The market-based interest rate reform remains a core part of China’s financial reforms, and an important topic of both theoretical and policy studies. This book presents a comprehensive analysis of the process and logic of China’s interest rate reform from a historical perspective. It is structured along three lines, i.e. loosening interest rate controls, establishing market-based interest rates, and building an effective interest rate adjustment mechanism, and systematically reviews the characteristics and evolvement of the reform process. The book further explores the lessons and challenges of the reform by examining China’s development stage and auxiliary reforms needed, and offers policy recommendations on how to further push forward the reform.
About the Research Group
Lead: Pan Gongsheng
Pan Gongsheng is Deputy Governor of the People’s Bank of China (PBC) and Administrator of State Administration of Foreign Exchange (SAFE). Previously he was Vice President of the Agricultural Bank of China Limited and held a number of managerial positions at the Industrial and Commercial Bank of China (ICBC). Mr. Pan received his Ph.D. in economics from the Renmin University of China, did his post-doctoral research at the Cambridge University, and was a senior research fellow at Harvard University.
Lu Lei, Liu Xiangyun, Niu Muhong, Li Hongjin, Mo Wangui, Zhang Huaiqing, Ma Zhiyang, Chen Jun, Yao Jingchao, Wang Jinhui, Guo Qi, Zhang Zhaoyang
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