Transformation of China's Financial System
A decade has passed since the US subprime mortgage crisis triggered the global financial crisis. Faced with the consequences of light-touch and fragmented regulation guided by laissez-faire ideology, central banks have played a crucial role in crisis resp
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Keep Reforming: China’s Strategic Economic Transformation
Keep Reforming: China’s Strategic Economic Transformation
Zhong Xu
Keep Reforming: China’s Strategic Economic Transformation
123
Zhong Xu National Association of Financial Market Institutional Investors Beijing, China
ISBN 978-981-15-8005-5 ISBN 978-981-15-8006-2 https://doi.org/10.1007/978-981-15-8006-2
(eBook)
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
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Contents
1 China’s Economic Transformation . . . . . . . . . . . . . . . . . . . . . . 1.1 Current Trends and Characteristics of the Chinese Economy . 1.2 Estimation of China’s Potential Output . . . . . . . . . . . . . . . . 1.3 China’s Economy Has Moved from High-Speed Growth to High-Quality Growth . . . . . . . . . . . . . . . . . . . . . . . . . . .
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2 Transformation of China’s National Governance Framework 2.1 Modernization of China’s National Governance System . . . 2.2 Fiscal Relations Between Central and Local Governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Local Financial Management Autonomy . . . . . . . . . . . . . . 2.4 Measures to Eliminate Leverage . . . . . . . . . . . . . . . . . . . . 2.5 Market Clearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 State-Owned Capital Management . . . . . . . . . . . . . . . . . . . 2.7 Pension Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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