期刊簡介：China Economic Journal(CEJ)是由北京大學中國經濟研究中心（CCER）主辦、英國Taylor & Francis出版集團下屬的著名Routledge Journals出版並面向全球發行的英文學術期刊。該雜誌旨在向英文讀者介紹有關中國經濟發展的深度觀察和專業分析。發表論文定位於採用規範和嚴謹的經濟學方法考察中國經濟發展面臨的重大問題，同時注意避免過於理論性和技術性的推導和處理過程，以便更為廣大英文讀者群能分享經濟學家對中國經濟現實問題的專業研究成果。本刊秉承專業精神，致力於為廣大作者與讀者提供優質的服務。China Economic Journal(CEJ)第一期於2008年2月正式出版發行。
About China Economic Journal: China Economic Journal (CEJ) is the official journal of the China center for Economic Research (CCER) at Peking University. It is published by the renowned Routledge Journals, an imprint of Taylor & Francis Group. It introduces readers to examination and analysis of the latest developments in the Chinese economy and government economic policies. It contains papers focusing on cutting edge issues in China's economic development with long-term significance. The papers are based on solid analytical logic and empirical evidence. The editorial policy is designed to maintain a sound balance between academic disciplines and accessibility for a wide range of readers. The targeted readers are academic and policy researchers, business people and university students who share an interest in observing and understanding the economic development of China. China Economic Journal's first issue was published in February 2008.
出版方：Routledge Taylor&Francis Group
主編：黃益平
副主編：餘淼傑、沈豔
顧問委員會主席：林毅夫
Publisher: Routledge Taylor&Francis Group
Editor-in-Chief: Professor Yiping HUANG
Deputy Editor-in-Chief: Professor Yan SHEN and Prof. Miaojie YU
Chairman of Advisory Committee: Dr. Justin Yifu LIN
本期專刊簡介
專刊主題：中國金融開放政策
專刊特約主編：黃益平
China Economic Journal Volume 11. No. 1. 2018
Special issue: China’s financial opening policy
Guest editor: Yiping Huang
This special issue is a shortened version of the Jingshan Report 2017. The theme of this report is "Proactively and Steadily Promote China's Financial Openness." CF40 initiated the “Jingshan Report” project in early 2017. Each year, in response to major issues in the economic and financial field, experts from the academic, political, and industrial sectors are invited to conduct research and debates and propose corresponding policies and recommendations. This project is headed by Prof. Yiping Huang, Chairman of the CF40 Academic Committee, deputy dean of the National School of Development, Peking University.
文章信息
Article information
1.Proactively and steadily advancing China’s financial opening
Yiping Huang
Pages: 1-13
Abstract: Should China continue to open its financial system? Our answer to this question is positive since financial opening is necessary for supporting economic innovation, containing financial risks and participating in international economic governance. However, the needs some new ideas in devising next-stage financial opening policies including replacing the experimental approach by more systemic method and top-level design, combining ‘using reform to assist opening’ and ‘promoting reform through opening’, and taking into full account of the spillover effects of Chinese financial policies. Finally, we make policy recommendations in seven key areas, including enforcing better policy coordination, devising macro-prudential regulations, increasing exchange rate flexibility, opening the domestic financial markets, relaxing restrictions on businesses of foreign financial institutions, improving external financing cooperation and adopting prudent cross-border capital flow management.
KEYWORDS: Financial opening, financial stability, economic growth, China
Introduction of author: Huang Yiping is Chairman of the CF40 Academic Committee, Deputy Dean of National School of Development, Peking University and Director of Institute of Digital Finance (IDF), Peking University. He holds a Ph.D. in Economics from Australian National University, a master’s degree in Economics from Renmin University of China and a bachelor’s degree in Agriculture (Agricultural Economics) from Zhejiang Agriculture University. Currently, he is a member of PBoC Monetary Policy Committee, a research fellow of Financial Research Center, Counsellor’s Office of the State Council, adjunct professor at Crawford School of Public Policy, the Australian National University, a member of Chinese Economist 50 Forum, and editor of China Economic Journal and deputy editor of Asian Economic Policy Review. His research focuses are macroeconomic policy and financial reform in China. He used to be Research Assistant at Development Institute, Research Center for Rural Development of the State Council, Senior Lecturer and Director of the China Economy Program in the Australian National University, General Mills International Visiting Professor of Finance and Economics at the Graduate School of Business of Columbia University, Managing Director and Chief Asia Economist for Citigroup, and Managing Director and Chief Economist for Emerging Asia at Barclays.
