The Current State of the Financial Sector and the Regulatory Framework in Asian Economies—The Case of the People’s Republic of China

Reform of financial regulation is a priority on the international agenda. At the call of the Group of Twenty Finance Ministers and Central Bank Governors (G-20), a number of new international standards have been issued, most notably Basel III. As a member of the G-20, the Financial Stability Board (FSB), and the Basel Committee on Banking Supervision, the People’s Republic of China (PRC) is now on a faster track in adopting international standards. However, the key issue for the PRC—as well as many other emerging markets—is to how to keep focused on the domestic policy agenda while adopting the new global standards.financial regulation; basel iii; prc financial sector

What Regulatory Policies Work for Emerging Markets?

This paper discusses the banking regulatory and supervisory practices in People’s Republic of China (PRC) with reference to the international standard for banking supervision, namely, the Basel Core Principles for Effective Banking Supervision (BCPs). While the PRC has incorporated many sound practices advocated by the BCPs, there are quite a few areas where significant differences can be observed with respect to qualification review of senior management, broader regulation at the product level, prescriptive rules, and guidance for risk management. Broadly speaking, the PRC adopts a rules-based approach to regulation; in many cases, regulations are prescriptive or even intrusive. In building a robust supervisory system, the PRC finds specific guidance more helpful than sole reliance on principles-based approaches. The paper argues that general principles and a principle-based approach to regulation do not seem to work well for emerging markets. Indeed, the current financial crisis has revealed some shortcomings in the existing international standards on banking supervision. Perhaps this standard can be improved by greater specificity and by incorporating more aspects of the experiences in emerging markets.banking regulatory supervisory practices prc; international standard banking supervision; basel core banking supervision; bcps

Clothing Co-Parsing by Joint Image Segmentation and Labeling

This paper aims at developing an integrated system of clothing co-parsing, in order to jointly parse a set of clothing images (unsegmented but annotated with tags) into semantic configurations. We propose a data-driven framework consisting of two phases of inference. The first phase, referred as "image co-segmentation", iterates to extract consistent regions on images and jointly refines the regions over all images by employing the exemplar-SVM (E-SVM) technique [23]. In the second phase (i.e. "region co-labeling"), we construct a multi-image graphical model by taking the segmented regions as vertices, and incorporate several contexts of clothing configuration (e.g., item location and mutual interactions). The joint label assignment can be solved using the efficient Graph Cuts algorithm. In addition to evaluate our framework on the Fashionista dataset [30], we construct a dataset called CCP consisting of 2098 high-resolution street fashion photos to demonstrate the performance of our system. We achieve 90.29% / 88.23% segmentation accuracy and 65.52% / 63.89% recognition rate on the Fashionista and the CCP datasets, respectively, which are superior compared with state-of-the-art methods.Comment: 8 pages, 5 figures, CVPR 201