China's continuing high growth rate and her comprehensive development process are expected to change the economic landscape of not only East Asia but also of the entire world in the next two decades. In this respect, China's role in both regional and global economy is essential in maintaining economic and financial stability. In this volume, a number of renowned Chinese scholars and other experts in international finance and development present various views on China's current state of development and future prospects, and discuss the challenges Chinese policymakers are likely to face when dealing with domestic, regional and international economic issues. (The rest is omitted.)

Acknowledgements
Notes on the Contributors
Abbreviations
Introduction

I. Financial and Macroeconomic Reform in China
1. The Chinese Reform Agenda - Gang Fan and Xiaojing Zhang
2. Comment on Gang Fan and Xiaojing Zhang - Keun Lee
3. Challenges in Macroeconomic Management for China s New Leaders
- Wing Thye Woo
4 Comment on Wing Thye Woo - Chang Kyu Lee
5 Floor Discussion of Financial and Macroeconomic Reform in China

II. China s Role in the Region and in the Global Financial System
6. Chiang Mai and Beyond - Yung Chul Park and Yunjong Wang
7. Comment on Yung Chul Park and Yunjong Wang - Charles Adams
8. Global Capital Flows and the Position of China:
Structural and Institutional Factors and their Implications
- Young Rok Cheong and Geng Xiao
9. Comment on Young Rok Cheong and Geng Xiao - Li-Gang Liu
10. Floor Discussion of China s Role in the Region and in the Global Financial
System

III. Asian and Other Views on the Functioning of the Global Financial System
11. An Asian View on the Global Financial System - Xie Ping
12. Neo-Financial Dualism Hypothesis and Regional Cooperation in East Asia :
Comment on Xie Ping - Zdenek Dr bek
13. The Role of the Financial Sector in Creating Growth and Stability:
Lessons for China from Emerging Market Economies? - Barbara Stallings
14. Korean and Chinese Finances: Comment on Barbara Stallings - Robert N.
McCauley
15. Floor Discussion of Asian and Other Views on the Functioning of the Global
Financial System

IV. Future Challenges for China
16. Financial Challenges in China - Xie Ping
17. A Seven-Point Policy Proposal for Sequencing China's Financial
Liberalisation - Masaru Yoshitomi
18 The Future Role of China - Choong Young Ahn

Appendix: List of Participants