China Economic Policy

CHINA-2011/11/01

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THE BROOKINGS INSTITUTION

CHINA’S ECONOMIC POLICY OBJECTIVES FOR THE NEXT FIVE YEARS

Washington, D.C. Tuesday, November 1, 2011

PARTICIPANTS: Introduction and Opening Remarks: KENNETH G. LIEBERTHAL Director John L. Thorton China Center Featured Speaker: CHENG SIWEI Chairman, International Finance Forum, Beijing Chang-lin Tien Distinguished Visiting Fellow, The Asia Foundation Discussant: BARRY J. NAUGHTON Nonresident Senior Fellow, Foreign Policy John L. Thornton China Center

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ANDERSON COURT REPORTING 706 Duke Street, Suite 100 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190

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PROCEEDINGS MR. LIEBERTHAL: Delighted you’re here. I’m Ken Lieberthal. I’m director of the John L. Thornton China Center at Brookings. Our program this morning focuses on a very important set of developments. The People’s Republic of China, in March of this year, adopted the 12th Five-Year Plan. That Five-Year Plan, to a startling extent, really lays out a new development model for China -- effectively changing a lot of the parameters of development from what we’ve seen in the highly successful Chinese economy in recent decades. The program today is designed to lay out some of the key elements in that new model, and to discuss them. We have, I think, two of the best speakers possible for those dual tasks. Mr. Cheng Siwei is a prominent Chinese economist. He’s former Vice Chairman of the Standing Committee of the National People’s Congress. He currently serves as Chairman of China’s International Finance Forum -- among other positions, I might add. His collected works have been published in Chinese, and will be published later this year in English under the title, Economic Reforms and Development in China. Chairman Cheng is the recipient of the Asia Foundation’s Chang-lin Tien Distinguished Visiting Fellow Award. This fellowship honors the late Dr. Chang-lin Tien, who was former Chancellor at the...