China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s macroeconomy and economic structure. It also surveys the main policy challenges that will need to be addressed for China to maintain sustained high growth and continued global integration.
Many factors appear to underlie the increasing willingness of governments to adopt restrictive trade measures, even while reiterating their basic commitment to an open and liberal trading system. The survey in the preceding section leads to the conclusion that the issue is complex, that a multiplicity of factors—economic and social—are at work, and that explanation must be sought in terms of the interaction of these factors.
International Monetary Fund. External Relations Dept.
This paper presents a review of the principal issues emerging from an IMF Conference held in March 1983. The special drawing right has been conceived in the 1960s and has been formally provided in the first amendment to the Articles of Agreement of the IMF, which took effect in 1969. Upon the abandonment of the Bretton Woods system of fixed exchange rates and the coming of freedom for the IMF members to adopt the exchange arrangements of their choice, a lack of discipline has been felt in the international monetary system.