黃益平：中國金融四十人論壇學術委員會主席，北京大學國家發展研究院副院長，主要研究領域為宏觀經濟與國際金融。
2.China and the current international strategic environment
Yuyan Zhang, Weijiang Feng & Wei Liu
Pages: 14-24
Abstract: This report argues that the current international strategic environment is bene?cial for the continuation of China’s modernization process. In terms of peace, although world peace can be maintained, international security threats have become diverse and complex. In terms of development, traditional development models face increasing challenges. Green, inclusive, and sustainable development paths are urgently needed. In terms of governance, institutions of global governance are incapable of adapting to constant change, which calls for substantial reform of the existing system. Therefore, China is currently evolving towards actively taking initiative in the creation of endogenous strategic opportunities, instead of passively relying on exogenous opportunities. China should explore more inclusive means of development and promote a new model of international coordination to create a free, open and inclusive international order that serves the common interests of the international society.
KEYWORDS: International strategic environment, peace, development, governance, endogenous, strategic opportunity
Introduction of author: Professor ZHANG Yuyan is Senior Fellow and Director of Institute of World Economics and Politics (IWEP), Chinese Academy of Social Sciences (CASS), Member of the International Economics and Finance Advisory Group of the Ministry of Foreign Affairs of China，Expert of Advisory Committee for Economic & Trade Policy of the Ministry of Commerce of China ，President of China Society of World Economy and President of China Society of Emerging Economies. He obtained his Bachelor Degree in Economics from the Department of Economics at Peking University in 1983, and Master and Ph.D. Degrees in Economics at the Graduate School of CASS in 1986 and 1991 respectively. His main academic interests include institutional economics and international political economy. He authored Economic Development and the Choice of Institutions（1992）, International Economic Politics（2008）, The Sources of American Conduct（2015）， and The Path of China’s Peaceful Development (2017), etc.
張宇燕：中國社會科學院世界經濟與政治研究所所長、研究員，長期從事國際政治經濟學的研究。
3.The development of China’s financial system: a global perspective
Zhu Min, Chen Weidong, Zhou Jingtong, Gai Xinzhe & Xiong Qiyue
Pages: 25-43
Abstract: China’s financial sector has undergone remarkable changes since the implementation of the reform and opening-up policy. China’s finance sector is playing a more and more important role in the world’s financial system: once a ‘support act’, China has now taken to the international stage as a leading figure. The development of China’s financial sector is prominent worldwide with financial institutions increasing dramatically in both number and variety, and the scale of financial assets expanding at an astounding rate. Globally, China’s banking sector ranks largest in size, the market value of the stock market second, and the balance value of the bond market and the premium revenue of the insurance industry third. China has become one of the leading countries in the development of the financial market.
KEYWORDS: China’s financial sector, the reform and opening-up policy, international comparison
Introduction of author: Zhu Min is an Academic Advisor of CF40, former Deputy Managing Director of the IMF and chair of National Finance Institute at Tsinghua University. He holds a Ph.D. and a master’s degree from Johns Hopkins University, a master’s degree in Public Administration from the Woodrow Wilson School of Public and International Affairs, Princeton University and a bachelor’s degree in Economics from Fudan University. Zhu Min is currently Chair of National Finance Institute, Tsinghua University. He was Deputy Managing Director of the IMF from July 2011 to July 2016 and Special Advisor to the IMF from 2010 to 2011. He also served as Deputy Governor of the People’s Bank of China (PBC). Prior to that, he was Deputy Governor of the Bank of China. He also worked for the World Band and taught economics at Johns Hopkins University and Fudan University.
朱民：中國金融四十人論壇學術顧問，國際貨幣基金組織原副總裁、中國人民銀行原副行長、清華大學國家金融研究院院長。
4.The further opening up of China’s financial sector
Jun Zhu, Kai Guo, Ming Ai, Yue Zhao & Xuefei Bai
Pages: 44-52
Abstract: Since the introduction of reform and opening-up policies, China has made great progress through a continued focus on the ‘troika’, the opening up of the financial sector, a market-oriented exchange rate regime, and the relaxation of foreign exchange regulation. In spite of this progress, the relative openness of China’s financial sector remains fairly low. Foreign financial institutions have a relatively small market share in China and still face restrictions regarding ownership and scope of business, the breadth and depth of financial market is to be further developed, and institutional environment requires further improvements in areas such as accounting, auditing, and taxation. In this next phase of development, China should continue to pursue coordinated progress in the ‘troika’, further open up financial sector through adopting Pre-establishment National Treatment (PENT) and a negative list, and step up risk prevention in the meantime.
