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People’s Republic of China: Staff Report for the 2018 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
July 2018
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Fund Relations

(As of May 31st, 2018)

Membership Status: Joined 12/27/45; Article VIII (December 1, 1996)

General Resources Account:

SDR Million% Quota
Quota30,482.9100.0
Fund holdings of currency26,851.588.1
Reserve position in Fund3,631.411.9
Lending to the Fund
New Arrangements to Borrow1,649.0

SDR Department:

SDR Million% Allocation
Net cumulative allocation6,989.7100.0
Holdings7,680.2109.9

Outstanding Purchases and Loans: None

Financial Arrangements:

TypeApproval DateExpiration DateAmount Approved (SDR million)Amount Drawn (SDR million)
Stand-by11/12/8611/11/87597.73597.73
Stand-by03/02/8112/31/81450.00450.00

Projected Payments to Fund (SDR million; based on existing use of resources and present holdings of SDRs):

Forthcoming
20162017201820192020
Principal0.000.000.000.00
Charges/interest0.210.210.210.21
Total0.210.210.210.21

Exchange Arrangements:

China’s de facto exchange rate regime has been classified as crawl-like against the basket of currencies in the CFETS index since June 1, 2017. The previous classification was stablized. The de jure exchange rate arrangement is managed floating with a view to keeping the RMB exchange rate stable at an adaptive and equilibrium level based on market supply and demand with reference to a basket of currencies to preserve the stability of the Chinese economy and financial markets. The floating band of the RMB’s trading prices is 2% against the U.S. dollar in the interbank foreign exchange market: on each business day, the trading prices of the RMB against the U.S. dollar in the market may fluctuate within a band of ±2% around the midrate released that day by China’s Foreign Exchange Trading System (CFETS). The People’s Bank of China (PBC) indicated that the RMB’s floating range would be changed in an orderly manner, based on the developments of the foreign exchange market and economic and financial situation. Within the trading band, banks may determine their RMB exchange rates to the U.S. dollar with their clients without any limit on the spread, based on market supply and demand (PBC No. 2014/188). On August 11, 2015, the PBC decided to further increase the flexibility of the RMB-to-USD exchange rate midrate quoting mechanism, thereby enhancing the market determination of RMB exchange rates, and giving market supply and demand an even greater role in exchange rate formation.

The CFETS publishes its exchange rate index (composed of 24 currencies since January 1, 2017, previously, 13 currencies), and other RMB indices based on the Bank for International Settlements (BIS) currency basket and the SDR currency basket.

China accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Fund’s Articles of Agreement on December 1, 1996. China maintains an exchange system free of multiple currency practices and restrictions on payments and transfers for current international transactions. However, China has notified measures to the Fund, pursuant to procedures under the Executive Board Decision 144 (52/51), which apply to measures imposed solely for national or international security reasons.

While exchange controls continue to apply to most capital transactions, the use of renminbi in international transactions has expanded over time. Effective October 1, 2016, the RMB was determined to be a freely usable currency and was included in the SDR basket as a fifth currency, along with the U.S. dollar, the euro, Japanese yen, and the British pound.

Article IV Consultation:

China is on the standard 12-month consultation cycle. The 2017 Article IV mission was concluded onJune 14, 2017 and the staff report was published on August 15, 2017.

Technical Assistance:

Technical assistance provided from 2001 through June 2018 is summarized in Annex V.

Resident Representative:

The resident representative office in Beijing was opened in October 1991. Mr. Alfred Schipke is the Senior Resident Representative and Ms. Longmei Zhang is the Deputy Resident Representative.

World Bank-IMF Collaboration

(As of June 1, 2018)

1. The IMF China Resident Representatives held discussions with the World Bank team inMay 2018 to exchange views on key areas of reform to ensure sustainable medium-term growth in China, minimize risks, and improve the inclusiveness of growth. The teams discussed their agendas for 2018–2019. The last such meeting was held during June 2017 in Beijing.

