Banking reform in China: International standards and Chinese specifics

2008 ◽  
Vol 58 (4) ◽  
pp. 403-426
Author(s):  
Z. Kudrna
Keyword(s):  
Best Practices ◽  
Development Policy ◽  
Institutional Reform ◽  
International Standards ◽  
State Control ◽  
Banking Reform ◽  
Reform Strategy ◽  
Regulatory Frameworks ◽  
Bank Governance ◽  
Credit Boom

This paper reviews the progress of banking reforms in China. Since 2002, the reform strategy has relied on publicly-financed bailouts, implementation of international best practices in bank governance and regulation, and listing of major banks in Hong Kong. The three largest banks have been stabilised, but we find little reason to expect this to be sustainable. Prudential indicators are comparable to international averages, but this is an outcome of bailouts and ongoing credit boom. Reforms of bank governance and regulatory frameworks that would alter banker’s incentives are implemented in a selective manner; principles that concentrate key powers in the centre are implemented vigorously, whereas those that require independent boards and regulators are ignored. Selectiveness of institutional reform means that the largest banks remain under state control and can be used as means of development policy for the better or the worse.

scholarly journals Issues related to the regulation of the content of the audit reports

2021 ◽  
pp. 77-89
Author(s):  
Irina V. Panina
Keyword(s):  
Public Interest ◽  
Financial Statements ◽  
Information Value ◽  
Public Utility ◽  
International Standards ◽  
Federal State ◽  
State Control ◽  
Federal Law ◽  
Audit Reports ◽  
Laws And Regulations

Introduction. Currently, the procedure for providing audit services to public interest entities is being reformed. The main goal of these reforms is to provide more effective protection of legally protected values associated with the activities of such economic entities. The changes also apply to the content of audit reports on their financial statements. The process of revising the relevant regulatory document is still ongoing. Not all of the revised provisions are consistent with each other and the International Standards on Auditing. This will complicate their practical application by auditors and affect the informational value and public utility of audit reports. In addition, since 2017, when the modern format for audit reports was adopted, its application has revealed shortcomings in terms of its content and terminology. This explains the need to develop proposals to eliminate these “sticking points” when regulating the content of the auditor's report. Purpose. The development of recommendations to harmonise the provisions of laws and regulations governing the content of audit reports and federal state control (supervision) of the activities of audit organisations providing services to public interest entities with the International Auditing Standards in order to increase the information value of audit reports. Methods. The research results were obtained using analysis, synthesis, analogy, historical and logical approaches, classification, etc. Results. It was proposed to introduce changes to the text of the Federal Law “On Auditing Activities” of 30.12.2008 No. 307-FZ in order to eliminate contradictions in its provisions regarding the content of audit reports, to ensure their consistency with the International Standards on Auditing and laws and regulations in the field of controlling the activities of audit organisations that provide audit services to public interest entities. The content of the requirements of the International Standards on Auditing regarding the content of audit reports was clarified as well as their official translation into Russian to make the documents more informative and easy to use. Conclusions. The proposed clarifications can be taken into account when making changes to the texts of the Federal Law “On Auditing Activities”, the original version of the International Standards on Auditing and its official translation. They can also be further discussed by specialists.

A Review of Best Practices and International Standards

2020 ◽  
pp. 46-55
Author(s):  
Laurie L. Charlés
Keyword(s):  
Best Practices ◽  
International Standards

scholarly journals The Inadequacy of Regulatory Frameworks in Time of Crisis and in Low-Resource Settings: Personal Protective Equipment and COVID-19

2020 ◽  
Vol 10 (6) ◽  
pp. 1375-1383 ◽  
Author(s):  
Leandro Pecchia ◽  
Davide Piaggio ◽  
Alessia Maccaro ◽  
Claudio Formisano ◽  
Ernesto Iadanza
Keyword(s):  
Personal Protective Equipment ◽  
Stress Test ◽  
International Standards ◽  
National Standards ◽  
World Health ◽  
Protective Equipment ◽  
Regulatory Frameworks ◽  
The World ◽  
Do It Yourself ◽  
Health Organization

