lacked an adequate legal framework for bank resolution. Policy measures adopted after the 1997 - 1998 systemic crisis …, supported by a newly established comprehensive framework for bank resolution, were more decisive. Banking sector problems were … rapidly, and deplete bank capital. If the authorities do not address the banking sector problem promptly, then the crisis will …

Reform of financial regulation is a priority on the international agenda. At the call of the Group of Twenty Finance … Ministers and Central Bank Governors (G-20), a number of new international standards have been issued, most notably Basel III … the PRC find it quite easy to meet the new Basel III capital and liquidity standards. Basel III is only part of an …

significant differences can be observed with respect to qualification review of senior management, broader regulation at the … product level, prescriptive rules, and guidance for risk management. Broadly speaking, the PRC adopts a rules-based approach … to regulation; in many cases, regulations are prescriptive or even intrusive. In building a robust supervisory system …