The article focuses on the credit system in the People's Republic of China, with the banking system and the Central Bank as its most significant segment. According to the classical definition, the central bank is the bank of banks. This definition was accurate even in the middle of the XX c., yet the development of banking periphery created the situation when the present-day Central Bank became as a bank within the system of credit-and-finance organizations, which includes not only banks. Not all finance-and-credit institutions in the People's Republic of China report to the Central Bank and therefore do not belong to the second level of the country's banking system. Globalization of financial markets leads to formation of transnational and international banking corporation both on developed and forming financial markets. Central banks then transform from being the banks of banks to mega-centers of institutes of financial mediation. At the same time, central banks may not become regulators of the national credit system. The authors emphasize a special role played by the credit system developed in the People's Republic of China in financing innovation-oriented industrial corporations.