Macroeconomic Management in China: Proceedings of a by Peter Harrold, Erh-Cheng Hwa, Lou Jiwei, Jiwei Lou

By Peter Harrold, Erh-Cheng Hwa, Lou Jiwei, Jiwei Lou

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Richard S. Johnston No. 166 The Building Blocks of Participation: Testing Bottom-up Planning. Michael M. Cernea No. 167 Seed System Development: The Appropriate Roles of the Private and Public Sectors. Steven Jaffee and Jitendra Srivastava No. 168 Environmental Management and Urban Vulnerability. Alcira Kreimer and Mohan Munasinghe, editors No. 169 Common Property Resources: A Missing Dimension of Development Strategies. N. S. Jodha No. 170 A Chinese Province as a Reform Experiment: The Case of Hainan.

Therefore, the conference was concerned both with measures to address the short term problems facing the economy, as well as reforms to overcome the deeper, structural issues. Papers were presented by the Chinese participants on such topics as financial sector reform, fiscal policy, the role of industrial policy, and state asset management. The foreign participants prepared comments on these papers, and the meeting concluded with a clear set of recommendations and proposals, which were submitted to the Chinese leadership at a very opportune time, in terms of policy formulation.

It will not be enough for us just to have an interesting exchange of views on these topics, as often occurs at these conferences: this time we must draw up an agenda for action for structural reforms that would obviate the need for periodic resort to extraordinary measures to bring balance to the economy. There are many issues that we will address this week. I want to note four in particular that I consider to be especially important. First, one key question that has yet to be resolved in China is the creation of institutions and then promoting their development for the coordination of macroeconomic policy-making.

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