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China's Digital Economy: Opportunities and Risks

China's Digital Economy: Opportunities and Risks »

Volume/Issue: 2019/16

Series: IMF Working Papers

Author(s): Longmei Zhang , and Sally Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2019

DOI: http://dx.doi.org/10.5089/9781484389706.001

ISBN: 9781484389706

Keywords: Asia and Pacific, Digital economy; Fintech; Productivity; Employment; Financial stability, Digital economy, Fintech, Productivity, Employment, Financial stability, Government Policy and Regulation, Macroeconomic Analyses of Economic Development, General

China's digital economy has expanded rapidly in recent years. While average digitalization of the economy remains lower than in advanced economies, digitalization is already high in certain regions and sectors, in...

China's High Savings: Drivers, Prospects, and Policies

China's High Savings: Drivers, Prospects, and Policies »

Volume/Issue: 2018/277

Series: IMF Working Papers

Author(s): Longmei Zhang , Ray Brooks , Ding Ding , Haiyan Ding , Hui He , Jing Lu , and Rui Mano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484388778.001

ISBN: 9781484388778

Keywords: Asia and Pacific, China, People's Republic of, China; Savings; Demographic Changes; Social Safety Net; Inequality; Housing; Projections, China, Savings, Demographic Changes, Social Safety Net, Inequality; Housing, Projections,

China's high national savings rate-one of the highest in the world-is at the heart of its external/internal imbalances. High savings finance elevated investment when held domestically, or lead to large external imb...

Transport Infrastructure, City Productivity Growth and Sectoral Reallocation: Evidence from China

Transport Infrastructure, City Productivity Growth and Sectoral Reallocation: Evidence from China »

Volume/Issue: 2018/276

Series: IMF Working Papers

Author(s): Yang Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484389584.001

ISBN: 9781484389584

Keywords: Transport infrastructure, trade, highway, productivity, China, Incidence

This paper examines the impact of highway expansion on aggregate productivity growth and sectoral reallocation between cities in China. To do so, I construct a unique dataset of bilateral transportation costs betwe...

The Long-Run Trend of Residential Investment in China

The Long-Run Trend of Residential Investment in China »

Volume/Issue: 2018/251

Series: IMF Working Papers

Author(s): Ding Ding , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

DOI: http://dx.doi.org/10.5089/9781484385371.001

ISBN: 9781484385371

Keywords: Asia and Pacific, China, People's Republic of, Central banks and their policies, China housing market, residential investment, rebalancing, Bayesian Analysis, Time-Series Models, Monetary Policy (Targets, Instruments

In this paper we analyze the fundamental drivers of China's residential investment as a share of its GDP. Our analysis indicates that the economic structural changes that led to rebalancing toward consumption were...

China's Monetary Policy Communication: Frameworks, Impact, and Recommendations

China's Monetary Policy Communication: Frameworks, Impact, and Recommendations »

Volume/Issue: 2018/244

Series: IMF Working Papers

Author(s): Michael McMahon , Alfred Schipke , and Xiang Li

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2018

DOI: http://dx.doi.org/10.5089/9781484385647.001

ISBN: 9781484385647

Keywords: Financial markets, Central banks and their policies, Asia and Pacific, Monetary policy, People’;s Bank of China, Communication, Central Bank, Monetary Policy Transmission, People&;amp;#x2019;s Bank of China, Monetary Policy (Targets

Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its...

The Future of Asian Finance

The Future of Asian Finance »

Series: Books

Author(s): Ratna Sahay , Cheng Lim , Chikahisa Sumi , James Walsh , and Jerald Schiff

Publisher: China Financial Publishing House (CFPH)

Publication Date: 04 October 2018

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504991973.071

ISBN: 9787504991973

Keywords: bond, markets, investment, market, financial crisis

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...

China's Capacity Reduction Reform and Its Impact on Producer Prices

China's Capacity Reduction Reform and Its Impact on Producer Prices »

Volume/Issue: 2018/216

Series: IMF Working Papers

Author(s): Linxi Chen , Ding Ding , and Rui Mano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484375914.001

ISBN: 9781484375914

Keywords: China, Asia and Pacific, capacity reduction, supply-side structural reforms, producer price index, Time-Series Models, Studies of Particular Policy Episodes

In late 2015, the Chinese authorities launched a policy to reduce capacity in the coal and steel industries under the wider effort of Supply-Side Structural Reforms. Around the same time, producer price inflation i...

China's Local Government Bond Market

China's Local Government Bond Market »

Volume/Issue: 2018/219

Series: IMF Working Papers

Author(s): W. Raphael Lam , and Jingsen Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378410.001

ISBN: 9781484378410

Keywords: Asia and Pacific, China; Local Government; Subnational fiscal balance; bond market, China, Local Government, Subnational fiscal balance, bond market, Other, General, State and Local Borrowing, Government Policy and Regulation

Local governments play a significant role in China's public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. Ho...

Sectoral Booms and Misallocation of Managerial Talent: Evidence from the Chinese Real Estate Boom

Sectoral Booms and Misallocation of Managerial Talent: Evidence from the Chinese Real Estate Boom »

Volume/Issue: 2018/221

Series: IMF Working Papers

Author(s): Yu Shi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378465.001

ISBN: 9781484378465

Keywords: Real estate boom, misallocation, aggregate productivity

This paper identifies a new mechanism leading to inefficiency in capital reallocation at the extensive margin when an economy experiences a sectoral boom. I argue that imperfections in the financial market and capi...

Demographics and Interest Rates in Asia

Demographics and Interest Rates in Asia »

Volume/Issue: 2018/172

Series: IMF Working Papers

Author(s): Serkan Arslanalp , Jaewoo Lee , and Umang Rawat

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2018

DOI: http://dx.doi.org/10.5089/9781484370308.001

ISBN: 9781484370308

Keywords: demographics, interest rates, capital account openness

Demographic developments have been regarded as one important cause of the long-term movement in global interest rates. This paper provides empirical evidence of the relationship between demographics and interest ra...