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World Bank - China: macroeconomic stability in a decentralized economy

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title China Macroeconomic Stability in a Decentralized Economy World - photo 1

title:China : Macroeconomic Stability in a Decentralized Economy World Bank Country Study, 0253-2123
author:
publisher:World Bank
isbn10 | asin:0821333275
print isbn13:9780821333273
ebook isbn13:9780585238463
language:English
subjectMonetary policy--China, Economic stabilization--China, Inflation (Finance)--China, Budget deficits--China, Decentralization in government--China, China--Economic policy--1976-
publication date:1995
lcc:HG1285.C4826 1995eb
ddc:339.5
subject:Monetary policy--China, Economic stabilization--China, Inflation (Finance)--China, Budget deficits--China, Decentralization in government--China, China--Economic policy--1976-
Page i
China Macroeconomic Stability in a Decentralized Economy
A WORLD BANK COUNTRY STUDY
China macroeconomic stability in a decentralized economy - image 2
Page ii
Copyright 1995
The International Bank for Reconstruction
and Development/THE WORLD BANK
1818 H Street, N.W.
Washington, D.C. 20433, U.S.A.
All rights reserved
Manufactured in the United States of America
First printing August 1995
World Bank Country Studies are among the many reports originally prepared for internal use as part of the continuing analysis by the Bank of the economic and related conditions of its developing member countries and of its dialogues with the governments. Some of the reports are published in this series with the least possible delay for the use of governments and the academic, business and financial, and development communities. The typescript of this paper therefore has not been prepared in accordance with the procedures appropriate to formal printed texts, and the World Bank accepts no responsibility for errors. Some sources cited in this paper may be informal documents that are not readily available.
The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of the World Bank Group any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries.
The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, Massachusetts 01923, U.S.A.
The complete backlist of publications from the World Bank is shown in the annual Index of Publications, which contains an alphabetical title list (with full ordering information) and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from the Distribution Unit, Office of the Publisher, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'Ina, 75116 Paris, France.
ISSN: 0-0253-2123
Library of Congress Cataloging-in-Publication Data
China: macroeconomic stability in a decentralized economy.
p. cm. (A World Bank country study)
Includes bibliographical references (p. ).
ISBN 0-8213-3327-5
1. Monetary policyChina. 2. Economic stabilizationChina.
3. Inflation (Finance)China. 4. Budget deficitsChina.
5. Decentralization in government China. 6. ChinaEconomic
policy1976- I. Series.
HG1285.C4826 1995
339.5 dc20 95-20120
CIP
Page iii
Contents
Acronyms and Abbreviations
vii
Currency Equivalents
viii
Contributors
ix
Executive Summary
xi
1
Recent Economic Developments
1
Picture 3
Introduction
1
Picture 4
Developments in the Real Sector
2
Picture 5
Near Record GDP Growth
2
Picture 6
Rapid Expansion of Fixed Investment
6
Picture 7
Prices, Credit and Money
8
Picture 8
Buildup of Inflationary Pressure
8
Picture 9
Disorderly Financial Markets and an Accommodating Monetary and Credit Policy
9
Picture 10
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