Front Matter

Front Matter

Author(s):
Wanda Tseng, and Markus Rodlauer
Published Date:
February 2003
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    Original calligraphy on the cover, by Jieyan Yin, represents the Chinese character for dragon.

    © 2003 International Monetary Fund

    Cover design: Lai Oy Louie

    Typesetting: Choon Lee

    Library of Congress Cataloging-in-Publication Data

    China, competing in the global economy: edited by Wanda Tseng and Markus Rodlauer.

    p. cm.

    Includes bibliographical references.

    ISBN 9781589061781

    1. China—Economic policy—2000–. 2. China—China—Economic policy—1976–2000. 3. Competition, International.

    I. Tseng, Wanda. II. Rodlauer, Markus.

    HG427.95.C437 2002

    338.951—dc21 2002038867

    Price: $26.00

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel.: (202) 623-7430 Telefax: (202) 623-7201

    E-mail: publications@imf.org

    Internet: http://www.imf.org

    Foreword

    China’s economic performance in recent years has been impressive by most standards. The country was able to weather the storm of the Asian crisis relatively unscathed and has sustained rapid growth in the face of last year’s global downturn. These achievements have added to the visible success of economic transformation that two decades of market-oriented reforms have brought to China, including large gains in income per capita, the creation of a vibrant nonstate sector, and major inroads into poverty. One of the key driving forces of this growth and transformation has been the progressive opening up of the economy to foreign competition and investment, culminating in China’s recent accession to the World Trade Organization (WTO).

    At the same time, analysts point to problems in state-owned banks and enterprises, medium-term fiscal pressures, growing unemployment and income disparities, and weak governance. How will China be able to compete successfully in the global economy with these problems weighing on its economy, especially as WTO accession has set the stage for a further and decisive round of opening up?

    The key task facing policymakers in China today is thus to push ahead with the unfinished reform agenda, to ensure sustained rapid growth and social stability, and to prepare the economy for increased global competition resulting from WTO accession. This book looks at those challenges and China’s efforts to meet them, issues that have been at the center of the IMF staff’s work on China in recent years.

    The book brings together material and analysis prepared during 2000–01 by IMF staff working on China under the direction of Wanda Tseng. The team of authors was led by Markus Rodlauer and David Robinson and included Thomas Dorsey, Jahangir Aziz, Paul Heytens, Christoph Duenwald, Paul Gruenwald, Thomas Richardson, Raju Singh, George Tsibouris, Harm Zebregs, James Daniel, Cem Karacadag, Nicolas Blancher, and Yongzheng Yang.

    Yusuke Horiguchi

    Director

    Asia and Pacific Department

    Acknowledgments

    The authors acknowledge the valuable input and comments provided by many present and former colleagues at the IMF, including John Anderson, Ray Brooks, James Gordon, Aasim Husain, Russell Krelove, Bernard Laurens, Doug Laxton, Jun Ma, Ichiro Otani, and Sunil Sharma. Special thanks are due to Tarhan Feyzioğlu who saw to the completion of the book. The IMF staff’s work on China has also benefited greatly from collaboration with our colleagues at the World Bank, in particular Deepak Bhattasali and Albert Keidel. Jieyan Yin of the Bank of Communications in China provided the elegant calligraphic work for the cover of the book. Anna Maripuu and Bin Zhang provided excellent research assistance, and we are indebted to Pihuan Cormier, Abdul Majeed Mahar, and Lakshmi Sahasranam for assisting with numerous drafts. The authors are also grateful to Michael Treadway, who edited the book, and Gail Berre of the External Relations Department, who coordinated its production.

    The opinions expressed here, as well as any errors, are the sole responsibility of the authors and do not necessarily reflect the views of the Chinese authorities, the Executive Directors of the IMF, or other members of the IMF staff.

    Contents

    The following conventions are used in this volume:

    … to indicate that data are not available or not applicable;

    — to indicate that the figure is zero or less than half the final digit shown;

    – between years or months (for example, 2001–02 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years or months (for example, 1991/92) to indicate a fiscal or financial year.

    “Billion” means a thousand million; “trillion” means a thousand billion.

    “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    Minor discrepancies between constituent figures and totals are due to rounding.

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