Issue One 2009
In the first issue of Treasury Today in China for 2009, the deteriorating global economic conditions are necessarily a recurring theme, and in this issue’s News section we look at the RMB 4 trillion stimulus package announced by the Chinese government in November 2008. There has been a cluster of recent fiscal packages designed to kick-start economies in the US and Europe but, unlike these, China’s stimulus package is expected to be funded by state banks and state-owned companies, as well as by central and local governments. We look at how the package is unfolding.
Meanwhile, in our China Focus article we chart the development of the banking landscape in China. We assess the changes that have been implemented following the country’s accession to the World Trade Organisation in 2001 and the challenges now facing both domestic and foreign banks. We also consider the impact of the global banking crisis and look at the balance which is being maintained by regulators between opening up the markets to enhance competition and protecting the banking sector from contagion from other regions.
As companies react to the difficult global economic conditions and the tightening of credit channels, the focus is on reducing costs and improving efficiency. In this issue’s Treasury Practice article, we look at the role that benchmarking can play in such a climate and the implications this has for treasury. We assess how the creation of well-researched and realistic performance indicators within treasury departments can prove useful to gauge performance and highlight areas in need of improvement.
We are delighted to announce that Treasury Today’s 2009 Adam Smith Awards for Best Practice and Innovation are now open for nominations.
This year we are including a Treasury Today in China category specifically for treasurers that have implemented innovative solutions in China. For details of how to enter please visit www.treasurytoday.com.
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