By Yong Guo (auth.)
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Extra resources for Banking Reforms and Monetary Policy in the People’s Republic of China: Is the Chinese Central Banking System Ready for Joining the WTO?
For example, once a loan contract is written, it can be used over and over again, thereby reducing the cost per transaction. The initial writing of the contract is a fixed up-front cost, and average fixed costs decrease with volume. Economies of scale, along with experience and professional expertise, help financial intermediaries reduce transaction costs and promote operating efficiency. Another reason for the necessity of financial intermediaries is that, in financial markets, one party often does not know enough about another party.
Transaction money was used for all inter-enterprise and intra-government transactions, and it was restricted for use by the non-household sector of the economy. Transaction money was not physical money, but accounting money, which existed only on the books of the PBC in the individual accounts of state-owned enterprises and government departments. These booked bank deposits were used to settle transactions between industrial enterprises and government departments, among 12 Banking Reforms and Monetary Policy in China banks themselves and between the government and quasi-private sector.
This was based on the philosophy of Chairman Mao Zedong. However, there are other options in running the Chinese economy: `There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy' (William Shakespeare, Hamlet I. V. 166). Even though it has existed in other countries for many years, a system of sound financial intermediation conducted by professional bankers did not emerge in China until the beginning of central banking reforms in 1978. ' William Shakespeare, Antony and Cleopatra, III.
Banking Reforms and Monetary Policy in the People’s Republic of China: Is the Chinese Central Banking System Ready for Joining the WTO? by Yong Guo (auth.)