Template-Type: ReDIF-Article 1.0
Author-Name: Tan Hsi
Author-X-Name-First: Tan
Author-X-Name-Last: Hsi
Title: Adhere to the Socialist Principle of Economic Accounting
Abstract:
Chairman Mao teaches us: "Any economic undertaking in socialist society
must pay attention to making the fullest possible use of the labor force
and equipment. It must do its utmost to improve labor organization,
renovate management, raise labor productivity, and economize as much as
possible on manpower and material resources. It must also launch labor
emulation and practice economic accounting." (>u>1>/u>) Economic
accounting is one of the major contents in the management of socialist
enterprises. To do it well is of great importance to a socialist
enterprise in its effort to implement the Party's General Line for
Building Socialism and carrying out the policy of running the enterprise
through diligence and frugality.
Journal: Chinese Economy
Pages: 48-53
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Author-Name: Fu P'ei-tzu
Author-X-Name-First: Fu
Author-X-Name-Last: P'ei-tzu
Title: Bring Into Play the Role of the Revolutionary Committees Under the Leadership of the Party
Abstract:
The documents of the Tenth National Congress of the Party indicate that
the Party committees at various levels should further strengthen the
unified leadership of the Party and at the same time bring into full play
the role of the revolutionary committees. Through study we are deeply
aware that to conscientiously implement this directive in our socialist
enterprises is the fundamental guarantee of running socialist business
management well and consolidating the economic base of the proletarian
dictatorship.
Journal: Chinese Economy
Pages: 61-67
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:9:y:1975:i:1:p:61-67
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Author-Name: Kung Hsiao-wen
Author-X-Name-First: Kung
Author-X-Name-Last: Hsiao-wen
Title: On The Management of Socialist Enterprises
Abstract:
The correctness or incorrectness of the ideological and political line
decides everything.
Journal: Chinese Economy
Pages: 3-3
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Author-Name: I Miao-chang
Author-X-Name-First: I
Author-X-Name-Last: Miao-chang
Title: Management is also Socialist Education
Abstract:
Chairman Mao has issued an important directive on the management of
socialist enterprises: "Management is also socialist education."
(>u>1>/u>) Based on the objective law governing class struggle in the
socialist era, Chairman Mao's directive presents the nature of management
in socialist enterprises and clearly shows us the directions of socialist
management.
Journal: Chinese Economy
Pages: 18-24
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:9:y:1975:i:1:p:18-24
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Author-Name: Ts'ao Pao-mei
Author-X-Name-First: Ts'ao
Author-X-Name-Last: Pao-mei
Title: The Big-Character Poster is a Weapon for Mass Participation in Management
Abstract:
In our socialist industrial enterprises, the worker masses often use the
big-character poster as a medium to put forward their opinions and
suggestions concerning the problems of enterprise management to the
leaders. You put up a poster, and I follow suit. With more people taking
part, contention abounds. The enterprises are seething with enthusiasm,
and the masses are dashing forward with great energy. Spurred on by the
posters, many age-old problems are quickly solved with the backing of the
masses and the leadership's concern. During the Great Proletarian Cultural
Revolution and the Campaign to Criticize Lin Piao and Rectify the Style of
Work, and especially in the current struggle to criticize Lin Piao and
Confucius, more and more leading cadres of industrial enterprises have
further elevated their cognition of the role of the big-character poster
and have voluntarily taken it to be a mighty weapon for elucidating the
political line, disclosing contradiction, gauging discrepancy, expediting
transformation, and strengthening business management by relying on the
workers.
Journal: Chinese Economy
Pages: 42-47
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Author-Name: Huang Lai-chi
Author-X-Name-First: Huang
Author-X-Name-Last: Lai-chi
Title: Take a Correct View of the Elimination And Establishment of Rules and Regulations
Abstract:
How to correctly view the elimination and establishment of regulations is
a frequent issue in enterprise management. To sum up experience in this
connection in good faith is imperative if we are to do well in the
management of socialist enterprises.
Journal: Chinese Economy
Pages: 30-35
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:9:y:1975:i:1:p:30-35
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Author-Name: Kung Ching
Author-X-Name-First: Kung
Author-X-Name-Last: Ching
Title: Set Up an Administrative Structure Which Forges Close Ties with the Masses
Abstract:
To establish in industrial enterprises a revolutionized administrative
structure which forges close ties with the masses is a major element in
strengthening enterprise management. It will play an important role in
ensuring the Party's unified leadership, effectively organizing and
mobilizing the enthusiasm of the broad masses for socialism as well as
boosting socialist production.
Journal: Chinese Economy
Pages: 54-60
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Author-Name: Chi Chih
Author-X-Name-First: Chi
Author-X-Name-Last: Chih
Title: Running A Plant By Proletarian Revolutionary Spirit
Abstract:
The Kirin Municipal Oil and Grease Plant is rated fairly good in Kirin
Province in learning from the Tach'ing Oilfield, the national pacesetter
in industry. Spurred on by the Great Proletarian Cultural Revolution, the
workers and staff there have conscientiously studied works by Marx,
Engels, Lenin and Stalin and Chairman Mao's works, deepened their
criticism of Liu Shao-ch'i and Lin Piao's revisionist line and consciously
opposed influence and corrosion by bourgeois ideology. The revolutionary
spirit of self-reliance and hard struggle has been brought into play and
the workers and staff's socialist enthusiasm has soared to an
unprecedented height. Both revolution and production have advanced in big
strides.
Journal: Chinese Economy
Pages: 77-82
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:9:y:1975:i:1:p:77-82
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Author-Name: Kung Hsiao-wen
Author-X-Name-First: Kung
Author-X-Name-Last: Hsiao-wen
Title: Workers are the Masters of Socialist Enterprises
Abstract:
In enterprise administration work, we often come upon many concrete
problems relating to quantity and quality of products, as well as to
equipment, tools, and raw materials. Handling these problems merely seems
to be a question of dealing with the relationships among objects, or among
men and objects. Marxist political economy shows, however, that behind all
these lie the relationships among men, that is, certain production
relations.
Journal: Chinese Economy
Pages: 4-11
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:9:y:1975:i:1:p:4-11
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Author-Name: Yang Ying-shun
Author-X-Name-First: Yang
Author-X-Name-Last: Ying-shun
Title: The System Must Beneficially Stimulate Mass Initiative
Abstract:
To transform irrational rules and regulations and formulate and improve
rational ones is a major task in the management of a socialist enterprise.
But how are we to judge whether or not the rules and regulations are
rational? Chairman Mao has summed it up incisively: "The system must
benefit the masses." That is to say, whether the rules and regulations are
beneficial to stimulating mass initiative is the criterion for judging
their rationality.
Journal: Chinese Economy
Pages: 25-29
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Author-Name: Wu Yüeh-hua
Author-X-Name-First: Wu
Author-X-Name-Last: Yüeh-hua
Title: Discipline Must Be Established on the Basis of the Masses' Consciousness
Abstract:
"Strengthen discipline, and the revolution is invincible." (>u>1>/u>)
Discipline ensures the implementation of the political line; hence it is a
prerequisite for the victory of the revolution. To carry on production
effectively in a socialist enterprise, we need a revolutionary discipline.
But what kind of discipline is it, and how do we maintain it? This is a
question we must straighten out first.
Journal: Chinese Economy
Pages: 36-41
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Author-Name: Chiang Yang-nan
Author-X-Name-First: Chiang
Author-X-Name-Last: Yang-nan
Title: Enterprise Management Has A Class Character
Abstract:
Why must there be management in a factory? Some comrades believe that with
so many people working together, each with his own task yet mutually
linked, production could not proceed in an orderly fashion without
management. Some comrades also believe that management is nothing but the
organizing principle for production. It is a prerequisite for any sizable
labor project and a means for organizing and coordinating production. Are
these views correct?
Journal: Chinese Economy
Pages: 12-17
Issue: 1
Volume: 9
Year: 1975
Month: 10
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
The >u>Fundamentals of Political Economy>/u> is a popular introductory
economics text published in the People's Republic of China in 1974 as an
entry in the Youth's Self-Education Series designed particularly for
individual or group study. Its primary purpose, according to the preface,
is to elevate the cultural level of youth, to advance their knowledge of
the social and natural sciences, as well as to arouse their class
consciousness. We are publishing an English edition to make available a
comprehensive and authentic text of the Chinese version of Marxist
political economy which differs profoundly from that of the Soviet Union.
Journal: Chinese Economy
Pages: 3-5
Issue: 2
Volume: 9
Year: 1975
Month: 1
Keywords:
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Author-Name: Hua Yün
Author-X-Name-First: Hua
Author-X-Name-Last: Yün
Title: Implement The Policy of Taking Agriculture as the Foundation and Industry as the Leading Factor
Abstract:
Taking agriculture as the foundation and industry as the leading factor is
the general policy formulated by Chairman Mao for the Party in developing
our national economy. Over the years, the practices of socialist
construction have proven that the correct handling of the relationships
among agriculture, light industry, and heavy industry in accordance with
this policy is a fundamental issue relating to enlarged socialist
production. It is an issue concerning our country's road to
industrialization, and it has a significant bearing on the consolidation
and development of the socialist economic basis, on the reinforcement of
the worker-peasant alliance, and on the strengthening of the proletarian
dictatorship.
Journal: Chinese Economy
Pages: 28-38
Issue: 4
Volume: 9
Year: 1976
Month: 7
Keywords:
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Author-Name: Pierre-Henri Cassou
Author-X-Name-First: Pierre-Henri
Author-X-Name-Last: Cassou
Title: The Chinese Monetary System
Abstract:
For approximately the last five years, that is, since the end of the
Cultural Revolution, the People's Republic of China has slowly been
opening up. The number of visitors coming from Europe has steadily
increased, and the nature of their visits has diversified. The diplomatic,
parliamentary, and commercial missions have been succeeded by scientific
and medical delegations and political, economic, or administrative study
groups. The Chinese tourist agency is trying to vary the types of meetings
it organizes for all these visitors. The travelers are no longer only
received in factories, secondary schools, universities or communes, but
also in schools for executives, local administrative offices, and economic
organizations.
Journal: Chinese Economy
Pages: 82-97
Issue: 4
Volume: 9
Year: 1976
Month: 7
Keywords:
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Author-Name: Rung Hsiao-wen
Author-X-Name-First: Rung
Author-X-Name-Last: Hsiao-wen
Title: To Develop Industry We Must Initiate Technical Innovation
Abstract:
Chairman Mao says: "In developing technology, we cannot follow the old
road of other countries in the world, trailing behind them step by step.
We must discard all conventional practice and apply up-to-date techniques
as much as possible, so that we can, in not too long an historical period,
build our country into a strong, modernized socialist state." Chairman
Mao's instruction serves as a profound criticism of the philosophy of
servility to foreign things, of the mentality of trailing behind others,
and of the ideas of Chia-kuei [a character in a novel by Lu Hsun who poses
as a foreigner], all of which allege that China must always trail behind
Western science and technology. It also greatly enhances the initiative
and creativeness of the working class, the scientific and technical
personnel, and all the people of our country, giving a mighty impetus to
the development of technical innovation.
Journal: Chinese Economy
Pages: 39-49
Issue: 4
Volume: 9
Year: 1976
Month: 7
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
Most of the articles in this issue were selected from official
publications of the People's Republic of China between September 1974 and
April 1975. One is from a French source. Each article was selected on the
basis of its representativeness of either the trend of economic
development in China or its recent policy orientation.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 9
Year: 1976
Month: 7
Keywords:
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Author-Name: Hsia Li-chih
Author-X-Name-First: Hsia
Author-X-Name-Last: Li-chih
Title: Striking Contrast Between two Different Economic Systems
Abstract:
An economic crisis characterized by slump, inflation, and sharply rising
unemployment is now pounding away at the entire capitalist world. The two
superpowers, in particular, are having a very hard time. This is one
manifestation of the prevailing international situation: great disorder
under Heaven, or, as a Chinese verse goes, "The wind sweeping through the
tower heralds a rising storm in the mountains."
Journal: Chinese Economy
Pages: 68-78
Issue: 4
Volume: 9
Year: 1976
Month: 7
Keywords:
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Author-Name: Tamao Watanabe
Author-X-Name-First: Tamao
Author-X-Name-Last: Watanabe
Author-Name: Kazuo Ogawa
Author-X-Name-First: Kazuo
Author-X-Name-Last: Ogawa
Title: Introduction To Japan-China Trade
Abstract:
The history of China's foreign trade dates back to the Han dynasty (206
B.C.-220 A.D.). The first trade relationship with modern European
countries began during the Ming dynasty (1368-1644). In the fifteenth
century, a mighty merchant fleet commanded by Cheng Hao made seven voyages
(1405-1433), establishing friendly relations and developing tributary
trade ties with many countries, including the east coast of Africa. This
enabled the Chinese to learn a great deal about the"South Seas," and Cheng
Hao was later enshrined as a pioneer by expatriate Chinese in south and
southeast Asia (the shrines dedicated to him are called"Three-Treasure
Shrines" [san-pao miao]).
Journal: Chinese Economy
Pages: 3-39
Issue: 1
Volume: 7
Year: 1973
Month: 10
Keywords:
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Author-Name: An Ch'un
Author-X-Name-First: An
Author-X-Name-Last: Ch'un
Title: The Basic Problem in the Development of Agriculture Lies in the Line
Abstract:
China's socialist agriculture has continued to develop under the guidance
of Chairman Mao's revolutionary line. Particularly through the Great
Proletarian Cultural Revolution and the movement to criticize revisionism
and rectify the work style, the broad cadres and the masses have raised
their consciousness of the struggle between the two lines, and the mass
movement to learn from Tachai in agriculture has developed with still
greater vigor. The entire agricultural front is showing signs of growing
prosperity.
Journal: Chinese Economy
Pages: 7-17
Issue: 2
Volume: 7
Year: 1973
Month: 1
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
The articles in the current issue of >u>Chinese Economic Studies>/u> are
selected from the official organs of the People's Republic of China and
cover the period April 1 through June 30, 1973. The selections are based
on either the frequency of occurence in the literature of a category of
economic activity, for instance food grains, or the reflection of shifts,
if any, in economic policies. It is hoped that the representativeness of
the articles will indicate the underlying trends of economic development
in China and the guiding economic policies for the period covered.
Journal: Chinese Economy
Pages: 3-6
Issue: 2
Volume: 7
Year: 1973
Month: 1
Keywords:
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Author-Name: M. N. Iumin
Author-X-Name-First: M. N.
Author-X-Name-Last: Iumin
Title: The Mongolian People'S Republic in the System of International Socialist Economic Integration
Abstract:
In July of 1971 the Twenty-Fifth Session of the Council for Mutual
Economic Assistance [COMECON], which met in Bucharest, adopted the Complex
Program of Socialist Economic Integration. The Politburo of the Central
Committee of the Mongolian People's Revolutionary Party [MPRP] and the
Council of Ministers of the Mongolian People's Republic [MPR] readily
accepted the political and economic significance of the Complex Program
and directed the appropriate organs to work out concrete measures for
realizing those of its points which concerned the MPR as a member of
Comecon.
Journal: Chinese Economy
Pages: 92-105
Issue: 2
Volume: 7
Year: 1973
Month: 1
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
The fifteen articles in this issue are selected from official publications
of the People's Republic of China for the period July 1 through September
30, 1973. Each article is selected on the basis of its representativeness
of either the trend of economic development in China or its policy
orientation. One of the measures of representativeness is the frequency of
appearance of a subject in the press; another is its representativeness of
the underlying stresses of Party lines or government policies. The
selection, however, is not random; therefore it should not be used for
statistical inference.
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 7
Year: 1974
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:7:y:1974:i:3:p:3-5
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Author-Name: Victor D. Lippit
Author-X-Name-First: Victor D.
Author-X-Name-Last: Lippit
Title: Preface
Abstract:
The question of development finance in underdeveloped countries is
ultimately one of the use of the surplus: how can a significant part of
that share of national income above a nation's culturally determined
subsistence requirements be channeled into investment? In every society an
elaborate system of claims on the surplus exists, whether as a material
expression of the fealty owed to elders and chiefs in tribal society or
the rent, interest, and profits due the owners of capital in capitalist
society. These systems of claims are ordinarily so deeply imbedded in the
social structure that any effort to redirect the income flows associated
with them into socially fruitful investment channels will be severely
constrained. Only when the existing claims are eliminated through the
revolutionary transformation of society does an opportunity arise for
massive redirection of the income flows that compose the surplus into
development finance.
Journal: Chinese Economy
Pages: 9-11
Issue: 4
Volume: 7
Year: 1974
Month: 7
Keywords:
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Author-Name: Yen Shao-ch'un
Author-X-Name-First: Yen
Author-X-Name-Last: Shao-ch'un
Title: Lecture 6: Agricultural Production Planning
Abstract:
Like industry, agriculture is one of society's most important material
production sectors. Agriculture is the source of food. It is also a source
of raw materials for light industry and a major market for industrial
products. At present, China's agricultural products are also one of its
major exports. Without rapid growth of agricultural output, rapid
industrial growth will be hampered, and it will be very hard to raise the
people's standard of living.
Journal: Chinese Economy
Pages: 27-40
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Author-Name: Wu Ching-ch'ao
Author-X-Name-First: Wu
Author-X-Name-Last: Ching-ch'ao
Title: Lecture 11: Wage Planning
Abstract:
In a socialist society, wages are the monetary expression of the share of
the social product obtained by each laborer according to the quantity and
quality of his own labor. This is fundamentally different under the
capitalist system where wages are the price of labor. Under the capitalist
system, wages reflect the relationship between the exploiter and the
exploited. Because of increasing capitalist exploitation, the worker's
real wages decline continuously. Under the socialist system, wages reflect
the relationship between the whole society as represented by the socialist
state and individual laborers who work for themselves and their society.
The wages of the workers and staff increase continuously with the
uninterrupted growth of production and labor productivity.
Journal: Chinese Economy
Pages: 81-92
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:10:y:1977:i:3:p:81-92
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Author-Name: Ch'en Hsi-jun
Author-X-Name-First: Ch'en
Author-X-Name-Last: Hsi-jun
Title: Lecture 15: Price Planning
Abstract:
Product prices are the monetary expression of product values. They are
composed of production costs, profits, taxes, and other elements.
Journal: Chinese Economy
Pages: 93-103
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:10:y:1977:i:3:p:93-103
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Author-Name: Chou Shu-chün
Author-X-Name-First: Chou
Author-X-Name-Last: Shu-chün
Title: Lecture 9: The Material-Technical Supply Plan
Abstract:
The material-technical supply in the national economy is the supply of
producer goods to the various sectors of the national economy, which is a
necessary condition for achieving expanded output. Here material refers to
raw materials, processed materials, fuels, and electric power. Technical
refers to machinery and equipment. Regardless of the type of economy, the
expansion of output requires the consumption of a certain amount of means
of labor (namely, machines and equipment) and objects of labor (namely,
raw and processed materials, fuels, and electric power). Marx said, "The
act of production itself, in all its factors, is also an act of
consumption.">sup>1>/sup> Therefore, in order to expand output, we must
supply a corresponding amount of producer goods. However, in capitalist
society, because producer goods are privately owned by the capitalists,
production is chaotic. The producer goods needed by enterprises are
supplied through market transactions in an unplanned way. Only in
socialist society and in the transition period, when all or the major
producer goods are publicly owned, can the state systematically plan the
material-technical supply and thereby overcome the overstocking and waste
of materials and use all material resources in a rational way, thus
guaranteeing the fulfillment and overfulfillment of the production plan,
the capital construction plan, and the sustained growth of the national
economy.
Journal: Chinese Economy
Pages: 53-64
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Author-Name: Ma Chi-k'ung
Author-X-Name-First: Ma
Author-X-Name-Last: Chi-k'ung
Author-Name: Tsung Shih
Author-X-Name-First: Tsung
Author-X-Name-Last: Shih
Title: Lecture 5: Industrial Production Planning
Abstract:
Industry is the most important material production sector of the national
economy. Industry is the producer of all modern means of production. Only
by developing industrial production, especially heavy industrial
production, can it be guaranteed that the application of new technology
and equipment will transform the various sectors of the national economy,
lead to the establishment of social production based on advanced
technology, and guarantee the economic independence of the nation and the
consolidation of national defense.
Journal: Chinese Economy
Pages: 15-26
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Author-Name: Chung Ch'i-fu
Author-X-Name-First: Chung
Author-X-Name-Last: Ch'i-fu
Title: Lecture 3: Methods in Formulating National Economic Plans
Abstract:
After the Party and the state have determined the political and economic
tasks of each period, the planning organs must formulate national economic
plans that can guarantee the fulfillment of these tasks. These plans must
be formulated with scientific methods. These scientific methods must
correctly reflect the requirements of a planned (proportional) development
of the national economy. The more than 30 years' experience in plan
formulation of the Soviet Union demonstrates that the balance method is
such a method.
Journal: Chinese Economy
Pages: 6-14
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Author-Name: Nicholas R. Lardy
Author-X-Name-First: Nicholas R.
Author-X-Name-Last: Lardy
Title: Introduction
Abstract:
This issue of >u>Chinese Economic Studies>/u> translates an important
collection of fundamental articles on Chinese economic planning. These
materials, which were intended to provide a basic introduction to the
principles and techniques of economic planning being developed during
China's First Five-Year Plan, originally appeared in a series under the
general title "Lectures on National Economic Planning." They were
published in the journal >u>Chi-hua ching-chi>/u> (Economic Planning), the
official organ of the State Planning Commission and the State Economic
Commission. The series of seventeen articles commenced with the first
issue of the journal in January 1955 and continued through the fall of
1956. A second series of fourteen articles, "Lectures on Basic Knowledge
on National Economic Plan Forms," which was more detailed and somewhat
more operational began in January 1957 and continued through February
1958. The present issue of >u>Chinese Economic Studies>/u> translates, in
their entirety, seven articles from the earlier series. None of these
articles has previously been available in English translation. A
subsequent issue of this journal will incorporate two additional articles
from the first series and over two-thirds of the material contained in the
second series.
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Author-Name: Kuo Tzu-ch'eng
Author-X-Name-First: Kuo
Author-X-Name-Last: Tzu-ch'eng
Title: Lecture 7: Transport Planning
Abstract:
The transport industry is a special material production branch. Transport
is a direct continuation of the production process in the circulation
process. The transport industry is different from other material
production branches. Its special characteristic is that on the one hand it
reflects the production process while on the other hand it belongs to the
realm of circulation. Consequently, transport planning reflects not only
the production process but also the circulation process.
Journal: Chinese Economy
Pages: 41-52
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Author-Name: Li Yu-heng
Author-X-Name-First: Li
Author-X-Name-Last: Yu-heng
Title: Lecture 10: Labor Planning
Abstract:
There are two basic tasks in formulating the labor plan. The first is to
determine the rate of increase of labor productivity in each sector of the
national economy during the plan period.
Journal: Chinese Economy
Pages: 65-80
Issue: 3
Volume: 10
Year: 1977
Month: 4
Keywords:
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Author-Name: James E. Nickum
Author-X-Name-First: James E.
Author-X-Name-Last: Nickum
Title: Translator's Introduction
Abstract:
In China before 1949, the management of surface flows of water for
irrigation was commonly carried out by local hierarchical professional
associations. These associations were one of the few aspects of economic
life where families, lineages, and villages cooperated, especially in the
mobilization of labor to maintain and repair works. It was also one of the
few instances of professional, task-oriented management independent of
direct village administration.
Journal: Chinese Economy
Pages: 3-8
Issue: 4
Volume: 10
Year: 1977
Month: 7
Keywords:
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Author-Name: Ronald Y. L. Cheng
Author-X-Name-First: Ronald Y. L.
Author-X-Name-Last: Cheng
Title: Recent Condition of Rural People's Communes
Abstract:
I had the opportunity of visiting the People's Republic of China for 22
days in May 1975 with my family. We stayed in five cities: Canton, Peking,
Nanking, Wushi, and Shanghai, and visited five communes located near these
cities. The following is a description of the five communes. They provide
some rather interesting information on various aspects of development.
Journal: Chinese Economy
Pages: 92-117
Issue: 4
Volume: 10
Year: 1977
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:10:y:1977:i:4:p:92-117
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
In this issue, two of the articles on the economic development and foreign
trade of the People's Republic of China deserve special attention. One of
these, "A Critique of Teng Hsiao-p'ing's Bourgeois Comprador Economic
Ideology" by Kao Lu and Ch'ang Ko, represents the viewpoints of Wang
Hung-wen, Chang Ch'un-ch'iao, Chiang Ch'ing, and Yao Wenyuan, the "gang of
four." The other article, "Expose the Conspiracy of âthe Gang of Fourâ
in Attacking Our Foreign Trade Policy" by Kuo Mao-yen, defends China's
foreign trade policy under then Vice Premier Teng Hsiao-p'ing. Since the
second article was carried in >u>Hung-ch'i>/u> [Red Flag] in April 1977
after the removal of the "gang of four," it must have had the implicit
approval of Chairman Hua Kuo-feng.
Journal: Chinese Economy
Pages: 3-5
Issue: 1
Volume: 11
Year: 1977
Month: 10
Keywords:
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Author-Name: Kao Lu
Author-X-Name-First: Kao
Author-X-Name-Last: Lu
Author-Name: Ch'ang Ko
Author-X-Name-First: Ch'ang
Author-X-Name-Last: Ko
Title: A Critique of Teng Hsiao-P'ing's Comprador-Bourgeois Economic Thought
Abstract:
Teng Hsiao-p'ing uttered a lot of rubbish in connection with economic
construction. A black line which ran through what he said was as follows:
Domestically, he represented the bourgeoisie in its contest with the
proletariat for leadership over the national economy. His intention was to
turn the socialist economy in our country into an economy of bureaucratic
monopoly capitalism. Internationally, he engaged in capitulation and
traitorous activities in his vain attempt to reduce our country to a
colonial or semicolonial state ruled by imperialism and
social-imperialism. As a matter of fact, Teng's economic ideology was
nothing but that of the comprador-bourgeoisie.
Journal: Chinese Economy
Pages: 52-63
Issue: 1
Volume: 11
Year: 1977
Month: 10
Keywords:
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Author-Name: Kuo Mao-yen
Author-X-Name-First: Kuo
Author-X-Name-Last: Mao-yen
Title: Expose the Conspiracy of "the Gang of Four" in Attacking Foreign Trade Policy
Abstract:
Socialist foreign trade in our country has been conducted under the
brilliant leadership and with the personal concern of our great leader
Chairman Mao and the Party Central Committee. Chairman Mao personally laid
down a series of foreign trade principles and policies. Our beloved
Premier Chou himself was consistently involved in foreign trade
activities. Since Comrade Hua Kuo-feng assumed responsibility in the
Central Committee, he, too, has paid great attention to foreign trade and
has issued quite a few important directives in this regard. Though foreign
trade suffered from the interference of the counterrevolutionary
revisionist line pursued by Liu Shao-ch'i and Lin Piao, Chairman Mao's
proletarian revolutionary line has always played the leading role in this
area.
Journal: Chinese Economy
Pages: 6-15
Issue: 1
Volume: 11
Year: 1977
Month: 10
Keywords:
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Author-Name: Ch'en Chi-ch'eng
Author-X-Name-First: Ch'en
Author-X-Name-Last: Chi-ch'eng
Author-Name: Ch'en Chih-chang
Author-X-Name-First: Ch'en
Author-X-Name-Last: Chih-chang
Title: Lecture 11: Cadre Planning Tables
Abstract:
The cadre plan is a component of the national economic plan. It contains
two major parts: the plan for training new skilled workers and the plan of
the need for specialists. The major purpose of formulating this plan is to
determine the quantity, quality, and speciality of cadres that can be
trained through various means according to the long-term and annual
development needs of capital construction, production, and other
businesses and to rationally distribute them according to those needs. At
the same time, in the process of formulating the cadre plans, each
planning unit may discover problems relating to the need for, and the
training of, cadres and may suggest various measures to solve these
problems in order to satisfy the national economy's need for cadres.
Journal: Chinese Economy
Pages: 123-141
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Cheng K'ang-ning
Author-X-Name-First: Cheng
Author-X-Name-Last: K'ang-ning
Author-Name: Hsia Wu
Author-X-Name-First: Hsia
Author-X-Name-Last: Wu
Title: Lecture 10: Labor And Wage Planning Tables
Abstract:
China is a populous and labor abundant country that is still very backward
economically. The purpose of accurate labor planning is to rationally
utilize China's labor resources and arrange for labor employment; to
determine the rate of increase of labor productivity in each sector of the
national economy in the plan year; and to rationally distribute the labor
required by each sector of the national economy and build up labor
reserves in order to guarantee the basic needs of the national economy for
skilled workers and cadres.
Journal: Chinese Economy
Pages: 108-122
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Sun Hui-ch'ing
Author-X-Name-First: Sun
Author-X-Name-Last: Hui-ch'ing
Title: Lecture 13: Material-Technical Supply Planning Tables
Abstract:
Material-technical supply is the supply of materials and equipment. t The
material-technical supply plan is a component of the whole national
economic plan. Because there are many, many kinds of social products, we
cannot include all of them in the material-technical supply plan. However,
producer goods of major importance to the national economy must be
included in order to achieve planned distribution, that is, unified
distribution. The task of material-technical supply planning is to
continuously and adequately supply each sector of the national economy
with the necessary producer goods (namely, raw materials, processed
materials, fuels, power, equipment and tools, and so forth) on a planned
basis and guarantee the continuous and steady operation of all enterprises
and construction units in order to fulfill and overfulfill the production
plan and the capital construction plan, increase product quality, mobilize
internal potential, and accelerate the turnover of working capital. The
material-technical supply plan must be closely coordinated with the
production plan, the capital construction plan, the import-export plan,
the marketing plan, and the plan for state reserves.
Journal: Chinese Economy
Pages: 142-157
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Nicholas R. Lardy
Author-X-Name-First: Nicholas R.
Author-X-Name-Last: Lardy
Title: Guest Editor
Abstract:
This double issue of >u>Chinese Economic Studies>/u> completes the
translation of an important collection of fundamental articles on Chinese
economic planning. The articles were originally published in two series of
lectures in >u>Chi-hua ching-chi>/u> (Economic Planning), the official
journal of the State Planning Commission and the State Economic
Commission. This issue includes complete translations of two articles from
the first series, "Lectures on National Economic Planning," and ten of the
fourteen "Lectures on Basic Knowledge of National Economic Planning
Tables." With the exception of a partial translation of Lecture 16 in the
first series, none of these articles has previously been available in
English. Translations of eight additional lectures in the first series as
well as a brief introduction to these materials appeared in the Spring
1977 issue of this journal.
Journal: Chinese Economy
Pages: 3-3
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Feng Li-t'ien
Author-X-Name-First: Feng
Author-X-Name-Last: Li-t'ien
Title: Lecture 16: Financial Planning
Abstract:
In China's transition period and under the socialist system, owing to the
continued existence of commodity production and exchange, in national
economic planning we must formulate plan targets not only in material
terms but also in money (value) terms. Financial planning serves exactly
this purpose.
Journal: Chinese Economy
Pages: 4-18
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Chu Ch'eng-p'ing
Author-X-Name-First: Chu
Author-X-Name-Last: Ch'eng-p'ing
Title: Lecture 17: The National Economic Balance Table
Abstract:
The national economic balance table differs from the balance tables used
in the sectoral plans of the national economy. It is a comprehensive
balance table to balance the whole national economic plan. The formulation
of the national economic balance table is based on the sectoral balance
tables of the national economy.
Journal: Chinese Economy
Pages: 19-34
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Sun Chih-fang
Author-X-Name-First: Sun
Author-X-Name-Last: Chih-fang
Title: Lecture 2: Commercial Planning Tables
Abstract:
Commerce is the bridge between production and consumption. As material
goods move from the production realm to the hands of the consumers, they
must pass through certain circulation processes usually known as the
product circulation link, colloquially called "doing business." The
circulation of commodities not only plays a very important role in the
process of expanding social output, it also provides an important link
between the urban and rural areas, among regions, and among all sectors of
the national economy. It is an important means of consolidating the
worker-peasant alliance as well. Therefore, the comrades who are engaged
in commercial planning work must establish the point of view of serving
production and consumption.
Journal: Chinese Economy
Pages: 51-65
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Liu Hsien-kao
Author-X-Name-First: Liu
Author-X-Name-Last: Hsien-kao
Title: Lecture 4: Agricultural Production Planning Tables
Abstract:
Like industrial production, agricultural production is also one of the
social material production activities. Its content includes plant growing
(the growing of all kinds of farm crops, such as food grain and cotton,
and afforestation) and animal husbandry (the raising of domesticated
livestock, poultry, silkworms, and marine life). However, unlike
industrial and other production sectors, agricultural production is
characterized by the fact that expanding agricultural output is closely
related to natural reproduction. For example, the production processes of
planting crops and raising livestock are simply the natural reproduction
processes of crops and livestock. At the same time, agricultural products
are the means for their own reproduction. For example, wheat can be used
as seeds to produce identical wheat, and livestock can produce identical
livestock. This characteristic of agricultural production determines that
agricultural production activities are greatly restricted and affected by
natural conditions.
Journal: Chinese Economy
Pages: 81-91
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Author-Name: Fang Fa
Author-X-Name-First: Fang
Author-X-Name-Last: Fa
Title: Lecture 1: Industrial Production Planning Tables
Abstract:
Industrial production is one kind of material production. It can generally
be divided into three parts: (1) The extraction of natural resources or
minerals. Examples are the extraction of coal, petroleum, black metallic
ores (iron and manganese ores), nonferrous ores (copper, lead, zinc,
tungsten, antimony, tin, and molybdenum ores), rare metallic ores (radium,
uranium, vanadium, and titanium ores), nonmetallic ores (asbestos, mica,
and graphite ores), chemical ores (sulphur, pyrite, fluor-spar ores), and
so forth; the cutting of timber; the harvesting of wild fish, shellfish
(shrimp, crabs, clams, and mussels), seaweeds (kelp and purple seaweed),
and other marine products; the making of sea salt and the extraction of
rock salt; the generation of hydroelectric power, and so forth. (2) The
processing of agricultural products, such as flour milling, rice milling,
oil pressing, sugar making, spinning, livestock slaughtering, milk
refining, leather tanning, and so forth. (3) Manufacturing or repairing,
such as the smelting of metallic ores into metals, the making of machines
from metals, the generation of electricity from various fuels (coal,
petroleum, and uranium), machine repairing, and so forth.
Journal: Chinese Economy
Pages: 35-50
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:11:y:1977:i:2:p:35-50
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Author-Name: Ch'en T'ieh-cheng
Author-X-Name-First: Ch'en
Author-X-Name-Last: T'ieh-cheng
Title: Lecture 3: Transport Planning Tables
Abstract:
The transport industry can generally be divided into two different types.
Journal: Chinese Economy
Pages: 66-80
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:11:y:1977:i:2:p:66-80
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Author-Name: P'eng Jung-ch'üan
Author-X-Name-First: P'eng
Author-X-Name-Last: Jung-ch'üan
Title: Lecture 5: Capital Construction Planning Tables
Abstract:
Capital construction is the increase in or replacement of fixed
assets,>sup>1>/sup> or simply the expanded reproduction of fixed assets.
Journal: Chinese Economy
Pages: 92-107
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:11:y:1977:i:2:p:92-107
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Author-Name: Huang Chih-yin
Author-X-Name-First: Huang
Author-X-Name-Last: Chih-yin
Title: Lecture 14: Cultural, Educational, and Health Services Planning Tables
Abstract:
The cultural, educational, and health services plan is part of the
national economic plan. It is a plan that reflects the increase in
people's cultural standard of living. Its basic tasks are determined by
the present political and economic tasks of the state. Its basic tasks
are: (1) to train all kinds of manpower for the state, the most important
being industrial technicians and scientific researchers; and (2) to
improve gradually the cultural life of the working people on the basis of
developing production and increasing labor productivity. To make the
development of cultural, educational, and health services match the needs
of the state and the people, when formulating the cultural, educational,
and health services plan, we must conduct a comprehensive study taking
into account the policies of the Party and state regarding all the
cultural, educational, and health services, the degree to which the
quantity of state financial resources can be increased, the subjective
feasibilities inherent in the development patterns of all the cultural and
educational services, the needs of the state and the people for cultural,
educational, and health services, and the historical conditions of
different services and different regions. To satisfy the daily increasing
cultural needs of the people, we must also rely on the masses and mobilize
mass enthusiasm for running various mass cultural, educational, and health
services in addition to those cultural, educational, and health services
operated by the state.
Journal: Chinese Economy
Pages: 158-169
Issue: 2
Volume: 11
Year: 1977
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:11:y:1977:i:2:p:158-169
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Author-Name: Tao Chu
Author-X-Name-First: Tao
Author-X-Name-Last: Chu
Title: A Discussion on the Problems of Economic Laws During the Transitional Period
Abstract:
Since 1958, the people of China, under the leadership of the Chinese
Communist Party and Comrade Mao Tse-tung, have staunchly followed the
General Party Line of socialist reconstruction, supported the"Great Leap
Forward" and the policy of the People's Commune which resulted in the
massive victory of socialist reconstruction in our country. As a result of
these efforts, the principal targets set for the Second Five-Year Plan
were reached three years ahead of the schedule; in terms of the progress
achieved, each year has been a record year.
Journal: Chinese Economy
Pages: 78-102
Issue: 1
Volume: 1
Year: 1967
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:1:y:1967:i:1:p:78-102
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Author-Name: Ts'ai Chien-hua
Author-X-Name-First: Ts'ai
Author-X-Name-Last: Chien-hua
Title: Refuting the Production Price Theory of Comrade Yang Chien-Pai and Others
Abstract:
Since 1963, Comrade Yang Chien-pai >u>et al>/u>. have written a number of
articles openly propagandizing the existence of average profit and
production price in socialist economy, and newspapers and magazines have
published quite a few articles discussing this subject. In the discussion,
the viewpoints held by the two sides are diametrically opposite to each
other. The controversy involves not only certain fundamental principles of
Marxist political economy, but also the management principle and guiding
ideology of socialist economics as well as the problem of direction and
future of national economic development. For this reason, it is very
necessary that the controversy be clarified through debate.
Journal: Chinese Economy
Pages: 43-64
Issue: 1
Volume: 1
Year: 1967
Month: 10
Keywords:
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Author-Name: Ts'ai Chien-hua
Author-X-Name-First: Ts'ai
Author-X-Name-Last: Chien-hua
Title: Refuting the Production Price Theory of Comrade Yang Chien-Pai and Others
Abstract:
Since 1963, Comrade Yang Chien-pai >u>et al>/u>. have written a number of
articles openly propagandizing the existence of average profit and
production price in socialist economy, and newspapers and magazines have
published quite a few articles discussing this subject. In the discussion,
the viewpoints held by the two sides are diametrically opposite to each
other. The controversy involves not only certain fundamental principles of
Marxist political economy, but also the management principle and guiding
ideology of socialist economics as well as the problem of direction and
future of national economic development. For this reason, it is very
necessary that the controversy be clarified through debate.
Journal: Chinese Economy
Pages: 3-42
Issue: 1
Volume: 1
Year: 1967
Month: 10
Keywords:
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Author-Name: Hsueh Mo-chiao
Author-X-Name-First: Hsueh
Author-X-Name-Last: Mo-chiao
Title: Several Pending Problems Concerning Commodity Prices in Our Socialist Economy Which Await Discussion
Abstract:
As in a capitalist economy, the prices of various commodities in a
socialist economy are determined in principle by their value. To determine
the price of a given commodity, one must first of all determine its value.
However, a socialist economy is after all different from that of a
capitalist economy, and consequently should have its own economic
character.
Journal: Chinese Economy
Pages: 65-77
Issue: 1
Volume: 1
Year: 1967
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:1:y:1967:i:1:p:65-77
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Author-Name: Lu Hsun
Author-X-Name-First: Lu
Author-X-Name-Last: Hsun
Title: On Frugality for Increased Production
Abstract:
This year, 1966, our country's socialist reconstruction entered upon its
third Five-Year Plan. In the course of this new Five-Year Plan, our
national economy will have forged ahead to a more advanced stage of
development. It will have established for our country an independent and
comparatively complete industrial economic system. It should achieve
modernization of our agricultural production, industrial production, and
defense system, and update all our scientific technology, as well as lay a
sound and firm foundation. At the same time, we also expect that during
this period the cultural and material standards of our peasants, workers,
and others will be raised to a higher level.
Journal: Chinese Economy
Pages: 25-57
Issue: 2
Volume: 1
Year: 1967
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:1:y:1967:i:2:p:25-57
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Author-Name: Jen-yung Chiang
Author-X-Name-First: Jen-yung
Author-X-Name-Last: Chiang
Title: Several Related Questions Concerning Industrial (and Commercial) Management and AdmInistration
Abstract:
Today, along the frontline of China's industrial revolution â which is
moving forward with the high tide of our national reconstruction and
technical innovation, and developing with revolutionary speed â the
problems of enterprise management are also in the process of a great
revolution.
Journal: Chinese Economy
Pages: 11-24
Issue: 2
Volume: 1
Year: 1967
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:1:y:1967:i:2:p:11-24
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Author-Name: Yü Ch'iu-li
Author-X-Name-First: Yü
Author-X-Name-Last: Ch'iu-li
Title: Mobilize The Whole Party. Fight a Decisive Battle for Three Years. Strive Hard to Basically Realize Agricultural Méchanization
Abstract:
Our conference, following the line of the Eleventh National Party Congress
and guided by Chairman Mao's "There will be a Great Leap Forward in China"
and "A Letter on the Question of Agricultural Mechanization" and by
Chairman Hua's relevant directives, has thoroughly discussed the problem
of basically realizing agricultural mechanization in 1980. We have decided
on some important policies and measures and have further defined various
programs. Under the brilliant leadership of Chairman Hua and the Party's
Central Committee and with the joint efforts of the participating
comrades, the conference has been a success. Now I would like to talk
about a few questions.
Journal: Chinese Economy
Pages: 50-82
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Ch'ien Hsueh-sen
Author-X-Name-First: Ch'ien
Author-X-Name-Last: Hsueh-sen
Title: Modern Science and Technology
Abstract:
The modernization of science and technology is a key to building China
into a socialist power that has modern agriculture, modern industry, a
modern national defense and modern science and technology. But to
modernize China's science and technology, first it is necessary to have a
clear idea of what constitutes modern science and technology. I
participated in some discussions recently. I have written down what I know
about this problem for our reference in the hope of mutually raising our
understanding.
Journal: Chinese Economy
Pages: 110-123
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:12:y:1978:i:1:p:110-123
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Author-Name: Jen-min jih-pao
Author-X-Name-First: Jen-min
Author-X-Name-Last: jih-pao
Title: The Output of Crude Oil in the First Half of This Year Reaches the Highest Level in History
Abstract:
(NCNA, July 9, 1977) The brilliant leader Chairman Hua's call for "Taching
to reach for even higher targets and for petroleum departments to create
ten more âTaching Oil Fieldsâ greatly encouraged the broad staff and
workers of the national petroleum front. They deeply exposed and
criticized the counterrevolutionary revisionist line of the "Gang of
Four," continued to exploit the spirit of waging revolution with all-out
efforts, braved high winds, snow and freezing cold, overcame all sorts of
difficulties, and overfulfilled the national crude oil targets set for the
first half of the year. The output of crude oil reached the highest level
in history, 10.6 percent over the output of the same period last year. A
record was also set in natural gas production when one and a half times
the annual target was produced in half a year. The rate of well drilling
increased continuously. The national monthly footage of wells drilled in
May and June increased nearly 100 percent compared with that of the
average month in the first quarter. More than ten records in well drilling
were broken. The 7001 Well-Drilling Team in Szechuan Province drilled to a
depth of 7,000 meters. It also completed exploration of the 7,000-meter
deep well with Chinesemade instruments, thus setting the latest drilling
and exploring record in China. In petroleum surveys, high-yield oil and
gas wells were struck in new areas. Crude-oil refining and outputs of
major petroleum products also exceeded the state targets set for the first
half of this year.
Journal: Chinese Economy
Pages: 139-141
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:12:y:1978:i:1:p:139-141
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: >u>Editor's Introduction>/u>
Abstract:
The People's Republic of China has embarked upon a pragmatic program of
rapid and comprehensive modernization in the four key sectors of
agriculture, industry, science and technology, and national defense. This
double issue of >u>Chinese Economic Studies>/u> reviews the Chinese
literature concerning China's economic policy in this regard under
Chairman Hua Kuo-feng.
Journal: Chinese Economy
Pages: 3-5
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Jen-min jih-pao
Author-X-Name-First: Jen-min
Author-X-Name-Last: jih-pao
Title: Accelerate the Pace of China's Agricultural Mechanization
Abstract:
The Annual State Plan of Many Agricultural-Machinery Products in China Has
Been Fulfilled Ahead of Time. Product Quality and Labor Productivity Have
Considerably Improved. A Sizable Army for Agricultural Mechanization Is
Growing Up.
Journal: Chinese Economy
Pages: 37-40
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Li Ch'iang
Author-X-Name-First: Li
Author-X-Name-Last: Ch'iang
Title: Distinguish the Correct Line From the Incorrect Ones; Actively Develop Socialist Foreign Trade
Abstract:
The Eleventh National Party Congress has been successfully convened, and
the people of China are celebrating the twenty-eighth anniversary of the
founding of the People's Republic of China. Reviewing the past and looking
ahead to the future, we are filled with confidence.
Journal: Chinese Economy
Pages: 83-97
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Jen-min jih-pao
Author-X-Name-First: Jen-min
Author-X-Name-Last: jih-pao
Title: Push Technical Innovation and Technology Revolution in a Big Way; Develop Industrial Production at High Speed
Abstract:
Yuan Pao-hua, deputy director of the State Planning Commission, gave a
speech at the recent national conference to exchange experience on
technical innovation in industry and transportation. He emphatically
pointed out: We must thoroughly implement Chairman Mao's directive to
"break away from conventions and adopt advanced technology as much as
possible" and Chairman Hua's directive to "push technical innovation and
technology revolution with all-out efforts and rapidly raise
productivity," arming all sectors of the national economy with modern
technology as quickly as possible.
Journal: Chinese Economy
Pages: 104-109
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: I. Fang
Author-X-Name-First: I.
Author-X-Name-Last: Fang
Title: Abstract of a Report on the State of Science and Education Delivered by Comrade Fang i at the Seventh Enlarged Meeting of the Standing Committee of the Fourth National Committee of the Chinese People's Political Consultative Conference
Abstract:
(NCNA, December 29, 1977) Fang I, a member of the Politburo of the Chinese
Communist Party's Central Committee and vice-president of the Academy of
Sciences, delivered "A Report on the State of Science and Education" at
the Seventh Enlarged Meeting of the Standing Committee of the Fourth
National Committee of the Chinese People's Political Consultative
Conference. An excerpt follows: On behalf of the State Council, I will
talk to the Seventh Enlarged Meeting of the Standing Committee of the
Fourth National Committee of the Political Consultative Conference on the
state of science and education in China.
Journal: Chinese Economy
Pages: 124-138
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Jen-min jih-pao
Author-X-Name-First: Jen-min
Author-X-Name-Last: jih-pao
Title: We Must Run State Farms Well
Abstract:
The brilliant leader Chairman Hua pointed out: "There is a great deal of
potential in farms. We must run state farms well." This is a combat appeal
to the national agricultural reclamation front. After the "Gang of Four"
has been smashed, the country must be properly run, agriculture must be
greatly developed, and state farms under the socialist system of ownership
by the whole people should take the lead in making more contributions.
Journal: Chinese Economy
Pages: 6-10
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Ch'en Yung-kuei
Author-X-Name-First: Ch'en
Author-X-Name-Last: Yung-kuei
Title: Treat Farmland Capital Construction as a Great Socialist Task
Abstract:
After the "Gang of Four" was smashed, the Party Central Committee headed
by Chairman Hua put forth a strategic decision on running the country by
grasping the key link. It requested that the four modernizations be
realized in the present century in order to build China into a modern
socialist power. The immediate results are expected to be achieved in a
year and the long-run results in three years.
Journal: Chinese Economy
Pages: 21-36
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Jen-min jih-pao
Author-X-Name-First: Jen-min
Author-X-Name-Last: jih-pao
Title: March Toward the Modernization of National Defense Science and Technology
Abstract:
The brilliant leader Chairman Hua and the Party Central Committee have
decided to convene a National Science Conference in the spring of next
year in order to mobilize the whole Party, the whole armed forces, various
nationalities of the country and all the science and technology workers to
march toward the modernization of science and technology. This is another
important task in carrying out the strategic decision of running the
country by grasping the key link. It reflects the common aspiration of
hundreds of millions of people and also the aspiration of all the
commanders and fighters and the broad science and technology workers. We
are anxiously looking forward to this important development in the history
of China's science development, and we will welcome the convening of this
National Science Conference with concrete action and outstanding
achievements in developing national defense science and technology.
Journal: Chinese Economy
Pages: 98-103
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: P'eng Ch'ung
Author-X-Name-First: P'eng
Author-X-Name-Last: Ch'ung
Title: Fully Utilize and Actively Develop Shanghai's Industry and Make Even Greater Contributions Toward the Realization of the Four Modernizations
Abstract:
The Eleventh National Party Congress, an important milestone in the
history of our Party, pushed China's socialist revolution and construction
to a new stage of development. The brilliant leader Chairman Hua called
upon the whole Party to raise high Chairman Mao's great banner, insist on
the Party's basic line in the historical stage of socialism, grasp the key
link in running the country, continue revolution, and strive to build a
modern socialist power. The 10 million people of Shanghai warmly responded
to the appeal of Chairman Hua and the Party Central Committee. They
welcomed the new battle with full confidence and expected to win a new
victory.
Journal: Chinese Economy
Pages: 153-168
Issue: 1
Volume: 12
Year: 1978
Month: 10
Keywords:
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Author-Name: Zuo Xu
Author-X-Name-First: Zuo
Author-X-Name-Last: Xu
Title: Why Did the "Gang of Four" Limit Chairman Mao's Directives on Theoretical Questions to the Restriction of Bourgeois Rights?
Abstract:
At the end of 1974, the great leader and teacher Chairman Mao issued some
important directives on theoretical questions. The purpose of these
directives was to clarify to the people of the whole country the problem
of bourgeois dictatorship. These directives explained in depth the
necessity of tightly grasping the struggle between the proletariat and the
bourgeoisie and between the socialist road and the capitalist road and
firmly upholding the brilliant thought of the continuing revolution under
the proletarian dictatorship in the socialist period. They pointed out in
greater detail to the people of the whole country the direction of
opposing and preventing revisionism, consolidating the proletarian
dictatorship and building socialism.
Journal: Chinese Economy
Pages: 109-113
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
This issue consists of eight articles selected from >u>Jingji yanjiu>/u>
[Economic Research], a theoretical journal on political economy published
in the People's Republic of China. After twelve years of suspension,
publication was resumed in January 1978. Many of the authors are the same
prolific writers who were active prior to the demise of the journal in
1966: Sun Yefang, one-time director of the Economics Institute; Xue
Mujiao, former director of the State Statistical Bureau, and Xu Dixin, an
economics professor. A scrutiny of the first twelve issues reveals a
revival of some lively discussions on a wide range of concepts and
theories including profits, economic accounting, pricing, and so on. The
first five issues, however, deal with virtually all of the theoretical
disputes between Zhang, Wang, Jiang, and Yao, the "gang of four," and the
mainstream economists. This is what the eight articles published here are
all about. Interesting as the other articles may be, space limitations do
not allow us to provide cover-to cover-to-cover translations of the
journal. Instead, therefore, >u>Chinese Economic Studies>/u>, in the next
issue, will publish the tables of contents of >u>Jingji yanjiu>/u>
beginning with the January 1978 issue up to the current issue. Thereafter
we will continue to provide this service to our readers as space permits.
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Jingji yanjiu
Author-X-Name-First: Jingji
Author-X-Name-Last: yanjiu
Title: Economic Science Must Serve the Purpose of Developing the National Economy at High Speed
Abstract:
Our great motherland has entered a new historical era of development. To
realize rapid development of the national economy and to build China into
a socialist power having a modern agriculture, modern industry, modern
national defense and modern science and technology in this century is
certainly not a purely economic problem. It is rather an extremely acute
and extremely important political problem. This is so because the domestic
and international situations, and our fundamental tasks, require that
China's national economy be developed at high speed.
Journal: Chinese Economy
Pages: 7-17
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Zhang Wenxiao
Author-X-Name-First: Zhang
Author-X-Name-Last: Wenxiao
Title: Would Money in a Socialist Economy Inevitably Breed a Bourgeoisie?
Abstract:
In early February 1975, in scheming to distort and revise Chairman Mao's
directives on theoretical issues in order to meet the political needs of
the counterrevolutionary conspiracy of the "gang of four," Yao Wenyuan, a
villainous illiterate in Marxism-Leninism who is skillful in fabricating
counterrevolutionary literature, exclaimed: "Dühring's economic commune
is interesting. Engels rejected it on the grounds that commune exchange
was still based on equal price and that it was still capitalistic.
Commodities can turn into money, and money can be stored, leading to
disparities in wealth, usury and different social classes."
Journal: Chinese Economy
Pages: 37-44
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Xu Dixin
Author-X-Name-First: Xu
Author-X-Name-Last: Dixin
Title: Chairman Mao's Contribution to the Development of Marxism on the Questions of Transforming Production Relations and Developing the Productive Forces
Abstract:
The contributions of the great leader and teacher Chairman Mao to the
Chinese and world revolutions and to Marxism-Leninism are unsurpassed by
any contemporaries. The brilliant leader Chairman Hua said in his
political report to the Eleventh National Party Congress: "Chairman Mao
was the greatest contemporary Marxist. Chairman Mao combined the universal
truth of Marxism-Leninism with the concrete practice of the Chinese and
world revolutions. He inherited, defended and developed Marxism-Leninism
in philosophy, political economy and scientific socialism."
Journal: Chinese Economy
Pages: 56-86
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Wang Haibo
Author-X-Name-First: Wang
Author-X-Name-Last: Haibo
Author-Name: Zhou Shulian
Author-X-Name-First: Zhou
Author-X-Name-Last: Shulian
Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: Distribution According to Labor is not an Economic Base for the Emergence of the Bourgeoisie
Abstract:
In order to subvert the proletarian dictatorship and restore capitalism,
the Wang, Zhang, Jiang, and Yao "gang of four" frantically slandered the
socialist system. The big publicity they gave to the position that
distribution according to labor was the economic base which would breed
the bourgeoisie was a component of these counterrevolutionary activities.
Journal: Chinese Economy
Pages: 114-133
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Hu Ruiliang
Author-X-Name-First: Hu
Author-X-Name-Last: Ruiliang
Title: A Rebuttal of the "Gang of Four's" Fabrication â The "Duality in Socialist Production Relations"
Abstract:
In their vain attempt to usurp the highest power of the Party and the
state, restore capitalism, and impose the dictatorship of the landlords
and the bourgeoisie, the Wang, Zhang, Jiang and Yao anti-Party "gang of
four" came up with a counterrevolutionary political program that
identified the old cadres as "democrats" and the "democrats" as
"capitalist roaders." They alleged that a "bourgeoisie" existed in the
Communist Party and pointed their spearheads toward a large number of
leadership comrades in the Party, the government and the armed forces at
both the central and the local levels.
Journal: Chinese Economy
Pages: 18-36
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Jingji yanjiu
Author-X-Name-First: Jingji
Author-X-Name-Last: yanjiu
Title: Expose and Criticize the "Gang of Four" on the Economic Theory Front â Carry The Struggle to the End
Abstract:
The great political revolution to expose and criticize the "gang of four"
â Wang, Zhang, Jiang and Yao â is developing in depth, and initial
achievements have been made in implementing the strategic decision to run
the country by grasping the key link proposed by the Party Central
Committee headed by the brilliant leader Chairman Hua. In line with the
generally excellent conditions in the country, an encouraging situation
has also emerged on the economic theory front. The magazine >u>Jingji
yanjiu>/u>, which has been suspended for a number of years, is now making
a reappearance.
Journal: Chinese Economy
Pages: 45-55
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Lin Zili
Author-X-Name-First: Lin
Author-X-Name-Last: Zili
Author-Name: You Lin
Author-X-Name-First: You
Author-X-Name-Last: Lin
Title: On the Relations Between Politics and Economics
Abstract:
The Marxist viewpoint concerning the relationship between politics and
economics is a development of the historical materialist doctrine on the
relations between the productive forces and production relations and
between the economic base and the superstructure in the real life.
According to the theory of historical materialism, economics determines
politics, and politics in turn reacts on economics. The Wang, Zhang,
Jiang, and Yao "gang of four" did not mention the productive forces and
rarely talked about production relations. They talked exclusively about
the superstructure and firmly upheld an historical idealism which claimed
that the superstructure determines everything. They widely publicized this
fallacy and created a great deal of confusion about the relationship
between politics and economics. Clearing up this confusion is an important
task in our effort penetratingly to criticize and repudiate the "gang of
four."
Journal: Chinese Economy
Pages: 87-108
Issue: 3
Volume: 12
Year: 1979
Month: 4
Keywords:
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Author-Name: Ji Chongwei
Author-X-Name-First: Ji
Author-X-Name-Last: Chongwei
Author-Name: Wang Zhenzhi
Author-X-Name-First: Wang
Author-X-Name-Last: Zhenzhi
Title: On the Question of Increasing Enterprise Earnings and Accelerating Capital Accumulation
Abstract:
At present, our country has entered a new period of development in
socialist revolution and socialist construction. It is our people's
glorious and arduous task to strive to implement the strategic decision of
Chairman Hua and the Party Central Committee to grasp the key link of
class struggle and bring about great order across the land, speed up
socialist construction in our country, and successfully carry out the
general program of the ten-year plan for the development of our national
economy in order to build our country into a modern, powerful socialist
state by the end of the century.
Journal: Chinese Economy
Pages: 69-94
Issue: 4
Volume: 12
Year: 1979
Month: 7
Keywords:
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: The Concept of Economic Effects in the Production of Material Values Under the Condition of Socialism
Abstract:
This is an old manuscript. In 1963 I had intended to write a book on
economic effects in the production of material values under the condition
of socialism. I only wrote about a hundred and several tens of thousands
of words, but did not finish the book. This is the first part of it. In
addition to this, I still have on hand the second part called "Gezhong
jingji xiaoguo zhibiao" [Various Indices of Economic Effects]. All the
rest of the manuscript has been lost.
Journal: Chinese Economy
Pages: 6-55
Issue: 4
Volume: 12
Year: 1979
Month: 7
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
This issue consists of four articles which appeared in early 1978 issues
of >u>Jingji Yanjiu>/u> [Economic Research]. The first article,
contributed by a senior economist, Yu Guanyuan, deals with the concept of
use-value and with the question of how to measure economic efficiency.
From either a theoretical or a methodological viewpoint, it is a scholarly
work. Theoretically, it follows the Marxist doctrine measuring value in
terms of labor, or the average socially necessary labor. Mr. Yu maintains
that the concept of use-value is particularly important to a socialist
economy in which production is for the purpose of meeting social needs
rather than for profit as in a market economy in which exchange-value
plays a dominant role. The kernel of the question lies in how to measure
use-value. Marx held the view that "a use-value, or useful article,
therefore, has value only because human labor in the abstract has been
embodied or materialized in it. How, then, is the magnitude of this value
to be measured? Plainly, by the quantity of the value-creating substance,
the labor, contained in the article" (Capital, Chas. H. Kerr and Co.
edition [New York: Random House,], p. 45).
