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Extra info for China: macroeconomic stability in a decentralized economy

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3/China Daily, Supplement, November 17, 1993. Page xviii The Decision recognizes the primacy of the central government in macroeconomic management. Its proposals for reforming the system of intergovernmental fiscal relations, creating a national tax service (NTS) separate from local tax bureaus, and making the central bank more independent all point in this direction. The Decision sends the firm message that macrostabilization is compatible with market reforms. Indeed, it suggests that structural macroeconomic reforms, and the associated recentralization of decision-making in certain areas are necessary for the continued pursuit of market reforms.

Su Guoli was the local coordinator and liaison. Background papers were contributed by Yingui Qian, Barry Weingast and Jun Ma (Consultants). The World Bank team was hosted by the World Bank Department of the Ministry of Finance (MOF). In particular, thanks are due to Mr. Yang Yingming, Ms. Mei Hong and Mr. Zhu Xian for ensuring full cooperation of government agencies. The missions benefited enormously from interaction with the Chinese counterpart team whose views and suggestions have helped shape this draft.

Cm.  ).  Economic stabilizationChina.  Budget deficitsChina.  Series. 2 UCCs in Shanghai: Formidable Future Regional Banks? 1 What is China's GDP per Capita? 3 Is the Credit Plan Binding? 1176 FISCAL YEAR January 1 - December 31 WEIGHTS AND MEASURES Metric System Page ix Contributors This report is based on two missions that visited China in October/November 1993 and again in April 1994. The missions were led by Rajiv Lall. C. Hwa (recent developments), Shigeo Katsu (policy banks), Vikram Nehru (recent developments), Wang Yuan (fiscal reform), Florencia Castro-Leal (Young Professional), Tejaswi Raparla (Statistical Annex and projections), Zuliu Hu (IMF, financing options for government deficit), Roy Bahl (fiscal reform), Charles Lucas (Consultant, monetary policy), Joyce Hanson (Consultant, financial regulations) and William Jack (Consultant, decentralization and reform).

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