Feature
Improving China's OTC business is a vital for the creation of a multi-layered capital market
Zhu Congjiu, vice-governor of Zhejiang province and former assistant to the chairman of the China Securities Regulatory Commission, explains how the country can effect a multi-layered capital market
Reform and the Shanghai Free-Trade Zone
Zhou Hanmin, vice-chairman of the Shanghai People’s Political Consultative Committee, describes how the creation of the Shanghai Free-Trade Zone represents China’s fourth phase of opening up
Coping with risks associated with financial liberalisation in China
Financial reforms in China pose the risk of increased volatility in interest rates, financial fragility and loss of output
Factor price reforms and their macroeconomic policy impact
The need for financial reforms to achieve sustainable growth is widely accepted. But the move towards interest rate liberalisation amid weak growth and low global rates remains a challenge
Developing China's capital market is central to 'new normal' reform
China is adopting an approval-based rather than disclosure-based IPO system as well as developing an OTC equity market as part of its effort to deepen the role of financial markets
China’s path to financial deepening
Despite China’s quick progress in the sphere of manufactured goods, the country’s financial system has been a few steps behind, but that is steadily changing
Five foundations for the reform of China
Cheng Siwei, chairman of IFF and former vice-chairman of the Standing Committee of the Ninth and Tenth National People’s Congresses, presents five foundations for aiding the country’s overall reform
Driving the ‘new normal’: stability, urbanisation and innovation
Gu Shengzu, vice-chairman of the Financial and Economic Affairs Committee of the Twelfth National People’s Congress, writes about the major elements that will drive China's economy
Innovation gauntlet laid down to facilitate economic transformation
The continuity of China's ‘trial-and-error' social-reform philosophy is key to enabling innovative growth as the country reforms its capital market and develops sound bankruptcy procedures
Maintaining China's growth in an environmentally friendly manner
Facing severe air, water and heavy metal pollution as well as acute water shortages, China needs to change its earlier mindset of ‘grow first and clean up later'
'Learning by doing' has transformed Chinese growth
Learning through an experimental approach played an important role in the rapid productivity growth of China. But the country now faces rising income inequality
China's dual-economy poses major challenge for future development
China's unique central-local governance system facilitated growth through a ‘trial-and-error' strategy. But 35 years of high growth have created a dual economy, with both successful and failing parts
The transformation of China towards a modern economy
China has embarked on an unprecedented effort to stabilise growth while accelerating structural reforms towards an inclusive, sustainable, innovative and more open economy
Andrew Sheng: The new politics of central banking
Extraordinary policy actions by the world’s leading central banks have left them politicised and entangled in an increasingly awkward operating environment
Former IMF chief weighs up benefits and costs of QE
Quantitative easing is having a profound effect on markets and banking. Jacques de Larosière weighs up some of the benefits and costs of QE
Devising effective data strategies to help inform policy decisions
The publication of the Irving Fisher Committee’s report on good data practices offers the potential for powerful data sharing, but more work needs to be done at the tactical and practical levels
Central banks face weight of expectations in sub-Saharan Africa
The art of central banking has changed dramatically in frontier markets. Monetary policy, financial regulation, capital flows and exchange rate are now centre stage, writes Louis Kasekende
Central bank liquidity surge is not without historical precedent
Major central banks have injected $14 trillion of liquidity into the global economic system, but such surges are not without historical precedent
Assessing the value of financial stability reports
More than 90 central banks now produce financial stability reports. Emrah Uslu and Eyup Kahveci look at the various approaches they take as well as appraising their usefulness.
A more effective strategy for the Fed
The Fed should adopt a Taylor-rule approach to ensure policy adjustments are only made due to changing macroeconomic fundamentals. This would mean it should raise rates and alter its communications
The RMB and the SDR review 2015
Yide Qiao and Jiafei Ge present a case for the renminbi joining the ranks of the US dollar, euro, sterling and yen in the IMF’s SDR basket, when the constituents are reviewed later this year
Reviving the faltering euro economy
There are three options to address Europe’s core problem: real differences in production costs. None of them involve asset purchases by the European Central Bank, writes Allan Meltzer
Will new reforms lift the veil of secrecy at the Bank of England?
The Bank of England has unveiled a broad package of reforms to its transparency. Daniel Hinge speaks with transparency experts to assess the changes
Are central banks the ‘Figaro’ of the financial markets?
Central banks continue to play a vital position in the functioning of markets. While this raises significant concerns about moral hazard it is not an unfamiliar role from an historical perspective