This report assesses the effects of financial development on economic performance in the People's Republic of China (PRC) and attempts to shed light on future reform directions.
Digital technology is opening a new chapter of economic development, creating a lot of new opportunities such as helping the economy survive COVID-19.
Fintech is rapidly changing the financial industry, with important implications for macroeconomic stability.
Financial liberalization in the PRC should work better when gradual and focused on sequencing of reforms, when institutions are able to contain financial risks, and when the central bank participates in financial regulation.