2. The teams agreed the focus of reform in China should be on shifting from quantity to quality of growth, along the line of the 19th Party Congress report. Reforms should aim at unwinding past buildup of risks stemming from rapid credit growth, complex intra-financial sector claims, and quasi-fiscal spending, and move the economy to a more inclusive, environment-friendly, and sustainable growth path. Giving the market a more decisive role, eliminating distortions, and modernizing policy frameworks will result in a more efficient use of resources, faster productivity growth, and rising living standards across the income spectrum.

3. Based on this assessment, teams identified the following reform areas as macro-critical:

  • Financial sector reforms. Further progress in financial sector reform is central to containing risks and boosting growth by facilitating better allocation of resources. Widespread implicit guarantees distort the pricing of risk, resulting in misallocation of credit and inefficient investment. Intra-financial sector credits have become large and complex, posing risks to financial stability. Key measures in this area include tightening regulation, including the recently issued asset management product rules and liquidity rules, hardening budget constraint, enhanced debt restructuring to facility the resolution of underperforming loans, as well as better cooperation and coordination among different regulators under the guidance of the newly established Financial Stability and Development Committee. of the financial system.
  • Fiscal reforms. Off-budget spending, in infrastructure but also in other areas, undertaken by local government-owned entities have led to a significant buildup of debt. The new budget law aims to bring these projects on-budget and strengthen control over public financial management. Implementation has been difficult, but the government has been renewing efforts since late 2016. The central government needs to provide consistent signals on the importance of budget reform implementation, which should moderate growth in public investment financed at the local level. Improving the fiscal framework is a priority for the medium term, including strengthening budget processes, data transparency, local government finances, and medium-term fiscal planning. Tax reforms should continue to modernize the current tax system and make it more progressive (e.g., relying more on direct taxes). Aligning central and local government finances—establishing a regime that matches revenues to spending responsibilities—will be key.
  • Reform of the social security system. Further strengthening the pension and health insurance systems—including by improving adequacy and expanding coverage—would have macro-benefits such as reducing precautionary household savings, but would need to be done with a careful eye to fiscal sustainability. It is crucial to improve benefit portability within and across provinces and economic sectors. Reforms should be done in a way that ensures the sustainability of the social security system, including through parametric changes (such as increasing retirement age, indexation, and so on), transferring a portion of state-owned capital into the social security fund, and structural reforms to the pension system (such as introducing the NDC approach, deepening the alignment of civil service and PSU pension schemes with the urban worker scheme, upgrading the pooling level, developing the medium and long term financing strategy, including for financing legacy costs outside the pension system), and strengthening the budget processes and administration for social security funds.
  • SOE reform. Reforms include advancing on debt restructuring given the central role of SOEs in corporate debt vulnerabilities and in overcapacity sectors. Hardening budget constraints would help properly price finance and other factor inputs, which could be facilitated by adequate dividend payments to the budget and phasing out the social functions of SOEs. Opening up the service sector to full and fair competition activities currently reserved to SOEs will also be critical for generating the productivity gains necessary to fuel growth.
  • Governance and regulatory reforms. This includes additional measures to align the coordination and incentives of governing and regulatory bodies toward empowering markets to support sustainable growth, including entry/exit of firms, competition policy, resolution of insolvencies, intellectual property rights (IPR), and adjustments in public sector cadre evaluation systems.
  • Green growth. Air pollution, water quality and supply, soil contamination, and issues such as desertification, and degradation of grasslands, and dependence on coal and energy intensive economic options have social, health, and economic effects. Underpricing of energy and inadequate consequences for pollution has worsened these effects while contributing to China’s dependence on industry. Raising these factor costs to capture the cost of externalities, such as investing in green development including in renewable energy will make growth more sustainable and inclusive. This will also require mobilization of private capital and utilize the capital markets to support green investments.
  • Infrastructure. Investment in infrastructure has been a key driver of the Chinese economy, particularly during the slowdown around the Global Financial Crisis. However, the rapid pace of investment has in some cases left communities behind, and in other cases has led to excessive investment in projects with relatively low social or financial returns. Filling in the gaps of investment in social projects will make growth more inclusive while improving the overall social and financial efficiency of infrastructure investment. Measures to improve the process of approving new infrastructure projects will ensure that investments are focused in areas of the highest social return.

