China in the Wake of Asia's Financial Crisis (Routledge Studies on the Chinese Economy)

This Book Examines China's Response To The Asian Financial Crisis Of 1997, Both In Its Immediate Aftermath And In The Years Since. The Crisis Caused Turmoil Throughout Asia's Economies, And Precipitated Wholesale Reform Of Economic And Financial Policies And Institutions Across The Region. As One Of Asia's Largest Economies, China Responded To The Crisis More Successfully Than Many Others, Avoiding Devaluation Of Its Currency, Whilst Undertaking Financial Reform, Restructuring State-owned Enterprises, Rural Development, And Social Security Systems. This Book Considers All Of These Issues, Showing How The Lessons Drawn From The Crisis Have Helped Shape China's Policies Of Liberalisation And Market-orientated Reform, Including Its Attitude Towards Globalisation And The Outside World In General. Based On Research Conducted By The China Development Research Foundation, One Of China's Leading Think-tanks, This Book Includes Contributions From Senior Policy Makers In The Chinese Government And Some Experts Participating Directly In The Government's Policy-making Process To Assess The Effects Generated By The Country's Related Policies, Making It An Indispensable Account Of China's Own Thinking On Its Response To The Financial Crisis.--publisher's Website. Introduction -- From Overcoming Deflation To Preventing Inflation -- From Proactive To Sound Fiscal Policy: An Improvement To China's Public Finance System -- Renminbi Exchange Rates And Relevant Institutional Factors -- China's Policy Of Opening Up In The Decade After The Asian Financial Crisis -- Reform Of State-owned Commercial Banks: From Disposing Of Non-peforming Assets To Institutional Reform -- System Reform Of China's Capital Market -- Reform Of State-owned Enterprises: A Three-year Disconnect From Difficulties Leads To System Innovation -- China's Rural Reform And Development After The Asian Financial Crisis -- Proactive Employment Policy And Labor Market Development -- Social Security Policy -- Reform And Development Of The Public Health System -- Educational Policies: From Expansion And Equity To Quality -- The 1997 Asian Financial Crisis: Review And Reflections -- China In The Realm Of The World Economy. Edited By Wang Mengkui. Includes Bibliographical References And Index. Book Cover......Page 1 Title......Page 6 Copyright......Page 7 Contents......Page 8 Tables and figures......Page 10 Contributors......Page 12 Foreword......Page 14 Introduction......Page 16 Part I China’s macroeconomic management after the Asian financial crisis......Page 20 1 From overcoming deflation to preventing inflation......Page 22 2 From proactive to sound fiscal policy: An improvement to China’s public finance system......Page 37 3 Renminbi exchange rates and relevant institutional factors......Page 74 4 China’s policy of opening up in the decade after the Asian financial crisis......Page 83 Part II China’s financial system and reform of state-owned enterprises after the Asian financial crisis......Page 98 5 Reform of state-owned commercial banks: From disposing of non-performing assets to institutional reform......Page 99 6 System reform of China’s capital market......Page 113 7 Reform of state-owned enterprises: A three-year disconnect from difficulties leads to system innovation......Page 154 8 China’s rural reform and development after the Asian financial crisis......Page 178 Part III Restructuring China’s social welfare system......Page 192 9 Proactive employment policy and labor market development......Page 193 10 Social security policy......Page 211 11 Reform and development of the public health system......Page 234 12 Educational policies: From expansion and equity to quality......Page 258 Part IV Reflections on the Asian financial crisis and China’s opening up to the outside world......Page 280 13 The 1997 Asian financial crisis: Review and refl ections......Page 281 14 China in the realm of the world economy......Page 296 Index......Page 315

This book examines China’s response to the Asian financial crisis of 1997, both in its immediate aftermath and in the years since. The crisis caused turmoil throughout Asia’s economies, and precipitated wholesale reform of economic and financial policies and institutions across the region. As one of Asia’s largest economies, China responded to the crisis more successfully than many others, avoiding devaluation of its currency, whilst undertaking financial reform, restructuring state-owned enterprises, rural development, and social security systems. This book considers all of these issues, showing how the lessons drawn from the crisis have helped shape China’s policies of liberalisation and market-orientated reform, including its attitude towards globalisation and the outside world in general. Based on research conducted by the China Development Research Foundation, one of China’s leading think-tanks, this book includes contributions from senior policy makers in the Chinese government and some experts participating directly in the government’s policy-making process to assess the effects generated by the country’s related policies, making it an indispensable account of China’s own thinking on its response to the financial crisis.