Asia

Publication cover

 

Series: Books
Author(s): W. Raphael Lam, Markus Rodlauer, and Alfred Schipke
Publisher: INTERNATIONAL MONETARY FUND
Published Date: January 2017
DOI: http://dx.doi.org/10.5089/9781513539942.071
ISBN: 9781513539942
China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively-not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country's transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization.

 

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Publication cover

 

Series: Books
Author(s): Ratna Sahay, Cheng Lim, Chikahisa Sumi, James Walsh, and Jerald Schiff
Publisher: INTERNATIONAL MONETARY FUND
Published Date: August 2015
DOI: http://dx.doi.org/10.5089/9781498317191.071
ISBN: 9781498317191
Asia's financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region's economies, including demographics and aging, the need to diversify from bank-dominated systems, urbanization and infrastructure, and the rebalancing of economic activity. This book takes stock of how systems in Asia's advanced and emerging market economies compare with the rest of the world and how reforms to develop equity and bond markets have progressed. It then looks forward at how Asian financial systems will evolve in complexity and interconnectedness and what this means for the regional financial centers of Hong Kong SAR and Singapore. Finally, it looks at how the region's demographic dividend can be harnessed to finance infrastructure, the state of economic and financial integration in ASEAN, the role of capital flows, and how changes to global regulatory regimes will affect Asian financial systems.

 

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