that some types of investment are becoming excessive in China, particularly in inland provinces. In these regions, private … existing trends continue, valuable resources could be wasted at a time when China’s ability to finance investment is facing … to that in manufacturing and real estate. Financial reform would facilitate such a reorientation, helping China to …

A cross-country comparative analysis shows that there is substantial room for further integration of China into global …, notably the foreign exchange market. Even though the increased integration of China into international capital markets would … increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China …