Agents of Change: The Role of Foreign Financial Institutions in China’s Financial Transformation Since the early 1990s

What role have foreign financial institutions (FFIs) played in China’s financial evolution since the early 1990s? My research finds that FFIs, which include foreign commercial and investment banks, as well as private equity (PE) firms, have played a role in China’s financial evolution in three respects. First, US financial institutions have leveraged their influence in the US government, their ties to other business groups, and mobilized connections with the Chinese elite, to help China to join the World Trade Organization in 2001. This outcome created a relatively open formal, legal environment to foreign actors—helping in the cause of liberalizing China’s financial system. Second, and much more significantly, FFIs have aided in Premier Zhu Rongji’s push to reform the Chinese banking system and state-owned enterprises in general by creating linkages between the Chinese state and global finance and, in the process, helping to create a vast market of overseas Chinese equities in Hong Kong, New York, and elsewhere. Thirdly, and also very consequentially, FFIs trained Chinese financial professionals and precipitated the flow of ‘returnees’—Chinese professionals returning to work in the Mainland after studying finance in Anglo-American institutions and moving on to work in finance on Wall Street, London, and Hong Kong—back to the Mainland, where the latter collaborated with Chinese officials to build up a native PE industry. In this way, FFIs have also helped to transfer Anglo- American financial expertise to Mainland China. By helping Chinese policymakers to use Anglo-American financial expertise to reform corporate finance, banking, and private equity, not to mention insurance, investment banking, and a host of other sub-industries, as well as to fund Chinese SOEs and state banks in their time of need (in the late 1990s and early 2000s)—and to do so while maintaining state ownership over these enterprises—FFIs have, ironically, precluded the need for policymakers to give them a greater role in China’s domestic financial system. This process alludes to Vernon’s (1971) notion of obsolescing bargaining. From a theoretical point of view, FFIs’ role can be seen as one of internationalizing China’s financial system, not liberalizing it. I define the concept of internationalization as a process of connecting a country’s economy to the global economy through particular channels or linkages— through adopting international practices or by making use of globalized space, such as global cities or production chains. This is described as being distinct from liberalization, which implies the withdrawal of the state from determining market outcomes and the removal of legal, regulatory, and informal barriers to competition

National Industrialization Strategies and Firm Level IR/HR Practices: Case Studies in Malaysia and Philippines

[Excerpt] Any economy is characterized by several different patterns of industrial relations (IR)and human resource (HR) practices at the level of the workplace. Often, the patterns of IR/HR practices of firms differ based on the nature of the industry, the nature of technology and production methods used, the specific economic circumstances facing firms, and in some cases the IR/HR philosophy of key individuals. Patterns of IR/HR practices also differ based on economic sectors, with IR/HR practices in the service sector showing differences with patterns in the manufacturing sector

Why China is Likely to Achieve its Growth Objectives

In 2002, the Chinese Communist Party announced a goal of quadrupling per capita income by the year 2020. Starting at income levels of the year 2000, this would require a growth rate of 7.2 percent per annum in per capita income or close to 8.0 percent in GDP. Such unresolved and emerging problems as growing income disparities, increasing pollution, pressures on infrastructure, the inefficiency of state owned enterprises, and political instability are often cited as reasons to doubt the attainability of the CCP%u2019s goal. However, China%u2019s progress in addressing fundamental constraints that might limit rapid economic growth augurs well for the success of its economic goals. Although there are disagreements about economic policy among top leaders, the continued transformation into a market economy and the promotion of increasing local autonomy in economic matters are not in doubt. In education, China has substantially increased the percentage of its workforce receiving a college education, and continuing growth in this investment in human capital could account for a large portion of the desired growth rate. In addition, the value of improvements in the quality of economic output unmeasured by GDP, such as advances in the quality of health care and education, could raise reported growth rates by as much as 60 percent. Finally, the government%u2019s increasing sensitivity to public opinion and issues of inequality and corruption, combined with improving living conditions, have resulted in a level of popular confidence in the government that makes political instability unlikely.

Public complaints: An instrument to improve services in public institution of higher learning in post modern era. Case study: Student Affairs Department in Universiti Utara Malaysia

Jurgen Habermas dan Anthony Giddens are among other postmodern thinkers have proposed the theory of public sphere and social reflexivity. Because postmodenism has undermined the structure and function of the society and gives extra power to the periphery and individuals, the rise for individual participation in voicing out their need and wants is seen as important so that decision made at the top rung of the society reflect the masses. According to Habermas, in post modern era where tradition is lacking, people are losing trust and confidence in an abstract system – the system governing them beyond their immediate surrounding. To encounter it, citizen should be given power to participate in decision making. Habermas idea is supported by Giddens with his social reflexivity concept that suggests inputting public trust back into social institution. In coherence with this argument, the paper will discuss on the public complaint in public institution which is seen as a way to improve public services. The study is carried out in Student Affairs department in Universiti Utara Malaysia in 2003. The objectives of the study is to measure the level of awareness of the services offered at the Complaint Unit HEP and complaints by the students of the university. The paper will then discuss the findings and suggests ways to improve existing systems so that the quality of service is further enhanced

