a fundamentally different path. Although Chinese banks have large profits and market capitalisation, their international competitiveness is still limited. Global banks have only a small role in the Chinese economy and Chinese banks have a small role in the international economy. The contrast between the two systems is of central importance for the way in which competition and regulation develops in the global financial sector.

Suggested Citation

  • Peter Nolan, 2015. "The west and China: globalisation and competition in financial services," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 13(2), pages 87-104, May.
    • Handle: RePEc:taf:jocebs:v:13:y:2015:i:2:p:87-104
    DOI: 10.1080/14765284.2015.1022978
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    1. Peter Nolan, 2012. "Is China Buying the World?," Challenge, Taylor & Francis Journals, vol. 55(2), pages 108-118.
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    Cited by:

    1. Michael D. Clemes & Baiding Hu & Xuedong Li, 2016. "Services and economic growth in China: an empirical analysis," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 21(4), pages 612-627, October.

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