The global economy could be in the early stages of another crisis – and, once again, the Federal Reserve is in the eye of the storm. As the Fed attempts to exit from its unprecedented policy of massive purchases of long-term assets, many high-flying emerging economies suddenly find themselves in a vise.

To facilitate its drive to upgrade the national economy, China needs to renew its national economy accounting system according to the new international standard, says Zhang Monan.

Considering the lack of progress toward implementing financial reforms, many analysts question whether China’s leaders have the economy under control. As China’s leaders prepare for their annual summer meeting, Yao Yang urges the adoption of a bold plan for structural reform.

In order to achieve sustainable, equitable, and innovative GDP growth, China needs a new, more sophisticated growth model – more like a “growth order.” With a more inclusive, long-term approach that emphasizes strong institutions and eliminates perverse incentives, China's leaders can foster a more balanced economy and society.

While many analysts have characterized China's economic slowdown as a “black swan” event, Yu Xiang explains how this slowdown is the “New Normal” in China. As China’s economy is reformed and rebalanced, the United States will benefit from increased bilateral trade and greater cooperation.

In the past year, with a slowing Chinese economy coming under increased scrutiny, local government financing vehicles have become a source of concern. However, Joe Zhang dismisses these alarmist predictions and forecasts an “inevitable wave of privatization” for local Chinese government projects.

In the fall, China will initiate a massive urbanization plan, which could fuel the mainland’s growth prospects in the next two decades. The United States can only provide limited guidance to Chinese policymakers who are tackling challenges of an unprecedented magnitude.

China's government is now attempting fiscal decentralization to revitalize the public-finance position, while adopting financial decentralization to maintain currency stability. Indeed, the quest for macroeconomic balance has become the main goal of economic policy.

Yu Yongding explains the implications of China’s slowing economic growth rate and attempts to preempt a rise in inflation.

The Chinese yuan may become a potential challenger to the U.S. dollar as the top choice of reserve currency in central banks around the world. However, for the yuan to make this move, there are several major factors, which it must address first. Daniel McDowell explores the prospects for the yuan’s potential growth.