Description
This book examines China窶冱 response to the Asian financial crisis of 1997, both in its immediate aftermath and in the years since. The crisis caused turmoil throughout Asia窶冱 economies, and precipitated wholesale reform of economic and financial policies and institutions across the region. As one of Asia窶冱 largest economies, China responded to the crisis more successfully than many others, avoiding devaluation of its currency, whilst undertaking financial reform, restructuring state-owned enterprises, rural development, and social security systems. This book considers all of these issues, showing how the lessons drawn from the crisis have helped shape China窶冱 policies of liberalisation and market-orientated reform, including its attitude towards globalisation and the outside world in general. Based on research conducted by the China Development Research Foundation, one of China窶冱 leading think-tanks, this book includes contributions from senior policy makers in the Chinese government and some experts participating directly in the government窶冱 policy-making process to assess the effects generated by the country窶冱 related policies, making it an indispensable account of China窶冱 own thinking on its response to the financial crisis.
Table of Contents
Part 1: China窶冱 Macroeconomic Management after the Asian Financial Crisis 1. From Overcoming Deflation to Preventing Inflation Liu He 2. From Proactive to Sound Fiscal Policy: An Improvement to China窶冱 Public Finance System Jia Kang 3. Renminbi Exchange Rates and Relevant Institutional Factors Yi Gang 4. China窶冱 Policy of Opening Up in the Decade After the Asian Financial Crisis Long Guoqiang Part 2: China窶冱 Financial System and Reform of State-owned Enterprises after the Asian Financial Crisis 5. Reform of State-owned Commercial Banks: From Disposing of Non-performing Assets to Institutional Reform Liu Chunhang 6. System Reform of China窶冱 Capital Market Qi Bin and Huang Ming 7. Reform of State-owned Enterprises: A Three-Year Disconnect from Difficulties Leads to System Innovation Zhang Delin 8. China窶冱 Rural Reform and Development after the Asian Financial Crisis Han Jun Part 3: Restructuring China窶冱 Social Welfare System 9. Proactive Employment Policy and Labour Market Development Cai Fang & Wang Meiyan 10. Social Security Policy Wang Yanzhong 11. Reform and Development of the Public Health System Zhang Zhenzhong and Wu Huazhang 12. Educational Policies: From Expansion and Equity to Quality Zhang Li Part 4: Reflections on the Asian Financial Crisis and China窶冱 Opening up to the Outside 13. The 1997 Asian Financial Crisis: Review and Reflections Bai Chong-En 14. China in the Realm of the World Economy Li Daokui
