As we know from our own experience, this reform process is a difficult one. And from some perspectives, China faces an even more daunting challenge than the one we faced. Because of China’s sheer size, the rest of the world is watching very closely and it has a strong interest in China “getting it right”.
China is also facing the task of liberalisation at a materially lower level of per-capita income than was the case in Australia. It faces an existing financial sector much larger (relative to GDP) than was the Australian financial sector at the outset of our liberalisation process.