The IFF China Report 2015: The Chinese economy at a crossroads

The IFF China Report 2015 (a full list of articles is below) was conceived at a crucial turning point for China's society and economy, which started in November 2013, when the Chinese leadership under president Xi Jinping and premier Li Keqiang unveiled a bold market-orientated reform blueprint.

During the period from 2013 to 2015, China's economy and its evolving growth model experienced a profound transformation, creating mixed results, greater uncertainties and diverging predictions by China watchers.

Outside observers are divided on the condition of the country's economy and its reform process. Views range from the very pessimistic "The coming Chinese crackup", as published in The Wall Street Journal, to the reasonably positive "Made in China: New, improved and stronger than ever" by The Economist.

This report - the first by the International Finance Forum (IFF), and published in collaboration with Central Banking - provides readers with the IFF's unique access to many insiders in China, as well as to its network of experts with long and rich experiences studying China on the ground.

The IFF China Report 2015 is divided into four sections. They comprise: the transformation of China's growth model; financial deepening and capital markets development; international trade, investment and development co-operation; and the internationalisation of the renminbi and its impact on the international monetary system.

Each section contains a series of analytical articles reviewing the scope of the relevant topic, as well as interviews and contributions by leading thinkers and decision-makers on more specific aspects.

We are delighted that so many senior policy-makers and industry officials have agreed to support the publication of this report, offering readers a genuine understanding of the real challenges China faces as it embarks on the next phase of its economic transformation.

We hope that the report gives you some interesting insights and thank you for reading!

Transforming China's growth model through structural reform

• The transformation of China towards a modern economy
• China's dual-economy poses major challenge for future development
• 'Learning by doing' has transformed Chinese growth
• Maintaining China's growth in an environmentally friendly manner
• Innovation gauntlet laid down to facilitate economic transformation
• Chinese Commerce minister Gao Hucheng on China's 'One belt, one road' vision
• Chinese finance minister Lou Jiwei on local government debt and tax reform
• PBoC's Zhou Xiaochuan on interest rate reform and renminbi internationalisation
• Vice-ministerZhu Guangyao on China's 'new normal', investment and external pressures
• Gu Shengzu: Driving the ‘new normal': stability, urbanisation and innovation
• Cheng Siwei: Five foundations for the reform of China

Financial deepening and market reform

• China's path to financial deepening
• Developing China's capital market is central to 'new normal' reform
• Factor price reforms and their macroeconomic policy impact
• DBS sponsored statement: Defining the ‘new normal' in China
• Coping with risks associated with financial liberalisation in China
• CSRC's Xiao Gang on major reforms to deepen capital markets in China
• CBRC's Shang Fulin on reforming bank profit models and dealing with non-performing loans
• Yi Gang on China's new foreign exchange philosophy 
• Dai Xianglong: Four steps to creating a multi-layered capital market
• Zhou Hanmin: Reform and the Shanghai Free-Trade Zone
• Zhou Congjiu: Improving China's OTC business is a vital for the creation of a multi-layered capital market
• Wang Jianxi: Creating an effective equity market in China
• Zhang Shenfeng: Future-proofing risk in the Chinese economy

International trade, development and co-operation

• Trade structure: from raw materials to machinery and services 
• Chinese outward direct investment: overtaking other EMEs 
• South-South development co-operation in transformation 
• China's ‘One belt, one road' vision to strengthen co-operation 
• Jin Liqun: China's outbound investment development and challenges 
• Li Keping: Fine-tuning the new era of Chinese outbound investment
• Jiang Jianqing: Overseas expansion of China's banking industry

The renminbi and the international monetary system

• The rising international role of the renminbi
• Zhu Guangyao on global financial governance, divergent monetary policy and IMF reform
• Dai Xianglong: Renminbi evolution brings benefits to China and rest of the world
• Tian Guoli: RMB internationalisation moves from strength to strength
• Justin Lin: Fixing the fault lines of the international monetary system

Jin Liqun is executive vice-president of International Finance Forum and secretary-general of the Multilateral Interim Secretariat for establishing the Asian Infrastructure Investment Bank; and Christopher Jeffery is editor-in-chief of Central Banking Publications