Accession To The Wto, China's Monetary Policy Research,

World Trade Organization (WTO), International Monetary Funds (IMF), and Word Bank (WB) represent respectively the modern world's trade system, monetary system and technical assistance system, the combination of which consists of the core of world economic order. Access to WTO provides China not only with chances to further integrate into the world economic trends and participate in the world economic order but also with impetus to deepen its marketization and internationalization as well as to promote its economic and social development in the new century. The impact of China's access to the WTO can not be confined only to the field of trade. It has emerged into various aspects of our social life. Since China entered the WTO, the transformation and development of China's monetary policies have been focusing on the liberalization of financial services according to the changes in macroeconomic and financial environment, which has been embodied in the operation, transmission, and coordination of monetary policies.With China's access to WTO as background, this paper systematically explores the changes and development trends in aspects of the operational environment, ultimate objectives, intermediate objectives, policy tools, transmission media, transmission channels and policies' coordination of monetary policies. The paper consists of six chapters.Chapter One starts from the , which directly involves financial services, and the which was reached after Uruguay Round Negotiations and discusses the difference between the liberalization of financial services trade and financial freedom. Based on the analysis of effects of liberalization of financial services on China's financial industry under the framework of WTO, Chapter One explores the possibilities of China how to exploit WTO clauses and choose strategies for opening its financial industry and how to transform governmental functions and methods of macroeconomic control.Chapter Two probes the changes of financial environment since China's entering the WTO. Changes of financial environment, the fundamental environment for the operation of monetary policies, will inevitably have effects on the making,operation and results of monetary policies. Chapter Two mainly contains impact of access to WTO on China's financial industry and transformation of China's financial system and financial structures, specifically analyzing the changes in systems and quantitative aspects of finance.From the angles of ultimate objectives, intermediate objectives and policy tools. Chapter Three studies the changes in the functioning of China's monetary policies. It concludes that China should gradually implement such monetary policies with stabilizing currency value and financial system as ultimate objectives, with inflation limit goal as the center of intermediate objectives and with open market transactions as the center of monetary policy tools.Chapter Four analyzes the transmission media of China's monetary policies, i.e. financial institutions and financial markets. After studying the banks, money market, capital market and connection of the two markets upon China's access to the WTO, Chapter Four further explores the impacts of changes in transmission media on China's monetary policies.Chapter Five makes a research on four transmission channels for China's monetary policies since its access to the WTO: interest, credit, non-asset price, and exchange rate. It comes to a conclusion that after joining the WTO, China's monetary policy transmission system will be more complicated, transmission channels will extend, the importance of credit channel will decline and a new transmission system with interest as the center will come into being.Chapter Six concludes that while openness has provided a lot of advantages for China which will not be available in closed conditions, it will also bring threats to the stable development of its economy. Market itself has no power to alleviate or eliminate the threats of...