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Challenges for China’s economic reform: from the perspective of a holistic approach

Challenges for China’s economic reform: from the perspective of a holistic approach . Pingfan Hong 3 rd Annual NYU Conference on Chinese Capital Markets December 6, 2013. Views expressed here are those of the speaker and they do not represent the views of the UN.

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Challenges for China’s economic reform: from the perspective of a holistic approach

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  1. Challenges for China’s economic reform: from the perspective of a holistic approach Pingfan Hong 3rd Annual NYU Conference on Chinese Capital Markets December 6, 2013 Views expressed here are those of the speaker and they do not represent the views of the UN

  2. A holistic approach to China’s economic reform should ensure: Clearly defined goals, strategies and measures Consistency in reforming different markets and economic sectors Coherence in reforming different institutions Compatibility to global trends and the role of China in the world

  3. China’s reform in a global perspective A world of rapid and constant changes Two different types of institutional changes: Revolution versus reform Almost every country undertakes economic reforms: U.S.: Dodd-Frank Act, Obama Care Euro area: Bank Union North Korea and Cuba: Special Economic Zones International implications of China’s reform: In response to international competition (TPP,TTIP) Reinforce and reshape the global wave of reforms

  4. Goals, strategies and measures for China’s economic reform as set in recent CPC reform roadmap General goal: improving and developing China’s socialist system Some specific goals: market plays decisive role in resources allocation transform the function of the government Strategies: Top design and “crossing the river by groping the stone under foot” Some measures: Mixed ownership through cross share-holding “Negative–List ” approach to regulation on market entry

  5. Ensuring consistency in reforming different sectors Importance of reform sequencing: Liberalizing interest rates Floating the exchange rate of reminbi Opening capital and financial accounts Integrated reforms in different sectors: liberalizing interest rates Reform of banks Reform of State Owned Enterprises

  6. Ensuring coherence among reforms of different institutions Economic reform: Economic freedom, efficiency Social reform: Equity, equality (in rights, opportunity and rules) Political reform: Participatory and democratic governance The rule of law Ecological reform: Environmental sustainability Cultural reform: Values

  7. Thank you !

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