china's financial reform and macroeconomic regulation have entered a new phase
the 20th national congress of the communist party of china (cpc) marked the commencement of a new phase in china's financial reform and development. addressing the future trajectory of china's financial reform, the report to the 20th cpc national congress underscored three key aspects. firstly, modernizing the central bank system. secondly, strengthening and refining modern financial regulation and reinforcing the systems that safeguard financial stability. lastly, improving the capital market’s functions and increasing the proportion of direct financing. on the macroeconomic regulation front, the report underscored the institutional necessity of conducting future macroeconomic regulation within the framework of coordinated fiscal and monetary policies. in october 2023, the central financial work conference took a notable step by setting the ambitious goal of building china into a financial powerhouse for the first time.
how should we approach the significant concerns mentioned above that affect us all? in an exclusive interview to china forex, li yang, chairman of the national institution for finance & development and an academic member of the chinese academy of social sciences (cass) shared his views with gao zhanjun, the executive editor-in-chief of china forex and once a visiting scholar at harvard university, on china’s financial reform, and macroeconomic regulation.