4. The teams agreed to the following division of labor.

  • Financial sector reforms. The Bank and the Fund has jointly conducted the 2017 FSAP; assess financial sector risks and provide recommendations on the needed reforms. The Fund will follow up to provide technical assistance to the Chinese authorities as needed.
  • Fiscal reforms. The Bank will continue to work with the Ministry of Finance (MOF) to help in implementing key reforms in public finance through analytical work, continued cooperation at the local government level, and an ongoing fiscal technical assistance investment project. The Fund will continue its technical cooperation on the fiscal framework and budgetary preparation, including strengthening the medium-term macro and fiscal framework, enhancing local government borrowing monitoring, and modernizing accounting and treasury management. The Fund will also continue to discuss the fiscal space in China and policy choices on the broader economy as well as implications for global spillovers.
  • Social Security System. The Bank will continue to work with the Chinese authorities on reforms to improve the equity, sustainability, and portability of the social security system. This includes helping provincial governments in developing more integrated social security information systems. The Bank will also work with MOF to provide technical support on the overall reform and the pooling and financing strategies, and optimize fiscal risk management associated with social security liabilities through policy dialogue and engagement. The Fund will look at issues related to the how different social insurance schemes (including pensions and health care) fit into the medium-term fiscal and macroeconomic policy framework. The Fund will also review the balance between benefits and financing from different revenue sources, including social contributions and other revenue. Both the Bank and the Fund will continue to encourage the authorities to undertake regular and robust actuarial modeling of social insurance liabilities.
  • Green growth. The Bank’s focus on climate change and renewable energy as well as pollution reduction and prevention in China will continue to emphasize cutting-edge green technologies, scale-up of energy conservation and investments in energy efficiency, green transport and green building policies (for heat and energy efficiency). Engagements with a climate change focus will extend to expansion of distribution of electricity from natural gas generation, analysis of carbon capture and storage potential, and development of green finance, including carbon markets.
  • New Drivers of Growth. The Bank is cooperating with Development Research Center (DRC) of the State Council on a flagship report that focuses on identifying and nurturing new sources of growth to sustain China’s development into high income status. The focus is on policies and reforms to accelerate productivity growth by removing distortions, accelerating diffusion, and fostering discovery and innovation (the three ‘D’s). Separate draft thematic reports have been prepared in relevant areas, which will feed into a single integrated document under preparation.

5. Teams have the following requests for information from their counterparts:

  • The Fund team requests to be kept informed of progress in the above macroeconomic structural reform areas, as milestones are reached and at least on a semiannual basis.
  • The Bank team requests to be kept informed of the Fund’s assessments of macroeconomic policies and prospects in the context of the Article IV consultation and staff visits, and at least semiannually.

The following table lists the teams’ separate and joint work programs for June 2017 to June 2018.

China: Bank and Fund Planned Activities in Macro-Critical Structural Reform Areas
ProductsExpected Delivery Date
Bank Work ProgramBuilding a Modern Fiscal System Technical Assistance Project to support implementation of central government’s public finance reforms.Ongoing
China Economic Reform Implementation Project (umbrella TA project, including various subprojects with MOF, PBC, and provincial finance bureaus).Ongoing
New Drivers of Growth ReportOngoing
Mid-term Assessment of 13th Five Year Plan ImplementationOngoing
China Economic UpdateOngoing
“Just-in-time” Policy Notes for MOFDelivered on demand
Subnational Intergovernmental Fiscal RelationshipOngoing
Municipal Financing and Local Debt ManagementOngoing
Financial Sector Development and InclusionOngoing
Deepening health reform in China-building high quality and value-based service deliveryOngoing
Strengthening China’s social protection and labor systemsOngoing
Analytical work and projects on pollution control and innovative green financing in several provincesOngoing
Projects and work on food safetyOngoing
Province-level projects on poverty reductionOngoing
Fund Work Program2017 Article IV ConsultationMay / June 2017
January Staff Visit
Cooperation Program for Fiscal Reforms (FAD)Jan 2018
Cooperation Program for Financial Reforms (MCM)Ongoing
Ongoing
2018 Staff VisitJan 2018
2018 Article IVMay 2018
Joint Work ProgramFinancial Sector Assessment ProgramNov 2017

