A summary of China’s 60 years of financial reform and transformation

WANG Guogang

Institute of Finance & Banking, Chinese Academy of Social Sciences
Abstract:
The 60 years of China’s financial development has been divided into two phases, the planned economy and reform and opening-up. During the planned economy, monetary finance policy strongly supported rapid development of the national economy, as indicated by the significantly higher growth rates in monetary and credit than in major economic indicators of the national economy. During the 30 years of reform and opening-up, China’s financial system developed at a super-normal pace, establishing relatively complete and sound financial institutions and market systems, and continuously pushing forward the process of rule of law and financial internationalization. The 60 years of development in China’s financial system have embarked on a path different from the West’s. The following are the valuable experiences learned from China’s financial development:

1) Consistently put development as the top priority, and promote development through reform;

2) Adhere to the general principle of financial stability, and proceed from China’s reality;

3) Promote financial development surrounding the real economy;

4) Put forward financial innovation in an appropriate manner;

5) Guard against and defuse financial risks, and adhere to the principal of gradual and orderly opening-up.

Amid complex domestic and international economic and financial situations, China needs to improve its regulatory mechanism of monetary policy and its financial market system, deepen the reform of financial institutions, and improve the financial regulatory system so as to make greater achievements.
Key words: China’s financial 60 years, development

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