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Although China still maintains foreign exchange restrictions and capital controls, because of the nature of the banking business, some transactions by foreign banks will have a direct impact on the pattern of China's capital flows and consequently on the effectiveness of its capital controls. Indeed, the consensus view is that foreign bank entry may make the current capital control regime less effective, thus leading to de facto capital account convertibility. Increased globalization of financial services in China will have a far-reaching impact on the pattern of capital flows, bank supervision, and the conduct of monetary policy. On March 19th 2005, RIETI, together with the Bank for International Settlements (BIS) and Bank of China, organized a high-level international conference in Beijing aimed at addressing these issues in depth. The conference comprised two sessions: The morning session dealt with the changing patterns of capital flows in China, the Korean experience of foreign bank participation in the domestic financial market, and the capacity-building required by regulatory agencies to strengthen prudential regulation. The afternoon session examined the effectiveness of capital controls in China and challenges to the conduct of its monetary policy. The conference was opened by Mr. Robert Sleeper, Head of the Banking Department of the BIS, who emphasized the important role of foreign participation in improving the efficiency of the banking system in emerging market economies. Dr. Zhu Min, Assistant Executive President of Bank of China gave a keynote luncheon presentation highlighting the reform of China's state-owned commercial banks and the necessity for further ownership reform of the state-owned banks in China. The conference was closed by Dr. MasaruYoshitomi, President and CRO of RIETI, who summarized the key findings of each presentation and stressed the importance of institution-building to close the gap that has arisen from the development of financial services and financial liberalization in China. In light of China's changing pattern of capital flows, the effectiveness of its capital controls, and the growing global financial imbalances, China would be better served by coordinating its shift to a new exchange rate regime with other East Asian economies because of its integral role in promoting and facilitating the ongoing and rapid economic integration in the region. by Li-Gang LIU, Senior Fellow Events Symposiums Workshops BBL Seminars Archived Seminar Series Communications Newsletter RSS Feed Facebook X YouTube Research Areas Research Programs (FY2024-2028) Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Projects Survey Fellows Research/Policy Papers Discussion Papers (English) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles in Journals Research Digest Discussion Papers Search Publications RIETI Books (English) RIETI Books (Japanese) History of Japan's Trade and Industry Policy Authors' Words Other Publications (English) Other Publications (Japanese) Events Symposiums Workshops BBL Seminars Archived Seminar Series Data JIP Database R-JIP Database CIP Database Industry-Specific Nominal and Real Effective Exchange Rates AMU and AMU Deviation Indicators JSTAR RIETI-TID RIETI FDI Database ICPA Project Links Articles Column Special Series Newspapers & Magazines Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal (METI Journal) About RIETI Privacy Policy Site Policy Site Map Help Contact METI Web Site Research Institute of Economy, Trade and Industry, IAA (JCN 6010005005426)JCN: Japan Corporate Number Opinions expressed or implied on this website are solely those of the author, and do not necessarily represent the views of the Research Institute of Economy, Trade and Industry (RIETI).Titles, numbers, specific names, etc. on this website are as of the date of publication. 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