- Gyorgy Szapary, Steven Dunaway, David Burton, and Mario Bléjer
- Published Date:
- March 1991
© 1991 International Monetary Fund
Library of Congress Cataloging-in-Publication Data
China: economic reform and macroeconomic management / by Mario Blejer. . . [et al.]. p. cm. — (Occasional paper / International Monetary Fund; no. 76)
ISBN 1-55775-202-8: $10.00
1. China—Economic policy—1976– 2. Monetary policy— China. 3. Fiscal policy—China. I. Blejer, Mario I. II. Series: Occasional paper (International Monetary Fund): 76.
Price: US$10.00 (US$7.50 to full-time faculty members and students at universities and colleges)
Address orders to: External Relations Department, Publication Services International Monetary Fund, Washington, D.C. 20431, U.S.A. Tel: (202) 623-7430 Cable: Interfund Telefax: (202) 623-7201
- I. Introduction
- II. Overview of Reforms
- China’s Economy in Pre-Reform Period
- Objectives of and Approach to Reform
- Agricultural Reform
- Enterprise Reform
- Reform of the Price System
- Reform of the Wage System and the Labor Market
- Reform of External Policies
- Banking and Financial Market Reform
- III. Monetary and Fiscal Policies in Transition
- Appendix: Demand for Money
- 1. Monetary Survey, 1985–89
- 2. Operations of the People’s Bank of China, 1985–89
- 3. Velocity of Circulation, 1982–89
- 4. Government Revenue, 1978–89
- 5. International Comparison of Revenue
- 6. Government Expenditure, 1978–89
- 7. International Comparison of Expenditure
- 8. Budget Deficit and its Financing, 1979–88
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., 1990–91 or January-June to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1990/91) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
This Occasional Paper is based on research papers prepared during 1988–89 by the authors while members of the IMF staff’s China team. The research was carried out under the supervision of Gyorgy Szapary; the task of integrating the material into one paper was undertaken by David Burton. The authors would like to thank Martin Fetherston, Linda M. Koenig, and P.R. Narvekar for their valuable comments and support, and Jiming Ha for his collaboration on the estimation of the demand for money. Thanks are also due to Natalie Hairfield for research assistance, David Driscoll for editorial assistance, and Florence Lee and Marie-Louise Kime for secretarial support.
The opinions expressed in the paper are those of the authors alone and should not be construed as representing the views of Executive Directors of the IMF or other IMF staff.
It should be noted that the term “country” used in this document 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.