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When #China began economic reform in 1978, it had only one financial institution - #PBOC. Today, China has a gigantic financial sector. However, the degree of #financial repression remains high and the government continues to intervene in the financial system extensively.
It shows in the Financial Repression Index (FRI) that China’s #FRI dropped from 1.0 to 0.6 during the last 40 years. These confirm that #China made important progress in market-oriented #financial #reform. 
But the pace of liberalization is very slow. In 2015, China’s FRI ranked among the highest out of the 130 economies from which data could be obtained.
By Huang Yiping on the 8th CF40-@PIIE Economists Symposium.
By Huang Yiping on the 8th CF40-@PIIE Economists Symposium.