Relations with the Asian Development Bank1

1. The Asian Development Bank’s (AsDB) partnership with the People’s Republic of China (PRC) has grown in many ways since the PRC became a member of AsDB in March 1986. The PRC is AsDB’s second largest shareholder among regional members and the third largest overall, as well as an important middle-income country client. By the end of 2017, the PRC’s cumulative borrowing from AsDB reached $34.84 billion with 249 loans for public sector projects. Of the total public sector loans, 48.76 percent was allocated to the transport and ICT sector, followed by energy (16.25 percent), water and other municipal infrastructure services (14.21 percent), agriculture and natural resources (13.35 percent), industry and trade (2.22 percent), finance (2.01 percent), education (1.52 percent), multisector (1.41 percent) and health (0.28 percent). Over the past 30 years, AsDB has helped finance private sector projects in the PRC totaling $7.5 billion. This comprised direct loans of $3.55 billion, equity investments of $444 million, one partial credit guarantee facility of $107 million, and B loans and complementary loans of $3.4 billion. AsDB also funds technical assistance for the PRC. By the end of 2017, AsDB had provided a total of $500.9 million for 859 technical assistance projects, consisting of $161.9 million for preparing projects and $339 million for policy advice and capacity development.

2. Overall, the PRC has demonstrated strong capabilities in implementing projects. The good performance shows the strong sense of project ownership among agencies involved in the design, implementation, and management of projects, as well as the rigorous screening process for development projects, particularly those proposed for external financing. Loan disbursement and contract award performance is good.

3. The PRC has demonstrated its strong partnership with AsDB by substantially increase PRC’s financial contribution to ADB by contributing to the Asian Development Fund, and by establishing the PRC Poverty Reduction and Regional Cooperation Fund (the PRC Fund), the first fund established in AsDB by a developing member country. The PRC Fund –of $90 million-provides technical assistance projects to support subregional cooperation initiatives, particularly Central Asia Regional Economic Cooperation (CAREC) and Greater Mekong Subregion (GMS) programs.

4. The Asian Development Bank’s Country Partnership Strategy (CPS) 2016–2020 was endorsed by AsDB Board of Directors in February 2016. The CPS 2016–2020 is aligned with the priorities of the PRC’s 13th Five-Year Plan 2016–2020, the Midterm Review of AsDB’s long-term Strategy 2020, and AsDB’s approach to supporting upper middle-income countries. The CPS will support the government’s reform agenda by focusing on the following strategic priorities: managing the environment and climate change, promoting regional cooperation and integration, supporting inclusive development, fostering knowledge cooperation, and supporting institution building. AsDB’s sovereign and nonsovereign operations will support activities within these strategic priorities. The latter will focus on on new business models and new technology solutions.

5. Projected public sector lending in 2018–2020 consists of 32 firm lending projects totalling $6.15 billion and eight standby lending projects for 2020 totalling $1.66 billion. The indicative 2018–2020 lending and nonlending pipelines are organized around the above-mentioned core themes to address the complex development issues of the PRC in a strategic way with high-value multisector programs. Over 90 percent of the projects are located in the western, central and north-eastern regions in line with the country’s priorities.

6. The nonlending program for 2018–2020 will enhance the design, preparation and readiness of the lending program and support knowledge creation, management and sharing, both within the PRC and with other developing economies. The TA program has a strong thematic focus, in line with the lending program and in response to the government’s priorities.

China: AsDB’s Commitments and Disbursements (Public Sector Loans), 1993–2017(In millions of U.S. dollars)
YearCommitments 1/Disbursements 2/
19931,031371
19941,618492
19952,304558
19963,282707
19974,033715
19984,518818
19995,337792
20006,159832
20016,7481,313
20027,563782
20038,075705
20048,733636
200511,060892
200611,794988
200713,2141,190
200814,5191,234
200915,6231,342
201016,9641,342
201118,2441,580
201219,4761,343
201320,4161,063
201421,7481,303
201523,0961,152
201726,6001,367

Refers to cumulative contract awards.

