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China’s Banking Reform and Profitability Review of Pacific Basin Financial Markets and Policies
Vol. 13, No. 2 (2010) 215–236
© World Scientific Publishing Co.
and Center for Pacific Basin Business, Economics and Finance Research
DOI:
Erh-Cheng Hwa Yang Lei

1. Introduction
The World Bank (1997) once claimed that China’s financial sector was the soft-belly in the economy. Financial sector reform has long been argued as necessary to raise efficiency in the use of the capital and in rebalancing the economy toward consumption-based growth, without which the country’s growth sustainability is in jeopardy (see Lardy, 1998; Prasad, 2007).Indeed, not too long ago, China’s state banks were deemed “technically insolvent” and their survival hinged solely on the nation’s abundant , after the launching of banking reform, strong profitability has returned to mercial banks recently. But it may be too early to declare plete victory on banking reform as yet, since Chinese state banks have embarked on the path of reform not too long ago. In addition,their strong financial performance has ridden on the back of strong but unsustainable growth. As growth has begun to soften under the weight of a global recession in 2008, banks are expected to navigate in a more difficult economic terrain than hitherto. The aim of this paper is not to evaluate the effect of banking reform on bank performance, which is better tackled after pletion of a full credit cycle. Rather, our aim is to take stock of the progress in reforming China’s state banks by reviewing the banking reformstrategy and analyzing their recent strong post-reform financial performancewhich, however, cannot be entirely separated from reforms efforts undertaken thus far.
This paper has three sections. In Section 2, we review the reform strategy of China’s large state banks, which is the main thrust of China’s banking