WANDA S. TSENG is Deputy Director in the Asia and Pacific Department of the International Monetary Fund (IMF). She has wide experience in Asia, having worked on the region for over 20 years, and has published papers on macroeconomic policy issues and financial liberalization in Asian countries, economic reforms in China, and trade policy in industrial countries. DAVID G. COWEN is Senior Economist in the Regional Office for Asia and the Pacific of the IMF. He has also worked in the Asia and Pacific Department of the IMF, most recently on the India desk. He has extensive experience on macroeconomic and structural issues in low-income and transition economies, and was one of the main organizers of the conference on China and India in New Delhi in November 2003.