PREDICTIVE MODEL FOR CFPB CONSUMER COMPLAINTS

Within the dynamic and highly competitive financial industry, the timely and efficient resolution of customer complaints stands as a central challenge, particularly in the intricate domain of mortgage services. The traditional processes for handling these complaints have long been recognized as laborious and resource-intensive, a situation that financial institutions, including the esteemed Wells Fargo, are keen to improve. Currently, the industry largely relies on basic data analytics for identifying trends in customer complaints. However, this approach has its limitations, especially when dealing with complaints within the mortgage services domain. In response to this challenge, this research advocates the adoption of advanced predictive models as a groundbreaking solution. These models, powered by Random Forests hold the promise of transforming the management of mortgage-related complaints fundamentally. The Random Forests model, known for its capacity to analyze complex, non- linear relationships within data, is poised to revolutionize the prediction of customer complaint resolution outcomes. By analyzing a vast dataset from the Consumer Complaint Database, comprising 3,211,591 complaints spanning a decade, the model aspires whether a mortgage-related complaint will be swiftly resolved or require an extended resolution time. The anticipated outcomes of this endeavor encompass a transformative impact on the mortgage-related complaint resolution landscape. While this research is a pivotal step forward, broader complaint categories, and further refined predictive models could enhance the efficacy of complaint management and resolution processes

The impact of organisational antecedents on employee job The impact of organisational antecedents on employee job satisfaction: An empirical evaluation of public sector employees in Pakistan

Human resource development is one of the important issues in the field of organisational behaviour. It affects employee performance in the organisation. Job satisfaction is one of the important issues in the developing country particularly for Pakistan. This study focuses on the employee perception towards job satisfaction. In this regard procedural justices, on job training, esprit de corps and job clarity variables have been examined. This study is a cross sectional study which applied a survey questionnaire for data collection. In this regard employee of public sector health organisations selected for data collection. Based on one hundred ten randomly selected participants, results show significant and positive impact of procedural justices, on job training, esprit de corps for job satisfaction. However, employees reported less job satisfaction with their jobs due to lack of fairness. With few limitations this study contributes to literature in the field of human resource management and organisational behaviour and can support public sector management to design policies that may help to enhance employee job satisfaction in the context of developing countries i.e. Pakistan

A relationship between service quality and customer satisfaction in e-banking services- a study with reference to commercial banks in Chennai City

Purpose: This paper's main aim is to validate the service quality dimensions offered by commercial banks in the study area and the relationship between service quality dimensions and customer satisfaction provided by commercial banks.   Theoretical Framework: In India, three categories of commercial banks are the public sector, private sector, and foreign banks. These banks have heavy competition among themselves in maximising their customer base.   Design/Methodology/Approach: The researcher collected 600 responses through convenience sampling. Applied exploratory factor analysis, confirmatory factor analysis, regression analysis and structural equation model to conclude that service quality of electronic banking service is not a unique phenomenon.   Findings: E-Banking depends upon the five essential factors: reliability, safety and security, assurance, technological augmentation, and quickness since the electronic banking services offered by commercial banks are entirely based on the Internet process.   Research, Practical & Social Implications: The study identifies the customer requirements and how commercial banks could satisfy such requirements with their banking strategies. Also, the study identifies whether any demographic difference exists among the customers of commercial banks in perceiving the quality of e-banking services

Investment Strategies to Exploit Economic Growth in China

Since the beginning of the economic reforms two decades ago, the economy in China has enjoyed a real growth rate of 9.6 percent per year. We believe that China is only in the early stages of its rapid-growth period. China is likely to enjoy rapid growth for decades to come at rates well above those of any other large country in the world.

Collaboration between unions in a multi-union, non-exclusive bargaining regime: What can Canada learn from New Zealand?

The Canadian union certification system guarantees workers rights to organise, bargain collectively, and strike only when a majority of co-workers favours unionisation. This contravenes International Labour Organisation standards, in which the freedom to associate is unqualified by majority support. In recent years, the Supreme Court of Canada has drawn on ILO principles to interpret constitutional rights as covering organising and collective bargaining activities related to freedom of association under section 2(d) of the Charter of Rights and Freedoms. However, it has not as yet ordered Canadian governments to enact labour relations laws consistent with these new constitutional rights. Neither has there been a general call for such legislative change. Instead, many fear that statutory support for non-majority unionism would lead to multi-union representation and intensified inter-union competition, but fail to consider that sharing the workplace might actually promote inter-union cooperation against a common adversary in management. This study addresses this shortcoming by looking at the extent and nature of inter-union collaboration in New Zealand, where non-majority, non-exclusive representation exists already. Collaboration was found to be common, not only over bargaining and lobbying, but also in organising. Implications for Canada are explored