Refers to disbursements for the year.

Refers to cumulative contract awards.

Refers to disbursements for the year.

Statistical Issues

(As of June 1, 2018)

I. Assessment of Data Adequacy for Surveillance
General: While data are broadly adequate for surveillance, they are only barely so. Efforts at strengthening the statistical system and enhancing data transparency led to China’s subscription to the SDDS in October 2015. Nevertheless, China’s statistics continue to have gaps that hamper surveillance. The areas of concern relate mainly to national accounts data and government finance statistics. China has endorsed and is in the process of implementing the recommendations of the Data Gaps Initiative of the G-20.
National Accounts: The National Bureau of Statistics (NBS) compiles and disseminates annual GDP by activity and by expenditure in current prices, by activity at constant prices (2015), and quarterly estimates of GDP by activity at current and constant prices. The NBS is in a transition period from 1993 SNA to 2008 SNA. The 2008 SNA has been implemented in the calculation of financial intermediation services indirectly measured and in the capitalization of research and development. The techniques for deriving volume measures of some GDP components are not sound and need to be improved. Annual GDP by expenditure is compiled at constant prices but is not published. Expenditure components of GDP are not available on a quarterly basis. The NBS has made several improvements to the range and quality of national accounts data, the most important being improving the exhaustiveness of the GDP estimates by activity. Further improvements are intended for both the annual and quarterly accounts; however, no target dates have been set. As in other countries, rapid economic change, including the expansion of the private sector, presents new problems for data collection and compilation. The ability to change the data collection systems is restricted by the decentralized nature of the statistical system. Monthly industrial production, retail sales, and fixed investment indices are disseminated as ratios with respect to the corresponding month of the previous year, but no chain-linked indices are produced. Data revisions tend to be made without publishing the entire revised series.
Price Statistics: The CPI covers approximately 500 areas throughout the country, including around 200 counties and around 300 cities. The current CPI is a chained Laspeyres price index, which is compiled and disseminated since 2001. Weights are derived from urban and rural households’ surveys every five years. Current weights are for 2008–2010. The weights from the base period are price-updated every month. However, the weights are not published. PPI survey covers 40 percent of the total industry turnover including 60,000 enterprises in 31 provinces and over 430 cities. Prices cover 1702 product groups (basic sub-categories). The current base year is 2010. The PPI definitions are consistent with international standards defined in the PPI manual (2010). The PPI is not seasonally adjusted.
Government Finance Statistics: Serious data shortcomings continue to hamper fiscal analysis. Data on the social security and extra budgetary funds are only provided annually and with a long lag. China currently reports GFS for general government with no breakdown of expenditure by economic type except interest, but including data under the Classification of Functions of Government for the GFS yearbook. Expenditure classification remains in need of improvement, mainly because expenditures by economic type are not published. The authorities have indicated an intention to begin collecting these data and to develop accrual based measures of fiscal performance over the medium term while also strengthening the compilation of cash based GFS. China has made a commitment under the G20 Data Gaps Initiative to develop quarterly general government data, although no specific timeframe has been communicated. General Government coverage excludes the operations of the local government financing vehicles (LGFVs) which are substantial.
Monetary and Financial Statistics:
In recent years, improvements have been made in monetary and financial statistics. However, the monetary and banking surveys lack sufficient detail with regard to bank claims on the government, hampering the estimation of the fiscal deficit from the financing side. The reported net foreign assets position of PBC does not include exchange rate valuation effects and interest earnings on foreign reserves. The PBC has also ceased to report separate data on central government deposits in its balance sheet since April 2005 because the MOF no longer distinguishes between central and other government deposit accounts. This change has led to breaks in data series of monetary base and monetary aggregates. The monetary and financial statistics missions in March 2015 made several recommendations for improvements in monetary data compilation with a view to accelerating PBC’s implementation of the standardized report forms (SRFs). The PBC is currently technically capable of compiling and reporting monetary statistics in the IMF-recommended format of SRFs at least for the central bank and other depository corporations. Nonetheless, reporting of SRFs has not yet begun pending internal review and approval processes.
Financial sector surveillance: China reports financial soundness indicators (FSIs) to the Fund for dissemination on the IMF’s website. In addition to the 12 core FSIs, the authorities included in early 2015 two encouraged FSIs for deposit takers in their regular reporting to the Fund. The periodicity of data was also improved in May 2015 from annual to semi-annual frequency.
External sector statistics: The historic data series (balance of payments starting with data for 2005:Q1 and international investment position (IIP) starting with data for 2011:Q1) are compiled and adjusted (in U.S. dollars) largely in accordance with the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) and are disseminated in the IFS. The authorities continue their efforts to improve the coverage of balance of payments (BOP) and IIP statistics, and progress is being made in developing these statistics. With the transition to BPM6, data gaps have appeared in the BOP pertaining to the series of workers remittances, merchanting, and primary income data (portfolio investment income). Since the International Transactions Reporting System is the major data source for BOP statistics, in order to ensure its smooth operation, regular training programs for staff in the provincial offices of SAFE have been recommended.
China made considerable efforts for improving the coverage of external sector statistics, including by (i) commencing participation in the Coordinated Direct Investment Survey (CDIS) in 2011, although only inward direct investment positions are currently recorded; (ii) initiating reporting data for the Coordinated Portfolio Investment Survey (CPIS) at the end of 2015; (iii) reporting data to the Currency Composition of Foreign Exchange Reserves (COFER) since 2015; and (iv) compiling and disseminating the International Reserves and Foreign Currency Liquidity Template starting September 2015.
Despite an ostensibly modest level of external vulnerability, there remains a need to strengthen external debt monitoring and compilation. In 2010, China started submitting total and public external debt data for the Quarterly External Debt Statistics (QEDS) database, a notable step forward.
II. Data Standards and Quality
China began subscription to the Special Data Dissemination Standard in October 2015.No data ROSC has been conducted.
China: Table of Common Indicators Required for Surveillance(As of June 2018)
Date of Latest ObservationDate ReceivedFrequency of Data9Frequency of Reporting9Frequency of Publication9
Exchange rates05/1806/18DM9D
International reserve assets and reserve liabilities of the monetary authorities105/1806/18MMM
Reserve/base money05/1806/18Q, MQ, MQ, M
Broad money05/1806/18MMM
Central bank balance sheet05/1806/18MMM
Consolidated balance sheet of the banking system04/1805/18MMM
Interest rates204/1805/18101010
Consumer price index305/1806/18MMM
Revenue, expenditure, balance and composition of financing4—general government5201607/17AAA
Revenue, expenditure, balance and composition of financing4—central government04/1805/18MMM
Stocks of central government and central government-guaranteed debt6Q4/1703/18QQQ
External current account balanceQ4/1704/18QA, QA, Q
Exports and imports of goods and services704/1806/18MMM
GDP/GNP8Q1/1804/18A, Q (cumulative)A, Q (cumulative)A, Q (cumulative)
Gross external debtQ4/1703/18A, QA, QA, Q
International investment positionQ4/1704/18A, QA, QA, Q