Abstract COVID-19 pandemic is plaguing the world and representing the most significant stress test for many national healthcare systems and services, since their foundation. The supply-chain disruption and the unprecedented request for intensive care unit (ICU) beds have created in Europe conditions typical of low-resources settings. This generated a remarkable race to find solutions for the prevention, treatment and management of this disease which is involving a large amount of people. Every day, new Do-It-Yourself (DIY) solutions regarding personal protective equipment and medical devices populate social media feeds. Many companies (e.g., automotive or textile) are converting their traditional production to manufacture the most needed equipment (e.g., respirators, face shields, ventilators etc.). In this chaotic scenario, policy makers, international and national standards bodies, along with the World Health Organization (WHO) and scientific societies are making a joint effort to increase global awareness and knowledge about the importance of respecting the relevant requirements to guarantee appropriate quality and safety for patients and healthcare workers. Nonetheless, ordinary procedures for testing and certification are currently questioned and empowered with fast-track pathways in order to speed-up the deployment of new solutions for COVID-19. This paper shares critical reflections on the current regulatory framework for the certification of personal protective equipment. We hope that these reflections may help readers in navigating the framework of regulations, norms and international standards relevant for key personal protective equipment, sharing a subset of tests that should be deemed essential even in a period of crisis.

China's Banking Reform and Profitability

2010 ◽  
Vol 13 (02) ◽  
pp. 215-236 ◽  
Author(s):  
Erh-Cheng Hwa ◽  
Yang Lei
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
Second World War ◽  
World War ◽  
Banking Reform ◽  
Reform Strategy ◽  
Chinese Banks ◽  
Second World

Just as the worse global financial crisis since the Second World War threatens the survival of many global financial giants, the strong financial performance of the Chinese banks stands out. The record profits of Chinese banks are commendable considering that they were considered insolvent not too long ago. The paper reviews the reform strategy of Chinese state commercial banks and its implementation, as well as their strong financial performance in 2007 based upon the four largest listed state commercial banks. Even though a strong economy may have boosted performance, banking reform should have played a significant role in turning around Chinese banks.

scholarly journals ICA contribution to the development of international standards of competence for nautical cartographers

2018 ◽  
Vol 1 ◽  
pp. 1-6
Author(s):  
Ron Furness ◽  
Lysandros Tsoulos
Keyword(s):  
Best Practices ◽  
Minimum Degree ◽  
Short Form ◽  
Theoretical Background ◽  
Theory And Practice ◽  
International Standards ◽  
Professional Competency ◽  
Close Cooperation ◽  
Hydrographic Surveying

All professions face challenges as how best to ensure the achievement and continuance of the highest standards as they seek to determine and promulgate best practices. In the essentially linked professions of hydrographic surveying and nautical cartography these challenges become immediately international in their impacts and require close cooperation between the professional bodies representing surveyors, hydrographers and cartographers. The Standards of Competence for Nautical Cartographers are known in short form as S-8 and they describe the minimum required competencies for nautical cartographers. They indicate the minimum degree of knowledge and experience considered necessary for nautical cartographers and provide a set of programme outlines against which the FIG/IHO/ICA International Board on Standards of Competence for Hydrographic Surveyors and Nautical Cartographers may evaluate programmes submitted for recognition. The Standards recognize two levels of competence: Cate- gory A and Category B. In nautical charting communities, Category A programmes offer levels of comprehensive and broad-based knowledge in all aspects of the theory and practice of nautical cartography. Category B programmes provide a level of practical comprehension, along with the essential theoretical background, necessary for individuals to carry out the various nautical cartography tasks. The Standards have recently undergone complete review and should be ratified during 2017/18. This paper aims to bring the existence and aims of the Standards to the wider notice of ICA members and to describe the philosophy and aims of the review in meeting the professional competency needs of the nautical cartographic community.

