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The People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the role of interest rates in its conduct. We advocate adoption of an eclectic strategy involving the monitoring of several indicators, and of a short-term interest rate as the operational target. The PBC should be granted discretion to change its policy rate, and there are no technical obstacles for such a move to occur in the near future.

Demand for money -- China. --- Finance -- China. --- Monetary policy -- China -- Econometric models. --- Monetary policy -- China. --- Banks and Banking --- Finance: General --- Inflation --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Deflation --- Banking --- Monetary economics --- Finance --- Macroeconomics --- Money markets --- Monetary base --- Bank credit --- Banks and banking --- Money market --- Money supply --- Prices --- Credit --- China, People's Republic of --- Monetary policy. --- Money. --- Multiplier (Economics) --- Zhongguo ren min yin hang.

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As China's economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives will become increasingly important. Employing modern principles of monetary policy in light of the current state of China's financial institutions, we motivate and present a package of proposals to guide the operation of a new monetary policy regime. Specifically, we recommend an explicit low long-run inflation objective, operational independence for the People's Bank of China (PBC) with formal strategic guidance from the government, and a minimal set of financial sector reforms (to make the Chinese banking system robust against interest rate fluctuations). We argue that anchoring monetary policy with an explicit inflation objective would be the most reliable way for the PBC to tie down inflation expectations, and thereby enable monetary policy to make the best contribution to macroeconomic and financial stability, as well as economic growth. The management and monitoring of money (and credit) growth by the PBC would continue to play a useful role in the stabilization of inflation, but a money target would not constitute a good stand-alone nominal anchor.

China -- Economic conditions. --- Electronic books. -- local. --- Monetary policy -- China. --- Finance --- Business & Economics --- Banking --- Monetary policy --- China --- Economic conditions. --- Banks and Banking --- Inflation --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Monetary Policy --- Macroeconomics --- Monetary economics --- Commercial banks --- Inflation targeting --- Monetary policy frameworks --- Banks and banking --- Prices --- China, People's Republic of

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This edited volume expands the scope of risk management beyond finance to include resources and environment issues in China. It presents the state-of-the-art approaches of using risk management to effectively manage resources and environment. Both case studies and theoretical methodologies are discussed.

Corporations -- Finance -- China. --- Finance -- China. --- Investments, Foreign -- Law and legislation -- China. --- Monetary policy -- China. --- Public welfare -- China. --- Risk management -- China. --- Risk management --- Natural resources --- Economic development --- Environmental management --- Environmental risk assessment --- Management --- Business & Economics --- Management Theory --- Management Styles & Communication --- Environmental stewardship --- Stewardship, Environmental --- Business. --- Operations research. --- Decision making. --- Environmental economics. --- Business and Management. --- Operation Research/Decision Theory. --- Environmental Economics. --- Risk assessment --- Precautionary principle --- Environmental sciences --- Operations Research/Decision Theory. --- Economics --- Environmental quality --- Operational analysis --- Operational research --- Industrial engineering --- Management science --- Research --- System theory --- Environmental aspects --- Economic aspects --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management decisions --- Choice (Psychology) --- Problem solving --- Decision making

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China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.

Finance -- China. --- Interest rates -- China. --- Monetary policy -- China. --- Finance --- Business & Economics --- Money --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Real Estate --- Demand for Money --- Financial Markets and the Macroeconomy --- Monetary Policy --- International Financial Markets --- Personal Income, Wealth, and Their Distributions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Housing Supply and Markets --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Banking --- Property & real estate --- Demand for money --- Personal income --- Velocity of money --- Housing prices --- National accounts --- Prices --- Monetary base --- Income --- Banks and banking --- Housing --- Money supply --- China, People's Republic of

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China's economic performance hs been remarkable since the the reform process began 15 years ago. Notwithstanding the achievements that have been made, a number of serious problems remain. This papers discusses the current reform program and the effors being made to overcome the structural impediments to growth.

International finance --- Economic policy and planning (general) --- China --- Foreign exchange --- Monetary policy --- Fiscal policy --- Economic policy --- reforme economique --- politique economique --- -Monetary policy --- -politique monetaire --- -politique fiscale --- commerce exterieur --- chine --- 330.05 --- 338.951 --- Tax policy --- Taxation --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- economische hervorming --- economisch beleid --- monetair beleid --- fiscaal beleid --- buitenlandse handel --- china --- Government policy --- -S10/0251 --- -Fiscal policy --- -338.24 <510> --- 338 --- (510) --- $?$95/01 --- CN / China - Chine --- 331.31 --- 336.61 --- 333.820 --- 330.548 --- 330.540 --- 331.32 --- China: Economics, industry and commerce--General works and economic history: since 1989 --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--?<510> --- Economisch beleid. --- Financieel beleid. --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Nationalisatie. Privatiseringen. --- Socialistische stelsels: algemeenheden. --- Structuur van de economie. --- -Working papers --- S10/0251 --- 338.24 <510> Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--?<510> --- -International finance --- Cina --- Kinë --- Cathay --- Chinese National Government --- Chung-kuo kuo min cheng fu --- Republic of China (1912-1949) --- Kuo min cheng fu (China : 1912-1949) --- Chung-hua min kuo (1912-1949) --- Kina (China) --- National Government (1912-1949) --- China (Republic : 1912-1949) --- People's Republic of China --- Chinese People's Republic --- Chung-hua jen min kung ho kuo --- Central People's Government of Communist China --- Chung yang jen min cheng fu --- Chung-hua chung yang jen min kung ho kuo --- Central Government of the People's Republic of China --- Zhonghua Renmin Gongheguo --- Zhong hua ren min gong he guo --- Kitaĭskai︠a︡ Narodnai︠a︡ Respublika --- Činská lidová republika --- RRT --- Republik Rakjat Tiongkok --- KNR --- Kytaĭsʹka Narodna Respublika --- Jumhūriyat al-Ṣīn al-Shaʻbīyah --- RRC --- Kitaĭ --- Kínai Népköztársaság --- Chūka Jinmin Kyōwakoku --- Erets Sin --- Sin --- Sāthāranarat Prachāchon Čhīn --- P.R. China --- PR China --- Chung-kuo --- Zhongguo --- Zhonghuaminguo (1912-1949) --- Zhong guo --- Chine --- République Populaire de Chine --- República Popular China --- Catay --- VR China --- VRChina --- 中國 --- 中国 --- 中华人民共和国 --- Jhongguó --- Bu̇gu̇de Nayiramdaxu Dundadu Arad Ulus --- Bu̇gu̇de Nayiramdaqu Dumdadu Arad Ulus --- Bu̇gd Naĭramdakh Dundad Ard Uls --- Khi︠a︡tad --- Kitad --- Dumdadu Ulus --- Dumdad Uls --- Думдад Улс --- Kitajska --- 338.24 <510> --- Socialistische stelsels: algemeenheden --- Nationalisatie. Privatiseringen --- Economisch beleid --- Structuur van de economie --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Financieel beleid --- Working papers --- politique fiscale --- politique monetaire --- Foreign exchange - China. --- Monetary policy - China. --- Fiscal policy - China. --- China - Economic policy - 1976 --- -Foreign exchange --- Banks and Banking --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Macroeconomics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- Public finance & taxation --- Monetary economics --- Currency --- Banking --- International economics --- Income and capital gains taxes --- Income tax systems --- Personal income --- Taxes --- National accounts --- Credit --- Money --- Income tax --- Banks and banking --- Revenue --- China, People's Republic of