ABC

Agricultural Bank of China

AIIB

Asian Infrastructure Investment Bank

AMC

asset management company

APEC

Asia-Pacific Economic Cooperation

AREAER

Annual Report on Exchange Rate Arrangements and Exchange Restrictions

ASEAN

Association of Southeast Asian Nations

ASEAN+3

Association of Southeast Asian Nations Plus Three

BIS

Bank for International Settlements

BOC

Bank of China

BRI

Belt and Road Initiative

CA

current account

CAP

collective action plan

CASS

Chinese Academy of Social Sciences

CBIRC

China Banking and Insurance Regulatory Commission

CBRC

China Banking Regulatory Commission

CCB

China Construction Bank (People’s Construction Bank of China)

CCCP

Central Committee of the Communist Party

CEO

chief executive officer

CFETS

China Foreign Exchange Trade System

CFIUS

Committee on Foreign Investment in the United States

CIRC

China Insurance Regulatory Commission

CMA

China Meteorological Administration

Comecon

Council for Mutual Economic Assistance

CoVaR

conditional value-at-risk

CPC

Communist Party of China

CPI

consumer price index

CPTPP

Comprehensive and Progressive Agreement for Trans-Pacific Partnership

CSRC

China Securities Regulatory Commission

DRC

Development Research Center

EBRD

European Bank for Reconstruction and Development

ESOP

Employee stock ownership program

FDI

foreign direct investment

FGD

flue-gas desulfurisation

FPA

farmers professional association

FSDC

Financial Stability and Development Committee

FTA

free trade agreement

FTAAP

Free Trade Area of Asia and the Pacific

FTC

foreign trade corporation

GATS

General Agreement on Trade in Services

GATT

General Agreement on Tariffs and Trade

GCF

gross capital formation

GDP

gross domestic product

GFC

Global Financial Crisis

GFRS

government financial reporting system

GFS

Government Financial Statistics

GIO

gross industrial output

GNI

gross national income

GNP

gross national product

GW

gigawatt

HCS

household contract system

HMT

Hong Kong, Macau and Taiwan

HRS

household responsibility system

HSR

high-speed rail

hukou

household registration system

IAP

individual action plan

ICBC

Industrial and Commercial Bank of China

ICOR

incremental capital–output ratio

IECFR

Index of Effectiveness of China’s Financial Regulation

ILO

International Labour Organization

IMF

International Monetary Fund

IPO

initial public offering

IPSAS

International Public Sector Accounting Standards

IRENA

International Renewable Energy Agency

ISFRC

Index of Systemic Financial Risk in China

KA

capital account

KORUS FTA

United States–Korea Free Trade Agreement

kWh

kilowatt hour

LGFV

local government financial vehicle

LLC

limited liability company

LNG

liquefied natural gas

LSG

Leadership Small Group

M&A

merger and acquisition

M2

money supply

MC-25

‘Made in China 2025’

MES

marginal expected loss

MFN

most favoured nation

MIIT

Ministry of Industry and Information Technology

MOF

Ministry of Finance

MOFCOM

Ministry of Commerce

MW

megawatt

NAO

National Audit Office

NBS

National Bureau of Statistics

NDRC

National Development and Reform Commission

NPC

National People’s Congress

NPL

nonperforming loan

NUI

New Urbanisation Index

ODI

outward direct investment

OECD

Organisation for Economic Co-operation and Development

OLI

‘ownership advantage, location advantage and internalisation advantage’

PBC

People’s Bank of China

PFM

public financial management

PICC

People’s Insurance Company of China

PLA

People’s Liberation Army

PPP

purchasing power parity

PRC

People’s Republic of China

QR

quantitative restriction

R&D

research and development

RCEP

Regional Comprehensive Economic Partnership

ROA

returns on assets

ROE

returns on equity

ROFA

returns on fixed assets

RUMiC

Rural–Urban Migration in China survey

S&T

science and technology

SAFE

State Administration of Foreign Exchange

SASAC

State-owned Assets Supervision and Administration Commission

SCE

state-controlled enterprise

SCIO

state capital investment and operations company

SDR

Special Drawing Rights

SEZ

special economic zone

SME

small and medium-sized enterprise

SNA

System of National Accounts

SOB

state-owned bank

SOE

state-owned enterprise

SOME

stated-owned mining enterprise

SRC

Systems Reform Commission

SSSR

supply-side structural reform

STEM

science, technology, engineering and mathematics

TFP

total factor productivity

TFR

total fertility rate

THAAD

Terminal High Altitude Area Defense

TI

Transparency International

TISA

Trade in Services Agreement

TPP

Trans-Pacific Partnership

TRIM

Agreement on Trade-Related Investment Measures

TRIPS

Agreement on Trade-Related Aspects of Intellectual Property Rights

TSP

temporary storage program

TTIP

Transatlantic Trade and Investment Partnership

TVE

township and village enterprise

UDIC

urban development and infrastructure company

UN

United Nations

UNCED

UN Conference on Environment and Development

UNCTAD

United Nations Conference on Trade and Development

UNFCCC

United Nations Framework Convention on Climate Change

US

United States

USTR

United States Trade Representative

VAT

value-added tax

WTO

World Trade Organization