Promoting High-Quality Growth Through Financial Reform in the People’s Republic of China

Publication | December 2021

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.

The report argues that as the economy transitions to focus on high-quality growth, the PRC needs to deepen its financial sector reform. They include measures such as gradually opening up financial markets to foreign and domestic private capital to finance new emerging sectors, strengthening regulatory and supervisory regimes in the face of rapid technological changes, and promoting financial innovations.


  • Executive Summary
  • Introduction
  • Overview of Financial Development and Openness
  • Financial Reform
  • Effects of Financial Repression on Economic Growth and Innovation
  • Macro Prudential Policies and Financial Regulatory Framework
  • Recent Financial System Developments
  • Conclusions and Implications for Further Financial Reforms

Additional Details

  • Finance sector development
  • Banking and non-bank financial institutions
  • Financial markets and institutions
  • China, People's Republic of
  • 40
  • 8.5 x 11
  • WPS210509-2

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