China's Role in Asia and the World Economy: Fostering Stability and Growth

Contributing authors: Charles Adams, Choong Yong Ahn, Young Rok Cheong, Zdeněk Drábek, Fan Gang, Chang Kyu Lee, Li-Gang Liu, Robert McCauley, Yung Chul Park, Xie Ping, Barbara Stallings, Yunjong Wang, Wing Thye Woo, Geng Xiao, Masaru Yoshitomi, Xiaojing Zhang
Editor: Jan Joost Teunissen
Summary

Given the size of China’s economy – the second largest economy in the world in purchasing power parity terms – and the size of its population – 20 percent of the world’s population lives in China – the country’s prospects of financial stability and growth are of key importance to the developing world.

Considering the role China is playing in the Asian region and the world economy, there are even more reasons to analyse and discuss the challenges of China’s economic performance.

In this book, renowned Chinese scholars and other experts in international finance and development discuss the challenges China is facing when dealing with domestic, regional and international economic issues.

The first part of the book discusses China’s economic reform agenda, the second China’s role in regional financial cooperation efforts as well as in global finance, the third the functioning of the global financial system, and the fourth China’s future challenges as seen by prominent Chinese, Japanese and Korean experts.

Contents

Contents, Contributors

Introduction by Jan Joost Teunissen

 

Part I  Financial and Macroeconomic Reform in China

  1. The Chinese Reform Agenda, Gang Fan and Xiaojing Zhang
  2. Comment by Keun Lee
  3. Challenges in Macroeconomic Management for China's New Leaders, Wing Thye Woo
  4. Comment by Chang Kyu Lee
  5. Floor Discussion

Part II  China's Role in the Region and in the Global Financial System

  1. Chiang Mai and Beyond, Yung Chul Park and Yunjong Wang
  2. Comment by Charles Adams
  3. Global Capital Flows and the Position of China: Structural and Institutional Factors and their Implications, Young Rok Cheong and Geng Xiao
  4. Comment by Li-Gang Liu
  5. Floor Discussion

Part III  Asian and Other Views on the Functioning of the Global Financial System

  1. An Asian View on the Global Financial System, Xie Ping
  2. 'Neo-Financial Dualism' Hypothesis and Regional Cooperation in East Asia: Comment on Xie Ping, Zdenĕk Drábek
  3. The Role of the Financial Sector in Creating Growth and Stability: Lessons for China from Emerging Market Economies?, Barbara Stallings
  4. Korean and Chinese Finances: Comment on Barbara Stallings, Robert McCauley
  5. Floor Discussion

Part IV  Future Challenges for China

  1. Financial Challenges in China, Xie Ping
  2. A Seven-Point Policy Proposal for Sequencing China's Financial Liberalisation, Masaru Yoshitomi
  3. The Future Role of China, Choong Yong Ahn
Appendix: List of Participants

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December 2003
ISBN-10: 90-74208-22-3

308 pages

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