KEYWORDS: Opening up financial institutions, opening up the financial market, institutional environment of the financial sector, internationalization of the RMB
Introduction of author: Zhu Jun is a CF40 Invited Member and Director-General of International Department of the People's Bank of China. She holds a master’s degree and a bachelor’s degree in Economics from Peking University. Ms. Zhu joined the People’s Bank of China in 1993, and has served in several positions including the Policy Research Office and the General Administration Office. After joining the International Department in 1997, she worked at the Bank for International Settlements Division and Research Division. She became Director of Research Division in 2006, Deputy Director-General of International Department in 2009 and Director-General in 2015. She was on secondment at the Bank for International Settlements during March to October 1999, and September 2003 to December 2005.
朱雋：中國金融四十人論壇特邀成員，中國人民銀行國際司司長，曾供職於國際清算銀行，任經濟學家。
5.Towards a floating RMB exchange rate regime
Zhang Bin
Pages: 53-60
Abstract: The main challenge of China’s current exchange rate regime is that with large and frequent interventions, the RMB exchange rate cannot adequately respond to the changes in economic fundamentals. This will lead to unilateral exchange rate expectations and large-scale capital inflows or outflows. In addition, large and frequent foreign exchange market interventions have a negative impact on economic structural optimization, RMB internationalization, and foreign investment. Two strategies can be used to introduce a floating exchange rate system: one is a free-floating exchange rate, and the other is wide range fluctuation against a basket of currencies. The latter is a transitional option before introduction of the former: a free-floating exchange rate.
KEYWORDS: Exchange rate regime, capital flow, currency basket, RMB
Introduction of author: Dr. Zhang Bin is a Senior Fellow of CF40 and Director of Global Macroeconomy Research Division of Institute of World Economics and Politics (IWEP), Chinese Academy of Social Sciences (CASS). His major research field lies in Chinese and global macroeconomics with a focus on the structural transformation of China’s economy. He has published more than 40 papers on academic journals including China’s Social Sciences, Journal of Economic Research, Journal of World Economy, China Economic Quarterly, Management World, International Economic Review, World Economy and China and World Economy. He has also published more than 200 columns and articles in major media, such as Financial Times, Reuters, Caijing, Caixin Global, People's Daily, Southern Weekly, China Forex, China Finance, Fortune Magazine and The Wall Street Journal. He has led more than 20 projects commissioned by The National Social Science Fund of China, People’s Bank of China, Ministry of Finance, Ministry of Commerce, Ministry of Industry and Information Technology, Asian Development Bank, China Development Research Foundation and many other institutions.Dr. Zhang is a recipient of “Pu Shan Best Paper Award” in 2014 and the First China Youth Financial Expert Award.
張斌：中國金融四十人論壇高級研究員，中國社會科學院世界經濟與政治研究所全球宏觀經濟研究室主任，“浦山優秀論文獎”獲得者，主要研究方向為中國和全球宏觀經濟，重點關注中國經濟結構轉型、人民幣匯率等問題。
6.Management of China’s cross-border capital flows
Guan Tao
Pages: 61-70
Abstract: Since the turn of the century, especially since the global fiscal crisis in 2008, China’s process of capital account opening and RMB internationalization has begun to accelerate, and financial openness has improved significantly. However, due to the pressure of large-scale capital outflow over the last two years, the government has adopted a policy combination of exchange rate management, market intervention, and capital flow management. The liberalization and management of cross-border capital flow are closely linked. Based on current trends of China’s cross-border capital flows management, macro-management and micro-regulation should be distinguished in the future to construct a dual-pillar framework. In addition, cross-border capital flows management, especially capital controls, should be temporary measures. If used reasonably, they can buy some time for other reforms and adjustments.
KEYWORDS: Capital account liberalization, RMB internationalization, macro prudential, Tobin tax
Introduction of author: Guan Tao is Senior Fellow of CF40 and Chairman of CF40 Education Development Foundation. He holds a Ph.D. in Economics from Beijing Normal University and a master’s degree in Development Economics from the Australian National University. He was Director-General of the Department of Balance of International Payments from 2009 to 2015. His research is focused on currency convertibility, international balance of payments, exchange rate policies, international capital flows and other issues. Since 1994, he has been playing an active role in China’s exchange rate reform, and has published extensively on related issues.
