Chinese Finance in the New Stage of the Economic Reform

The 12^th five-year plan is going to bring huge changes in the Chinese economy, on its inside structures as well as on its international economic relations. The contribution of the financial sector to these changes will be important. Inside China, sustainable growth will require to free the financial services industry but also to implement a major fiscal reform along with a new configuration of power within the Party. As for the international aspects, the new convertibility of the Yuan for non residents will pave the way for a major role of Hong-Kong and China in the future reshaping of the international monetary system.