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 12
Year: 1979
Month: 7
Keywords:
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Author-Name: Fan Peihua
Author-X-Name-First: Fan
Author-X-Name-Last: Peihua
Title: Economic Accounting in Yantai [Chefoo] District Highway Transport Company
Abstract:
The Yantai District Highway Transport Company was formerly the Jiaodong
Transport Brigade established by merging the Automobile Brigade of
Jiaodong Depot of the East China Military Region with the Transportation
Section under the Jiaodong Bureau of Industry and Commerce. In 1949 it
only had 700 staff and workers and had at its disposal less than a hundred
motor vehicles captured from the enemy. Guided by Chairman Mao's
revolutionary line, this transport company has made great progress over
the last twenty-eight years. It now has 3,722 staff and workers and 729
motor-vehicles in operation. It carries out the task of transporting both
passengers and freight on the trunk highways in the whole district,
serving as its main force on the highway transport front. Since it
launched the campaign to learn from Daqing in industry in 1964, it has
overfulfilled the state plan ahead of schedule each year for fourteen
years in a row.
Journal: Chinese Economy
Pages: 56-68
Issue: 4
Volume: 12
Year: 1979
Month: 7
Keywords:
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Author-Name: Sun Ru
Author-X-Name-First: Sun
Author-X-Name-Last: Ru
Title: Socialist Accumulation and Enterprise Profits
Abstract:
At present, led by Chairman Hua and the Party Central Committee, the whole
Party and the people of the whole country have been mobilized into a
gigantic effort for the fulfillment of the general task in the new stage
of socialist revolution and socialist construction and for building our
country into a powerful socialist state. In order to accelerate the speed
of the construction of socialism, it is necessary to accumulate large
amounts of capital. As early as the beginning of the First Five-Year Plan,
Chairman Mao pointed out: "Construction requires capital." (>u>1>/u>)
Everybody knows that in our effort to build socialism we must continuously
expand socialist output. Where does the large amount of capital needed for
expanding output come from? There can be no other source than accumulation
by socialist economic undertakings. Socialist accumulation is the only
source for the expansion of socialist output, and the major source for
socialist accumulation is the profits of the socialist enterprises.
Because of this, Chairman Mao consistently stressed that all socialist
economic undertakings must implement economic accounting and accumulate
capital for socialist construction. However, the anti-Party clique of the
"gang of four" brazenly opposed Chairman Mao's teaching and unscrupulously
blamed the socialist enterprises in our country for their implementation
of economic accounting and their fulfillment of the profit targets set by
the state plan, slandering them all as practicing the "revisionist line."
The sabotage and interference of the "gang of four" not only confused
people's thinking but also seriously affected the progress of socialist
national economy. Whether the socialist enterprises need to make profits
and whether the state needs to have accumulation has been a major issue of
right or wrong on the economic front during the eleventh two-line
struggle. It is extremely necessary that we now straighten out this
matter, clarifying the right and wrong and drawing a clear line between
them so that people's minds can be emancipated and more capital can be
accumulated for the construction of socialism with greater, faster, better
and more economical results.
Journal: Chinese Economy
Pages: 95-106
Issue: 4
Volume: 12
Year: 1979
Month: 7
Keywords:
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Author-Name: Kao Hsiang
Author-X-Name-First: Kao
Author-X-Name-Last: Hsiang
Title: On People's Savings Under Socialism
Abstract:
People's savings under the socialist system of our country, in its present
stage of development, takes primarily two forms: one is to deposit savings
in the national banks (which by nature are owned by the whole people),
thereby reflecting the credit relationships between the people and the
state. The other is to deposit savings in the credit cooperatives (which
are by nature collectively owned), thus representing the relationships of
the people in the rural communes. In addition, there are mutual funds set
up by workers and employees in various enterprises, organizations, and
institutions of towns and cities; these are in effect savings
organizations of a collective nature.
Journal: Chinese Economy
Pages: 58-75
Issue: 2
Volume: 1
Year: 1967
Month: 1
Keywords:
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Author-Name: Hong Yuanpeng
Author-X-Name-First: Hong
Author-X-Name-Last: Yuanpeng
Title: A Few Issues Concerning Socialist Accumulation
Abstract:
Is accumulation necessary in socialist society? This is actually a
self-evident question which needs no answer. However, out of their need to
usurp the Party and state power, the "gang of four" spared no efforts in
opposing and undermining socialist accumulation, causing great confusion
in theory which must be clarified.
Journal: Chinese Economy
Pages: 12-21
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: Zhou Cheng
Author-X-Name-First: Zhou
Author-X-Name-Last: Cheng
Title: A Trial Exposition on the Question of "Increasing Production and Income" in the Rural People's Communes
Abstract:
"Increasing production and income" is a major economic issue in the rural
people's communes. It involves how the people's communes can provide the
state with increasingly more abundant agricultural and sideline products
and also how the people's communes can achieve sustained expanded output
in order gradually to improve the living standards of the commune members.
This article is intended to arouse more discussion through a preliminary
exploration of certain problems involved.
Journal: Chinese Economy
Pages: 74-85
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: John B. Leach
Author-X-Name-First: John B.
Author-X-Name-Last: Leach
Title: Offshore: The Petroleum Industry in The People's Republic of China 1969-1978
Abstract:
Before the Communist regime came to power in the autumn months of 1949, it
was generally believed that China's petroleum resources were very limited,
perhaps nothing more than a few isolated deposits of shale oil. However,
the remarkable achievements of the Chinese people in the oil industry over
the years have done much to alter this belief. From a meager 121,000
metric tons in 1949 (>u>1>/u>), China's output of crude oil soared to an
impressive 90 million metric tons in 1976. (>u>2>/u>) Although the annual
rate of increase has declined somewhat since 1974, these statistics
represent an annual average rate of increase in crude output in excess of
20 percent up to 1974. (>u>3>/u>) At present, the People's Republic of
China ranks fifth in the world as a producer of primary energy, behind
only the United States, the Soviet Union, Saudi Arabia, and Iran.
(>u>4>/u>)
Journal: Chinese Economy
Pages: 105-151
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: Ma Chuandong
Author-X-Name-First: Ma
Author-X-Name-Last: Chuandong
Author-Name: Tian Jiasen
Author-X-Name-First: Tian
Author-X-Name-Last: Jiasen
Title: Implement the "Four Unifications" and Bring into Full Play the Role of Farm Machinery
Abstract:
Yantai District in Shandong Province is one of the areas in our country in
which a comparatively good job has been done in the mechanization of
agriculture. Compared with 1965, by 1977 the whole area had increased its
power-driven machinery for agricultural use by 15 times, tractors by 58
times and irrigation machinery by 9 times. Now the entire district has
more than 29,200 tractors and over 105,900 pieces of irrigation and
drainage machinery and has a total of 1,989,700 horsepower of power-driven
machinery, averaging 178.5 horsepower per production brigade. By 1977, as
much as 59 percent of the cultivated area of the district was plowed by
machinery, 61.6 percent of the total sown acreage was seeded by machinery,
and 72.6 percent of the total irrigated land was irrigated by machinery.
The advance in the level of mechanization of agriculture has expedited the
development of agricultural production. In the meantime, however, many new
problems have cropped up whose solution provides a challenge. For example,
90 percent of the tractors in the district are owned by the brigades.
Because farm machinery and implements are not evenly distributed and the
crops do not mature at the same time, some of the production brigades and
teams urgently need farm machinery and implements while others have their
machinery and implements lie idle during the busy farming seasons in
summer and fall. Lacking a complete set of accessories, some tractors
cannot run at their full capacity. All this serves to illustrate that the
form of "I buy it, I use it, and I manage it" in using and managing
agricultural machinery has become an impediment to giving full play to the
role of agricultural machinery. This is not in keeping with the greatly
expanded productive forces resulting from the mechanization of
agriculture. In order to solve this contradiction, Yantai District summed
up and popularized in the fall of 1974 the experience of the "four
unifications" of Xiyou Commune of Yexian >u>xian>/u> in using agricultural
machinery. Starting from the summer of 1974, this commune, based on the
principle of free volition and mutual benefit, put all the agricultural
machinery of the various brigades under the charge of the commune during
the busy farming seasons in summer and fall in order to implement the
system of unified command, unified operation, unified maintenance and
unified accounting. In this way, they were able to expand the role of
agricultural machinery during the busy farming seasons. Out of the 303
people's communes in Yantai District, 143 had already adopted the
management and operation method of the "four unifications" as of last
year. The rest of the communes will implement the same method this year.
Quite a few >u>xian>/u> and communes have implemented the method, not only
in the busy farming seasons but also in the struggle against natural
disasters and in capital construction on farmland.
Journal: Chinese Economy
Pages: 22-39
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: Shi Qian
Author-X-Name-First: Shi
Author-X-Name-Last: Qian
Author-Name: Cao Dichen
Author-X-Name-First: Cao
Author-X-Name-Last: Dichen
Author-Name: Yi Hongren
Author-X-Name-First: Yi
Author-X-Name-Last: Hongren
Author-Name: Shao Xiuyun
Author-X-Name-First: Shao
Author-X-Name-Last: Xiuyun
Author-Name: Li Chunxia
Author-X-Name-First: Li
Author-X-Name-Last: Chunxia
Title: Investigative Report: A Few Problems Involved in the Effort to Speed up Agricultural Mechanization as Seen from the Experience at Wuming
Abstract:
Wuming is situated in the southern section of the Guangxi Zhuang
Autonomous Region. It is an advanced >u>xian>/u> in the movement to learn
from Dazhai in agriculture. In 1976 it had a population of nearly 500,000,
out of which 460,000 were peasants, and a cultivated area of approximately
850,000 >u>mou.>/u>
Journal: Chinese Economy
Pages: 58-73
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: He Jianzhang
Author-X-Name-First: He
Author-X-Name-Last: Jianzhang
Author-Name: Wu Kaitai
Author-X-Name-First: Wu
Author-X-Name-Last: Kaitai
Title: A Few Problems Concerning How to Accelerate the Development of our Country's Agriculture
Abstract:
The inadequacy of agriculture's progress to meet the demands stemming from
the development of industry and other sectors poses a striking
contradiction which our national economy faces today. Our country has a
large population and little arable land. Being restricted by a low level
of mechanization, the labor productivity of our agriculture remains low
and so does the marketable rate of agricultural products. Forestry, animal
husbandry, and fisheries also move forward at a slow pace. Marx said, "An
agricultural labor productivity which exceeds the laborer's personal needs
constitutes the foundation of all societies." (>u>1>/u>) If we do not
rapidly change this backward state of agriculture in our country, it will
inevitably impede the progress of the entire national economy. In his
report on the work of the government delivered at the Fifth National
People's Congress, Chairman Hua put forward the general task during the
new stage of development. Accelerating the development of agriculture is
an urgent need in fulfilling the general task of the new stage. In the
report, Chairman Hua listed "mobilizing the whole nation and going in for
agriculture in a big way" as the first measure in our effort to speed up
socialist construction. The Outline of the Ten-Year Plan for the
Development of the National Economy adopted by the Fifth National People's
Congress requires that a solid foundation be laid for agriculture. By 1985
we are to produce 400 billion kilograms of grain, and a relatively high
level will be attained in agriculture, forestry, animal husbandry,
sideline production and fisheries. From 1978 to 1985, the gross value of
agricultural output is to increase by 4 to 5 percent, and by the end of
this century, the output per unit of major agricultural products is
expected to reach or surpass advanced world levels. This is an even higher
rate than that of the past. Chairman Mao personally fostered Dazhai as a
banner. The rapid development of agriculture in Dazhai Brigade gave us an
example from which to learn. Chairman Hua pointed out: "In order to effect
an upswing in agriculture, we rely mainly on learning conscientiously from
Dazhai, practicing scientific farming and speeding up mechanization."
Journal: Chinese Economy
Pages: 86-104
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: Liang Wensen
Author-X-Name-First: Liang
Author-X-Name-Last: Wensen
Title: Profit and Accumulation are two Categories
Abstract:
The "gang of four" blurred the distinction between socialist profit and
the practice of "putting profits in command," causing great confusion in
theory and ideology. As one of the negative results, people evade the term
profit but use the term accumulation as a substitute for it. As a matter
of fact, the substitution of accumulation for profit is neither scientific
nor correct. It may cover up the gains and losses of an enterprise and is
therefore detrimental to economic accounting. In light of this, it is
necessary to discuss the distinction and relationship between these two
categories.
Journal: Chinese Economy
Pages: 5-11
Issue: 1
Volume: 13
Year: 1979
Month: 10
Keywords:
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: Economic Effect and the Quality of Products
Abstract:
The concept of economic effect varies with the differing natures of social
production. The goal of capitalist production is to create surplus value
for the capitalist, whose means for achieving this goal is to advance a
certain amount of capital.** Because of this, the economic effect, as
defined in capitalist production, cannot but be a ratio between the
surplus value the capitalist gained and the capital he advanced. As far as
the capitalist is concerned, to produce the same amount of surplus value
with a smaller amount of prepaid capital means a larger economic effect,
while a larger amount of prepaid capital means a smaller economic effect.
The reverse is also true. With the same amount of advanced capital, the
economic effect is greater when more surplus value is created, and the
economic effect is smaller when lesser surplus value is created. In
capitalist production the maximum economic effect is achieved when maximum
surplus value is extracted with a minimum of advanced capital. This is
precisely the concept of economic effect in capitalist production. In a
socialist society, the purpose of production is to create use value to
meet the needs of society. Labor is the means for a socialist society to
achieve this goal. Therefore the economic effect, as defined in socialist
production, cannot but be a ratio between the use value the socialist
society obtains and the labor it consumes in production. In producing the
same amount of use value, the economic effect is larger if less labor is
consumed; the economic effect is smaller if more labor is consumed. The
reverse is also true. By consuming the same amount of labor, the economic
effect is larger if more use value is created; the economic effect is
smaller if less use value is created. The maximum economic effect in
socialist production means the production of maximum use value by the
least possible labor consumption. The concept of economic effect in
capitalist production is essentially different from that in socialist
production. This is obvious.
Journal: Chinese Economy
Pages: 3-19
Issue: 3
Volume: 13
Year: 1980
Month: 4
Keywords:
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: The Concept of Returns on Investment and the Method for Computation when Products have been Stripped of Their Special Forms
Abstract:
In our daily life there are various inputs and outputs. The fact that,
under certain conditions, different products have different values gives
rise to difficulties in our investigation of the returns on investment. To
expedite our study, let us now simplify the problem: We first investigate
how things would stand when products are temporarily assumed not to take
any special forms; later we can drop this assumption and discuss the
returns on investment with the special forms of products being taken into
consideration.**
Journal: Chinese Economy
Pages: 46-57
Issue: 3
Volume: 13
Year: 1980
Month: 4
Keywords:
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Author-Name: Liu Mingfu
Author-X-Name-First: Liu
Author-X-Name-Last: Mingfu
Title: On the Economic form of Socialist Economy
Abstract:
Our nation is in the midst of discussing the problem of reforming the
system of economic management.
Journal: Chinese Economy
Pages: 69-82
Issue: 3
Volume: 13
Year: 1980
Month: 4
Keywords:
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Author-Name: Zhu Weiwen
Author-X-Name-First: Zhu
Author-X-Name-Last: Weiwen
Title: Energetically Organize the Exchange between Industrial and Agricultural Products
Abstract:
The Third Plenary Session of the Party's Eleventh Central Committee
pointed out that the whole Party should now concentrate its main efforts
on advancing agriculture as fast as possible and that "this requires first
of all arousing the socialist enthusiasm of our country's several hundred
million peasants, paying full attention to their material well-being,
economically, and giving effective protection to their democratic rights,
politically." The exchange between industrial and agricultural products is
an important aspect of our rural economic policy. A crucial problem in
this period during which we are advancing agriculture as fast as possible
is to arouse the socialist enthusiasm of the peasants through exchange
between industrial and agricultural products and the implementation of the
Party's rural economic policy. Lenin had pointed out: "It is impossible to
establish ... an altogether stable form of economic alliance between these
two classes [the proletariat and the peasantry]. without regular commodity
exchange or the exchange of products between industry and agriculture.
(>u>1>/u>) That is to say, the successful organization of the commodity
exchange between industrial and agricultural products is of great
significance to the correct handling of our relations with the peasants,
consolidation of the worker-peasant alliance, and socialist construction.
Journal: Chinese Economy
Pages: 83-95
Issue: 3
Volume: 13
Year: 1980
Month: 4
Keywords:
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: Strengthen Research on the Problem of the Economics of Agricultural Technology
Abstract:
Agriculture is the foundation of our national economy. The improvement of
labor productivity in agricultural production and the growth of the total
output of agricultural products are prerequisites to the rapid growth of
the entire national economy. In order to build our country into a powerful
socialist state with modernized agriculture, industry, national defense,
and science and technology, we need efforts from all sides. However,
technological innovation in agriculture deserves our full attention.
Journal: Chinese Economy
Pages: 20-45
Issue: 3
Volume: 13
Year: 1980
Month: 4
Keywords:
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Author-Name: Zhang Chaozun
Author-X-Name-First: Zhang
Author-X-Name-Last: Chaozun
Author-Name: Xiang Qiyuan
Author-X-Name-First: Xiang
Author-X-Name-Last: Qiyuan
Author-Name: Huang Zhenqi
Author-X-Name-First: Huang
Author-X-Name-Last: Zhenqi
Title: Socialist Ownership by the Whole People and Commodity Production
Abstract:
Are there real commodity relationships among socialist enterprises owned
by the whole people? This has been an important question on which Chinese
economists have long debated. The Third Plenary Session of the Eleventh
Central Committee of the Party called on us to act resolutely in
accordance with economic laws, attaching importance to the role of the
laws of value. In present circumstances, further theoretical discussion of
the question of commodity relations among socialist enterprises owned by
the whole people is of great practical significance if we are to utilize
the laws of value more effectively and carry out the reform of the system
of economic management. But long years of practical experience have shown
this view to be at variance with the reality of socialist economic
development. Those policies formulated according to this [erroneous] view
have run into many problems in practical economic life.
Journal: Chinese Economy
Pages: 58-68
Issue: 3
Volume: 13
Year: 1980
Month: 4
Keywords:
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Author-Name: Ji Zhengzhi
Author-X-Name-First: Ji
Author-X-Name-Last: Zhengzhi
Title: Problems Regarding the Formation of Socialist Planned Price
Abstract:
At present, following the agenda for the reform of the system of economic
management, the problems of price formation in socialist planning have
attracted the wide attention of economists and economic theorists, and
they have led to exuberant discussions. Here, we join the discussion and
present some of our preliminary views on the issue of price formation in
economic planning.
Journal: Chinese Economy
Pages: 96-115
Issue: 3
Volume: 13
Year: 1980
Month: 4
Keywords:
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Author-Name: Liu Guoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Guoguang
Author-Name: Zhao Renwei
Author-X-Name-First: Zhao
Author-X-Name-Last: Renwei
Title: On the Relations Between Planning and the Market in the Socialist Economy
Abstract:
>p>In socialist political economy there has been a long-standing view
which holds that socialist economy is incompatible with the market because
socialist economy is a planned economy while capitalist economy is a
market economy. Then people gradually recognized the existence of
commodity production and the law of value in socialist economy;
nevertheless, they still place the role of planning in a position that
absolutely excludes the role of commodity production, the law of value,
and the mechanism of market. It seems, according to them, where planning
works the mechanism of market will lose its effect; conversely, in places
where planning has no effect the mechanism of market will function. This
view of the market as incompatible with the nature of socialist economy
has created a series of negative effects in our economic life. For
example:>/p>>p>Production Out of Step with Needs. Owing to the lopsided
emphasis on planning to the neglect of the market, our enterprises decide
on what to produce and how much to produce mainly according to mandatory
planned targets handed down from above. They are in no position to
carefully arrange their production according to the actual needs in
society. In this way, the products turned out according to plans imposed
from above tend to be goods unsuitable for the market and result in
overstocking. On the other hand, things needed in society are in short
supply. In addition, the state monopolizes the purchase and marketing of
the greater portion of products turned out by the enterprises, and
according to a unified plan the state allocates to the enterprises the
greater portion of the means of production they need. A horizontal contact
is lacking between the producers and the consumers, A s they do not meet
face to face, the producers are not aware of what is needed by the
consumers, while the consumers cannot exert their influence over
production. This inconsistency between planned targets and actual needs
cannot be quickly shown through the market mechanism and rectified
promptly, and the dislocation among production, supply, and marketing
remains a long- standing problem difficult to solve.>/p>
Journal: Chinese Economy
Pages: 3-31
Issue: 4
Volume: 13
Year: 1980
Month: 7
Keywords:
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Author-Name: Wan Dianwu
Author-X-Name-First: Wan
Author-X-Name-Last: Dianwu
Title: A Suggestion that the Term "Net Output Value" be Used to Replace "Gross Output Value" as the Major Economic Index
Abstract:
In 1830, following the advance of capitalist industrial production, Sweden
was the first to adopt in its statistics the index of "gross output
value." In 1850 America started the statistics on gross output value. And
after that, Britain, Germany, Russia, and Canada also successively adopted
this index. Nevertheless, because of the drawbacks of the index itself,
some countries later switched to "net output value" or other similar
indexes. In 1932 America adopted the index of "net value added" (referring
to the value newly added to the object of labor, that is, net output value
plus depreciation charge of fixed assets). Since the Second World War,
many countries have adopted this index. Now out of the 101 countries and
areas recorded by the >u>Yearbook of Industrial Statistics>/u> compiled by
the United Nations, 87 collect numerical data on "gross output value," 88
collect numerical data on "new value added," and 80 collect both.
Journal: Chinese Economy
Pages: 98-103
Issue: 4
Volume: 13
Year: 1980
Month: 7
Keywords:
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Author-Name: Meng Lian
Author-X-Name-First: Meng
Author-X-Name-Last: Lian
Title: Is the Utilization of the Law of Value Optional?
Abstract:
Quite a few comrades often have this to say: "We must use the law of value
to serve socialist economy." This argument is not only ambiguous in theory
but also has brought about unfavorable consequences in reality. A
clarification is thus called for.
Journal: Chinese Economy
Pages: 94-97
Issue: 4
Volume: 13
Year: 1980
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:13:y:1980:i:4:p:94-97
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Author-Name: He Jianzhang
Author-X-Name-First: He
Author-X-Name-Last: Jianzhang
Title: Problems Involving the System of Planned Management of the Economy of Ownership by the Whole People in Our Country and the Direction of its Reform
Abstract:
The current system of planned management of the economy of ownership by
the whole people in our country was basically transplanted from the Soviet
Union in the 1950s. Even though the system has undergone several reforms
since then, it has not, on the whole, broken away from the old,
conventional system of planned management of the Soviet Union; namely, it
lays emphasis on managing the economy by administrative measures rather
than acting faithfully according to economic laws and managing the economy
with economic devices. Such a management system invariably creates a
series of insurmountable obstacles to the economic life of society,
impeding the rapid progress of socialist economy.
Journal: Chinese Economy
Pages: 32-62
Issue: 4
Volume: 13
Year: 1980
Month: 7
Keywords:
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Author-Name: Dong Dasheng
Author-X-Name-First: Dong
Author-X-Name-Last: Dasheng
Title: Is Not the Law of Value a Law of Commodity Economy?
Abstract:
The No. 11 issue of >u>Jingji yanjiu>/u> of 1978 carried Comrade Sun
Yefang's article "Achieve a Comprehensive Understanding of Chairman Mao's
Exposition on the Law of Value." I have gained much benefit from reading
it. However, Comrade Sun holds that the law of value is not unique to
commodity economy and that the law will continue to exist and play its
role in the noncommodity economy of the future. This proposition is
difficult to comprehend. Here I would like to present some of my personal
views on this issue of whether the law of value is a law of commodity
economy, in order to exchange views with Comrade Sun as well as with other
comrades.
Journal: Chinese Economy
Pages: 84-93
Issue: 4
Volume: 13
Year: 1980
Month: 7
Keywords:
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Author-Name: Ma Jiaju
Author-X-Name-First: Ma
Author-X-Name-Last: Jiaju
Title: Some Theoretical Issues Regarding the Law of Value
Abstract:
As early as the 1960s Comrade Sun Yefang was making many important
suggestions concerning actual economic work, but they were not accepted at
that time. Because of this he was later persecuted cruelly by Lin Biao and
the "gang of four." Tested by time, however, these suggestions themselves,
at least the greater portion, have shown more clearly than ever their
correctness and practical significance. More's the pity that Comrade Sun
Yefang fails to give his correct propositions equally correct theoretical
forms. In particular, certain of his basic viewpoints on the issue of law
of value are hardly acceptable. This article intends to bring up some
questions for discussion with Comrade Sun in connection with one of his
old articles entitled "Achieve a Comprehensive Understanding of Chairman
Mao's Exposition on the Law of Value" (abbreviated to "Exposition" in the
following) appearing in the No. 11 issue of >u>Jingji yanjiu>/u> in 1978.
I hope that Comrade Sun Yefang and other comrades will criticize and
correct any errors and misconceptions in this paper.
Journal: Chinese Economy
Pages: 63-83
Issue: 4
Volume: 13
Year: 1980
Month: 7
Keywords:
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Author-Name: Chung Chieh
Author-X-Name-First: Chung
Author-X-Name-Last: Chieh
Title: The Unity of Theory and Practice
Abstract:
This is a review of an article entitled"Relying on Accumulated Labor for
Capital Construction in Farmland and Water Conservation: An Investigation
of Three Production Brigades in I-shui County," which appeared in
>u>Ching-chi yen-chiu>/u>, 1965, No. 9. The article is the result of a
long and much investigated field study of Ta-chai Collective Farm
conducted by the agronomy section of the Economic Research Institute in
Shantung Province. The economic analysis of the production activities in
Ta-chai is excellent and is indeed worth reading.
Journal: Chinese Economy
Pages: 54-58
Issue: 3
Volume: 1
Year: 1968
Month: 4
Keywords:
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Author-Name: Yang Pei-hsin
Author-X-Name-First: Yang
Author-X-Name-Last: Pei-hsin
Title: A Brief Investigation Into the Nature of The Stability of The People'S Currency
Abstract:
Since the unification of our country's money and banking work in 1950 and
the consequent prevention of inflation, the stability of our people's
currency has been subjected to the trial and test of the Korean War, to
the various external pressures that have been exerted against us in recent
years, and to the three consecutive years of unprecedented natural
disasters. Nevertheless, our currency has stood firm and maintained its
stability. In a capitalist world of rampant inflation, where the
purchasing power of the American dollar and British pound is tumbling one
after the other, and under the conditions of a continually aggravated
balance of payments crisis, our people's currency has stood out alone as
completely stable in the domestic market and enjoying an unparalleled
reputation and trust in foreign exchange and the world market. This must
indeed demonstrate the increasing stability of our people's currency and
the superiority of our socialist monetary system.
Journal: Chinese Economy
Pages: 59-77
Issue: 3
Volume: 1
Year: 1968
Month: 4
Keywords:
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Author-Name: Yueh Wei
Author-X-Name-First: Yueh
Author-X-Name-Last: Wei
Title: Several Problems on the General Equilibrium of The National Economy
Abstract:
The general equilibrium of the national economy is an important problem in
socialist construction. Some time ago, a great many discussions concerning
this problem were conducted by China's economic circles. In this article,
some of my personal approaches to such problems as the nature of general
equilibrium, its content, its focus, and the principle of planning general
equilibrium, etc., will be presented.
Journal: Chinese Economy
Pages: 3-19
Issue: 3
Volume: 1
Year: 1968
Month: 4
Keywords:
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Author-Name: Dong Furen
Author-X-Name-First: Dong
Author-X-Name-Last: Furen
Title: China's Economy Undergoes a Sharp Change
Abstract:
In the process of achieving socialist modernization, China's economy is
undergoing an extremely extensive and profound change. Corresponding to
the tremendous change in the economy, economic theory, which guides
China's economic activities, also experiences a sharp reorientation. Of
the various major changes, I would like to concentrate on the most
important three.
Journal: Chinese Economy
Pages: 19-37
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: Gu Nianliang
Author-X-Name-First: Gu
Author-X-Name-Last: Nianliang
Title: China's Current Effort to Import Technology and Its Prospects
Abstract:
I feel it is a great pleasure and honor to be invited by >u>Jingji dao
bao>/u> [Economic Information Agency] to visit Hong Kong. Today I have the
opportunity to get together with many old and new friends and exchange
opinions with them over certain economic issues with which we are all
concerned. Before 1949 I had worked in Hong Kong for a couple of years,
and Hong Kong has left a deep impression on me. After a lapse of thirty
years, today I revisit this once familiar place. I find Hong Kong has
taken on an entirely new look. Many places which I used to know about have
changed beyond recognition. As I see it, there is much in Hong Kong's
economic development over the last thirty years from which we can draw
useful lessons.
Journal: Chinese Economy
Pages: 54-67
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: Cai Beihua
Author-X-Name-First: Cai
Author-X-Name-Last: Beihua
Title: Shanghai's Foreign Trade and its Prospects
Abstract:
I worked in Hong Kong from 1946 to 1949. After a lapse of more than thirty
years, I came back to Hong Kong at the invitation of >u>Jingji dao bao>/u>
[Economic Information Agency]. I am very pleased to have the chance to
revisit this once familiar place and meet industrialists and businessmen
in Hong Kong and friends in other circles. Today the topic I would like to
address myself to is the current status of Shanghai's foreign trade and
its prospects. Before getting to this topic, I would like to brief my
friends on the basic situation in Shanghai.
Journal: Chinese Economy
Pages: 79-93
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
Beginning in 1978 the People's Republic of China has embarked on a
revolutionary reform of its economic system and rectified some of the
gross blunders in its policy. Patterned after the Soviet model in the
1950s, the Chinese economy is tightly controlled by the central
government. The 360,000 state-owned enterprises have little freedom of
action with regard to setting prices and disposing profits and losses.
Instead, they are treated just like other nonproducing government agencies
which turn in all their revenues to the state and receive appropriations
from the state's general budget. Such a system in which there is no
penalty for inefficiency or compensation for efficiency provides no
incentive, and thus it breeds built-in bureaucratization and waste.
Journal: Chinese Economy
Pages: 3-5
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: Xu Dixin
Author-X-Name-First: Xu
Author-X-Name-Last: Dixin
Title: Prospects for China's Economy in The 1980s
Abstract:
My colleagues and I are from the Academy of Social Sciences of the
People's Republic of China. At the invitation of the Economic Information
Agency, we have come to Hong Kong to talk about the prospects for China's
economy in the 1980s. Each of us will speak on one aspect of the issue. I
will concentrate on four points in China's modernization, which are,
first, its pursuit of the program on the basis of reality, second, the
characteristics of the Chinese way of modernization, third, the importing
of technology, and fourth, the prospects for the economy in the 1980s.
Journal: Chinese Economy
Pages: 6-18
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: Xu Dixin
Author-X-Name-First: Xu
Author-X-Name-Last: Dixin
Title: Speakers at the Seminar
Abstract:
Member of the Standing Committee of China's National People's Congress;
vice president, Chinese Academy of Social Sciences and concurrently
director of the Institute of Economics; professor of economics, Beijing
University; vice-chairman, China Democratic National Construction
Association.
Journal: Chinese Economy
Pages: 94-98
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: Liu Kuoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Kuoguang
Title: On Reforming China's Economic Management System
Abstract:
⦠China's economic system is made up of a wide range of component
systems. They include, for instance, the planning system, financial
system, labor system, materials system, commerce system, foreign trade
system, etc. I was told that our friends in the industrial and commercial
circles, especially those in Hong Kong, have shown particular concern for
the reform of China's foreign trade system and other systems of external
economic affairs. Our friends' headaches have been our bureaucratic style
of work, low working efficiency, and practices that are not in accordance
with the objective laws of China's economic system. In fact, the
above-mentioned practices are hindering business negotiations and economic
cooperation. China is determined to carry out reform of its economic
system. That means we are going to get rid of these and other obstacles
for the purpose of realizing the four modernizations program. However, the
reform is not easily achieved because China is such a huge country, and
its reform is a very complicated process. To succeed, it is necessary to
carry out investigation and research, to find the ways and means and to
accumulate experience for the intended reform. So far, there isn't any
tested and comprehensive reform plan. We have only collected some ideas,
different drafts, and small-scaled trial reforms in certain localities.
Therefore, it is on this basis that I will discuss the reform of China's
economic management system. The question of foreign trade and other
foreign economic affairs will be dealt with by my colleagues. I would like
to begin with an introduction of China's domestic economic system, its
historical development, the major problems, and the goals of the current
reform. This should provide the necessary background for the detailed
discussion that follows.
Journal: Chinese Economy
Pages: 38-53
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: Sun Ru
Author-X-Name-First: Sun
Author-X-Name-Last: Ru
Title: The Conception and Prospects of the Special Economic Zones in Guangdong
Abstract:
It has been thirty years since I left Hong Kong. I am glad that I have a
chance to revisit Hong Kong to meet many old friends and also make new
acquaintances. Today I would like to discuss with you the problem of the
special economic zones in Guangdong Province.
Journal: Chinese Economy
Pages: 68-78
Issue: 1
Volume: 14
Year: 1980
Month: 10
Keywords:
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Author-Name: Xue Muqiao
Author-X-Name-First: Xue
Author-X-Name-Last: Muqiao
Title: Tentative Study on The Reform of The Economic System
Abstract:
Comrade Xue Muqiao's article on reform of the economic management system
points out a number of important problems. These are common problems found
in many departments and localities. Our nation's economic system is in
need of a comprehensive reformation. However, given the development and
orientation of the reform of the system, which measures ought to be
adopted in the reform of the economic system at this time? How we should
coordinate the implementation of reforms in the area of distribution with
those in the area of circulation, how we should integrate the reform of
the system with the readjustment of the national economy, and a host of
other questions remain pending further research into solutions. The
contents of this article touch upon a series of questions of economic
theory which require extensive development and in-depth discussion. This
journal wishes to provide a forum for the development and discussion of
this tentative study. We welcome everyone to submit manuscripts
enthusiastically for publication.
Journal: Chinese Economy
Pages: 139-168
Issue: 2
Volume: 14
Year: 1980
Month: 1
Keywords:
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Author-Name: Zhou Shulian
Author-X-Name-First: Zhou
Author-X-Name-Last: Shulian
Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Author-Name: Wang Haibo
Author-X-Name-First: Wang
Author-X-Name-Last: Haibo
Title: The Profit Category and Socialist Business Management
Abstract:
During the decade when Lin Eiao and the "Gang of Four" went on a rampage,
the anti-Party clique, chanting "the most revolutionary" slogans but
committing the most reactionary crimes, brought great catastrophe to the
state and the nation. Among their countless crimes, the greatest was their
destruction of our economy, capital construction, technological
innovation, and economic management, pushing our national economy to the
edge of bankruptcy. All this was done under the pretext of opposing "the
theory that the production forces alone determine everything," "material
incentives," "putting profit in command," etc. Now the nightmare is over.
The sun shines once again over the magnificent land of 9.6 million square
kilometers, and the 900 million people are marching boldly in high spirits
on the broad road of socialist modernization. In the march forward,
however, they have to overcome numerous hardships and difficulties. One of
the gravest obstacles is the semifeudal and semicolonial mentality and the
backward ancient traditions and customs that are deeply embedded in the
ideology of Lin Biao and the "Gang of Four." We should, therefore, fully
expose their negative example and sweep away the remnants of the
semifeudal and semicolonial mentality of old China, thus paving the way
for the march forward toward the four modernizations and a powerful
socialist state.
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 14
Year: 1980
Month: 1
Keywords:
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Author-Name: Li Yinglu
Author-X-Name-First: Li
Author-X-Name-Last: Yinglu
Title: The Management System of Materiel must be Reformed
Abstract:
The Ministry of Materiel is a logistics department, a vanguard, and also
an agency of composite services. As the saying goes, "Logistics is already
on its way before any troop movement." Whether it is agriculture or
industry, whether it is capital construction or educational projects,
whether it is national defense or scientific research (herein referring
primarily to the means of production) materiel supplies are indispensable.
To do a good job in materiel supply is absolutely necessary in building
socialism at high speed. As stated in the communique of the Third Plenum
of the Party's Eleventh Central Committee, we must make a conscientious
effort to reform the system of economic management and methods of
operation. Currently, our management of materiel poses a serious obstacle
to the growth of the productive forces. Without a thorough overhaul of the
system, it will certainly become a drag on the progress of the four
modernizations program.
Journal: Chinese Economy
Pages: 38-47
Issue: 4
Volume: 14
Year: 1981
Month: 7
Keywords:
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Author-Name: Song Yangyan
Author-X-Name-First: Song
Author-X-Name-Last: Yangyan
Title: A Discussion on the Starting Point and Main Basis for the Reform of Economic Structure
Abstract:
In order to speed up the development of socialist undertakings in our
country, everyone of us is now seriously considering the reform of the
existing economic management system. To solve the problems of what and how
to reform, in my opinion, we must first grasp the present economic
conditions, and the principles based on which we will launch the reform.
Journal: Chinese Economy
Pages: 30-37
Issue: 4
Volume: 14
Year: 1981
Month: 7
Keywords:
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Author-Name: Zhan Wu
Author-X-Name-First: Zhan
Author-X-Name-Last: Wu
Title: Take the Road of Agricultural Modernization the Chinese Way
Abstract:
Leading comrades at the Center have proposed that we modernize our
agriculture according to the actual situation in China and that we do it
the Chinese way. This proposal calls for a further integration of
Marxism-Leninism and China's four modernizations. In arousing the
consciousness of the entire Party and of the people of the entire nation
to implement the program and to accelerate its progress, this is truly
significant. It has a profound historical meaning.
Journal: Chinese Economy
Pages: 48-89
Issue: 4
Volume: 14
Year: 1981
Month: 7
Keywords:
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Author-Name: Luo Jingfen
Author-X-Name-First: Luo
Author-X-Name-Last: Jingfen
Title: The Administrative System of the Economy should be Separated from the Administrative System of State Power
Abstract:
To a large extent, the organizationl form of economic administration
depends on the development of the productive forces and the socialization
of production. With the continued growth of the productive forces,
especially the progress of socialized production, this organizational form
has to undergo ceaseless change in order to keep pace with the
socialization of production. As things stand in our country now, we
urgently need to reorganize the fragmented enterprise under
multi-leadership according to the principle of a coordinated
specialization. Different types of business-oriented companies should be
set up to replace step by step the backward organizational form of
production in which administrative setups at the central and local levels
directly manage and command industrial enterprises.
Journal: Chinese Economy
Pages: 17-29
Issue: 4
Volume: 14
Year: 1981
Month: 7
Keywords:
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Author-Name: Ye Yinsong
Author-X-Name-First: Ye
Author-X-Name-Last: Yinsong
Title: Review of Thirty Years of Management of Commercial Undertakings and Suggestions for its Future Reform
Abstract:
This year marks the thirtieth anniversary of the founding of the great
People's Republic of China. Over the last thirty years, under the correct
leadership of the Chinese Communist Party, the vast numbers of employees
of the commercial departments have conscientiously carried out the general
policy "develop the economy and ensure supplies." Upholding politics and
promoting production and following the mass line, they have continuously
expanded and accelerated commodity circulation, energetically served
production and the consumer, and accumulated funds for the state, thus
making great contributions.
Journal: Chinese Economy
Pages: 3-16
Issue: 4
Volume: 14
Year: 1981
Month: 7
Keywords:
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Author-Name: Woo Chia-pei
Author-X-Name-First: Woo
Author-X-Name-Last: Chia-pei
Title: Application of Mathematical Methods in Economic Research and Planning
Abstract:
The application of mathematical methods to economic research has a long
history. It may be said that economic science has been using mathematical
terminology, formulas, and methods to a certain extent ever since the
establishment of economics as a branch of social science.
Journal: Chinese Economy
Pages: 36-62
Issue: 4
Volume: 1
Year: 1968
Month: 7
Keywords:
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Author-Name: Su Hsing
Author-X-Name-First: Su
Author-X-Name-Last: Hsing
Title: The Two-Way Struggle Between Socialism and Capitalism in China's Rural Areas After Land Reform [Part 1]
Abstract:
This article is one of the things I have learned from studying Comrade Mao
Tse-tung's"Concerning the Problem of Agricultural Cooperativization." It
contains three chapters: (1)"There Is No Future for Peasants' Individual
Economy"; (2)"The Rural Front, If Not Occupied by Socialism, Will
Inevitably Be Occupied by Capitalism"; and (3)"Socialism Is the Direction
of 500 Million Peasants." The first draft of this article was written in
1958, and there have been many revisions since then. This year marks the
tenth anniversary of the publication of"Concerning the Problem of
Agricultural Cooperativization." This article is now published with the
hope that it may provide some reference material for readers who wish to
study this great Marxist-Leninist work.
Journal: Chinese Economy
Pages: 3-35
Issue: 4
Volume: 1
Year: 1968
Month: 7
Keywords:
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Author-Name: Ma Wen-kuei
Author-X-Name-First: Ma
Author-X-Name-Last: Wen-kuei
Title: Discussion on the Characteristics, Objectives, and Methods of Planning Socialist Enterprises
Abstract:
It is important and significant that an industrial enterprise under
socialism strengthen its planning work. As early as 1934, in his article
entitled"Our Economic Policy," Comrade Mao Tse-tung had already pointed
out:"Industrial operation needs proper planning. Although it is impossible
to carry out comprehensive planning in atomistic handicraft industries, it
is a dire necessity to draw detailed plans for some major enterprises,
primarily those operated by the state and/or the cooperatives. What our
state- and/or cooperative-operated enterprises should pay attention to at
the very outset is an accurate accounting of the raw materials supply and
of the market situation in both the enemy territory and our own bases."(1)
Journal: Chinese Economy
Pages: 63-82
Issue: 4
Volume: 1
Year: 1968
Month: 7
Keywords:
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Author-Name: Che Chih
Author-X-Name-First: Che
Author-X-Name-Last: Chih
Title: A Brief Discussion on the Unity of Politics, Economics, and Technology in DesigningWork
Abstract:
Designing work forms an important front of socialist construction and is
also a decisive phase in capital construction. Since the founding of the
nation, China's designing work has gained tremendous achievements under
the correct leadership of the party. Before the liberation, there were
very few designing personnel in China, and even fewer who could undertake
factory design. Today we already possess a designing engineer corps that
has achieved a certain technological level and greater combative strength.
This corps is capable not only of undertaking the designing of many modern
large and medium-class factories and mines, such as the Ta-ch'ing Oil
Fields, the train axles factory, and hydraulic pressure machines of
12,000-ton capacity, etc., but also of designing such supreme projects as
atomic energy independently. Considerable experiences have also been
acquired and accumulated in our designing work. One of these experiences
is that designing work is the comprehensive realization of politics,
economics, and technology; and a good design formula must be a unity of
politics, economics, and technology. It is therefore necessary to handle
correctly political, economic, and technological relationships in
designing work.
Journal: Chinese Economy
Pages: 83-101
Issue: 4
Volume: 1
Year: 1968
Month: 7
Keywords:
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Author-Name: Wan Jing
Author-X-Name-First: Wan
Author-X-Name-Last: Jing
Title: Exploit the Potential of Enterprises and Speed up the Circulation of Materiel
Abstract:
A great deal of capital is required for socialist modernization. Where are
these funds to come from? One source is external finance. However, this
entails repayment of principal as well as interest, and owing to the
limitations of one's ability to repay, the amount of external funds that
can be borrowed is greatly limited. The basic way out of this is to rely
on oneself and to exploit one's own internal potential. One source of
internal potential lies in speeding up the circulation of funds. The total
fixed assets, liquid assets, and the amounts earmarked for unfinished
projects in basic construction is very great in our country. If we can
raise the usage ratio of fixed assets by 10 percent, and the circulation
rate of liquid funds also by 10 percent, and throw unfinished basic
construction projects into production 10 percent faster, the funds so
tapped will be more than twice as much as the state investments this year.
We have a large portion of fixed assets that has not been fully utilized.
The investment tied up in unfinished basic construction projects amounts
to four times of this year's [state] investment. Circulating capital for
industry turns over barely three times a year, whereas it reached five
times in 1966. All of this demonstrates that we have immense potential.
Journal: Chinese Economy
Pages: 20-30
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Author-Name: Dong Yusheng
Author-X-Name-First: Dong
Author-X-Name-Last: Yusheng
Title: Instituting an Intrafactory Economic Contract System is a Good Device to Strengthen Business Management
Abstract:
The Shanghai No. 1 Printing and Dyeing Mill has five workshops for
bleaching and dyeing, engraving, printing, finishing and packing, and
machinery. Manned by more than 2,000 employees, it is one of the largest
of its kind in Shanghai. It was also one of the "hardest hit" by the
destructive forces of Lin Biao and the "Gang of Four" during the Cultural
Revolution. Through consolidation and intensified managerial efforts, the
factory has undergone great changes over the last three years. Since the
fourth quarter of last year, in particular, it has implemented on a trial
basis the system of economic contract within the enterprise, thus making a
giant step forward in both production and management. Compared with the
same period last year, output from January to August this year grew by
8.55 percent, gross output value by 19 percent, and profit by 13.28
percent. Its product quality has registered "four surpasses" (namely,
surpassed the planned target, surpassed the same period of last year,
surpassed the peak level in history, and surpassed the standard set by the
Textile Ministry).
Journal: Chinese Economy
Pages: 38-46
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Author-Name: Wang Zheng
Author-X-Name-First: Wang
Author-X-Name-Last: Zheng
Title: Some Questions of Right and Wrong in Statistics Work must be Clarified
Abstract:
To render statistical work compatible with the needs of socialist
construction and modernization, as well as to reduce and avoid blindness
and one-sidedness in our work in the future, it is essential that we
earnestly sum up the experiences and lessons we have learned and clarify
several important issues in statistical theory and the guiding principles
in statistics.
Journal: Chinese Economy
Pages: 47-61
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Author-Name: Song Jiwen
Author-X-Name-First: Song
Author-X-Name-Last: Jiwen
Title: On the Question of Adjusting the Proportional Relationship between the Means of Production and the Means of Livelihood
Abstract:
In the development of the national economy, the means of production and
the means of livelihood must develop in a proper ratio. The development of
the production of the means of production must be at a faster rate than
that of the means of livelihood. However, if the development of the
production of the means of production is excessively faster than that of
the means of livelihood, a pathological economy will be created.
Journal: Chinese Economy
Pages: 62-71
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Author-Name: Cai Yanchu
Author-X-Name-First: Cai
Author-X-Name-Last: Yanchu
Title: Does the Key to the Overextension of the Basic Construction Front Lie in Uncompensated Allocation of Funds?
Abstract:
The overextension of the basic construction front is a most serious
problem in the national economy at the present time. While there seems no
longer to be any dispute over this fact which is clear to all, there are
different views on what has caused the overextension of the basic
construction front. At present one of the more popular explanations is
that the key to the overextension of the basic construction front lies in
the fact that the capital for basic construction ... is appropriated from
the state budget. There are even people who say that the problems of
overextension of the basic construction front and the overstocking of
materiel are "all chronic illnesses caused by the financial system in
which funds are allocated without compensation." Therefore, it is
necessary to switch basic construction investment from uncompensated
allocation to bank loans.
Journal: Chinese Economy
Pages: 31-37
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:1:p:31-37
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Author-Name: Luo Rucheng
Author-X-Name-First: Luo
Author-X-Name-Last: Rucheng
Author-Name: Shu Jinzhong
Author-X-Name-First: Shu
Author-X-Name-Last: Jinzhong
Title: Give Full Play to the Active Role of Loans for Minor Technological Innovation
Abstract:
At the Second Session of the Fifth People's Congress, when he spoke on the
Draft State Budget for 1979, Comrade Zhang Jingfu pointed out that "the
State is also prepared to make loan; available for minor technical
innovations, to set aside some funds and foreign exchange to develop
production and construction of textiles and light industry." What in fact
are minor technical innovations loans (hereafter MTIL)? What are their
active roles ? We did conduct some investigation in the munici pality of
Shanghai about these questions.
Journal: Chinese Economy
Pages: 87-94
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:1:p:87-94
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Author-Name: Li Bingquan
Author-X-Name-First: Li
Author-X-Name-Last: Bingquan
Title: The Application of Input-Output Analysis to Steel and Iron Combined Enterprises
Abstract:
Input-output analysis is also known in economics as comprehensive balance.
It is now generally applied in nations all over the world. In the early
days, input-output analysis was primarily used to study the economic
structure of a country or a region, so as to analyze the proportional
relationship between the various departments in a national economy. Today
its scope has been extended to studying, on the one hand, the world
economic structure and, on the other, the economic activities of an
enterprise (or company).
Journal: Chinese Economy
Pages: 3-19
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Author-Name: Ren Tao
Author-X-Name-First: Ren
Author-X-Name-Last: Tao
Title: Why did the Four Hundred Pilot Experiment Enterprises in Sichuan Achieve Swift Results?
Abstract:
The pilot experiments to increase the autonomy of enterprises conducted in
Sichuan began in October last year. At first there were only 6 enterprises
involved; it was extended to 100 early this year. The experimental work in
the first half of this year has already brought good results. The total
industrial output value of these 100 enterprises grew, in the first half
of this year, at a rate 56.7 percent higher than the average growth rate
of the total industrial output value of the province as a whole; the
profit realized by 84 of the local industrial enterprises under the
experiment grew at a rate 54 percent higher than the average growth rate
of the profit of local industries in the province as a whole, and the
quality, in general, of products has also been raised. The 14 experimental
enterprises within the chemical industry system in Sichuan alone had 86
percent of their major products reach quality control targets which
equaled or surpassed the highest historical standards; especially in terms
of the rate of Grade A products where there was a momentous leap in
quality. Moreover, some of the successful experimental units utilized
their expanded financial autonomy to carry out technical renovations in a
planned manner, transforming backward labor procedures and labor species
through the processes of mechanization-labor combination and automation,
thus expanding production capacity and stepping up the pace of the
enterprises' modernization. Quite a few of the experimental enterprises
also took advantage of the expanded welfare fund to build apartments for
staff and workers. Of the six factories we investigated, a total of 29
apartments occupying 400 square meters were built during the first half of
this year, accommodating 730 staff and worker households.
Journal: Chinese Economy
Pages: 72-86
Issue: 1
Volume: 15
Year: 1981
Month: 10
Keywords:
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Author-Name: Liu Sunhao
Author-X-Name-First: Liu
Author-X-Name-Last: Sunhao
Author-Name: Wang Zaide
Author-X-Name-First: Wang
Author-X-Name-Last: Zaide
Title: Decisions should be Taken on the Mainstream Reforms in Cropping Systems
Abstract:
Following liberation, simultaneous with improvements in the condition of
water conservancy, fertilizer, and seed varieties, most farming regions of
our country carried out reforms in the cropping system to one degree or
another. Not surprisingly, in the process of reforms on such a large
scale, many problems arose. In addition there were questionable leadership
methods such as trying to solve problems with "one knife stroke" and
"blind direction," all of which exacerbated the conflict between using
land or allowing it to lie fallow, and between crops and ecology. Quite a
few comrades, in the spirit of seeking the correct solution through
practice, suggested methods for solving these conflicts. Others advocated
changing everything back to the way it was or learning from American
farming methods of a single crop each year. We will discuss our views on
the basis of many years of investigation and experiment in numerous
places.
Journal: Chinese Economy
Pages: 82-89
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:82-89
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Author-Name: Wang Yongnian
Author-X-Name-First: Wang
Author-X-Name-Last: Yongnian
Title: The Two-Three System Made us Peasants Lose Out
Abstract:
I am a peasant. It is almost impossible for me to discuss an overview of
the implementation of the two-three cropping system in the Suzhou area. In
this article, I will only discuss my personal opinion after I read Comrade
Li Erhuang's article "Can't Suzhou Prefecture's Two-Three System Increase
Yield?" [Translation 9].
Journal: Chinese Economy
Pages: 99-101
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:99-101
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Author-Name: Li Erhuang
Author-X-Name-First: Li
Author-X-Name-Last: Erhuang
Title: Can't Suzhou Prefecture's Two-Three System Increase Yield?
Abstract:
A number of comrades have offered a variety of comments on the extension
of the two-three cropping system in Suzhou Prefecture, opinions that are
almost completely negative. Having personally participated in the entire
process of developing the two-three system, we wish to discuss our own
viewpoint.
Journal: Chinese Economy
Pages: 93-98
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:93-98
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Author-Name: Zhang Danan
Author-X-Name-First: Zhang
Author-X-Name-Last: Danan
Author-Name: Sun Lingen
Author-X-Name-First: Sun
Author-X-Name-Last: Lingen
Author-Name: Sun Yousheng
Author-X-Name-First: Sun
Author-X-Name-Last: Yousheng
Title: Does Criticizing the Two-Three System Amount to Ignoring the Broader Picture?
Abstract:
We would like to discuss three criticisms directed at the article "Can't
Suzhou Prefecture's Two-Three System Increase Yield?" by Comrade Li
Erhuang of the Suzhou Prefecture Agricultural Bureau and published in
>u>Guangming ribao>/u> on June 20, 1979 [Translation 9].
Journal: Chinese Economy
Pages: 102-104
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:102-104
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Author-Name: Yang Ruichun
Author-X-Name-First: Yang
Author-X-Name-Last: Ruichun
Author-Name: Zheng Lizhi
Author-X-Name-First: Zheng
Author-X-Name-Last: Lizhi
Title: Looking at the Two-Three System from the Points of View of a Survey of Agricultural Production Costs and of the Records of Food Grain Distribution
Abstract:
Not long ago, when we were collecting and editing the 1978 agricultural
commodity production cost surveys, which included 55 counties and 118
sample points, for food grain and oilseeds in Jiangsu, we found that the
area planted to hybrid rice had expanded rapidly. In 1978, the area
planted to hybrid rice was roughly one fourth of the area planted to
>u>xian>/u> [>u>indica>/u>] rice; this year [1979], the area planted to
hybrid rice has continued to increase. At the same time, the area planted
to early rice in a two rice crop system [and a grain crop in the winter,
i.e., the two-three system] is less. This year the area in this two-three
system is over one million >u>mu>/u> less than last year. Zhenjiang
Prefecture [immediately to the west of Suzhou] adopted the hybrid rice a
while ago. According to the gross figures of agricultural costs in
Zhenjiang Prefecture, based on 26 production teams in 9 counties, planting
hybrid rice is more profitable than double cropping rice. For these 26
production teams, the average yield of the two crops of rice is 1,088.3
>u>jin>/u> [per >u>mu>/u>, 8.16 tons per ha], which surpassed the hybrid
rice by 224.4 >u>jin.>/u> However, there a re additional seed requirements
of 49.8 >u>jin>/u>, and processing losses are more, so the net increase of
processed grain is only 122.2 >u>jin.>/u> Moreover, the cash expenses are
Y 25.83 per >u>mu>/u> more, and the labor inputs are 34.2 standard labor
days more [per >u>mu>/u>]. Thus the gross costs per >u>mu>/u> reach Y
52.72. [Y 790.8 per ha]. The net return is Y 19.55 less than for hybrid
rice. If we include summer grain and count total yearly production, the
net difference between three harvests and two harvests is only 4.4
>u>jin>/u> [per >u>mu>/u>] of processed grain, but the net return
decreased Y 38.53. In other words, to obtain each additional >u>jin>/u> of
processed grain, we pay Y 8.77.
Journal: Chinese Economy
Pages: 107-112
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:107-112
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Author-Name: Zhang Liufang
Author-X-Name-First: Zhang
Author-X-Name-Last: Liufang
Title: We must Adjust and Reform the Cropping System when the Gains cannot Offset the Losses
Abstract:
In the time since the Suzhou area has promoted the two-three system, the
highest production year was 1978. Compared to the highest production year
under the double cropping system, 1966, the total grain production went up
by 1,796 million >u>jin>/u> [898 thousand tons], and the growth rate was
29.52 percent. Of this figure, 844 million >u>jin>/u> [422 thousand tons]
came from wheat-barley crops, which is equivalent to a net increase of
96.24 percent, and 952 million >u>jin>/u> [476 thousand tons] came from
paddy which only increased 18.28 percent.
Journal: Chinese Economy
Pages: 113-116
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:113-116
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Author-Name: Xiong Yi
Author-X-Name-First: Xiong
Author-X-Name-Last: Yi
Title: Viewpoints and Suggestions on the Southern Jiangsu Cropping System
Abstract:
In recent years, some of our comrades who served in the Nanjing Soil
Research Institute organized a cooperative study group to study the soil
fertility conditions under paddy rice cultivation in the southern Jiangsu
area, where the paddy yields are consistently high. We have made some
surveys of the cropping system in this area and are offering some opinions
and suggestions relevant to the extension work on the two rice, triple
cropping system.
Journal: Chinese Economy
Pages: 45-57
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:45-57
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Author-Name: Mu Jiajun
Author-X-Name-First: Mu
Author-X-Name-Last: Jiajun
Author-Name: Ji Jincheng
Author-X-Name-First: Ji
Author-X-Name-Last: Jincheng
Title: Three Times Three Equals Nine is not as Good as two Times five Equals ten
Abstract:
Grain planting in Songjiang County in the suburbs of Shanghai Municipality
is basically the triple cropping system; namely, planting barley,
naked-barley or wheat in winter, planting early maturing rice in the
second year [i.e., spring of the following year] after harvesting the
winter crop, and then planting late rice as the third crop. With the
triple cropping system, approximately 1,400 >u>jin>/u> per >u>mu>/u> [10.5
tons per ha] of grain is produced each year. Production has remained at
this level over the past few years. The problems associated with the
triple cropping system, such as limits of the growing seasons, labor
bottlenecks and intensity, increase in production costs, shortage of
fertilizers, decrease in soil fertility, etc., are becoming more and more
severe. From cadres to the masses, everybody has his own personal reaction
to this matter.
Journal: Chinese Economy
Pages: 37-44
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:37-44
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Author-Name: Huang Pinfu
Author-X-Name-First: Huang
Author-X-Name-Last: Pinfu
Title: Further Discussions on Viewpoints and Suggestions on the Southern Jiangsu Cropping System
Abstract:
Strong reactions were aroused by the two articles published in >u>Renmin
ribao>/u>: "Three Times Three Equals Nine Is Not as Good as Two Times Five
Equals Ten" [Translation 1], and "Viewpoints and Suggestions on the
Southern Jiangsu Cropping System" [Translation 2]. How should we look at
the problem of the two-three system in light of the fact that a large area
has already adopted this change? I visited several kinds of communes and
brigades, looked into relevant information, and collected different
opinions to discuss with Xiong Yi.
Journal: Chinese Economy
Pages: 64-71
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:64-71
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Author-Name: Xu Dixin
Author-X-Name-First: Xu
Author-X-Name-Last: Dixin
Title: Overcome the Harmful Influences of "Leftist" Thinking, Develop Socialist Modern Construction in a Stable Way
Abstract:
Our policy goal is: "Take grain as the base, have many different kinds of
enterprise, and have all round development." Some places took "Take grain
as the base" solely, and denied all other subsidiary products. It is not
without reason that this change was made: First, every place was required
to be self-sufficient. Second, so it could purchase more commodity grain,
the government gave orders to raise food grain production targets
subjectively. It is a good thing for government to purchase more commodity
grain, but it should take production facts as preconditions. Ignoring the
facts to demand a higher procurement will be harmful to the development of
collective agriculture and will have a bad effect on commune members'
living. Meanwhile, this puts the government in a position of passivity.