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Only 12-month growth rates are reported (price indices are not available).

Data on financing (foreign, domestic bank and domestic nonbank financing) is not available.

The general government consists of the central (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Goods trade data are provided monthly. Services trade data are released with the current account statistics.

For real GDP, level data are available only on an annual basis (growth rates are available on a quarterly, cumulative basis).

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Interest rates change only infrequently; these changes are publicly announced.

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Only 12-month growth rates are reported (price indices are not available).

Data on financing (foreign, domestic bank and domestic nonbank financing) is not available.

The general government consists of the central (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Goods trade data are provided monthly. Services trade data are released with the current account statistics.

For real GDP, level data are available only on an annual basis (growth rates are available on a quarterly, cumulative basis).

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A); Irregular (I); Not Available (NA).

Interest rates change only infrequently; these changes are publicly announced.

Capacity Development and Technical Assistance

China: Summary of Capacity Development and Technical Assistance, 2011–18 1/
DepartmentPurposeDate
Tax System Reform
FADMission on Tax Gap AnalysisSeptember 2011
FADMicro-Simulation ModelsDecember 2013
FADAnalysis of the Macroeconomic Impact of Tax PolicyMarch 2015
FADReforming the Personal Income TaxOctober 2015
FADThe Future Design of Value-added TaxSeptember 2016
FADMission on tax policy and employment creationSeptember 2017
FADMission on social security reformMarch 2018
Tax Administration Reform
FADTax Policy And AdministrationSeptember 2011
FADTax Administration (Peripatetic Expert Visit 4 Of 5)October 2011
FADTax Administration (Peripatetic Expert Visit 5 Of 5)October 2011
FADLarge Taxpayer ComplianceOctober 2011
FADWorkshop on Practical Tax Analysis For Tax OfficialsDecember 2012
FADLarge Taxpayer AdministrationJanuary 2013
FADTax Administration Follow-UpApril 2014
FADTax Collection Law RevisionMay 2014
FADTax Collection Law RevisionJuly 2015
LEGMission on Reforming Tax Collection LawJuly 2015
FADReforming the Personal Income TaxOctober 2015
FADImproving Tax Compliance on ODI by Chinese EnterprisesOctober 2016
FADMission on tax administrationSeptember 2017
FADMission on tax administrationMarch 2018
Public Financial Management
FADHigh-level Dialogue on PFM InstitutionsJune 2011
FADMedium-Term Expenditure Framework SeminarNovember 2011
FADMedium-Term Revenue Administration Program And Policies DiscussionJune 2012
FADHigh-Level Dialogue on PFM InstitutionsNovember 2012
FADMission on Introducing Advanced Treasury ReformsFebruary 2013
FADHigh-level Seminar on Fiscal ReformsJanuary 2014
FADMission on Modernization of Government AccountingApril 2014
FADMission on Medium Term Expenditure FrameworksJuly 2014
FADExpert visit on Treasury management (accounting)September 2014
FADExpert visit on Chart of Accounts ImprovementsMarch 2015
FADExpert visit on Treasury Management (cash management)March 2015
FADMission on Strengthening Local Government Borrowing ReformApril 2015
FADMission on Accounting ModernizationNovember 2015
FADWorkshop on Medium-Term Expenditure FrameworksApril 2016
FADSeminar and Case Study on Local Government Borrowing and Bond Market DevelopmentApril 2016
FADExpert visit on Treasury – Central Bank CoordinationJune 2016
FADWorkshop on Medium-term Expenditure FrameworksApril 2017
FADMission on government accounting reformsApril 2018
Statistics
STAWorkshop On Special Data Dissemination StandardApril 2011
STAGovernment Finance StatisticsMay 2011
STAData Work: SRFS Data Development for OFCs/ FSI Data ReportingApril 2012
STAQuarterly National AccountsNovember 2013
STATotal Social Financing(TSF) Indicators/Monetary and Financial StatisticsMarch 2014
STASDDS AssessmentAugust 2014
STAData Work: Monetary Data Reported in SRFSeptember 2014
