Nonviable 'zombie' firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with state owned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group,...

Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country's unique...

Cover -- Contents -- Foreword -- Acknowledgments -- Contributors -- Abbreviations and Acronyms -- INTRODUCTION AND SUMMARY -- 1 China's Economic Success and Reforms: Investing in Soft Infrastructure -- FISCAL POLICY FRAMEWORKS -- 2 Modernizing the Tax Policy Regime -- 3 Strengthening Tax...

China's residential real estate sector plays an important role in the economy and has been a key driver of growth. Since 2014 the sector has softened visibly, reflecting overbuilding across many cities. An orderly adjustment of the sector is welcome. The key questions are how severe the...

The New Market Economies of Eastern Europe have been experiencing fundamental systemic changes over recent years. Nevertheless, the field of Economic Transformation is still in its infancy and some important policy questions have been neglected altogether. "The Economics of Transformation"...