scholarly journals Fintech and Payments Regulation

2020 ◽  
Vol 20 (75) ◽  
Author(s):  
Tanai Khiaonarong ◽  
Terry Goh
Keyword(s):  
Financial Stability ◽  
Analytical Framework ◽  
International Standards ◽  
Regulatory Requirements ◽  
Regulatory Frameworks ◽  
Structure Changes ◽  
Systemic Risks ◽  
Recent Developments ◽  
Legal Foundations ◽  
Financial Technology

Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.

scholarly journals Internationalization of Higher Education: The Activity-Process at Malaysian Technical University

2020 ◽  
Vol 8 (2S7) ◽  
pp. 2241-2247
Keyword(s):  
Higher Education ◽  
Best Practices ◽  
International Education ◽  
Process Approach ◽  
International Standards ◽  
Internationalization Of Higher Education ◽  
Educational Institutions ◽  
The Past ◽  
Innovative Solutions ◽  
Higher Institutions

Internationalizing higher education has long been on the agenda of most countries. The purpose of internationalization is to improve the quality and relevance of international standards. Given today’s interrelated and interdependent world, internationalization has proven to be a useful tool for higher educational institutions to benchmarking and improve innovative solutions for continuous challenges. Thus, higher education institutions need to strengthen their quality through its primary functions to reach a certain level of internationalization. This paper highlighted the most common practices of internationalization of higher education at the national and sector, institutional and faculty, and individual levels. With a view in identifying approaches and best practices in Malaysia, it is critically reviewed the relevant approaches to internationalization that are covered in the scholarly literature review from the past few decades. The review has revealed the chronology of international education – internationalization from the past until this century and its meaning that carries the concept of internationalization of higher education. The review also identified the approaches to internationalization which are the activity and process approach where has been applied in the internationalization of higher education stratification level. Therefore, this paper will catalyse the change in the understanding of the world that strongly focuses on internationalizing the higher institutions

scholarly journals Leasing Activities: The Problems and Prospects for Development

2021 ◽  
Vol 7 (522) ◽  
pp. 202-207
Author(s):  
H. V. Razumova ◽  
◽  
O. V. Oskoma ◽  
V. V. Voloschuk ◽  
◽  
...  
Keyword(s):  
Development Policy ◽  
Financial Stability ◽  
National Level ◽  
The State ◽  
International Standards ◽  
Stiff System ◽  
Financial Leasing ◽  
Financial Conditions ◽  
Current State ◽  
Further Development

The article is aimed at researching the current state of the leasing services market in Ukraine, identifying problems and prospects for its further development. It is defined that leasing is a very promising direction of economic activity, which facilitates the improvement of financial conditions in the country. The article considers the peculiarities of foreign experience in leasing activities and the functioning of the global leasing market. The indicators on the state and development of financial companies and lessors in Ukraine are analyzed, which leads to a conclusion about their positive dynamics. It is determined that today the level of leasing use in Ukraine remains low and is in the process of development, so it requires detailed consideration and analysis. The advantages of financial leasing as an investment instrument, as well as problems and obstacles that slow down the development of leasing activities in Ukraine are presented. Given that leasing activity in Ukraine is under development, there are many urgent problems, which include: imperfection of Ukrainian legislation; the unformedness at the national level of leasing development policy; stiff system of taxation of leasing operations; low demand for domestic goods; low solvency of all categories of consumers; poorly developed subleasing; non-compliance with international standards; low financial stability of lessors; dependence of leasing companies on credit funds from banks; vague regulation on the part of the State, etc. Methods of problem solving are provided that will contribute to improving the functioning of leasing activities and stimulating its development. It is defined that in order to use financial leasing as an innovative instrument for modernizing the country's economy, provision of the State support is necessary.

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