Contents

Macro Finance

The “New Normal” for China’s Economy

C-H Kwan, Nomura Institute of Capital Markets Research

Financial and Capital Market Reform

Pathway to Opening China’s Capital Markets

LI Yongsen, Financial Securities Institute, Renmin University

Sources of Lending Risk in Mutual Guarantee and Joint Surety and Direction of Reform

YIN Zhuo, Strategy and Regional Economic Research Department, Development Research Center of the State Council

Public Finance

Post-Third Plenum Fiscal and Tax Reforms－Securing Fiscal Revenues for Local Governments Remains a Problem

C-H Kwan, Nomura Institute of Capital Markets Research

Asset Management

The Changing Investment Strategy of China’s SWF and its Causes

PAN Yuanyuan & ZHANG Ming, Institute of World Politics and Economics, Chinese Academy of Social Sciences

Enterprise Finance

China’s Direct Investment in Japan from the Perspective of the Local Japanese Economy

Eiichi Sekine, Nomura Institute of Capital Markets Research

International Finance

Aims and Prospects of the Asian Infrastructure Bank Proposed by China

Eiichi Sekine, Nomura Institute of Capital Markets Research

Hot Topic

The Japan-China Summit and the Challenges of Sino-Japanese Financial Cooperation

Eiichi Sekine, Nomura Institute of Capital Markets Research