China's increasing role in global economic affairs has placed
the country at a crossroads: how many and what types of
international capital-market transactions will China permit? How
will China's financial system change internally? What kind of
relationships will the Chinese government develop with foreign
financial institutions, especially with those based in the United
States? Can China broker a sustainable partnership with America
that will avoid sending economic shock waves throughout the
world?
Drawing on the contemporary research of prominent international
scholars, the experts in this volume outline the trajectory of
China's financial markets since the advent of reform and anticipate
their uncertain future. Chapter authors and commentators include
Geert Bekaert, Loren Brandt, Lee Branstetter, Mary Wadsworth Darby,
Michael DeStefano, Barry Eichengreen, Campbell Harvey, Fred Hu,
Xiaobo Lu, Christian Lundblad, Ailsa Roell, Daniel Rosen, Shang-Jin
Wei, Jialin Yu, and Xiaodong Zhu.
The book begins with an overview of the history of
financial-sector development, regulation, and performance and then
focuses on the banking sector, discussing the progress, challenges,
and prospects of current sector reform. Subsequent chapters
describe the role of foreign capital in China's development and
analyze the changes in capital flows and controls over time;
explore various explanations for China's composition of
foreign-capital and foreign-exchange policies, particularly the
factors shaping China's reliance on foreign direct investment; and
provide an international, comparative perspective on the remarkable
growth experience of China and the contribution of its
institutional environment to that experience.
Contributors dispute the belief that stock market listing has
done little to reform state-owned enterprises and take a hard look
at the exchange rate regime choice for China, considering the
potential long-run desirability of flexibility and the appropriate
sequencing of reforms in foreign-exchange policy, domestic banking
reform, and capital-market openness. The book concludes with a
roundtable discussion in which prominent economists, including
Peter Garber, Robert Hodrick, John Makin, David Malpass, Frederic
Mishkin, and Eswar Prasad, debate the pace of the appreciation of
China's currency and the likely consequences of that policy within
and outside of China.
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