Preface v

Contributors vii

PART I. INTRODUCTION

  1. China’s Economic Transformation: Exceptional Growth,Mounting Challenges and Reform Priorities 3

PART II. STRUCTURAL REFORMS FOR A NEW GROWTH MODEL

  2. Reducing Household Savings and Boosting Consumption 35

  3. Service Sector as an Engine of Growth 51

  4. Scaling Back Industrial Policies to Reduce Misallocation 63

  5. Lifting Productivity Growth: Promoting Innovation andBusiness Dynamism 81

  6. Delivering an Efficient Green Transition 103

PART III. MACRO AND FINANCIAL FRAMEWORKS FOR THE NEW GROWTH MODEL

  7. Reforming the Fiscal Framework: The Challenges and WayForward 119

  8. Addressing the Local Government Debt Overhang 137

  9. Reform Options to Upgrade the Monetary Policy Framework 153

  10. The Financial System: Reforms to Ensure Stability 179

  11. Upgrading China’s Insolvency Framework 197

Index 209