Journal: Chinese Economy
Pages: 90-92
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:90-92
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Author-Name: Lu Shijian
Author-X-Name-First: Lu
Author-X-Name-Last: Shijian
Title: In Reforming the Cropping System, We must Seek Truth from Facts
Abstract:
In the 1950s and 1970s, our country carried out two reforms on the
cropping system. The first reform involved the change from single cropping
to double cropping, and the adoption of continuous cropping without fallow
period. This meant that the old system of three harvests in two years
changed to two harvests in one year. The second reform was to change from
two crops a year to three crops a year. These two reforms have played a
major role in agricultural development and in increasing food grain
production, and this contribution should be affirmed.
Journal: Chinese Economy
Pages: 105-106
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:105-106
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Author-Name: Benedict Stavis
Author-X-Name-First: Benedict
Author-X-Name-Last: Stavis
Author-Name: Mitch Meisner
Author-X-Name-First: Mitch
Author-X-Name-Last: Meisner
Title: Introduction
Abstract:
This issue of >u>Chinese Economic Studies>/u> contains sixteen articles
translated from China's newspapers and journals about China's cropping
systems. Normally one might think that the questions of what crops to grow
and in what sequence to plant them would be fairly narrow, simple
questions, of interest only to agronomists and discussed in agricultural
journals. In fact, however, the most important newspapers in China
published numerous articles throughout 1979 about these questions.
Journal: Chinese Economy
Pages: 4-36
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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[ 1 Barker, Randolph.
(1975) Personal Communication. ] [
2 Buck, John Lossing. (1937a) Land
Utilization in China. Nanking: University of Nanking.
] [ 3 Buck, John
Lossing. (1937b) >i>Land Utilization in China.>/i> Statistics. Nanking:
University of Nanking. ] [
4 Fei Hsiao-t'ung. (1939) >i>Peasant Life in
China.>/i> London: Kegan Paul. ] [
5 Fei Hsiao-t'ung. (1957) "A Revisit of a
Kiangsu Village," >i>Xin guancha>/i>, June 1 and June 16. Available in
James McGough, >i>Fei Hsiao-t'ung: The Dilemma of a Chinese
Intellectual.>/i> White Plains: M. E. Sharpe, 1979. Fei's colleagues later
criticized him and in the process put out more data. This criticism is
also included in the McGough volume. ] [
6 Geddes, W. R. (1963) >i>Peasant Life in
Communist China.>/i> Ithaca: Society for Applied Anthropology.
] [ 7 Kung, Peter.
(1975) "Farm Crops of China." >i>World Crops>/i>, March-April, May-June,
September-October, p. 55-64, 122-132, 228-236. ]
[ 8 Leeming, Frank. (1979)
"Progress Towards Triple-cropping in China." >i>Asian Survey>/i> 19:5
(May), p. 450-467. ] [ 9
USDA. (1980) Wheat Situation. Economics, Statistics, and
Cooperative Service. July. ] [
10 Xiong Yi. (1962) "On the Prevention of
Soil Alkalization in the North China Plain," >i>Renmin ribao>/i>, Dec. 18.
Cited by Thomas Wiens, "The Evoluation of Policy and Capabilities in
China's Agricultural Technology," >i>China's Economy Post Mao.>/i>
Washington D.C.: U.S. Joint Economic Committee, 1978, p. 689.
]
Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:4-36
Template-Type: ReDIF-Article 1.0
Author-Name: Zhang Huiwen
Author-X-Name-First: Zhang
Author-X-Name-Last: Huiwen
Author-Name: Zhu Peiwei
Author-X-Name-First: Zhu
Author-X-Name-Last: Peiwei
Title: It is Necessary to Emphasize and Strengthen Scientific Research on Agricultural Mechanization
Abstract:
Zhang and Zhu made a special case study which relates to the cropping
system debate. It is worth looking into the recently generated production
figures.
Journal: Chinese Economy
Pages: 117-117
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:117-117
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Author-Name: Lin Jiyang
Author-X-Name-First: Lin
Author-X-Name-Last: Jiyang
Author-Name: Liu Peiti
Author-X-Name-First: Liu
Author-X-Name-Last: Peiti
Title: We Must Reform the Cropping System to Suit Local Conditions
Abstract:
At present on the agricultural battlefront on the agricultural plains
surrounding Beijing, there is debate about the question of which cropping
system to adopt. One alternative is the system of interplanting and
relaying three crops [with three plantings and three harvests total]. The
other system is two monoculture plantings in sequence [with two plantings
and two harvests]. There are three focal points of the argument: (1) How
can the interplanting and relay cropping system be evaluated?
Journal: Chinese Economy
Pages: 58-63
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:58-63
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Author-Name: Zhou Zhengdu
Author-X-Name-First: Zhou
Author-X-Name-Last: Zhengdu
Title: A View of the Two-Three Cropping System in Suzhou Prefecture
Abstract:
Since 1975, while participating in the Tai Lake Regional Paddy Rice and
Soil Research Group, by "squatting on the spot" in Dongting Brigade of
Dongting Commune, Wuxi County, and also surveying some other communes and
brigades in Suzhou Prefecture, I heard lots of discussion by both
officials and masses about the implementation of the two-three system
(i.e., the wheat-rice-rice three harvest system). On the basis of our
investigation and research, I would like to talk about my view of the
implementation of the two-three system in Suzhou Prefecture, hoping that
it will lead to a more extensive and many-faceted discussion.
Journal: Chinese Economy
Pages: 72-76
Issue: 2
Volume: 15
Year: 1981
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1981:i:2:p:72-76
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Author-Name: Nicholas R. Lardy
Author-X-Name-First: Nicholas R.
Author-X-Name-Last: Lardy
Author-Name: Kenneth Lieberthal
Author-X-Name-First: Kenneth
Author-X-Name-Last: Lieberthal
Title: Introduction
Abstract:
"Had Chairman Mao died in 1956, there would have been no doubt that he was
a great leader of the Chinese people, a respected, loved and outstanding
great man in the proletarian revolutionary movement of the world. Had he
died in 1966, his meritorious achievements would have been somewhat
tarnished but still very good. Since he actually died in 1976, there is
nothing we can do about it."
Journal: Chinese Economy
Pages: 11-43
Issue: 3
Volume: 15
Year: 1982
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:15:y:1982:i:3:p:11-43
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Author-Name: N. R. L.
Author-X-Name-First: N. R.
Author-X-Name-Last: L.
Author-Name: K. L.
Author-X-Name-First: K.
Author-X-Name-Last: L.
Title: Acknowledgments
Abstract:
We want to thank Mao Tong and Du Anxia for their excellent translation
work. Mao Tong did the basic translations of documents number 3-6, 8-9,
13-18, and 20-23, and Du Anxia did the same for documents number 2, 7, 12,
and 19. (Document number 1 is the official translation provided by Foreign
Languages Press, and documents number 10-11 are based on translations
originally done by the Union Research Service in Hong Kong.) Anthony Marr,
Curator of the East Asian Collection of Sterling Memorial Library at Yale
University, acquired the volume which is translated here. We are also
indebted to David Bachman, Nina Halperin, Roderick MacFarquhar, Lyman
Miller, Michel Qksenberg, and Roger Thompson for comments and assistance
at various stages of this project. For the mistakes that remain, we have
no one to blame but each other.
Journal: Chinese Economy
Pages: 9-9
Issue: 3
Volume: 15
Year: 1982
Month: 4
Keywords:
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Author-Name: Zhu Chuan
Author-X-Name-First: Zhu
Author-X-Name-Last: Chuan
Title: On Balance and Readjustment
Abstract:
The theory of overall balance of the socialist national economy is man's
reflection of the objective law of planned and proportional economic
development; it is the basic theory and method to readjust the national
economy and strike an overall balance.
Journal: Chinese Economy
Pages: 3-18
Issue: 1
Volume: 16
Year: 1982
Month: 10
Keywords:
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Author-Name: Xu Dixin
Author-X-Name-First: Xu
Author-X-Name-Last: Dixin
Title: Opening Speech at the Symposium on the Theory of Overall Balance of the National Economy
Abstract:
After the Third Plenary Session of the CCP 11th Central Committee, the
Party center decided to reform the national economy according to the
"eight-character policy" of readjustment, restructuring, consolidation,
and improvement. Practices over the last two years testified to the
correctness of this policy. For a still better implementation of the
policy, the center has decided to take more vigorous readjustment measures
in an effort to stabilize the economy and then proceed for further
development. At this juncture, it is absolutely necessary to convene this
symposium to discuss the theory of overall balance of the national
economy. The conference will not only give impetus to studies of the
theory of overall balance but also bear immediate significance for our
endeavor to implement the Party's eight-character policy, effectively
readjust the national economy, and speed up the four modernizations
process.
Journal: Chinese Economy
Pages: 19-29
Issue: 1
Volume: 16
Year: 1982
Month: 10
Keywords:
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Author-Name: Sun Yefang
Author-X-Name-First: Sun
Author-X-Name-Last: Yefang
Title: A Discussion of Some Prerequisites to the Overall Balance of the National Economy
Abstract:
The Symposium on the Theory of Overall Balance of the National Economy is
convened at an opportune time.
Journal: Chinese Economy
Pages: 41-52
Issue: 1
Volume: 16
Year: 1982
Month: 10
Keywords:
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: Forecasts, Management, and Long-Range Considerations
Abstract:
When the current economic readjustment is completed, is it feasible for
the provinces and municipalities that have the ability to begin conducting
research on economic forecasts? We failed in the past to treat economic
forecast as a branch of science. This is one of the primary reasons why we
were unable to carry out our economic work with great precision. Can we
start now to build step by step such a forecast system? We would suggest
that some provinces and municipalities begin to forecast the economic
events that may occur in the provinces and municipalities after the
implementation of the economic readjustment. Such scientific inferences
can only be looked upon today, in terms of the prevailing state of the
art, as experiments. We should not expect nor demand too much of such
experiments. The purpose of forecasting at this juncture is merely to
learn through practice. Once the forecast work is started, however, it is
viable that through continuous practice and incessantly acquiring
experience, a permanent forecasting work force will be gradually built.
When a forecast network is set up in all provinces, municipalities, and
autonomous regions, it will provide the leadership of both local
governments and the national government with a powerful instrument for
conducting economic policy.
Journal: Chinese Economy
Pages: 30-40
Issue: 1
Volume: 16
Year: 1982
Month: 10
Keywords:
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Author-Name: Ji Chongwei
Author-X-Name-First: Ji
Author-X-Name-Last: Chongwei
Title: Utilization of Foreign Investment and the Codification of Business Law
Abstract:
The People's Republic of China, with a population near one billion and an
area over 9,600,000 square kilometers, is committed to building a nation
with modern industry, agriculture, national defense, and science and
technology. Indeed, this is an ambitious and grand undertaking. The change
in China will exert a great impact on peace and order in the world.
Naturally, people are curious as to what course China will pursue and the
means on which the country can rely to carry out the undertaking. Our
answer is that under the leadership of the Communist Party, the Chinese
people are determined to follow the principle of relying mainly on their
own efforts while taking external assistance as a supplement: economic
construction will be carried out by relying on the united effort and
dedication of the Chinese people, their struggle, hard work, wisdom, and
talent. We will primarily draw upon our own resources, while taking
advantage of favorable international conditions whenever feasible, raising
funds, and importing advanced technology. We will cooperate in any way
permissible with friendly countries and regions throughout the world to
achieve the four modernizations.
Journal: Chinese Economy
Pages: 53-68
Issue: 1
Volume: 16
Year: 1982
Month: 10
Keywords:
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Author-Name: Liu Guoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Guoguang
Title: Some Issues Concerning the National Economic Overall Balance
Abstract:
It was decided at the Third Plenary Session of the party's 11th Central
Committee that starting from this year the whole party should shift the
focus of its endeavor to socialist modernization. To accommodate this
historical change, economic planning must undergo a series of
modifications. Among them is the pressing task of rectifying the partly
planned and partly anarchic state of affairs that resulted from the
extensive interference and sabotage by Lin Biao and the "Gang of Four" of
an overall balance and a planned and proportionate development of the
national economy.
Journal: Chinese Economy
Pages: 85-106
Issue: 2
Volume: 16
Year: 1982
Month: 1
Keywords:
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Author-Name: Yue Wei
Author-X-Name-First: Yue
Author-X-Name-Last: Wei
Title: Production, Distribution, and Allocation of the National Economy
Abstract:
Few economic indicators illustrate the total activity of an economy and
the ratios of growth between economic sectors better than the national
income index. Whether a problem concerns the level of economic development
or national strength, or the ratios among production, construction, and
accumulation, or whether it relates to state budget, credit balance, or
market supply and demand, if there is no comprehensive and systematic
study of production, distribution, and allocation of the national income
or analysis of the process of social reproduction, then in a maze of
intricate economic activities it would be difficult to grasp a real
picture of the economy.
Journal: Chinese Economy
Pages: 3-19
Issue: 2
Volume: 16
Year: 1982
Month: 1
Keywords:
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Author-Name: Xue Muqiao
Author-X-Name-First: Xue
Author-X-Name-Last: Muqiao
Title: Readjust the National Economy and Strike an Overall Balance
Abstract:
In my book >u>Study of Socialist Economic Problems in China>/u>, I have
commented on the theory and methodology of striking an overall balance of
the national economy. There is no need to repeat the comments here. Today
I would like to focus on some problems that have cropped up in the current
endeavor to readjust the national economy and offer my personal opinions.
All these problems are complicated and cannot be easily or clearly
explained. Whether I am right or wrong has to be proved by practice in the
next few years.
Journal: Chinese Economy
Pages: 67-84
Issue: 2
Volume: 16
Year: 1982
Month: 1
Keywords:
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Author-Name: Ge Zhida
Author-X-Name-First: Ge
Author-X-Name-Last: Zhida
Title: On the Issue of Balancing the State Budget
Abstract:
Summing up the practice and experience of our nation's financial and
economic work, Comrade Chen Yun raised in 1957 the issue of how to achieve
financial, credit, and material balance. This was his integration of
Marxist theory of reproduction and the practice of China's socialist
economic construction. Stemming from the integration is a major
theoretical issue; i.e., how to strike a balance in socialist planning. It
is also an important practical problem concerning the stability of finance
and price, improvement of the people's livelihood, and the sustained
development of production and construction. The "three major balances"
constitute an integrated and comprehensive balance system related to the
balances of finance, credit, material supply, and foreign exchange as well
as the balance among them; it involves the overall balance of the national
economy. Here I offer my views regarding the issue of financial balance.
Journal: Chinese Economy
Pages: 107-123
Issue: 2
Volume: 16
Year: 1982
Month: 1
Keywords:
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Author-Name: Wang Da'an
Author-X-Name-First: Wang
Author-X-Name-Last: Da'an
Title: A Comprehensive Balance Should Mean Overall Balance in the Process of Social Reproduction
Abstract:
We have been talking about comprehensive balance in almost every one of
the twenty years since the First Five-Year Plan. What comprehensive
balance really means, however, remains unclear. This indicates the
difficulty in recognizing an objective economic law or breaking away from
conventional ideas. Recently a heated discussion about this issue has been
going on among economic theoreticians and those involved in economic work.
Newspapers and periodicals have also published many articles on
comprehensive balance. The authors who criticize the unrealistically high
production targets and the gaps in economic plans uphold the idea of
balancing the two major categories of production in society and correctly
handling the relations between agriculture, light industry, and heavy
industry, and between accumulation and consumption. They advocate
integration of planning with market regulation. Beyond any doubt, these
are the major contents of comprehensive balance. It is not the purpose of
this article, however, to go into detail about the above issues. I will
confine my discussion to some preliminary ideas on overall balance in the
process of social reproduction, an issue seldom touched upon.
Journal: Chinese Economy
Pages: 51-66
Issue: 2
Volume: 16
Year: 1982
Month: 1
Keywords:
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Author-Name: Xu Riqing
Author-X-Name-First: Xu
Author-X-Name-Last: Riqing
Title: A Preliminary Discussion of Comprehensive Public Finance
Abstract:
Comprehensive public finance is a unique economic category in the
socialist economy, operating under special conditions. It is a branch of
macroeconomics that covers the entire national economy or a whole region.
Journal: Chinese Economy
Pages: 20-28
Issue: 2
Volume: 16
Year: 1982
Month: 1
Keywords:
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Author-Name: Luo Gengmo
Author-X-Name-First: Luo
Author-X-Name-Last: Gengmo
Title: An Analysis of the Development of China's Planned Economy and the Tortuous Course it has Trudged
Abstract:
In capitalist society, factory production is carried out in a planned way
and in proper proportions. But owing to the antagonistic contradictions
inherited in capitalist private ownership, overall social production
cannot proceed in a planned way and invariably leads to
anarchy.>sup>1>/sup> When the means of production are socialized and
contradictions between social production and capitalist ownership are
removed, anarchy will be removed from socialist production and will be
replaced by a "planned and consciously organized production.">sup>2>/sup>
While we may have reached a consensus on the socialist system of ownership
of the means of production by all the people, we have not come to complete
agreement on the question of whether, at the present stage of an
underdeveloped economy, we should develop our economy in a planned way and
through balanced growth of different sectors of economy. Some people even
doubt whether a mixed economy possesses the superiority of a socialist
system. In the following pages, we will examine this issue in light of the
economic record of the last thirty years.
Journal: Chinese Economy
Pages: 29-50
Issue: 2
Volume: 16
Year: 1982
Month: 1
Keywords:
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Author-Name: Wang Linsheng
Author-X-Name-First: Wang
Author-X-Name-Last: Linsheng
Title: On the Role of Foreign Trade Under Socialism
Abstract:
[Note: The party line on foreign trade laid down at the Third Plenum of
the Eleventh Central Committee of the Chinese Communist Party has created
a totally new vista in our economic relations with other countries. This
development in practice calls for new investigation of the theory of
foreign trade under socialism. This article attempts to conduct such an
investigation and to reexamine some views held in the Soviet Union during
the period of Lenin's and Stalin's leadership and some views that have
prevailed in our country since the founding of the Republic. It is hoped
that this will lead to further debate and discussion. We will also provide
a brief rundown of the views held by academic circles in Eastern European
countries in the 1950s. Such an investigation may help us to have a better
understanding in our own discussion and study of this problem].
Journal: Chinese Economy
Pages: 48-65
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: G. C. W.
Author-X-Name-First: G. C.
Author-X-Name-Last: W.
Title: Preface
Abstract:
The Third Plenary Session of the Eleventh Central Committee of the Chinese
Communist Party ushered in a new era in the history of China's economic
development. It was at that session that China made a noticeable shift in
its economic strategy and a far-reaching reform of its economic system.
Internally, the enterprise is to be responsible for its profits and
losses, while workers are paid by their productivity rather than by their
needs. Externally, China has embarked upon an "open-door policy," calling
for expansion of its economic relations and trade with other countries.
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: Zhao Yushen
Author-X-Name-First: Zhao
Author-X-Name-Last: Yushen
Title: On Estimation of the Gain and Loss of Foreign Trade
Abstract:
Estimations of the gain and loss of foreign trade involve a host of
factors that are different in concept and content. These factors include
the cost of exporting a commodity, export proceeds, the cost of foreign
exchange incurred in terms of >u>renminbi>/u> (RMB), the amount as well as
the rate of the gain and loss in export, the cost of foreign exchange
incurred in terms of the factors of production embodied in the exported
commodity, import proceeds, and the amount and rate of the gain and loss
in import. Let us elaborate on these terms.
Journal: Chinese Economy
Pages: 76-84
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: Cai Tianzhang
Author-X-Name-First: Cai
Author-X-Name-Last: Tianzhang
Title: Conventional Practice in Setting Export-Import Prices
Abstract:
How to set prices is an extremely important issue in international trade.
In theory, the price of a commodity is simply the value of the commodity
in terms of money, but in reality, the setting of prices in international
trade is considerably more complex. In addition to the value of the
commodity itself, the price should also, in general, include such expenses
as transportation, loading and unloading, storage, insurance and customs
duties, as well as the costs of risk-bearing. Sometimes the price should
include the commission or discounts to middlemen. Through a time-honored
practice of international trade, a body of terminology has gradually
emerged in international business. Different prices reflect different
terms, so prices are quoted according to the terms of a transaction. At
present, in international trade, prices vary with the conditions or the
terms. In general, based on the destination of delivery there are
primarily three categories of price formation. The first refers to the
prices for inland delivery, as for instance when a delivery takes place at
a factory, warehouse, mine site, farm, or railroad station. Such terms are
seldom used in international trade except for adjacent countries. The
second category refers to prices of delivery at the destination, either on
board a ship, at the berth, or at the port. Most times, the price refers
to delivery on board at the destination. The third category refers to
deliveries at the port of loading, such as free along ship (FAS), free on
board (FOB), cost and freight (C&F) or Cost, Insurance, and Freight (CIF).
In international trade, FOB, CIF, and C&F are the most commonly quoted
prices.
Journal: Chinese Economy
Pages: 85-92
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: Yuan Wenqi
Author-X-Name-First: Yuan
Author-X-Name-Last: Wenqi
Author-Name: Wang Jianmin
Author-X-Name-First: Wang
Author-X-Name-Last: Jianmin
Title: We Must Review and Reevaluate the Role of Foreign Trade in the Development of the National Economy
Abstract:
Note: This article calls for a review and reevaluation, from a strategic
vantage point, of the role of foreign trade in our national economy. It
advances the view that foreign trade ought to serve primarily as a lever
in stimulating rapid development of our national economy, and that the
leverage effect lies in the creation of favorable conditions for the
development of the national economy. Assuming that foreign trade will play
such a role, the article suggests raising the ratio of foreign trade to
our gross national product so as to accelerate the pace of our
modernization.
Journal: Chinese Economy
Pages: 24-39
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: Zhao Yushen
Author-X-Name-First: Zhao
Author-X-Name-Last: Yushen
Title: On Export-Import Procedure
Abstract:
>p>In general, exports and imports consist of the following
procedures:>/p>>p>1. Preparations for negotiation prior to a transaction,
including procurement of the merchandise to be exported, grasping the
international market situation, and arranging shipment and
delivery;>/p>>p>2. Drafting export-import plans, contacting the other
trade party, and negotiating the terms;>/p>>p>3. Signing the contract when
agreement is reached; and>/p>>p>4. Implementing the contract
accordingly.>/p>
Journal: Chinese Economy
Pages: 66-75
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: Yu Xiaosong
Author-X-Name-First: Yu
Author-X-Name-Last: Xiaosong
Author-Name: Lin Zhongshu
Author-X-Name-First: Lin
Author-X-Name-Last: Zhongshu
Title: Utilization of Foreign Capital to Renovate Enterprises Produces Good Results
Abstract:
The city of Beijing, by actively pursuing an open-door economic policy in
the past three years, has obtained foreign capital totaling U.S. $250
million, which has been invested in more than 300 projects. In most cases,
the projects have involved technological renovation of existing
enterprises. Using flexible terms and a variety of formats for economic
cooperation with foreign concerns, the enterprises imported advanced
technology and vital equipment, thereby fully tapping their potentials.
Bottlenecks were removed and a great variety of new products were added.
The experience of Beijing, that is, using foreign capital to renovate
existing enterprises rather than building new ones, involves less risk for
both our enterprises and foreign investors. This approach enhances the
chances of success and brings about quick results. We should therefore
pursue this policy boldly, energetically, but prudently.
Journal: Chinese Economy
Pages: 40-47
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: Zou Siyi
Author-X-Name-First: Zou
Author-X-Name-Last: Siyi
Title: The Problem of Export Strategy
Abstract:
We advocate decentralized management under unified leadership. In foreign
trade, we must uphold the principle of dealing with foreign countries in a
unified manner. Herein lies the superiority of the socialist system that
no capitalist country can emulate. We must have a comprehensive export
strategy on foreign trade. Long-term plans of five to ten years should be
drawn up for the country, the province, the autonomous region, the
municipality, and the enterprise that engages in foreign trade. Without a
strategy, the best tactics will be to no avail. Export strategy includes
commodity strategy, market strategy, and sales strategy.
Journal: Chinese Economy
Pages: 10-23
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
Since the rapprochement in 1972, U.S. -China trade has been growing by
leaps and bounds. Two-way trade rose from $96 million in 1972 to $5.5
billion in 1981. Over a span of ten years, the United States is reported
to have accumulated a $10 billion trade surplus over China.>sup>1>/sup> In
view of past developments and prospects for the future, the trade
potential between the two countries is great.
Journal: Chinese Economy
Pages: 6-9
Issue: 3
Volume: 16
Year: 1983
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:16:y:1983:i:3:p:6-9
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Author-Name: Xu Shiwei
Author-X-Name-First: Xu
Author-X-Name-Last: Shiwei
Title: On the Development of China's Foreign Trade
Abstract:
China is pursuing an open-door policy in its foreign trade. It is not an
expedient stratagem, but a strategic decision consistent with the trend of
historical development and with the objective economic laws. The rate and
scale of growth of the country's foreign trade must be in line with its
economic capability and its material conditions. China must maintain a
certain rate of growth and at the same time achieve economic results. To
do this, the country should pay attention to three sets of ratios: the
rate of exports should grow faster than the rate of imports, the rate of
growth of exports of manufactured goods should grow faster than that of
primary products, and the value of exports should grow faster than the
volume of exports.
Journal: Chinese Economy
Pages: 3-16
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:16:y:1983:i:4:p:3-16
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Author-Name: Han Kexin
Author-X-Name-First: Han
Author-X-Name-Last: Kexin
Title: On Adjustment of Foreign Trade Deficits
Abstract:
The deficits in China's balance of trade should be adjusted, in the
author's opinion, in a planned way, proportional to the rate of growth of
the national product (particularly agriculture and industry), rather than
be simply suppressed by curbing imports and boosting exports. Based on the
assumption of proportional growth of four economic variables, we propose
to build a model that can predict the adjustment process of trade
deficits. The variables are (1) the growth rate of China's gross national
product; (2) the ratio of its GNP to its imports; (3) the growth rate of
the GNP abroad; and (4) the ratio of foreign demand for China's exports.
The model can suggest how long it will take to eliminate the trade
deficits. During the adjustment process, the model implies, not only will
the deficits gradually diminish, but the national economy will maintain a
steady rate of growth, free of sharp fluctuations in exports or imports.
Hence, the deficits will be eliminated in a planned way, proportional to
the growth of the national economy.
Journal: Chinese Economy
Pages: 78-96
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:16:y:1983:i:4:p:78-96
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Author-Name: He Xinhao
Author-X-Name-First: He
Author-X-Name-Last: Xinhao
Title: Exploit the Role of Foreign Trade and Accelerate the Rate of China's Economic Development
Abstract:
Foreign trade under socialism can stimulate economic development in a
number of ways. Since the founding of the republic, foreign trade in China
has played an active role in spurring the country's economic growth.
Nevertheless, it still falls short of China's expectations. So, for the
years to come the people must continuously free their minds from
conventional ideas, dare to experiment with new measures, realistically
draw up production plans, set prices according to international values of
commodities, and energetically develop industry and trade. Business deals
should be conducted with ingenuity and flexibility and be pushed
pervasively over broad areas. Only then can the role of foreign trade be
fully exploited.
Journal: Chinese Economy
Pages: 37-50
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Author-Name: Zhang Li
Author-X-Name-First: Zhang
Author-X-Name-Last: Li
Title: Reform Blazes a New Path for Foreign Trade
Abstract:
China National Technology Import Corporation is a specialized trading
company in our foreign trade system. In the field of technological trade,
the company held in the past an exclusive and dominant position in the
nation. But things have begun to change since 1979. Under the new
circumstances, what should be the role of the specialized national trading
companies? Here I would like to discuss the ways that we conduct business
and the experience in the last two years as agent of local firms and as
partners of the newly created trading establishments. The greatest
accomplishments, which we made over the last two years and more, were that
with the structural reform in the operation and management of China's
foreign trade we have gradually acquired a clearer understanding of how
our company should operate in the future and, at the same time, we have
been encouraged to improve our operation and service.
Journal: Chinese Economy
Pages: 17-26
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Author-Name: Ma Junlei
Author-X-Name-First: Ma
Author-X-Name-Last: Junlei
Title: Current Status and Prospects of Sino-Japanesf Economic and Trade Relations
Abstract:
Since China and Japan restored their diplomatic relations in September
1972, trade between the two countries has moved further ahead on the basis
of then existing nongovernmental trade relations. Except in 1976, trade
volume has registered a rapid growth several years in a row. Statistics
released by Japanese Customs indicated that trade was U.S. $1.1 billion in
1972 and $5.079 billion in 1978. It reached $10.389 billion in 1981, or
3.52 percent of Japan's total foreign trade and 24.7 percent of China's.
Of this, China exported to Japan $5.292 billion worth of goods, a 22.4
percent increase over the preceding year. This trade accounted for 3.7
percent of Japan's total imports and 22 percent of China's total exports.
Conversely, China imported from Japan $5.097 billion in products, or a 0.4
percent increase over the preceding year. This trade accounted for 3.35
percent of Japan's total exports and 27.6 percent of China's total
imports.
Journal: Chinese Economy
Pages: 63-69
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Author-Name: Wang Kaike
Author-X-Name-First: Wang
Author-X-Name-Last: Kaike
Title: Tie Industry with Trade: An Important Way to Develop Foreign Trade
Abstract:
In the reform of China's foreign trade system, a variety of new structural
configurations have emerged that tie in trade with industry and give an
impetus to the development of foreign trade. Practice has shown that tying
industry with trade is a proper way to promote foreign trade. We should
conscientiously draw experiences in this regard so that we can push
foreign trade in China to grow at an even faster pace. Here 1 venture some
views and suggestions on the issues of how industry is to tie in with
trade, and what the existing problems are.
Journal: Chinese Economy
Pages: 70-77
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Author-Name: Lin Liande
Author-X-Name-First: Lin
Author-X-Name-Last: Liande
Title: Thirty Years Of Sino-Japanese Trade
Abstract:
1982 is the tenth anniversary of the normalization of relations between
China and Japan. It also marks the twentieth anniversary of the signing of
the Sino-Japanese Friendly Trade Protocol and Trade Memorandum, as well as
the thirtieth anniversary of the signing of the first Sino-Japanese
Nongovernmental Trade Agreement. On this occasion, when Sino-Japanese
trade enters the 1980s, the two countries are pushing their cooperation
beyond simple exports and imports to more pervasive areas of economic
activity. It is therefore particularly significant to review the history
of the past thirty years and to forecast prospects for the future.
Journal: Chinese Economy
Pages: 51-62
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:16:y:1983:i:4:p:51-62
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Author-Name: Fu Zhengluo
Author-X-Name-First: Fu
Author-X-Name-Last: Zhengluo
Author-Name: An Baojun
Author-X-Name-First: An
Author-X-Name-Last: Baojun
Title: Strengthen our Economic and Trade Relations with Oil-Producing Countries in the Middle East
Abstract:
The Middle East has the richest petroleum deposits in the world. Proven
petroleum deposits account for 55 percent of the world's total (at the
beginning of 1981); crude oil, about 30 percent of the world's total.
Holding the key to three continents - Europe, Asia, and Africa - the
Middle East occupies a strategic position of vital importance. Seventy to
80 percent of the oil consumed by Western Europe and Japan comes from the
Middle East, and the United States is still largely dependent upon the
region for oil supplies. Therefore as far as Western Europe, Japan, and
the United States are concerned, the supply of oil from the Middle East,
at least for the moment, is their lifeline. In seeking global hegemony,
the Soviet superpower spares no effort to penetrate the Middle East and
expand its influence, to bring under its control this oil-rich region and
the strategically important oil passageway.
Journal: Chinese Economy
Pages: 27-36
Issue: 4
Volume: 16
Year: 1983
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:16:y:1983:i:4:p:27-36
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Author-Name: Ma Hong
Author-X-Name-First: Ma
Author-X-Name-Last: Hong
Title: Economic Adjustment and the Rate of Growth
Abstract:
In pursuit of the party line laid out at the Third Plenary Session of the
Eleventh Congress, the party center in April 1979 called a work conference
at which it brought up an eight-character policy, "adjustment, reform,
restructuring, and improvement," to deal with the national economy. The
policy was formulated after a penetrating analysis of the concrete
situation of our economy and its trend of development. The adjustment is
not confined to elimination of the immense budget deficits, to
stabilization of prices, or to curbing of inflation. It is far more than
these. As Premier Zhao Ziyang pointed out in his report on the government
work, the policy rather is intended to set the national economy on a
course of steady growth and healthy development and to bring about better
economic results and more benefits to the people. In effect, it is a
crucial shift of our strategy in socialist economic development.
Journal: Chinese Economy
Pages: 74-87
Issue: 1
Volume: 17
Year: 1983
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1983:i:1:p:74-87
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: On the Theory of Reform of the Economic Management System
Abstract:
Today, the National Commission for the Reform of the Economic Management
System and the Economic Research Center of the State Council are
mobilizing all economic research institutes and economic associations in
the national capital to study the theories on the reform of the economic
management system. Indeed, I think this study is absolutely necessary.
Journal: Chinese Economy
Pages: 65-73
Issue: 1
Volume: 17
Year: 1983
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1983:i:1:p:65-73
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Author-Name: Liu Guoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Guoguang
Author-Name: Shen Liren
Author-X-Name-First: Shen
Author-X-Name-Last: Liren
Title: How to Transform Cyclical Economic Fluctuations into Smooth, Expanded Reproduction
Abstract:
How do we transform cyclical economic fluctuations into smooth, expanded
reproduction in the shortest time permissible during the sixth five-year
plan period? On the whole, we have to rely on a comprehensive
implementation of the eight-character policy that is centered on the
current adjustment. This transformation is an extremely arduous and
complex task. Here, I venture some of my personal opinions on the problem.
Journal: Chinese Economy
Pages: 96-104
Issue: 1
Volume: 17
Year: 1983
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1983:i:1:p:96-104
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Author-Name: Zhou Shulian
Author-X-Name-First: Zhou
Author-X-Name-Last: Shulian
Title: Seriously Study the Strategy of our Economic Development from a Historical Viewpoint
Abstract:
The so-called strategy of economic development is a proposition concerning
the long-range goals of economic development and the means to realize
these goals. To formulate the strategy correctly and to carry it out, we
have to summarize seriously the historical experience; at the same time,
we have to study and draw upon certain experiences from foreign countries.
Based on concrete conditions in China, we should manage correctly the
interrelations among economic efficiency, rate of growth, economic
structure, the relationship between various sectors in the national
economy, and the relationship between accumulation and consumption. In
pursuing economic construction and to avoid errors, we have to establish
the concept of "attrition" and the idea of "putschism." We should also
learn from historical experience how to incorporate economic, social, and
technological developments into a well-integrated strategy so that
everything is in harmony and in coordination, thus forming a great joining
force that promotes a healthy development of our national economy.
Journal: Chinese Economy
Pages: 88-95
Issue: 1
Volume: 17
Year: 1983
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1983:i:1:p:88-95
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: A Scientific Study of China's Strategy of Economic and Social Development
Abstract:
In a socialist country, the strategy of economic and social development is
formulated by the Marxist party, which leads the country, and by the
central government, whichgoverns the country. Together, they implement the
strategy. To this date, no country seems to have ever made public such a
plan in a special document. As a rule, the strategyis shaped in the state
plans, as- well as in official and party documents. This is the procedure
pursued in China as in other socialist countries.
Journal: Chinese Economy
Pages: 78-87
Issue: 2
Volume: 17
Year: 1984
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1984:i:2:p:78-87
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Author-Name: Sun Yefang
Author-X-Name-First: Sun
Author-X-Name-Last: Yefang
Title: To Raise Production Four-Fold in two Decades is not Only Politically Probable but Technologically Feasible
Abstract:
Editorial Note: The genuine economic assurance that our production will
increase byfour-fold in two decades lies in our discovery of the correct
policy that guarantees rapid development of agriculture and industry.
Industrial development, like agricultural development, rests first on the
right policy and second on science and technology.
Journal: Chinese Economy
Pages: 50-67
Issue: 2
Volume: 17
Year: 1984
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1984:i:2:p:50-67
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Author-Name: Tian Jiyun
Author-X-Name-First: Tian
Author-X-Name-Last: Jiyun
Title: Problems in the "Substitution of Taxes for Profits" in State -Run Enterprises
Abstract:
Recently, many comrades have made valuable suggestions on the issue of how
to speedup the replacement of profits by taxes, They have studied the
issue from a theoretical viewpoint. Some comrades, however, are skeptical
and have raised a number of questions. To clarify different views, further
study seems necessary.
Journal: Chinese Economy
Pages: 68-77
Issue: 2
Volume: 17
Year: 1984
Month: 1
Keywords:
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Author-Name: Li Xuezeng
Author-X-Name-First: Li
Author-X-Name-Last: Xuezeng
Author-Name: Yang Shengming
Author-X-Name-First: Yang
Author-X-Name-Last: Shengming
Title: Raise Economic Efficiency and Accelerate the Growth of National Income
Abstract:
In his report on government work delivered at the fourth session of the
Fifth National People's Congress, Premier Zhao Ziyang touched on the major
tasks of the sixth five-year plan, 1981-85. He demanded that the national
income grow at the same rate as thevalue of our gross industrial and
agricultural production, At China's current economic performance, this
demand should not be taken lightly. It is so important to our economy that
we must strive to meet the demand.
Journal: Chinese Economy
Pages: 88-92
Issue: 2
Volume: 17
Year: 1984
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1984:i:2:p:88-92
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Author-Name: Ji Chongwei
Author-X-Name-First: Ji
Author-X-Name-Last: Chongwei
Title: China's Utilization of Foreign Funds and Relevant Policies
Abstract:
China will continue, in the present period of economic read- justment as
well as in its future economic development, to pursue an open-door
economic policy. In the early 1980s, the priorities for using foreign
funds will be given to the development of energy resources, transport and
communications, medium and small -sized projects that require small
investment but bring quick economic results, and technical renovation of
existing enterprises.
Journal: Chinese Economy
Pages: 37-49
Issue: 2
Volume: 17
Year: 1984
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1984:i:2:p:37-49
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Author-Name: Xue Muqiao
Author-X-Name-First: Xue
Author-X-Name-Last: Muqiao
Title: An Inquiry into the Problems Concerning the Reform of the Economic System
Abstract:
Comrade Xue Muqiao's article on the reform of the system of economic
management raises a number of im- portant questions. These questions are
quite common in many departments and regions. Our country's system of
economic management must be reformed across the aboard. However, many
problems such as the direction in the reform of the system, what steps to
take in the present reform of the economic system, how to coordinate
reform in distribution with reform in circulation, and how to integrate
the reform of the system with the regulation of the national economy are
still awaiting further studies for their solution. They touch upon a
series of problems in economic theory which require in-depth discussion on
a broad scale. This journal is willing to provide space for the
exploration in these areas. We welcome all to participate actively.
Journal: Chinese Economy
Pages: 3-30
Issue: 2
Volume: 17
Year: 1984
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:17:y:1984:i:2:p:3-30
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Author-Name: Yang Shengming
Author-X-Name-First: Yang
Author-X-Name-Last: Shengming
Title: Earnings, Prices, and Lives
Abstract:
The people's money income, retail commodity prices, and the people's
standard of living are intimately related. If retail prices of commodities
remain unchanged, the moremoney the inhabitants earn, the higher the
living standard becomes. This is a kind of positive relationship. However,
if the money earned remains constant the general price level and people's
living standard are negatively related. A rise in price level means a
lowering of the living standard; a lowering of price level, on the other
hand, means a rise in the living standard. People usually lack an overall
perspective and correct understanding of these complex relationships, and
they tend to have one-sided views. They may overlook the increase in
earnings, which raises the living standard, and assert that the living
standard is lower because prices of some commodities rose. Or they may
ignore the impact of a price rise on real-income standard of living when
their earnings increase and claim that their living standard has risen.
These two one-sided views are now present in the real-life situation, but
the first is more prevalent; it needs to be analyzed.
Journal: Chinese Economy
Pages: 31-36
Issue: 2
Volume: 17
Year: 1984
Month: 1
Keywords:
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Author-Name: Feng Jixin
Author-X-Name-First: Feng
Author-X-Name-Last: Jixin
Title: Bring out the Superiority of the System of Contracted Responsibilities on the Household Basis
Abstract:
The system of contracted responsibilities on the household basis has been
popularized in Gansu's rural areas. It has consolidated the fruit of
cooperativization and overcome malpractices in operation and management.
By lending a mighty impetus to rural economic growth, it has led
agricultural production onto a path of vigorous development. The system of
contracting production responsibility on a household basis has been
implemented for just a short time and a number of outstanding problems
have yet to be addressed. After a period of recuperation and building up
of strength, the peasants begin to purchase large production equipment,
strive to master new techniques, and improve production facilities in
order to get into the full swing of production. With the system of
contracted responsibilities beginning to take effect, the peasants right
now need stability and aspire for progress. Under the circumstances, the
leadership should focus its efforts on further consolidating and
perfecting the responsibility system and fully tapping the potential of
the vast numbers of peasant households. It should not adopt administrative
measures to promote hastily some untested new proposals, hoping to
popularize them immediately. For agricultural production to move gradually
toward specialization and socialization is an objective law of necessity;
however, it takes a process of orderly and step-by-step progress.
Journal: Chinese Economy
Pages: 18-26
Issue: 3
Volume: 17
Year: 1984
Month: 4
Keywords:
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Author-Name: Tian Yun
Author-X-Name-First: Tian
Author-X-Name-Last: Yun
Author-Name: Jin Renxiong
Author-X-Name-First: Jin
Author-X-Name-Last: Renxiong
Author-Name: Yuan Zhenyu
Author-X-Name-First: Yuan
Author-X-Name-Last: Zhenyu
Title: Further Reform and Improve the Financial System
Abstract:
The financial system of "eat at separate kitchens" is a form of financial
management at different levels. From a long-term point of view, however,
it is not the perfect financial system for different levels of government
even though we must continue practicing it for the near future. State
revenue should be collected mainly through taxation rather than the
current practice of equally through taxation and profit turned over to the
state. Eventually, revenues should be classified by levels of government.
This should become the direction of reform of China's financial system.
Journal: Chinese Economy
Pages: 53-60
Issue: 3
Volume: 17
Year: 1984
Month: 4
Keywords:
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Author-Name: Zhang Zhuoyuan
Author-X-Name-First: Zhang
Author-X-Name-Last: Zhuoyuan
Title: In Stressing Economic Results Attention Must Be Paid to the Law of Value
Abstract:
Economic construction in China made great achievements in the past.
However, owing to the errorof left deviation in ideology, lopsided
emphasis was put on high accumulation and high speed, resulting in two
major problems in the development of the national economy. One problem was
low efficiency and serious waste. Another was disproportionate development
triggering sharp economic fluctuations. To redress the imbalance we paid a
high price.
Journal: Chinese Economy
Pages: 68-75
Issue: 3
Volume: 17
Year: 1984
Month: 4
Keywords:
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Author-Name: Li Zili
Author-X-Name-First: Li
Author-X-Name-Last: Zili
Title: Again on "Standard Output"
Abstract:
The article "On Standard Output" laid emphasis on expounding the simple
form of united production with remuneration calculated according to
standard output (hereafter abbreviated UPRCSO - tr.) on land contracted.
This article further explains how a more complete system of the
distribution form can result from contracting by specialties. The trend of
production by contract moves along the direction of specialization and
will lead to evident inequality in land contracting and the use of funds.
Standard output remains the basic category of contract economy; however,
it is necessary, on the basis of that, to put forward and apply such
concepts as "standard output value," "standard cost of production," and
"standard labor input," so that the distribution form of UPRCSO can exlude
as much as possible the factor of nonlabor earnings and be further
perfected. By explaining the concepts and their mutual relations, we can
readily perceive the essence of overall contract and distribution.
Journal: Chinese Economy
Pages: 3-17
Issue: 3
Volume: 17
Year: 1984
Month: 4
Keywords:
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Author-Name: Ma Hong
Author-X-Name-First: Ma
Author-X-Name-Last: Hong
Title: Strengthen Planned Economy and Improve Planning Work
Abstract:
Comrade Chen Yun, in his recent talks on how to strengthen planned
economy, raised some basic issues about economic work at present. What he
said bore major significance for both theory and practice. Over the last
few years we have followed the correct policy of opening up our economy to
the outside world and domestically activating the market, and we have made
great achievements. In the future we will continue to implement the
policy. At the same time, we must take notice of new situations and new
problems cropping up in the course of executing the policy. For example,
after we expanded the decision-making power of the enterprises and
instituted the system of job responsibility in rural areas, questions of
how to strengthen planned economy and improve planning work were posed. At
present, a tendency to weaken or even break away from planned economy has,
with varying degrees, surfaced in the areas of industrial and agricultural
production, capital construction, circulation, and distribution. After the
"gang of four" was smashed, many comrades who are engaged in theoretic
studies, on the premise of upholding the planned economy, probed into
problems of planning, market, commodity, and value and achieved positive
results. Nevertheless, there have also appeared in individual cases the
erroneous views of negating socialist planned economy. Thus Comrade Chen
Yun's talks serve as a scientific tenet guiding us in analyzing the
situation and correctly handling the problems.
Journal: Chinese Economy
Pages: 27-32
Issue: 3
Volume: 17
Year: 1984
Month: 4
Keywords:
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Author-Name: Huang Hai
Author-X-Name-First: Huang
Author-X-Name-Last: Hai
Title: Problems in the Reform of Statistical Work
Abstract:
Statistical work in China had a very poor foundation to start with and
plodded along a tortuous path. Since the smashing of the "Gang of Four,"
especially after the Third Plenum of the Party Eleventh Central Committee,
statistical undertakings have gradually been restored and there have even
been some new developments. The high quality third national census and the
publication of >i>The China Statistical Yearbook>/i> are both powerful
evidence of this. However, the development of statistical work is now very
uneven in the whole country. It cannot keep up with the progress of the
situation and falls behind the need of the four modernizations program.
Journal: Chinese Economy
Pages: 61-67
Issue: 3
Volume: 17
Year: 1984
Month: 4
Keywords:
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Author-Name: Zhang Chunsheng
Author-X-Name-First: Zhang
Author-X-Name-Last: Chunsheng
Author-Name: Song Dahan
Author-X-Name-First: Song
Author-X-Name-Last: Dahan
Title: Separation of Government Administration from Commune Management Is a Need of Rural Economic Development and of Building Political Power
Abstract:
Based on the principle of separating government administration from
commune management, the revised draft of the Constitution stipulates that
government be set up at the township level and the people's commune, as a
collective economic organization, will no longer function in the capacity
of a government setup. Since its establishment, the people's commune has
played a positive role within a certain scope of work. Taking things as a
whole, however, it has had quite a few drawbacks. In particular, it has
become increasingly incompatible with the new developments in rural areas
since the Third Plenum. Judging by the long-range consideration of the
development of collective economy and of building political power, it is
necessary to separate government administration from commune management.
Journal: Chinese Economy
Pages: 76-83
Issue: 3
Volume: 17
Year: 1984
Month: 4
Keywords:
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Author-Name: Yu Guangyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guangyuan
Title: The Key Lies in Enhancing Economic Efficiency
Abstract:
It is imperative to have a scientific, comprehensive understanding of the
meaning of economic efficiency. The key to this issue lies in raising
efficiency. This guiding principle is derived from the summing up of
China's historical experience in economic construction and from the
analysis of its present economic conditions. The ways to raise economic
efficiency are precisely to enhance labor productivity and increase the
labor force. Of the two, raising labor productivity is primary, and
increasing the labor force is secondary. Enhancing labor productivity
involves much work. It must rely on science (including both natural and
social sciences), the correctness of policy, and timely economic reform.
Journal: Chinese Economy
Pages: 99-109
Issue: 4
Volume: 17
Year: 1984
Month: 7
Keywords:
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Author-Name: Yue Ping
Author-X-Name-First: Yue
Author-X-Name-Last: Ping
Title: Stress the Effect of Consumption on Production
Abstract:
To acquire a correct understanding about the relations between production
and consumption and stress the effect of the latter on the former while
bringing into full play the leading role of the former is of major and
immediate significance to our endeavor to provide guidance for economic
construction and, especially, resolve some problems involving the current
economic work.
Journal: Chinese Economy
Pages: 3-9
Issue: 4
Volume: 17
Year: 1984
Month: 7
Keywords:
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Author-Name: Dai Yuanchen
Author-X-Name-First: Dai
Author-X-Name-Last: Yuanchen
Title: Methods to Appraise Economic Efficiency
Abstract:
To improve ceaselessly economic efficiency remains an issue crucial to the
endeavor to fulfill the magnificent goal set by the party's Twelfth
National Congress. All our future production and construction undertakings
should focus on the enhancement of economic efficiency and try to march
forward steadily.
Journal: Chinese Economy
Pages: 72-80
Issue: 4
Volume: 17
Year: 1984
Month: 7
Keywords:
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Author-Name: Du Runsheng
Author-X-Name-First: Du
Author-X-Name-Last: Runsheng
Title: New Developments in the Contracting System of United Production and the Cooperative Economy in the Countryside
Abstract:
The structural reform of China's rural economy, with the institution of
the production responsibility system as its focus, has been underway for
more than four years. Practice has shown that the responsibility
contracting system of combined production has the highest adaptability and
has brought about very good economic results. The overall contract, with
the household as the basic unit is especially well-received among the
peasants. Some comrades raise the question of whether such a form is in
keeping with the socialist principle and is consistent with the goal of
modernizing China's agriculture. Based on our practical experience over
the last few years, we can now clearly and definitely answer this issue.
Journal: Chinese Economy
Pages: 16-39
Issue: 4
Volume: 17
Year: 1984
Month: 7
Keywords:
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Author-Name: Wang Bingqian
Author-X-Name-First: Wang
Author-X-Name-Last: Bingqian
Title: On Several Problems Involving Financial Work
Abstract:
The Twelfth National Congress of the Communist Party of China put forward
a general objective for China's economic construction endeavor; namely, on
the premise of continuously enhancing economic efficiency, we should, in
the two decades between 1981 and the end of this century, strive to
quadruple the nation's gross annual output value of industrial and
agricultural production and make our people fairly well-off both
materially and culturally.
Journal: Chinese Economy
Pages: 81-98
Issue: 4
Volume: 17
Year: 1984
Month: 7
Keywords:
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Author-Name: Peng Tian
Author-X-Name-First: Peng
Author-X-Name-Last: Tian
Title: A Rational Economic Structure Is the Precondition for Healthy Development of the National Economy
Abstract:
In a blind pursuit of high growth rate we have ignored for a long time the
problem of economic structure, thus seriously disrupting the ratio among
the different sectors of the national economy and gravely hampering
economic growth. The setback has made us understand the restrictive effect
that economic structure has on the rate of economic growth and realize
that a rational economic structure is the precondition for speedy and
healthy development of the national economy. The economic readjustment now
underway is precisely for the purpose of rationalizing step by step the
economic structure to lay the foundation for a fairly high rate of growth
and positive results in developing the national economy in the future.
Journal: Chinese Economy
Pages: 10-15
Issue: 4
Volume: 17
Year: 1984
Month: 7
Keywords:
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Author-Name: Guo Hongtao
Author-X-Name-First: Guo
Author-X-Name-Last: Hongtao
Title: Current Status of China's Transport and Prospects in the Near Future
Abstract:
After thirty-two years of construction, especially in recent years, China
has built an initial comprehensive transport network composed of
railroads, highways, waterways, civil aviation, and pipelines.
Journal: Chinese Economy
Pages: 63-71
Issue: 4
Volume: 17
Year: 1984
Month: 7
Keywords:
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Author-Name: Deng Huansong
Author-X-Name-First: Deng
Author-X-Name-Last: Huansong
Title: On the Duality of Price Subsidy and the Path to Its Reform
Abstract:
In our country price subsidizing is a very important economic policy. An
analytical studying of the current price subsidy system and proposing
realistic opinions for its reform have practical significance for the
improvement of the comprehensive balance of the national economy and for
the formation of a reasonable price structure.
Journal: Chinese Economy
Pages: 3-13
Issue: 1
Volume: 18
Year: 1984
Month: 10
Keywords:
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Author-Name: Zuo Mu
Author-X-Name-First: Zuo
Author-X-Name-Last: Mu
Title: Price Ratios Among Agricultural Products Must Be Well Adjusted
Abstract:
As far as realities in China today are concerned, not only are industrial
and agricultural products exchanged in unequal values but price ratios are
also irrational among agricultural products. The latter has an even more
extensive and direct effect on the peasants' production initiative and on
the entire strategic decision of agriculture. Therefore it deserves our
full attention.
Journal: Chinese Economy
Pages: 34-43
Issue: 1
Volume: 18
Year: 1984
Month: 10
Keywords:
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Author-Name: Gu Shutang
Author-X-Name-First: Gu
Author-X-Name-Last: Shutang
Author-Name: Yang Yuchuan
Author-X-Name-First: Yang
Author-X-Name-Last: Yuchuan
Title: The Transformed Form of Value Under the Socialist System
Abstract:
To study the function of the law of value and set the theoretical price,
there is another important theoretical issue we have to address besides
the role of time needed for social labor in value determination, that is,
whether or not there is a transformed form of value under the socialist
system.
Journal: Chinese Economy
Pages: 44-58
Issue: 1
Volume: 18
Year: 1984
Month: 10
Keywords:
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Author-Name: He Xiaopei
Author-X-Name-First: He
Author-X-Name-Last: Xiaopei
Title: An Investigation into the Current Compensation System for Mental and Manual Labor
Abstract:
The income of mental and manual laborers in our country has experienced
different periods of change. At present an extremely unreasonable
phenomenon of inverted earnings has appeared between mental and manual
labor. By analyzing the causes for the inversion, the article suggests
that under general conditions mental workers ought to have a higher income
than manual workers.
Journal: Chinese Economy
Pages: 77-95
Issue: 1
Volume: 18
Year: 1984
Month: 10
Keywords:
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Author-Name: Ji Zhengzhi
Author-X-Name-First: Ji
Author-X-Name-Last: Zhengzhi
Title: The Profit in Planned Prices Should Be Formulated in Accordance with a Composite Profit Index
Abstract:
Issue no. 4 of >i>Economic Research>/i> (1979) published our article "Some
Problems in the Formation of Socialist Planned Prices," in which we
expressed the view that there were advantages but also disadvantages to
formulating the planned price according to the average wage profit rate,
the average cost profit rate, and the average capital profit rate of the
entire society, and that it is inappropriate to take any of these factors
as the sole criterion for determining prices. There we advocated using the
average cost profit rate of the various sectors as the primary criterion
in determining the profit rate in the planned price, while giving full
consideration to the overall average capital profit rate of the society
and the average wage profit of the sectors so as to take care of their
different economic interests. The central theme of the proposition was to
take all three profit rates into consideration and set the price according
to a composite rate of profit. After two years of further discussion, we
still maintain that price ought to be determined on the basis of a
composite rate of profit, but we have made certain revisions of our
proposition. We now believe that the average capital profit rate for
society as a whole should be taken as the primary factor and the
all-society average wage profit rate as the secondary factor, and thus we
can calculate the cost profit rate of the different sectors and use it to
determine the profit of the planned price and formulate the theoretical
price. Here we would like to set forth some of our ideas and hope thereby
to learn something more from our comrades.
Journal: Chinese Economy
Pages: 14-33
Issue: 1
Volume: 18
Year: 1984
Month: 10
Keywords:
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Author-Name: Gu Shutang
Author-X-Name-First: Gu
Author-X-Name-Last: Shutang
Author-Name: Yang Yuchuan
Author-X-Name-First: Yang
Author-X-Name-Last: Yuchuan
Title: A Further Inquiry into Value Determination and the Law of Value
Abstract:
In our effort to make a systematic analysis and study of the role of the
law of value under socialism in China, we first encountered two
long-outstanding theoretical issues. One is the relation between necessary
time of social labor in the second sense and the determination of value.
The other is whether value has a transformed form under socialism. Failing
to clarify the two issues will inevitably impair the analysis of other
related problems. This article is an inquiry into the first issue, namely,
a reassessment of necessary time of social labor in the second sense.
Journal: Chinese Economy
Pages: 59-76
Issue: 1
Volume: 18
Year: 1984
Month: 10
Keywords:
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Author-Name: Jia Kecheng
Author-X-Name-First: Jia
Author-X-Name-Last: Kecheng
Title: A Further Discussion of the Objective Bases for the Principle of Setting Price according to Quality
Abstract:
Reading Comrade Luo Jieli's essay, "On the Objective Bases for the
Principle of Setting Price according to Quality" (hereafter cited as the
Luo article), I was much enlightened. There are, however, also several
points and questions that, in my opinion, require futher discussion and
clarification. In the following, I wish to bring up certain points in
Luo's article and to venture a few of my own viewpoints.
Journal: Chinese Economy
Pages: 58-72
Issue: 2
Volume: 18
Year: 1984
Month: 1
Keywords:
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Author-Name: Jiang Qiwei
Author-X-Name-First: Jiang
Author-X-Name-Last: Qiwei
Title: The Basis for Socialist Production Price: A Reassessment
Abstract:
Discussions on the issue of whether production price remains a fact in the
socialist economy started as early as the 1960s. Proponents of the theory
at that time contended that the department with access to more funds would
have a higher organic composition of capital. The department with a higher
organic composition of capital would have a higher growth rate of labor
productivity. And the department with a higher growth rate of labor
productivity should have a higher rate of surplus products and its
contribution to the state would be greater. Thus, the proponents
maintained that the value of surplus products should be redistributed in
proportion to the funds each department possessed. This raised the
question of the average rate of return on funds and the question of
production price. I, too, was a proponent of this view. Judging by how
things stand now, this exposition, though basically correct, did not
measure up to a rigorous scientific principle. The following is a
reassessment of the basis of production price.
Journal: Chinese Economy
Pages: 23-38
Issue: 2
Volume: 18
Year: 1984
Month: 1
Keywords:
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Author-Name: Wang Weizhong
Author-X-Name-First: Wang
Author-X-Name-Last: Weizhong
Author-Name: Hong Dalin
Author-X-Name-First: Hong
Author-X-Name-Last: Dalin
Title: How Do We Interpret "Value Is the Relations of Production Cost and Utility"?
Abstract:
In 1844, Engels wrote the following in "An Outline of the Critique of
Political Economy": "Value is the relations of production cost and
utility. Value is used, first of all, to determine whether or not certain
commodities ought to be produced; that is, whether or not the utility of
such commodities covers their production costs. Only when this question
has been answered can we speak of use value as a standard measurement for
exchange. If the production costs of two commodities are equal, then their
respective utilities would be the decisive factor in determining their
relative value." He went on to say: "This is the solely correct basis for
exchange ... and when private ownership is abolished, we will not have to
talk about exchange as we do today. At that time the concept of value will
in practice become more and more exclusively used on production problems.
Indeed, that is what it should be."
Journal: Chinese Economy
Pages: 73-87
Issue: 2
Volume: 18
Year: 1984
Month: 1
Keywords:
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Author-Name: Lin Wenyi
Author-X-Name-First: Lin
Author-X-Name-Last: Wenyi
Author-Name: Jia Lurang
Author-X-Name-First: Jia
Author-X-Name-Last: Lurang
Title: The Law of Supply and Demand and Its Role in a Socialist Economy
Abstract:
In studying the theory of how to regulate socialist economy during the
preceding period, people failed to pay attention to the law of supply and
demand, a law unique to market commodity circulation. In discussing the
basis for market regulation, they generally ascribed it to regulation by
means of the law of value. We believe this is a major drawback, and in
this article we propose to offer some preliminary views on the issue.
