Submission deadline: 15 June 2018

Call for Papers

China Expert Network workshop

“The Chinese Economy in the New Era”

Hosted by the European Central Bank, the Federal Reserve Board of Governors and the Hong Kong Monetary Authority

Hong Kong, 28-29 November 2018

The European Central Bank, the Federal Reserve Board of Governors and the Hong Kong Monetary Authority will jointly host a China Expert Network workshop entitled “The Chinese Economy in the New Era”. The aim of the workshop is to bring together China experts from central banks, other policymaking institutions and the private sector to discuss the most pressing issues facing the Chinese economy and their implications for the global economy, with a particular focus on policy-related topics of relevance to central bank policymakers.

We welcome papers or policy notes on topics including, but not limited to, the following:

  • Deleveraging and financial stability: How is China’s real economy affected by the deleveraging campaign and the stronger focus on financial stability? How are the shadow banking sector and the real economy interlinked? How efficiently are credits allocated? What is the impact of property market dynamics on financial stability? What are the policy implications of the rapid growth in China’s fintech sector?
  • China’s local governments: How has the fiscal relationship between central and local government evolved over the years? Have recent policy developments hardened the latter’s budget constraints or altered their behavioural incentives? What is the outlook for local government debt in the near future and what are the macro implications?
  • Long-term growth prospects: What is the impact of demographic change on China’s long-term growth? Is China’s labour market becoming more efficient? How does supply-side reform affect GDP, productivity growth and employment? What are the effects of domestic winners and losers from supply-side reform? Is China on a path of sustainable rebalancing? What are the drivers of consumption? How could housing-market policy contribute to long-term growth prospects?
  • Monetary policy and exchange rate framework: How effective is the new two-pillar monetary policy framework in promoting growth and financial stability and anchoring inflation? What is the role of exchange rate management in China’s monetary policy framework? How independent is this framework from US monetary policy? What is the prospect for the RMB as a global reserve currency?
  • Capital account developments: What and how effective are the tools for China’s capital account management? Are Chinese households under-diversified in terms of foreign assets? Does China face structural capital outflow pressures? What are the implications of the “Belt and Road Initiative” on capital flows?
  • Global spillovers: How significant are the potential spillovers from a sharp slowdown in China? What are the main channels for global spillover from China? Are financial channels becoming more important? What is the impact of supply-side reform and housing-market policy on global commodity prices?

If you are interested in contributing, please submit a paper or policy note (in Word or PDF format) to the Hong Kong Institute for Monetary Research by 15 June 2018 (email to Please use the contact author’s name as the name of the file and indicate in your submission whether you would also be interested in being a discussant. Authors will be notified if their paper or note has been accepted by 15 July 2018.