STASDDS AssessmentDecember 2014
STATSF/Monetary Data Reported in SRFsMarch 2015
STAMulti-sector Mission: SDDS Metadata Development and Topical TAJune 2015
Monetary Policy, Bank and financial Supervision, and AML/CFT
LEGAML/CFT Legislative DraftingMarch 2011
LEGBank ResolutionMay 2012
MCMMission on securities market supervisionMarch 2018
Training
LEGAML/CFT Legislative Drafting MissionMarch 2011
INSCourse on Macroeconomic Management and Financial Sector IssuesMarch 2011
INSCourse on Macroeconomic ForecastingApril 2011
INSGovernment Finance Statistics Course at CTPMay 2011
STACourse on Government Finance StatisticsMay 2011
STACourse on Government Finance StatisticsJune 2011
INSBOP and IIP Course at CTPJune 2011
STACourse on Balance of Payments StatisticsOctober 2011
INSMonetary and Financial Statistics Course at CTPNovember 2011
STAParticipate in OECD-NBS Workshop on National AccountsMarch 2012
INSFSI Course at CTPSeptember 2012
MCMMedium Term Debt Management WorkshopNovember 2012
INSBOP/IIP Course at CTPApril 2013
MCMWorkshop on Capital Account Convertibility and Exchange Rate PolicyJune 2013
STASDDS SeminarJuly 2013
INSIntroductory Course on Monetary and Financial Statistics in CTPSeptember 2013
STAQuarterly National Accounts Seminar organized by NBSNovember 2013
ICDMacroeconomic Management & Financial Sector IssuesJanuary 2014
MCMFinancial StatisticsMarch 2014
MCMWorkshop on Financial Regulation and SupervisionMarch 2014
ICDMacroeconomic Management & Financial Sector IssuesMarch 2014
ICDMacroeconomic DiagnosticsSeptember 2014
INSFinancial Soundness Indications in CTPSeptember 2014
STASeminar at Fund HQ for SAFE Officials on Experiences and Challenges in the Implementation of BPM6September 2014
ICDMacroeconomic ForecastingOctober 2014
STAOECD/NBS Workshop on Sectoral Accounts (with STA participation)December 2014
ICDMacroeconomic Management and Financial Sector IssuesMarch 2015
MCM/STATotal Social Financing IndicatorMarch 2015
STAMeeting: ECB Meeting with Delegation from China on Debt Securities & Data IssuesApril 2015
STAMeeting: BIS Meeting with Delegation from China on Debt Securities & Data IssuesApril 2015
MCMSDR Review/Operational IssuesJune 2015
ICDMacroeconomic ForecastingJune/July 2015
INSAdvanced Course on Monetary and Financial Statistics in CTPAugust 2015
STASAFE-Course on Compilation of Balance of Payments StatisticsSeptember 2015
ICDMacroeconomic DiagnosticsSeptember 2015
STABalance of Payments StatisticsSeptember 2015
ICD/FADFiscal Analysis and ForecastingNovember 2015
FAD/ICDCourse on Fiscal Analysis and ForecastingDecember 2015
STADebt Securities StatisticsMarch 2016
STAOECD/NBS China Workshop on National Accounts (with STA participation)March 2016
MCMSub-national Debt Market DevelopmentApril 2016
MCMWorkshop on Securities SupervisionApril 2016
STASeminar on Cross-border Position Statistics and Challenges in the Implementation of New Data InitiativesJune 2016
ICDMacroeconomic ForecastingJune/July 2016
ICDMacroeconomic Forecasting – AdvancedJuly 2016
ICDFinancial Sector SurveillanceJune/July 2016
MCMWorkshop on Enforcement and Market SurveillanceSeptember 2016
ICDDynamic Stochastic General Equilibrium ModelingNovember 2016
ICDDynamic Stochastic General Equilibrium Modeling - ChinaNovember 2016
ICDFinancial Sector SurveillanceJune 2017
ICDMacroeconomic Forecasting –advanced courseJune 2017
ICDMonetary and Fiscal Policy Analysis with DSGE ModelsAugust - September 2017
ICDDynamic Stochastic General Equilibrium Modeling – ChinaSeptember 2017
ICDCross-border Position StatisticsSeptember 2017
ICDManaging capital flowsMarch 2018
ICDMacro-Econometric Forecasting and AnalysisMay-June 2018
ICDFiscal Policy AnalysisJune 2018
ICDFinancial Sector SurveillanceJune 2018
ICDFinancial Development and Financial InclusionJune–July 2018

The new Institute for Capacity Development (ICD) was formed from the merger of the former IMF Institute (INS) and Office of Technical Assistance Management (OTM) on May 1, 2012.

The new Institute for Capacity Development (ICD) was formed from the merger of the former IMF Institute (INS) and Office of Technical Assistance Management (OTM) on May 1, 2012.

1Prepared by Asian Development Bank staff.

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