Chinas Finanzsystem wird erwachsen

LONDON: Die Entwicklung des chinesischen Finanzsystems in den letzten Jahren war außergewöhnlich. Ich habe seinen Wandel als Mitglied des Internationalen Beirats des chinesischen Ausschusses zur Bankenregulierung (CBRC) beobachten können.

Noch 2002 saßen alle wichtigen chinesischen Banken auf Bergen von notleidenden Krediten, die in einigen Fällen mehr als 10% der Gesamtbilanz ausmachten. Keine dieser Banken erfüllte auch nur die Standards des Baseler Akkords (Basel I). Kaum ein Financier in London oder New York hätte Ihnen neben der Bank von China – die fälschlicherweise oft als Zentralbank betrachtet wurde – noch eine weitere chinesische Bank nennen können. Und die Vorstellung, dass die US Federal Reserve oder die britische Financial Services Authority (FSA) etwas von den chinesischen Finanzbehörden lernen könnten, wäre als absurd betrachtet worden.

Knapp ein Jahrzehnt später sieht das ganz anders aus. Das alte Problem notleidender Kredite wurde gelöst – in erster Linie, indem man Vermögensverwaltungsgesellschaften gründete, um die fragwürdigen Vermögenswerte zu übernehmen, und die Geschäftsbanken mit frischem Kapital versorgte. Inzwischen machen die gemeldeten notleidenden Kredite nur noch gut 1% der Vermögenswerte aus. Man holte ausländische Partner ins Boot, um einen Fertigkeitstransfer herbeizuführen, und brachte Minderheitsbeteiligungen an die Börse. Laut aktuellen Bewertungen sind unter den zehn größten Banken (nach Marktkapitalisierung) vier Banken aus China. Diese expandieren nun im Ausland, gestärkt durch ihre solide Kapitalunterlegung.

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