This paper estimates open-economy macroeconomic models of the Chinese economy allowing for structural change caused by 1992 reforms. Unrestricted vector autoregressions, VARs, and cointegrating error correction models, VECMs, are estimated on quarterly data early reform period 1980–1992, late period, 1993–2018. Two long-run vectors identified, which can be interpreted as a long-run, money deman...