Abstract: At the 3rd Plenum of the 18th Central Committee in November 2013 and in a lengthy document, known as “the Decision,” which followed after the conclusion of the meeting, the Chinese Communist Party (CCP) made clear its intention to implement major administrative, economic, and social reforms. With respect to economic reforms, the CCP said it would give the market a “decisive” role in resource allocation, work to modernize state-owned enterprises, improve financial markets, improve the environment for foreign investors, and reduce government meddling in the economy.

Indeed, the Decision and subsequent statements by Party and government officials put big issues like interest rate liberalization, excess capacity reduction, and service sector expansion on the reform table. Adding to the excitement over China’s reformist direction is the ongoing development of the China (Shanghai) Pilot Free Trade Test Zone (SFTZ), which heralded bold new currency and investment policies.

Since the 3rd Plenum, what types of reforms really have been undertaken in China generally and in the SFTZ specifically? Are we really on the verge of a 3rd wave of economic reform (the others being 1978 and the late 1990s)? What will be the consequences of reform for the Chinese economy and foreign businesses?

Jean-Marc F. Blanchard (白永辉), Ph.D. is Assistant Dean and Professor, School of International and Public Affairs, Shanghai Jiaotong University, Executive Director of the Center for the Study of Multinational Corporations, and Associate Director of the SFSU Center for U.S.-China Policy Studies (US). He also is a member of the Editorial Board for the Journal of Chinese Political Science (US), the International Journal of Emerging Markets (US), and the Global Studies Journal (HK) and a member of the National Committee on U.S.-China Relations. He previously served as President of the Association of Chinese Political Studies (US).

His research interests include Chinese outward foreign direct investment, inward foreign direct investment into China, Chinese foreign economic policy, Chinese foreign energy policy, multinational corporations, and globalization. He is a co-author of Economic Statecraft and Foreign Policy, the editor or co-editor of and a contributor to seven edited volumes and special journal issues and the author of more than forty refereed articles and book chapters in various top academic publications. He currently serves as a Business and Economics commentator for China Radio International’s Global English service and is frequently interviewed by international media.

Dr. Blanchard received his Ph.D. and MA degrees in Political Science from the University of Pennsylvania and A.B. in Economics from the University of California, Berkeley. Prior to his career in academia, Dr. Blanchard worked for the U.S. government Federal Savings & Loan Insurance Corporation and Federal Deposit Insurance Corporation and for the investment banking firm Kelling, Northcross, & Nobriga. He also served for many years as a senior consultant for KWR International.