China’s Approach to Development Finance.docVIP

PAGE  PAGE 5 China’s Approach to Development Finance 　　Aligning State and Market： China’s Approach to Development Finance is authored by economist Chen Yuan ?C former president of the China Development Bank. The book records how Chen Yuan and China Development Bank （CDB） gave full play to the theory of development finance to solve problems regarding people’s livelihoods and national development. 　　For the first time， Chen Yuan reveals the formulation process of major investment policies from his own perspective， together with an in-depth analysis of both national circumstances and the international situation. All these occurrences epitomize China’s socio-economic development， especially in the financial area， in recent decades， thus making it a must-read to understand the“government and market” with Chinese characteristics. 　　Chen Yuan has made remarkable achievements in economic and financial theories. During his 20-plus years of financial work experience， whether as a supervisor or a practitioner， he has insisted on financial reforms. Since the Asian economic crisis in 1998， Chen Yuan has led the CDB’s change from a traditional policy bank to a world-class development financing institute， with increasing global impact ?C all thanks to his development finance theory. 　　What is development finance？ It is essentially a financial method that serves the national development strategy through mediumand long-term investment and financing. Based on both the government’s credibility and market rules， it breaks through the bottleneck of social and economic development， safeguards financial stability and strengthens competitiveness. Whether in a developing or developed country， where there is a development deadlock there is leeway for development finance to show its capabilities. Otherwise， neither the market itself nor business financing can achieve the government’s development goals. 　　The whole book ?C which includes a discussion on the practical exploration o