Japanese FILP System And The Revelation To China

As a late-developing coutry, there are lots of similar places between Japan's economic developing background and ours. Japan's economic development has plenty of successful and failure experience worth emulating and taking, FILP is one of them.Been Japanese government's'Second Buget', FILP not only has Unique characteristics, but also plays an important role in promoting Japan's economic development, especialy when the 1950s and 1960s last century. Japanese FILP originated from Meiji era, after one hundred year's changes and evolution, it has develped into an independent and mature system. Compared with genenal account, FILP has much irreplaceable characters, like flexible,with reward and professional. During every period, the role of FILP is beyond comparison. Especially when Japan was a developing country, the data shows that FILP has a significant effect to promote the Japanese econimics. However, when came to 1990s, the sound of criticizing Japanese FILP is growing louder, the require of FILP's reform is urgent. The reasons lies in the too much expanding scale of Japanese FILP,the very heavy debt of Japanese government,the FILP agencies overlaped and short of valid control.So, in 2001, with Junichiro Koizumi's struggle, the reform started. The contents of this reform will be discussed in Chapter 4, can be summarized two points: Fist, changed the fund procurement mechanism. Second, introduced the policy cost analysis. Before the reform, postal savings and pension reserves, as the main resouce of fund procurement, have the obligation to be mandatorily managed. After the reform, Japanese FILP obtains its main fund by issuing FILP bond and FILP agency bond. The aim to introduce the policy cost analysis is to strengthen supervision, to promote the information disclosure,enhance the transparency, and then to increase efficiency and avoidance of non-performing loan.Nearly two decades, while China's economic development has made remarkable achievements in China, the FILP plays an important part in reasonable allocation of resources, and adjusting the industrial structure and improving national quality of life etc. But the FILP system's reform and perfect still need to make great efforts. For examples, the the fund procurement channel is single and narrow; the financial investment management system is immature; investment income is low; Enterprises in the investment field as the market main body status hasn't be established, their autonomy failed to get good implementation; the bound between FILP and commercial Banks is not clear, also lack of legal basis.The article aims that by comparing the differences between Chinese FILP and Japanese FILP, to make a deep understanding of our FILP advantages and disadvantages, then makes some policy suggestions. A lot of scholars have studied the FILP, but most of the studing period start from the 21 century, and few of them study the Current problems of Japanese FILP. So the article analys the born of Japanese FILP, then analys the characters of Japanese FILP in diffierent periods, and porints out the current problems.The article is made of six chapters:Chapter one is the introduction; Chapter two discusses the formation,definition,characters,functions and operation; Chapter three concretely analyses the characters of Japanese FILP in differert economic periods; Chapter four, at first, analyses the contents of Japanese FILP reform in the early 21st century, then analyses the results and current situations of this reform, at last analyses the problems which Japanese FILP needs to face currently; Chapter five analyses the source and current situations of Chinese FILP; Through making comparative analysis between Chinese FILP and Japanese FILP, Chapter six makes some proposals to our FILP:Widening financing channels, perfecting the financing fiscal way; Perfecting the financial investment and loan system; scientifically define the FILP field and scope, clear the directions of investment to improve the efficiency in the use of funds; Innovative the financial investment management mode.