The paper is devoted to the credit system of China, the most significant of which is the segment of?the banking system led by the central bank. China’s credit system’s condition was analyzed taking?into account the influence of globalization and the current external shocks on the economies of?emerging market. In this context, China's credit system is of particular interest to identify trends in?the development of credit and financial-intermediation in emerging markets. It was noted that the?central bank in the classic definition - is the bank of banks. Such a definition of an adequate retained?its meaning in the middle of the XX century. However, due to the development of the banking?periphery, the central bank in modern terms appears as a bank of the system of credit and financial?organizations, which includes not only banks. Not all credit and financial institutions in the PRC are?controlled by the central bank and therefore do not belong to the second level of the country's?banking system. The role of tax instruments to support China's financial and credit system was?shown. Exemption of bank deposits interest from the personal income tax stimulates the involvement?of public funds in the form of bank deposits. The necessity to revise the role of the credit system of?the countries with emerging economies in the face of global external shocks was proved. It was?concluded that central banks from the bank the banks develop into megacenter for financial?intermediation institutions. At the same time, central banks are not able to become regulators of the?national credit system. This conclusion is extremely important for the search engines display the?national economies, including emerging markets, the global crisis. The reported study was funded by?RFBR according to the research project № 18-010-00085.