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By Zhang Liping & Zhao Yunji, Research Team on "China's Financial Reform Strategy" of DRC

Research Report No 69 2015 (Total 4754)

Abstract:

In the 1960s, South Korea launched the economic growth mode driven by State-owned economy. The government controlled banking system and got deeply involved in credit resources allocation. All banks were State owned with all managerial staff appointed by the government and bank interest rates strictly managed by the government. Starting from the 1980s, the government of South Korea carried out a reform to loosen the management of finance, including the privatization of commercial banks, the relaxing of market access for non-banking financial organizations and the liberalization of interest rates. But it was not until the Asian financial crisis in 1997 that reform of financial liberalization in South Korea became more complete and across the board. Currently the financial system of South Korea has become one of the most opening systems in the world. In South Korea, with enhanced financial property scale, the direct financing ratio is increasing fast, financial derivatives markets keep developing and financial opening level is prominently increased. China could draw on relevant experience from the financial reform in South Korea.