Research On The Historical Evolution Of China’s Commercial Bank System From The Perspective Of Institution Change(1978-2020)

Under China’s special national conditions,institution is an important factor affecting the development and change of an industry,while there are few literatures on the institutional change of China’s commercial banking system in recent years.Only by knowing history can we learn from it.In order to better grasp the future development trend of China’s commercial banks in the new era,it is necessary to deeply investigate the whole process of China’s commercial bank system reform.Based on this,from the perspective of institutional change,this paper studies the development and change of China’s commercial banking system since the reform and opening up,and tries to explore the institutional logic of this development and change.Based on this idea,this paper roughly divides the development and change of China’s commercial banking system from 1978 to 2020 into three stages:(1)Restore or establish four major state-owned professional banks(1978-1984);(2)The reform of state-owned professional banks and the development of various joint-stock commercial banks(1984-2007);(3)Development and changes of China’s commercial banking system in the post crisis era(2008-2020).Finance is the core of modern economy,and banks are the absolute subject of China’s financial institutions.Therefore,the development and changes of China’s commercial banking system can reflect the overall economic reform and development of the country to a certain extent.In the research,this paper mainly analyzes the three development stages from three perspectives: the decision-making logic of institutional change,the objectivity and historical inevitability of the choice of change path,and the interactive game among the participants such as the government,banks and enterprises.The findings are as follows:(1)the nature of institutional change.Admittedly,since the introduction and establishment of diversified commercial banks such as foreign banks,urban commercial banks and rural commercial banks,the power of induced change has become more and more obvious.However,the reform and change of China’s commercial banking system over the past 40 years can be said to clearly show the nature of the country’s top-down mandatory institutional change.(2)The logical characteristics of institutional change.Adapting to China’s national conditions,the state rationally chose the gradual reform logic for the reform of more than 40 years.(3)Behind the mandatory gradual change led by the state,the will of relevant subjects such as the government,banks and enterprises and the interactive game between subjects have formed an important force that can not be ignored to promote this reform.In addition,with regard to the rapid development of Internet finance in China,which is almost barbaric,the theoretical circle has studied and explained it from many aspects such as technological innovation,institutional innovation and natural evolution.Commercial banks are closely connected with Internet finance,and the latter has an important impact on the development of China’s commercial banking system.Therefore,the study of the emergence of Internet finance is also of great value for the study of the development and changes of China’s commercial banking system.Based on the reality of China’s bank-dominated financial structure,this paper tries to explain the rise of Internet finance in China by using the logic of the development of China’s commercial banking system: It is true that the rapid development of China’s Internet finance cannot be separated from technological innovation,but in the context of China’s system,the state’s tolerance and support is the more essential reason.When the internet finance entered the standardized development stage,one of the significant reasons is that the government hopes that it can better serve the national strategy of developing inclusive finance.As a result of this,in a sense,the rise of Internet finance in China and the realization of long-term development,also reflects China’s mandatory,progressive reform logic.This logic of compulsory and gradual reform has dominated the reform of China’s commercial banking system over the past 40 years,and we believe that the reform of our commercial banking system will continue to uphold this logic in the future,so that it can better serve the country’s economic and social construction.