Journal: Chinese Economy
Pages: 3-22
Issue: 2
Volume: 18
Year: 1984
Month: 1
Keywords:
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Author-Name: He Xiaofeng
Author-X-Name-First: He
Author-X-Name-Last: Xiaofeng
Title: A Preliminary Inquiry into the Theory of Service Value
Abstract:
Is the theory of service value a bourgeois economic viewpoint? Recently I
came across a few questions that forced me to make an inquiry into the
source of labor value in a capitalist society. Marx noted: "The value of
labor is the value of means of subsistence needed to support the laborer,"
and involved in it are certain expenses for "education and training." What
value of means of subsistence do these kinds of educational expenses
manifest? Obviously, educational expenditures for the laborers comprise
not only the cost of such necessities as desks, chairs, pens, and ink (the
value of this portion comes from the labor by workers of the sector
producing means of subsistence) but also the live labor of educators. The
value of this portion is not materialized in any means of subsistence.
Evidently, part of the labor value is not the value of means of
subsistence. Instead of creation by productive labor, this part of value
is created by service labor.
Journal: Chinese Economy
Pages: 39-57
Issue: 2
Volume: 18
Year: 1984
Month: 1
Keywords:
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Author-Name: Wu Junyang
Author-X-Name-First: Wu
Author-X-Name-Last: Junyang
Title: Current Economic Conditions and Reform of the Price System
Abstract:
At present everyone is very concerned about the problem of the price of
goods. In particular, the comrades engaged in economic work are paying
special attention to the question of how we may reform and perfect our
socialist price system. This is because, on the one hand, reform of the
price system is related to the overall situation of the national economy,
and the success of this reform is bound to promote greatly the development
of our socialist economy and enhance our economic results. On the other
hand, reform of the price system requires an economy that is developing
steadily, continuously, and proportionately; without such a premise and
condition, it would be very difficult to reform the price system, and
smooth progress in reforming the economic system as a whole would also be
greatly affected. Therefore, we must ask, what are the economic conditions
in our country at the present time? And are the conditions necessary for
reforming the price system available?
Journal: Chinese Economy
Pages: 55-76
Issue: 3
Volume: 18
Year: 1985
Month: 4
Keywords:
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Author-Name: Ji Xianju
Author-X-Name-First: Ji
Author-X-Name-Last: Xianju
Title: A Discussion of the Idea That Both Interpretations of Socially Necessary Labor Time Should Be Considered in the Determination of Value
Abstract:
In the matter of the relationship between socially necessary labor time
and value determination, I suggest that the two meanings of the term
"socially necessary labor time" ought to be considered together and in
combination in the determination of value. One may call this the "theory
of conjunctional determination." Let me discuss in the following my points
of view by way of analyzing the comparative values and validities of
various opinions.
Journal: Chinese Economy
Pages: 77-91
Issue: 3
Volume: 18
Year: 1985
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:3:p:77-91
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Author-Name: Lu Baifu
Author-X-Name-First: Lu
Author-X-Name-Last: Baifu
Author-Name: Yuan Zhenyu
Author-X-Name-First: Yuan
Author-X-Name-Last: Zhenyu
Title: On Several Problems in the Current Situation with Regard to the Requisition and Procurement of Agricultural and Sideline Products
Abstract:
Since the Third Plenum of the Eleventh Central Committee of the Communist
Party, there has emerged in our country an unprecedentedly favorable
situation of flourishing development in the area of agricultural
production. In 1979-1981, gross agricultural output increased at an
average annual rate of 5.6 percent, which is greatly in excess of the
average annual increase rate of 4.3 percent for 1950-1978. In the wake of
this development, there has also been a remarkable enhancement of the
commodity rate of agricultural products. In 1979-1981, the national gross
requisitioning and procurement amount of agricultural and sideline
products increased at an average annual rate of 19.6 percent. Furthermore,
the ratio of the amount of requisition and procurement of agricultural
sideline products to the gross agricultural production value has
consistently risen, from the 38.2 percent of 1978 to 45 percent in 1979,
51.7 percent in 1980, and 55.5 percent in 1981. These major annual
increases in the requisition and procurement of agricultural and sideline
products not only have ensured the supply of industrial raw materials and
the people's means of consumption and eased the tension that has long
existed between agricultural development and the people's needs, but have
also increased accumulation of communes and production brigades and teams,
and peasants' income, thus promoting further development in agricultural
production.
Journal: Chinese Economy
Pages: 3-19
Issue: 3
Volume: 18
Year: 1985
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:3:p:3-19
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Author-Name: Zhao Lukuan
Author-X-Name-First: Zhao
Author-X-Name-Last: Lukuan
Title: The Problem of Reforming the Wage System in Our Country
Abstract:
Comrade Hu Yaobang pointed out in his report to the Twelfth National
Congress of the party that we must methodically reform the labor system,
the wage system, and the price system in order to ensure the healthy
development of our national economy. Furthermore, at the First Plenum of
the Twelfth Central Committee, he put it even more specifically that
starting with 1984, the center, the provinces, the municipalities, and the
prefectures all must allocate a major portion of their energies to the
study and gradual implementation of the overall reform in such areas as
the educational system and the labor, wage, and price systems. Today the
party center has placed the reform of the wage system on its agenda. The
completion of this reform is bound to serve as a great impetus in the
development of socialist modernization in our country.
Journal: Chinese Economy
Pages: 35-54
Issue: 3
Volume: 18
Year: 1985
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:3:p:35-54
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Author-Name: Yuan Zhen
Author-X-Name-First: Yuan
Author-X-Name-Last: Zhen
Title: On the Question of Understanding the Improvement in the Method of Bonus Distribution
Abstract:
Recently, we, the Party Committee and the People's Government of Anhui
province, have decided to improve the system of economic responsibilities
in the enterprises and to improve the ways that bonuses are distributed.
The decision is made on the basis of investigations and studies down to
the grass-roots units and the summation of the mass experience. The
essential principle of this reform is to learn the experience of the
production-responsibility system in agriculture and to apply it to state
enterprises. In administering worker and staff bonuses, we should allow
those who work harder to receive more rather than allow bonuses to be
handed out in proportion to the standard wage scale. The purpose is to tie
bonuses to economic efficiency and to overcome egalitarianism. Such a view
on reform is well received by the vast masses of workers and staff. A few,
however, are still skeptical and worried. This article studies, discusses,
and presents views on several issues that concern many people.
Journal: Chinese Economy
Pages: 78-86
Issue: 4
Volume: 18
Year: 1985
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:4:p:78-86
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Author-Name: Tian Jiyun
Author-X-Name-First: Tian
Author-X-Name-Last: Jiyun
Title: Implement the Reform of the Price System Vigorously and Reliably
Abstract:
Reforming the price system is a problem that concerns people all over the
country and is the key to the question of whether we can ensure that our
national economy is lively but not chaotic and whether or not the economic
reform will be successful. "Resolutions on Reform of the Economic System,"
adopted by the third session of the Twelfth Party Congress clearly set the
direction and principle of the price system reform. The question now is
how to formulate feasible and practical plans, gradually put them into
effect, and strive for a basic rationalization of the price system during
the Seventh Five-Year Plan. This is a very arduous task. But it will
certainly be fulfilled through our efforts.
Journal: Chinese Economy
Pages: 87-100
Issue: 4
Volume: 18
Year: 1985
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:4:p:87-100
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Author-Name: Zhao Ziyang
Author-X-Name-First: Zhao
Author-X-Name-Last: Ziyang
Title: Report on the Sixth Five-Year Plan for National Economic and Social Development
Abstract:
Fellow deputies, on behalf of the State Council, I now submit a report on
the Sixth Five-Year Plan for China's Economic and Social Development for
examination and approval by the present session.
Journal: Chinese Economy
Pages: 3-61
Issue: 4
Volume: 18
Year: 1985
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:4:p:3-61
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Author-Name: Dai Yuanchen
Author-X-Name-First: Dai
Author-X-Name-Last: Yuanchen
Title: An Investigation of Fiscal Subsidy
Abstract:
Microeconomic results of the enterprise and macroeconomic efficiency are
sometimes consistent and other times contradictory. When contradictory,
the interests of the enterprise or the locality should be subjected to the
economic interest of the whole in order to achieve better macroeconomic
results. This is the socialist principle of high social profit rate.
Journal: Chinese Economy
Pages: 71-77
Issue: 4
Volume: 18
Year: 1985
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:4:p:71-77
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Author-Name: Zong Han
Author-X-Name-First: Zong
Author-X-Name-Last: Han
Title: Reduce the Consumption of Materialized Labor
Abstract:
The economic result of industrial production generally refers to the ratio
of the social labor appropriated and consumed by the industrial production
process to the effective labor result provided for society. Less social
labor consumption in producing the same quantity of a certain product
implies a higher economic result, and vice versa. If the labor consumption
exceeds the amount of labor provided for society, then the loss indicates
a negative result. In the development of socialist production, we should
try our best to consume relatively less social labor and provide more and
better products for the nation and the people.
Journal: Chinese Economy
Pages: 62-70
Issue: 4
Volume: 18
Year: 1985
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:4:p:62-70
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Author-Name: Fang Shen
Author-X-Name-First: Fang
Author-X-Name-Last: Shen
Title: On the Issue of Utilizing Foreign Capital
Abstract:
Do the socialist countries want to use foreign capital? Marx answered this
question a long time ago. Lenin and Stalin, when they were leading the
socialist construction in the Soviet Union, regarded the utilization of
foreign capital as an important policy. In the early twenties, Russia had
suffered severe war losses and urgently needed a restoration of peace and
development of industry; it thus met the farmer's demand for commodities.
At that time, Lenin was of the view that the most appropriate of all
feasible measures was to absorb and utilize foreign capital to develop
industry and forge a union between the Soviet regime and the peasants.
Following the direction pointed out by Lenin, the Soviet Union obtained 2
billion rubles from Sweden, England, Germany, Italy, and Japan from 1920
to 1935. Russia overcame its economic problems, accelerated industrial
construction, and consolidated the Soviet regime by using these loans.
Journal: Chinese Economy
Pages: 101-106
Issue: 4
Volume: 18
Year: 1985
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:18:y:1985:i:4:p:101-106
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Author-Name: Li Honglin
Author-X-Name-First: Li
Author-X-Name-Last: Honglin
Title: Socialism and Opening Up to the Outside World
Abstract:
Is opening our doors to the outside world merely an expedient measure or
is it a basic policy to be maintained over the long-term future? This
question has been raised by people both at home and abroad. Most recently,
Comrade Deng Xiaoping responded to this question with a most clear-cut and
unequivocal answer. He said: "Opening our doors to the world outside is a
fundamental policy of our country. If there is to be change, it will be in
the direction of even greater openness; anything else and our people
themselves would not approve." He also said: "This policy of China's will
not be changed in this century; it is also hard to imagine its changing in
the second half of the next century. By that time the relations between
China and other countries in economic and commercial terms will have
become developed, and much more intimate, and it would be impossible to
change the policy even if one would want to do so."
Journal: Chinese Economy
Pages: 26-39
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1985:i:1:p:26-39
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Author-Name: Wang Jikuan
Author-X-Name-First: Wang
Author-X-Name-Last: Jikuan
Title: International Trade Engineering Is an Emerging Science
Abstract:
International trade has become an indispensable important component in the
economic development of various countries and the most active sector in
international relations. International trade not only has something to do
with a country's level of development but is also closely related to its
technology. In the course of the development of international trade, a new
science, international trade engineering, is bound to come into being and
will provide some theoretical basis for the growth of international trade
to a still higher level.
Journal: Chinese Economy
Pages: 81-88
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1985:i:1:p:81-88
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Author-Name: Yu Guanyuan
Author-X-Name-First: Yu
Author-X-Name-Last: Guanyuan
Title: Theoretical Basis for Reform of the Planning System
Abstract:
The planning system holds a position of special importance in the "CCP
Central Committee's Decision on Reforming the Economic System" adopted by
the Third Plenum of the Twelfth Party Central Committee. The fundamental
goal the "decision" set for the reform is to establish in China "a
planning system that consciously applies the law of value to develop a
socialist commodity economy." Stipulations carried by the "decision"
affirm, on the one hand, the fact that this socialist country of ours
continues to practice planned economy based on ownership by the whole
people rather than a market economy totally regulated by the mechanism of
market and, on the other hand, the idea that our socialist planning system
should be one combining uniformity with flexibility. In terms of its
entirety, our national economic plan should only be a broad outline
leaving much room for maneuver. By striking an overall balance and
employing economic devices, it should exercise an effective control over
major areas and give a free rein to minor things. A mandatory plan should
be provided for major products that have a bearing on the national economy
and the people's livelihood and need to be distributed and allocated
through the arrangement of the state as well as vital economic activities
that involve the overall situation. As for the other products and economic
activities in large numbers, we should, in light of their different
conditions, provide with them a guidance plan or allow them to be
completely regulated by the market. In regard to ways of planning, we
should gradually narrow the extent to which the mandatory plan applies and
properly widen the scope of the guidance plan.
Journal: Chinese Economy
Pages: 3-9
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1985:i:1:p:3-9
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Author-Name: Lin Zili
Author-X-Name-First: Lin
Author-X-Name-Last: Zili
Title: Socialism and the Commodity Economy
Abstract:
The reform of China's economic system has entered a new stage of all-round
undertaking with urban reform as its focus. The "Resolution on the Reform
of the Economic System," approved by the Third Plenum of the Twelfth CCP
Central Committee, serves as its general program and blueprint. The
resolution addressed in a theoretic way a series of fundamental questions
about the socialist economy. The most important one was the break away
from the traditional view contending that socialism and commodity economy
are mutually exclusive. The resolution clearly pointed out that we must
truly turn our enterprises into relatively independent socialist commodity
producers, and that a socialist planned economy must consciously employ
the law of value, that it is a planned commodity economy operating under a
system of public ownership. It further indicated the basic difference
between the socialist commodity economy and capitalism, and that full
development of a commodity economy is a prerequisite for the modernization
of our economy. The discussions and elaboration concerning socialist
commodity economy in the resolution greatly broadened our vistas and
deepened our scientific comprehension of socialism. This article attempts
to investigate a number of problems related to the full development of a
commodity economy under socialism.
Journal: Chinese Economy
Pages: 65-80
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1985:i:1:p:65-80
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Author-Name: Zhou Shulian
Author-X-Name-First: Zhou
Author-X-Name-Last: Shulian
Title: New Advances in Science and Technology and Economic Management
Abstract:
People in our country are now exerting themselves to achieve the strategic
goal set by the Twelfth National Congress of the Communist Party. Major
targets outlined in the sixth five-year plan have been accomplished ahead
of schedule and the state's financial situation has gradually turned for
the better. The Third Plenum of the Twelfth Party Central Committee again
mapped a blueprint for reforming the entire economic system with the city
as the focus. Therefore we are fully confident that we can fulfill the
task of quadrupling the total output value of agriculture and industry
before the end of the century. Nevertheless, we should not ignore the
difficulties we may run into in the course of achieving the strategic
task. To overcome such difficulties, we must pay full attention to the
development and employment of new technologies and strengthen economic
management.
Journal: Chinese Economy
Pages: 17-25
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1985:i:1:p:17-25
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Author-Name: He Jianzhang
Author-X-Name-First: He
Author-X-Name-Last: Jianzhang
Title: Expansion of the Enterprise's Decision-Making Power and Change in the Ownership Relation
Abstract:
For a long period of time a highly centralized administration, a system of
direct state management, was exercised over industrial enterprises of
public ownership by the whole people in China. This means a centralized
arrangement for production, monopolized purchase and supply by the state,
and unified collection of the revenue and disbursement of expenditure. In
a word, the powers to manage personnel, financial, and material resources
as well as supply, production, and sale were all concentrated in the hands
of administrative agencies of the state at all levels; the enterprises did
not have the decision-making power in regard to their operation and
management. As all activities had to be conducted according to
instructions from higher government agencies, the enterprises could hardly
assume responsibility for the results of their operation. Consequently, it
was the state that was held responsible for the losses or gains of the
enterprises, which all ate "from the same big pot," namely, the state. An
enterprise had no power to make adjustments for the wage earnings and
fringe benefits of its employees. As the employees' personal interests
were not tied to the results of the enterprise's operation, they, too,
could only eat from the "big pot" of the enterprise. As a matter of fact,
it is impossible for the state to handle properly all the supply,
purchase, and sale relations of the enterprises, impossible to solve in
time all the problems involving their manpower, material, and financial
resources, and impossible to get rid of bureaucracy completely. Low
efficiency and poor returns are the common failings of a highly
concentrated management system.
Journal: Chinese Economy
Pages: 10-16
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: Developmental Guidelines in the Early Stages of the Battle for Economic Reform and Some Questions of Macroscopic Control
Abstract:
Reform of the economic system in China, with reform in cities as its
focus, is being unfolded across the country. At this takeoff moment of the
reform, the question of what measures are to be taken in order to ensure
an even and smooth transition from the old mold to the new system
naturally commands attention. The historical experience of many other
countries shows that the success or failure of such a reform hinges on the
correct handling of this issue. Therefore we must study the problem in
good earnest.
Journal: Chinese Economy
Pages: 40-52
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Author-Name: Li Jiange
Author-X-Name-First: Li
Author-X-Name-Last: Jiange
Author-Name: Ding Ningning
Author-X-Name-First: Ding
Author-X-Name-Last: Ningning
Title: Hold Down the Growth Rate of the National Economy within an Appropriate Range
Abstract:
In his report on government work delivered at the Third Session of the
Sixth National People's Congress, Premier Zhao Ziyang pointed out that it
is necessary to adhere to the principle of seeking truth from facts and
steady progress and resolutely guard against blindly pursuing and
competing for a high growth rate. This is of paramount importance. In view
of the fact that divergent opinions exist on whether the current growth
rate of industry is appropriate, further discussions are necessary in
order to reach a common understanding of the matter.
Journal: Chinese Economy
Pages: 53-64
Issue: 1
Volume: 19
Year: 1985
Month: 10
Keywords:
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Author-Name: George T. Crane
Author-X-Name-First: George T.
Author-X-Name-Last: Crane
Title: Introduction
Abstract:
Since their creation in 1979, the Special Economic Zones (SEZs) have been
the source of numerous political and intellectual debates in China.
Differences of opinion can be found on a wide range of subjects, from
relatively technical problems of the daily administration of the zones to
more fundamental questions of the nature of Chinese socialism. It is hoped
that the articles translated here stake out the universe of discourse on
the SEZs as it exists in China.
Journal: Chinese Economy
Pages: 4-7
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1985:i:2:p:4-7
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Author-Name: Wang Muheng
Author-X-Name-First: Wang
Author-X-Name-Last: Muheng
Author-Name: Chen Yongshan
Author-X-Name-First: Chen
Author-X-Name-Last: Yongshan
Title: On the Nature of Asian Export Processing Zones and China's Special Economic Zones
Abstract:
After the appearance of Asia's first export processing zone (EPZ) in
Gaoxiong, Taiwan province, in 1965, more than ten Asian developing
countries and territories established EPZs throughout the late 1960s and
early 1970s in order to use foreign capital and develop their national
economies. This situation of over ten years makes clear that the Asian
EPZs have definitely brought results. However, many problems still exist.
Especially regarding the nature of the EPZs, there has been much
discussion at home and abroad. This August 26 [1980] the Standing
Committee of China's Fifth National People's Congress approved the
"Regulations for Special Economic Zones in Guangdong Province" put forward
by the State Council. The first group of Special Economic Zones will be in
Guangdong's Shenzhen, Zhuhai, and Shantou. Thus, probing into the question
of the nature of the Asian EPZs will have real significance for China's
current economic construction.
Journal: Chinese Economy
Pages: 8-24
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Author-Name: Shi Xiulin
Author-X-Name-First: Shi
Author-X-Name-Last: Xiulin
Title: Is the Economy of China's Special Economic Zones State Capitalist in Nature?
Abstract:
Since China decided to establish special economic zones (SEZs) in the
cities of Shenzhen, Zhuhai, and Shantou in Guangdong province and in the
city of Xiamen in Fujian province, the question of the nature of the SEZ
economy has been a matter of constant concern. In academic circles it has
brought about broad discussion with widely divided opinion. Some say the
SEZ economy is capitalist in nature; some say it is socialist. There are
also some who say it is New Democratic in nature. Still others consider it
to be state capitalist in nature, or basically state capitalist. The
question of how to recognize correctly the nature of the SEZ economy has
important practical significance in regard to the implementation of this
important policy decision by the Central Committee, and in regard to
further emancipating our thought, strengthening our confidence, and
pushing ahead with the construction of the SEZs. For this reason, it is
necessary to engage in a theoretical discussion of this matter. This essay
will address the question of how to recognize the nature of the SEZ
economy. I offer to share a few of my immature views with my comrades.
Journal: Chinese Economy
Pages: 25-40
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Author-Name: Guangming Ribao
Author-X-Name-First: Guangming
Author-X-Name-Last: Ribao
Title: Shenzhen and Shekou Industrial Areas Reform Wage System
Abstract:
This newspaper's staff reporters Chen Yushan and Wu Xiaomin and Xinhua
News Agency Reporter He Yunhua report: "It is correct to emphasize
socialist consciousness [among employees] and to strengthen their
political thought; but on the other hand, socialism requires more reward
for more results, and wages must accord with work performed. A wage system
that treats diligence and laziness, high-level and low-level specialized
knowledge, and professional and amateur skills the same cannot be called
socialist." These words were said by Yuan Geng, party secretary of Shekou
Industrial District and director of the Management Committee, when he was
talking with reporters about the main ideas for wage reform at Shekou [in
Shenzhen Special Economic Zone].
Journal: Chinese Economy
Pages: 71-72
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Author-Name: Zou Erkang
Author-X-Name-First: Zou
Author-X-Name-Last: Erkang
Title: Special Economic Zone Typifies Open Policy
Abstract:
>b>Question>/b>: When did you begin to set up the Special Economic Zone?
Journal: Chinese Economy
Pages: 79-85
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1985:i:2:p:79-85
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Author-Name: Su Yanhan
Author-X-Name-First: Su
Author-X-Name-Last: Yanhan
Title: A Brief Discussion of the Economic Nature of China's Special Economic Zones
Abstract:
To implement special policies, absorb foreign capital on a large scale,
and implement economic cooperation between China and foreign countries,
China's Special Economic Zones are now forming a new socioeconomic
structure. This structure is an important indication of the difference
between the nature of the economy in special zones and the economy in the
broad areas of our domestic economy. This article will emphasize examining
the nature of the special zones' economy from the angle of the
socioeconomic structure, from its special nature, its dual nature, and its
transitional nature.
Journal: Chinese Economy
Pages: 41-58
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Author-Name: George Wang
Author-X-Name-First: George
Author-X-Name-Last: Wang
Title: Preface
Abstract:
This special issue on China's Special Economic Zones consists of eight
articles. The first three are theoretical, dealing with the ownership of
the means of production, and whether they are socialist or capitalist in
nature. Dr. George T. Crane translated two of the articles and wrote an
introduction. Bill Verrick translated the third.
Journal: Chinese Economy
Pages: 3-3
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Author-Name: Liang Xiang
Author-X-Name-First: Liang
Author-X-Name-Last: Xiang
Title: Shenzhen: Opening to the World
Abstract:
Special Economic Zones are an important part of China's policy of opening
to the world. The idea was first put forward at the end of 1978, when
China began its modernization drive. The National People's Congress
formally approved the special zones in Guangdong province in August 1980
and the Xiamen zone two months later.
Journal: Chinese Economy
Pages: 73-78
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Author-Name: Zhang Zeyu
Author-X-Name-First: Zhang
Author-X-Name-Last: Zeyu
Title: A Mirror for Urban Economic Reforms
Abstract:
Shenzhen, a bleak and desolate small town when it was first opened to the
outside world five years ago, has since been transformed into a modern
city. With an injection of foreign capital and bank loans, this Special
Economic Zone has embarked on large-scale construction projects at top
speed and with high efficiency. The city infrastructure projects have been
completed, and buildings covering a total floor space of 3 million square
meters have been completed and put into service. Noting the quick growth
of the Shenzhen skyline, visitors from other parts of the country are
astonished by "Shenzhen speed."
Journal: Chinese Economy
Pages: 86-92
Issue: 2
Volume: 19
Year: 1985
Month: 1
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 3
Volume: 19
Year: 1986
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:19:y:1986:i:3:p:3-6
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Author-Name: Yang Jinbai
Author-X-Name-First: Yang
Author-X-Name-Last: Jinbai
Title: The General Concept of Productive Labor
Abstract:
[Author's note]: For the basic viewpoint of this article, see "Guanyu
Ma-ke-si de shengchan laodong lilun de ji ge wenti" [Some Questions
Concerning Marx's Theory of Productive Labor] in >i>Zhongguo shehui
kexue>/i> [Social Sciences in China] 1 (1982). For the present volume, the
author rewrote the original essay according to the requirements of this
book.
Journal: Chinese Economy
Pages: 7-39
Issue: 3
Volume: 19
Year: 1986
Month: 4
Keywords:
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Author-Name: Yin Hang
Author-X-Name-First: Yin
Author-X-Name-Last: Hang
Title: Capitalism will Surely Perish, Socialism will Surely Prosper
Abstract:
Commenting on the general features of the international situation near the
end of the fifties, the great leader Chairman Mao pointed out: "The enemy
is rotting away day by day, while we get better and better day by day."
The unfolding of history eloquently proves Chairman Mao's brilliant
conclusion.
Journal: Chinese Economy
Pages: 44-56
Issue: 1
Volume: 6
Year: 1972
Month: 10
Keywords:
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Author-Name: Fang Hai
Author-X-Name-First: Fang
Author-X-Name-Last: Hai
Title: Study Some Political Economy
Abstract:
The great leader Chairman Mao has called upon us many times to study some
political economy. This call is directed not only to comrades engaged in
economic work but also to the broad masses of Communist Party members and
revolutionary cadres â especially the Party's responsible cadres.
"Marx's economic theory is the most profound, most complete, and most
detailed attestation and application of the theory of Marx" (Lenin, "Karl
Marx"). The study of Marxist political economy is very important for
having a good grasp of Marxism, for thoroughly understanding our Party's
basic program and basic line, for correctly carrying out the line and
policies of the Party for the stage of socialist revolution, and for
criticizing the anti-Party, anti-Marxist revisionist line of Liu Shao-ch'i
and other swindlers. Marxist political economy is a science for the study
of production relations, and production relations constitute the
fundamental relations that determine all other relations in society. To
study production relations, it is essential to study the contradiction
between the production relations and the productive forces, the
contradiction between the superstructure and the economic base, and the
objective laws governing the development of human society. Engels pointed
out that the proletarian party's "entire theoretical content stems from
the study of political economy" (Karl Marx, >u>A Critique of Political
Economy>/u>). Bourgeois economists always study the economic relations of
society as the relations between things, and use this to cover up the
exploitative relations of capitalism. What Marxist political economy
studies is not the relations between things but the relations among
people, and ultimately the relations between classes. The production of
material things has never been the result of individual production but of
social production. In order to carry out production, people must form
certain production relations one way or another. Production relations are
determined by the nature of the productive forces, and in turn play an
enormous role in the development of the productive forces. Production
relations also change with the development of the productive forces.
Production relations that are incompatible with the nature of the
productive forces are inevitably transformed sooner or later. The sum
total of production relations constitutes the economic base of society. A
given economic base has its corresponding superstructure, that is, the
state apparatus, army, laws, and all kinds of social ideology. Social
production always develops under the impetus of contradictions between the
production relations and the productive forces and between the
superstructure and the economic base. The contradictions between the
production relations and the productive forces and between the
superstructure and the economic base are not contradictions between
things. They are contradictions among people and between classes. To
reveal the secret of exploitation of man by man under the capitalist
system through the false appearance of things controlling and governing
people and to scientifically prove the laws governing the origination,
development, and disintegration of the capitalist system â this is the
great contribution of Marxist political economy to the proletarian
revolution.
Journal: Chinese Economy
Pages: 76-91
Issue: 2
Volume: 6
Year: 1972
Month: 1
Keywords:
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Author-Name: Kung Hsiao-wen
Author-X-Name-First: Kung
Author-X-Name-Last: Hsiao-wen
Title: We Must Keep Count
Abstract:
At present, a new upsurge of China's socialist revolution and construction
is rising higher, and the assignments of the first year of the Fourth
Five-Year Plan are being triumphantly carried out. The new situation
creates new demands on the work of statistical planning. Much is still to
be done in statistical work with respect to
"struggle-criticism-transformation." But some comrades still have muddled
ideas, to a certain extent, with respect to statistical work. In some
departments and factories, after the revisionist view "Statistics is all
powerful" has been criticized, there emerges another, "Statistics is
useless." We must give attention to the troubles it stirs up.
Journal: Chinese Economy
Pages: 32-38
Issue: 3
Volume: 6
Year: 1973
Month: 4
Keywords:
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Author-Name: Ch'en Yung-kuei
Author-X-Name-First: Ch'en
Author-X-Name-Last: Yung-kuei
Title: On Scientific Farming
Abstract:
This article sums up the experience in scientific farming. It stresses
that in order to carry out scientific farming it is imperative to educate
the peasants with socialist ideas, carry forward the revolutionary spirit
of hard struggle and self-reliance, seriously carry out to the letter the
"eight-word constitution" for agriculture as formulated by Chairman Mao,
devote strenuous efforts to fully arousing the masses, and conduct
experiments in everything. The article uses revolutionary dialectics to
explain problems, and the language used is vivid and alive.
Journal: Chinese Economy
Pages: 56-74
Issue: 4
Volume: 6
Year: 1973
Month: 7
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Note
Abstract:
The current issue comprises thirteen articles selected on the basis of
their representativeness of the underlying trends and attributes of
economic activity in the People's Republic of China during the period
January 1 through March 30, 1973. The documents seem to suggest that the
economy is still going through a period of consolidation and that there is
no sign of a break from the economic policy of last year. For instance,
some of the articles included here stress the continued pursuit of the
principle of "taking agriculture as the foundation and industry as the
leading factor" in handling the interrelations among agriculture, light
industry, and heavy industry.
Journal: Chinese Economy
Pages: 3-4
Issue: 4
Volume: 6
Year: 1973
Month: 7
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 1
Volume: 8
Year: 1974
Month: 10
Keywords:
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Author-Name: Hung Ch'iao
Author-X-Name-First: Hung
Author-X-Name-Last: Ch'iao
Title: Strive to Store Grain Everywhere
Abstract:
Under the guidance of Chairman Mao's revolutionary line, an excellent
situation unknown before has emerged on the food grain front in our
country since the Great Proletarian Cultural Revolution.
Journal: Chinese Economy
Pages: 15-26
Issue: 1
Volume: 8
Year: 1974
Month: 10
Keywords:
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Author-Name: Wen-shun Chi
Author-X-Name-First: Wen-shun
Author-X-Name-Last: Chi
Title: Highlights of Economic Conditions in China
Abstract:
>p>This is an eyewitness report of the highlights of the economic
conditions in China. I spent six weeks from the end of March to the middle
of May in China traveling through South China to North China. The cities I
visited include Canton, Wuhan, Peking, Tientsin, Shanghai, Suchow, and
Hangchow. Wuhan is a newly developed industrial center where I visited the
following representative factories:>/p>>p>Wuhan Meat Processing
Plant;>/p>>p>Wuhan Iron and Steel Corporation;>/p>>p>Wuhan Heavyweight
Machine Tools Factory;>/p>>p>Wuhan Diesel Engine Tractor Factory;
and>/p>>p>Wuhan Cotton Textile Mill.>/p>
Journal: Chinese Economy
Pages: 65-74
Issue: 3
Volume: 8
Year: 1975
Month: 4
Keywords:
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Author-Name: James Tobin
Author-X-Name-First: James
Author-X-Name-Last: Tobin
Title: The Economy of China: A Tourist's View
Abstract:
I visited the People's Republic of China for two weeks, September 8-22,
1972, together with Professors John Kenneth Galbraith and Wassily
Leontief, in the first of a series of visits by U.S. academicians and
scientists arranged by the Federation of American Scientists and the
Chinese Academy of Sciences. Our hosts were the Academy of Sciences, the
Scientific and Technical Association, and Peking University. We spent a
day in Canton, a week in Peking, a day each in Nanking and Hang-chow,
three days in Shanghai, and nearly two days traveling by train. We spent
two and a half days in Peking in discussions with economists from Peking
University and from the Academy's Institute of Economics. A similar but
less elaborate discussion took place in Shanghai with economists of Futan
University. In addition, we visited an arts and crafts workshop, a cotton
textile factory, a machine tool plant, a rural people's commune, a grocery
supermarket, a large department store, an industrial exposition, a high
school, and a hospital. We found all of these visits and discussions
extremely informative. Nevertheless, we are acutely aware of the vast gaps
in our information about the Chinese economic system. Very few
macro-economic data were available to us, and we were not able to talk to
economists and other responsible officials in the planning and operating
agencies of the government.
Journal: Chinese Economy
Pages: 25-46
Issue: 3
Volume: 8
Year: 1975
Month: 4
Keywords:
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Author-Name: S. Y. Wu
Author-X-Name-First: S. Y.
Author-X-Name-Last: Wu
Title: A Report on the Chinese Commune
Abstract:
Among the many remarkable achievements in the People's Republic of China,
one of the most significant has been the development of the commune
system. Since 80 percent of the Chinese people live on the farms, the
development of a stable agricultural sector is essential to the overall
stability and development of the Chinese society.
Journal: Chinese Economy
Pages: 75-93
Issue: 3
Volume: 8
Year: 1975
Month: 4
Keywords:
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Author-Name: Lloyd G. Reynolds
Author-X-Name-First: Lloyd G.
Author-X-Name-Last: Reynolds
Title: China's Economy: A View from the Grass Roots
Abstract:
The number of American economists who have been to China is about equal to
the number of astronauts who have been to the moon, so each returning
traveler can add something to our limited knowledge of that vast and
complex country. These notes are intended to supplement the reports of
previous visitors without repeating things which are generally known.
Journal: Chinese Economy
Pages: 8-24
Issue: 3
Volume: 8
Year: 1975
Month: 4
Keywords:
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Author-Name: Victor D. Lippit
Author-X-Name-First: Victor D.
Author-X-Name-Last: Lippit
Title: Efficiency, Planning, and Economic Interactions in China: A Visitor's Report
Abstract:
Having carried out studies on Chinese economic development and
organization for some time before visiting China in August 1972, I was
concerned with clarifying a number of issues concerning how the economy
functioned. Traveling with the first group of American Radical Political
Economists, I had ample opportunity to visit production and distribution
organizations â factories of various types, communes, a coal mine, a
department store, a produce and meat market, cooperative workshops, and so
forth. Besides engaging in lengthy discussions with responsible personnel
at each of these places, the members of our group were also able to talk
at length with academic economists from Peking and Futan (Shanghai)
Universities, and with officials from the Ministry of Commerce and the
People's Bank of China. In talking with the Chinese and in making
observations, I was particularly concerned with grasping principal
relationships and interactions within the economy, and with understanding
the rationale for the patterns of economic organization that have emerged.
Journal: Chinese Economy
Pages: 47-64
Issue: 3
Volume: 8
Year: 1975
Month: 4
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-7
Issue: 3
Volume: 8
Year: 1975
Month: 4
Keywords:
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Author-Name: Chung Chih
Author-X-Name-First: Chung
Author-X-Name-Last: Chih
Title: An Acute Struggle to Smash the Capitalist Road
Abstract:
Our great leader, Chairman Mao, teaches us:"We have a rural population of
more than 500 million, so the condition of our peasants has a most
important bearing on the development of our economy and the consolidation
of our political power." Following our nationwide victory, the fate of the
dictatorship of the proletariat and of the socialist system depended on
whether the peasants were led down the socialist road or down the
capitalist road.
Journal: Chinese Economy
Pages: 3-14
Issue: 1
Volume: 5
Year: 1971
Month: 10
Keywords:
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Author-Name: Ch'i Yung-hung
Author-X-Name-First: Ch'i
Author-X-Name-Last: Yung-hung
Title: Industry Must Energetically Support Agriculture
Abstract:
Guided by Chairman Mao's great policy of"taking agriculture as the
foundation and industry as the leading sector," great achievements have
been made in the support of agriculture by industry in the past few years,
especially since the Great Proletarian Cultural Revolution, thus greatly
facilitating the development of socialist agricultural production and
providing an enormous driving force for the all-round fulfillment of
the"Outline for National Agricultural Development" in the vast
countryside. Because China is a large country with a rural population
several hundred millions strong, there is still imbalance in the
development of this work. In order to transform completely the aspects of
agricultural production, it is imperative that the revolutionary spirit
of"self-reliance" and"hard struggle" be brought energetically into play
and that the support of agriculture by industry be carried out to the
letter. At present, however, there are still some comrades who lack
adequate understanding with respect to the support of agriculture by
industry. They think that products made in support of agriculture"sell at
a low price and bring a low margin of profit," are"simple and crude," and
do not offer any technical challenge. In short, this amounts to saying
that"to support agriculture puts one at a disadvantage."
Journal: Chinese Economy
Pages: 31-39
Issue: 1
Volume: 5
Year: 1971
Month: 10
Keywords:
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Author-Name: Li Ssu-kuang
Author-X-Name-First: Li
Author-X-Name-Last: Ssu-kuang
Title: Apply Chairman Mao'S Philosophical Thinking to the Development of Science and Technology
Abstract:
This article emphatically makes the point that in the sphere of science
and technology it is necessary to put proletarian politics in command,
persist in taking the mass line, and for scientific workers to study
materialism and dialectics, further criticize idealism and metaphysical
viewpoints, and strive to analyze and solve on the basis of the
proletarian world outlook new problems arising in various branches of
science.
Journal: Chinese Economy
Pages: 56-65
Issue: 1
Volume: 5
Year: 1971
Month: 10
Keywords:
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Author-Name: Ts'ai Cheng
Author-X-Name-First: Ts'ai
Author-X-Name-Last: Cheng
Title: Put Mao Tse-Tung Thought in Command of Economic Accounting
Abstract:
Establishment of the economic accounting system is an important principle
in the management of a socialist enterprise. Experience provided by Dairen
Dyestuff Factory shows that perseveringly putting Mao Tse-tung Thought in
command, taking class struggle as the key link, and boldly arousing the
masses to strengthen enterprise management and to do economic accounting
well constitute one of the important aspects of the
struggle-criticism-transformation campaign of an enterprise.
Journal: Chinese Economy
Pages: 143-149
Issue: 2
Volume: 5
Year: 1971
Month: 1
Keywords:
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Author-Name: Jen-min Jih-pao
Author-X-Name-First: Jen-min
Author-X-Name-Last: Jih-pao
Title: Relying on Our Own Efforts and Adopting Indigenous Methods to Develop"Small-Scale Fiber Plants"
Abstract:
Kiangsu Province has been moving to build a synthetic fiber industry for a
good number of years. Prior to the Great Proletarian Cultural Revolution,
however, there were ups and downs, and, owing to serious interference by
the renegade, hidden traitor, and scab Liu Shao-ch'i's
counterrevolutionary revisionist line, the results were not outstanding.
Motivated by the Great Proletarian Cultural Revolution, the broad masses
of workers of Kiangsu Province, within their red hearts the will to win
glory for the great leader, Chairman Mao, and for the great socialist
motherland, paved the way with revolutionary great criticism, relied on
their own efforts, and got things going with indigenous' methods. In the
short course of little more than one year, they have completed nine
small-scale synthetic fiber plants, and another eight will also be
completed for production at the end of this year. Five products â
dacron, nylon, vinylon, orlon, and saran â are under production.
Journal: Chinese Economy
Pages: 122-130
Issue: 2
Volume: 5
Year: 1971
Month: 1
Keywords:
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Author-Name: George C. Wang
Author-X-Name-First: George C.
Author-X-Name-Last: Wang
Title: Foreword
Abstract:
This issue of >u>Chinese Economic Studies>/u> is a complete translation of
>u>An Outline of the Compilation Work for an Input-Output Table for the
People's Republic of China, 1956>/u>. Professor Niwa Haruki at Kwansei
Gakuin University made the study under the auspices of the Institute of
Developing Economies of Japan. The book comprises nine chapters,
twenty-nine charts, three figures, and numerous tables. Because of the
technical nature of the work, a few explanatory words on the construction
of the tables may be helpful, particularly for those who are interested in
comparing the productive structure of China with the structures of other
related economies.
Journal: Chinese Economy
Pages: 181-182
Issue: 3
Volume: 5
Year: 1972
Month: 4
Keywords:
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Author-Name: Haruki Niwa
Author-X-Name-First: Haruki
Author-X-Name-Last: Niwa
Title: Preface
Abstract:
This report outlines the stochastic work done for compilation of the "1956
Chinese Input-Output Table," as part of the researches undertaken during
fiscal years 1967 and 1968 for "Analyses and Projections of Communist Bloc
Countries' Economies Through Econometric Macro-Models, Foreign Trade
Matrices, and Input-Output Tables," a project commissioned by the Asian
Economic Research Institute [Ajiya Keizai Kenkyujo].
Journal: Chinese Economy
Pages: 183-185
Issue: 3
Volume: 5
Year: 1972
Month: 4
Keywords:
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Author-Name: Yang Jinbai
Author-X-Name-First: Yang
Author-X-Name-Last: Jinbai
Title: Some Theoretical Problems of Socialist National Income: The Distribution of the Social Product and of the National Income
Abstract:
After the social product and the national income have been produced, they
have to be distributed and redistributed. The task of this essay is to
discuss the distribution of the social product, and in particular the
question of the primary distribution of the national income. Let us begin
with a discussion of the meaning of the relations of distribution.
Journal: Chinese Economy
Pages: 3-27
Issue: 1
Volume: 20
Year: 1986
Month: 10
Keywords:
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Author-Name: Rong Yiren
Author-X-Name-First: Rong
Author-X-Name-Last: Yiren
Title: Observations on Some Questions in the Building of a Socialist Economy with Chinese Characteristics
Abstract:
Building China into a socialist country with Chinese characteristics is
the only way to make the country prosper and grow strong. On this point, I
have had the opportunity to gain some perceptual knowledge in the past few
years, having taken part in some economic activities. In conjunction with
the perception gained in practice, recently I have systematically
reexamined the Chinese Constitution and the related party lines and
policies. After repeated reflection, I have come to realize that there are
several important issues in economic construction. My purpose is only to
"cast a brick to attract jade," in the hope that my commonplace remarks
will bring out more valuable observations from other people so that
together we can contribute to the country's socialist modernization.
Journal: Chinese Economy
Pages: 13-25
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Tong Dalin
Author-X-Name-First: Tong
Author-X-Name-Last: Dalin
Author-Name: Song Yanming
Author-X-Name-First: Song
Author-X-Name-Last: Yanming
Title: Horizontal Economic Integration Is a Beachhead to Launch Urban Reform
Abstract:
China's rural economic reform was launched through the establishment of
the system of contracted responsibility for production. With this
breakthrough, a series of further reforms touching on both the economic
foundations and the superstructure were possible. These included raising
the procurement price of farm produce, opening farm produce markets,
effecting necessary changes in the system of unified state purchase and
acquisition of certain products, readjusting production structures, and
restoring rural administration. As a result, many successful specialized
households, specialized villages, and different types of economic
affiliations formed spontaneously by the peasants have emerged. All this
gave a great spur to the development of rural industry and brought China's
rural areas into a new era of flourishing commodity economy.
Journal: Chinese Economy
Pages: 26-35
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Li Chengrui
Author-X-Name-First: Li
Author-X-Name-Last: Chengrui
Title: An Important Question in Macroeconomic Management
Abstract:
Macroeconomic control and microeconomic liberalization and reinvigoration
are mutually complementary and conditional. In reforming the economic
structure, both areas are important. Macrocontrol of the national economy
has two objectives. One, in terms of value, total social production must
meet total demand. Second, in terms of use value or product output, total
production must also meet total demand. The first objective is
quantitative balance. The second is balance between departments and
products. Balance in value is the primary concern of macrocontrol.
Journal: Chinese Economy
Pages: 3-12
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Yang Peixin
Author-X-Name-First: Yang
Author-X-Name-Last: Peixin
Title: On Building a Socialist Capital Market in China
Abstract:
Since the Third Plenary Session of the party's Eleventh Central Committee,
the reform of the ownership system and the shift in economic policy have
brought about profound changes in the capital market. Peasants are getting
richer and are expanding the scale of their production after the
introduction of the system of contracted responsibility for production and
the adjustment in procurement prices of farm and subsidiary products. Tens
of millions of workers and employees got raises and bonuses and have more
money in their pockets. Enterprises, imbued with more autonomy, were
allowed to keep a portion of their depreciation funds and retain a
percentage of the profits. Now that the [new] system requires the payment
of income taxes to the state, the enterprises have begun to have funds of
their own. Since local governments are allowed to run their own financial
affairs, localities, departments, and units each have some extrabudgetary
funds. Central financial departments can no longer take over without
compensation those portions of the national income allocated to farmers,
workers, employees, enterprises, and localities. The function of
fundraising has gradually been transferred to the banks.
Journal: Chinese Economy
Pages: 67-74
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Xue Muqiao
Author-X-Name-First: Xue
Author-X-Name-Last: Muqiao
Title: Price Fluctuations and Changes in People's Livelihood in China in the Past Six Years
Abstract:
From 1978 to 1984, price and people's livelihood in China underwent marked
changes. On the one hand, prices rose. On the other hand, people's
livelihood improved. Prima facie, price rise and people's well-being are
in conflict with each other. For a long time, we have publicized that to
maintain stable price is a basic principle of the party. It guarantees
stability in people's well-being. This line of reasoning has taken root in
people's hearts. As a result, people are worried whenever prices rise. It
is their conviction that price rise inevitably leads to lower living
standards. Since the Third Plenum of the Party's Eleventh Central
Committee, growth of national economy in general and agricultural
development in particular has been accelerated through a series of
systematic price readjustments, in an effort to rationalize the
interrelationships in the national economy. In the past several years,
prices of farm produce were raised by a considerable margin. This has
enabled agriculture to develop rapidly. Urban and rural people are happy
about the rapid agricultural development. But their reactions differ as to
the price hike. Peasants are happy, city residents are against it. What
causes the different attitudes? Urban people are consumers of farm produce
whereas peasants are producers. On the question of price, the interests of
consumers and producers are always in conflict.
Journal: Chinese Economy
Pages: 55-63
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Zhan Wu
Author-X-Name-First: Zhan
Author-X-Name-Last: Wu
Title: Proper Attention Should Be Paid to the Supplementary Role of Microeconomic Regulation in Enterprises
Abstract:
Following the development of a planned commodity economy and reforms in
the urban and rural economic system, enhancement of decision-making powers
of enterprises and efforts to activate the economy, a multiform economic
regulation in industrial and commercial enterprises and between them has
gradually emerged in cities and the countryside. I refer to it as
microeconomic regulation, which is playing an important supplementary role
to the state-regulated macroeconomics.
Journal: Chinese Economy
Pages: 83-89
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Zhou Daojiong
Author-X-Name-First: Zhou
Author-X-Name-Last: Daojiong
Title: Macro Control and Micro Self-Regulating Investment
Abstract:
In 1984, China's national economy showed stable, uninterrupted growth.
Oversupply of money emerged as a major problem. Too many bank loans were
extended, consumer funds grew too fast, and investment in fixed assets
became excessive. Since the beginning of 1985, a number of localities and
departments have one-sidedly emphasized high speed of development.
Large-scale investment has continued to pour into extrabudget projects.
Overinvestment manifested itself in the escalation of project scale and
requirements, and other loopholes such as key projects siphoned off an
immense amount of additional funds, and unnecessary duplication in
construction. Economic results of investment have slowed down to a slump.
A major task in current national economy is to curtail the scale of
investment.
Journal: Chinese Economy
Pages: 90-96
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Yang Jianbai
Author-X-Name-First: Yang
Author-X-Name-Last: Jianbai
Title: Market Mechanism and Macroeconomic Control
Abstract:
"The Party Central Committee's Proposal on Formulating the Seventh
Five-Year Plan for the National Economy and Social Development" pointed
out that, in establishing a new economic structure, efforts should be made
to fit in the needs of a planned commodity economy based upon public
ownership. Three key elements are to be grasped: infusing enterprises with
new vitality, establishing a commodity market, and an indirect control
system. The three go together. This article will focus on some questions
of the market mechanism and macroeconomic control under existing
conditions.
Journal: Chinese Economy
Pages: 75-82
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Shi Ling
Author-X-Name-First: Shi
Author-X-Name-Last: Ling
Title: Xue Muqiao Expresses New Views on the Question of Ownership
Abstract:
Well-known economist Xue Muqiao said at a recent discussion on the system
of ownership that the concept of dividing socialist public ownership into
only state ownership and collective ownership needs to be revised. The
difference between the two in administration is gradually diminishing, he
said, and the socialist public ownership system may evolve into a system
with many tiers-central, local (provinces, municipalities, and counties),
and rural-and many modes of administration. In addition, there is
individual ownership, which supplements public ownership, and certain
nonsocialist economic sectors.
Journal: Chinese Economy
Pages: 64-66
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Author-Name: Hu Ji
Author-X-Name-First: Hu
Author-X-Name-Last: Ji
Author-Name: Li Jiange
Author-X-Name-First: Li
Author-X-Name-Last: Jiange
Title: On Controlling Demand and Improving Supply
Abstract:
Premier Zhao Ziyang, when talking about the current economic situation and
1986 tasks at the national planning and economic work conference on
January 13 this year, pointed out that, in the past year, due to a series
of measures taken by the Party Central Committee and State Council to
strengthen macroeconomic control and eliminate factors of instability in
the nation's economic life, there has been great improvement of the
situation in which total social demand exceeded total supply. Referring to
remaining factors of instability and the phenomenon of "chopping off
everything with one blow of the knife" [indiscriminate treatment in
reform] which occurred last year in regard to the tightening of the money
market and control of currency circulation, he stressed that this year,
while continuing to strengthen macroeconomic control, particular attention
should be paid to improving it; that, while controlling demand, particular
attention should be paid to improving supply; and that, while reducing the
extremely high rate of growth, particular attention should be paid to
maintaining a proper rate of growth on the basis of economic results. He
also pointed out that economic reform this year should concentrate on
"consolidating, digesting, supplementing, and improving" measaures already
put into practrice last year, so as to be ready to take major new strides
next year. We consider it imperative that these points be borne in mind in
this year's economic work.
Journal: Chinese Economy
Pages: 36-45
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Author-Name: Li Jiange
Author-X-Name-First: Li
Author-X-Name-Last: Jiange
Author-Name: Ding Ningning
Author-X-Name-First: Ding
Author-X-Name-Last: Ningning
Title: Keep the Growth Rate of the National Economy within Proper Limits
Abstract:
In his Report on the Work of the Government to the Third Session of the
Sixth National People's Congress, Premier Zhao Ziyang pointed out that the
policy of seeking truth from facts and making stable progress must be
continued, and that blindly chasing after growth rate and competing over
who can go faster must be avoided. This is an extremely important issue.
As there exist different views on whether the present speed of industrial
growth is appropriate, we deem it necessary to discuss the issue, so as to
arrive at a uniform understanding.
Journal: Chinese Economy
Pages: 46-54
Issue: 2
Volume: 20
Year: 1986
Month: 1
Keywords:
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Author-Name: Rong Wenzuo
Author-X-Name-First: Rong
Author-X-Name-Last: Wenzuo
Title: Establishing Socialist Joint Stock Companies: A Report of a Study on the Joint-Development Company of the China Tourism Souvenirs Enterprise
Abstract:
The Joint-Development Company of the China Tourism Souvenirs Enterprise is
a crossregional, crossdepartmental, and crossownership socialist joint
stock company. The organization of this company began in January 1983. It
was officially established in March of that year. Up to the end of August
1985, the company, despite having only two years and five months of
"life," has nonetheless already achieved results that are very encouraging
and that are hard to imagine by conventional standards.
Journal: Chinese Economy
Pages: 46-62
Issue: 3
Volume: 20
Year: 1987
Month: 4
Keywords:
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Author-Name: Zuo Mu
Author-X-Name-First: Zuo
Author-X-Name-Last: Mu
Title: An Exploration into Several Problems Related to the Restructuring of the System of Ownership
Abstract:
The deepening development of the reform of the economic system is bound to
raise the question of the system of ownership. On the premise of
consolidating and further developing the system of socialist public
ownership, we have to restructure the ownership system in our country so
as to make the social strata of the ownership system more rational and to
make the internal ownership distribution, the right of operation
(occupying and using [the means of production]), and the right of
allocation more appropriate. The restructuring of the ownership system is
extremely significant for the reform of the economic system as a whole.
Journal: Chinese Economy
Pages: 63-77
Issue: 3
Volume: 20
Year: 1987
Month: 4
Keywords:
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Author-Name: Liu Guoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Guoguang
Title: Economic Reform and Macroeconomic Management: Commentaries on the International Conference on Macroeconomic Management
Abstract:
>i>People's Daily>/i> Editor's Note: The following essay was written after
a group discussion and deliberation, chaired by Liu Guoguang and Zhang
Zhuoyuan. The following people took part in the discussion and editing of
the draft: Liu Guoguang, Chen Jiyuan, Zhang Zhuoyuan, He Jiacheng, Zhou
Shulian, Zhao Renwei, Dai Yuanshen. The preliminary draft was written by
Dai Yuanshen and He Jiacheng.
Journal: Chinese Economy
Pages: 3-45
Issue: 3
Volume: 20
Year: 1987
Month: 4
Keywords:
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Author-Name: Zheng Tuobin
Author-X-Name-First: Zheng
Author-X-Name-Last: Tuobin
Title: The Problem of Reforming China's Foreign Trade System
Abstract:
On September 15, 1984, the State Council read and approved the report
submitted by the Ministry of Foreign Economic Relations and Trade on the
further reform of the foreign trade system. In its instruction, the State
Council pointed out: "The reform of the foreign trade system is one of the
major reforms in our economic system; it will have a major impact on our
country's implementation of the policy of opening up to the outside world,
and domestically, to invigorate our economy, of the policies to develop
further our foreign trade and to speed up the four modernizations."
Journal: Chinese Economy
Pages: 27-49
Issue: 4
Volume: 20
Year: 1987
Month: 7
Keywords:
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Author-Name: Zheng Tuobin
Author-X-Name-First: Zheng
Author-X-Name-Last: Tuobin
Title: The Problem of Reforming China's Foreign Trade System
Abstract:
On September 15, 1984, the State Council read and approved the report
submitted by the Ministry of Foreign Economic Relations and Trade on the
further reform of the foreign trade system. In its instruction, the State
Council pointed out: "The reform of the foreign trade system is one of the
major reforms in our economic system; it will have a major impact on our
country's implementation of the policy of opening up to the outside world,
and domestically, to invigorate our economy, of the policies to develop
further our foreign trade and to speed up the four modernizations."
Journal: Chinese Economy
Pages: 3-26
Issue: 4
Volume: 20
Year: 1987
Month: 7
Keywords:
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X-Bibl:
Handle: RePEc:mes:chinec:v:20:y:1987:i:4:p:3-26
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Author-Name: Yang Mu
Author-X-Name-First: Yang
Author-X-Name-Last: Mu
Title: The New Technological Revolution and the Technological Progress in Industries
Abstract:
To realize the strategic goals that we have set for the year 2000, we must
rely at least half on scientific and technological progress. The new
technological revolution that is emerging vigorously throughout the world
at this very time offers us an opportunity of great advantage in our
effort to accelerate our country's technological progress. Therefore, an
urgent task confronts us: to find a proper way to exploit this opportunity
so that we may, on the one hand, speed up progress by skipping a few
stages of traditional development and, on the other hand, to avoid immense
waste brought about by haste and rushing.
Journal: Chinese Economy
Pages: 50-67
Issue: 4
Volume: 20
Year: 1987
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:20:y:1987:i:4:p:50-67
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Author-Name: Ye Yuansheng
Author-X-Name-First: Ye
Author-X-Name-Last: Yuansheng
Title: The World Technological Revolution and China's Policy of Technological Innovation
Abstract:
To study the achievements of the new technological revolution in the world
and to make timely applications is a major strategic problem in our
economic development. We must seize this opportunity to step up the pace
of industrial technological development and the transfer and application
of the world's new technology to our country, and lay down a firm and
solid technological foundation for the economic revival of the 1990s. To
do this we must proceed from the realities in our country, and formulate
our policy aiming at the technological innovation that will bring us
maximum economic results.
Journal: Chinese Economy
Pages: 68-80
Issue: 4
Volume: 20
Year: 1987
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:20:y:1987:i:4:p:68-80
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Author-Name: Shih Ch'e
Author-X-Name-First: Shih
Author-X-Name-Last: Ch'e
Title: A Preliminary Survey of Some Problems of Accumulation and Consumption in Rural Communes
Abstract:
The ratio between accumulation and consumption in rural people's communes
reflects the relationship among the state, the collective, and
individuals. It also reflects the relationship between the rate of
enlarged agricultural reproduction and the rate of enhancement of the
peasants' standards of living. It further reflects the relationship
between the peasants' present interests and their long-range interests.
Correct handling of the ratio between accumulation and consumption in
rural communes is an important factor in correctly handling the
contradictions among the people, and in mobilizing the positiveness of the
broad mass of peasants, and in further developing agriculture as the basis
upon which the new leap forward of the entire national economy can be
launched and accelerated.
Journal: Chinese Economy
Pages: 32-52
Issue: 1
Volume: 2
Year: 1968
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:2:y:1968:i:1:p:32-52
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Author-Name: Yan Peide
Author-X-Name-First: Yan
Author-X-Name-Last: Peide
Title: A Summary of the Discussion on Present Rural Business Operations with Hired Labor
Abstract:
The first opinion defines operations with hired labor as production and
operations carried out by using other people's labor. Comrades who hold
this opinion include in the concept also mutual exchange of labor in
different forms.
Journal: Chinese Economy
Pages: 17-24
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:1:p:17-24
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Author-Name: Chen Jian
Author-X-Name-First: Chen
Author-X-Name-Last: Jian
Title: An Effective Way to Increase Employment. A Report on Beijing's Self-Employed Sector
Abstract:
We recently conducted an overall survey of individual (private) industry
and commerce in Beijing. The survey was done in three stages. The first
involved determining the aim, scale, and method of our survey. On this
point, we came to the conclusion that the self-employed sector, an
important component of China's economic life, is multifaceted and can be
studied from many angles, including economic and sociological angles. We
elected to study it from the angle of employment as one possible solution
to Beijing's placement problem. That is, we wanted to find out the
composition of the people involved in such undertakings, their modes of
production and operation, as well as how such individual operations could
develop further, and how more young people could be drawn into them.
Because there were large numbers of such individual small businesses in
Beijing, which were scattered and quite unorganized, we decided to collect
our information mostly through sending out questionnaires combined with
personal interviews. The second stage was the actual survey, in which we
first did some interviews, on the basis of which we wrote up the
questionnaires. The questionnaires contained forty questions in three
major categories: personal data on the people operating the businesses,
facts about their operations, and the views they held about their
operations. We hoped, through the answers, to understand three things: (1)
What types of people were engaged in individual businesses in Beijing?
What were their objectives? (2) How were they doing? (3) How could they do
a better job, and how could more people, especially young people, be
attracted?
Journal: Chinese Economy
Pages: 43-71
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:1:p:43-71
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Author-Name: Tao Youzhi
Author-X-Name-First: Tao
Author-X-Name-Last: Youzhi
Title: A Brief Discussion of the Consolidation and Development of the Individual Economy
Abstract:
Wenzhou was one of the areas where the self-employed sector developed
quite rapidly and with great diversity. According to 1985 statistics, this
city had 130,000 individually owned businesses, with 150,000 operators and
483 markets of different items. Among these markets were ten major ones
for items such as buttons, low-voltage electrical appliances, and plastic
products, which had the largest sales and the most widespread influence in
the country.
