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Financing Small and Medium Enterprises in China: Recent Trends and Prospects beyond Shadow Banking

Listed author(s):
  • Kellee Tsai

    ()

    (Division of Social Science, Hong Kong University of Science and Technology
    Division of Political Science, Johns Hopkins University
    Institute for Emerging Market Studies, Hong Kong University of Science and Technology)

Registered author(s):

    Small and medium enterprises (SMEs) represent the backbone of China's economy, yet they lack access to bank credit. SMEs thus rely on a wide range of alternative sources, including informal finance, online peer-to-peer (P2P) platforms, registered non-banking financial institutions (NBFIs), and underground financiers. This paper distinguishes among different types of 'shadow banking' to clarify popular misconceptions about the nature of risks associated with informal financial intermediation in China. The evolution of SME finance in other contexts suggests that regulated and well-managed NBFCs provide an enduring foundation for commercialised financial intermediation even in advanced industrialised economies.

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    File URL: http://iems.ust.hk/wp-content/uploads/2015/05/IEMSWP2015-24.pdf
    File Function: First version, 2015
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    Paper provided by HKUST Institute for Emerging Market Studies in its series HKUST IEMS Working Paper Series with number 2015-24.

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    Length: 50 pages
    Date of creation: May 2015
    Date of revision: May 2015
    Handle: RePEc:hku:wpaper:201524
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    1. Schmidt, Reinhard H. & Hackethal, Andreas & Tyrell, Marcel, 1999. "Disintermediation and the Role of Banks in Europe: An International Comparison," Journal of Financial Intermediation, Elsevier, vol. 8(1-2), pages 36-67, January.
    2. Jeffrey Carmichael & Michael Pomerleano, 2002. "The Development and Regulation of Non-Bank Financial Institutions," World Bank Publications, The World Bank, number 15236, April.
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