China's Financial Reform and Opening-Up over the Past Three Decades

Per the invitation of the 2008 China-US Forum and Gala Organizers, the author shared China's experience on financial reform and opening-up over the past three decades on a step-by-step basis. During this process, China has created some unique financial structures that may well be worth looking at during this time of financial turmoil. Based on this, he shared some key reflections of China's financial reform and opening-up: (i) an appropriate sequence of reform measures matters; (ii) good strategic planning matters; (iii) a gradual approach can avoid big reform failures and produce better accumulated results; and (iv) a public and private hybrid ownership structure may become a creative contribution to corporate governance theory and practices