ZHANG Xiaojing, is a Professor of Economics and Director of National Institution for Finance & Development, Chinese Academy of Social Sciences (CASS); Member of Chinese Economists 50 Forum; Member of China Finance 40 Forum. Prof. Zhang is also the recipient of prestigious awards such as SUN Yefang Financial Innovation Prize for 2015, SUN Yefang Economics Prize for 2005 and 2007, and the First prize for Beijing’s 17th Outstanding Achievements in Philosophy and Social Sciences. He actively participated in the research and consultant work on China’s 11th, 12th, 13th, and 14th Five-Year Plan. He is in charge of the Center for National Balance Sheets (CNBS) which is the only institution that releases the annual data for China’s National assets and liabilities. He was a Visiting Professor at Harvard and National Bureau of Economic Research (NBER) in 2006-2007; and a Visiting Fellow at Stockholm School of Economics, from 1999-2000. His research interests are macroeconomics, macro-finance, and development economics.

• List of Figures - List of Tables - Chapter 1 Economic Growth and Policy Choice in China’s “Opening-Up” Period - Chapter 2 International Capital Flows, Economic Distortions, and Macro Stability - Chapter 3 International Correlation of China’s Economic Cycle - Chapter 4 External Shocks and Internal Inflation in China - Chapter 5 Real Estate Cycle and Financial Stability - Chapter 6 Empirical Analysis of Cross-Border Capital Flows: A Case Study of the “Hong Kong Path” - Chapter 7 The Impact of the Subprime Crisis on Stock Markets in the Mainland and Hong Kong - Chapter 8 Global Imbalances and Financial Crises: A Perspective of Monetary Hegemony - Chapter 9 China’s National Comprehensive Liabilities and Market-Oriented Reform - Chapter 10 Growth Imbalance and Government Responsibility: A Perspective of Social Expenditure - Chapter 11 Optimal Wealth Distribution and Harmonious Social Welfare Function - References - Epilogue

ZHANG Xiaojing, is a Professor of Economics and Director of National Institution for Finance & Development, Chinese Academy of Social Sciences (CASS); Member of Chinese Economists 50 Forum; Member of China Finance 40 Forum. Prof. Zhang is also the recipient of prestigious awards such as SUN Yefang Financial Innovation Prize for 2015, SUN Yefang Economics Prize for 2005 and 2007, and the First prize for Beijing’s 17th Outstanding Achievements in Philosophy and Social Sciences. He actively participated in the research and consultant work on China’s 11th, 12th, 13th, and 14th Five-Year Plan. He is in charge of the Center for National Balance Sheets (CNBS) which is the only institution that releases the annual data for China’s National assets and liabilities. He was a Visiting Professor at Harvard and National Bureau of Economic Research (NBER) in 2006-2007; and a Visiting Fellow at Stockholm School of Economics, from 1999-2000. His research interests are macroeconomics, macro-finance, and development economics.

• List of Figures - List of Tables - Chapter 1 Economic Growth and Policy Choice in China’s “Opening-Up” Period - Chapter 2 International Capital Flows, Economic Distortions, and Macro Stability - Chapter 3 International Correlation of China’s Economic Cycle - Chapter 4 External Shocks and Internal Inflation in China - Chapter 5 Real Estate Cycle and Financial Stability - Chapter 6 Empirical Analysis of Cross-Border Capital Flows: A Case Study of the “Hong Kong Path” - Chapter 7 The Impact of the Subprime Crisis on Stock Markets in the Mainland and Hong Kong - Chapter 8 Global Imbalances and Financial Crises: A Perspective of Monetary Hegemony - Chapter 9 China’s National Comprehensive Liabilities and Market-Oriented Reform - Chapter 10 Growth Imbalance and Government Responsibility: A Perspective of Social Expenditure - Chapter 11 Optimal Wealth Distribution and Harmonious Social Welfare Function - References - Epilogue