China's economic success and reforms: investing in soft infrastructure -- Moderning the tax policy regime -- Strengthening tax administration -- A medium-term expenditure framework for more effective fiscal policy -- Social security reform for sustainability and equity -- Local government finances and fiscal risks -- Interest rate transmission in a new monetary policy framework -- Capital account opening and capital flow management -- Renminbi internationalization -- A rapidly changing financial system -- State-owned enterprise reform -- Upgrading macroeconomic statistics

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