Moving Away from Banks: A China-EU Comparison

Earlier this week, the Peterson Institute published a Briefing on China's Economic Transformation. It includes five papers that were prepared in anticipation of a conference co-hosted in May with CF40 in Beijing, in which I participated. 

Chapter 5 of the Briefing, co-authored by Silvia Merler and me, starts from the observation that both China and the EU are currently developing policy to diversify their respective financial systems away from the current dominance of banks, even though the respective contexts are very different. The chapter compares financial system structures and recent policy developments in both jurisdictions, and concludes that China and the EU have a lot to learn from each other in this area.