Financial holding company system & relevant legislation
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Where should China’s financial business be going? What would China’s financial industry look like? Should it continue the segregation along different financial lines adopted since 1995, or repeal the lines? What kind of model of financial conglomeration should China adopt? These questions are particularly significant especially after China’s entry into the World Trade Organization. According to the General Agreement on Trade in Service, China must open up the financial markets in five years. China’s financial institutions will be facing international rivals by then. The United States and European Union has adopted the financial holding company and universal bank system respectively. This article will take analysis the advantages and disadvantages of these two systems, and answer questions mentioned above.