In this volume, the authors examine the evolution and current positions of China's trade, foreign exchange, and investment policies. David Wall, of the University of Sussex, examines the importance of Special Economics Zones. He explores their background and achievements and offers a series of recommendations for the future. Jiang Boke, of Fudan University in Shanghai, considers China's gradual shift toward foreign exchange convertability. He covers the internal settlement rate and dual rate system, 1981-84; the intermediate period, 1985-93; and the exchange settlement system and Interbank Market since 1994. Yin Xianshuo, also of Fudan University, explores China's move from autarky to an increasingly liberal market-based trade policy. He examines the trade policy reforms and performance since 1979 and the impact of these reforms on industrial development.