Moreover, Chinese authorities have been conducting monetary policy management, exchange regime reform, rural financial system reform, policy bank reform and related legal system reform under very complicated circumstances. These issues unique to China also provide scholars with sufficient room for research. China’s financial researchers have been exposed to the frontier by the great time.
This is not only a precious opportunity, but also a great challenge. Modern economic and financial theory emerged in the western countries after long-term observation and research by western economists. The theory is subject to relatively strict conditions, which may not be appropriate in China’s practice.