Journal: Chinese Economy
Pages: 37-42
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Author-Name: Zhou Hua
Author-X-Name-First: Zhou
Author-X-Name-Last: Hua
Title: Can an Individual Operator Be Qualified as a Principal in Doing Business with Foreign Countries?
Abstract:
From November 26 to 29, 1985, law societies of Guangdong and Fujian
provinces and the cities of Tianjin and Shanghai conducted in Guangzhou a
"Seminar on Legal Issues Concerning Economic Contracts with Foreign
Countries." A heated debate was launched at the meeting on the proposition
of who will serve as a principal of an economic contract with the foreign
country and the scope of its application. The point at issue was whether
or not an individual Chinese citizen can enter into an economic contract
with the foreign country as a principal. This article puts together
opinions and materials relevant to the issue and makes a preliminary
inquiry into it as a reference for researchers of legal science.
Journal: Chinese Economy
Pages: 10-16
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Author-Name: Guo Rongliang
Author-X-Name-First: Guo
Author-X-Name-Last: Rongliang
Author-Name: He Wei
Author-X-Name-First: He
Author-X-Name-Last: Wei
Title: Attach Importance to the Administration of Self-Employed Youth
Abstract:
Recently, concerned with enhancing our supervision of self- employed
youth, we investigated the situation of small businesses run by
self-employed youth in Wuxi City. We have had extensive meetings with all
levels of business associations, self-employed workers' associations
(SEWAs), tax and revenue departments, and self-employed businesses. We
also interviewed two hundred self-employed youths.
Journal: Chinese Economy
Pages: 26-36
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:1:p:26-36
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Author-Name: Ma Qianli
Author-X-Name-First: Ma
Author-X-Name-Last: Qianli
Title: Management of the "Stupid Melon Seed Dealer" and Its Evasion of Taxes and Other Tax Problems
Abstract:
The "Stupid Melon Seed Dealer" owned by Nian Guangjiu of Wuhu city, Anhui
province, is nationally known. I went to Wuhu in mid-June 1983 to make an
on-the-spot study of it and later researched other available material.
Following are my observations on how the operation was run and how it
managed to evade part of the taxes it owed the state, as well as some
opinions on the question of taxation.
Journal: Chinese Economy
Pages: 76-83
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:1:p:76-83
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Author-Name: Xia Zhongrui
Author-X-Name-First: Xia
Author-X-Name-Last: Zhongrui
Author-Name: Wang Wanzhen
Author-X-Name-First: Wang
Author-X-Name-Last: Wanzhen
Author-Name: Jin Zhi
Author-X-Name-First: Jin
Author-X-Name-Last: Zhi
Title: Strengthening Guidance and Management; Expanding Individual Economy
Abstract:
A Shanghai forum on individual economy was called from April 20 to 23,
1986, by the Shanghai Economic Structural Reform Research Society and the
Institute of Planned Economy under the Shanghai Municipal Planning
Commission. At the forum, comprehensive reports on the basic situation in
individual economy in Shanghai and new phenomena and problems requiring
study were given by comrades from the Shanghai Administration of Industry
and Commerce. Full discussions were held on the role and status of
Shanghai's individual economic sector in the national economy, the
question of large or oversized individual businesses or enterprises, how
to strengthen administration over the individual economy while promoting
its further expansion, and other issues.
Journal: Chinese Economy
Pages: 102-117
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:1:p:102-117
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: The Private Economy (I). Guest Editor: Stanley Rosen
Abstract:
Among the many controversial economic initiatives introduced by China's
reformers in the post-Mao period, the revival and expansion of private
enterprise must rank near the top. Brought back as an adjunct to the
"major" sectors of the socialist economy-state and collective
enterprisesâthe private or individual economy was intended to be
small-scale and to solve some acute problems facing the Chinese government
after the Cultural Revolution. Perhaps most important, the private economy
was expected to absorb many unemployed urban youth. The numbers of jobless
young people had become a serious problem for at least two reasons. First,
the new emphasis on educational quality dictated an abrupt reversal of the
educational expansion that had marked the Cultural Revolution stress on
equality. Thus, the number of secondary school students went from 68
million in 1977 down to 44 million by 1983. Second, the majority of the 17
million or so youth sent to the countryside during the 1960s and 1970s had
already been able to return to China's cities.
Journal: Chinese Economy
Pages: 3-9
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:1:p:3-9
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Author-Name: Chen Baoming
Author-X-Name-First: Chen
Author-X-Name-Last: Baoming
Title: Individual Businesses and Their Challenge to Conventional Concepts
Abstract:
To the uninitiated, the world of individual business is a strange and
novel one, fraught with complexities. Yet it is precisely this newly
emerging force that has sent a shock wave through society, forcing us to
think, and think deeply.
Journal: Chinese Economy
Pages: 93-101
Issue: 1
Volume: 21
Year: 1987
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:1:p:93-101
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Author-Name: Liu Shengping
Author-X-Name-First: Liu
Author-X-Name-Last: Shengping
Title: What One Can Learn from the Fact that the Three Song Brothers and Their Business Made Headlines Four Times in Changde City
Abstract:
The three Song brothers of Changde, who are joint owners of an individual
business, made headlines four times from April last year to October this
year. Their names are Song Hansheng, Song Yongsheng, and Song Lisheng.
Journal: Chinese Economy
Pages: 16-19
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:2:p:16-19
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Author-Name: Mo Zhen
Author-X-Name-First: Mo
Author-X-Name-Last: Zhen
Title: Tighten Control over Big Labor-Hiring Households in Rural Areas
Abstract:
With the rise of family industry, labor hiring emerged in the rural areas
and big labor-hiring households have come into existence. A so-called big
labor-hiring household is one that possesses private capital, owns the
means of production, has fairly large fixed assets and investment, hires a
large number of laborers, and creates big output value and earnings from a
rather high degree of exploitation. These households generally hire more
than ten people, with fixed assets exceeding 30,000 yuan and creating an
output value above 100,000 yuan annually. Their emergence has aroused
great concern. For this reason, we investigated some of these households.
Journal: Chinese Economy
Pages: 90-99
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Zhang Zhensheng
Author-X-Name-First: Zhang
Author-X-Name-Last: Zhensheng
Author-Name: Feng Ai
Author-X-Name-First: Feng
Author-X-Name-Last: Ai
Author-Name: Wang Yulu
Author-X-Name-First: Wang
Author-X-Name-Last: Yulu
Title: Why Can a Large City Like Qinhuangdao Not Accommodate a Small Individual Venture?
Abstract:
Hebei Daily >b>editor's note:>/b> Peasants going into the cities to go
into business or the service professions is an inevitable trend that will
bring prosperity to town and country and eventually solve the problem of
feeding and clothing China's 800 million peasants. Allowing them to do so
is a major policy decision of the party's Central Committee. At present,
all localities, from municipalities directly administered by the central
government down to counties and small towns, have opened their doors to
this practice and are creating the necessary conditions for it.
Qinhuangdao seems to be the only exception. As large as it is, it cannot
even tolerate a peasant who sells meat dumplings. The city may truly be
described as an iron-walled city with an impenetrable defense.
Journal: Chinese Economy
Pages: 28-33
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:2:p:28-33
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Author-Name: Lu Yan
Author-X-Name-First: Lu
Author-X-Name-Last: Yan
Title: Contract Disputes by Individually Owned Small Businesses
Abstract:
Recently, a task force formed by the People's Court of Leling county, with
the help of county agencies in charge of business administration,
taxation, health, and epidemic prevention, conducted a preliminary survey
of contract disputes among individually owned small businesses across the
county. By carrying out investigations and studies, the task force
publicized knowledge of the rule of law, enhanced the administration of
justice, and helped the small businesses rectify and reform themselves.
The results of their work are as follows.
Journal: Chinese Economy
Pages: 115-119
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:21:y:1987:i:2:p:115-119
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Author-Name: Li Chunwen
Author-X-Name-First: Li
Author-X-Name-Last: Chunwen
Title: Some Questions that Need to Be Solved in Developing Individual Businesses
Abstract:
Individual economy is auxiliary to socialist public economy and a
necessary supplement to it. At present, when China's production level is
comparatively low, appropriate development of urban individual business
constitutes an important policy beneficial both to the country and to the
people. It will exert a positive influence upon invigoration of the
economy, livening up the market, providing employment, consolidating and
developing a political situation marked by stability and unity, and
fulfilling the needs of society in production and livelihood. From what I
know, however, there exist some obstructions to its development, as well
as some questions that urgently need to be studied and solved.
Journal: Chinese Economy
Pages: 37-40
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: Editor's Introduction
Abstract:
The 25 selections translated here range chronologically from June 1980 to
January 1987 and cover a wide variety of issues, encompassing conditions
in both urban and rural settings. The sources used are also diverse,
including provincial and municipal newspapers (11 selections), an
important official journal devoted to the administration of industry and
commerce (8 selections), and a number of specialized academic journals. As
in Part I, published in >i>Chinese Economic Studies>/i> in Fall 1987, our
emphasis tends toward the more contentious aspects of the private economy.
Journal: Chinese Economy
Pages: 3-7
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Zhang Ruxi
Author-X-Name-First: Zhang
Author-X-Name-Last: Ruxi
Title: What Is Meant by the Fact that Piaoxiang Restaurant Was Twice Suspended?
Abstract:
To restore and develop suitably the individually owned businesses in
cities and towns is an important policy of the party. In some places,
however, this work is currently making slow progress. Some individual
enterprises have even surrendered their licenses and suspended operation.
Why? Recently, when we were on a reporting assignment in Rongcheng, a
small town in Jieyang county, we found that the "leftist" influence was
the main obstacle to restoring and developing individual business. A
revealing case in point is the Piaoxiang (Fragrant Aroma) Restaurant,
which was forced to suspend business twice.
Journal: Chinese Economy
Pages: 46-49
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Li Yuanfu
Author-X-Name-First: Li
Author-X-Name-Last: Yuanfu
Author-Name: Chen Shengfa
Author-X-Name-First: Chen
Author-X-Name-Last: Shengfa
Title: Why Aren't Individual Transport Operations Allowed Unimpeded Development?
Abstract:
Would individual ventures in transportation deprive state enterprises of
their business? Experience in our county shows that not only is this not
true, on the contrary, their presence has stimulated state transport
departments to improve quality of service and become more courteous to
passengers, leading to more profitable operations.
Journal: Chinese Economy
Pages: 53-54
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Shenyang Xinchengzi District Finance Bureau
Author-X-Name-First:
Author-X-Name-Last: Shenyang Xinchengzi District Finance Bureau
Title: Why Did We Grant Su Yulan a 6,000-Yuan Loan?
Abstract:
In February this year, in accordance with directives from the district
leadership and Su Yulan's application, we decided, after appropriate
investigations, to grant her a farm loan of 6,000 yuan. The loan helped
finance the building of ten pigpens, a feed fermentation facility, and a
motor pump well for Su and her family's pig farm. The loan agreement
specified that the sum was to be paid back within three years.
Journal: Chinese Economy
Pages: 12-14
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Chen Guoliang
Author-X-Name-First: Chen
Author-X-Name-Last: Guoliang
Title: Growth of Individually Owned Industry Will Not Edge Out State Commerce and Supply and Marketing Cooperatives
Abstract:
Comments have gone round recently to the effect that private industrial
and commercial enterprises have edged out state commerce and supply and
marketing cooperatives, that reform has made small retailers prosperous
and the supply and marketing cooperatives go under, and that the Bureau of
Industry and Commerce bolsters up private enterprises and helps their
owners to become upstarts.
Journal: Chinese Economy
Pages: 67-69
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Zhao Ruizhang
Author-X-Name-First: Zhao
Author-X-Name-Last: Ruizhang
Title: The Hiring of Laborers in Rural Taishan County, Guangdong: A Survey
Abstract:
Hiring laborers in the rural areas is something new that occurred in the
wake of China's adoption of the policy of invigorating the domestic
economy and opening to the outside world and the introduction of diverse
forms of the responsibility system in the countryside. The emergence and
development of labor hiring has aroused widespread interest and concern.
This is a question that calls for urgent theoretical study and solution
and for the formulation of an appropriate government policy.
Journal: Chinese Economy
Pages: 73-89
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Huifudong Elementary School, Guangzhou
Author-X-Name-First:
Author-X-Name-Last: Huifudong Elementary School, Guangzhou
Title: Study and Analysis of Children of Individual Laborers
Abstract:
Our school is located in downtown Guangzhou in the middle of the
commercial district. Since the implementation of the open policy, an
increasing number of laborers engaged in individual business operations
have appeared. According to incomplete statistics, there are 39 children
from such families, or 7 percent of the total student body of 554. (This
does not include children of people working in public enterprises or other
work units who are engaged in individual businesses part time or in
partnership with other people.) These children are distributed in fourteen
of our fifteen classes.
Journal: Chinese Economy
Pages: 20-24
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Li Qinbiao
Author-X-Name-First: Li
Author-X-Name-Last: Qinbiao
Title: Survey of Forty Individual Businesses
Abstract:
In a recent campaign to persuade individual business ventures to deposit
their idle funds in the bank, we made a survey of the cash holdings of
forty individual business concerns in normal operation.
Journal: Chinese Economy
Pages: 25-27
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Zhu Qingfang
Author-X-Name-First: Zhu
Author-X-Name-Last: Qingfang
Title: On the Evolution and Changes of Individual Economy and Countermeasures
Abstract:
How individual economy remains in existence and moves forward [in our
country] is a tortuous experience. In 1952 the absolute majority of
China's farming population were individual peasants. And there were 8.83
million individual [or self-employed] laborers residing in cities and
towns. The sector of individual economy made up 72 percent of the entire
national income. Through the socialist transformation in 1956, individual
peasants rapidly moved onto the path of cooperativization, and
individually owned industrial and commercial operations in urban areas
also switched to cooperative economy. In consequence, the individual
economic sector plunged to only 7.1 percent of the national income, and
individual laborers in cities and towns were reduced to a measly 160,000.
During the three years of adjustment, the ranks of individual laborers
bounced back to over 2 million. An even more "leftist" policy was enforced
in the period of the Cultural Revolution, which brought individual economy
in town and country to all but extinction. By 1978 the self-employed
laborers in cities and towns had shrunk to the skeleton size of 150,000.
Family-operated sideline productions and free trade were almost abolished
in the countryside, and small handicrafts such as service trades, repairs,
and supply of sundry articles were drastically cut back.
Journal: Chinese Economy
Pages: 100-114
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Fan Qi
Author-X-Name-First: Fan
Author-X-Name-Last: Qi
Title: A Reasonable Way Should Be Found to Enable Individual Businesspeople to Hire Hands and Take on Apprentices
Abstract:
Xinhua dispatch, Chengdu, July 5âinvestigative report: The question of
individual businesspeople in Chengdu hiring hands and taking on
apprentices.
Journal: Chinese Economy
Pages: 41-45
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Jin Yong
Author-X-Name-First: Jin
Author-X-Name-Last: Yong
Title: The "Nihonglong" Passenger Bus-When Can It Run Without Hitches?
Abstract:
The bus moved slowly. It was raining and the road was muddy and slippery.
Journal: Chinese Economy
Pages: 50-52
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Wang Liandong
Author-X-Name-First: Wang
Author-X-Name-Last: Liandong
Title: Enthusiastically Foster Individual Transport Operations; Actively Exercise Management
Abstract:
>i>Hubei Daily>/i> editor's note: Discussions in this paper centering on
the question âWhy Aren't Individual Transport Operations Allowed
Unimpeded Development?â have received much notice from leaders and
departments at every level; they have also been given strong support by
readers. It has brought a major question in the reform of transportation
into the limelight through the case studies presented and through the
views expressed. This is conducive to the implementation of Circular no. 1
issued by the party's Central Committee earlier this year, which asked
that the fight against "leftist" influences be continued, and that new
problems in the course of developing state, collective, and individual
enterprises simultaneously be correctly handled. The discussions have
aroused further support for peasant-operated transportation, toward the
end that the rural economy and transport industry both become more viable.
This article is a summary of these discussions.
Journal: Chinese Economy
Pages: 55-58
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Zhang Pengfa
Author-X-Name-First: Zhang
Author-X-Name-Last: Pengfa
Title: Changes in Private Enterprises Underline the Need to Tighten Control of Industry and Commerce in Rural Areas
Abstract:
Individual industry and commerce in Dingxing county, Hebei, has undergone
a notable change since the beginning of this year. The steadily growing
number of industrial and commercial enterprises run by individuals in the
county has gradually decreased. By the end of April, the number of such
enterprises had shrunk by 364, or 8 percent, compared with the end of last
year. Except for building and repair industry, which expanded slightly,
handicraft industry, transport, commerce, catering service, and repair
trades all declined. Of these, catering services, transport, and
handicraft industry were most conspicuous, dropping by 14 percent, 13
percent, and 11 percent respectively.
Journal: Chinese Economy
Pages: 62-64
Issue: 2
Volume: 21
Year: 1987
Month: 1
Keywords:
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Author-Name: Zhang Xin
Author-X-Name-First: Zhang
Author-X-Name-Last: Xin
Title: On the Contradiction Between the Economic Growth Rate and Improvement of People's Well-Being
Abstract:
The decline in the growth rate of the national economy as shown in the
statistics of the first half of 1986 has aroused the concern of
theoreticians. Some people regard this as a danger signal and cast blame
on the policy of macroeconomic control carried out since 1985. Others
believe that a temporary fall is tolerable because it will lay the
foundation for economic takeoff the ground in the future.>sup>1>/sup> This
article is part of the debate, but the difference is that the model it
uses completely negates the importance attached to the economic growth
rate. It points out that when price signal are grossly distorted and the
product mix is irrational, the economic growth rate shown in national
statistics cannot reflect the rise of the people's actual standard of
living, and thus a debate centering around the economic growth rate is
meaningless. The whole argument is still within the framework of Soviet
economic theories. The model in this article points out given China's
present economic structure, if we want to improve people's well-being, we
should tighten macroeconomic control over aggregate demand and,
micro-economically, relax price controls and make use of the market
mechanism to regulate the economic structure to a state of balance as
rapidly as possible so as to pave the way for the genuine growth of the
economy and improvement of the people's welfare at the same time.
Journal: Chinese Economy
Pages: 59-77
Issue: 3
Volume: 21
Year: 1988
Month: 4
Keywords:
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Author-Name: Xu Dianqing
Author-X-Name-First: Xu
Author-X-Name-Last: Dianqing
Title: Background to a Mathematical Model of Price Reform in China
Abstract:
China is currently undergoing an extensive economic reform. The reform has
provided the economists with an excellent opportunity to compare and
analyze the centrally planned economy and the market economy in regard to
their merits and shortcomings. Most of the analytical tools in modern
economics stem from the market economy of the Western world to which many
top economists have dedicated so much and on which they have developed
valuable theories and practical experience over the past century. While
identifying and summarizing the internal rules of the market economy,
these economists also pointed out the shortcomings and faults of such an
economic model. Obviously there is a big difference in the cultural
background and social and economic structures between China and the West.
Mechanically applying some conclusions or analysis from contemporary
economic theory to explain what is happening in today's economy in China
will surely lead nowhere. Economists should never overlook one fact:
One-third of the world's population lives in the centrally planned
economic system. China, with its population of one billion, is trying to
discover a new way for economic reform in an attempt to break through the
limitation of the outdated planned economic system. A new economic theory
is needed for this new situation. We should not only evaluate the fitness
of analytical tools of present economic theory for China's economic
reform, but also develop and improve on them.
Journal: Chinese Economy
Pages: 78-91
Issue: 3
Volume: 21
Year: 1988
Month: 4
Keywords:
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Author-Name: Zhang Fengbo
Author-X-Name-First: Zhang
Author-X-Name-Last: Fengbo
Title: A Theoretical Study of Several Current Macroeconomic Problems
Abstract:
How should we judge China's present economic situation, and how should we
approach our economy as a whole? These are the questions that have to be
answered to make our economic policy decisions scientific. The following
is a preliminary analysis of a number of macroeconomic problems in our
country which have aroused considerable attention.
Journal: Chinese Economy
Pages: 40-58
Issue: 3
Volume: 21
Year: 1988
Month: 4
Keywords:
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Author-Name: Zhao Yujiang
Author-X-Name-First: Zhao
Author-X-Name-Last: Yujiang
Author-Name: Zhang Shaojie
Author-X-Name-First: Zhang
Author-X-Name-Last: Shaojie
Title: Restraining the Payment Capability of China's Grass-Roots Banks
Abstract:
The writers have made an on-the-spot inspection of grass-roots banks of
the Industrial and Commercial Bank of China in a number of cities
experimenting with monetary reform. On the basis of our inspection, we
summed up the features of the current banking system in China as being
similar to other countries with a planned economy, namely, that money is
not a positive instrument affecting the course of reproduction but only a
negative reflection of this course. We went a step further to draw the
conclusion that China's grass-roots banks today are characterized by
"large reserves, lax restrictions, and low risks." We believe that to
ensure the success of reform of the monetary system, restraints on the
payment capability of the grass-roots banks should be strengthened from
the very beginning, prudently and step by step. In this connection, we put
forward a number of proposals on matters of policy.
Journal: Chinese Economy
Pages: 24-39
Issue: 3
Volume: 21
Year: 1988
Month: 4
Keywords:
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Author-Name: Guo Yonggang
Author-X-Name-First: Guo
Author-X-Name-Last: Yonggang
Title: Survey and Analysis of the Sense of Employment Awareness among Young People in Chaoyang District Schools
Abstract:
Employment is a stage in the path of life through which every young person
must pass. Owing to the influences of political, economic,
cultural-educational, and family background factors, young people go
through a process of selection with regard to the many types of different
professions and jobs in society. We consider their understanding and
orientations toward jobs and their general attitudes toward employment as
these young people's employment awareness. In the wake of the healthy
development of the social economy, there is a demand for the realization
of an organic integration between jobs and careers, on the one hand, and
laborers, on the other hand, throughout the whole society. Therefore, the
young people's choice of jobs and careers has a direct connection to the
interests of all three things: the state, the collective, and the
individual.
Journal: Chinese Economy
Pages: 6-25
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: Editor's Introduction
Abstract:
The seven selections in this issue are all concerned with various aspects
of China's employment system. The earliest piece, selection 3 from 1982,
deals with the >i>dingti>/i> or "standing in" policy, in which children
were allowed to assume jobs in the enterprises of their parents upon the
latter's retirement. Implemented on a national scale in 1978 largely to
deal with the burgeoning problem of youth unemployment, the policy had
always been controversial. The selection translated here is a thorough
discussion of the positive and negative aspects of >i>dingti>/i> at a time
when there were many calls to terminate the practice. The study focuses on
eight large-scale enterprises in Beijing, assessing effects both within
the enterprise and throughout the larger society. Eventually, the
>i>dingti>/i> system was phased out with the rise of vocational schooling
and was generally replaced by a policy that emphasized the training of
workers prior to employment. The detailed survey conducted by the authors
of section 3 reveals why the opposition to >i>dingti>/i> was so strong.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Liu Dawei
Author-X-Name-First: Liu
Author-X-Name-Last: Dawei
Author-Name: Wang Qiang
Author-X-Name-First: Wang
Author-X-Name-Last: Qiang
Title: Survey Report on the "Difficulty in Recruiting Labor" in Beijing Municipality
Abstract:
The "difficulty in recruiting labor" syndrome refers to the situation in
which hiring units, under the current labor-wage system, are unable to
fulfill either quantitatively or qualitatively the annual labor recruiting
plan transmitted to them by the state, thus giving rise to a phenomenon in
which recruitment of labor has not met the standards of adequacy. This
phenomenon reflects that the laborers, as individuals, are themselves not
following the state's hiring plan, but are selecting jobs that satisfy
them according to their own personal will and thereby realizing their own
employment objectives. This is what is meant by the "selectivity in
employment" problem.
Journal: Chinese Economy
Pages: 45-64
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Yang Guohua
Author-X-Name-First: Yang
Author-X-Name-Last: Guohua
Title: Accomplishments in Employing Workers in Townships and Cities and the New Situation We Face
Abstract:
The problem of labor employment is a major problem of global dimensions.
It is an especially pronounced problem in a country such as ours, with our
tremendous population and our relatively poor background. However, under
the leadership of the Central Committee and the State Council, and with
the coordinated effort of all the localities, departments, and circles in
society, we have achieved in the area of labor employment a tremendous
success that has captured the attention of the entire world.
Journal: Chinese Economy
Pages: 69-91
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Zhang Hongying
Author-X-Name-First: Zhang
Author-X-Name-Last: Hongying
Title: Composite Report on the Symposium on Problems of Contracted Youth Labor in Eight Municipalities
Abstract:
In late 1986, the Communist Youth League system of eight municipalities,
namely, Dalian, Lanzhou, Taiyuan, Hangzhou, Wuhan, Xiamen, Shenzhen, and
Guangzhou, convened a symposium on the problem of contractual employment
for youth labor at the Huangpu Shipbuilding Factory in Guangzhou. At this
symposium, ideas were exchanged about the basic conditions in the various
regions regarding the state of contractual labor (including workers hired
under the labor contract system and contracted labor outside hiring
plans). Discussions and studies were held on the topics of the ideological
characteristics of contract-employment workers, their typical behavioral
patterns and performance, the level of usage by the enterprises, and the
work undertaken by the Communist Youth League, etc. Some corresponding
policies and strategies were proposed.
Journal: Chinese Economy
Pages: 92-100
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Youth Problem Study Group, Department of Philosophy, Chinese People'S University
Author-X-Name-First:
Author-X-Name-Last: Youth Problem Study Group, Department of Philosophy, Chinese People'S University
Title: The Policy of Stand-in Employment and Its Impact: A Survey of Enterprises in Beijing Municipality
Abstract:
The stand-in [employment] policy began to be implemented on a nationwide
basis in 1978, and four years have now passed. What are the effects of its
implementation? What are its advantages and disadvantages for the state's
attempt to resolve the problem of young people waiting for employment?
These are questions about which people in general are concerned. For this
reason, under the guidance and with the assistance of the Youth Problem
Research Institute of the Academy of Social Sciences and the Beijing
Municipal Symposium on Youth Problems, we have conducted a survey of eight
large-scale enterprises in Beijing to study the various types of issues
that have arisen since they implemented the stand-in employment system.
Journal: Chinese Economy
Pages: 29-44
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Yang Jianxin
Author-X-Name-First: Yang
Author-X-Name-Last: Jianxin
Title: Is "Life Is Difficult, Without a Source of Income" the Primary Cause for Rising Crime and Delinquency among Young People Awaiting Job Assignment?
Abstract:
Looking at the statistics concerning youth crime and delinquency in
Beijing municipality over the last few years, we can see that the ratio of
young people who are eligible for jobs and are waiting to be employed
(>i>daiye qingnian>/i>, or DYQ) to the number of youth criminals and
delinquents has become higher and higher. (This former group includes
young people for whom temporary work arrangements have been made and who
enjoy the privileges of eligibility for permanent jobs, for education, and
for military recruitment.) In 1978, the ratio was 7.7 percent; in 1979, 12
percent; in 1980, 19.6 percent; in 1981, 24.1 percent; in 1982, 32.2
percent. By the end of the first half of 1983, according to the statistics
of the public security branch bureau of the Western municipal district,
the ratio of DYQ perpetrators to crimes committed by young people had
already risen to 41.9 percent.
Journal: Chinese Economy
Pages: 65-68
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Hua Ying
Author-X-Name-First: Hua
Author-X-Name-Last: Ying
Author-Name: Cao Shuzhen
Author-X-Name-First: Cao
Author-X-Name-Last: Shuzhen
Title: Over Three Hundred People Apply for Jobs with the Hilton Hotel
Abstract:
(Lecturers and graduate students at the universities compete for jobs as
service personnel. Over three hundred people have already applied for
positions with the Hilton Hotel. Those who are hired will say a sad
farewell to the advanced specialization in which they were engaged.)
Journal: Chinese Economy
Pages: 26-28
Issue: 4
Volume: 21
Year: 1988
Month: 7
Keywords:
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Author-Name: Su Hsing
Author-X-Name-First: Su
Author-X-Name-Last: Hsing
Title: The Two-Way Struggle Between Socialism and Capitalism in China's Rural Areas After The Land Reform [Part II]
Abstract:
In 1953, Comrade Mao Tse-tung pointed out: "Concerning the rural front, if
it is not occupied by socialism, it is bound to be occupied by
capitalism." (>u>1>/u>) This is an inevitable conclusion to be derived on
the basis of the law of political and economic development.
Journal: Chinese Economy
Pages: 3-31
Issue: 1
Volume: 2
Year: 1968
Month: 10
Keywords:
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Author-Name: T'eng Hsing-hsiang
Author-X-Name-First: T'eng
Author-X-Name-Last: Hsing-hsiang
Title: A Tentative Discourse on Labor Accumulation
Abstract:
On the agricultural front, reliance on labor accumulation to alter the
outlook of nature, change productive conditions, and develop farmland with
stable and high yield has received the attention of and been put into
practice by more and more people. It has also been regarded as a
revolutionary measure in implementing the party's general line on
socialist construction and the policy of regeneration through self-help.
It is also the basic means whereby poverty can be transformed into wealth.
Journal: Chinese Economy
Pages: 53-67
Issue: 1
Volume: 2
Year: 1968
Month: 10
Keywords:
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Author-Name: Yueh Wei
Author-X-Name-First: Yueh
Author-X-Name-Last: Wei
Title: On Social and Economic Investigation and Research
Abstract:
In the great struggle of the socialist revolution and socialist
reconstruction, continuous study and summing up of the actual experiences
of struggle and serious probing of socialist economic laws are very
important tasks facing our economic workers and economic theorists.
Journal: Chinese Economy
Pages: 68-90
Issue: 1
Volume: 2
Year: 1968
Month: 10
Keywords:
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Author-Name: Michael Dutton
Author-X-Name-First: Michael
Author-X-Name-Last: Dutton
Title: Editor's Introduction
Abstract:
On August 15, 1986, >i>People's Daily>/i> published an article by the
well-known and reform-minded philosopher Su Shaozhi. In this article Su
dealt at length with the structural and subjective dysfunctions of Chinese
socialism and attributed such failings to remnant "feudal
influences.">sup>1>/sup> Su's undoubted motive in suggesting this was to
critique the prevailing orthodoxy established barely two years earlier by
Hu Qiaomu in his now famous text >i>Humanism and Alienation?>/i> In this
text Hu had suggested that, at least in part, the forward movement of
Chinese socialism had been slowed, if not altogether halted, by negative
influences imported from Western capitalism. Su, then, in suggesting that
China's road to socialism may have been blocked by factors internal to
China rather than imports from Western capitalism, offered a radical
critique of this prevailing orthodoxy.
Journal: Chinese Economy
Pages: 3-21
Issue: 1
Volume: 22
Year: 1988
Month: 10
Keywords:
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Author-Name: Cao Siyuan
Author-X-Name-First: Cao
Author-X-Name-Last: Siyuan
Title: A Proposition on How to Handle Enterprises Long in the Red
Abstract:
The State Council has already decided on the policy of "using tax to
supersede profit [to be turned in to the state], independent accounting,
and assuming sole responsibility for profits or losses" as the basic
orientation in restructuring the economic system of state-run enterprises,
a move that tallies with the objective law of socialist commodity
production. Earnest implementation of the principle of allowing an
enterprise to "assume sole responsibility for its profits or losses" will
inevitably lead us to the question of what we should do if a few
enterprises have long been operating at a loss. The solution, for the
moment, is to have these enterprises closed down, suspended, or switched
to other lines of production. It still represents an administrative
expedience that allows the higher authorities to bail them out. This
practice exempts business operators from any responsibility and brings
virtually no pressure to bear on the cadres and employees of enterprises
in the red, so that they can be prodded to improve management and
operation. The method is even more unfeasible now that the policy of
"assuming sole responsibility for profits or losses" is being implemented.
Journal: Chinese Economy
Pages: 10-15
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Author-Name: Wang Xiaoqiang
Author-X-Name-First: Wang
Author-X-Name-Last: Xiaoqiang
Author-Name: Ji Xiaoming
Author-X-Name-First: Ji
Author-X-Name-Last: Xiaoming
Title: Thoughts on the Model of Nonstock Enterprises
Abstract:
With consumption funds going out of control, people naturally turn their
attention from the macro economy to the micro economy and set their eyes
on the behavior of the enterprises. Transforming enterprises into
joint-stock companies is a hypothetically logical solution to the problem
of nonrepresentation of the long-term interests of enterprises.
Journal: Chinese Economy
Pages: 38-46
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Author-Name: Gary Zou
Author-X-Name-First: Gary
Author-X-Name-Last: Zou
Title: Editors' Introduction
Abstract:
The nine selections translated here cover several crucial issues in the
debate on China's microeconomic reform in 1985-86. Regrettably, space
considerations allow only a small portion of such material to be carried
here. We focus on the debates on the bankruptcy law (selections 1 and 2),
on sharing enterprises (selections 3 and 4), on the assets management
responsibility system (selections 5 and 6), on ownership reform (selection
7), and on entrepreneurs' advantages (selection 8). Some
selectionsâe.g., 1, 4, and 7âare short articles published in
newspapers, even though longer ones by the same authors on the same topics
have appeared in academic journals. Most articles were written by the
so-called young economists, who frequently conduct lengthy forums on
controversial issues. Their approach to microeconomic reform has usually
been inspired by the arguments presented at internal conferences, as can
be seen in selections 1, 5, 7, and 8. Initial drafts of their proposals
appear in internally circulated reports, such as selections 3,4,5, and 8.
These are followed by longer theoretical articles published in various
academic journals. The most controversial articles are summarized in
widely circulated newspapers. Except for selections 2 and 9, all the
articles here are from >i>China: Development and Reform>/i> (1984-85 and
1986 issues), yearbooks which collect the most important articles
published in those years.
Journal: Chinese Economy
Pages: 3-9
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Author-Name: Wu Jiaxiang
Author-X-Name-First: Wu
Author-X-Name-Last: Jiaxiang
Author-Name: Jin Lizuo
Author-X-Name-First: Jin
Author-X-Name-Last: Lizuo
Title: Sharing Enterprises: An Approach to Further Reform
Abstract:
As of now, measures taken for economic reform have failed to provide a
fundamental solution to the following problems.
Journal: Chinese Economy
Pages: 24-37
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Author-Name: Li Yining
Author-X-Name-First: Li
Author-X-Name-Last: Yining
Title: Conceiving Ownership Reform in China
Abstract:
The centerpiece of economic restructure in China is strengthening the
vitality of enterprises. To truly vitalize the enterprises we must solve
the problems of interests, responsibility, incentive, and motivation.
These problems cannot be resolved if we fail to restructure ownership.
Obviously, ownership reform holds the key to economic restructuring.
Journal: Chinese Economy
Pages: 72-81
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1988:i:2:p:72-81
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Author-Name: Yang Haitian
Author-X-Name-First: Yang
Author-X-Name-Last: Haitian
Author-Name: Chang Xiuze
Author-X-Name-First: Chang
Author-X-Name-Last: Xiuze
Title: Contracting, Leasing, and Selling All Unprofitable Enterprises
Abstract:
With the deepening of urban economic restructuring, two problems have
become increasingly significant. One is the rapid expansion of consumption
funds. Take, for example, the city of Tianjin. In 1984 it put into
circulation a total of 7.014 billion yuan, an increase of 27.7 percent
over 1983. Through the sales of goods, service fees, and savings deposits
by both urban and rural residents, a total of 6.831 billion yuan was
withdrawn from circulation, up by 23.2 percent over the preceding year.
The accounts show that a net of 183 million yuan was added to the currency
circulation, the first time there has been net growth for the huge
industrial and commercial city in close to sixteen years. Thus, its
currency circulation on the market was up by 40 percent over 1983, far
exceeding the 11.5 percent growth of the total industrial and agricultural
output and 18.1 percent growth of the retail sales. Things are about the
same for the country as a whole. In 1984, wages and bonuses disbursed via
bank payments grew by 22.3 percent over 1983, and consumption funds for
groups and individuals paid out of administrative and management
expenditures also increased by 38 percent. These, too, far outpaced the
13.6 percent growth of industrial output value and the 17.4 percent of
retail sales in society.
Journal: Chinese Economy
Pages: 95-104
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1988:i:2:p:95-104
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Author-Name: Hua Sheng
Author-X-Name-First: Hua
Author-X-Name-Last: Sheng
Title: Restructuring the Microeconomic Base
Abstract:
In approaching the issue of economic restructuring, we tend to begin by
recognizing the drawbacks of the traditional mode of economic operation.
With the deepening of the reform, however, we come up against the
necessity to restructure the ownership base regardless of our own
volition.
Journal: Chinese Economy
Pages: 47-66
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1988:i:2:p:47-66
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Author-Name: Luo Zhengfeng
Author-X-Name-First: Luo
Author-X-Name-Last: Zhengfeng
Title: Reflections on the System of Assets Management Responsibility
Abstract:
Comrades Hua Sheng et al. proposed the assets management responsibility
system in an attempt to identity from the perspective of proprietary
relations an effective way to separate ownership from management in order
to solve the soft restraints that the budget imposes on enterprises.
Proceeding from a desire to improve the management responsibility system,
I would like to offer some opinions in regard to where their proposal is
inadequate.
Journal: Chinese Economy
Pages: 67-71
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1988:i:2:p:67-71
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Author-Name: Li Xu
Author-X-Name-First: Li
Author-X-Name-Last: Xu
Author-Name: Wu Yu
Author-X-Name-First: Wu
Author-X-Name-Last: Yu
Title: Prerequisite Conditions to Enforcement of the Bankruptcy Law
Abstract:
With the deepening of the development of the planned commodity economy and
structural reform, we are brought face to face with the problem of
bankrupt enterprises and unemployment. Under the circumstances, it is of
major significance for us to launch discussions on formulation of the
Bankruptcy Law and its pilot projects. Nevertheless, are the objective
conditions ripe for a universal enforcement of such a law under the
current economic framework and mode of operations? What impact would it
have on the national economy if the law were to be enforced when
conditions have yet to become mature? In this article, we would like to
offer some opinions in this regard.
Journal: Chinese Economy
Pages: 16-23
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Author-Name: Zou Gang
Author-X-Name-First: Zou
Author-X-Name-Last: Gang
Author-Name: Wang Zhigang
Author-X-Name-First: Wang
Author-X-Name-Last: Zhigang
Title: Interests of the Entrepreneur and Behavior of the Enterprise
Abstract:
The material interests of socialism comprise the interests of the state,
the enterprises, and employees. The three are basically identical, but
there are also partial conflicts and differences. Stressing the interests
of the state to the neglect of those of the enterprises and employees
takes away the latter's incentive for economic activity, thus sapping the
vitality of the micro economy. Since economic restructuring, people have
gradually come to know the mechanics of material interests as a driving
force for micro-economic activities. Adjusting the distribution of
interests among the three and investing the enterprises with more autonomy
have become the principal channels for reforming economic institutions.
Journal: Chinese Economy
Pages: 82-94
Issue: 2
Volume: 22
Year: 1988
Month: 1
Keywords:
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Author-Name: Gao Shangquan
Author-X-Name-First: Gao
Author-X-Name-Last: Shangquan
Author-Name: Chen Yizi
Author-X-Name-First: Chen
Author-X-Name-Last: Yizi
Author-Name: Wang Xiaoqiang
Author-X-Name-First: Wang
Author-X-Name-Last: Xiaoqiang
Title: Investigation of Reforms in Hungary and Yugoslavia
Abstract:
To provide points of reference and lessons for the design of blueprints
for reform in 1987-88, we conducted a focused investigation of two
countries, [Hungary and Yugoslavia, in order to study] the problems of
friction, contradictions, and the general problematic areas that have
emerged in the transition from an old to a new system in these two
countries, and their trend of development and orientation in resolving
their problems. We conducted a total of 111 discussions with the leaders
of the reform programs in the two countries, with people in charge of the
party and government departments affected by the reforms, with scholarly
and academic units that have served in a consultative capacity for the
reforms, with well-known scholars, and with representatives of
enterprises. Out of these discussions we have been able to put together a
summary of the discussions, a document of some 300,000 charactersâ¦.
Journal: Chinese Economy
Pages: 80-88
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Author-Name: Lou Jiwei
Author-X-Name-First: Lou
Author-X-Name-Last: Jiwei
Author-Name: Zhou Xiaochuan
Author-X-Name-First: Zhou
Author-X-Name-Last: Xiaochuan
Title: On the Direction of Reform in the Price System
Abstract:
Prices have an effect upon the national economy through many channels,
such as distribution, channeling of profits, and the effectiveness of
consumption. At the moment, almost all the major obstacles confronted by
our national economy are intimately related to an unreasonable price
system. Let us briefly and broadly analyze a few of these problems, as
follows.
Journal: Chinese Economy
Pages: 14-23
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Author-Name: Zhang Weiying
Author-X-Name-First: Zhang
Author-X-Name-Last: Weiying
Title: On the Line of Thought in Price Reform Guided Chiefly by the Notion of "Letting Go"
Abstract:
The old system was an integral entity. We cannot accurately explain any
part of it without taking stock of all other parts. Nonetheless, from the
perspective of the operation of the economic system, it is still possible
to grasp its "nerve center," and that would be the price system.
Journal: Chinese Economy
Pages: 50-66
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Author-Name: Hua Sheng
Author-X-Name-First: Hua
Author-X-Name-Last: Sheng
Author-Name: He Jiacheng
Author-X-Name-First: He
Author-X-Name-Last: Jiacheng
Author-Name: Jiang Yao
Author-X-Name-First: Jiang
Author-X-Name-Last: Yao
Author-Name: Gao Liang
Author-X-Name-First: Gao
Author-X-Name-Last: Liang
Author-Name: Zhang Shaojie
Author-X-Name-First: Zhang
Author-X-Name-Last: Shaojie
Title: On a Path Toward Price Reform with a Characteristic Peculiar to China
Abstract:
To speed up the reform of the entire economic system with a focus on the
cities, we need to coordinate several sets of reforms in several areas.
Among these, the reform of the pricing system is a natural major node of
the reform that would have the effect of putting the economy in a
reasonable order. This essay is an attempt to explore the question of
finding a path toward price reform that falls in with China's national
conditions, and we would like to suggest it for referenceâ¦.
Journal: Chinese Economy
Pages: 34-49
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Author-Name: Tian Yuan
Author-X-Name-First: Tian
Author-X-Name-Last: Yuan
Title: Price Reform and the Transfer of the Property Rights System
Abstract:
Price reform is an important item in the reform of the Chinese economic
system. The changes in the relations between interests brought about by
the reform touch almost every corner of economic life. Therefore, we need
to conduct a penetrating analysis of an entire series of problems involved
in price reform.
Journal: Chinese Economy
Pages: 89-102
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1989:i:3:p:89-102
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Author-Name: Chen Shenshen
Author-X-Name-First: Chen
Author-X-Name-Last: Shenshen
Title: Editor's Introduction
Abstract:
Collected here are seven articles on the reform of the price system in
China. Each article has been abridged or excerpted.
Journal: Chinese Economy
Pages: 3-13
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Author-Name: Wen Guifang
Author-X-Name-First: Wen
Author-X-Name-Last: Guifang
Title: Energetically Promote the Circulation of the Means of Production and Price Reform
Abstract:
Starting in late May this year, we spent more than a month surveying the
material resources market and the situation with regard to prices,
focusing on Shijiazhuang, Wuhan, Changsha, and Guangdong. In our survey,
we held almost a hundred discussions with people in planning commissions;
economic commissions; strategic centers for the development of economic
studies; consulting committees; departments of material resources,
commodity prices, mechanical engineering, metallurgy, construction
material, coal and coke, chemical engineering and industry, and light
industry; banks; and industrial and commercial circles, as well as
enterprises of raw material production and consumer enterprises. Through
these investigations and the survey, we have attained a basic
understanding of the evolution and current conditions with regard to the
circulation of the means of production and prices, and we have been able
to locate some of the causes for the problems that currently exist in
these two areas. We are therefore able to arrive at some preliminary
opinions regarding how to reform the existing means-of-production
circulation system and the existing price system. Let us now report on our
findings and our opinions.
Journal: Chinese Economy
Pages: 67-79
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Author-Name: Xue Muqiao
Author-X-Name-First: Xue
Author-X-Name-Last: Muqiao
Title: Several Problems Concerning Prices
Abstract:
At about the time the Resolution on the Reform of the Economic System was
promulgated by the Third Plenum of the Twelfth Central Committee of the
Communist Party of China, there was a rumor making the rounds in society
that as soon as the enterprises were restored to health the prices of
commodities would be raised. Consequently, over a short period of time and
in certain cities there was a buying frenzy with regard to a few
commodities. There also were a few entrepreneurs who, after their autonomy
had been expanded, did not attempt to increase their profits by improving
management and business operations but attempted to reap greater profits
by increasing the prices of their products. As a consequence, people in
general became very concerned about whether or not commodity prices could
remain stable, and they became afraid that the increasing of commodity
prices would lead to a lowering of the standard of living. In several
discussions in which I took part, many comrades have asked me to respond
to a number of problems regarding prices. It would appear that there are
quite a few comrades who harbor these questions, and maybe some doubts.
Therefore, allow me to make a brief reply to these problems on the basis
of what I must admit is my own personal understanding of the issues.
Journal: Chinese Economy
Pages: 24-33
Issue: 3
Volume: 22
Year: 1989
Month: 4
Keywords:
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Author-Name: Wu Shouhui
Author-X-Name-First: Wu
Author-X-Name-Last: Shouhui
Author-Name: Guo Jinhua
Author-X-Name-First: Guo
Author-X-Name-Last: Jinhua
Title: Workers' Evaluation of and Hopes for Trade Unions
Abstract:
Since the Third Plenum of the CCP Eleventh Central Committee, and
especially since the Tenth Congress of the All-China Federation of Trade
Unions, trade union organizations at all levels have earnestly carried out
the guidelines for the trade union work in this new era. The "left"
influence has been eliminated and the ideology guiding their work
corrected. A great deal of work has been done on exploring new roads for
the development of trade unions and the reform of the urban economic
system. What are the results of this work? What problems still remain? On
the basis of our survey of workers we have made the following analysis.
Journal: Chinese Economy
Pages: 55-68
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Author-Name: Work Committee for Women Workers, All-China Federation of Trade Unions
Author-X-Name-First:
Author-X-Name-Last: Work Committee for Women Workers, All-China Federation of Trade Unions
Title: The Conditions of Women Workers
Abstract:
The number of women workers in the country has reached 45 million,
accounting for 36 percent of the entire work force and representing
approximately a seventy-five-fold increase over those employed in the
early days of the Republic. In Beijing, Tianjin, Shanghai, and Liaoning,
women workers all exceed 40 percent of the local work force. In Shanghai,
Jiangsu, Hubei, Guangdong, Sichuan, Liaoning, and Heilongjiang, women
workers have exceeded two million. During the thirty-some years since the
founding of the Republic, remarkable changes have taken place among women
workers; they are playing a significant role in the reform movement and in
realizing the four modernizations.
Journal: Chinese Economy
Pages: 81-91
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1989:i:4:p:81-91
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: Editor's Introduction
Abstract:
The material translated here consists of selected chapters from a much
longer study conducted in 1986 by the All-China Federation of Trade Unions
and released for internal circulation in January 1987.>sup>1>/sup> The
study is divided into seven sections as follows: (1) The general overview,
pp. 3-33; (2) nine chapters analyzing the data from the questionnaires,
pp. 37-99; (3) twenty chapters reporting on specialized topics, pp.
109-231; (4) eight investigative reports on enterprises in selected
provinces and municipalities, pp. 235-327; (5) representative comments
from fifty-one workers (identified by name, sex, age, enterprise, and job)
out of more than twenty thousand sets of individual comments collected,
pp. 331-386; (6) nine chapters introducing the "typical experiences" of a
variety of enterprises, pp. 389-439; and (7) two chapters on methodology
and statistics, including the survey instrument and detailed tables
reporting the results from the responses to the sixty-one questions,
broken down by such socioeconomic variables as age, sex, education,
income, political affiliation, size and nature of enterprise, and so
forth, pp. 443-596. The key parts of the survey were excerpted in
>i>Weidinggao>/i>, the restricted-circulation journal of the Chinese
Academy of Social Sciences. The present translation includes all seven
parts published by >i>Weidinggao>/i>âwhich in fact covers only seven of
the nine chapters from section 2âplus two of the twenty specialized
topic chapters from section 3, one on women workers and the other on
problems in the daily lives of workers.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Author-Name: Peng Jianfeng
Author-X-Name-First: Peng
Author-X-Name-Last: Jianfeng
Author-Name: Shao Daosheng
Author-X-Name-First: Shao
Author-X-Name-Last: Daosheng
Title: Changing Patterns in Workers' View of Life
Abstract:
Our country is currently in a period of tremendous transformation. How,
then, has the contemporary workers' view of life changed? What have been
the adjustments in people's understanding of such problems as ideals,
credos, attitudes, interpersonal relations, and relations between the
individual and society? What new information does this adjustment bring to
our ideological and political work? In what ways does it propose new tasks
and new demands for us? We were able to make a preliminary analysis of
these problems on the basis of the survey material on the conditions of
workers in the nation as a whole.
Journal: Chinese Economy
Pages: 39-43
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1989:i:4:p:39-43
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Author-Name: Hong Fenglin
Author-X-Name-First: Hong
Author-X-Name-Last: Fenglin
Author-Name: Shao Daosheng
Author-X-Name-First: Shao
Author-X-Name-Last: Daosheng
Title: Workers' Assessment of Party Spirit and Interpersonal Relations
Abstract:
>p>The deepening of the reform program has brought about reforms in
economic and social relations and changes in ideology and concepts. At the
same time, it has also brought changes in relations between the party and
the masses and in interpersonal relations. How do workers view the party,
party spirit, and interpersonal relations? How does the party spirit
affect workers? The analysis is as follows:>/p>>p>1. The broad masses of
workers support the party leadership and socialism. They urgently hope
that there can be improvement in the party spirit and in the social
atmosphere. However, with regard to the current state of the party spirit,
party members' exemplary role, and cadres' roles as models and leaders,
there is dissatisfaction.>/p>
Journal: Chinese Economy
Pages: 44-54
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1989:i:4:p:44-54
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Author-Name: Li Hua
Author-X-Name-First: Li
Author-X-Name-Last: Hua
Title: The Democratic Management of Enterprises and Workers' Awareness of Democracy
Abstract:
In the enterprises, the workers' representative congresses are the basic
organizational form by which workers exercise their democratic rights,
take part in the management of the enterprises, and supervise the cadres.
What is the current state of the workers' representative congresses? What
changes have there been in the proprietary status of the workers? What
aspirations do workers have with regard to democratic management? What
follows is an analysis of these problems based on the results of the
survey.
Journal: Chinese Economy
Pages: 69-80
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Author-Name: Xing Hua
Author-X-Name-First: Xing
Author-X-Name-Last: Hua
Title: A Few Problems that Need to Be Addressed Immediately in Workers' Daily Lives
Abstract:
Since the Third Plenum of the CCP Eleventh Central Committee, especially
since implementation of the open policy and launching of the reform, the
broad masses, following the growth of the national economy, have
universally increased income and made considerable improvements in daily
life. Nevertheless, as there has been a backlog in the construction of
welfare facilities in the past, the workers are running into difficult
problems that cry out for prompt solution. According to findings of the
survey of workers' conditions, problems crop up mainly in the following
areas.
Journal: Chinese Economy
Pages: 92-110
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1989:i:4:p:92-110
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Author-Name: All-China Federation of Trade Unions
Author-X-Name-First:
Author-X-Name-Last: All-China Federation of Trade Unions
Title: Condition of Workers in the Midst of Reform
Abstract:
>i>Weidinggao>/i> editors' note: Not long ago, the All-China Federation of
Trade Unions conducted a nationwide survey on the subject of "The
Condition of Workers in the Midst of Reform." On the basis of this survey,
an analytical research report of some 700,000 words was written up.
Starting with this issue, this publication will carry excerpts of the key
parts of this research report. The report is divided into seven parts. We
plan to publish these excerpts in serial form in consecutive issues of
this publication. This issue includes excerpts from parts 1 and 2.
Journal: Chinese Economy
Pages: 6-7
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Author-Name: Geng Shuhai
Author-X-Name-First: Geng
Author-X-Name-Last: Shuhai
Author-Name: Li Hua
Author-X-Name-First: Li
Author-X-Name-Last: Hua
Title: Reform and Social Mentality of Workers
Abstract:
With the implementation of the economic system reform, the notion of
reform has penetrated even more deeply into people's minds; its boundaries
have become increasingly broadened, and people have become more and more
sensitive in their responses. The changeover from an old system to a new
one, the adjustment of relations of distribution and allocation in
society, and the renewal of the concept of values are all inevitably
controlled by many factors. Even if there are correct reforms, without the
understanding and support of the workers it will still be difficult for
reform to succeed. In this essay we propose to analyze the degree to which
the workers understand and support the reform on the basis of the survey
data.
Journal: Chinese Economy
Pages: 8-17
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Author-Name: He Bing
Author-X-Name-First: He
Author-X-Name-Last: Bing
Author-Name: Hao Chengyi
Author-X-Name-First: Hao
Author-X-Name-Last: Chengyi
Author-Name: Guo Jinhua
Author-X-Name-First: Guo
Author-X-Name-Last: Jinhua
Title: Conditions of Workers' Material and Mental Lives and Trends in Their Development
Abstract:
>i>1. Increment in basic wages.>/i> According to a survey on "basic
monthly wage income," the average worker's basic wage was 53.17 yuan per
month in 1979; by 1985 that had increased to 69.42 yuan, representing an
average annual increase of 2.62 yuan, or 4.37 percent. In general, every
three years there has been an increase by one level.
Journal: Chinese Economy
Pages: 32-38
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Author-Name: Guo Jinhua
Author-X-Name-First: Guo
Author-X-Name-Last: Jinhua
Title: The Educational and Technical Qualities of the Contemporary Worker
Abstract:
The 120 million workers in our country make up the main force for reform
and for the construction of the four modernizations. Their educational and
technological quality not only directly affects the process of reform but
also has a direct impact on the success or failure of the undertaking of
the modernized construction of socialism in our country. To perceive
clearly the educational and technological quality of today's worker, we
have made a correlative analysis of the portions of the questionnaire on
the conditions of workers.
Journal: Chinese Economy
Pages: 18-31
Issue: 4
Volume: 22
Year: 1989
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:22:y:1989:i:4:p:18-31
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Author-Name: Shen Yung
Author-X-Name-First: Shen
Author-X-Name-Last: Yung
Title: The Substance, Characteristics, and System of Socialist Public Finance
Abstract:
The function and work of socialist public finance are an important and
integral part of socialist reconstruction. A clear understanding and
appreciation of the nature, system, and characteristics of socialist
public finance are a matter of importance in the development of the
socialist revolution and socialist reconstruction. In this essay, an
attempt is made to investigate, in a preliminary way, the problems arising
from these areas. Should there be any incorrectness or shortcomings,
criticism and guidance are welcomed.
Journal: Chinese Economy
Pages: 3-27
Issue: 2
Volume: 2
Year: 1968
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:2:y:1968:i:2:p:3-27
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Author-Name: Chang T'ing-tung
Author-X-Name-First: Chang
Author-X-Name-Last: T'ing-tung
Title: A Preliminary Study of The Problems in Drafting and Auditing A Final Budget
Abstract:
What is a final budget? Why is it necessary to draft and audit the
national budget, and what is the best way to do it? These meaningful
questions are closely connected with our public finance work in the
future, our grasp of the objective laws of development of socialist
reconstruction, and our generalization of experience in fiscal work. The
purpose of this paper is therefore to make a preliminary study of these
problems.
Journal: Chinese Economy
Pages: 28-49
Issue: 2
Volume: 2
Year: 1968
Month: 1
Keywords:
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Author-Name: Su Hsing
Author-X-Name-First: Su
Author-X-Name-Last: Hsing
Title: The Two-Way Struggle Between Socialism and Capitalism in China's Rural Areas After The Land Reform [Part III]
Abstract:
After the land reform, China's rural villages cannot take the capitalist
road to develop big agricultural enterprises. They can only take the
socialist road to build big agricultural enterprises. This is not only the
wish of the great majority of Chinese farmers but also the demand for
social and economic development in China.
Journal: Chinese Economy
Pages: 50-80
Issue: 2
Volume: 2
Year: 1968
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:2:y:1968:i:2:p:50-80
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Author-Name: Luo Xiaopeng
Author-X-Name-First: Luo
Author-X-Name-Last: Xiaopeng
Title: The Hierarchical Structure and the System of Ownership in China's Rural Enterprises
Abstract:
For this discussion the author has selected the counties of Wuxi, Jieshou,
Nanhai, and Shangyao for on-the-spot investigation; these are deemed to be
representative of several major models or types of development of
enterprises in China's countryside. They were also chosen for the fact
that they possess extremely vivid and outstanding regional
characteristics. Wuxi and Nanhai are situated in relatively well-off
regions, and Shangyao and Jieshou are located in poorer areas. I believe
that although the hierarchical structure and rights and interests
relationships in China's rural enterprises have epitomized the ideological
proposition of realizing the public ownership concept, they nonetheless do
not represent an enterprise system that is created strictly on the basis
of a rigorous theoretical design. In fact, quite to the contrary, they are
to a large degree the product of the continuous adaptations by the central
leadership in response to the practical demands of economic development
and to all sorts of other pressures, in the process of correcting some of
the unrealistic policies of the past. This hierarchical structure and the
ownership system were formed against the background of defending the
system of the special privileges for the cities vis-Ã -vis the countryside
and for industry vis-Ã -vis agriculture. The core problem of this study is
the question of the adaptability of this organizational structure and this
ownership system to the development of the rural economy in the various
places in China, within which there is great internal divergence.
Journal: Chinese Economy
Pages: 89-99
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:1:p:89-99
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Author-Name: Chen Shenshen
Author-X-Name-First: Chen
Author-X-Name-Last: Shenshen
Title: Editor's Introduction
Abstract:
The problems of the system of ownership and of property rights are the two
most difficult problems to resolve in the reform of China's economic
system, and yet they are also the two problems that most urgently need to
be resolved. Since 1979, when the reform process began to take place, at
every critical moment, from the beginning of the reform through subsequent
developments, there have been intense debates concerning the questions of
ownership and property rights. It should also be noted, however, that each
debate came with a different background.
Journal: Chinese Economy
Pages: 3-7
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:1:p:3-7
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Author-Name: Dong Fureng
Author-X-Name-First: Dong
Author-X-Name-Last: Fureng
Title: On the Question of the Forms of Socialist Ownership in China
Abstract:
In this essay I do not discuss the problems regarding other types of
ownership systems; I would like merely to propose some exploratory views
on the question of state ownership and the "union of state (government)
and society (commune)" form of socialist collective ownership. In view of
the complexity of these problems, I am afraid there may be inappropriate
perceptions or expressions in this essay, and I beg my readers'
forgiveness in anticipation.
Journal: Chinese Economy
Pages: 8-23
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:1:p:8-23
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Author-Name: Li Yunqi
Author-X-Name-First: Li
Author-X-Name-Last: Yunqi
Title: The Individualization of Ownership of State-Owned Property
Abstract:
Our proposal is to implement throughout the country the policy to convert
state-owned property to individual, private ownership, and thereby
thoroughly reform the microeconomic foundation.
