Working Paper

Domestic Rebalancing to Reduce Global Imbalances: The Role of Financial Market Measures

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“Taking advantage of the opportunity offered by the structural adjustments of the global economy…”
The decisions on the four modernisations taken at the Third Plenum represented a radical change in Chinese domestic
development strategy.

However, its initial implementation in the strategy of “two ends extending abroad”, based on the development of manufacturing exports in the coastal regions, was also premised on an assessment of changing global production, trade and political relations. The success of China’s “opening” policy has thus always been conditioned by conditions in the global economy.