对未来农村改革发展政策的若干解读.pptVIP

Time for change:evaluation of effects of stimulus plans and China’s strategic choices CAO Honghui Research Fellow, Director Financial Markets Division, Institute of Finance and Banking HongKong, May 25th,2009 Resume Name: Cao Honghui Sex: Male Date of birth:May 6th,1966 Place of birth: Hunan,China Tel:86-10Fax:86-10Email:caohonghui@ Director, Associate Research Fellow Financial Markets Division, Institute of Finance and Banking, Chinese Academy of Social Sciences  He won his bachelor’s degree and master’s degree in Central University in 1988 and 1996.He got his doctoral degree at Central University of Economics and Finance in Beijing,China. Before he studied there, he has worked in China’s Investment Bank and Securities Rating Company after he got his master’s degree at Central University in Changsha and moved to Beijing from Hunan. He majored in English and literature in Central University in 1984 and got bachelor’s degree. Prof. Cao focused on asset pricing, investment management, corporate governance and financial markets development as well as local financial cooperation in East Asia. He worked together with Prof. Joseph Stiglitz at Columbia University as visiting scholar from August 2006 to August 2007. He also used to be the consultant of World Bank in 2005 and the panel member of ASEAN plus 3 in East Asia and APEC from 2003 to 2005.  1. China economy affected by global crisis is bottoming, but private sector remains weak Rebound of import export growth (year on year,%) China’s export growth by destination ( year on year, %) FX reserves FX reserve growth per month (Billion) 60% banking notes issued by share holing banks Blooming credit growth still questionable M2 growth M1/M2 : expansionary monetary policy limited Retail sale downtrend is slowing down Real fixed asset investment growth is accelerating Volume rebounds and duration to absorb housing inventory is shortening Domestic demands are still weak As