管濤：中國金融四十人論壇高級研究員、四十人金融教育發展基金會理事長，國家外匯管理局國際收支司原司長，長期從事貨幣可兌換、國際收支、匯率政策、國際資本流動等問題的研究。
參見：http://econ.cssn.cn/jjx/jjx_dt/201804/t20180417_4152360.shtml7.Promoting China’s financial market reform and innovation with opening-up policies
Zhong Xu, Yingwei Tang & Yuanyuan Cao
Pages: 71-80
Abstract: Market-oriented development philosophy and international financial market practices are key drivers for the prosperity of China’s financial market. Now China’s financial market has evolvedto a vast market that global investors cannot ignore.Compared to international developed markets, openness of China’s financial market is lack of coordination among sub-markets as well as absence of a harmonized means of opening-up. In foreseeable future, promoting development of the China’s financial market with opening-up policies will be a necessity for strengthening China’s competitiveness in the international market. China must take initiatives, adopt an inclusive and cooperative attitude to financialaffairs, and adjust its self-focused strategy of opening up. By adapting to international conventions and the best practices, China will gradually play acentral role in the international financial architecture, leading to an improved pattern of domestic reform and opening-up.
KEYWORDS: Financial market, opening-up, marketization, system, financial liberalization
Introduction of author: Xu Zhong is a Member of CF40 and Director-General of the Research Bureau of the People’s Bank of China. He is also Secretary-General of China Society for Finance and Banking, and Editor-in-Chief of Financial Research. He was the winner of Sun Yefang Financial Innovation Paper Award in 2015 and one of the founders of China Financial Forum. Mr. Xu has served in several positions at the People’s Bank of China, including Director of the Financial Research Institute, Director of Financial Stability Bureau, and Deputy Director-General of Department of Financial Markets, Head of Preparatory Team at Shanghai Commercial Paper Exchange. Mr. Xu is proficient in academic research and policy-making. He has published more than 100 papers in leading academic journals including Journal of Economic Research, China Economic Quarterly, Journal of Financial Research, Journal of World Economy. He holds a Ph.D. in Economics and is a doctoral supervisor in Tsinghua University and University of International Business and Economics.
徐忠：中國金融四十人論壇成員，中國人民銀行研究局局長、中國金融學會秘書長、《金融研究》主編，長期從事政策制定、金融改革和宏觀經濟金融研究工作。
8.Building China’s framework for overseas investment and financing cooperation
Jun Zhu, Kai Guo, Ming Ai, Xuefei Bai & Yue Zhao
Pages: 81-89
Abstract: In recent years, China’s overseas investment and construction projects have been developing rapidly. In the meantime, financing demand in developing and emerging economies for projects such as infrastructural and industrial development has soared. This paper assesses the status quo of China’s cooperation in overseas investment and financing, recommends that China should promote investment and financing cooperation under the leading principles of market-orientated operation and primary role of enterprises, and clarify the due positions of market, government, and international institutions. This paper presents the following policy recommendations: (1) Promoting the development financing; (2) Further improving China’s export credit mechanism, to provide investment and financing support for Chinese enterprises in overseas ventures; (3) Improving the network of Chinese financial institutions and the coverage of financial services; (4) Encouraging host countries, multilateral development banks, capital markets of developed economies, and international financial centers to perform due functions in overseas investment and financing cooperation; and (5) Appropriately using a variety of investment and financing methods, including equity investment.
KEYWORDS: Overseas investment and financing cooperation framework, South–South cooperation, Belt and Road Initiative
Introduction of author : Zhu Jun is a CF40 Invited Member and Director-General of International Department of the People's Bank of China. She holds a master’s degree and a bachelor’s degree in Economics from Peking University. Ms. Zhu joined the People’s Bank of China in 1993, and has served in several positions including the Policy Research Office and the General Administration Office. After joining the International Department in 1997, she worked at the Bank for International Settlements Division and Research Division. She became Director of Research Division in 2006, Deputy Director-General of International Department in 2009 and Director-General in 2015. She was on secondment at the Bank for International Settlements during March to October 1999, and September 2003 to December 2005.
朱雋：中國金融四十人論壇特邀成員，中國人民銀行國際司司長，曾供職於國際清算銀行，任經濟學家。
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