PREFACE 1 THE DIRECTION OF FINANCIAL TRANSFORMATION:BUILD A MODERN FINANCIAL SYSTEM PREFACE 2 LETS SHARE EXPERIENCE AND IMPROVE MUTUAL UNDERSTANDING CHAPTER 1 CHANGES AND REFORM OF NEW CHINAS FINANCIAL SYSTEM Section 1 Exploration and reconstruction of the financial system after the founding of New China(1949——1977) Section 2 Reform and development of Chinas financial system(1978——2012) Section 3 Chinas new financial business forms under the background of Internet finance(2013 to present) Section 4 Achievements and experience of Chinas financial system reform Section 5 Deepening and innovation of Chinas financial system reform CHAPTER 2 70 YEARS OF NEW CHINAS MONETARY POLICY FRAMEWORK: CHANGES AND TRANSFORMATION Section 1 Exploration of the monetary policy framework after the founding of New China(1949——1977) Section 2 Reform and improvement of the monetary policy framework(1978——2012) Section 3 The transformation and new characteristics of the monetary policy framework since the launch of the campaign to comprehensively deepen reforms(2013——2019) Section 4 Major challenges and future direction of Chinas monetary policy framework CHAFFER 3 70 YEARS OF NEW CHINAS SECURITIES MARKET:CHANGES AND STRUCTURE Section 1 Chinas securities market before the reform and opening-up(before 1977) Section 2 Early development of the securities market(1978——1991) Section 3 Formation and preliminary development of national capital market(1992——1998) Section 4 Regulated development of modem securities market(1999——2019) Section 5 Achievements of Chinas securities market CHAPTER 4 CHANGE AND ADAPTATION OF NEW CHINAS FINANCIAL REGULATION SYSTEM Section 1 The beginning of financial regulation after the founding of New China(1949——1977) Section 2 Adaptive development of Chinas financial regulation(1978——2016) Section 3 Moderate mixed regulation(2017——2019) Section 4 Characteristics of Chinas financial regulation CHAPTER 5 NEW CHINAS FINANCIAL OPENNESS TO THE OUTSIDE WORLD: CHANGES AND EXPLORATION Section 1 The principal theory of financial openness Section 2 Retrospect of Chinas financial openness Section 3 Chinas exploration of the capital account openness Section 4 Summary of and reflection on the experience of Chinas financial openness CHAPTER 6 MONETARY POLICY IN AN OPEN EMERGING ECONOMY——THE CASE OF THE CZECH REPUBLIC Section 1 Monetary policy and the financial system at the beginning of the transformation process Section 2 Trilemma of the Czech monetary policy Section 3 Currency crisis Section 4 Search for a new monetary policy regime Section 5 Conclusion CHAPTER 7 SELECTED ISSUES OF THE BANKING SECTOR IN A TRANSITION ECONOMY: BASED ON THE ANALYSIS OF CZECH REPUBLIC Section 1 Size of the financial sector and its role in promoting growth in transition and emerging economies Section 2 Prices of real estate and other assets and their connection with financial stability Section 3 Sovereign exposure and sovereign risk Section 4 The Banking Union Section 5 Macroprudential policy Section 6 Interaction of monetary and macroprudential policy Section 7 Conclusions CHAPTER 8 MONETARY POLICY IN A TIME OF ZERO INTEREST RATES: THE CASE OF THE CZECH REPUBLIC Section 1 Zero lower bound and inflation targeting Section 2 Effective lower bounds for interest rates Section 3 Foreign exchange intervention policy and exchange rate commitment in the context of inflation targeting Section 4 Conclusions CHAPTER 9 RELIEVING THE PRESSURE ON HOUSEHOLD FINANCES Section 1 Debt forgiveness Section 2 Modem examples of debt relief Section 3 Does debt relief, and in particular forgiveness,work? Section 4 Conclusions APPENDIX 1 ICBCS OPERATION AND DEVELOPMENT IN CZECH REPUBLIC Section 1 ICBC and Its International Development Section 2 Establishment of Prague Branch Section 3 ICBCs Practice of Business Development in Czech Republic APPENDIX 2 HOME CREDIT——A CHINESE STORY OF CONSUMER FINANCE Section 1 Introduction of Home Credit Group Section 2 Home Credits development in China