China's role in Asia and the world economy: fostering stability and growth

Contents......Page 6
Acknowledgements......Page 8
Notes on the Contributors......Page 9
Abbreviations......Page 15
Introduction......Page 18
Part I: Financial and Macroeconomic Reform in China......Page 26
1 What Has China Achieved So Far?......Page 28
2 Difficulties and Risks in China’s Economy......Page 32
3 The Reform Agenda......Page 38
4 Conclusion......Page 48
2 Comment on Gang Fan and Xiaojing Zhang Keun Lee......Page 50
3 Challenges in Macroeconomic Management for China’s New Leaders Wing Thye Woo......Page 52
1 China at the Beginning of 2003......Page 54
2 Import-Induced Unemployment......Page 60
3 WTO Membership and the Problems in the Banking System......Page 64
4 Difficulties in Fiscal Management......Page 67
5 The Benefits of WTO to Macroeconomic Management......Page 72
6 Macroeconomic and Social Instability from the State Enterprise Sector......Page 76
7 Final Remarks......Page 82
4 Comment on Wing Thye Woo Chang Kyu Lee......Page 86
The Fan and Zhang Paper......Page 88
The Woo Paper......Page 93
Part II: China’s Role in the Region and in the Global Financial System......Page 100
6 Chiang Mai and Beyond Yung Chul Park and Yunjong Wang......Page 102
1 Overview of the Chiang Mai Initiative (CMI)......Page 105
2 Creation of Monitoring and Surveillance System......Page 109
3 Barriers to Financial Cooperation and Integration......Page 112
4 Future Prospects......Page 120
7 Comment on Yung Chul Park and Yunjong Wang Charles Adams......Page 125
8 Global Capital Flows and the Position of China: Structural and Institutional Factors and their Implications Young Rok Cheong and Geng Xiao......Page 130
1 Global Capital Flows and the Position of China......Page 132
2 China’s Structural and Institutional Conditions for FDI......Page 140
3 Implications for the Rest of the World......Page 146
4 Conclusion......Page 155
9 Comment on Young Rok Cheong and Geng Xiao Li-Gang Liu......Page 193
The Park and Wang Paper......Page 199
The Cheong and Xiao Paper......Page 205
Part III Asian and Other Views on the Functioning of the Global Financial System......Page 212
11 An Asian View on the Global Financial System Xie Ping......Page 214
1 Cost-Benefit Analysis: What Is Asia’s Role Within International Financial Integration?......Page 215
2 Collective Action Versus Isolating Development: What Should Asia Do in the Global Financial System?......Page 223
3 Currency Stability Versus Financial Deepening: Which Goal is to Advance in the First 10 years of the 21st Century?......Page 227
4 Conclusion......Page 229
12 ‘Neo-Financial Dualism’ Hypothesis and Regional Cooperation in East Asia: Comment on Xie Ping - Zdenek Drábek......Page 235
1 Neo-Financial Dualism – What Is It and Is It Plausible?......Page 237
2 Implications for International Cooperation......Page 240
3 Issues for International Cooperation......Page 241
4 Regional or Multilateral Cooperation?......Page 243
13 The Role of the Financial Sector in Creating Growth and Stability: Lessons for China from Emerging Market Economies? Barbara Stallings......Page 248
1 Characteristics of the Chinese Financial Sector......Page 249
2 Financial Crisis and Government Response in Emerging Markets......Page 254
3 Beyond Crises: Finance for Development in Emerging Markets......Page 265
4 Lessons for China from Emerging Market Economies......Page 272
14 Korean and Chinese Finances: Comment on Barbara Stallings - Robert N. McCauley......Page 280
The Xie Ping Paper......Page 290
The Barbara Stallings Paper......Page 295
Part IV Future Challenges for China......Page 300
16 Financial Challenges in China - Xie Ping......Page 302
17 A Seven-Point Policy Proposal for Sequencing China’s Financial Liberalisation - Masaru Yoshitomi......Page 305
18 The Future Role of China Choong Young Ahn......Page 308
List of Participants......Page 313