A FULL EXAMINATION OF CHINA'S ECONOMIC REFORM POLICIES AND HOW THEY AFFECT THE COUNTRY'S ECONOMIC GROWTH
DOI:
https://doi.org/10.61841/gz7baj31Keywords:
China's Economic Reform Policies, Financial Sector Reforms, China’s Economic Development, creative economy, ChinaAbstract
With an emphasis on developments in the financial sector, this study examined China's economic reform initiatives and their impact on the nation's economic growth. The research focused on how structural changes, effective resource utilisation, and steady economic development were caused by modifications to the capital market, banking industry, and financial regulation. A quantitative research design was used, and primary data were assembled through structured questionnaires, supported by secondary data from academic and policy sources and the final sample size was 734. Statistical analysis was executed using SPSS to assess the relationship between financial sector reforms and economic development indicators. The outcomes showed that financial efficiency and stability were enhanced by changes like the reorganisation of state-sponsored banks, the separation of central banking as well as commercial banking operations, and the progressive deregulation of interest rates. Diversified financing channels and a decreased dependence on conventional bank lending were two benefits of the growth of capital markets, which included the creation of stock exchanges and the growth of bond markets. Additionally, the research found that regulated foreign involvement in financial sector improved institutional capacity, introduced cutting-edge financial practices, and increased competitiveness. The outcomes showed a strong as well as statistically significant association between China's banking system modifications and economic development. China's progressive financial reform policy improved industrialisation, infrastructure, and global economic connectedness by balancing growth and risk, according to the study. The findings gave insight into how banking sector reforms have influenced China's long-term economic growth and may help other developing nations.
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Copyright (c) 2025 Yang Lingling, Mrutyunjay Sisugoswami (Author)
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