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China's Financial Transition at a Crossroads resources

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I N T R O D U C T I O N Charles W. Calomiris In 2005, as part of a new set of initiatives designed to foster greater and deeper communication between academics and practitioners, the Jerome A. Chazen Institute of International Business at Columbia Business School de- cided to sponsor a major project exploring current prospects for financial policy reforms in China. The goals of this project were (1) to provide a treat- ment of the trajectory of financial reform at this time—its recent past, cur- rent status, and likely future; (2) to undertake both a deep and comprehensive effort by including detailed, empirical analysis of each major area of recent reform (domestic banking sector reform, securities market listings of Chi- nese firms, capital inflows from abroad, and foreign exchange policy); (3) to include a variety of perspectives and techniques in that analysis—that is, those of academics, practitioners and policymakers—all of whom have unique and important perspectives on financial reform, and all of whom can benefit from a collective effort to take stock of China’s financial policies and prospects and to promote further communication among them; and (4) to ensure that, while preserving the authentic voices and techniques of these various participants, we would also produce a written volume of essays that would be accessible to someone with an MBA level of training in fi - nance and a basic knowledge of the Chinese economy. This volume is the result of that effort. The chapters are designed to be used either as part of a comprehensive investigation of China’s current reforms or as stand- alone contributions to specific areas of investigation. Unlike a monograph, this volume brings together the perspectives of many authors and commentators. Unlike the typical “conference volume,” it does not merely collect existing papers, but rather is designed to address impor- tant related questions. The chapters taken as a whole provide an integrated vision of China’s financial reforms and prospects.

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