Contents

Featured Articles

-Building a Modern Economic System by Wu Xiaoqiu

-Monetary Policy in Europe Exit Problems by Nout Wellink

The 19th CPC National Congress

-Foreign Experts Take on President Xi Jinping's Report by IMI

-Modernity with Chinese Characteristics by Andrew Sheng and Xiao Geng

-Financial Sector Reforms Get a Shot in the Arm by Sun Chao

Financial Regulation

-Bank Regulations: An Existential Threat? by Steve H. Hanke

-Financial Risk Can’t be Ignored Amid Restructuring by Xiong Yuan

-Code of Conduct Needed to Reduce Moral Hazard by Li Honghan

Trump's Tax Cut

-Trump's Muted Tax Cut by Ben Robinson

-Is the US Tax Reform Another Beggar-My-Neighbor Policy by Herbert Poenisch

-Yellen Gives Cover to Trump Tax Cuts by Darrell Delamaide

Global Economy

-Reforms Key to Sustainable Growth by Alfred Schipke and Zhang Longmei

-Decoding Disinflation: Principal Contradiction, Social Progress and Market Fragility by Hong Hao

-Path to the Next Financial Crisis by Miroslav Singer

-Real Dangers for International Trade by David Skilling

China

-China Moves on Global Safety Net by David Marsh

-Early Fruits of Corporate Deleveraging Add to Growth Resilience by Betty Huang and Xia Le

-Financial Opening in China Inevitable by Elliot Hentov

-View from the Peak by Hong Hao

Belt and Road Initiative

-One Belt and One Road: Progress and Prospects by Sumedh Deorukhkar and Xia Le

-Belt and Road Key is in Governance by Qu Fengjie

Monetary Policy

-Regime Uncertainty Continues to Hold down Loan Growth and the Economy by Steve H. Hanke

-To Tighten or Not to Tighten by John Plender

-Balancing Security with Returns by Ricardo Adrogue

Digital Economy

-Transforming from Imitators to Innovators by Ben Shenglin

-The Challenges Confronting China’s Digital Economy by Andrew Sheng and Xiao Geng

-Bridging the Digital Divide: Measuring Digital Literacy by Krish Chetty, Liu Qigui, Li Wenwei, Jaya Josie, Nozibele Gcora and Ben Shenglin

BRICS

-Building or Replacing by Herbert Poenisch

Working Paper

-Why Does the World Need a Reserve Asset with a Hard Anchor by Di Dongsheng, Warren Coats and Zhao Yuxuan

-Do Speculative Bubbles Migrate in the Chinese Stock Market? by He Qing, Qian Zongxin, Fei Zhe and Terence Tai Leung Chong

-Trade Openness and the Phillips Curve: The Neglected Heterogeneity and Robustness of Empirical Evidence by Sylvester Eijffinger and Qian Zongxin

-Equilibrium-Informed Trading with Relative Performance Measurement by Qiu Zhigang