At the beginning of New China, the banking system did not have fully compatible experience for reference and theory guidance for the new historical era and economic conditions. Therefore, China’s policy and academic communities began exploring a banking system in line with China’s resource endowment structure and social and economic development demands. A wealth of ideologies emerged in this process. Systematic reviews on the banking system explorations and ideologies that the explorations led to in the past 70 years can not only serve as enlightenment for Chinese banking system construction in the future and experience for reference for other economies in transition, but also supplement the corresponding fields in the construction of a socialist economic discourse system with Chinese characteristics, expanding the scope of research of current mainstream economic and financial theories.
Based on the economic system transformation, this paper divides the evolution of banking system ideologies in the 70 years into three stages: the initial stage of " great unity”, the transformation stage of " diversification”, and the development stage of " marketization”. The study goes through the three stages systematically and finds that: first, the evolution of Chinese banking system ideologies is driven by the attention to practical problems in the given socio-economic context, and its main line is the economic system transformation from planned to market-oriented; second, the government’s role in the construction of New China’s banking system is emphasized, which is a featured political advantage of China and a vital experience in the construction of a socialist market economy with Chinese characteristics; third, the banking system construction has always been based on China’s national conditions, and achieved theory innovations in banking function, system construction, government role and reform model in continuous explorations.
The conclusions of this paper also give enlightenment to the next step of Chinese banking system development: first, the system shall keep deepening in marketization and improve its risk resistance and competitiveness to solve new problems in the new era; second, continuous attention must be given to the government boundaries and a good government-market relationship must be ensured; finally, this paper further abstracts the useful experience in New China’s banking system construction and builds a systematic Chinese banking theory system and framework.
This paper is innovative in the following aspects: first, it systematically goes through the policies and academic ideologies of the banking system construction in New China in the past 70 years and the evolution path of the banking system construction in China; second, it summarizes the theory innovations of the banking system construction in New China in banking function, system construction, government function and reform model, and abstracts the relevant evaluations of the Chinese banking system given by the international academic community; third, it analyzes the focuses to be in the next step of exploration.