Front Matter

Front Matter

Author(s):
David Burton, Wanda Tseng, Kalpana Kochhar, Hoe Khor, and Dubravko Mihaljek
Published Date:
September 1994
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    © 1994 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    Economic reform in China: a new phase / Wanda Tseng . . .[et al.].

    • p. cm.—(Occasional Papers (International Monetary Fund),

    • ISSN 0251-6365; 114)

    • Includes bibliographical references.

    • ISBN 1-55775-421-7

    • 1. China—Economic Policy—1976- 2. Foreign exchange—China.

    3. Monetary policy—China. 4. Fiscal policy—China. I. Tseng, Wanda. II. Series.

    HB427.92.E3697 1994

    338.951—dc20

    94-24943

    CIP

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    Contents

    The following symbols have been used throughout this paper:

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist.

    – between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

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

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    This Occasional Paper discusses China’s current reform program to transform its economy to a fully market-based system; the strategy for this new phase of reform was adopted during the Third Plenum of the Fourteenth Central Committee in November 1993. The paper is based largely on research papers prepared in connection with the 1993 Article IV consultation with China, updated to reflect developments through mid-1994.

    The authors would like express their appreciation for the assistance provided by the Chinese authorities during the consultation and subsequent discussions. They also wish to thank Yusuke Horiguchi for valuable comments and support and Douglas Scott for insightful views, especially on the foreign exchange balancing requirement of foreign-funded enterprises. The technical assistance work of colleagues in the Fiscal Affairs Department, Monetary and Exchange Affairs Department, and the Statistical Department of the IMF is also gratefully acknowledged. Anjali Kumar of the World Bank and Mingwei Yuan, a summer intern in 1993, contributed to the sections on the investment system and SOEs, and the empirical work on China’s import demand, respectively. Thanks are also due to Viola Chou for research assistance and Rosanne Heller for editorial assistance, and Prabha Job and Graciela Martin for secretarial assistance. Tom Walter of the External Relations Department edited the paper for publication and coordinated production.

    The opinions expressed in the paper are those of the authors and should not be construed as representing the views of the IMF, its Executive Directors or other IMF staff members, or the Chinese authorities.

    Glossary of Abbreviations

    ABC

    Agricultural Bank of China

    ADF

    augmented Dickey-Fuller test

    BOC

    Bank of China

    CCP

    Chinese Communist Party

    CFETS

    China Foreign Exchange Trading System

    CRS

    contract responsibility system

    CSRC

    China Securities Regulatory Commission

    FECs

    foreign exchange certificates

    FFEs

    foreign-funded enterprises

    FTCs

    foreign trade corporations

    GATT

    General Agreement on Tariffs and Trade

    ICBC

    Industrial and Commercial Bank of China

    ITICs

    international trust and investment companies

    MOFTEC

    Ministry of Foreign Trade and Economic Cooper

    NBFIs

    nonbank financial intermediaries

    NTS

    National Tax Service

    OLS

    ordinary least squares

    PBC

    People’s Bank of China

    PCBC

    People’s Construction Bank of China

    RCCs

    rural credit cooperatives

    SAEC

    State Administration of Exchange Control

    SDB

    State Development Bank

    SICs

    state industrial corporations

    SOEs

    state-owned enterprises

    SPC

    State Planning Commission

    STB

    State Tax Bureau

    TICs

    trust and investment companies

    UCCs

    urban credit cooperatives

    VAR

    vector autoregression

    VAT

    value-added tax

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