China's Financial Development.

At the China Development Forum in Beijing, March 2002, I was asked to be discussant to Governor Dai Xianlong, but his paper, as in most cases, was not made available beforehand, so my own comments had to be made independently. Following that event, I can now remark on the Forum as well as reproducing my discussant paper. In this latter, I emphasize the importance of developing professional skills, greater competition and the application, through regulation, of appropriate incentives for the continued improvement of China's financial system. [ABSTRACT FROM AUTHOR]