In contrast, China has talked a lot about banking reform but has done relatively little. The same goes for Malaysia and Taiwan. In all cases, however, there seems to be a general recognition that there is a pressing need for change. There is just major internal resistance to carrying it out. The corporate sector seems to be the most resistant to change.
SOEs remain deeply entrenched in China.
India s SOEs and family conglomerates are as entrenched as ever. Japan s banks may be going through a major reform process, but the major players in its corporate and trading sectors are showing much less of a penchant for restructuring or reform. Malaysia is circling the wagons to protect its cartels. Korea wants to reform its chaebol, but the conglomerates are so large that they are highly resistant to change. Thailand s banking sector is undergoing major changes, but its SOEs are digging in their heels to reform.