ABSTRACT
As China moves steadily ahead with reforms, prepares for entry into the World Trade Organization (WTO), and steps cautiously toward a free-market economy, it has an immense responsibility to contend with. At this juncture of its development, the most significant concerns facing China derive from economic and social issues. While social issues are not addressed in this paper, they should not be overlooked in the broader context. We shall, however, address an economic issue within the context of the financial reforms—the development of nonbank financial institutions in China.
