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By Yong Guo (auth.)

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Extra resources for Banking Reforms and Monetary Policy in the People’s Republic of China: Is the Chinese Central Banking System Ready for Joining the WTO?

Sample text

The monetary policy process related to the credit-plan `transfer' channel was more elaborate than the monetary policy process related to the `cash' channel. The `transfer' channel was a two-stage process: a top-to-bottom process followed by a bottom-up one. Initially the State Council set the credit plan: a target for the transfer money supply as a function of the planned growth in output and prices, taking into Socialist Central Banking and Monetary Policy in the PRC 13 account projected trends in money velocity.

After the ABC was re-established in 1978, the Bank of China (BOC) was spun off from the PBC to conduct the foreign exchange business. Before 1978 China's centrally planned system did not allow free trade between domestic enterprises and foreign markets. According to Perkins (1994), `There was an ``air lock'' between all producing enterprises and world markets so that prices on world markets had no influence on the domestic price structure'. Should the enterprises need foreign currency to import foreign goods, they had to apply to the PBC to allocate funds for them.

6 per cent in 1980. 2 per cent of Chinese industrial output in 1992, respectively, compared with almost nothing in 1980. 9 per cent. 8 per cent growth rate of the SOEs. The rapid growth of the enterprises with private ownership and other forms of ownership is closely linked to the increased demand for pricing reforms, banking reforms and public finance reforms. At the beginning of the economic reform, the PRC government adopted a soft budget constraint (People's Daily, 1987). 1 Source: China Statistics Yearbook, 1993, pp.

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