Journal: Chinese Economy
Pages: 82-88
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:1:p:82-88
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Author-Name: Huang Youguang
Author-X-Name-First: Huang
Author-X-Name-Last: Youguang
Author-Name: Yang Xiaokai
Author-X-Name-First: Yang
Author-X-Name-Last: Xiaokai
Title: Why Should China Implement the Policy of Converting Enterprises to Management by the People in One Single Leap "Across the River"?
Abstract:
China's economic reforms have attained considerable success in the
countryside, and yet the reforms of the urban system have been beset by
many difficulties. This essay attempts to analyze why the reform has been
plunged into the dilemmas it faces, and to discuss why we believe that the
only way to attain thorough success in the reform is to implement the
conversion of state-run enterprises to civilian managementâthat is, to
let them be managed by the people. We would also like to discuss
critically some of the concerns and worries that people have about this
conversion, and we would like to propose a specific process for this
conversion reform. We suggest that preparations should be made for several
years, after which we should take one leap and cross the river at once.
Journal: Chinese Economy
Pages: 64-81
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:1:p:64-81
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Author-Name: Chen Shenshen
Author-X-Name-First: Chen
Author-X-Name-Last: Shenshen
Title: Clarifying Property Rights Relationships Is a Necessary Premise
Abstract:
In contrast to a planned economic system, in a market economy, capital
funds, material resources, and personnel are not allocated by and among
the various administrative departments of government through
administrative channels, but are circulated through market exchange. The
willingness of the buyer and seller to conduct a transaction between
themselves is entirely based on their awareness of their own interests. It
is precisely in this that the importance of the property rights issue
lies. Only when there is a clear set of property rights relationships can
the various parties to a transaction know what ought to belong to them and
what ought not to belong to them. This is a foundation for a market
economic system. If we use this viewpoint to evaluate the realities with
which we are living today, we would discover that the existing set of
property rights relationships is far short of what is called for in the
market economic system.
Journal: Chinese Economy
Pages: 57-63
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:1:p:57-63
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Author-Name: Wu Jiaxiang
Author-X-Name-First: Wu
Author-X-Name-Last: Jiaxiang
Author-Name: Jin Lizuo
Author-X-Name-First: Jin
Author-X-Name-Last: Lizuo
Title: Establishing a Stockholding System for Enterprises
Abstract:
>p>To date, the measures of economic reform that have already been put
into practice still fail to provide a fundamental solution to the
following problems:>/p>>p>1. Using and allocating capital funds. People
have proposed a number of views regarding the problem that the state-run
enterprises have, without making compensation, made use of the states
capital funds, resulting in waste of this most precious and scarce
resource; some measures have in fact also been adopted and implemented.
One of these measures is the system of paying a user fee for fixed assets,
which is based on the theoretical foundation of the so-called shadow
interest. A technical difficulty that this measure has already run into is
the fact that the enterprises that require a high rate of capitalization
may not necessarily be those that bring about a higher rate of
profitability, and therefore, if implemented, there is no guarantee that
this measure will produce good results. A further measure is that of
shifting from allocation [of capital funds] to making loans. This
undoubtedly has the effect of promoting the usage efficiency rate of the
newly increased fwed assets of each individual enterprise and reducing the
capital coefficient, but it fails to resolve a series of problems-e.g.,
the problem of the possession and use of already existing fixed assets,
the problem of how the states investment may flow into the most efficient
sector of production, the problem of how, if capital funds had been
invested in the wrong place, they can be extracted and shifted to a more
appropriate realm of production, and the problem of how, when the states
capital funds are low and inadequate, it is possible to satisfy the
capitalization needs of some trades and industries that are in urgent need
of development and growth.>/p>
Journal: Chinese Economy
Pages: 24-32
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:1:p:24-32
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Author-Name: Wang Xiaoqiang
Author-X-Name-First: Wang
Author-X-Name-Last: Xiaoqiang
Title: Transcending the Logic of Private Ownership
Abstract:
There have always been two lines of thought on the interpretation of the
"separation between the two powers." To put it simply, one argues for
strengthening the control of the owners, and the other argues for
weakening the same, but for letting the entrepreneurs become the main
leading force. This author agrees with the latter viewpoint. What is
interesting and meaningful is that although these two interpretations go
directly opposite ways in terms of logic, they nonetheless pursue highly
unanimous goals in terms of the practice of the reform; that is, they both
seek to establish the autonomy of the enterprises themselves, free, or at
least relatively free, of the government's administrative interference.
Therefore, the difference between the two ideas is obvious and yet also
subtle.
Journal: Chinese Economy
Pages: 43-56
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Author-Name: Wang Xiaoqiang
Author-X-Name-First: Wang
Author-X-Name-Last: Xiaoqiang
Author-Name: Ji Xiaoming
Author-X-Name-First: Ji
Author-X-Name-Last: Xiaoming
Title: Thoughts on Not Establishing a Stockholding System for Enterprises
Abstract:
The loss of control over consumption funds [in society] has compelled
people, naturally, to turn their attention from macro to micro problems,
and to the question of the enterprises' behavior. The idea of converting
the enterprises' capitalization to a stockholding system is a logical
assumption with regard to the desire to resolve the problem that there is
no one representing the long-term interests of the enterprises.
Journal: Chinese Economy
Pages: 33-42
Issue: 1
Volume: 23
Year: 1989
Month: 10
Keywords:
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Author-Name: Yang Mu
Author-X-Name-First: Yang
Author-X-Name-Last: Mu
Title: On Factors Affecting Industrial Development Growth RatesâA Discussion with Comrade Zhu Jiaming
Abstract:
In the past few months, the unabating high rate of industrial development
has, in an acute fashion, presented to theoretical circles the question of
how to view the current high growth rate. In his article published in the
second issue of the >i>Forum of Young Economists>/i>, Comrade Zhu Jiaming
declares that China "already has the preliminary material preconditions
for high-speed growth," and that "since 1978, some indexes of economic
growth have shown that the period of high-speed growth has already come."
This author, however, holds that the problem cannot be explained by
looking only at indexes of a few years, and that in order to determine
whether or not China has entered a period of high-speed growth, it is
necessary to analyze the factors that affect the rate of industrial
development and the trend of their changes. The present article is written
to invite comments and corrections by Comrade Zhu Jiaming and others.
Journal: Chinese Economy
Pages: 22-33
Issue: 2
Volume: 23
Year: 1989
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1989:i:2:p:22-33
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Author-Name: Zhou Shulian
Author-X-Name-First: Zhou
Author-X-Name-Last: Shulian
Title: The Speed of Industrial Development and the Reform of the Economic System
Abstract:
Since late last year, we have seen extremely rapid growth in industrial
production in our country. There are different views within academic
circles as to the connection between this rapid development and economic
structural reform. Some comrades believe that the high speed of industrial
development is primarily an effect of the new economic system. They say,
"The economic reform since 1978 has brought about a transformation in the
national economic structure. The role of the market structure has expanded
continuously, causing a continual rationalization of the combination and
structure of the factors of the forces of production." "The structural
environment that produced the motive for one-sided pursuit of higher
output value has gradually disappeared in the course of reform, [and] the
rapid economic growth in our country in 1984 was not a product of such a
one-sided pursuit of output value." They therefore see the current rapid
growth as a characteristic of the new economic structure, and believe that
"we should have no fear, but only welcome the advent of rapid economic
growth." Some comrades also believe that only by maintaining the current
high speed of industrial growth can we advance the economic structural
reform; otherwise the reform enterprise will encounter difficulties. I
believe that these opinions are open to question. Naturally, the gradual
acceleration in the rate of growth in industrial development over the last
few years in our country is inseparable from economic structural reform.
Owing to the implementation of the reforms, the autonomy of enterprises
has expanded, their vitality has increased, their enthusiasm has been
strengthened, management has been improved, and technological
transformation has been accelerated. All these are indeed major reasons
for the rapid industrial development. Improvement of the external
conditions of industrial production, such as the development of
agriculture, energy resources, transportation, and foreign trade are also
inseparable from the reform. The rapid development of collective industry
is, even more so, the result of reform. Therefore, it would be absolutely
wrong to negate or underestimate the impact of economic structural reform
on the high speed of industrial growth. Nonetheless, can we simply say
that the current rapid growth in industry is the result of the new
economic structure? Can we say that the traditional economic structure
that led to the one-sided pursuit of higher output value by enterprises is
"no longer of any real significance?" I feel that we cannot say this,
because, to begin with, this argument does not conform to the real
situation.
Journal: Chinese Economy
Pages: 55-70
Issue: 2
Volume: 23
Year: 1989
Month: 1
Keywords:
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Author-Name: Zhu Jiaming
Author-X-Name-First: Zhu
Author-X-Name-Last: Jiaming
Title: On the Current Stage of China's Economic DevelopmentâA Typical Development in a Nontypical Country
Abstract:
Economic development in China has been unique throughout history. The
atypical mode of China's development has long puzzled Chinese thinkers.
Even after the establishment of the People's Republic, socialist
construction in China has continued to be characterized by strongly unique
features. Only fifteen years remain before the advent of the twenty-first
century. If we can say that until now China has been an atypical country,
can China's development still maintain its atypical path from now on into
the future? As the author sees it, this is impossible. This is the central
issue that this essay explores.
Journal: Chinese Economy
Pages: 8-21
Issue: 2
Volume: 23
Year: 1989
Month: 1
Keywords:
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Author-Name: Gary Zou
Author-X-Name-First: Gary
Author-X-Name-Last: Zou
Title: Editor's Introduction
Abstract:
The five essays collected here address one of the central issues in
China's economic reform of the 1980s: the relationship between the speed
of development and the reform of the economic structure. This question
became acute in the mid-1980s as the introduction of comprehensive urban
reform in 1984 led to high-speed growth of industrial production in late
1984 and early 1985, followed by a subsequent slowdown in late 1985 and
early 1986 as "macroeconomic controls" were strengthened. How to evaluate
the high-speed growth of the economy in late 1984 and early 1985 and how
to assess the impact of the retrenchment measures that were implemented to
slow economic growth became central issues among academic circles.
Journal: Chinese Economy
Pages: 3-7
Issue: 2
Volume: 23
Year: 1989
Month: 1
Keywords:
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Author-Name: Sheng Hong
Author-X-Name-First: Sheng
Author-X-Name-Last: Hong
Author-Name: Huang Tieying
Author-X-Name-First: Huang
Author-X-Name-Last: Tieying
Title: Arguing for Rapid Economic Growth
Abstract:
The development of our country's economy in 1984 has placed the question
of "rapid growth" before the Chinese people. Our economy currently
possesses a dual transitional character: (1) it is in transition from a
natural economy to a socialized large-scale production economy; and (2) it
is also in transition from a Stalinist model to a planned commodity
economy. To be precise, our economy is in the process of undergoing
drastic structural transformation. Therefore, our analysis and assessment
of economic growth in 1984 ought to: (1) proceed from an understanding of
the transitional character of our economic mechanism; (2) emphasize
structural analysis over gross-quantity analysis; and (3) borrow from ways
of thinking about developmental economics and employ a more long-range,
historical perspective in dealing with short-term economic changes.
Journal: Chinese Economy
Pages: 34-54
Issue: 2
Volume: 23
Year: 1989
Month: 1
Keywords:
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Author-Name: Microeconomic Situation Analysis Group
Author-X-Name-First:
Author-X-Name-Last: Microeconomic Situation Analysis Group
Title: Economic Growth under RetrenchmentâA Report on the Analysis of the Microeconomic Situation in the First Half of 1986
Abstract:
The background of this report is the economic expansion in the first half
of last year [1985] and the retrenchment in the first half of this year
[1986]. By comparing the behavior of enterprises under different economic
environments, the report draws a descriptive conclusion in regard to the
quantitative and qualitative duality that is expressed by our country's
enterprises following the upsurge and subsequent decline of the economy.
This report demonstrates that changes in the micromechanism of the economy
cause fundamental changes in the nature and shape of enterprise growth,
and thereby proposes a strategy for dealing with and ameliorating the
impact of the decline of economic efficiency.
Journal: Chinese Economy
Pages: 71-88
Issue: 2
Volume: 23
Year: 1989
Month: 1
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
The essays translated here continue the debate over China's macroeconomic
situation that erupted following the launching of "comprehensive urban
reform" in 1984. In the fall of that year, following the adoption of the
"Decision" on economic structural reform at the Third Plenary Session of
the Twelfth Central Committee of the CPC, both economic growth and the
money supply increased rapidly. These developments touched off debates of
critical importance to the approach China would take toward reform in the
coming years. The Winter 1989-90 issue of >i>Chinese Economic Studies>/i>
looked at the debate over the relative benefits and problems of the
high-speed economic growth that occurred in late 1984 and early 1985. This
issue focuses on the debate over the relation among money supply, economic
growth, and economic reform that followed the adoption of tight monetary
policies in late 1985 and early 1986.
Journal: Chinese Economy
Pages: 3-8
Issue: 3
Volume: 23
Year: 1990
Month: 4
Keywords:
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Author-Name: Xu Yi
Author-X-Name-First: Xu
Author-X-Name-Last: Yi
Title: On the Establishment of a Comprehensive Financial System of Macroeconomic Coordination and Balance
Abstract:
Since the Third Plenary Session of the Eleventh Central Committee of the
Communist Party of China, the central authorities have adopted a series of
measures to effect a comprehensive readjustment of the national economy,
carried out the economic structural reform step by step and in a planned
way, and implemented the policy of invigorating domestic economy and
opening to the outside world, thereby bringing about an excellent
situation of sustained development of the national economy. The growth
rate of industrial and agricultural production and that of the national
income have gone up from year to year and the living standards of the
people have improved steadily. Under this impetus, the financial situation
has improved from year to year since 1982, and the proportional
relationships between agriculture and industry and between heavy and light
industries have gradually become better coordinated. Practice shows that
our policies for economic readjustment and economic structural reform are
correct and constitute a powerful impetus to the development of our
productive forces. It is true that in the second half of last year some
problems emerged as certain matters got out of control, but after timely
measures were taken by the Central Committee and the State Council, some
of these problems have already been overcome and others are being
resolved. We are fully confident that we shall fulfill the Sixth Five-Year
Plan ahead of schedule and smoothly enter into the period of the Seventh
Five-Year Plan, make a success of the economic reform, and straighten out
various economic relations, thus accomplishing the task of laying down the
foundation in the 1980s for an invigorated economy in the 1990s and
working toward achieving the magnificent goals that have been set for the
year 2000.
Journal: Chinese Economy
Pages: 46-68
Issue: 3
Volume: 23
Year: 1990
Month: 4
Keywords:
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Author-Name: Song Guoqing
Author-X-Name-First: Song
Author-X-Name-Last: Guoqing
Author-Name: Zhang Weiying
Author-X-Name-First: Zhang
Author-X-Name-Last: Weiying
Title: Theoretical Questions Concerning Macroeconomic Balance and Macroeconomic Control
Abstract:
In 1985, confronted with the high-speed growth of industrial development
as well as with a series of other problems of macroeconomic imbalance, the
central task of macroeconomic control was to suppress general demand, and
the major policy measure adopted was to tighten up credit and finance. At
the end of last year, we made a comprehensive analysis of the economic
situation and came to the conclusion that excessive overall retrenchment
had led to an inadequate supply of currency and insufficient demand and
had caused a further reduction of production. Some comrades, however, held
opposite views, maintaining that the money market was not tight even after
the effort to tighten it up, that the national economy remained in a state
of low heat, and that the drastic drop in the industrial rate of
development in the first two months of this year has been caused mainly by
the "shortages of resources." This difference between the two perceptions
of the situation reflects to a considerable extent the difference in the
theories on which the perceptions of the situation were based. In this
article we would like to sum up the analysis of the effects of the 1985
retrenchment and discuss a few theoretical questions concerning
macroeconomic balance and macroeconomic control.
Journal: Chinese Economy
Pages: 23-45
Issue: 3
Volume: 23
Year: 1990
Month: 4
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: On Differences Concerning Macroeconomic Problems A Reply to Comrade Zhang Xuejun
Abstract:
In recent years there have been enthusiastic discussions among Chinese
economists on a number of macroeconomic problems concerning the theories
and policies of structural reform. Such discussions are very necessary for
the development of economics as a science and for the improvement of
economic policies. As a participant in these discussions, I myself have
drawn much inspiration and benefit from the large number of treatises
(including both those in agreement and those in disagreement with my
views). For instance, on the relation between aggregate control and
structural readjustment, I advocate structural readjustment under the
premise of controlling aggregates,>sup>1>/sup> and disagree with the view
that negates the policy of aggregate control. Nevertheless, I highly
appraise the thorough analysis made by comrades who hold that view on the
structural contradictions now facing us. Therefore, I am more than happy
to continue to exchange views with and learn from my fellow economists in
the future. Here, I wish only to respond to two criticisms that Comrade
Zhang Xuejun has directed against me in his article "An Evaluation of Some
Basic Views in China's Macroeconomic Studies" (>i>Economic Research>/i>,
no. 8, 1987).
Journal: Chinese Economy
Pages: 91-101
Issue: 3
Volume: 23
Year: 1990
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1990:i:3:p:91-101
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Author-Name: Wu Ji
Author-X-Name-First: Wu
Author-X-Name-Last: Ji
Author-Name: Zhang Junkuo
Author-X-Name-First: Zhang
Author-X-Name-Last: Junkuo
Author-Name: Yue Bing
Author-X-Name-First: Yue
Author-X-Name-Last: Bing
Author-Name: Li Jiange
Author-X-Name-First: Li
Author-X-Name-Last: Jiange
Title: Effective Restrictions on Economic Growth
Abstract:
The fact that the rate of our national industrial growth has been markedly
lower than expected since the beginning of this year has aroused universal
concern among various circles. Because perceptions of the reasons for this
phenomenon are different, the countermeasures that have been proposed
differ considerably. On the one hand, in our view, the slowing down of the
rate of industrial growth is the result of conscious control exercised
over the "high-speed [growth]" through the adoption of various policy
measures since last year and is therefore basically normal. Moreover, on
the basis of the high-speed growth of last year, the 4.4 percent average
growth rate during the first quarter of this year is by no means low and
does not warrant too much concern. On the other hand, however, it should
also be noted that in the process of slowing down the rate of industrial
growth, certain factors in our economic growth and reform that restrict
the long-term steady growth of our national economy have been revealed.
That is what calls for our close attention and deep reflection.
Journal: Chinese Economy
Pages: 9-22
Issue: 3
Volume: 23
Year: 1990
Month: 4
Keywords:
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Author-Name: Sheng Hong
Author-X-Name-First: Sheng
Author-X-Name-Last: Hong
Author-Name: Zou Gang
Author-X-Name-First: Zou
Author-X-Name-Last: Gang
Title: On Money Supply in the Course of Economic Development The So-called Loss of Control over Money in 1984
Abstract:
The yardstick for assessing whether money supply is appropriate is not the
size of the increase in money supply as compared with that of the
preceding year, but the real demand of society for money. In developed
commodity economies, almost the entire economy of society falls within the
domain of the commodity economy, and the increase of products and services
is equal to that of commodities. Therefore, based on the hypothesis that
the supply and demand of money was balanced in the previous year and that
there were no changes in prices or the velocity of money, monetarists put
forward a principle of money supply: The increase rate of money supply
should be identical to the growth rate of the economy.
Journal: Chinese Economy
Pages: 75-90
Issue: 3
Volume: 23
Year: 1990
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:23:y:1990:i:3:p:75-90
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Author-Name: Zhang Xuejun
Author-X-Name-First: Zhang
Author-X-Name-Last: Xuejun
Title: An Evaluation of Some Basic Views of China's Macroeconomic Studies
Abstract:
Since we participants in this symposium have different academic
backgrounds, it is natural that we hold different views on the basic
theory and methodology of China's macroeconomic studies. >i>Jingji
yanjiu>/i> has successively carried three monographs: "Again Discussing
Preserving a Relaxed Environment for Economic Reform" by Comrade Wu
Jinglian (May 1985), "Some Divergencies in Theory in the Debate on
Macroeconomics" by Comrade Song Guoqing and others (April 1987), and "On
the Limitations of the Analysis and Policy of the Gross Amount in China's
Economic Theory and Practice" by Comrade Deng Yingtao and others (June
1987). In my opinion, whether critical or appreciative of these
monographs, no one should deny their academic value or the fact that they
represent the highest level of the theoretical studies in China's
macroeconomics in recent years. This symposium organized by the Editorial
Board of >i>Jingji yanjiu>/i> for a full exchange and discussion of these
expert views will greatly help promote further progress in the theoretical
studies in China's macroeconomics.
Journal: Chinese Economy
Pages: 69-74
Issue: 3
Volume: 23
Year: 1990
Month: 4
Keywords:
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Author-Name: Xu Dixin
Author-X-Name-First: Xu
Author-X-Name-Last: Dixin
Title: Preface
Abstract:
Journal: Chinese Economy
Pages: 6-8
Issue: 4
Volume: 23
Year: 1990
Month: 7
Keywords:
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Author-Name: Mark Selden
Author-X-Name-First: Mark
Author-X-Name-Last: Selden
Title: Editor's Introduction
Abstract:
The Kailuan coal mines were among the largest and most lucrative foreign
enterprises in late Qing and Republican China. From their founding in 1878
through 1901, when British capital secured control of the mines, to the
labor struggles and warlord battles of the 1920s, the depression of the
1930s, the Japanese takeover of the mines in the late 1930s, and the
inflation-wracked civil war that preceded the founding of the People's
Republic, Kailuan was a crucible of strife.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 23
Year: 1990
Month: 7
Keywords:
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Author-Name: Wang Ya-nan
Author-X-Name-First: Wang
Author-X-Name-Last: Ya-nan
Title: The Marxist Population Theory and China's Population Problem
Abstract:
The problems concerning population theories â or the law of demographic
development â occupy an important position in social sciences because
they involve the entire sphere of social and economic life. What is more
significant to the study of population theory at this time is that the
contemporary imperialist and colonialist scholars are attempting to pave
the way ideologically for imperialists to enslave and massacre the peoples
in the backward regions by duping them with so-called neo-Malthusianism,
which is a mix of all elements of reactionary sociological, economic, and
even biological theories.
Journal: Chinese Economy
Pages: 3-7
Issue: 3
Volume: 2
Year: 1969
Month: 4
Keywords:
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Author-Name: Xiang Huaicheng
Author-X-Name-First: Xiang
Author-X-Name-Last: Huaicheng
Title: A Review of the Reform of the Fiscal System and Overall Projections for the Future
Abstract:
It is a top priority task that we make a profound reflection and serious
review of the fiscal reform over the past ten years and, on this basis,
select a pattern compatible with the operation and development of a
planned commodity economyâ¦
Journal: Chinese Economy
Pages: 15-39
Issue: 1
Volume: 24
Year: 1990
Month: 10
Keywords:
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Author-Name: Keith Forster
Author-X-Name-First: Keith
Author-X-Name-Last: Forster
Author-Name: On-Kit Tam
Author-X-Name-First: On-Kit
Author-X-Name-Last: Tam
Title: Editors' Introduction
Abstract:
For historical, cultural, and ideological reasons, Chinese rulers have
always placed great stress on unity and cohesiveness. A major concern of
the Chinese authorities since 1949 has been to bind together the strands
of regional interests and loyalties to the Chinese Communist Party (CCP)
while, at the same time, allowing for a certain degree of local initiative
and policy adaptation.
Journal: Chinese Economy
Pages: 5-14
Issue: 1
Volume: 24
Year: 1990
Month: 10
Keywords:
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Author-Name: Guangdong Economic Yearbook (1987)
Author-X-Name-First:
Author-X-Name-Last: Guangdong Economic Yearbook (1987)
Title: Reforming the System of Fiscal Management
Abstract:
Since 1980, the central government has carried out, with regard to
Guangdong Province, a fiscal contract system epitomized by the policy of
"delineating [central and provincial] revenues and expenditures; fixed
quotas of revenue remission; no change in five years." From 1985 on, the
center continued to apply the method of general contracting vis a vis
Guangdong making the province remit revenue to the state at fixed quotas
while making certain adjustments in the quotas in accordance with the
unified regulations regarding "drawing distinctions between different
kinds of taxes." During the same period, the province also made certain
corresponding reforms in the municipalities' and districts' system of
fiscal management. This means that from 1981 on, a fiscal management of
"delineating [provincial and lower-level] revenues and expenditures and
contracting to different levels" had been implemented. Then, from 1985 on,
the new system of "drawing lines of distinction between kinds of taxes,
auditing and fixing revenue and expenditure standards [for the local
levels], and contracting to different levels" was implemented. The
specific contents of this new fiscal system included: (1) A special system
in which the locality was permitted to retain all of its revenue [for
development purposes] was implemented in the Special Economic Zones of
Shenzhen and Zhuhai Municipalities, and in the Shantou (Swatow) Special
Economic Zone; (2) with regard to Guangzhou Municipality, a policy of
"fixing a base figure, with revenues remitted at a fixed quota, with the
incremental surplus revenue shared [between] the province and the locality
on a percentage basis." The ratios for the disposition of the portion of
revenue over and beyond the fixed base figure would be: 40 percent to be
remitted to the provincial treasury; 60 percent to be retained by the
municipality; (3) with regard to five municipalities, namely, Foshan,
Jiangmen, Shaoguan, Zhanjiang, and Maoming, a method of contracted
incremental increases was implemented. This means that the amount of
revenue to be submitted upward would be gradually increased, and at the
following incremental rates: Foshan, Jiangmen, Shaoguan and Maoming (7
percent per year) and Zhanjiang (6 percent per year); (4) a method of
"fixed amount subsidy" was implemented with regard to Shantou (Swatow)
municipality and to the districts of Shaoqing, Weiyang, and Meixian, and
Hainan administrative district; (5) with regard to the Hainan autonomous
prefecture and the three minority nationality autonomous counties in
"Yuebei" (Northern Guangdong), a method of "fixed amount subsidy" with a
10 percent annual increase was implemented. In addition to the above, a
similar policy of fixed amount subsidy with an annual increment of 5
percent was implemented for a number of other hard-hit counties where
revenues did not match expenditures.
Journal: Chinese Economy
Pages: 18-23
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:18-23
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Author-Name: Liu Zeren
Author-X-Name-First: Liu
Author-X-Name-Last: Zeren
Author-Name: Chen Yaxiong
Author-X-Name-First: Chen
Author-X-Name-Last: Yaxiong
Author-Name: Jiang Yingliang
Author-X-Name-First: Jiang
Author-X-Name-Last: Yingliang
Title: The Affairs of Guizhou Province
Abstract:
1. A weak economic foundation and a single source of income is the first
major characteristic of the fiscal affairs of Guizhou Province. The vast
majority of provincial fiscal revenues comes from industrial and
commercial tax revenues. In the past thirty-five years, the proportion of
industrial and commercial tax revenue contributed to, on average, 79.4
percent of the [annual] local fiscal revenue. In 1984, industrial and
commercial tax revenue made up 90 percent of the local fiscal revenue
throughout the province, and, moreover, the tax revenue from cured tobacco
and cigarettes made up a large portion of the industrial and commercial
tax revenues. In 1984, tax revenue from the "two smokes" made up 41.7
percent of the industrial and commercial tax revenue of the entire
province. Therefore, the pace of development of the "two smokes" in
reality basically determines the rate of growth of the province's
budgetary revenue. However, the "two smokes" are commodities whose
production is controlled and restricted by the state. As soon as there is
a shift in the supply or demand in the marketplace, it would become
exceedingly difficult to assure budgetary revenue. Therefore, to allow the
fiscal revenues of Guizhou Province to grow and develop in a stable and
sustained fashion, we must, while continuing to develop and give play to
the advantageous position occupied by the "two smokes," also open up and
explore additional sources of wealth, as well as seek new ways to increase
revenue.
Journal: Chinese Economy
Pages: 24-27
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:24-27
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Author-Name: Shandong Yearbook (1987)
Author-X-Name-First:
Author-X-Name-Last: Shandong Yearbook (1987)
Title: Evolution of Shandong's Public Finance since 1949
Abstract:
On March 1950, the Government Administrative Council promulgated the
"Decision on Unifying the State's Fiscal and Economic Work." Apart from
local surcharges, all revenues and expenditures were consolidated in the
national budget. This highly centralized fiscal management system of
"unified revenues and outlays" transformed the long-term situation of
overdispersed management, balanced fiscal revenues and outlays, stabilized
market prices, guaranteed the military funds to exterminate remnant enemy
forces, and met the need to restore key economic installations. In 1953,
following changes to and the abolition of the organs of the Greater
Administrative Regions, the state budgetary system changed to a three-tier
system involving the center, provinces, municipalities, and counties.
Local public finance was under a unified system where above-budget and
revenues and savings were retained by the locality for it to disburse. In
1958, fiscal power was decentralized and the fiscal management system was
changed to one of "revenues determining outlays, fixed for five years."
Journal: Chinese Economy
Pages: 10-11
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Author-Name: On-Kit Tam
Author-X-Name-First: On-Kit
Author-X-Name-Last: Tam
Author-Name: Keith Forster
Author-X-Name-First: Keith
Author-X-Name-Last: Forster
Title: Editors' Introduction
Abstract:
In our introduction to the previous issue of >i>Chinese Economic
Studies>/i>, we discussed the background to some of the changes that the
reform program has brought about in central-local fiscal relations. The
identification of national unity, prosperity, stability, and independence
with the supremacy of the central government was noted and commented on.
Journal: Chinese Economy
Pages: 5-9
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:5-9
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Author-Name: Tianjin Economic Yearbook (1986)
Author-X-Name-First:
Author-X-Name-Last: Tianjin Economic Yearbook (1986)
Title: Budget Management System
Abstract:
At the end of 1984, the State Council resolved to carry out, beginning in
1985, with regard to municipalities directly under the jurisdiction of the
central government, the fiscal budgetary management system characterized
by "delineating different types of taxes, auditing and determining the
proper levels of revenue and expenditure, and fiscal contracts at various
levels." Fiscal revenues are to be classified into three categories: fixed
fiscal revenue of the center, fixed fiscal revenue of the locality, and
revenue to be shared by the center and the locality. The revenues that are
classified as the municipality's fixed budget revenue include the
following: income tax from collective enterprises, agricultural tax,
personal income tax, registration fees for motor vehicles and vessels,
municipal (city) tax on real estate property, slaughter tax, lifestock
trading tax, collective trading tax, fees for contracts and deeds,
state-run enterprises' bonus tax, revenues from fines and amercements due
to late payment of taxes, other miscellaneous revenues, and the municipal
maintenance and construction tax. Of the product tax, business operation
tax, and value-added tax, levied on and collected from the enterprises in
Tianjin that belong to and are affiliated with the Ministry of Petroleum
Industry, the Ministry of Electrical Power, the Petro-Chemical Industrial
Company and the Nonferrous Metals Company, 30 percent becomes the fixed
revenue of the locality and 70 percent the fixed revenue of the center.
Revenues to be shared by the center and the locality include the
following: company tax and adjustment tax of local enterprises, production
tax, business operation tax, and value-added tax of local enterprises
(these three types of taxes do not include the portions submitted by the
enterprises belonging to and affiliated with the four departments, namely,
the Ministry of the Petroleum Industry, the Ministry of Electrical Power,
the Petro-Chemical Industrial Company and the Nonferrous Metals Company,
as well as by the departments of railroads, civil aviation, and
telecommunications and postal service), natural resources usage tax,
constructon and building tax, salt tax, revenues of enterprises contracted
by the locality, the losses sustained by the grain and food supply
enterprises run by the locality, supply and marketing cooperative
enterprises, and foreign trade enterprises run by the locality, the
industrial and commercial taxes and the income taxes of foreign-capital
and joint-venture enterprises in the locality (this last area does not
include the portion submitted by offshore oil drilling enterprises).
Journal: Chinese Economy
Pages: 46-51
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:46-51
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Author-Name: Shanxi Economic Yearbook (1986)
Author-X-Name-First:
Author-X-Name-Last: Shanxi Economic Yearbook (1986)
Title: A New Fiscal Management System Established in the Course of Reform
Abstract:
1. Regarding the fiscal revenues of the localities, these revenues are to
be classified into three categories: fixed fiscal revenues for the
province; fixed fiscal revenues for the district, municipality, or
counties; and fiscal revenue to be shared between the province and the
districts, municipalities, and counties.
Journal: Chinese Economy
Pages: 41-45
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:41-45
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Author-Name: Jilin Provincial Research Institute for Public Finance
Author-X-Name-First:
Author-X-Name-Last: Jilin Provincial Research Institute for Public Finance
Title: The Scale of Fiscal Revenues and Expenditures Continues to Expand
Abstract:
Prior to 1980, although there had been many changes in the province's
budget system regarding the municipalities and counties under its
jurisdiction, and although there had been variations and changes in the
specific methods of management and in nomenclature, basically, however, it
had consistently just been a system of budget management in which both
revenues and expenditures were put under unified control and were fixed
once a year. Starting in 1980, however, there has been a major reform in
the budget system. The province began to implement, with regard to the
municipalities and counties, a "separate kitchens" system of budget
management in which "the revenues and expenditures of each level are
separated and delineated, contracting is done on a level-by-level basis, a
proportion of revenues is remitted upward (subsidies are made by fixed
amounts), and the system is set for five years at a time." Furthermore,
there was effort to improve and fine tune the system in the process of
implementation, and this has mobilized the enthusiasm on the part of all
levels of government for managing finances.
Journal: Chinese Economy
Pages: 74-83
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Author-Name: Anhui Economic Yearbook (1987)
Author-X-Name-First:
Author-X-Name-Last: Anhui Economic Yearbook (1987)
Title: >i>Xiang>/i> (Township) Public Finance
Abstract:
In 1983, our province, starting with 20 counties and 173 townships,
carried out a series of experimentation projects of developing rural
public finance at the township (town) level. In 1984, the provincial
finance bureau convened a province-wide township (town) financial work
conference in which the documents "Certain Regulations and Stipulations
Regarding Township (Town) Financial Management" and "Township (Town)
General Financial Accounting System" were drafted and formulated, and
through which a program was promoted to organize and construct rural
township (town) financial work throughout the province. In that year,
4,002 districts, townships, and towns (adjusted in 1986 to 3,940)
established financial offices (or groups), and, by the end of 1985, 11,832
rural financial cadres were either recruited or transferred from other
units. By 1986, even the majority of district community organizations had
established a basic level (level 1) financial apparatus; this makes up 75
percent of the total number of districts in the province.
Journal: Chinese Economy
Pages: 38-40
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Author-Name: Henan Provincial Yearbook (1986)
Author-X-Name-First:
Author-X-Name-Last: Henan Provincial Yearbook (1986)
Title: Implementing a New Fiscal Management System (Excerpts)
Abstract:
A fiscal management system is a system that delineates the relative
responsibilities and authorities, in the area of fiscal administration,
between the various levels of government and between the state and
enterprises and government units, and affirms the scope of their
respective revenues and expenditures. Since the founding of New China, in
accordance with the party's policy and guidelines at various stages and
periods and the conditions of the development of the national economy, as
well as in the spirit of the State Council's stipulations regarding fiscal
management systems, the provinces fiscal management system vis à vis the
special districts, municipalities (cities and townships), and counties has
undergone many reforms.
Journal: Chinese Economy
Pages: 69-73
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:69-73
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Author-Name: Hebei Economic Statistics Yearbook
Author-X-Name-First:
Author-X-Name-Last: Hebei Economic Statistics Yearbook
Title: Fiscal Statistics of Hebei Province
Abstract:
>p>According to a table on page 392 of the >i>Hebei Economic Statistics
Yearbook>/i> (1985), which is labeled "Rate of Growth of the Primary
Indicators of the National Economy," under item 4 of the table, the
following statistical data is displayed:>/p>>p>1. Fiscal revenue for 1984
represented 110.5 percent of that of 1983; 101.6 percent of that of 1978;
315.9 percent of that of 1965; 584.6 percent of that of 1957; and 880.9
percent of that of 1952.>/p>
Journal: Chinese Economy
Pages: 12-17
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:12-17
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Author-Name: Li Xiaoping
Author-X-Name-First: Li
Author-X-Name-Last: Xiaoping
Author-Name: Wang Zhengxi
Author-X-Name-First: Wang
Author-X-Name-Last: Zhengxi
Title: The Developing Public Finance in Jiangsu
Abstract:
Since the founding of the People's Republic, Jiangsu's public finance has
taken its stand on reform and served society. It has attained heartening
progress.
Journal: Chinese Economy
Pages: 90-95
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Author-Name: Tianjin Economic Yearbook (1987)
Author-X-Name-First:
Author-X-Name-Last: Tianjin Economic Yearbook (1987)
Title: Establishing a Sound Township (Town) Fiscal System
Abstract:
In 1984, the Municipality of Tianjin began to conduct township-level
fiscal experimentation, using Ninghe County as the first for
experimentation. In April 1985, the Ministry of Finance promulgated the
"Methods of Township Fiscal Experimentation" under the aegis of the no. 55
document of the 1985 Budget Papers. Then, on the basis of the stipulations
announced in the two aforementioned documents and the experience of the
experimentation carried out in Ninghe County, the municipal Bureau of
Finance and the Tianjin branch of the Chinese Agricultural Bank jointly
drafted, under the aegis of the no. 54 document of the 1985 Budget Papers,
the "Detailed Regulations for the Implementation of Township Fiscal
Management in Tianjin Municipality," which was promulgated in December
1985 and which stipulated that experimental implementation should begin on
January 1, 1986. At the same time, the document entitled "The General
Accounting System for Township Fiscal Management in Tianjin Municipality"
was formulated. This was distributed to every suburban county in 1986 for
their implementation. By the end of the year, basic-level budgetary
systems had been generally and universally established in the various
townships affiliated with and under the jurisdiction of Ninghe County,
Jixian County, the Western Suburbs district, the Northern Suburbs
district, the Eastern Suburbs district, the Hangu district and the Dagang
district, and the system for districts and counties to administer the
fiscal budget management system of the townships and towns had been
clearly stipulated and instituted. Meanwhile, some of the townships in the
Southern Suburbs district also established a primary-level budgetary
management system, and a township-level fiscal management system is
scheduled to be established in January 1987 in Wuqing County, Baodi
County, and Jinghai County, and in Tanggu district.
Journal: Chinese Economy
Pages: 52-54
Issue: 2
Volume: 24
Year: 1990
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1990:i:2:p:52-54
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Author-Name: Shmuel Z. Yahalom
Author-X-Name-First: Shmuel Z.
Author-X-Name-Last: Yahalom
Title: Preface
Abstract:
After being awarded a Fulbright grant to teach economics in the American
Studies Center of Shanghai International Studies University, Shanghai,
People's Republic of China, I wondered what additional activities I should
undertake. "China in transition" is a heaven to explore because of the
enormity of China's population, the magnitude of change that was
undertaken by the authorities, and the unique nature of the population.
Journal: Chinese Economy
Pages: 3-3
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:3:p:3-3
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Author-Name: Chen Xiangliang
Author-X-Name-First: Chen
Author-X-Name-Last: Xiangliang
Author-Name: Liu Lan
Author-X-Name-First: Liu
Author-X-Name-Last: Lan
Title: The Effects and Problems of Government Price Policies on Agricultural Products after 1978
Abstract:
After thirty years of following a system of state monopoly for purchasing
and marketing agricultural products, China began to readjust its
agricultural policy in 1978 by raising the prices of many products and
encouraging free markets. How did this affect the national economy? What
results did it bring to the farmers? Did it succeed or fail? What problems
did it cause? What is the future of the government price policy on
agricultural products?
Journal: Chinese Economy
Pages: 35-51
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Author-Name: Shmuel Z. Yahalom
Author-X-Name-First: Shmuel Z.
Author-X-Name-Last: Yahalom
Title: The Dual Currency System in China: Cost and Benefit
Abstract:
The People's Republic of China has a dual local currency system. The
common currency for the Chinese is the >i>renminbi>/i> (RMB). Foreigners
are expected to use the Foreign Exchange Certificate (FEC). The FECs were
introduced on April 1, 1980.
Journal: Chinese Economy
Pages: 72-81
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:3:p:72-81
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Author-Name: Zhang Ling
Author-X-Name-First: Zhang
Author-X-Name-Last: Ling
Title: Economic Reform and Money Supply
Abstract:
Since 1979, China has been undergoing price reforms. Up to 1987, the price
reforms can be divided into two periods: The first period, 1979-84,
concentrated on price adjustments, and the second period, 1984-87, dealt
with price development or the enlargement of the price differential. These
reforms speeded up the growth and development of the Chinese economy and
the people gained experience from it. On the other hand, the reforms
fueled the rise of prices. This article provides some ideas on how to
solve the inflation problem related to the control of the money supply.
Journal: Chinese Economy
Pages: 26-34
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:3:p:26-34
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Author-Name: Zhao Jihong
Author-X-Name-First: Zhao
Author-X-Name-Last: Jihong
Title: The Intellectuals' Contribution and Rewards in the Development of the National Economy
Abstract:
>p>In contemporary society, the momentum of development is largely based
on the level of the scientific and technological revolution. The main
contributor to this revolution forms a special group: the intellectuals.
In the process of China's modernization reform, the importance of science
and technology is crucial. Therefore, one of the key predictions is the
incentives and originality in the contribution of China's intellectuals in
this current reform. Beginning in the early 1980s, the concept of economic
returns was introduced into the upcoming, more competitive society in
China, and people of all social ranks became more aware of the monetary
returns they received. What about the Chinese intellectuals' contribution
to the national economy and their economic returns? This is the main
question that this article will explore. In this regard, consider the
following:>/p>>p>1. In the report on ten major targets that the government
should achieve in the next five years, Premier Li Peng listed the
following as the number two target: "To accelerate the development and
reform of science, technology, and education, it should be guaranteed that
the economic construction depends on scientific development while the
quality of employees is being enhanced.">sup>1>/sup>>/p>
Journal: Chinese Economy
Pages: 82-101
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:3:p:82-101
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Author-Name: Zhou Junhua
Author-X-Name-First: Zhou
Author-X-Name-Last: Junhua
Title: Economic Reform: Price Readjustment (1978-87)
Abstract:
The People's Republic of China for thirty years maintained a state
monopoly in the purchasing and selling of farm products, largely because
of chronic shortages. Great changes, however, have taken place since the
adoption of the economic reform policy in 1978. While the benefits brought
about by the reform have won loud applause from one segment of society,
drastic shifts in price readjustment have also drawn complaints, and in
some cases even fire, from another portion of the population. How to
assess the economic reform and price readjustment largely depends on the
angle from which one views these events.
Journal: Chinese Economy
Pages: 6-25
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Author-Name: Shmuel Z. Yahalom
Author-X-Name-First: Shmuel Z.
Author-X-Name-Last: Yahalom
Title: Introduction
Abstract:
Since 1949, the People's Republic of China has been on a roller coaster of
economic policies. The economic failure of the Mao era encouraged a new
attempt, identified as "economic reforms," to divorce the system from its
economic policies.
Journal: Chinese Economy
Pages: 4-5
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:3:p:4-5
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Author-Name: Liu Pengning
Author-X-Name-First: Liu
Author-X-Name-Last: Pengning
Title: Agricultural Price Reform: Problems and Suggestions
Abstract:
Every country has its own way of setting prices. Many socialist countries
have adopted a planned economy, which means that they have planned prices,
i.e., prices that are set by the government instead of by the free market
mechanism.
Journal: Chinese Economy
Pages: 52-71
Issue: 3
Volume: 24
Year: 1991
Month: 4
Keywords:
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Author-Name: Ling Heping
Author-X-Name-First: Ling
Author-X-Name-Last: Heping
Title: The Law of Value and the Price System in China
Abstract:
That price is determined by the law of supply and demand has long been
taken for granted in the Western world. The theory has been working well
in explaining the phenomenon of price. However, is it also applicable in a
socialist country such as China? Is the Chinese economy an exception to
this law? What is the price mechanism in the country? These answers are
unknown even to an ordinary person living in China. In the socialist China
for many years, the price change has slipped people's notice. What people
heard was the propaganda slogan: "Stabilize price, guarantee supply, and
improve people's livelihood." People were used to accepting prices as they
were; they did not bother to look at the price mechanism which is thickly
veiled behind the propaganda slogan and controlled by the government. The
importance of price in an economy is beyond question. But can it function
without a guiding theory? Or is there a theory of which we are ignorant?
If one does exist, what is it? How does it work, and does it work well? To
answer these questions, research on the theory and practice in price
determination was conducted through an investigation of nonstaple food
prices in Shanghai.
Journal: Chinese Economy
Pages: 6-16
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Author-Name: Zhong Yu
Author-X-Name-First: Zhong
Author-X-Name-Last: Yu
Title: Past and Present Price Setting in China: The Case of Agriculture
Abstract:
Ever since 1979 the Chinese government has been undertaking various
economic reforms to achieve an economic takeoff. During this whole process
of reform, the price reform of agricultural products in particular has
always been the center of attention, as well as the most difficult task.
Journal: Chinese Economy
Pages: 17-27
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:17-27
Template-Type: ReDIF-Article 1.0
Author-Name: Han Aiming
Author-X-Name-First: Han
Author-X-Name-Last: Aiming
Title: Shortage and Coupons
Abstract:
Coupons are likely to appear when the supply of commodities is smaller
than the demand. This phenomenon usually is closely related to low
productivity and a change in consumers' tastes, that is, a change in the
demand. When productivity is low there are extensive shortages, and the
demand is high compared with the supply. The way to solve this imbalance
is either to raise the price of the commodities in shortage or issue
coupons so there is an equal distribution among consumers. With a rise in
productivity the supply increases, and the tension between supply and
demand is reduced. As a result, coupons gradually will disappear when the
supply satisfies the consumers' demand.
Journal: Chinese Economy
Pages: 69-75
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:69-75
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Author-Name: Zhang Chang
Author-X-Name-First: Zhang
Author-X-Name-Last: Chang
Title: Price Reform: Law of Value and Inflation
Abstract:
Soon after the riots of the Cultural Revolution, the central government
finally realized the necessity of catching up with the rest of the world.
Although science and technology were also included in what was desperately
needing improvement, "capitalist" economic activities, long ignored before
1976, declined almost totally throughout the country. The new leadership
was in a position to choose which direction China could take so that the
living standard could be lifted practically, not ideally.
Journal: Chinese Economy
Pages: 34-45
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:34-45
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Author-Name: Zen Xuehui
Author-X-Name-First: Zen
Author-X-Name-Last: Xuehui
Author-Name: Xu Guili
Author-X-Name-First: Xu
Author-X-Name-Last: Guili
Title: A Tentative Exploration of Vegetable Prices
Abstract:
As China's economic reform progresses, people become more and more
interested in vegetable prices, because this is closely related to their
everyday lives. Observing the various kinds, qualities, and quantities of
vegetables in people's consumption baskets, we can sometimes see what lies
behind their purchases. For example, if prices are too high, people will
buy fewer vegetables. On the other hand, if prices are moderate, people's
baskets will be filled with vegetables.
Journal: Chinese Economy
Pages: 46-55
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:46-55
Template-Type: ReDIF-Article 1.0
Author-Name: Shmuel Z. Yahalom
Author-X-Name-First: Shmuel Z.
Author-X-Name-Last: Yahalom
Title: Introduction
Abstract:
Since 1949, the People's Republic of China has been on a roller coaster of
economic policies. The economic failure of the Mao era encouraged a new
attempt, identified as "economic reforms," to divorce the system from its
economic policies.
Journal: Chinese Economy
Pages: 4-5
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:4-5
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Author-Name: Chen Ning
Author-X-Name-First: Chen
Author-X-Name-Last: Ning
Title: Price Reform and the Future Model in the Special Economic Zones of China
Abstract:
The China National People's Congress in 1980 formally approved Special
Economic Zones (SEZs) in Shenzhen, Zhuhai, and Shantou in Guangdong
Province, and in Xiamen in Fujian Province. The purposes were to attract
more foreign investment, increase exports, and link China more closely
with the world economy. Further, Special Economic Zones were designed as
China's first experimental base of economic reform for the whole country
to learn how to develop foreign economic relations and develop economic
and technological cooperation with the outside world. By absorbing foreign
capital and advanced technology and management, Special Economic Zones
were expected to promote their productive forces and help enliven China's
overall economy.
Journal: Chinese Economy
Pages: 76-92
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:76-92
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Author-Name: Jiang Jin
Author-X-Name-First: Jiang
Author-X-Name-Last: Jin
Title: The Function of the Government in Price Reform
Abstract:
The whole world sees that a great change has taken place in China. Since
the Third Plenary Session of the Eleventh Central Committee of the Chinese
Communist Party held at the end of 1978, China's economy has been
drastically reformed. China is a socialist country and its economy, as one
of the characteristics of a socialist system, is a planned economy based
on public ownership of the means of production. During the three decades
from the founding of China to 1978, China's economy has experienced a
tortuous course of development. There were smooth-sailing periods, such as
the period of the First Five-Year Plan (1953-1957) and the economic
readjustment period of the early 1960s; there were also setbacks, such as
the Great Leap Forward of the late 1950s and the Cultural Revolution of
the 1960s and 1970s.
Journal: Chinese Economy
Pages: 56-68
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:56-68
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Author-Name: Xu Zhengfang
Author-X-Name-First: Xu
Author-X-Name-Last: Zhengfang
Title: Data Collection and Economic Analysis in Contemporary China
Abstract:
The Economic Research Institute of the Shanghai Social Science Academy
deals mainly with the study, research, and data collection of prices,
costs, and profits of various goods produced in the Shanghai region. The
research subjects or investigations (about 20-30 each year) are assigned
by the central government in Beijing. The Economic Research Institute not
only reports the results of its research but also submits to the
policymaker in Beijing feasible suggestions to solve the regional economic
problems. It has a complex task as a research institute. Each month
(usually on the tenth of the month) the Economic Research Institute
receives the data collected by the Shanghai Statistics Bureau, which sends
its data before the tenth of the month directly to the central government
by a special airplane. With the development of the computer, computerized
data banks and data collection centers have been set up throughout the
country. This makes the process easier and quicker than before.
Journal: Chinese Economy
Pages: 28-33
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:28-33
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Author-Name: Shmuel Z. Yahalom
Author-X-Name-First: Shmuel Z.
Author-X-Name-Last: Yahalom
Title: Preface
Abstract:
After being awarded a Fulbright grant to teach economics in the American
Studies Center of Shanghai International Studies University, Shanghai,
People's Republic of China, I wondered what additional activities I should
undertake. "China in transition" is a heaven to explore because of the
enormity of China's population, the magnitude of change that was
undertaken by the authorities, and the unique nature of the population.
Journal: Chinese Economy
Pages: 3-3
Issue: 4
Volume: 24
Year: 1991
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:24:y:1991:i:4:p:3-3
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Author-Name: Lin Zheng
Author-X-Name-First: Lin
Author-X-Name-Last: Zheng
Title: The Discussion on Chinese Economic Development Strategy
Abstract:
After the Thirteenth Party Congress, the Chinese academic world, while
continuing in-depth study of issues pertinent to economic structural
reform, also began new and more concrete discussions on what kind of an
economic development strategy China should adopt. The choice of economic
strategy determines the success or failure of a country's economic
development; under the prevailing conditions of fierce world competition,
this choice may to some extent decide a country's destiny. Therefore,
discussions should be extensive and supporting arguments concrete, before
a choice can be made that is both bold and forceful, and prudent and
workable. Below, I summarize major issues under discussion to provide a
basis for further extensive in-depth discussions.
Journal: Chinese Economy
Pages: 80-89
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:80-89
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Author-Name: Xu Hua
Author-X-Name-First: Xu
Author-X-Name-Last: Hua
Title: The Agricultural Issue in the "Great International Cycle"âAnalysis of Weaknesses in the Theory of the "Great International Cycle" and Ideas for Modification
Abstract:
>b>Editor's note:>/b> According to the author, a healthy, scientific
development strategy should be based on the stable growth of agriculture
and should therefore include policies to stimulate agricultural growth. He
suggests modification of the strategy of China joining the great
international cycle; his concept comprises two smaller international
cycles and a large international cycle. Of the smaller cycles, the first
would go from agriculture to rural industry to the world market and back
to agriculture; the second would go from heavy industry to the world
market and back to heavy industry. The great international cycle itself
would remain unchanged. We can call this a compound international cycle.
Journal: Chinese Economy
Pages: 69-79
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:69-79
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Author-Name: Wang Jian
Author-X-Name-First: Wang
Author-X-Name-Last: Jian
Title: The Correct Strategy for Long-Term Economic DevelopmentâConcept of the Development Strategy of Joining the "Great International Cycle"
Abstract:
The general goal of the next stage of Chinese economic development is to
go forward toward a mature industrialized society, a process that may
continue well into the middle of the next century. To reach this goal, we
must choose a correct development strategy, and, to do so, there must be
in-depth understanding of the background and contradictions in that stage.
Journal: Chinese Economy
Pages: 7-15
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:7-15
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Author-Name: Xiao Siru
Author-X-Name-First: Xiao
Author-X-Name-Last: Siru
Title: The Development Strategy of Participation in the "Great International Cycle"âDebating Some Issues with Comrade Wang Jian
Abstract:
Publication in the >i>Jingji ribao>/i> (Economic daily) of January 5,
1988, of Comrade Wang Jian's article "The Correct Strategy for Long-Term
Economic DevelopmentâConcept of the Development Strategy of Joining the
âGreat International Cycleâ" has aroused tremendous interest in the
nation because of the new departure of ideas it revealed. Wang attempted
to uncover the major contradiction in China's current stage of economic
development and then establish the appropriate development strategy,
steps, and countermeasures to meet them. This line of analysis is
logically inspiring. His idea of giving priority to the development of
labor-intensive exports to earn foreign currency, with which to promote
the upgrading of all industry, is a concrete manifestation of combining
modern development theories with Chinese realities. However, certain
viewpoints in the article are debatable.
Journal: Chinese Economy
Pages: 61-68
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:61-68
Template-Type: ReDIF-Article 1.0
Author-Name: Wang Zilin
Author-X-Name-First: Wang
Author-X-Name-Last: Zilin
Author-Name: Weng Xianding
Author-X-Name-First: Weng
Author-X-Name-Last: Xianding
Author-Name: Guo Yahong
Author-X-Name-First: Guo
Author-X-Name-Last: Yahong
Author-Name: Liu Jing
Author-X-Name-First: Liu
Author-X-Name-Last: Jing
Title: A Choice between the Strategies of the National Economy Operating an Internally or Externally Oriented CycleâQuestions on the "Great International Cycle" Theory
Abstract:
Confronted with the double pressure of economic structural reform and the
shift of rural manpower, Chinese economic development is faced with a
grave challenge in the choice of the best way to utilize the country's
resources and select a correct development strategy. The strategic concept
of China joining the "great international cycle," suggested recently by
Wang Jian>sup>1>/sup> was extremely enlightening. However, after much
thought, we found that China does not, in fact, have the comparative
advantages to join the great international cycle. If it forces itself to
do so, it will have to pay a price in distorting its economic structure
and in low-quality economic development.
Journal: Chinese Economy
Pages: 49-60
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:49-60
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Author-Name: Gary Zou
Author-X-Name-First: Gary
Author-X-Name-Last: Zou
Title: Editors' Introduction
Abstract:
The theory of the "great international cycle" (>i>guoji da xunhuan>/i>)
was worked out by two young researchers in the Economic Planning Institute
of the State Planning Commission, Wang Jian and Pei Xiaolin. Wang Jian
participated in the drafting of background material for the strategic
section of Zhao Ziyang's report to the Thirteenth Party Congress, which
helped stimulate his thinking on the subject. The idea of the great
international cycle was first circulated internally in a Xinhua
publication in August 1987, and a proposal drafted by Wang landed on
Zhao's desk while the party congress was in session. A few days later,
Zhao endorsed the idea at a central work conference, saying, "I think it
makes sense.">sup>1>/sup>
Journal: Chinese Economy
Pages: 3-6
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:3-6
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Author-Name: Pei Xiaolin
Author-X-Name-First: Pei
Author-X-Name-Last: Xiaolin
Title: On the Dualist Development Strategy of the "Great International Cycle"
Abstract:
>b>Editor's note:>/b> After the commentary "Our Strategy for Coastal
Development Is Not Synonymous with the Theory of the âGreat
International Cycleâ" was published in this paper on March 29, 1988, we
received many calls and letters from readers asking for further
clarification of the two issues, especially theoretical discussion of the
theme of the great international cycle. This author's idea of a dualist
great international cycle seeks to explain that theory further.
Journal: Chinese Economy
Pages: 22-27
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:22-27
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Author-Name: Xia Shen
Author-X-Name-First: Xia
Author-X-Name-Last: Shen
Title: A Strategic Option for China: Development of an Externally Oriented EconomyâWith a Concomitant Discussion of the "Great International Cycle"
Abstract:
The process by which China's externally oriented development strategy was
born and developed was powerfully pushed forward and completed by the
theory of the "great international cycle." At present, it is precisely the
form in which the coastal development strategy is being implemented. This
marks a new era of China's opening to the world. Below, I would like to
contribute some ideas on the strategic options available to China in
developing an externally oriented economy.
Journal: Chinese Economy
Pages: 34-48
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:34-48
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Author-Name: Xiao He
Author-X-Name-First: Xiao
Author-X-Name-Last: He
Title: A Dialogue on the "Great International Cycle"âInterview with Comrades Wang Jian and Pei Xiaolin, Authors of the Theory of the "Great International Cycle"
Abstract:
If we were to allow the present opportunity merely to slip through our
fingers, we would miss the turning point in China's national development.
Journal: Chinese Economy
Pages: 28-33
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:28-33
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Author-Name: Teng Sheng
Author-X-Name-First: Teng
Author-X-Name-Last: Sheng
Title: Our Strategy for Coastal Development Is Not Synonymous with the Theory of the "Great International Cycle"
Abstract:
What is the "great international cycle?" Is it synonymous with the
"strategy of developing the economy of the coastal areas?" This is a
question that really needs to be clarified, because some comrades equate
the two notions and talk about them as if they were one concept, to the
point where normal export trade is considered part of the great
international cycle. This is a misunderstanding.
Journal: Chinese Economy
Pages: 20-21
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:1:p:20-21
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Author-Name: Wei Dakuang
Author-X-Name-First: Wei
Author-X-Name-Last: Dakuang
Author-Name: Gao Liang
Author-X-Name-First: Gao
Author-X-Name-Last: Liang
Title: Investing Abroad to Promote Export-Supplementary Ideas on the Strategic Economic Concept of the "Great International Cycle"
Abstract:
The strategic economic concept of Chinese participation in the "great
international cycle," as suggested by Comrade Wang Jian, is a farsighted
one. However, in trying to put it into practice, we will come up against a
number of restricting factors.
Journal: Chinese Economy
Pages: 16-19
Issue: 1
Volume: 25
Year: 1991
Month: 10
Keywords:
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Author-Name: Xue Muqiao
Author-X-Name-First: Xue
Author-X-Name-Last: Muqiao
Title: Remember Historical Experience; Resolutely Implement the Policy of Improving the Economic Environment and Straightening Out the Economic Order
Abstract:
Among our current economic difficulties, the most notable are the failure
to curb inflation and a most irrational economic structure. Curbing
inflation and stabilizing prices are major tasks of our current policy of
improving the economic environment and straightening out the economic
order.
