Fernandez Lommen, Yolanda
Yolanda Fernandez Lommen is Principal Economist at ADB’s East Asia Department, which is responsible for ADB's operations in the People's Republic of China (PRC) and Mongolia. Yolanda joined ADB over 12 years ago during which she has worked mainly on Mongolia and the PRC. Prior to joining ADB Yolanda was assistant professor of Economics at Complutense University in Madrid, and Head of the Asian Studies Unit at the Royal Center for International Relations in Madrid. Yolanda is Spanish and holds a DPhil on the contribution of the sources of growth in the Chinese economy in the first two decades of the economic transition.
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This paper examines the fiscal and monetary policy options available to the People's Republic of China as a sovereign currency-issuing nation operating in a dollar standard world.
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Critical among the objectives of the 12th Five-Year Plan is changing the growth pattern toward a more services- and consumption-driven model, away from the past emphasis on industrial production, capital investment, and exports, which is necessary to address the social, environmental, and external imbalances of the People's Republic of China.
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The structure of the labor market, the pattern of savings, and migration flows will change in an aging society.
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This brief highlights the pivotal role to be played by fiscal policy in the People's Republic of China's rebalancing process if other supportive and complementary policies are in place.