China has reached a stage where further financial sector reforms appear essential. As the reform process progresses and macrofinancial linkages deepen, the preservation of financial stability will become a major policy preoccupation. This publication draws upon contributions from senior Chinese authorities and academics as well as staff from the IMF to discuss the financial policy context within China, macroeconomic factors affecting financial stability, and the critical role of financial system oversight. It seeks to improve the understanding of the financial sector policy processes underway and the shifts taking place among China’s economic priorities.

China's Banking Transformation describes the strengths and weaknesses of the Chinese banking system based on the author's 12 years serving on two Chinese bank boards. Acknowledging the challenges banks face, the book challenges conventional views, maintaining that China's banks now function well within China's market socialist political economy, and within China's traditional collectivist cultural world.

China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors. Visit : http://www.elibrary.imf.org/page/modernizing-china

The Historical Dictionary of the Chinese Economy covers the world’s second largest macro economy. Extensive attention throughout the volume is given to the historical development of the Chinese economy since the establishment of the People’s Republic of China (PRC) in 1949. Included is a review of developments during the period of central economic planning adopted from the Soviet Union (1953-1978) and in-depth information and analysis on the various policies and fundamental changes brought about in China by the inauguration of economic reforms from 1978-1979 through 2016. This book contains a chronology, an introduction, and an extensive bibliography. The dictionary section has over 400 cross-referenced entries on i critical sectors of the economy including automobiles, banking and finance, national currency, economic regulation, trade and investment, and important industries such as agriculture, computers and electronics, iron and steel, real estate, and shipping.. This book is an excellent resource for students, researchers, and anyone wanting to know more about China’s economy.

Asian financial systems, which serve the most economically dynamic region of the world, survived the global economic crisis of the last several years. In From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World, scholars affiliated with the Peterson Institute for International Economics and the Asian Development Bank argue in separate essays that Asian systems must strengthen their quality, diversity, and resilience to future shocks in order to deliver growth in coming years. The book examines such phenomena as the dominance of state-owned banks, the growth of non-bank lending (the so-called shadow banks), and the need to develop local bond markets, new financial centers, and stronger supervisory tools to prevent dangerous real estate asset bubbles. China's large financial system is discussed at length, with emphasis on concerns that China's system has grown too fast, that it is overly tilted toward corporate borrowing, and that state domination has led to overly easy credit to state-owned actors. Asia needs investment to improve its infrastructure and carry out technological innovation, but the book argues that the region's financial systems face challenges in meeting that need.

This paper presents an overview of the book Collapse and Revival: Understanding Global Recessions and Recoveries that tracks the global business cycle through the destruction of a global recession to the renewal of recovery, drawing on four major episodes during the past half century. This book defines the terms of global recessions and recoveries; documents their main features; describes the events that take place around these episodes; puts the latest global recession and ongoing recovery in perspective; and analyzes the interactions between fluctuations in the global growth and national growth over the different phases of the global cycle.

This IMF catalog provides the newest information on the key publications. Each publication underpins IMF strategic positions and policy by disseminating global and regional surveillance products and analysis, and by expanding country-level outreach. With this objective in mind, the IMF publishes a wide variety of books, periodicals, and electronic products covering global economics, international finance, monetary issues, statistics, exchange rates, and other global economic issues. IMF’s print and digital publications also present the analysis, research, policy advice, and data on economic and financial sector issues at the global, regional, and country level. The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this Building Integrated Economies in West Africa: Lessons in Managing Growth, Inclusiveness, and Volatility book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.

With the goal of perfecting the national governance system and raising the country’s governance capability, this book systematically analyzes the characteristics and trajectory of China’s economic expansion and structural adjustment, while also assessing a variety of short-term debt and long-term economic performance and financial risks. In addition to discussing the market-oriented reform process at the stage of economic development, institutional and structural characteristics, it presents research on the country as a whole, its residents, non-financial corporations, financial institutions and central banks, the central government, local government, and other external sectors. On the basis of extensive data, the book analyzes the national and sectoral balance sheets in China and explores a number of major issues the country is currently facing, such as sustainable development, government restructuring, local debt, welfare reform, openness and stability of the financial system, etc., as well as suitable policy measures and institutional arrangements for addressing them.

This book explores the opportunities and limits of currency cooperation in East Asia. Currency issues play an important role in the region. The Asian crisis of the late 90s was rooted in deficient currency arrangements. The Chinese RMB is not freely convertible yet, but policymakers in China nevertheless aim for a more international role of the Chinese currency. The recent change of direction in Japanese monetary policy caused a drastic depreciation of the Yen and led to warnings against a possible “currency war”, thus demonstrating that currency issues can also easily lead to political frictions. Most trade in and with the East Asian zone on the other hand is still conducted in US $. Against this background different modes of currency cooperation serve the goal of smoothing exchange rate fluctuations and capital flows. They are an important element to promote financial stability and to reduce the transaction cost for foreign trade or investment. The contributions of this book analyze the environment and design of currency cooperation in East Asia and their effects from a macro-and microeconomic viewpoint.

China’s financial system has become very large, diversified, and interconnected. This changing financial landscape could potentially produce systemic risks, arising primarily from growing financial interconnectedness. The paper argues that, to address the potential systemic risks, Chinese authorities should further strengthen internal coordination, notably by institutionalizing better information collection and sharing among regulators, as well as enhancing coordinated and comprehensive analysis of systemic risk.