The IFF China Report 2016: Introduction

Following the success of the IFF China Report 2015, we are pleased to introduce the IFF China Report 2016 to our readers.

Since 2015, economic and financial reforms in China and the rest of the world have entered a critical period of transformation. China's presidency of G20 in 2016, the Belt and Road Initiative, the launch of the Asian Infrastructure Investment Bank and other initiatives have brought new opportunities and changes in world economic growth and financial reform.

In the first year of the Thirteenth Five-Year Plan, how can the Chinese economy achieve its goals in the midst of an ever-changing international landscape and domestic reform? What are the uncertainties and obstacles? Given the continuous adjustment and impact of international politics, economics, and science and technology, the journey towards strengthening multilateral cooperation, reforming the financial framework and enhancing economic development has become the major focus for China and for global growth.

This report, drafted by the International Finance Forum and published in collaboration with Incisive Media's Central Banking Publications, collates views and perspectives on China's development from top Chinese leaders, policy-makers and financial experts during the past year. It provides readers with a unique insight into the inner workings of China's economic development and financial reform.

The IFF China Report 2016 comprises four sections: the transformation of China's growth model; financial deepening and market reform; international trade, investment and co-operation development; and the internationalisation of the renminbi and its impact on the monetary system. Each section contains a series of analytical articles (see below) reviewing the scope of the relevant topics, as well as interviews and contributions by leading decision-makers and experts on more specific aspects.

We are, once again, privileged and grateful for the support of global leaders, policy-makers, finance experts, business leaders, politicians and scholars who supported the publication of this report. We would like to give special thanks to HRH Prince Turki bin Abdullah bin Abdulaziz Al-Saud for his patronage of this report and its related events.

The aim is to offer readers a thorough understanding of the situation and challenges China faces as it embarks on the next phase of its economic transformation during the Thirteenth Five-Year Plan. We are thankful for your interest in the report and hope it provides you with important insights and a fresh outlook.

Transforming China’s growth model

The growing role of China in an interconnected world

China’s growth: a complex trading picture

Tackling China’s structural challenges

Gu Shengzu on unleashing innovation to support Chinese growth

Difficulties and prospects facing the Chinese economy

The role of innovation and consumption in China’s growth transformation

Promoting Chinese growth through technology

Opportunities and risks from economic recovery

Financial deepening and market reform

China makes strong start on economic transition

Deepening reform of the financial system

Reforming the Chinese banking system

Promoting China’s financial liberalisation agenda

Accelerating China’s capital market reform and cutting debt risks

The economic new normal and China’s financial policy

Progress and prospects of China’s pilot Free Trade Zones

International trade, investment and development co-operation

A strategy for growth: China’s development initiatives

The role of financial institutions in infrastructure development

Sustainable infrastructure investment and financing are key to Chinese growth

Driving China’s international investment activities

Meeting global infrastructure needs with MDB backing

Case study: The China-Pakistan Economic Corridor

China’s role in globalisation post-financial crisis

The role of infrastructure in spurring Chinese growth

Internationalisation of the renminbi

The renminbi and the international monetary system

A year of progress for Chinese reforms, but there is much still to do

Co-ordinating China’s domestic and international efforts

Lin Jianhai: The state of the global economy

Han Seung-soo: financial opening and the renminbi

Reform facilitated by the renminbi’s inclusion in the SDR basket

 Zhang Jizhong is
 executive director and
 secretary-general of the IFF.

Christopher Jeffery is
editor-in-chief of
Central Banking Publications.