On the Establishment of a Comprehensive Financial System of Macroeconomic Coordination and Balance

Xu Yi

Chinese Economy, 1990, vol. 23, issue 3, 46-68

Abstract: Since the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China, the central authorities have adopted a series of measures to effect a comprehensive readjustment of the national economy, carried out the economic structural reform step by step and in a planned way, and implemented the policy of invigorating domestic economy and opening to the outside world, thereby bringing about an excellent situation of sustained development of the national economy. The growth rate of industrial and agricultural production and that of the national income have gone up from year to year and the living standards of the people have improved steadily. Under this impetus, the financial situation has improved from year to year since 1982, and the proportional relationships between agriculture and industry and between heavy and light industries have gradually become better coordinated. Practice shows that our policies for economic readjustment and economic structural reform are correct and constitute a powerful impetus to the development of our productive forces. It is true that in the second half of last year some problems emerged as certain matters got out of control, but after timely measures were taken by the Central Committee and the State Council, some of these problems have already been overcome and others are being resolved. We are fully confident that we shall fulfill the Sixth Five-Year Plan ahead of schedule and smoothly enter into the period of the Seventh Five-Year Plan, make a success of the economic reform, and straighten out various economic relations, thus accomplishing the task of laying down the foundation in the 1980s for an invigorated economy in the 1990s and working toward achieving the magnificent goals that have been set for the year 2000.

Date: 1990
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