Table of Content

15 January 2009, Volume 16 Issue 1

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Articles

he Financial Tsunami and China's Economy

WU Jing-Lian

2009, 16(1):  0-52 . 

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China Europe International Business School, Shanghai 201206, China)Abstract： By nature, the present financial tsunami is the crisis for the whole world's financial system, which is due to the following three reasons: (1) the American dollars freeing from regulation cannot guide the international monetary system since the fallingapart of the Bretton Woods system in the early 1970s; (2) the American economic savings are so low that the high consumption level is kept by way of borrowing from the whole world; (3) the Fed has always been adopted the expansionary monetary policy and flabby financial supervision to support the prosper of the American capital market. As for China, because of 30 years of the reform and opening to the world, it melts deeply into the process of globalization. The first 20 years witness a rapid, longterm growth. But, in recent years, there appear a lot of bubbles in China's financial system because of some objective factors. And there are two reasons why the present financial tsunami gives an impact on China's economy: (1) the financial tsunami causes the deflation of the bubbles in China's financial system and the disappearance of the virtual assets makes the liquidity in short supply as well as the fund chains breakdown of some enterprises; (2) the decline of the international purchasing power makes China's export orders cut down and, accordingly, the danger of enterprises' bankruptcy and unemployment enlarge. Therefore, on the one hand, an international cooperation should be carried out so as to construct a new system of the world's finance; and on the other hand, for a short period of time, more attention should be paid to the stabilization of macroeconomy and to the problem of the small or middle enterprises. But, the most important is, by further reform, transforming the mode of economic development and enhancing the industrial efficiency.

The Next Step on China's Reform: Change and Choice——A Theoretical Summary of the 64th International Forum for China's Reform

2009, 16(1):  0-132 . 

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Currently, a financial crisis evolved by subprime lending crisis is spreading over in the world, which results in the emergence of the global economic recession. Meanwhile, after 30 years of the reform and opening to the world, China faces a lot of new problems in the fields of international economy, society and environment. Under such a situation, what is the next step on China's reform? And how does China reduce the damages of financial crisis and keep a steady, sustainable growth of economy? Centering on the above mentioned, on November 1-2, 2008, in Haikou, the Chinese Academy of Reform and Development and the Deutsche Gesellschaft für Technische Zusammenarbeit coorganized a national forum entitled the "Next Step on China's Reform: Change and Choice". The famous economists present at home and abroad had a full discussion and a hot debate on such urgent questions as the "tendency and goal for reform in the new stage", the "international financial crisis and China's macroeconomic trend", the "marketoriented reform in the new stage" and the "reform of the administrative system in the new stage". No doubt, it is significant for China's speculation about the reform for the future.