Growth Without Crisis: China’s Modern Financial System

This book establishes the concept of 30-year economic “crisis-free growth” in China, and explores the fiscal and financial reasons for such growth. It focuses on the relationship between economic growth, fiscal decentralization, local government behavior and taxation. In addition, this book examines the theory of the formation of RMB equilibrium exchange rate and traces the political economic mechanism of exchange rate reform in order to explain the reasons for China’s economic growth