Fiscal and Monetary Policy with Chinese Characteristics

This book examines how innovation and coordination between fiscal and monetary policy have shaped macroeconomic governance in China. Combining theoretical analysis, empirical research, field investigations, and international comparison, it provides a systematic assessment of the evolution and effectiveness of China’s policy framework over the past two decades. The book offers an in-depth analysis of China’s distinctive policy instruments, including policy-based development finance and structural monetary policy tools. It explores key issues such as fiscal–monetary coordination, government bond markets, local government debt risks, and the transmission of financial vulnerabilities between the public sector and commercial banks. By placing China’s experience in the context of global debates on macroeconomic management and financial stability, the book develops a new perspective on fiscal–monetary policy coordination and provides valuable insights for researchers, policymakers, graduate students, and financial practitioners.