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Ms. Longmei Zhang and Ms. Sally Chen
China’s digital economy has expanded rapidly in recent years. While average digitalization of the economy remains lower than in advanced economies, digitalization is already high in certain regions and sectors, in particular e-commerce and fintech, and costal regions. Such transformation has boosted productivity growth, with varying impact on employment across sectors. Going forward, digitalization will continue to reshape the Chinese economy by improving efficiency, softening though not reversing, the downward trend of potential growth as the economy matures. The government should play a vital role in maximizing the benefits of digitalization while minimizing related risks, such as potential labor disruption, privacy infringement, emerging oligopolies, and financial risks.
Ms. Longmei Zhang and Ms. Sally Chen

such loopholes, e.g. the money market fund Yuebao is now captured in the PBC’s money supply statistics; money flow in the third-party payment system will now also be captured by Wanglian, the newly established central clearing system. Still, the current system does not offer a clear framework for jurisdictions over data ownership, or data sharing between different market participants and regulators. The Chinese authorities initially adopted a “light touch” regulatory approach during the early years of fintech development . The scope of earlier initiatives and their

International Monetary Fund

minimum capital of approximately US$400 million for a net premium income of approximately US$190 million. E. The Remittance Industry and Money Changers 58. The U.A.E. has a long history of money changers engaged in foreign exchange and remittances, both locally and within the region . Remittances are a form of third party payment system whereby an individual may transmit money to a second party within the U.A.E. or to and from other countries. These services are used heavily by the U.A.E.’s large expatriate community, as well as consumers in many other

International Monetary Fund
This paper presents key findings of the Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, and Payment Systems for the United Arab Emirates (UAE). The UAEs financial sector and financial sector supervision are developing unevenly. The financial sector is dominated by well-supervised banks, which pose minimal near-term systemic risk. Although the payment systems are simple and far from state-of-the-art, they are well managed, and systemic risks are limited.
International Monetary Fund. European Dept.

regulations and trade barriers have a negative effect on the business climate. Box 6. New Procurement Law Increasing the efficiency of government expenditure is key to improve fiscal space, to ensure that public investment supports growth, and to fight against corruption. A general reform of the procurement system in Russia started in 2005 when the following were introduced: (i) changes in the process of placing orders; (ii) e-procurement (unified website launched in 2011); (iii) use of a financial guarantee instead of qualification of bidders; (iv) third party

International Monetary Fund. European Dept.
This 2014 Article IV Consultation highlights that the Russian Federation’s growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption remained robust owing to strong real wage growth and an unsecured consumer credit boom. The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013. The IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risks.