A Tale of Two Giants: India's and China's Experience with Reform and Growth
Co-organizers: International Monetary Fund and the National Council of Applied Economic Research (India)
November 14–16, 2003
Taj Mahal Hotel, New Delhi, India
Program
November 14–16, 2003
Taj Mahal Hotel, New Delhi, India
| The conference examined factors behind India's and China's impressive track record with growth over the past two decades. Academics and public sector officials gathered in New Delhi to consider the impact of a wide range of economic reforms and the shared lessons from the recent experiences of these two rapidly growing economies. |
Program
| Friday, November 14, 2003 |
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| Registration | |
| Saturday, November 15, 2003 |
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| Registration | |
| Opening Session | |
| Chair: Hiroyuki Hino, Director, Regional Office for Asia and Pacific, International Monetary Fund | |
| Welcome Remarks | |
| Wanda Tseng, Deputy Director, Asia and Pacific Department, International Monetary Fund | |
| Suman Bery, Director, National Council of Applied Economic Research | |
| Opening Remarks | |
| Chen Yuan, Governor, China Development Bank | |
| Opening Address: India and China: An Essay in Comparative Political Economy | |
| Meghnad Desai, Professor, Centre for the Study of Global Governance, London School of Economics | |
| India's Recent Growth Experience | |
| Suman Bery, Director, National Council of Applied Economic Research; and Kanhaiya Singh, Senior Economist, Macroeconomic Monitoring and Forecasting Division, National Council of Applied Economic Research | |
| China: Economic Performance and Policy Challenges | |
| Wang Tao, Economist, Asia and Pacific Department, International Monetary Fund | |
| Session 1: Growth, Income Distribution, and Poverty—Contrasting China and India's Experience | |
| Chair: Ashok Lahiri, Chief Economic Advisor, Ministry of Finance, Government of India | |
| India's Growth and Poverty Reduction Experience: Facts and Conjectures | |
| Tim Besley, Professor and Director Programme for the Study of Economic Organization and Public Policy, London School of Economics | |
| China's Economic Growth and Poverty Reduction (1978-2002) | |
| Hu Angang, Professor, Tsinghua University, and Director, Centre for China Studies, Chinese Academy of Sciences | |
| Discussant: Surjit Bhalla, Managing Director, Oxus Research and Investments | |
| Session 2: Liberalization, Growth, and Volatility | |
| Chair: Zhang Yuyan, Professor and Deputy Director, Institute of Asia-Pacific Studies, Chinese Academy of Social Sciences | |
| Effects of Financial Globalization on Developing Countries: Some Empirical Evidence | |
| Eswar Prasad, Division Chief, Asia and Pacific Department, International Monetary Fund | |
| Understanding India's Services Revolution | |
| James Gordon, Division Chief, Asia and Pacific Department, International Monetary Fund; and Poonam Gupta, Economist, IMF Resident Representative's Office (New Delhi), International Monetary Fund | |
| Discussant: Shankar Acharya; Professor (RBI Chair), Indian Council for Research on International Economic Relations | |
| Session 3:Reform Strategies in the Domestic Financial Sector | |
| Chair: Rakesh Mohan, Deputy Governor, Reserve Bank of India | |
| Reform Strategies in the Indian Financial Sector | |
| Urjit Patel, Executive Vice President, Infrastructure Development Finance Company Ltd. | |
| Challenges for China's Banking Sector and Policy Response | |
| Chen Yuan, Governor, China Development Bank | |
| He Jianxiong, Deputy Director-General, International Department, People's Bank of China | |
| Luo Ping, Advisor, International Department, China Banking Regulatory Commission | |
| Discussant: Montek Ahluwalia, Director, Independent Evaluation Office, International Monetary Fund | |
| Sunday, November 16, 2003
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| Session 4: Financing Growth—How Has Growth Been Financed? The Role of FDI and Domestic Financial Intermediation. Lessons From the Two Countries' Experiences | |
| Chair: Pronab Sen, Advisor, Perspective Planning Division, Planning Commission, Government of India | |
| Financial System Reform and Economic Development | |
| Chen Yuan, Governor, China Development Bank | |
| Bank Financing in India | |
| Abhijit Banerjee, Professor, Department of Economics, Massachusetts Institute of Technology | |
| Discussant: Nachiket Mor, Executive Director, ICICI Bank Ltd. | |
| Session 5: Trade Liberalization and its Role in Growth—Approaches and Experiences | |
| Chair: Vijay Kelkar, Advisor to the Finance Minister, Ministry of Finance, Government of India | |
| Trade Liberalization and Its Role in Chinese Economic Growth | |
| Nicholas Lardy, Senior Fellow, Institute for International Economics | |
| India in the 1980s and 1990s: A Triumph of Reforms | |
| Arvind Panagariya, Professor, Department of Economics, and Co-Director, Center for International Economics, University of Maryland | |
| Discussant: Jairam Ramesh, Secretary, Economic Affairs Department, Congress Party | |
| Session 6: Capital Account Liberalization—Approaches and Experiences | |
| Chair: Arvind Virmani, Director and Chief Executive, Indian Council for Research on International Economic Relations | |
| Capital Account Controls and Liberalization: Lessons for India and China | |
| Jonathan Anderson, Managing Director and Head of Asia-Pacific Economics, Union Bank of Switzerland | |
| Capital Account Liberalization: The Indian Experience | |
| Narendra Jadhav, Principal Advisor, Department of Economic Analysis and Policy, Reserve Bank of India | |
| Discussant: David Cowen, Senior Economist, Asia and Pacific Department, International Monetary Fund | |
| Concluding Roundtable | |
| Chairs: Suman Bery and Wanda Tseng | |
| Discussants: Chen Yuan, Hu Angang, Ashok Lahiri, and Jairam Ramesh | |