The author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses:-->The transitional, medium-term and long-term designs of the reformChina's achievements and mistakes on the reformChina's banking reform and its lessons to other emerging economiesMaintaining a certain trade surplus as a dynamically optimal choice for ChinaChina's stock market bubble and the gradual bubble squeezing strategyChina's property inflation and its solutionChina's fiscal and monetary policies during and after the global financial tsunamiRisk of global asset inflation, CPI inflation and cycle of exchange rate after the financial tsunamiLikelihood of an asset bubble and then a crisis in economies outside the US during the overheated phase of the recoveryThrough these discussions, the author hopes to share his knowledge on macroeconomic policy management accumulated over the past thirty five years. In particular, he would like to share his insights on macroeconomic policy management before, during and after an asset inflation era or a crisis period. He would also like to warn policy makers and financial investors on the likelihood of an asset bubble and then a crisis in economies outside the US. The author hopes this book could eventually stimulate the emergence of “macroeconomic policy management” as a new and important discipline in economics.While the focus of the book is on macroeconomic policy management, it also offers important lessons and strategies on share and property investments. Thus, economists, policy makers, central bank officials, economics students, business and finance professionals, individual investors and academia in other disciplines will find the book useful.Contents:China's Exchange Rate System Reform:Macroeconomic Conditions and Debates Before the ReformTransitional and Medium-Term Designs of the ReformSupplementary MeasuresThe Transitional Reform in 2005Further Proposals on Supplementary Measures After the Transitional ReformThe Second-Stage Transitional Reform and Potential Choices on the Long-Term System Macroeconomic Policies, the Stock Market and the Property Market:China's Foreign Reserves, Trade Surplus, Outward Investments and Overseas AssetsChina's Stock Market Bubble and Lessons from the Bubble Squeezing StrategyChina's Property Inflation I: Root Causes and ConsequencesChina's Property Inflation II: Recommended SolutionFiscal and Monetary Policies During the Global Financial TsunamiMacroeconomic Outlook: Risk of Severe Asset and CPI Inflation, Exchange Rate Cycle and Then a Crisis Outside the US After the RecoveryReadership:U ndergraduates and graduates studying economics and business courses; researchers interested in Chinese economy; finance and business professionals, economists in private and public sectors, policy boards, and central banks.