Journal: Chinese Economy
Pages: 8-19
Issue: 2
Volume: 25
Year: 1991
Month: 1
Keywords:
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Author-Name: Liu Guoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Guoguang
Title: On the Relationship Between Improving the Economic Environment and Straightening Out the Economic Order, on the One Hand, and Deepening the Reform, on the Other
Abstract:
Improving the economic environment and straightening out the economic
order and deepening reform are the two major tasks in Chinese economic
work at the present time. The "Resolution on Further Improving the
Economic Environment and Straightening Out the Economic Order and
Deepening the Reform" adopted by the Fifth Plenum of the Thirteenth
Central Committee analyzed the relationship between the two. It pointed
out that "improvement and straightening out" were necessary to create
conditions for deepening the reform, and that in implementing the former
course, the latter needed to coordinate with it. Neither of the two are
our aims, only means to enable the economy to develop in a sustained,
stable, and coordinated way.
Journal: Chinese Economy
Pages: 20-27
Issue: 2
Volume: 25
Year: 1991
Month: 1
Keywords:
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Author-Name: Wei Xinghua
Author-X-Name-First: Wei
Author-X-Name-Last: Xinghua
Title: China Cannot Go in Fully for a Market Economy
Abstract:
In the address he made to the meeting celebrating the fortieth anniversary
of the founding of the People's Republic of China, Comrade Jiang Zemin
emphasized that we must "persist in integrating planned economy with
market regulation," and that "to weaken continuously or even negate a
planned economy in order to set up a market economyâthat is not going to
work in China; it will surely bring chaos to our economic life and entire
political life."
Journal: Chinese Economy
Pages: 83-89
Issue: 2
Volume: 25
Year: 1991
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:25:y:1991:i:2:p:83-89
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: Economic Development Faces a New Stage in Which Reform Will Promote Readjustment
Abstract:
1. After a year of "improvement and straightening out," the economic
situation in the fall of 1989 can roughly be summarized as follows: The
superficial cause of the 1988 price hikeâexpansion of real purchasing
power as represented by >i>M>sub>o>/sub>>/i> (cash)âhas been brought
under initial control. From this point of view, we can say that control of
aggregate demand is achieved, hence prices are showing a tendency to drop
and the overheated economy is cooling down rapidly. On the other hand,
problems in the economic structure and system have basically remained
untouched. These problems at a deeper level are urgently in need of a
solution, otherwise further economic development would be difficult. The
above two facts show that the work of readjustment of the national
economyâimprovement, straightening out, and deepening the reformâhas
entered a new stage.
Journal: Chinese Economy
Pages: 28-40
Issue: 2
Volume: 25
Year: 1991
Month: 1
Keywords:
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Author-Name: Wang Mengkui
Author-X-Name-First: Wang
Author-X-Name-Last: Mengkui
Author-Name: Lin Zhaomu
Author-X-Name-First: Lin
Author-X-Name-Last: Zhaomu
Title: Contradictions Faced by the Chinese Economy in the 1990s and Policies to Be Adopted
Abstract:
The 1990s will be a crucial period in Chinese economic and social
development. In this decade, economic progress and system reform will be
facing even tougher tasks than in the last decade. Needless to say, there
are two possible outcomes: If things go right, China will be able to
adjust its economy and reform its economic system smoothly and development
will be sound and healthy. The Chinese economy will reach a new plane and
realize the strategic goals set for the end of this century, and the
country will attain a middle-income level from its present low-income
level. If things go wrong, present socioeconomic contradictions will
remain unresolved and the country will find itself in an economic impasse
where progress and retreat are equally difficult. The gap between
international economic and scientific and technological levels will widen.
Journal: Chinese Economy
Pages: 63-76
Issue: 2
Volume: 25
Year: 1991
Month: 1
Keywords:
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Author-Name: Wu Shuqing
Author-X-Name-First: Wu
Author-X-Name-Last: Shuqing
Title: "Improvement and Straightening Out" and Deepening Reform
Abstract:
"Improvement and straightening out" and deepening the reform is the
correct economic policy formulated by the Third Plenum of the Thirteenth
Central Committee last year in view of the prevailing political and
economic situation. The policy has been approved by the National People's
Congress (NPC). At the NPC session discussing Comrade Li Peng's report on
the work of the government, there were only two dissenting votes and four
abstentions, showing that the majority of the congress deputies supported
this central policy.
Journal: Chinese Economy
Pages: 77-82
Issue: 2
Volume: 25
Year: 1991
Month: 1
Keywords:
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Author-Name: Rong Jingben
Author-X-Name-First: Rong
Author-X-Name-Last: Jingben
Title: Foreword to >i>Considerations on How China Can Extricate Its Economy from a Difficult Position>/i>
Abstract:
1. This book is a collection of seven articles that were all published
after the events of June 1989. At present, Chinese economic circles may be
less animated than before the June storm, but still they are thinking.
They are deliberating the past course of Chinese economic reform and
considering the future course it should follow, focusing on how the
country can extricate its economy from its present difficult position.
Journal: Chinese Economy
Pages: 3-7
Issue: 2
Volume: 25
Year: 1991
Month: 1
Keywords:
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Author-Name: Zou Gang
Author-X-Name-First: Zou
Author-X-Name-Last: Gang
Author-Name: Ma Jun
Author-X-Name-First: Ma
Author-X-Name-Last: Jun
Title: Promoting Overall Cooperation Between Chinese Coastal Areas and the East Asian Economy
Abstract:
Précis: Effective utilization of comparative advantage as a result of
cooperation between Guangdong Province and Hong Kong has supported the
economic prosperity of both in recent years. Other Chinese coastal
provinces, however, are far from tapping their potentials in this respect,
especially in cooperating with their natural trade partners. In this
essay, the authors advance the following framework for cooperation between
China's coast and the East Asian countries and regions: Close cooperation
should immediately be developed between areas on China's coastline and
neighboring East Asian industrial countries and regions. This would
include cooperation between the Pearl River Delta and Hong Kong, the
Southern Fujian Delta and Taiwan, Liaoning and Shandong and South Korea,
Hainan Island and the ASEAN countries, and the Yangtze River Delta and
Japan. Once this happens, the East Asian economy will not just be the
"four little dragons, of Asia" that have attracted attention but one large
dragon with the capital and technology of the East Asian industrial
countries and regions at its head and China's coastal manpower and
resources as its body.
Journal: Chinese Economy
Pages: 67-83
Issue: 3
Volume: 25
Year: 1992
Month: 4
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Author-Name: Gary Zou
Author-X-Name-First: Gary
Author-X-Name-Last: Zou
Title: Editors' Introduction
Abstract:
As the second of two issues of >i>Chinese Economic Studies>/i> dealing
with China's coastal development strategy, six articles reflecting
different aspects of the problem are brought together here. The first is
by Liu Guoguang, vice president of the Chinese Academy of Social Sciences
(CASS) and an alternate member of the Central Committee. Liu has been
involved in Special Economic Zone (SEZ) policy since at least 1985, and
has contributed to China's coastal development strategy both in terms of
theory and practice. He not only participated in the 1985 debate over the
orientation of the SEZs, but the following year led a team that drafted
the strategy for opening and developing Hainan Island.
Journal: Chinese Economy
Pages: 3-7
Issue: 3
Volume: 25
Year: 1992
Month: 4
Keywords:
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Author-Name: Liu Guoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Guoguang
Title: Several Problems Concerning the Development Strategy of China's Special Economic Zones
Abstract:
1. Beginning 1979, China established the four special economic zones of
Shenzhen, Zhuhai, Shantou, and Xiamen, arousing the attention and concern
of people at home and abroad. The pros and cons involving these SEZs have
remained a controversial topic for the past few years. Economists in China
and abroad have been particularly interested in the prospects and future
of these zones. In my view, in order to make an appropriate evaluation of
the SEZs work to date and their future prospects, we must first make a
rough analysis of their nature, strategic goals, and strategic development
stages.
Journal: Chinese Economy
Pages: 8-21
Issue: 3
Volume: 25
Year: 1992
Month: 4
Keywords:
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Author-Name: Ji Chongwei
Author-X-Name-First: Ji
Author-X-Name-Last: Chongwei
Title: Some Questions That Need to Be Addressed in Implementing Coastal Development Strategy
Abstract:
The center and the State Council have already discussed and approved the
development strategy for China's coastal areas as proposed by Comrade Zhao
Ziyang. Below are my personal views concerning major issues that need to
be addressed in implementing this strategy, which I put forth for public
discussion.
Journal: Chinese Economy
Pages: 22-35
Issue: 3
Volume: 25
Year: 1992
Month: 4
Keywords:
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Author-Name: Lin Yifu
Author-X-Name-First: Lin
Author-X-Name-Last: Yifu
Title: On the Development Strategy of an Externally Oriented Economy
Abstract:
The concept of an externally oriented economy came up last year during
preliminary discussions on the orientation of development of the four
special economic zones, including Shenzhen, but the idea that the coastal
areas should develop externally oriented economies as their development
strategy is even more recent than that. Implementation of this strategy
means a major "switching of tracks" for the Chinese economy necessitating
reallocation of resources and adjustments in economic deployment, the
purpose of which is to put China onto the world economic orbit. It is,
therefore, a matter of far-reaching significance to the country's economic
development now and in the future.
Journal: Chinese Economy
Pages: 53-66
Issue: 3
Volume: 25
Year: 1992
Month: 4
Keywords:
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Author-Name: Wang Jian
Author-X-Name-First: Wang
Author-X-Name-Last: Jian
Title: Accelerate the Development of an Externally Oriented Economy to Transform China's Industrial Structure
Abstract:
It was in August last year that the >i>Internal Reference News>/i> issued
by the New China News Agency published my concept of the strategy of the
great international cycle; now, in the short period since then, this
concept has become the new strategy for development of the coastal areas.
I had not expected this.
Journal: Chinese Economy
Pages: 36-42
Issue: 3
Volume: 25
Year: 1992
Month: 4
Keywords:
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Author-Name: Chen Wenhong
Author-X-Name-First: Chen
Author-X-Name-Last: Wenhong
Title: Thoughts Regarding an Externally Oriented Economy in the Pearl River Delta
Abstract:
In China, the criterion for an externally oriented economy is generally
based on the proportion and volume of commodities exported to earn foreign
exchange [>i>chukou chuanghui>/i>â"export to earn foreign exchange"âis
a set Chinese term and sometimes means merely "export." In this article,
it is translated as "export" unless the exchange aspect is
emphasized.âTrans.]. In industry, the criterion is the proportion of
industrial export, chiefly the value of such export, in total industrial
output value. This may be a clear and simple way of delineation, but it
really leaves many questions unanswered.
Journal: Chinese Economy
Pages: 43-52
Issue: 3
Volume: 25
Year: 1992
Month: 4
Keywords:
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Author-Name: Christine Wong
Author-X-Name-First: Christine
Author-X-Name-Last: Wong
Author-Name: Dai Yuanchen
Author-X-Name-First: Dai
Author-X-Name-Last: Yuanchen
Title: Editors' Introduction
Abstract:
The six papers presented in this issue of >i>Chinese Economic Studies>/i>
were selected by Dai Yuanchen, a senior economist at the Institute of
Economics, Chinese Academy of Social Sciences. All were published in 1990
in various Chinese journals, at a time when discussion of reform and its
problems was more constrained than at any time since the early 1980s. In
the post-Tiananmen climate, while proposals calling for radical changes in
the economic system were no longer published, some scholarly debates
nonetheless continued. Among these was the old saw of decentralization and
local control. Prompted by the introduction of fiscal contracting between
the central and provincial governments in 1988, many economists wrote of
the erosion of central control and the rise of "localism" in what they saw
as a dangerous trend toward excessive or inappropriate decentralization.
One of the most provocative articles on this theme (and included here as
the lead article) was written jointly by Shen Liren and Dai Yuanchen, who
called it the "formation of âdukedomâ economies" (>i>zhuhou
jingji>/i>). Another popular theme in Chinese economic journals at that
time was the difficulty of combining the allocation mechanisms of planning
and market and discussions of the appropriate division of labor between
the two systems within one economy.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 25
Year: 1992
Month: 7
Keywords:
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Author-Name: Shen Liren
Author-X-Name-First: Shen
Author-X-Name-Last: Liren
Author-Name: Dai Yuanchen
Author-X-Name-First: Dai
Author-X-Name-Last: Yuanchen
Title: Formation of "Dukedom Economies" and Their Causes and Defects
Abstract:
China is a country with extensive territory and a huge population where
regional economic development is uneven. As such, it is impossible for a
central government to manage the whole country economically. Economic
management must be done at different levels, under unified leadership.
"Unified leadership and multilevel management," however, can only be
implemented through concrete systems whereby powers held by the central
government and those delegated to local governments are clearly defined.
With clear-cut and appropriate division of power the two can work in
concert, utilizing the advantages of centralization and dispersion and
avoiding the defects of overcentralization and overdispersion.
Journal: Chinese Economy
Pages: 6-24
Issue: 4
Volume: 25
Year: 1992
Month: 7
Keywords:
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Author-Name: Wang Wenchang
Author-X-Name-First: Wang
Author-X-Name-Last: Wenchang
Author-Name: Meng Yanyan
Author-X-Name-First: Meng
Author-X-Name-Last: Yanyan
Title: Hainan Economic Development: Distribution of Benefits and Economic Efficiency
Abstract:
There is no doubt that Hainan, a relatively independent economic region,
has unified interests as a region. The unitary principle that guides
Hainan's economic development objectively requires overall regional
interests to be taken into account in planning and plan implementation. It
calls for unified arrangements and staggered development so that areas
with sound foundations where quick results are possible can get priority.
This unitary policy faces the problem, however, of whether benefits are
evenly distributed. The more uneven the overall benefit structure, the
less stable the foundations for a unitary policy. Although the region
currently enjoys the status of a Special Economic Zone, because of the
wide disparities in income distribution and the lack of a relatively
balanced overall structure, the wish for unitary development objectively
comes up against pluralistic options advanced by different interest
groups. If the price of unification is violation of the interests of one
party or another, then the whole process will be jeopardized.
Journal: Chinese Economy
Pages: 79-90
Issue: 4
Volume: 25
Year: 1992
Month: 7
Keywords:
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Author-Name: Dai Yuanchen
Author-X-Name-First: Dai
Author-X-Name-Last: Yuanchen
Title: Can Plan and Market Coexist in a Socialist Economy?
Abstract:
The reform of the socialist economic system, viewed from the perspective
of economic mechanisms, must be market-oriented reform. The past several
decades in China have proven that trying to encompass all economic
activities within a single plan designed to manage and control everything,
will only end in failure. With such planning, the range and variety of
commodities supplied by the market are reduced to a minimum. Thus,
although people feel differently about the market, as long as they admit
that the socialist economic system must be reformed, the contents of
reform always move more or less toward the market, and attempt to
accommodate both the plan and the market.
Journal: Chinese Economy
Pages: 60-78
Issue: 4
Volume: 25
Year: 1992
Month: 7
Keywords:
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Author-Name: Lou Jiwei
Author-X-Name-First: Lou
Author-X-Name-Last: Jiwei
Title: On Division of Economic Power Between Central and Local Levels
Abstract:
In economics, economic mechanism is synonymous with economic system. The
crux is how resources are allocated and how income is distributed. The
current so-called deep-level contradiction is precisely the inner
contradiction of these two elements. Superficially, they are manifested as
troublesome problems of the economic system. First, who holds
decision-making power? Second, where does national income go? Central
decision-making power is often eroded by lower levels; as the saying goes:
"The central levels make decisions; the lower levels make
counterdecisions." Local levels feel a lot of central interference;
enterprises feel a lot of administrative interference from both the
central and local governments, including different kinds of levies. Every
level feels a lack of power. Who, then, really holds decision-making
power? The proportion of budget revenues in national income has dropped
every year. Both the central and local fiscal departments are feeling a
crunch, but still expenses borne by enterprises and undertakings are
increasing. Employee incomes are increasing, but statistics show that the
real annual increase has been only 3 percent, lower than the GNP increase.
Every income-receiving department and level feels a shortage of funds.
Where, then, has the national income gone? To whom has it been
distributed?
Journal: Chinese Economy
Pages: 25-34
Issue: 4
Volume: 25
Year: 1992
Month: 7
Keywords:
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Author-Name: Lu Nan
Author-X-Name-First: Lu
Author-X-Name-Last: Nan
Title: Solution to Dual Pricing of Means of Production
Abstract:
Dual pricing (>i>shuangguizhi>/i>â"dual-track pricing") of means of
production has existed in China for a long time, but as an official system
it has been implemented only for the past five years. During these five
years, its scope has rapidly expanded. Prices of almost all means of
production and services are now on "dual tracks." The reasons for the rise
of this system and possible solutions to it have become central topics of
discussion in theoretical and applied economic circles. I would like to
present my views.
Journal: Chinese Economy
Pages: 35-47
Issue: 4
Volume: 25
Year: 1992
Month: 7
Keywords:
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Author-Name: Tang Fengyiet Al.
Author-X-Name-First: Tang Fengyiet
Author-X-Name-Last: Al.
Title: Property Rights: Rationalizing the Crux of Reform and Development
Abstract:
Discussion on the issue of property rights has been relatively muted in
the past year. The reason is a specious misgiving in people's minds that
any talk on the subject is tantamount to advocating privatization or an
infringement on state ownership. So comrades try to avoid it in talking
about reform and development. But the objective fact is that the issue of
property rights is unavoidable in implementing reform and development. The
situation and problems confronting China today highlight the issue as one
that urgently needs solution.
Journal: Chinese Economy
Pages: 48-59
Issue: 4
Volume: 25
Year: 1992
Month: 7
Keywords:
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Author-Name: Zhao Minshan
Author-X-Name-First: Zhao
Author-X-Name-Last: Minshan
Author-Name: Wen Lie Liu Heng
Author-X-Name-First: Wen Lie Liu
Author-X-Name-Last: Heng
Author-Name: Jing Guiliang
Author-X-Name-First: Jing
Author-X-Name-Last: Guiliang
Title: Causal Factors of Losses in Industrial Enterprises Doing Independent Accounting, and Suggested Countermeasures
Abstract:
In the past two years, increasingly heavy losses have been reported by
industrial enterprises. The reasons are more complicated than ever.
Limiting these losses to a minimum is essential to improving economic
results and bettering China's financial situation.
Journal: Chinese Economy
Pages: 47-55
Issue: 1
Volume: 26
Year: 1992
Month: 10
Keywords:
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Author-Name: Song Qun
Author-X-Name-First: Song
Author-X-Name-Last: Qun
Author-Name: Lian Zhiming
Author-X-Name-First: Lian
Author-X-Name-Last: Zhiming
Author-Name: Wang Dongjiang
Author-X-Name-First: Wang
Author-X-Name-Last: Dongjiang
Author-Name: Liu Wen
Author-X-Name-First: Liu
Author-X-Name-Last: Wen
Author-Name: Lu Guorong
Author-X-Name-First: Lu
Author-X-Name-Last: Guorong
Title: Analysis of Losses Incurred by State-Owned Industrial Enterprises Included in the State Budget, and Proposed Countermeasures
Abstract:
From 1979 to 1986, state-owned industrial enterprises realized a total of
852.5 billion yuan in profits and taxes at an average annual progressive
increase rate of 6.8 percent. This amount equalled the sum of profits and
taxes realized in the previous twenty-six years. Their contributions
constituted 80 percent of national financial revenue and played a major
role in the development of the national economy. On the other hand, it
should also be pointed out that state-owned industrial enterprises have
always sustained relatively big losses. This problem has become more
serious in the past two years and is now a major impediment to the
improvement of industrial economic results in the country. To reverse this
situation as quickly as possible and create more favorable conditions for
deepening reform, it is necessary to make an overall analysis of these
losses and arrive at some solutions.
Journal: Chinese Economy
Pages: 56-87
Issue: 1
Volume: 26
Year: 1992
Month: 10
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
After having decreased in the early 1980s, losses by Chinese industrial
enterprises began to go up in 1985, reaching 4.05 billion yuan, an
increase of 18.3 percent over 1984. In 1986, losses increased another 78.7
percent to 7.42 billion yuan, and in 1987 they increased another 16.9
percent to reach 8.47 billion yuan. These losses not only marked the most
serious increase in enterprise losses since 1982, when enterprises had
racked up 5.58 billion yuan in losses, but their pattern did not follow
the pattern of past debt peaks. Previously, debt peaks had been associated
with the slow downs that occurred periodically in China's industrial
growth rate as authorities adopted tight monetary and credit policies to
cool off an overheated economy. This pattern held in 1986, as the
industrial growth rate slowed from 18 percent to 9.2 percent. In 1987,
however, the industrial growth rate climbed back to 14 percent, but
enterprise losses continued to climb. This suggested a more complex and
serious problem than encountered in the past.
Journal: Chinese Economy
Pages: 3-5
Issue: 1
Volume: 26
Year: 1992
Month: 10
Keywords:
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Author-Name: Ge Fu
Author-X-Name-First: Ge
Author-X-Name-Last: Fu
Author-Name: Dai Biqing
Author-X-Name-First: Dai
Author-X-Name-Last: Biqing
Author-Name: Xiao Ruxi
Author-X-Name-First: Xiao
Author-X-Name-Last: Ruxi
Author-Name: Zhang Jiwu
Author-X-Name-First: Zhang
Author-X-Name-Last: Jiwu
Author-Name: Ming Shaoqing
Author-X-Name-First: Ming
Author-X-Name-Last: Shaoqing
Title: Deficits at Coal Mines Subject to Unified Distribution and the Policy to Reverse Losses
Abstract:
Coal is China's primary energy source. Among major countries in the world,
coal makes up less than 35 percent of energy consumed whereas in this
country, the percentage is over 70. Coal is not only a major fuel for all
branches of the economy as well as the home, but also a major industrial
raw material.
Journal: Chinese Economy
Pages: 5-25
Issue: 2
Volume: 26
Year: 1992
Month: 1
Keywords:
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X-Bibl:
Handle: RePEc:mes:chinec:v:26:y:1992:i:2:p:5-25
Template-Type: ReDIF-Article 1.0
Author-Name: Han Xiulan
Author-X-Name-First: Han
Author-X-Name-Last: Xiulan
Author-Name: Wu Wenhui
Author-X-Name-First: Wu
Author-X-Name-Last: Wenhui
Title: Investigation of Losses in Industrial Enterprises in Liaoning Province
Abstract:
Liaoning is an area where heavy industry is relatively concentrated,
making up 69 percent of the provincial industrial total, while its light
industry only makes up 31 percent. In the province's economic development,
however, enterprise losses are a conspicuous problem. In June 1987, we
investigated losses in some enterprises in a few industries, focusing on
operational losses suffered by industrial enterprises included in the
state budget. On the basis of this investigation and study, we present
below some views and suggestions.
Journal: Chinese Economy
Pages: 88-96
Issue: 2
Volume: 26
Year: 1992
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1992:i:2:p:88-96
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Author-Name: Miao Qipei
Author-X-Name-First: Miao
Author-X-Name-Last: Qipei
Author-Name: Xu Guanglu
Author-X-Name-First: Xu
Author-X-Name-Last: Guanglu
Author-Name: Zhuang Xiongchuan
Author-X-Name-First: Zhuang
Author-X-Name-Last: Xiongchuan
Author-Name: Xu Chunhua
Author-X-Name-First: Xu
Author-X-Name-Last: Chunhua
Title: Investigative Report on Losses Sustained by Enterprises Under the Former Ministry of Arms Industry
Abstract:
In the three decades since Liberation, China's arms industry has had great
development. It now has a relatively complete conventional arms
manufacturing system of some scale, which is an important part of China's
national defense.
Journal: Chinese Economy
Pages: 63-77
Issue: 2
Volume: 26
Year: 1992
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1992:i:2:p:63-77
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Author-Name: Yang Yuxin
Author-X-Name-First: Yang
Author-X-Name-Last: Yuxin
Title: An Analysis of Losses in Beijing Industrial Enterprises
Abstract:
Since 1986, both the number of deficit enterprises and the amount of their
losses have been on the rise in Beijing. This has been the object of much
concern. After investigating the situation, I have the following findings
and views on the subject.
Journal: Chinese Economy
Pages: 78-87
Issue: 2
Volume: 26
Year: 1992
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1992:i:2:p:78-87
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> continues the translation of
important sections of an internal study on enterprise
deficitsâ>i>Investigation and Research on Deficits in Industrial
Enterprises>/i> (>i>Gongye qiye kuisun diaocha yanjiu>/i>)âthat was
published in 1989. Whereas the previous issue of >i>The Chinese
Economy>/i> presented three summary reports on the extent and causes of
deficits in China's industrial enterprises, the current issue selects five
important case studies that depict the situation facing some major
industries and localities. The first three selections translated here are
studies of enterprise losses in industries that have faced some of the
most serious and persistent deficits in China: the coal, machine-building,
and arms industries. The other two selections examine the deficit
situation in the nation's capital, Beijing, and in the province of
Liaoning, the site of much of China's aging heavy industrial plants.
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 26
Year: 1992
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1992:i:2:p:3-4
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Author-Name: Song Guangdi
Author-X-Name-First: Song
Author-X-Name-Last: Guangdi
Author-Name: Li Fei
Author-X-Name-First: Li
Author-X-Name-Last: Fei
Author-Name: Wan Jiali
Author-X-Name-First: Wan
Author-X-Name-Last: Jiali
Title: Analysis of Machine-Building Enterprise Deficits and Study of Measures to Reverse Losses
Abstract:
The machine-building industry equips all sectors of the national economy
and occupies an important place in socialist construction. Its output and
realized profit and taxes make up about one-fourth of the national
industrial totals. In 1986, there were a total of 102,500 machinery
enterprises doing independent accounting in the country. Total output was
229.6 billion yuan. Employees numbered 19.09 million. The original value
of fixed assets was 172.7 billion yuan, and realized profits reached 37.27
billion yuan. In addition, there were 72,000 village-run machinery plants
or workshops with 18.7 billion yuan's output employing 2.5 million people.
Journal: Chinese Economy
Pages: 26-62
Issue: 2
Volume: 26
Year: 1992
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1992:i:2:p:26-62
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Author-Name: Liu Guoguang
Author-X-Name-First: Liu
Author-X-Name-Last: Guoguang
Title: Comments at a Symposium to Discuss the Planned Economy as Primary and the Market Economy as Supplementary
Abstract:
Recently Comrade Chen Yun has repeatedly raised the important question of
maintaining the planned economy as primary. Socialism should stress the
planned economy at all times. Long ago Marx and Engels explained from a
theoretical perspective that socialism is bound to implement a planned
economy, that is, to implement conscious regulation of the economy on the
basis of public ownership and within the whole society. In recent years,
in order to enliven the economy, we have adopted reform measures with
respect to the microeconomy. However, in the macroeconomy our work in
planned management has not caught up. Consequently, although we have made
progress in the economic arena, we have also come up against a few
problems. They include, for example, the short supply of vegetables in
urban areas, the vying of cash crops with grain production for more land,
the willingness to work only when the benefits are great, etc. Therefore,
we must stress a socialist planned economy in both our theory and
practice.
Journal: Chinese Economy
Pages: 100-104
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:100-104
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Author-Name: Wang Renzhi
Author-X-Name-First: Wang
Author-X-Name-Last: Renzhi
Author-Name: Gui Shiyong
Author-X-Name-First: Gui
Author-X-Name-Last: Shiyong
Title: Uphold and Improve the Mandatory Planning System
Abstract:
The focal point of recent debates on economic structural reform has been
whether or not to have mandatory planning and whether or not it can be
abolished in a socialist planned economy. This question involves the
understanding of the basic economic system of socialism and its
characteristics (>i>tezheng>/i>) and is related to the orientation to be
followed in Chinese economic structural reform. A clear answer can only be
obtained when we explore it by integrating theory with practice.
Journal: Chinese Economy
Pages: 79-99
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:79-99
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
Theoretical discussions on economic structural reform in the Dengist
period can probably be dated from Hu Qiaomu's important speech to the
State Council, "Act in Accordance with Economic Laws," in July 1978.
Following that speech, it became legitimate to explore the "economic
laws," and the concurrently unfolding discussion of practice as the sole
criterion of truth emboldened China's economists to probe areas that were
formerly considered forbidden. The Economics Institute of the Chinese
Acadamy of Social Sciences revived the institution of biweekly seminars
that it had held prior to the Cultural Revolution, and discussions in
these seminars was apparently unprecedently wide-ranging and bold. In
April 1979, a major theoretical conference was held in Wuxi, Jiangsu
Province, to discuss the relationship between the plan and market and the
law of value. The major thrust of these discussions was that enterprises
should be given greater decisionmaking authority, that the market should
play a greater regulatory role, and that the law of value should be
respected. Although these general conclusions apparently received the
support of senior economic policymaker Chen Yun, the logic behind many of
the proposals put forward was sharply at odds with Chen's approach to
economics.
Journal: Chinese Economy
Pages: 3-7
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:3-7
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Author-Name: Deng Liqun
Author-X-Name-First: Deng
Author-X-Name-Last: Liqun
Title: On the Correct Handling of the Relationship Between the Planned Economy and Market Regulation
Abstract:
The establishment of public ownership made it possible for humankind to
control its own economic relations and carry on economic activity
consciously according to a unified plan of society. However, the level of
productive forces and the ownership system at the present stage in our
country only permits putting the major part of production and circulation
under the state plan; the whole of production and circulation cannot be
encompassed by the state plan.
Journal: Chinese Economy
Pages: 41-47
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:41-47
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Author-Name: You Lin
Author-X-Name-First: You
Author-X-Name-Last: Lin
Title: Planned Production Is Primary, Free Production Supplementary
Abstract:
In 1956 when our socialist transformation of private ownership of the
means of production had just been completed fundamentally, Comrade Chen
Yun put forth the following views to improve our production planning:
"While the major part of industrial and agricultural products in the
country should be produced in accordance with the plan, there should, at
the same time, be a part that is freely produced in accordance with market
changes and within the confines of the state plan. Planned production is
primary, and free production, in accordance with market changes and within
the confines of the state plan, supplements planned production." Earnestly
studying this idea of Comrade Chen Yun's has great meaning as we explore
how to reform the planned management structure and how to view the role of
market regulation under a planned economy. In my view, the above opinion
is appropriate both today and for a relatively long time into the future.
Journal: Chinese Economy
Pages: 15-31
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:15-31
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Author-Name: Chen Yun
Author-X-Name-First: Chen
Author-X-Name-Last: Yun
Title: Strengthen and Improve Economic Planning Work
Abstract:
A year's planning starts in spring. Today I am going to speak about how to
persevere in keeping the planned economy primary and market regulation
supplementary. I've already spoken about this at the discussion meeting of
the first secretaries of provinces, autonomous regions, and centrally
administered municipalities. The above principle must be followed after
the institution of production responsibility systems in agriculture. There
must be no exceptions. For instance, city outskirts should raise
vegetables according to plan. The state must assign hog-raising quotas.
Tobacco acreage must not increase; grain acreage must not decrease. The
people's living standards should be raised, but the country has only so
much money so there must be a plan as to how much [to spend] here, how
much there. The people's living standards need to improve, and can be
improved, but how much improvement is necessary requires careful
consideration. I am still saying what I said: Looking at the overall
situation, first, people must eat; second, there must be construction. We
cannot eat and use up everything, or the country will have no future.
After eating, there must be enough left over to engage in production
construction. Only by so doing is there hope for the country. Under all
circumstances we must adhere to this principle.
Journal: Chinese Economy
Pages: 12-14
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:12-14
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Author-Name: Chen Yun
Author-X-Name-First: Chen
Author-X-Name-Last: Yun
Title: Some Major Policy Directives on Economic Construction
Abstract:
I. Agricultural economy is an important part of the national economy. In
agricultural economy, too, the planned economy must be primary and market
economy supplementary.
Journal: Chinese Economy
Pages: 8-11
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:8-11
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Author-Name: Gong Shiqi
Author-X-Name-First: Gong
Author-X-Name-Last: Shiqi
Author-Name: Xu Yi
Author-X-Name-First: Xu
Author-X-Name-Last: Yi
Title: Upholding the Planned Economy as Primary and Market Regulation as Supplementary
Abstract:
It is a consistent thinking of Comrade Chen Yun's that in China's
socialist economy, the planned economy is primary and market regulation
supplementary. In the early period after the founding of the People's
Republic, he advanced the idea that planned production should play a major
role and free production a minor role (>i>da jihua xiao ziyou>/i>). In
1956 when the socialist transformation of the ownership of means of
production was basically completed in China, he reiterated that planned
production should play a primary role in industrial and agricultural
production while free production according to market changes and within
the scope permitted by the state plan should supplement planned
production; the state market should be the primary entity of a unified
socialist market, but there should also be a subordinate free market under
the leadership of the state and within a given scope to supplement the
state market. This was how Comrade Chen Yun summed up the relationship
between the planned economy and market regulation given the situation at
the time. At the same time, it was a far-sighted conception that continues
to have guiding meaning for us today. During the past year or more,
Comrade Chen Yun has repeatedly emphasized, with purpose, the importance
of the planned economy. In his talk with comrades of the State Planning
Commission during the Spring Festival this year, he said: Our country
implements a planned economy. Industry must take the planned economy as
primary, and agriculture, even after the implementation of the
responsibility system, must still take the planned economy as primary.
Even more should planning be strengthened in our enterprises. In short,
correctly understanding and handling the relationship between the planned
economy and market regulation is a fundamental question in socialist
economic theory, as well as the crux of economic structural reform.
Journal: Chinese Economy
Pages: 64-78
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:64-78
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Author-Name: Fang Weizhong
Author-X-Name-First: Fang
Author-X-Name-Last: Weizhong
Title: An Unshakable Basic CriterionâMy Understanding of the Principle of the Planned Economy Is Primary and Market Regulation Supplementary
Abstract:
Our party long ago advanced the idea that, in a socialist economy, the
planned economy should be primary and market regulation supplementary.
Journal: Chinese Economy
Pages: 48-63
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:48-63
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Author-Name: Li Zhenzhong
Author-X-Name-First: Li
Author-X-Name-Last: Zhenzhong
Title: On Planning and the Market
Abstract:
The question of planning and the market has become a major topic of
concern to economists in China and the world. The current wide-ranging
discussion on this topic in China was triggered by the symposium on the
law of value held in Wuxi in April 1979. In the past two years, people
have expressed many new ideas and views on the relationship between
planning and the market. The discussion has benefited both the theoretical
and practical aspects of the question. Below, I will briefly summarize two
major controversial issues over the past two years.
Journal: Chinese Economy
Pages: 32-40
Issue: 3
Volume: 26
Year: 1993
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:3:p:32-40
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> translates a number of articles
that were published together in >i>Zhongguo jingji tizhi gaige tansuo>/i>
(Explorations in China's economic structural reform), which was edited by
Lin Ling and published by Chong jng Publishing House in 1986. Lin wrote
these articles over a two-year period, from 1979 to 1981, to explicate and
defend the early experiments in enterprise reform that were carried out in
Sichuan Province under Zhao Ziyang's leadership. Just as Anhui Province,
under Wan Li's leadership, led the way in rural reform, Sichuan Province
was the first to undertake systematic experiments in enterprise reform.
These articles thus reflect the thinking that underlay those first
experiments.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 26
Year: 1993
Month: 7
Keywords:
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Author-Name: Andrew H. Wedeman
Author-X-Name-First: Andrew H.
Author-X-Name-Last: Wedeman
Title: Editor's Introduction
Abstract:
In the late 1980s, regional or local protectionism (>i>difang
baohuzhuyi>/i>) became an increasing problem in China. During the period
from 1987 to 1989, a series of interregional resource wars (>i>ziyuan
dazhan>/i>) erupted wherein raw material-producing regions banned or
blocked exports of scarce commodities. Threatened with the loss of
necessary inputs, manufacturing regions responded by launching attacks
against raw material producers' "defenses," leading to "chaos"
(>i>luan>/i>) and "tangled warfare" (>i>hunzhan>/i>). Over the years,
local governments fought resource wars over commodities ranging from key
industrial inputs (cotton, silk, tobacco, wool, tea, and ramie), to basic
foodstuffs (hogs, eggs, and grain), to local specialty crops (cassia,
anise, bluish dogbane, pine rosin, mint oil, and jellyfish).
Journal: Chinese Economy
Pages: 3-7
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Author-Name: Wu Jianqi
Author-X-Name-First: Wu
Author-X-Name-Last: Jianqi
Title: On the "Block Economy"
Abstract:
The State Council's 1980 decision to implement a fiscal system based on
"dividing revenues and expenditures" among different levels in which each
level "assumes financial responsibility for its own level" [lit., "setting
up separate financial households (>i>fenzao chifan>/i>)] has become the
foundation for all reform measures relating to planning, investment,
materials, distribution, and enterprises. The system has concentrated
local financial interest and ultimately transformed the economic
management system from one primarily characterized by vertical
(>i>tiao-tiao>/i>) divisions to one primarily characterized by territorial
(>i>kuai-kuai>/i>) divisions, or from what might be called a "strip
economy" to a "block economy."
Journal: Chinese Economy
Pages: 9-22
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:5:p:9-22
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Author-Name: Li Shihua
Author-X-Name-First: Li
Author-X-Name-Last: Shihua
Title: Anatomy of Local Protectionism
Abstract:
China's former economic system emerged at the end of the First Five-Year
Plan. It was a highly centralized planning system characterized by
administrative coordination. This system not only repressed local
enthusiasm but also contradicted the objective demand for multilevel
management by subsuming all activity into a gargantuan system. The central
government, incapable of coping with it, unavoidably committed policy
mistakes.
Journal: Chinese Economy
Pages: 51-58
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:5:p:51-58
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Author-Name: Lin Wenyi
Author-X-Name-First: Lin
Author-X-Name-Last: Wenyi
Title: On Local Protectionism in China's Market Development
Abstract:
This article addresses three issues: (1) why local protectionism was a
policy abandoned by capitalist countries in their process of
industrialization; (2) analysis of the long-term existence of local
protectionism in China's market development; and (3) the harm done by
local protectionism and suggested countermeasures.
Journal: Chinese Economy
Pages: 59-77
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Author-Name: Li Youpeng
Author-X-Name-First: Li
Author-X-Name-Last: Youpeng
Title: Current Regional Blockades and Suggested Solutions
Abstract:
At the beginning of this year, central authorities adopted a series of
microeconomic measures to invigorate markets and quickly resolve the many
problems arising from a soft market. In the meantime, local governments
have also adopted measures to protect local industry and reinforce
purchases and sales of local products. The latter led to regional
blockades, which have caught on throughout the country.
Journal: Chinese Economy
Pages: 37-50
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:5:p:37-50
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Author-Name: Feng Lianggang
Author-X-Name-First: Feng
Author-X-Name-Last: Lianggang
Title: On the "Wars" over the Purchase of Farm and Subsidiary Products
Abstract:
Why are "wars" breaking out over the purchase of farm and subsidiary
products? What are the causal factors and consequences? How can we prevent
and stop them?
Journal: Chinese Economy
Pages: 87-93
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:26:y:1993:i:5:p:87-93
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Author-Name: Sun Ziduo
Author-X-Name-First: Sun
Author-X-Name-Last: Ziduo
Title: Causes of Trade Wars over Farm Products, Their Harmful Effects, and Suggested Solutions
Abstract:
Trade wars have erupted in many places in recent years over the purchase
of farm products and continue in full strength. The major battlefields
have been provinces and regions that are chief producers of farm products
and are economically relatively backward. This article dissects the
situation in one province, Anhui, in order to give insight into the
problems involved.
Journal: Chinese Economy
Pages: 95-104
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Author-Name: Li Zhengyi
Author-X-Name-First: Li
Author-X-Name-Last: Zhengyi
Title: In-Depth Exploration of the Question of Regional Blockades
Abstract:
After a decade of reform, China has laid the initial foundations for a
unified national market. With the tilting toward a "dual-directional
division" (>i>shuangxiang fenquan>/i>) of administrative power, however,
the abnormal phenomena of increasingly strong local power, fragmented
markets, and regional blockades have appeared. The primary market
structures, distribution channels, and organization have all become more
complicated and order has been disrupted. Since 1990, in particular, many
regions, in an effort to invigorate their own markets, have used economic
and administrative means to practice local protectionism, reinforce
regional blockades and market divisions, and obstruct the lateral flow of
production factors. As a result, interregional conflicts have escalated
and trade barriers have risen throughout the nation. All this has
seriously affected macroeconomic coordination and orderly development and
has become a major impediment to improvement of the economic environment
and straightening out of economic order, as well as revitalization of the
market. This article aims to make a systematic and in-depth study of the
origins and dangers of regional blockades, and seeks to present a cure for
this problem.
Journal: Chinese Economy
Pages: 23-35
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Author-Name: Xu Changming
Author-X-Name-First: Xu
Author-X-Name-Last: Changming
Title: On an Economic Policy Based on "Tilted Regions"
Abstract:
An important part of China's regional economic policy is the correct
handling of relations between the coastal and interior regions. Since
implementation of the open policy and economic reform, China has adopted a
series of preferential policies in regard to the coast, especially
provinces, cities, and special economic zones (SEZs) which have been open
to international trade. This has been called a policy of "tilting" to
certain regions. What exactly does this policy mean? What consequence has
it brought; past, present, and future? What issues need to be resolved?
These questions deserve our serious attention.
Journal: Chinese Economy
Pages: 79-86
Issue: 5
Volume: 26
Year: 1993
Month: 10
Keywords:
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Author-Name: Chu-Yuan Cheng
Author-X-Name-First: Chu-Yuan
Author-X-Name-Last: Cheng
Title: Concept and Practice of a "Greater Chinese Common Market"
Abstract:
Since I presented the concept of a "Greater Chinese Common Market" three
years ago, the response has been overwhelming. Similar concepts have
appeared under different names, such as the "Greater Chinese Economic
Community" or the "Asian Chinese Common Market."
Journal: Chinese Economy
Pages: 5-12
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Jin Hongfan
Author-X-Name-First: Jin
Author-X-Name-Last: Hongfan
Title: Integration of the Chinese Economy and the Concept of "Economic Sphere of Both Sides of the Straits"
Abstract:
Integration of the Chinese economy (>i>Zhongguo jingji yitihua>/i>) refers
to the establishment of an integrated economy among the mainland, Taiwan,
Hong Kong, and Macao. It would be an economy that is coordinated and
relatively independent of each other at the same time. In form, it should
be a loose one and its common aim should be to make China strong and
prosperous. The potential for this is gradually growing, but the goal will
not be easy to reach. Considering geographic, human, and material factors,
an "economic sphere of both sides of the straits" can first be established
between mainland's southeastern seaboard and Taiwan, Hong Kong, and Macao
based on mutually complementary economic relations.>sup>1>/sup> Actually,
this idea has already proceeded from theoretical exploration to practice.
Once communications in trade, postal, and sea and air services between the
two sides of the Taiwan Straits are restored, the embryo of the "sphere"
will form.
Journal: Chinese Economy
Pages: 13-23
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
In recent years not only has the rapid economic development of the
People's Republic of China continued to catch people's attention but the
emergence of a so-called "Greater China" has similarly become a topic of
wide-ranging discussion. Greater China is by no means a precise term, as
the articles included here make evident. Among the names that have been
suggested are: "Greater Chinese Common Market," "Economic Sphere of Both
Sides of the Straits," "Southeastern Chinese Free Trade Zone," "Chinese
Economic Coordination System for Common Economic Prosperity," and simply
"Chinese Sphere." The bewildering variety of names is not just the normal
academic penchant for coining new names but often carry different
connotations that have different economic and sometimes political
implications. Thus Chinese scholars on Taiwan frequently prefer names,
such as the Chinese Common Market, that imply a coming together on an
equal political basis, as the states of Europe did to form the Common
Market. PRC scholars, on the other hand, shy away from names that either
imply political equality among the parties involved or that suggest a PRC
design to control the economies of other places, such as Singapore and
Southeast Asia. Thus Li Poxi, director of the Development Forecast
Division of the State Council's Development Research Center, uses the
rather unwieldy term "Chinese Economic Coordination System for Common
Economic Prosperity." Just as the names different scholars have used vary,
so do the concepts that they have in mind. Professor Chu-yuan Cheng, for
instance, seems to include Singapore in his concept of a Chinese Common
Market for the specific purpose that any agreement that included Singapore
would implicitly treat other political entities, such as Taiwan, as
nation-states. In contrast, PRC scholars tend to exclude places such as
Singapore, at least for the establishment of any sort of formal
cooperation, for the same reason that Professor Cheng would like to see it
included. Other scholars see a "Greater China" by whatever name as not
only including Taiwan, Hong Kong, and southeastern China but also the
Chinese communities of Southeast Asia.
Journal: Chinese Economy
Pages: 3-4
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Li Poxi
Author-X-Name-First: Li
Author-X-Name-Last: Poxi
Title: Establishment of a Chinese Economic Coordination System for Common Economic Prosperity
Abstract:
In the latter half of the 1980s, three noteworthy trends appeared in world
economic development. In the 1990s, these trends will be increasingly
strong. They are: 1. Economic globalization. International division of
labor is developing in depth and world cooperation is becoming ever
closer. Economic ties between nations are growing, and globalization of
production, management, capital and trade has appeared.
Journal: Chinese Economy
Pages: 39-44
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Zou Gang
Author-X-Name-First: Zou
Author-X-Name-Last: Gang
Title: Chinese Economic Cooperation and Regional Industrial Policy
Abstract:
An oft-used criterion for distinguishing industrialized and later
(>i>houfa>/i>) industrialized countries is the difference in time that
different countries entered the industrialization process. The concept of
later industrialized countries is a relative one. Apart from England, the
first industrialized country in the world, all currently developed
industrialized countries had at some historical stage been later
industrialized countries. As the first industrialized nation, English
economists first proposed the "free economy" and "free trade" policies. In
>i>The Wealth of Nations>/i>, Adam Smith pointed out that government
intervention in economic affairs must be limited to a minimum so that the
"invisible hand" can spontaneously regulate the market economy. In
>i>Principles of Political Economy and Finance>/i>, David Ricardo
suggested the government follow a free trade policy and let the principle
of "comparative advantage" spontaneously regulate commodity exchange among
countries.
Journal: Chinese Economy
Pages: 65-86
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Guo Xianzhong
Author-X-Name-First: Guo
Author-X-Name-Last: Xianzhong
Title: From "Chinese Economic Sphere" to Chinese Unification
Abstract:
How can China's peaceful unification be achieved? This is a historical
issue. What to do in the face of the regionalization of the world economy
and protectionism? This is a challenge of the times. The unification of
the Chinese nation is inextricably bound up with the question of economic
development. Under this double pressure, the Chinese are even more aware
of their common identity. The concept of a "Chinese economic sphere" is an
instinctive reflection of this awareness. It carries the double task of
national politics and economics and forms a bridge from "economic
cooperation" to "political unification."
Journal: Chinese Economy
Pages: 25-38
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Fu Dongcheng
Author-X-Name-First: Fu
Author-X-Name-Last: Dongcheng
Title: Prospects of Hong Kong-Taiwan-Mainland Economic Unification
Abstract:
The "Greater Chinese Economic Sphere" embracing Taiwan, Hong Kong,
Guangdong, and Fujian is rapidly shaping up under the prevailing domestic
and international environment. If these regions can develop step-by-step
toward the goal of economic unification, in its wake will arrive a
"Chinese century" that Chinese throughout the world can be proud of.
Journal: Chinese Economy
Pages: 55-64
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Peng Tianxiang
Author-X-Name-First: Peng
Author-X-Name-Last: Tianxiang
Title: Developing Trilateral Economic and Trade Cooperation between the Mainland, Hong Kong, and TaiwanâThe 1990s
Abstract:
The favorable international and national environment and conditions in the
1980s have led to the initial formation of a triangular-shaped all-China
economic (cooperation) sphere between the mainland and Taiwan province and
Hong Kong. In 1990, China as a whole [that is, including Taiwan and Hong
Kongâ ed.] had a population of 1.16 billion. Its foreign trade and
export were, respectively, over U.S. $400 billion and $210 billion,
surpassing Great Britain and ranking fifth in the world after Germany, the
United States, Japan, and France. Its foreign exchange reserves amounted
to over U.S. $140 billion, ranking first in the world. It had become the
fourth largest economic sphere after the three Western economic centers of
the United States, Europe, and Japan. Since entering the nineties,
economic relations between the two sides of the Taiwan straits have made
headway toward "direct communications." This plus the fact that Hong Kong
will be returned to China in 1997 has brought the China economic sphere
into a stage of growth. Economic and material conditions are being
prepared for the possible emergence in the twenty-first century of an
all-China communityâor the third stage (the stage of maturity) of the
all-China economic sphereâand for direct communications between the two
sides leading to eventual unification. The nineties will be a time marked
by optimum deployment and reorganization of production factorsâthrough
cross-regional (lateral) movement of production factorsâand a time of
overall, multilevel economic and technical cooperation between the
mainland and Taiwan and Hong Kong. It will be a time when the country can
continue the miraculous economic development of the past forty years and
again bring about a Chinese nationality that shares common prosperity and
is wealthy and strong. The formation and development of the China economic
sphere will become a focus of Asian and world attention.
Journal: Chinese Economy
Pages: 45-54
Issue: 6
Volume: 26
Year: 1993
Month: 1
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
Lin Zili was born in Lianjiang County, Fujian Province, in 1925. He became
involved in the revolutionary movement at a young age and, in 1945, was
arrested by the Guomindang. Three years later, he was released and went to
Hong Kong where he became editor of >i>Shijie zhanwang>/i> (World
Observer), a supplement to the >i>Huashang bao>/i> (Chinese Merchant
News). Later, he was transferred back to Beijing where he became an editor
of >i>Xuexi>/i> (Study), the theoretical journal of the CCP Central
Committee. In later years he would serve in the Propaganda Department, the
State Price Commission, the Research Office of the State Council, and the
Rural Policy Office of the CCP Secretariat.
Journal: Chinese Economy
Pages: 5-7
Issue: 1
Volume: 27
Year: 1994
Month: 1
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> not only presents important
articles on the reform of China's rural economy, but it honors one of
China's most outstanding students of the rural sector, Gao
Xiaomeng.>sup>1>/sup> Gao Xiaomeng died in a tragic accident on February
19, 1993, at the early age of forty. During his short life, his vitality
and sense of dedication were such that he was recognized throughout China,
and indeed the world, as one of China's leading scholars on the rural
economy.
Journal: Chinese Economy
Pages: 3-4
Issue: 3
Volume: 27
Year: 1994
Month: 5
Keywords:
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Author-Name: Gao Xiaomeng
Author-X-Name-First: Gao
Author-X-Name-Last: Xiaomeng
Author-Name: Zhou Qiren
Author-X-Name-First: Zhou
Author-X-Name-Last: Qiren
Title: Persevere in Reform, Improve Regulatory Measures
Abstract:
In accordance with the spirit of Premier Zhao Ziyang's address to the
central conference on rural work, the central document no. 1 of 1986 made
the following decision in regard to improving the contract purchase system
of grain: To reduce the amount of contract purchases (from 158 billion
catties in 1985 to 123 billion) and expand the proportion purchased at
negotiated prices on the market.
Journal: Chinese Economy
Pages: 18-27
Issue: 3
Volume: 27
Year: 1994
Month: 5
Keywords:
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Author-Name: Gao Xiaomeng
Author-X-Name-First: Gao
Author-X-Name-Last: Xiaomeng
Author-Name: Luo Xiaopeng
Author-X-Name-First: Luo
Author-X-Name-Last: Xiaopeng
Title: Decentralized Decision-Making and Multiple Modes in Reform
Abstract:
1. The current plan of "limiting purchase" (>i>xian gou>/i>) contains
insuperable defects. It is difficult to implement because of the many
problems involved, and its stated goals will be hard to accomplish. First
of all, it will drastically slow down the rate of increase in peasants'
incomes. In some areas, absolute incomes will drop (grain and cotton alone
will reduce peasants' incomes by some 11 billion yuan), which will be
disadvantageous to the rural and even the national economy. Second, it is
unfavorable to the rational deployment of resources and restoration of
balance between supply and demand. Limited purchase goals will necessarily
be passed down to different levels, and passing goals down the levels was
precisely at the root of the defects of the old policy on purchase of farm
products. Third, this plan will be hard to manage, because it involves an
enormous workload and may also breed unhealthy practices. Fourth, the plan
is overly simplistic and would be hard to apply to the varied conditions
in different localities. A unified plan generated at the central level
would necessarily involve unified management and implementation. This
unified mode limits the flexibility necessary to take into account the
differences in economic level, need for readjustment, and capability in
different provinces.
Journal: Chinese Economy
Pages: 15-17
Issue: 3
Volume: 27
Year: 1994
Month: 5
Keywords:
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Author-Name: Gao Xiaomeng
Author-X-Name-First: Gao
Author-X-Name-Last: Xiaomeng
Author-Name: Liu Hong
Author-X-Name-First: Liu
Author-X-Name-Last: Hong
Title: Insight Gained from Beichuan
Abstract:
In June 1983, the Sichuan provincial party committee's work conference on
the Pengzhou mountain region passed a resolution stating: "Peasants in
grain-scarce production brigades in mountainous areas who wish to pay cash
in lieu of selling the requisite quotas of grain to the state may do so,
without reducing the state grain purchase quota in the entire province.
Observing the principle of no gains and no losses, state grain departments
may accept such cash funds based on the price of grain in grain-producing
areas, with which they will be able to buy the requisite quotas."
(Hereinafter referred to as >i>digou>/i>â"cash for quota.") What was the
basis for this policy? How did the peasants react to it? What impact did
it have on the economic development of mountainous areas? In early
November, we made an investigative trip to Beichuan county, the first area
to carry out this policy. Our findings reveal that this resolution was a
major breakthrough in the country's grain purchase and sale policy. It has
had and will continue to have a far-reaching and positive effect on
economic growth in Sichuan's mountain regions.
Journal: Chinese Economy
Pages: 5-14
Issue: 3
Volume: 27
Year: 1994
Month: 5
Keywords:
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Author-Name: Gao Xiaomeng
Author-X-Name-First: Gao
Author-X-Name-Last: Xiaomeng
Title: The Current Status and Reform of China's Grain Purchase and Sales System
Abstract:
China is currently at a stage when indirect consumption of grain is
rapidly on the increase. Production still has a problem keeping pace with
domestic demand.
Journal: Chinese Economy
Pages: 63-93
Issue: 3
Volume: 27
Year: 1994
Month: 5
Keywords:
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Author-Name: Gao Xiaomeng
Author-X-Name-First: Gao
Author-X-Name-Last: Xiaomeng
Title: Memo on the Grain Issue (Research Report)
Abstract:
1. Since 1979, the pace of rural economic growth has speeded up greatly.
From 1982 to 1984, in particular, after the breakthrough in reforming the
rural system, farm products increased at an extraordinary rate. During the
three years, grain output rose by 150 billion catties, an average yearly
increase of 50 billion. This marked a fundamental turning point in a
country that, historically, had always had a grain shortage.
Journal: Chinese Economy
Pages: 28-62
Issue: 3
Volume: 27
Year: 1994
Month: 5
Keywords:
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Author-Name: Huang Fanzhang
Author-X-Name-First: Huang
Author-X-Name-Last: Fanzhang
Title: Situation and Configuration of the East Asian EconomyâAnd China's Economic Strategy in the Region
Abstract:
Since the 1980s, particularly the mid-1980s, the economies of East Asia
have entered a period of rapid growth. In the past decade, industrial
structural adjustment and economic and political reform have injected new
vigor into the economies of the countries in the region, throwing them
onto the superhighway of economic development. Not only have the "four
Asian dragons" joined the ranks of the industrialized economies of the
world and formed into a "new industrialized economic community" that has
received international recognition, but the economies of most of the ASEAN
[Association of Southeast Asian Nations] members have also taken off. The
economic progress in the 1980s made by China, in particular, has attracted
the world's attention. In its 1990 report, the World Bank noted that the
annual growth of East Asian economies rose from 6.6 percent in the 1970s
to 8.5 percent in the latter part of the 1980s, remarking that the 1980s
was an "age of Asian economic miracles." Furthermore, East Asia has
maintained its vigorous growth in the 1990s while the West has been
plunged into recession. This development marks the profound changes taking
place in the situation and configuration of the East Asian economy as well
as in that of the entire Asia-Pacific region. It is fraught with
significance for the future. It will no doubt be an important premise on
which all countries, especially those of the Asia-Pacific region, will
base their external economic development strategy in the 1990s and even
into the twenty-first century.
Journal: Chinese Economy
Pages: 5-18
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
Over the past decade or so there has been a profound structural change in
the world economy as the nations of Asia have forged ahead at rates far
exceeding those of the United States and Europe. This economic
transformation has been led by Japan, but the "our dragons" of Taiwan,
South Korea, Hong Kong, and Singapore have quickly followed in Japan's
wake. In recent years, the so-called Asian economic miracle has spread to
SoutheastAsia and to the People's Republic of China
Journal: Chinese Economy
Pages: 3-4
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Author-Name: Wang Huning
Author-X-Name-First: Wang
Author-X-Name-Last: Huning
Title: Structure of the Contradiction in Japanese-American Relations in the 1990s
Abstract:
>i>Precis:>/i> Japanese-American relations constitute an important part of
the general configuration of post-cold war global relations. They conflict
with the strategic setup of the world as well as with the strategic setup
of the Asia-Pacific region in the world. Obvious or potential
contradictions exist in Japanese-American relations. These are structured
roughly at four levels: economic, military, political, and cultural.
Current developments have increasingly driven home the realization that
these contradictions have gone from the superficial to the in-depth level,
exposing the two countries' differences in social structure, culture,
values, and mindset. Superficial problems are more easily resolved than
the deeper ones. The more superficial contradictions are manifested and
resolved, the closer the two countries will find themselves to
contradictions at the core.
Journal: Chinese Economy
Pages: 31-43
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Author-Name: Zhao Chuanjun
Author-X-Name-First: Zhao
Author-X-Name-Last: Chuanjun
Title: Impact of Sino-South Korean Diplomatic Relations on Trade and Economic Relations in Northeast Asia
Abstract:
Northeast Asia (NEA) had once been an extremely complicated region beset
with interlocking political and national hostilities. Conflicts existed on
the social, military, and ideological planes, in addition to hostility
between South and North Korea and the NEA people's historical hatred of
Japan. The situation was largely influenced by political relations and
typically politically oriented. After the disintegration of the Soviet
Union and the enormous changes that have overtaken Eastern Europe, the
establishment of diplomatic relations between China and Russia and
relaxation of tension between South and North Korea, economic and
technological cooperation in the area has made a breakthrough; the
previously political orientation has begun to be replaced by an economic
orientation. Development and cooperation have increasingly become the
mainstream. However, peace and stability have not been established, and
realistic and potential political contradictions still largely restrict
overall and in-depth economic and technological cooperation. The most
obvious and important of these contradictions are the one between North
and South Korea and the Russo-Japanese dispute over the "northern
territories." As everyone knows, NorthâSouth Korean relation greatly
influenced Sino-South Korean economic and technological cooperation, and
the still-unresolved "northern territories" dispute is a major obstacle to
development of Russo-Japanese economic and trade relations. The
establishment of diplomatic relations between China and South Korea can be
said to be a major historical breatkthough in political relations in NEA.
First, it eliminated the forty-year Sino-South Korean hostility and pushed
overall economic and technological cooperation to a new stage. Second, it
made the U.S. military presence in South Korea even less reasonable, thus
weakening the basis of military confrontation in NEA and creating the
conditions for long-term peace and stability. In addition, it greatly
weakened North-South Korean political hostility and military
confrontation, acting as a catalyst for peaceful unification. At the same
time, Sino-South Korean diplomatic relations will also promote North-South
economic exchange and cooperation, enabling northern Korea to enter the
mainstream of economic and technological cooperation in NEA at a faster
pace. Finally, it will act as a model and stimulus to overall resolution
of the Russo-Japanese dispute. Although the crux of the problem in
Russo-Japanese relations is different in nature from that between China
and South Korea, Sino-South Korean diplomatic relations will stimulate
greater enthusiasm by these two neighboring countries to seek a solution.
