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Or increasing attention will be paid to greater transparency in the raising and allocation of capital.
It tends to view the assessment of financial risk as a purely intellectual affair, involving the calculation of asset returns, probabilities and allocation of capital.
Still, in explaining the shift, he said that the first-quarter results showed strong cash flow, oil price forecasts are positive and "you have to look at the shareholders," balancing their desires against financial management and allocation of capital for business opportunities.
The analysis of the legal and ownership structure is strictly related to that of equity and allocation of capital resources to the newly established company.
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Beijing's eagerness to combat financial risks and bring about more efficient and disciplined allocation of capital will mean slower growth and possibly isolated loan defaults in the coming years, analysts like Mr. Zhang say.
Shell was viewed as a model of quiet efficiency, controlled spending and disciplined allocation of capital.
The business had improved under predecessor Mark Tucker, but the acceleration since 2009, which has seen a tripling of the share price, has been built on a clear-headed and rigorous allocation of capital.
If the PBOC adopted a short-term money-market rate as its operational target, its policy would be more effective and the allocation of capital would be more efficient.
Taking full advantage of the crisis, Washington has increased its already strong control over jobs and the allocation of capital.
"Within economics, there's a belief that we wander around with this supercomputer in our heads that is unaffected by the body and has the ability to calculate returns, probabilities and the optimum allocation of capital," he said.
They have drawn up blueprints and adopted pilot programs — like a free-trade zone in Shanghai — that will bolster the market and rationalize the allocation of capital, for instance by permitting more foreign competition and greater fluctuation of interest rates.
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