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New Book Reveals Recipe for Financial Reform

Apr 14-2022   



Those fascinated with China’s financial system now have a new book to savor. Understanding China’s Financial System – An Economic Analysis of the Reform Policy , by Prof. Huang Yiping and Associate Researcher Wang Xun, both of the NSD, has recently come off the press.

 

The tome, by systematically combing through the development and evolution of China’s financial system over its 40-plus-year reform and opening up, provides in-depth analysis of its operational features, demonstrates the historical rationality behind governmental interventions which have by and large promoted economic growth and financial stability. It also exposes the limitations of such interventions in current economic environment and offers predictions about future development. Moreover, the book delves into some issues of public concern and interest, such as the financial system’s weakening support to the real economy, small and micro-enterprises’ financing quagmires, and China’s digital finance’s leading role in the world. Policy advice is also laid out, in addition to analysis and outlook on the financial system in the future.

 

The most important lesson of China’s financial reform is pragmatism, which is rooted in practical considerations and oriented towards results, say the two authors. Such a tactic might not be theoretically optimal, but has been capable of producing fairly good outcomes. New issues might arise therein, calling for the need for continuation of reform, argue the authors.

 

Prof. Huang is the NSD’s Jin Guang Professor of Finance and Economics and its Associate Dean, as well as Director of the Institute of Digital Finance at PKU. Academically he focuses on macro policy and financial reform. Previously a member of the Central Bank’s monetary policy committee, he is actively involved in some national finance-related associations and forums and also works as the Editor-in-Chief of China Economic Journal.

 

Associate Researcher of the NSD, Wang Xun centers his research on macro-economy, financial reform and international finance. Previously he worked for IDCPC in economic research and undertook his post-doctoral research on financial reform at Stockholm School of Economics. He has published many papers in Chinese and English journals, including China Social Sciences and Oxford Bulletin of Economics and Statistics.

 

New Book Reveals Recipe for Financial Reform

Apr 14-2022   



Those fascinated with China’s financial system now have a new book to savor. Understanding China’s Financial System – An Economic Analysis of the Reform Policy , by Prof. Huang Yiping and Associate Researcher Wang Xun, both of the NSD, has recently come off the press.

 

The tome, by systematically combing through the development and evolution of China’s financial system over its 40-plus-year reform and opening up, provides in-depth analysis of its operational features, demonstrates the historical rationality behind governmental interventions which have by and large promoted economic growth and financial stability. It also exposes the limitations of such interventions in current economic environment and offers predictions about future development. Moreover, the book delves into some issues of public concern and interest, such as the financial system’s weakening support to the real economy, small and micro-enterprises’ financing quagmires, and China’s digital finance’s leading role in the world. Policy advice is also laid out, in addition to analysis and outlook on the financial system in the future.

 

The most important lesson of China’s financial reform is pragmatism, which is rooted in practical considerations and oriented towards results, say the two authors. Such a tactic might not be theoretically optimal, but has been capable of producing fairly good outcomes. New issues might arise therein, calling for the need for continuation of reform, argue the authors.

 

Prof. Huang is the NSD’s Jin Guang Professor of Finance and Economics and its Associate Dean, as well as Director of the Institute of Digital Finance at PKU. Academically he focuses on macro policy and financial reform. Previously a member of the Central Bank’s monetary policy committee, he is actively involved in some national finance-related associations and forums and also works as the Editor-in-Chief of China Economic Journal.

 

Associate Researcher of the NSD, Wang Xun centers his research on macro-economy, financial reform and international finance. Previously he worked for IDCPC in economic research and undertook his post-doctoral research on financial reform at Stockholm School of Economics. He has published many papers in Chinese and English journals, including China Social Sciences and Oxford Bulletin of Economics and Statistics.