China's Financial Reform and Opening-Up over the Past Three Decades

Speech at China-US Forum and Gala, 2008

5 Pages Posted: 7 Dec 2008

See all articles by Yibin Mu

Yibin Mu

International Monetary Fund; Harvard University; World Bank

Date Written: November 23, 2008


Per the invitation of the 2008 China-US Forum and Gala Organizers, the author shared China's experience on financial reform and opening-up over the past three decades on a step-by-step basis. During this process, China has created some unique financial structures that may well be worth looking at during this time of financial turmoil. Based on this, he shared some key reflections of China's financial reform and opening-up: (i) an appropriate sequence of reform measures matters; (ii) good strategic planning matters; (iii) a gradual approach can avoid big reform failures and produce better accumulated results; and (iv) a public and private hybrid ownership structure may become a creative contribution to corporate governance theory and practices.

Keywords: China, Financial Reform, Opening-up

JEL Classification: G00, N20, N25, O53, P31

Suggested Citation

Mu, Yibin, China's Financial Reform and Opening-Up over the Past Three Decades (November 23, 2008). Speech at China-US Forum and Gala, 2008, Available at SSRN: or

Yibin Mu (Contact Author)

International Monetary Fund ( email )

1700 19th Street, NW
Washington, DC 20431
United States

Harvard University ( email )

Cambridge, MA 02138
United States

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

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