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Book Synopsis China’s Monetary Policy and Its RMB Exchange Rate Regime

Guofeng Sun, Sep 20, 2017

With over twenty years of experience at the frontline of China’s monetary policy operations and with two decades of academic research experience, I provide a unique, first-hand perspective on a number of facets dealing with China’s monetary policy and theory. The book opens with an introduction of monetary theories, including my credit monetary theory, followed by a review of some focal issues regarding China’s monetary policy and a discussion of the RMB exchange rate regime and international balance. The book presents China as a country at a crossroads, forced to choose between the free flow of capital and monetary policy independence.

Industry/Policy View Assessing China’s Financial Risk: Evidence from the Stock Market

Hao Zhou, Haibin Zhu, Xiangpeng Chen, Jul 14, 2017

VoxChina welcomes views from industry reports and policy reports.This piece summaries the views about China’s financial risk from - Hao Zhou, the PBC School of Finance at Tsinghua University, Haibin Zhu, J.P. Morgan and Xiangpeng Chen, the PBC School of Finance at Tsinghua University.

Privatization and Productivity in China

Yuyu Chen, Mitsuru Igami, Masayuki Sawada, Mo Xiao, Jan 31, 2018

Privatization has boosted Chinese firms’ productivity, both in the short run and the long run. Consumer-oriented industries saw larger gains than “strategic” (heavily regulated) sectors. Chinese patents and “new product” surveys seem less reliable, because any statistics become useless once they become policy targets.

A New Perspective on China’s Credit Boom

Kinda Hachem, Michael Zheng Song, Jun 20, 2017

What caused the enormous credit boom in China? This column by Kinda Hachem and Michael Song offers an unexpected explanation of stricter liquidity regulations on banks leading to a credit boom through competition between small and big banks and their heavy use of shadow banking investment instruments.

Long-run Trends in China’s Urban Unemployment and Labor Force Participation

Shuaizhang Feng, Yingyao Hu, Robert Moffitt, Jul 19, 2017

Official unemployment rate in China is based on registered unemployment figures, but the official figures are likely underestimates of the true unemployment rates because many unemployed people are not qualified to register with government agencies and even those who are qualified may choose not to for various reasons. Shuaizhang Feng of Jinan University, and Yingyao Hu and Robert Moffitt, both of Johns Hopkins University, discuss their new effort to provide the first comprehensive picture of China’s labor market for the period 1988-2009 using Urban Household Survey (UHS) data administered by the National Bureau of Statistics of China.