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Table of Content 期刊目录
Proactively and steadily advancing China’s financial openingYiping Huang
Pages: 1-13
China and the current international strategic environment
Yuyan Zhang, Weijiang Feng & Wei Liu
Pages: 14-24
The development of China’s financial system: a global perspective
Zhu Min, Chen Weidong, Zhou Jingtong, Gai Xinzhe & Xiong Qiyue
Pages: 25-43
The further opening up of China’s financial sector
Jun Zhu, Kai Guo, Ming Ai, Yue Zhao & Xuefei Bai
Pages: 44-52
Towards a floating RMB exchange rate regime
Zhang Bin
Pages: 53-60
Management of China’s cross-border capital flows
Guan Tao
Pages: 61-70
Promoting China’s financial market reform and innovation with opening-up policies
Zhong Xu, Yingwei Tang & Yuanyuan Cao
Pages: 71-80
Building China’s framework for overseas investment and financing cooperation
Jun Zhu, Kai Guo, Ming Ai, Xuefei Bai & Yue Zhao
Pages: 81-89
Article Abstract 文章摘要
Proactively and steadily advancing China’s financial openingYiping Huang
Pages: 1-13
Abstract: Should China continue to open its financial system? Our answer to this question is positive since financial opening is necessary for supporting economic innovation, containing financial risks and participating in international economic governance. However, the needs some new ideas in devising next-stage financial opening policies including replacing the experimental approach by more systemic method and top-level design, combining ‘using reform to assist opening’ and ‘promoting reform through opening’, and taking into full account of the spillover effects of Chinese financial policies. Finally, we make policy recommendations in seven key areas, including enforcing better policy coordination, devising macro-prudential regulations, increasing exchange rate flexibility, opening the domestic financial markets, relaxing restrictions on businesses of foreign financial institutions, improving external financing cooperation and adopting prudent cross-border capital flow management.
Link to the original text:
https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1412101
China and the current international strategic environment
Yuyan Zhang, Weijiang Feng & Wei Liu
Pages: 14-24
Abstract: This report argues that the current international strategic environment is beneficial for the continuation of China’s modernisation process. In terms of peace, although world peace can be maintained, international security threats have become diverse and complex. In terms of development, traditional development models face increasing challenges. Green, inclusive, and sustainable development paths are urgently needed. In terms of governance, institutions of global governance are incapable of adapting to constant change, which calls for substantial reform of the existing system. Therefore, China is currently evolving towards actively taking initiative in the creation of endogenous strategic opportunities, instead of passively relying on exogenous opportunities. China should explore more inclusive means of development and promote a new model of international coordination to create a free, open and inclusive international order that serves the common interests of the international society.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1415792
The development of China’s financial system: a global perspective
Zhu Min, Chen Weidong, Zhou Jingtong, Gai Xinzhe & Xiong Qiyue
Pages: 25-43
Abstract: China’s financial sector has undergone remarkable changes since the implementation of the reform and opening-up policy. China’s finance sector is playing a more and more important role in the world’s financial system: once a ‘support act’, China has now taken to the international stage as a leading figure. The development of China’s financial sector is prominent worldwide with financial institutions increasing dramatically in both number and variety, and the scale of financial assets expanding at an astounding rate. Globally, China’s banking sector ranks largest in size, the market value of the stock market second, and the balance value of the bond market and the premium revenue of the insurance industry third. China has become one of the leading countries in the development of the financial market.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1411057?src=recsys
The further opening up of China’s financial sector
Jun Zhu, Kai Guo, Ming Ai, Yue Zhao & Xuefei Bai
Pages: 44-52
Abstract: Since the introduction of reform and opening-up policies, China has made great progress through a continued focus on the ‘troika’, the opening up of the financial sector, a market-oriented exchange rate regime, and the relaxation of foreign exchange regulation. In spite of this progress, the relative openness of China’s financial sector remains fairly low. Foreign financial institutions have a relatively small market share in China and still face restrictions regarding ownership and scope of business, the breadth and depth of financial market is to be further developed, and institutional environment requires further improvements in areas such as accounting, auditing, and taxation. In this next phase of development, China should continue to pursue coordinated progress in the ‘troika’, further open up financial sector through adopting Pre-establishment National Treatment (PENT) and a negative list, and step up risk prevention in the meantime.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1416770
Towards a floating RMB exchange rate regime
Zhang Bin
Pages: 53-60
Abstract: The main challenge of China’s current exchange rate regime is that with large and frequent interventions, the RMB exchange rate cannot adequately respond to the changes in economic fundamentals. This will lead to unilateral exchange rate expectations and large-scale capital inflows or outflows. In addition, large and frequent foreign exchange market interventions have a negative impact on economic structural optimisation, RMB internationalisation, and foreign investment. Two strategies can be used to introduce a floating exchange rate system: one is a free-floating exchange rate, and the other is wide range fluctuation against a basket of currencies. The latter is a transitional option before introduction of the former: a free-floating exchange rate.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1411070
Management of China’s cross-border capital flows
Guan Tao
Pages: 61-70
Abstract: Since the turn of the century, especially since the global fiscal crisis in 2008, China’s process of capital account opening and RMB internationalization has begun to accelerate, and financial openness has improved significantly. However, due to the pressure of large-scale capital outflow over the last two years, the government has adopted a policy combination of exchange rate management, market intervention, and capital flow management. The liberalization and management of cross-border capital flow are closely linked. Based on current trends of China’s cross-border capital flows management, macro-management and micro-regulation should be distinguished in the future to construct a dual-pillar framework. In addition, cross-border capital flows management, especially capital controls, should be temporary measures. If used reasonably, they can buy some time for other reforms and adjustments.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1411072
Promoting China’s financial market reform and innovation with opening-up policies
Zhong Xu, Yingwei Tang & Yuanyuan Cao
Pages: 71-80
Abstract: Market-oriented development philosophy and international financial market practices are key drivers for the prosperity of China’s financial market. Now China’s financial market has evolvedto a vast market that global investors cannot ignore.Compared to international developed markets, openness of China’s financial market is lack of coordination among sub-markets as well as absence of a harmonized means of opening-up. In foreseeable future, promoting development of the China’s financial market with opening-up policies will be a necessity for strengthening China’s competitiveness in the international market. China must take initiatives, adopt an inclusive and cooperative attitude to financialaffairs, and adjust its self-focused strategy of opening up. By adapting to international conventions and the best practices, China will gradually play acentral role in the international financial architecture, leading to an improved pattern of domestic reform and opening-up.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1412103?src=recsys
Building China’s framework for overseas investment and financing cooperation
Jun Zhu, Kai Guo, Ming Ai, Xuefei Bai & Yue Zhao
Pages: 81-89
Abstract: In recent years, China’s overseas investment and construction projects have been developing rapidly. In the meantime, financing demand in developing and emerging economies for projects such as infrastructural and industrial development has soared. This paper assesses the status quo of China’s cooperation in overseas investment and financing, recommends that China should promote investment and financing cooperation under the leading principles of market-orientated operation and primary role of enterprises, and clarify the due positions of market, government, and international institutions. This paper presents the following policy recommendations: (1) Promoting the development financing; (2) Further improving China’s export credit mechanism, to provide investment and financing support for Chinese enterprises in overseas ventures; (3) Improving the network of Chinese financial institutions and the coverage of financial services; (4) Encouraging host countries, multilateral development banks, capital markets of developed economies, and international financial centers to perform due functions in overseas investment and financing cooperation; and (5) Appropriately using a variety of investment and financing methods, including equity investment.
Link to the original text:
https://www.tandfonline.com/doi/full/10.1080/17538963.2018.1416775
