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China's Financial Reforms

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List the names of the 24 licensed commercial banks (including 11 foreign bank branches) and

6 professional banks in Sri Lanka

1. Amana Bank

2. Bank of Ceylon

3. Bank of China

4. Cargills Bank

5. Citibank

6. Commercial Bank of Ceylon

7. Deutsche Bank

8. DFCC Bank

9. Habib Bank

10. Hatton National Bank

11. Indian Bank

12. Indian Overseas Bank

13. MCB Bank

14. National Development Bank

15. Nations Trust Bank

16. Pan Asia Bank

17. People's Bank

18. Public Bank Berhad

19. Sampath Bank

20. Seylan Bank

21. Standard Chartered Bank

22. State Bank of India

23. The Hong Kong and Shanghai Banking Corporation (HSBC)

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24. Union Bank of Colombo

Please list the major financial sector reform measures in China after 1977 by year, available

online.

Prior to the implementation of the reforms, economic management in China consisted on

state ownership and central planning. Despite the fact that economic activity was interrupted in

China as a result of both the Great Leap Forward and the Cultural Revolution, the real GDP per

capita of the nation increased at an average annual rate of 2.9% between the years 1950 and 1973.

The Republic of China (ROC) under Chiang Kai-shek and the surrounding capitalist countries of

Japan, South Korea, Singapore, etc. all expanded faster than mainland China over the same time

period, which placed mainland China approximately in the center of the Asian economic pack. After

1970, the economy began its long, slow decline that continues to this day. Following Mao Zedong's

passing, the Communist Party made the decision to initiate market-oriented reforms in an effort to

kickstart the slowing economy of the nation.

There were two major waves of market reforms that were initiated by the leaders of the

Communist Party. During the first stage, which took place in the 1970s and 1980s, agriculture was

de-collectivized, new commercial firms were authorized, and the country was opened up to the

participation of foreign investors. Despite this, the government continued to own the vast majority

of the commercial enterprises. The privatization and outsourcing of firms that had previously been

held by the state was an essential component of the second wave of reform that occurred in the

1980s and 1990s. When price limits were ultimately removed in 1985, it was a significant step in

the right direction. The passage of time led to the elimination of protectionist laws and regulations,

while state monopolies on banking and energy continued until the modern era.

The year 2001 saw China's entry into the ranks of World Trade Organization members

(WTO). In 2005, the private sector was responsible for around 70 percent of China's GDP. Between
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the years 1978 and 2013, the annual growth rate of GDP was an average of 9.5%. Since 2005, when

Hu Jintao took over as president of the country, the economy of the nation has been subjected to

tighter regulations and a greater amount of regulation. On the other hand, Deng began a political

reform effort in 1980 that served as an inspiration for Glasnost and Perestroika in the Soviet Union.

This campaign was initiated in China. This attempt was unsuccessful as a result of the violent

suppression of demonstrators in Tiananmen Square in 1989, which blocked any further political

changes.
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References

Chinese tax system - Santandertrade.com. (n.d.). Santandertrade.com.

https://santandertrade.com/en/portal/establish-overseas/china/tax-system

PWC. (2022). China, People’s Republic of - Individual - Taxes on personal income.

Taxsummaries.pwc.com.https://taxsummaries.pwc.com/peoples-republic-of-china/

individual/taxes-on-personal-income