Information about Asia and the Pacific Asia y el Pacífico
Front Matter

Front Matter

Author(s):
David Burton, Wanda Tseng, Kalpana Kochhar, Hoe Khor, and Dubravko Mihaljek
Published Date:
September 1994
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Information about Asia and the Pacific Asia y el Pacífico
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© 1994 International Monetary Fund

Library of Congress Cataloging-in-Publication Data

Economic reform in China: a new phase / Wanda Tseng . . .[et al.].

  • p. cm.—(Occasional Papers (International Monetary Fund),
  • ISSN 0251-6365; 114)
  • Includes bibliographical references.
  • ISBN 1-55775-421-7
  • 1. China—Economic Policy—1976- 2. Foreign exchange—China.

3. Monetary policy—China. 4. Fiscal policy—China. I. Tseng, Wanda. II. Series.

HB427.92.E3697 1994

338.951—dc20

94-24943

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Contents

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., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, 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.

Preface

This Occasional Paper discusses China’s current reform program to transform its economy to a fully market-based system; the strategy for this new phase of reform was adopted during the Third Plenum of the Fourteenth Central Committee in November 1993. The paper is based largely on research papers prepared in connection with the 1993 Article IV consultation with China, updated to reflect developments through mid-1994.

The authors would like express their appreciation for the assistance provided by the Chinese authorities during the consultation and subsequent discussions. They also wish to thank Yusuke Horiguchi for valuable comments and support and Douglas Scott for insightful views, especially on the foreign exchange balancing requirement of foreign-funded enterprises. The technical assistance work of colleagues in the Fiscal Affairs Department, Monetary and Exchange Affairs Department, and the Statistical Department of the IMF is also gratefully acknowledged. Anjali Kumar of the World Bank and Mingwei Yuan, a summer intern in 1993, contributed to the sections on the investment system and SOEs, and the empirical work on China’s import demand, respectively. Thanks are also due to Viola Chou for research assistance and Rosanne Heller for editorial assistance, and Prabha Job and Graciela Martin for secretarial assistance. Tom Walter of the External Relations Department edited the paper for publication and coordinated production.

The opinions expressed in the paper are those of the authors and should not be construed as representing the views of the IMF, its Executive Directors or other IMF staff members, or the Chinese authorities.

Glossary of Abbreviations

ABC

Agricultural Bank of China

ADF

augmented Dickey-Fuller test

BOC

Bank of China

CCP

Chinese Communist Party

CFETS

China Foreign Exchange Trading System

CRS

contract responsibility system

CSRC

China Securities Regulatory Commission

FECs

foreign exchange certificates

FFEs

foreign-funded enterprises

FTCs

foreign trade corporations

GATT

General Agreement on Tariffs and Trade

ICBC

Industrial and Commercial Bank of China

ITICs

international trust and investment companies

MOFTEC

Ministry of Foreign Trade and Economic Cooper

NBFIs

nonbank financial intermediaries

NTS

National Tax Service

OLS

ordinary least squares

PBC

People’s Bank of China

PCBC

People’s Construction Bank of China

RCCs

rural credit cooperatives

SAEC

State Administration of Exchange Control

SDB

State Development Bank

SICs

state industrial corporations

SOEs

state-owned enterprises

SPC

State Planning Commission

STB

State Tax Bureau

TICs

trust and investment companies

UCCs

urban credit cooperatives

VAR

vector autoregression

VAT

value-added tax

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