Furthermore, although the Taiwan administration was extremely unhappy at
these diplomatic relations, eventually, they will help to improve
Taiwan-mainland relations and induce the Taiwan business world to engage
more actively in economic and trade cooperation with the mainland and the
entire NEA region. Under their influence, relations between North Korea
and Japanese are also expected to improve, and Japan, after reassessing
South Korea's position and role in NEA economic and technological
cooperation, is expected to engage more actively in this cooperation.
Journal: Chinese Economy
Pages: 61-70
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Author-Name: Song Shaoying
Author-X-Name-First: Song
Author-X-Name-Last: Shaoying
Title: Establishment of a New Economic Order in East Asia and Sino-Japanese Economic Relations
Abstract:
>i>Precis:>/i> Profound changes have taken place in the postwar economic
and political situation in East Asia. The East Asian countries have
developed structures to match [those of developed countries] and
complementary economic relations. This and the enhancement of the idea of
becoming an economic center in the strategies of countries concerned have
led to regionwide economic cooperation and created favorable conditions
for establishment of a new order in the East Asian economy. This is a new
"horizontal order" built on the basis of equality and mutual benefit and
common development. In the building of this new order, the major powers
have an obligation and their contributions are important. Naturally, we
are not talking about the "international contribution" idea based on
big-power control, but advocating internationalism and opposing narrow
nationalism. The crux is proper handling of economic relations between
developed and developing countries in the course of sincere cooperation.
Especially important is the proper handling of economic cooperation
between China and Japan. Such cooperation represents not only cooperation
between countries with different social systems but also common
development between countries at different stages of development, hence
its critical significance.
Journal: Chinese Economy
Pages: 44-53
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Author-Name: Zhao Fengbin
Author-X-Name-First: Zhao
Author-X-Name-Last: Fengbin
Title: Characteristics of Northeast Asian Economic Development
Abstract:
After years of discussion on the economy of the Northeast Asian (NEA)
region, a consensus has been reached on many issues. However, some issues
need more in-depth exploration, one of which is how to assess the
situation there and how to analyze correctly the mainstream of its
economic development. To assess the situation and analyze its mainstream
remain our basic starting point in studying NEA.
Journal: Chinese Economy
Pages: 54-60
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Author-Name: Yang Sizheng
Author-X-Name-First: Yang
Author-X-Name-Last: Sizheng
Title: The New Configuration of the Asia-Pacific Economy and Sino-American Economic Relations I. Position of the Asia-Pacific Region in the World Economy
Abstract:
Beginning in the 1990s, post-cold war global politics and economics shaped
a new configuration. The formerly antagonistic bipolar environment was
replaced by a multipolar one. This was concretely manifested in the fact
that the three large economic groups of Western Europe, North America, and
East Asia were dominating the world economy, making up two-thirds of the
world's manufacture and trade. However, politically, the United States and
the European Community (EC) were still playing a major role. An unexpected
economic recession followed in the wake of the disintegration of the
Soviet Union and the collapse of the old order in Eastern Europe.
Long-suppressed national conflicts exploded, leading to political turmoil,
wars, and even national dismemberment. On the international political and
economic stage, the Soviet Union and East European bloc lost their
influence. Disappointingly, the end of the cold war did not bring the
stability and prosperity of the world economy that people expected, or the
often-discussed new world order. Starting in 1990, the West went into
recession. Along with the recessions in England, Australia, and Canada,
the United Statesâthe locomotive of the industrialized countriesâwent
into recession at the end of 1990, ending eight consecutive years of
growth. In 1991, the U.S. economy contracted by 0.7 percent. Japan and
Germany, which had always led among developed countries, also fell into
stagnation as their growth rates fell significantly. In 1991, the rate of
growth of developed countries was merely 1 percent, while that of the
world economy showed a decrease of 0.3 percent. Although it is generally
forecast that the world economy will recover in 1992, facts in the United
States show that the recovery will not be a strong one and will be smaller
than normal. This means that the expectations of an economic upturn in the
West has fallen through. The stagnation of the West's economy has weakened
its ability to provide economic aid to the former Soviet Union and Eastern
Europe. Germany is already feeling a financial crunch in merely
maintaining the economy in its eastern portion.
Journal: Chinese Economy
Pages: 71-81
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Author-Name: Zhou Shijian
Author-X-Name-First: Zhou
Author-X-Name-Last: Shijian
Author-Name: Wang Luun
Author-X-Name-First: Wang
Author-X-Name-Last: Luun
Title: The Chinese Economic Zone and Its Economic and Trade Relations with the United States
Abstract:
Since the 1980s, the world economy has been increasingly marked by
regionalism and grouping; competition has become fiercer and the
investment environment has worsened. Despite this environment, economic
and trade relations among the Chinese mainland, Taiwan, and Hong Kong have
developed rapidly. Cooperation has strengthened, and the framework of a
Chinese economic zone has emerged, which has greatly promoted the
economies of all parties in the area.
Journal: Chinese Economy
Pages: 82-88
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:27:y:1994:i:4:p:82-88
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Author-Name: Jin Renshu
Author-X-Name-First: Jin
Author-X-Name-Last: Renshu
Title: Japan's New Economic Strategy in the Asia-Pacific Region and the Direction of Sino-Japanese Relations
Abstract:
>i>Precis:>/i> After changes in the domestic and international economic
environment, Japan has entered a new period in which its foreign economic
strategy is focused on the Asia-Pacific region. The major thrust of this
strategy is to expand direct investment and trade in the region and,
through reinforcing economic cooperation with countries there, to build a
new economic system with Japan at its core. Needless to say, the formation
and implementation of Japan's new strategy for the 1990s is bound to
affect Sino-Japanese economic and trade cooperation and entails both
favorable and unfavorable aspects for China.
Journal: Chinese Economy
Pages: 19-30
Issue: 4
Volume: 27
Year: 1994
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:27:y:1994:i:4:p:19-30
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Author-Name: Wen Rui
Author-X-Name-First: Wen
Author-X-Name-Last: Rui
Title: Postscript
Abstract:
I was born and raised in a village located in what had once been the
heartland of the Central Soviet. Throughoul primary and secondary school,
I heard many stories about the history of the revolution in the soviet.
Subsequently, I entered Jiangxi Normal University, majoring in the study
of history and remained there after graduation to teach in the department
of history. In the archives maintained by the department, I found a good
deal of material from the 1950s that was related to investigations and
visits made on a village-by-village basis with regard to the revolution in
the Central Soviet. This is what inspired my interest in the history of
the Central Soviet itself. In the 1980s, in my spare time from teaching
responsibilities, I was able to read and research archives and other
investigations and oral histories on the subject. I also returned many
times toRuijin, Xingguo, Ningdu, and other such places to conduct my own
on-site investigations. I discovered great discrepancies between the
popular descriptions and narratives about the soviet produced by our
historians and the actual historical facts. In particular, I came to many
new understandings with regard to the "leftist"mistakes within the Chinese
Communist Party. Consequently, I wrote and published several articles on
the Central Soviet, most of which dealt with the subject of the land
revolution. Finally, in 1991, based on these studies and previous
research, I published the book, Zhongyang suqu tudi geming yanjiu (Studies
of the Land Revolution in the Central Soviet.)
Journal: Chinese Economy
Pages: 88-89
Issue: 5
Volume: 27
Year: 1994
Month: 9
Keywords:
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Author-Name: Mark Selden
Author-X-Name-First: Mark
Author-X-Name-Last: Selden
Title: Editor's Introduction
Abstract:
>p>Wen Rui's >i>Land Revolution in the Chinese Soviet>/i> is the finest
study available in English, perhaps in any language, on the relationship
between the Chinese Communist Party and the peasantry first forged in the
furnace of land revolution and guerrilla war in the years 1927-35. Working
closely and critically with local and regional documentation to elucidate
the land policy debates and struggles in the Central Soviet, the author
draws several significant and even controversial conclusions:>/p>>p>â¢
Land confiscation and redistribution initially played a critical part in
mobilizing broad popular support for the insurgents, yet two tendencies
gravely weakened the movement. The first was that policies such as the
confiscation and redistribution of all land (and not just that of
landlords, or of landlords and rich peasants) struck fear in the hearts of
smallholding owner cultivators, both poor and especially middle peasant
(to use the party's categories). Second, he found that repeated
distribution of land, sometimes twice, three times, or more within the
space of a year or two, shredded popular support, destroyed production
incentives, and perpetuated uncertainty among the people. Here and
elsewhere, Wen offers valuable insights into the ongoing debates over the
welfare of contemporary Chinese farmers and their rights to the land,
including the question of redistribution in the name of equality, as well
as ownership rights, particularly the purchase and sale of redistributed
land.>/p>
Journal: Chinese Economy
Pages: 2-4
Issue: 5
Volume: 27
Year: 1994
Month: 9
Keywords:
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Author-Name: Mark Selden
Author-X-Name-First: Mark
Author-X-Name-Last: Selden
Title: Introduction to Part II
Abstract:
Wen Rui's Land Revolution in the Chinese Soviet is the finest study
available in English, perhaps in any language, on the relationship between
the Chinese Communist Party and the peasantry first forged in the furnace
of land revolution and guerrilla war in the years 1927-35. The author
works closely and critically with local and regional documentation,
elucidating the land policy debates and struggles in the Central Soviet.
Journal: Chinese Economy
Pages: 3-3
Issue: 6
Volume: 27
Year: 1994
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:27:y:1994:i:6:p:3-3
Template-Type: ReDIF-Article 1.0
Author-Name: Mark Selden
Author-X-Name-First: Mark
Author-X-Name-Last: Selden
Title: Introduction to Part III
Abstract:
Wen Rui's Land Revolution in the Chinese Soviet is the finest study
available in English, perhaps in any language, on the relationship between
the Chinese Communist Party and the peasantry first forged in the furnace
of land revolution and guerrilla war in the years 1927-35. The author
works closely and critically with local and regional documentation,
elucidating the land policy debates and struggles in the Central Soviet.
Journal: Chinese Economy
Pages: 3-3
Issue: 1
Volume: 28
Year: 1995
Month: 1
Keywords:
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Author-Name: Shi Zhong
Author-X-Name-First: Shi
Author-X-Name-Last: Zhong
Title: Seeking a Balance Between the Common People and the Elite
Abstract:
>p>The term >i>mincui zhuyi>/i>, translated as "populism," can be
interpreted in either a narrow sense or in a broad sense. In terms of its
narrower definition, the term "populism" naturally refers to, as some
scholars put it:>/p>>p>A kind of social ideology that took shape in the
nineteenth century in Russia. It advocated that the intelligentsia should
go to the common people and lead the peasants in transcending the stage of
capitalism in order to leap directly into [the stage of] socialism.>/p>
Journal: Chinese Economy
Pages: 3-14
Issue: 2
Volume: 28
Year: 1995
Month: 3
Keywords:
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Author-Name: Xiao Gongqin
Author-X-Name-First: Xiao
Author-X-Name-Last: Gongqin
Title: Nationalism and the Ideology in China's Transitional Period
Abstract:
This article wishes to explore and discuss the possibility for nationalism
to become a new intellectual and ideological resource for the formation of
ideology in China's transitional period to modernization.
Journal: Chinese Economy
Pages: 15-31
Issue: 2
Volume: 28
Year: 1995
Month: 3
Keywords:
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Author-Name: Yang Fan
Author-X-Name-First: Yang
Author-X-Name-Last: Fan
Title: On the One-Year Anniversary of the Market Economy
Abstract:
The suggestion to create a "socialist market economy" was the inevitable
result of fifteen years of reform and opening up. It signifies that
China's reform, opening up, and development is reaching a new stage. It
has taken fully fifteen years of logical and historical progression for
the socialist market economy to become the goal of the systemic reform
undertaken by the Chinese Communist Party.
Journal: Chinese Economy
Pages: 69-69
Issue: 2
Volume: 28
Year: 1995
Month: 3
Keywords:
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Author-Name: Jiang Yu
Author-X-Name-First: Jiang
Author-X-Name-Last: Yu
Title: Planned Management of State-Owned Enterprises: Establishment of a Unified Socialist Market
Abstract:
The author of this article believes that the goal of reform is the
establishment of an effective socialist commodity economy market as
quickly as possible. However, the misguided theory of separation between
the two powersâthe line of thought of loosening and giving up power and
making concessions in interests and profitsâhas led to both improper and
abnormal economic behavior.
Journal: Chinese Economy
Pages: 32-68
Issue: 2
Volume: 28
Year: 1995
Month: 3
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
The report that is translated in this and the next issue of >i>Chinese
Economic Studies>/i> by Wang Shaoguang and Hu Angang has been one of the
most influential and controversial documents written about the Chinese
economy in recent years. Wang Shaoguang, professor of Political Science at
Yale University, and Hu Angang, a researcher at the Chinese Academy of
Sciences, argue strongly that the decentralization that has taken place
over the course of the past decade and a half threatens to undermine the
future of reform and perhaps even the state itself. Basing their work in
part on Joel Migdal's notions about state and society, they argue that
reform has undermined state capacity in China. They contend that the
state's fiscal revenues, as a percentage of GNP, have declined from 31.2
percent in 1978 to 14.7 percent in 1992, and predict that it will decline
further, to only 11.3 percent in the year 2000. This figure would put
China in the ranks of the least "statist" societies in the world and
would, in the authors' opinion, weaken China's ability to mobilize
resources for modernization.
Journal: Chinese Economy
Pages: 3-4
Issue: 3
Volume: 28
Year: 1995
Month: 5
Keywords:
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Author-Name: Cheng Xiaonong
Author-X-Name-First: Cheng
Author-X-Name-Last: Xiaonong
Title: Maintaining Stability and Deepening Reform: A Choice Confronting China Today
Abstract:
Two of the difficult problems China faces in the final years of this
century are those of maintaining stability and deepening reform. There is
a compatibility between these two political goalsâunless reform is
deepened, it will be difficult for China to enjoy long-term stability. But
there is also a contradiction between themâit would not be possible to
deepen reform without touching on certain vested interests, and yet, once
you touch certain vested interests, you are likely to create some measure
of instability. In fact, it may even be said that in China today, the
masses and the elite are more attentive to political and economic
stability than they have been in the past, and the argument that "China
simply cannot be chaotic" [the title of a popular bookâEd.] has struck a
rather deep chord with the Chinese people. All of China's Asian neighbors
and the major Western countries hope that stability will be maintained in
China, and that turmoil in China can be avoided. Nevertheless, for us to
be able to understand how stability can be obtained, we first have to
comprehend how stability has been maintained in China since the inception
of reform, but this particular problem is one that is not often discussed
within academic circles, whether domestically or in international
scholarship. In this essay, I would like to approach the issue from the
analysis of just such a problem, and employ a concept suggested by Western
scholars of the Soviet Unionânamely, the concept of a "social
contract"âto explain the mechanism for the realization of stability
within the context of China's reform, and to explain the systematic and
economic conditions of such a mechanism. If we bring the analysis of the
center-locality relationship into this mechanism, it will help us
understand the mechanical reasons that account for the lack of balance and
coordination in the center-locality relationship, and understand why the
center's pursuit of stability could lead to conflicts of interest between
the center and the localities. This essay's analysis involves many
levelsâpolitics, the economy, the society, the center, the localities,
the masses, and so onâas well as the interaction and relationship among
them all. It should be noted that the author intends to place the focus of
this essay on the "diagnosis" of the problem, and not necessarily on the
"prescription."
Journal: Chinese Economy
Pages: 88-125
Issue: 4
Volume: 28
Year: 1995
Month: 7
Keywords:
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[ 1 Bai Nanfeng et al.
"Gaige de shehui chengshouli yanjiu" (Studies in Society's Tolerance for
Reform). >i>Guanli shijie (The World of Management), Beijing, no. 5
(1993).>/i> ] [ 2
Baum, Richard, ed. >i>Reform and Reaction in Post-Mao China: The
Road to Tiananmen.>/i> New York: Routledge, 1991. ]
[ 3 Cheng Xiaonong and Song
Guoqing. "Gaigezhong guomin jingji shouru liucheng de bianhua" (Changes in
the Flow of the Revenue in China's National Economy During Reform).
>i>Zhongguo: fazhan yu gaige (China: Development and Reform), Beijing, no.
8 (1987).>/i> ] [ 4
Clague, Christopher, and Gordon Rausser, eds. >i>The Emergence
of Market Economies in Eastern Europe.>/i> Cambridge and Oxford: Blackwell
Publishers, 1992. ] [ 5
Connor, Walter D. >i>Socialism's Dilemma: State and Society
in the Soviet Bloc.>/i> New York: Columbia University Press,
1988. ] [ 6
Cook, Linda J. >i>The Soviet Social Contract and Why It Failed:
Welfare Policy and Worker's Politics from Brezhnev to Yeltsin.>/i>
Cambridge: Harvard University Press, 1993. ]
[ 7 Deng Xiaoping. "Jiefang
sixiang, shishi qiushi, tuanjie yizhi xiangqiankan" (Liberate Thought,
Seek Truth from Facts and Look Ahead in Solidarity), December 13, 1978. In
>i>Deng Xiaoping wenxuan (Selected Writings of Deng Xiaoping).>/i>
Beijing: Renmin chubanshe, 1983. ] [
8 Fewsmith, Joseph. >i>Dilemmas of Reform in
China: Political Conflict and Economic Debate.>/i> Armonk, NY: M. E.
Sharpe, 1994. ] [ 9
Han Yongwen. "Qianyi wuoguo jiushi niandai shouru fenpei
zhengce quxiang" (A Brief Discussion of the Orientation of the Income
Distribution Policies in Our Country in the 1990s). >i>Guanli shijie (The
World of Management), Beijing, no. 6 (1993).>/i> ]
[ 10 Hu Yongtai, Hai Wen, and
Jin Yibiao. "Zhongguo qiye gaige jiujing huodeliao duodai chenggong?" (How
Much Success Has There Actually Been in the Reform of the Enterprises in
China?). >i>Jingji yanjiu (Economic Studies), Beijing, no. 6
(1994).>/i> ] [ 11
Kornai, Janos. "Transformational Recession: A General Phenomenon
Examined Through the Example of Hungary's Development." >i>Economie
Appliquée>/i> 46, no. 2 (1993): 181-227. ] [
12 Lane, David, ed. >i>Soviet Society
Under Perestroika.>/i> London and New York: Routledge, 1990.
] [ 13 Li Hanlin, Wang
Qiyu, and Li Lulu. "Zhongguo chengshi shequ de zhenghe jizhi yu danwei
xianxiang" (The Phenomenon of an Integrative Mechanism and Units in
China's Urban Communities). >i>Guanli shijie (The World of Management),
Beijing, no. 2 (1994).>/i> ] [
14 Long Zhihe. "Wuoguo chengzhen jumin
xiaofei xingwei yanjiu" (A Study in the Consumption Behavior of Urban
Dwellers in China). >i>Jingji yanjiu (Economic Studies), no. 4
(1994).>/i> ] [ 15
Ludlam, Janine. "Reform and the Redefinition of the Social
Contract Under Gorbachev." >i>World Politics>/i> 43 (January 1991):
284-31. ] [ 16
Mennon, Gordon; Chen Haichun; and Wu Zhiming. "Zhongguo
chengzhen jiating de shiji shouru he xiaofei shuiping" (The Actual Levels
of Income and Consumption of Households in China's Cities and Townships).
>i>Guanli shijie (The World of Management), Beijing, no. 4
(1993).>/i> ] [ 17
Migdal, Joel, Atul Kohli, and Vivienne Shue. >i>State Power and
Social Forces: Domination and Transformation in the Third World.>/i>
Cambridge: Cambridge University Press, 1994. ]
[ 18 Millar, James R., and Sharon
L. Wolchik, eds. >i>The Soviet Legacy of Communism.>/i> Washington, DC:
Woodrow Wilson Center Press, 1994. ] [
19 Millar, James R., ed. >i>Politics, Work
and Daily Life in the USSR.>/i> Cambridge: Cambridge University Press,
1987. ] [ 20
Milor, Vedat, ed. >i>Changing Political Economies: Privatization
in Post-Communist and Reforming Communist States.>/i> Boulder, CO: Lynne
Reinner Publishers, 1994. ] [
21 Nee, Victor, and David Stark, eds.
>i>Remaking the Economic Institutions of Socialism: China and Eastern
Europe.>/i> Stanford: Stanford University Press, 1989.
] [ 22 Nordlinger, Eric
A. "Taking the State Seriously." In >i>Understanding Political
Development>/i>, eds. Myron Weiner and Samuel P. Huntington. Glenview, IL:
Scott, Foresman/Little, Brown Higher Education, 1987.
] [ 23 Office of
Macroeconomic Studies, the Chinese Research Institute of Economic Systems
Reform. >i>Gaige zhong de hongguan jingji (The Macroeconomy in the Midst
of Reform).>/i> Chengdu: Sichuan renmin chubanshe, 1988.
] [ 24 Pei Minxin.
>i>From Reform to Revolution: The Demise of Communism in China and the
Soviet Union.>/i> Cambridge: Harvard University Press, 1994.
] [ 25 Przeworski,
Adam. >i>Democracy and the Market: Political and Economic Reforms in
Eastern Europe and Latin America.>/i> Cambridge: Cambridge University
Press, 1991. ] [ 26
Qiu Xiaohua and Du Yu. "Zhongguo nongcun shichang de fazhan
qianli ji kaifa silu" (The Developmental Potential of China's Countryside
as a Market and the Line of Thought Concerning How to Develop It).
>i>Jingji yanjiu (Economic Studies), Beijing, no. 8 (1994).>/i>
] [ 27 Rosenbaum,
Arthur L., ed. >i>State and Society in China: The Consequences of
Reform.>/i> Boulder, CO: Westview Press, 1992. ]
[ 28 Rozman, Gilbert, ed.
>i>Dismantling Communism: Common Causes and Regional Variations.>/i>
Washington, D. C.: Woodrow Wilson Center Press, 1992.
] [ 29 Shao Daosheng.
"Zhongguo yuangong dui rizi qiye dipingjia tantao" (An Investigation of
Why Chinese Workers Have a Low Esteem for Japanese-Capitalized
Enterprises). >i>Guanli shijie (The World of Management), Beijing, no. 6
(1993).>/i> ] [ 30
Shirk, Susan. >i>The Political Logic of Economic Reform in
China.>/i> Berkeley: University of California Press, 1993.
] [ 31 Solinger,
Dorothy J. >i>China's Transition From Socialism: Statist Legacies and
Market Reforms, 1980-1990.>/i> Armonk, NY: M. E. Sharpe, 1993.
] [ 32 Walder,
Andrew G. >i>Communist Neo-Traditionalism: Work and Authority in Chinese
Industry.>/i> Berkeley: University of California Press, 1986.
] [ 33 Wang
Shaoguang. "Fenquan de dixian" (The Bottom-Line of Power-Sharing).
Princeton, Seminar on the Boundaries of Power-Sharing and Systemic
Transformation, 1994. ] [
34 Wang Shaoguang and Hu Angang. "Jiaqiang
zhongyang zhengfu zai shichang jingji zhuanxing zhong de zhudao
zuoyongâguanyu zhongguo guojia nengli de yanjiu baogao" (Strengthen the
Central Government's Dominant Role in the Transition Toward a Market
Economy: A Research Report on State Capacity in China). New Haven: Yale
University, 1993. ] [ 35
White, Stephen. "Economic Performance and Communist
Legitimacy." >i>World Politics (April 1986)>/i>: 462-82.
] [ 36 Yang Tiren.
"Zhongguo shiye baozhang tizhi xintan" (A New Exploretion of the System of
Unemployment Insurance in China). >i>Guanli shijie (The World of
Management), Beijing, no. 6 (1993).>/i> ] [
37 Zhao Renwei. "Woguo zhuanxingqi
zhong shouru fenpei de yishe teshu xianxiang" (Some Unusual Phenomena in
Income Distribution in Our Country During the Period of Transition).
>i>Jingji yanjiu (Economic Studies), Beijing, no. 1 (1992).>/i>
] [ 38 Zhou
Xueguang. "Unorganized Interests and Collective Action in Communist
China." >i>American Sociological Review>/i> 58 (1993): 54-73.
]
Handle: RePEc:mes:chinec:v:28:y:1995:i:4:p:88-125
Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>Chinese Economic Studies>/i> translates an excerpt from
>i>Xiangxia sanshi nian>/i> (Thirty Years in the Countryside), which was
compiled by several people involved in the rural reforms: Wang Gengjin,
Yang Xun, Wang Ziping, Liang Xiaodong, and Yang Kuansan. With the
blessings of the relevant Party authorities, they went through the
Fengyang County files, compiling a documentary picture of rural
development from 1949 to 1983. Composed of excerpts of actual Party
documents, including the minutes of meetings, this volume provides one of
the most important sources on conditions in the countryside.
Journal: Chinese Economy
Pages: 3-4
Issue: 5
Volume: 28
Year: 1995
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YN344564Q6656641
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X-Bibl:
Handle: RePEc:mes:chinec:v:28:y:1995:i:5:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Fan Gang
Author-X-Name-First: Fan
Author-X-Name-Last: Gang
Author-Name: Zhang Shuguang
Author-X-Name-First: Zhang
Author-X-Name-Last: Shuguang
Author-Name: Wang Limin
Author-X-Name-First: Wang
Author-X-Name-Last: Limin
Title: Dual-Track Transition and "Dual-Track Adjustment and Control"
Abstract:
A characteristic of China's "gradualistic" reform is that it starts first
by trying not to confront many vested interests or to undertake any
fundamental, radical restructuring of the old system, but rather to
develop a new system alongside (or on the "margins" of) the old system.
Therefore, inevitably, a "dual-track system" situation will emerge and
reform will ultimately be accomplished only through a rather long period
of "dual-track transition." Thus, it can be said that a fundamental
characteristic of any gradualistic reform is a relatively long period of a
dual-track transition.
Journal: Chinese Economy
Pages: 40-88
Issue: 6
Volume: 28
Year: 1995
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1614W69120458381
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X-Bibl:
[ 1 Chen Yue (1988),
"Zhongguo jingji zhouqi wenti yanjiu" (A Study of the Problem of China's
Economic Cycles), in Zhang Fengbo et al., eds. >i>Zhongguo hongguan jingji
jiegou yu zhengce (The Structure and Policies of China's
Macroeconomy)>/i>, Zhongguo caizheng jingji chubanshe.
] [ 2 Fan Gang (1992),
"Dangqian hongguan jingji xingshi yu hongguan tiaokong shouduan" (Today's
Macroeconomic Trends and Means of Macroeconomic Regulation and Control),
>i>Jinrong yanjiu (Financial Studies)>/i>, September.
] [ 3 Fan Gang
(principal author), Zhang Shuguang, et al. (1990), >i>Gongyouzhi hongguan
jingji lilun dagang (An Outline of the Theory of Macroeconomy Under a
System of Public Ownership)>/i>, Shanghai: Sanlian shudian.
] [ 4 Fan Gang and Wing
Thye Woo (1992), "Decentralized Socialism and Macro-Stability: Lessons
from China," Working Paper no. 411, Economics Department, University of
California at Davis, September. ] [
5 Gelb, Alan, Gary Jefferson, and Inderjit
Singh (1993), "The Chinese and East European Routes to Reform"
(manuscript), NBER Eighth Annual Macroeconomics Conference,
April. ] [ 6
Guo Shuqing (1992), "Zong xuqiu, zong gongjiâcong gainian dao
xianshi" (Total Demand and Total Supply: From Concept to Reality),
>i>Jingji yanjiu (Economic Studies)>/i>, no. 3. ]
[ 7 Kornai, Janos (1990), >i>The
Road to a Free Economy, Shifting From a Socialist System: The Example of
Hungary>/i>, New York: W. W. Norton and Company. ]
[ 8 Li, David (1992), "Public
Ownership as a Sufficient Condition for the Soft Budget Constraint,"
University of Michigan (manuscript). ] [
9 Li Yang (1992), "Shouru gongneng fenpei
de tiaozheng: Dui guomin shouru fenpei xiang geren qingxie xianxiang de
sikao" (Adjustments in the Distribution of Revenues Functions: Some
Thoughts on the Phenomenon of the Slanting of the Distribution of the
National Income Toward the Individual), >i>Jingji yanjiu (Economic
Studies)>/i>, no. 7. ] [
10 Lipton, D., and Sachs, J. (1990),
"Creating a Market Economy in Eastern Europe: The Case of Poland,"
Brookings Institution Papers on Economic Activity, no. 1.
] [ 11 Liu Shucheng
(1989), >i>Zhongguo jingji de zhouqi bodong (Cyclical Fluctuations in
China's Economy).>/i> Zhongguo jingji chubanshe. ]
[ 12 Lu Jian (1992), >i>Zhongguo
jingji zhouqi shizheng yanjiu (Empirical Studies in China's Economic
Cycles).>/i> Zhongguo caizheng jingji chubanshe. ]
[ 13 Ma Jiantang (1990),
>i>Zhouqi bodong yu jiegou biandong (Cyclical Fluctuations and Structural
Change).>/i> Hunan jiaoyu chubanshe. ] [
14 McKinnon, Ronald I. (1993), "Financial
Growth and Macroeconomic Stability in China, 1978-1992: Implications for
Russia and Eastern Europe" (manuscript). ] [
15 Oi, Jean (1991), "The Shifting
Balance of Power in Central-Local Relations: Local Government Response to
Fiscal Austerity in Rural China" (manuscript). ]
[ 16 Sicular, Terry (1992),
"Public Finance and China's Economic Reform," Harvard Institute of
Economic Research, Discussion Paper no. 1619. ]
[ 17 Tang Mingfeng and Li Wenshun
(1992), "Touzi: Xingshi fenxi ji guanli jianyi" (Investment: An Analysis
of the Situation and Proposals for Management), >i>Jingji cankao bao
(Economic Reference News)>/i>, August 31. ] [
18 Tang Zongkun (1992), "Guoyou qiye
liren zhuanyi he qiye zaishengchan nengli" (Profit Transfer in the
State-owned Enterprises and the Enterprises' Capacity for Re-Production),
>i>Jingji yanjiu (Economic Studies)>/i>, no. 7. ]
[ 19 Woo, Wing Thye (1993), "The
Art of Reforming Centrally-Planned Economies: Comparing China, Poland and
Russia," University of California at Davis (manuscript).
] [ 20 Xie Ping (1993),
"Xiang shichang jingji guodu zhong de jinrong hongguan tiaokong" (Macro
Financial Regulation and Control During the Transition Toward a Market
Economy), a working paper. ] [
21 Zhao Renwei (1989), "Gaige guocheng zhong
de shouru shiwuhua" (The "In-Kind" Transformation of Income in the Process
of Reform), >i>Jingji yanjiu (Economic Studies)>/i>, no. 4.
] [ 22 Zhong Pengrong
(1990), >i>Tonghuo pengzhang yanjiu (Studies in Currency Inflation).>/i>
Jiangxi renmin chubanshe. ] [
23 Zhong Pengrong and Wu Tonghu (1990),
>i>Hongguan jingjilun (Macroeconomic Theory).>/i> Jingji kexue
chubanshe. ] [ 24
Zhou Xiaohan (1990), "Dui yijiubajiu nian huobi zhengce jixing
qingkuang de chubu fenxi" (A Preliminary Analysis of the Conditions of the
Implementation of the Monetary Policy in 1989), >i>Jinrong yanjiu
(Financial Studies)>/i>, no. 7. ] [
25 Zou Heng-fu (1991), "Socialist Economic
Growth and Political Investment Cycles," >i>European Journal of Political
Economy>/i>, no. 7, pp. 141-57. ]
Handle: RePEc:mes:chinec:v:28:y:1995:i:6:p:40-88
Template-Type: ReDIF-Article 1.0
Author-Name: Lin Yifu
Author-X-Name-First: Lin
Author-X-Name-Last: Yifu
Author-Name: Cai Fang
Author-X-Name-First: Cai
Author-X-Name-Last: Fang
Author-Name: Li Zhou
Author-X-Name-First: Li
Author-X-Name-Last: Zhou
Title: On the Gradual-Advance Style of Economic Reform in China
Abstract:
Economists have generally recommended [either of] two different types of
strategies or styles regarding the reform of a centralized planned
economyâa controlled economyâinto a market economy. There are all
kinds of descriptive terms that may be applied to these two different
categories of reform strategies. One optional strategy is [described as]
"radical," "drastic," "Big-Bang," "once-and-for-all," and, sometimes, as
"shock treatment." Within this category of reform proposals, however,
there are also many dissimilar implications. The more popular style of
reform is the one that has been recommended in recent years by Western
economists to the countries of Eastern Europe and the Commonwealth of
Independent States (CIS). [In this type of reform], marketization,
privatization, and democratization are the goals chosen as necessary
aspects of economic reform. In terms of method, this approach advocates
the implementation of an epochal reform strategyânot unlike the notion
of God's creationâin which heaven and earth and all manner of things are
created within a span of seven days. The other [reform] strategy is
comparatively "gradualistic" and "evolutionary." At one time, this latter
type of reform was rarely recommended, while the former proposal was very
popular and considered to possess theoretical perfection and feasibility.
Journal: Chinese Economy
Pages: 5-39
Issue: 6
Volume: 28
Year: 1995
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=874Q1M1T1N554778
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X-Bibl:
[ 1 David, Wilfred L.
>i>Political Economy of Economic Policy: The Quest For Human
Betterment.>/i> New York, NY: Praeger Publishers, 1988.
] [ 2 Jefferson, Gary,
Thomas Rawski, and Zheng Yuxin. "Growth, Efficiency, and Convergence in
China's State and Collective Industry." >i>Economic Development and
Cultural Change>/i> 40 (2) (January 1992), pp. 239-266.
] [ 3 Lin Yifu.
>i>Zhidu, jishu yu Zhongguo nongye fazhan (Systems, Technology, and
China's Agricultural Development).>/i> Shanghai: Sanlian shudian,
1992. ] [ 4
Lin Yifu, Cai Qi, and Shen Minggao. "Woguo jingji gaige yu
fazhan zhanlue jueze" (Economic Reform in China and Developmental Strategy
Options). >i>Jingji yanjiu (Economic Studies)>/i>, no. 3, 1989.
] [ 5 Wang Huijiong
and Yang Guanghui, eds. >i>Zhongguo jingji jiegou bianhua yu zengzhang de
kenengxing he xuanze fangan (The Possibility of Transformation and Growth
in China's Economic Structure, and the Blueprint for Selection).>/i>
Qixiang chubanshe, 1984. ] [
6 World Bank. >i>Zhongguo: shehui zhuyi
jingji fazhan (China: Economic Development Under Socialism).>/i> Zhongguo
caizheng jingji chubanshe, 1982. ] [
7 World Bank. >i>Zhongguo: changqi fazhan de
wenti he fangan (China: The Problems of and Plans for Long-Term
Development).>/i> Zhongguo caizheng jingji chubanshe, 1985.
]
Handle: RePEc:mes:chinec:v:28:y:1995:i:6:p:5-39
Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
The two articles translated in this issue of >i>Chinese Economic
Studies>/i> represent efforts by some of China's leading economic thinkers
to explain the reform process and the problems that it faces in the
post-Tiananmen period. The first article, by Lin Yifu, Cai Fang, and Li
Zhou, enters the wide-ranging discussion on the relative merits of radical
reform versus gradual or incremental reform. Lin and his colleagues argue
that China's incremental approach to reform has allowed reform and
development to proceed together, thus maintaining social stability and
building support for reform. This process, they argue, makes the process
of reform not only smoother but "irreversible."
Journal: Chinese Economy
Pages: 3-3
Issue: 6
Volume: 28
Year: 1995
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=88760181G05GH263
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Handle: RePEc:mes:chinec:v:28:y:1995:i:6:p:3-3
Template-Type: ReDIF-Article 1.0
Author-Name: Song Zhao
Author-X-Name-First: Song
Author-X-Name-Last: Zhao
Title: Energy, Economy, and Its Environment in China
Abstract:
The consensus of Chinese official and economic circles is that Chinese
Economic Studies will maintain a relatively fast rate of growth in the
foreseeable future. Rapid economic growth calls for an increasing supply
of energy. Generally speaking, China has fairly abundant energy resources.
The huge population, however, makes per capita resources deficient. It is
estimated that by about the year 2040, the population will reach a peak of
approximately 1.6 billion persons. Along with the population increase,
future per capita resources will continue to decrease, and the deficiency
of per capita resources will become a serious limiting factor in sustained
socioeconomic development.
Journal: Chinese Economy
Pages: 42-75
Issue: 1
Volume: 29
Year: 1996
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=51T3732245006472
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chinese Conditions
Analysis Group, Chinese Academy of Sciences (compiled by Xikang Chen et
al.). >i>Jiyu yu tiaozhan. Zhongguo zouxiang 21 shijide jingji fazhan
mubiao he jiben fazhan zhanlue yanjiu>/i> [Opportunities and Challenges.
Study of Economic Goals and Basic Development Strategy as China Enters the
21st Century]. Beijing: Science Publishing House, 1995.
] [ 2 Chinese
Environmental Yearbook Editorial Board. >i>Zhongguo huanjing nianjian>/i>
[Chinese Environment Yearbook]. Beijing: Chinese Environmental Yearbook
Publishers, 1995. ] [ 3
Song Zhao. >i>Zhongguo jieneng qianli fenxi>/i> [Analysis
of Energy Conservation Potential in China]. Research Report of the Asia
Development Bank's Technical Assistance Project ADB T. A. No. 1628 - P. R.
CADB. TA-1648. Beijing, August 1994. ] [
4 Song Zhao. >i>Nengyuan xuqiu yuce ji
fangfalun>/i> [Projection and Methodology of Energy Demand]. Shell Oil
Corp.'s LNG Market Consulting Report. Beijing: June 1995.
] [ 5 Song Zhao.
>i>Medee-s muxing Zhongguo shiyou tianranqi xuqiu yuce>/i> [Medee-s Model
Projection of Chinese Oil and Natural Gas Demand]. Research Report.
Beijing, 1995. ] [ 6
Song Zhao et al. >i>SGM muxing Zhongguo wenshi qiti paifang
yuce ji wending jianpai duicede chengben xiaoyi fenxi, caogao>/i> [SGM
Model Projection of Chinese Greenhouse Gas emission and Cost-Effective
Analysis of Stabilization and Emission-Reduction Measures (Draft)].
Research Report from China Country Study on Climatic Changes. Beijing and
Washington DC, March 1996. ] [
7 State Environmental Protection Bureau, ed.
>i>Zhongguo huanjing baohu 21 shiji yicheng>/i> [21st Century Agenda for
Chinese Environmental Protection]. Beijing: Chinese Environmental Science
Publishing House, 1995. ] [
8 State Statistical Bureau, ed. >i>Zhongguo
tongji nianjian>/i> [Chinese Statistical Yearbook]. Beijing: Chinese
Statistical Publishing House, 1995. ] [
9 Transport and Energy Department, State
Planning Commission. >i>Zhongguo nengyuan baipishu>/i> [White Paper on
Chinese Energy]. Beijing, 1995. ] [
10 Xiaoqian Zhou, Qingyi Wang, et al.
>i>Zhongguo nengyuan zhanlue yanjiu>/i> [Research on Chinese Energy
Strategy]. Research Report. Beijing, July 1995. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:1:p:42-75
Template-Type: ReDIF-Article 1.0
Author-Name: Xikang Chen
Author-X-Name-First: Xikang
Author-X-Name-Last: Chen
Title: Feeding One Billion A Study on China's Grain Problem in the Twenty-First Century
Abstract:
The following article discusses many serious difficulties in Chinese grain
production, such as shortage of arable land and water resources,
over-supply of rural manpower, lack of funds, and low level of education,
science, and technology. These difficulties result in a small scale of
agricultural operation, high production costs, low agricultural
profitability, and slow growth in grain output. After analyzing the basic
international and domestic situation, the author argues that China cannot
repeat the Japanese experience but should take the road of "basic
self-sufficiency and gradual increase of import." The author shows that it
is possible for China to avoid rapid shrinking of arable land in the
course of industrialization and to maintain the stability of grain acreage
over the long term, thus enabling domestic supply to basically satisfy the
grain demand of 1.6 billion people in the twenty-first century. Finally,
the article provides a projection of grain output and demand in China in
the years 2000, 2020, and 2030. It is projected that China will gradually
increase imports in the twenty-first century, reaching 55 million tons by
2030.
Journal: Chinese Economy
Pages: 22-41
Issue: 1
Volume: 29
Year: 1996
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5441320721VVV237
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Brown, Lester R. >i>Who
Will Feed China. Wakeup Call for a Small Planet.>/i> New York and London:
W.W. Norton, 1995. ] [ 2
Chen Xikang et al. >i>Zhongguo chengxiang jingji touru
zhanyong chanchu fenxi>/i> [Input-Output Analysis of Chinese Urban and
Rural Economy]. Beijing: Science Publishing House, 1992.
] [ 3 Chinese
Conditions Analysis Group, Chinese Academy of Sciences. >i>Shengcun yu
fazhan>/i> [Survival and Development]. Beijing: Science Publishing House,
1989. ] [ 4
Chinese Conditions Analysis Group, Chinese Academy of Sciences.
>i>Kaiyuan yu jieye. Zhongguo ziran ziyuan yu renli ziyuande qianli yu
duice>/i> [Developing Resources and Eliminating Waste. Potential of
Chinese Natural and Human Resources and Our Strategy]. Beijing: Science
Publishing House, 1992. ] [
5 Chinese Conditions Analysis Group, Chinese
Academy of Sciences: >i>Jiyu yu tiaozhan. Zhongguo zouxiang 21 shijide
jingji fazhan mubiao yu jiben fazhan zhanlue yanjiu>/i> [Opportunities and
Challenges. Study of Economic Goals and Basic Development Strategy as
China Enters the 21st Century]. Beijing: Science Publishing House,
1995. ] [ 6
Lin Yifu et al. "The Future Prospects of Chinese Grain and Our
Strategy," >i>Zhongguo nongcun jingji>/i> [China's Rural Economy], no. 8,
1995 (General No. 128), Beijing. ] [
7 Ministry of Agriculture, People's Republic
of China. >i>Zhongguo nongye tongji ziliao>/i> [Chinese Agricultural
Statistics 1987-1994]. Beijing: Agricultural Publishing House,
1988-1995. ] [ 8
Polenske, Karen R., and Xikang Chen. >i>Chinese Economic
Planning and Input-Output Analysis.>/i> Hong Kong: Oxford University
Press, 1991. ] [ 9
Sun He et al. >i>Zhongguo nongye ziran ziyuan yu quyu fazhan>/i>
[China's Agricultural Natural Resources and Regional Development].
Nanjing: Jiangsu Science Publishing House, 1994. ]
[ 10 State Statistical Bureau.
>i>Zhongguo tongji nianjian, 1995>/i> [Chinese Statistical Yearbook,
1995]. Beijing: China Statistical Publishing House, 1995.
]
Handle: RePEc:mes:chinec:v:29:y:1996:i:1:p:22-41
Template-Type: ReDIF-Article 1.0
Author-Name: Ju'e Guo
Author-X-Name-First: Ju'e
Author-X-Name-Last: Guo
Title: Natural Resources and Economic Development in China
Abstract:
Natural resources refer to sources of matter and energy existing in
nature, which humankind can use, under given technological, economic, and
social conditions, as raw materials in production and consumption.
Generally, they include land, water, minerals, and biological and climatic
resources. Some natural resources are affected by zonal factors; others
are restricted by non-zonal factors. As a result, all natural resources on
the globe have a problem of uneven spatial distribution and strict
regional characteristics. The status and characteristics of Chinese
natural resources are as follows.
Journal: Chinese Economy
Pages: 5-21
Issue: 1
Volume: 29
Year: 1996
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L018R41W4700813K
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chinese Conditions
Analysis Group, Chinese Academy of Sciences. >i>Kaiyuan yu jieyue.
Zhongguo ziran ziyuan yu renli ziyuande qianli yu duice>/i> [Developing
Resources and Eliminating Waste. The Potential in Chinese Natural and
Human Reources and Our Strategy]. Beijing: Science Publishing House,
1992. ] [ 2
Chinese Conditions Analysis Group, Chinese Academy of Sciences.
>i>Jiyu yu tiaozhan - Zhongguo zouxiang 21 shijide jingji fazhan mubiao he
jiben fazhan zhanlue yanjiu>/i> [Opportunities and Challenges. Study of
Economic Goals and Basic Development Strategy as China Enters the 21st
Century]. Beijing: Science Publishing House, 1995. ]
[ 3 Earth Science Division,
Chinese Academy of Sciences. >i>Zhongguo ziyuan qianli qushi yu duice.
Zhongguo kexueyuan dixuebu yantaohui lunwenji>/i> [Tendency of Chinese
Resource Potential and Our Strategy. Compilation of Papers Presented at
the Symposium Sponsored by the Earth Science Division of the Chinese
Academy of Sciences]. Beijing: Beijing Publishing House, 1993.
] [ 4 Sun Shuo et
al. >i>Zhongguo nongye ziran ziyuan yu quyu fazhan>/i> [China's
Agricultural Natural Resources and Regional Development]. Nanjing, China:
Jiangsu Scientific and Technical Publishers, 1994. ]
[ 5 World Bank. >i>World
Development Report, 1992.>/i> China Financial and Economic Publishers,
1992. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:1:p:5-21
Template-Type: ReDIF-Article 1.0
Author-Name: Xiannuan Lin
Author-X-Name-First: Xiannuan
Author-X-Name-Last: Lin
Title: Guest Editor's Introduction
Abstract:
China's economy has been booming since the beginning of the economic
reform in the late 1970s. Between 1978 and 1995, the gross domestic
product (GDP) of China grew at an average annual rate of 9.8 percent (see
Chen, this issue). If this trend continues, as many analysts have
projected, China could overtake the United States and Japan to become the
world's largest economy some time between 2020 and 2030.
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 29
Year: 1996
Month: 1
Keywords:
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X-Bibl:
[ 1 Lester Brown. >i>Who
Will Feed China? Wake-Up Call for a Small Planet.>/i> Washington, DC:
Worldwatch Institute, 1995. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:1:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Wei Xue
Author-X-Name-First: Wei
Author-X-Name-Last: Xue
Title: Water Resources and Economic Development in China
Abstract:
On the basis of an overall analysis of the characteristics of China's
water resources, their current development, utilization rate, and
problems, this article studies the interrelationship of Chinese Economic
Studies, social development, and the use of water resources. In view of
the serious conflict in water supply and demand the country faces at the
end of this century and into the next, the author suggests that the
solution to China's water shortage lies chiefly in the building up of an
overall water-conserving national economic and social system.
Journal: Chinese Economy
Pages: 76-95
Issue: 1
Volume: 29
Year: 1996
Month: 1
Keywords:
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X-Bibl:
[ 1 Chinese Academy of
Science and State Planning Commission's Committee for the Comprehensive
Survey of Natural Resources. >i>Zhongguo ziran ziyuan shouce>/i> [Handbook
of Chinese Natural Resources]. Beijing: Science Publishing House,
1990. ] [ 2
Chinese Conditions Analysis Group, Chinese Academy of Sciences.
>i>Kaiyuan yu jieyue. Zhongguo ziran ziyuan yu renli ziyuande qianli yu
duice>/i> [Expanding Resources and Eliminating Waste. Potential of Chinese
Natural and Human Resources and Our Strategy]. Beijing: Science Publishing
House, 1992. ] [ 3
Chinese Conditions Analysis Group, Chinese Academy of Sciences.
>i>Jiyu yu tiaozhan. Zhongguo zouxiang 21 shijide jingji fazhan mubiao he
jiben fazhan zhanlue yanjiu>/i> [Opportunities and Challenges. Study of
Economic Goals and Basic Development Strategy as China Enters the 21st
Century]. Beijing: Science Publishing House, 1995. ]
[ 4 He Xiwu. >i>Maixiang 21
shijide woguo shuiziyuan zhanlue chutan>/i> [Initial Exploration of Water
Resources Strategy as China Enters the 21st Century]. 1991.
] [ 5 Liu Yingqiu.
"Status and Evaluation of the Coordinated Development of Chinese Economy,
Population, Resources and Environment," >i>Guotu kaifa yu zhengzhi>/i>
[Land Development and Management], vol. 3, no. 4, 1993.
] [ 6 Lu Yazho. "Status
of Utilization of Chinese Natural Resources and Our Strategy," >i>Ziran
ziyuan>/i> [Natural Resources], no. 6, 1994. ]
[ 7 Mou Haisheng. "Analysis of
the Strategy for Chinese Urban Water Usage and Conservation,"
>i>Shuiziyuan yanjiu>/i> [Study of Water Resources], vol. 13, no.
3. ] [ 8
Shi Yafeng, ed. >i>Huabei diqu shuiziyuan heli kaifa liyong [Rational
Development and Utilization of Water Resources in the Hebei Region]>/i>.
Beijing: Hydropower Publishing House, 1990. ]
[ 9 State Statistical Bureau.
>i>Zhongguo tongji nianjian>/i> [Chinese Statistical Yearbook]. Beijing:
China Statistical Publishing House, 1991-95. ]
[ 10 Water Conservancy and
Hydropower Planning Institute, Chinese Academy of Sciences. >i>Zhongguo
shuiziyuan liyong>/i> [Utilization of China's Water Resources]. Beijing:
Hydropower Publishing House, 1989. ] [
11 Water Resource Management Committee of
Shanxi Province. >i>Shanxi shuiziyuan>/i> [Shanxi Water Resources].
Taiyuan: Shanxi People's Publishing House, 1992. ]
[ 12 World Bank. >i>World
Development Report 1992.>/i> New York, NY: Oxford University Press,
1992. ] [ 13
World Resource Institute. >i>World Resources 1986.>/i> New York,
NY: author, 1986. ] [ 14
Xu Wende. >i>Woguo shuiziyuan duanque jiqi jieyue zhanlue
yu duice>/i> [Shortage of Water Resources in China and the Strategy and
Policy to Conserve Water]. Water Resource Division, Chinese Ministry of
Water Conservancy, September 1990. ] [
15 Xu Zhifang, "The Water Issue in the 21st
Century," >i>Shuiziyuan yanjiu>/i> [Study of Water Resources], vol. 16,
no. 2. ] [ 16
Yan Cunli. "Brief Description of the Prospects of Water
Conservancy in China," >i>Zhongguo shuili>/i> [Chinese Water Conservancy],
March 1995. ] [ 17
Yang Yuandong. "Overall Characteristics and Evaluation of
Chinese Water Resources," >i>Shuiziyuan yanjiu>/i> [Study of Water
Resources], vol. 16, no. 1. ] [
18 Zhang Zongku. >i>Woguo shuiziyuan wenti
fenxi yi jiejue tujing>/i> [Analysis and Solution of the Problem of
Chinese Water Resources]. United Office of the Departments of the Chinese
Academy of Sciences, October 1995. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:1:p:76-95
Template-Type: ReDIF-Article 1.0
Author-Name: Sheng Hong
Author-X-Name-First: Sheng
Author-X-Name-Last: Hong
Title: The Search for a Stable Mode of Reform
Abstract:
Reform is a change in the system. The economic system generally has three
functions: incentives, resource allocation, and interest distribution.
Systemic change will necessarily alter the efficiency of these three
functions. Improving the efficiency of incentives and resource allocation
will directly improve the productivity of resources of a given quantity
and quality.>sup>1>/sup> However, if, in the course of improving
incentives and resource allocation, a disequilibrium in the distribution
of interests appears, then it will not only increase the cost of reform
but it may well become the major cost. The reasons for this are, first,
if, in the course of reform, a group of people suffers losses, it will
overtly or covertly adopt an uncooperative or resistant attitude, thus
increasing the cost of implementing reform. Second, unfairness in the
distribution of interests will directly instigate friction among different
interest groups. Losses resulting from such friction will become a direct
part of the price of reform. Third, disequilibrium in interest
distribution will also lead to behavior that disregards or even disrupts
the existing economic order; disruption of economic order itself is a
social loss. Fourth, disruption of the existing pattern of interests
caused by reform can lead to relatively strong social unrest (such as the
panic buying that occurred in 1988). Such social unrest would either
deprive people of the expectation of stability or exact a greater price
from them to overcome.
Journal: Chinese Economy
Pages: 39-59
Issue: 2
Volume: 29
Year: 1996
Month: 3
Keywords:
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X-Bibl:
[ 1 Cummins. >i>System
Economics.>/i> Commercial Press, Chinese ed., 1983. ]
[ 2 Galbraith, J.K. >i>The
New Industrial State.>/i> New York: New American Library, 1986.
] [ 3 Lebrer,
Henry. >i>New Liberal Economics in the U.S.>/i> China: Beijing University
Press, Chinese ed., 1985. ] [
4 Locke, [John]. >i>On Government.>/i>
Commercial Press, Chinese ed., 1983. ] [
5 North, D.C., and Thomas, R.P. >i>The
Rise of the Western World.>/i> New York: Cambridge University Press,
1973. ] [ 6
Siegels, John. >i>The Theory of the History of Economics.>/i>
Commercial Press, Chinese ed., 1987. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:2:p:39-59
Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This second issue of reflections on the economic reform process presents
three articles by two of China's leading economic theorists. The first
article, by Sheng Hong, "A Survey of the Research on the Transitional
Process of Market-Oriented Reform in China," gives a rather detailed
overview of the way in which Sheng and other economists have been
conceptualizing what they call "transitional economics." As Sheng notes,
much of what is currently encompassed by that term was implicit in the
thinking and practice of young reformers in the 1980s. Now, Sheng and his
colleagues are trying to sum up China's reform experience in theoretical
terms. In their efforts to do so, they draw heavily on Western theoretical
efforts, particularly the work of economists such as Ronald Coase,
Douglass North, and James Buchanan, but, at the same time, there is an
effort to bring these insights together with their own experience. Here
one can see an effort to develop a distinctly Chinese understanding of
economics, one that is informed by, but not restricted to, Western
concepts.
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 29
Year: 1996
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Fan Gang
Author-X-Name-First: Fan
Author-X-Name-Last: Gang
Title: On the Reform Process
Abstract:
The primary purpose of this paper is not to seek some better road to
reform, but to arrive at a systematic understanding of the various
problems and phenomena that have emerged in the process of reform. In
theory, to analyze and understand something involves nothing more or less
than stripping off what lies on the surface of a subject and then boiling
everything down to some fundamental essentials. The key to reforming the
economic structure is the transformation of the relations of interests
among people. We can, of course, use the language of the market to
describe reform, in which case we would discuss issues of "supply" and
"demand" in the economic system, and we can even place some kind of "price
index" label on a system. Nonetheless, in the final analysis a structural
reform itself is not a type of market process; rather, it belongs to the
category of a "non-market choice." Therefore, we shall rely here more
heavily upon a set of straightforward methods of analysis, namely those
methods related to the theory of public choice. As a rule the creation of
a new social economic structure on the foundations of an old structure is
a greatly complex, time-consuming process, more so than the process, say,
of producing the largest and most complicated aircraft carrier in the
world. Therefore, we must strive our hardest to avoid [being trapped in]
any "static" hypothesis. Instead, what we shall attempt to do here is to
introduce a more active and developmental analysis into this study of the
theory of structural reform and transformation.
Journal: Chinese Economy
Pages: 60-95
Issue: 2
Volume: 29
Year: 1996
Month: 3
Keywords:
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X-Bibl:
[ 1 Arrow, K.J. 1951.
>i>Social Choice and Individual Values.>/i> New York: [Wiley].
] [ 2 Boadway, R.,
and Bruce, N. 1984. >i>Welfare Economics.>/i> Oxford:
[Blackwell]. ] [ 3
[Bu-kan-nan], J.M. (Buchanan, J.M.). 1989. >i>Ziyou, shichang yu
guojia>/i> (Freedom, the Market, and the State). Shanghai: Sanlian
shudian. (Chinese translation.) ] [
4 Buchanan, J.M., and Tullock, G. 1962.
>i>The Calculus of Consent: Logical Foundations of Constitutional
Democracy.>/i> Ann Arbor: University of Michigan Press.
] [ 5 Fan Gang. 1988.
"Lun gongyouzhi jingji zhong gezhong liyi mubiao, liyi maodun he jingji
xingwei" (On Various Interest Goals, Contradictions of Interests, and
Economic Behavior in an Economy Under the System of Public Ownership) in
>i>Zhongguo shehuikexueyuan yanjiushengyuan xuebao>/i> (Academic Bulletin
of the Graduate Students' School of the Chinese Academy of Social
Sciences), no. 1. ] [ 6
Fan Gang (principal author) 1990. >i>Gongyouzhi hongguan
jingji lilun dagang>/i> (An Outline of the Theory of Macroeconomy Under
the System of Public Ownership). Shanghai: Sanlian shudian.
] [ 7 Freeny, D. 1988.
"The Demand for and Supply of Institutional Arrangements," in Ostrom et
al., eds. >i>Rethinking Institutional Analysis and
Development.>/i> ] [ 8
[Huo-er-so-fu-si-ji], V. 1988. >i>Jingji tizhi fenxi yu
bijiao>/i> (Analysis and Comparison of Economic Systems). Jingji kexue
chubanshe. (Chinese translation.) ] [
9 Hurwicz, L. 1986. "Incentive Aspects of
Decentralization," in Kenneth Arrow and Michael Intriligator, eds.
>i>Handbook of Mathematical Economics>/i>, vol. 3. New York:
North-Holland. ] [ 10
Lin Yifu. 1988. "Lun zhidu yu zhidu bianqian" (On Systems and
the Evolution of Systems) in >i>Zhongguo: fazhan yu gaige>/i> (China:
Development and Reform), April. ] [
11 [Dao-ge-la-si. No-si] (North, Douglass).
1992. >i>Jingjishi de jiegou yu bianhua>/i> (Structure and Change in
Economic History). Shanghai: Sanlian shudian. (Chinese
translation.) ] [ 12
North, D. 1983. "A Theory of Economic Change," in
>i>Science>/i>, no. 219, January 14. ] [
13 Olson, M., Jr. 1971. >i>The Logic of
Collective Action: Public Goods and the Theory of Groups.>/i> Cambridge:
Harvard University Press. ] [
14 Ostrom, V.; Freeny, D.; and Picht, H.
1988. >i>Rethinking Institutional Analysis and Development.>/i> San
Francisco: International Center for Economic Growth. ]
[ 15 Zuo Dapei. 1988.
>i>Fu-lai-bao jingji xuepai yanjiu>/i> (Studies of the Freiburg School of
Economics). Hunan jiaoyu chubanshe. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:2:p:60-95
Template-Type: ReDIF-Article 1.0
Author-Name: Sheng Hong
Author-X-Name-First: Sheng
Author-X-Name-Last: Hong
Title: A Survey of the Research on the Transitional Process of Market-Oriented Reform in China
Abstract:
Of all the former planned-economy countries, China might be the most
successful in market-oriented reforms. China's GNP grew 9.4 percent per
year from 1978 to 1994 (Li T., 1995). By 1994, the reform of the product
market was basically completed with more than 95 percent of product prices
determined by the market (Li T., 1995). The factor market is also forming.
Because of the flow of labor and the development of the non-state-owned
sector, labor is increasingly evaluated by the market; similarly, the
value of land factor is accessed by the market because of the emergence of
the real estate market, and the capital market and money market are
preliminarily established through the securities market and the
liberalization of trade on the foreign exchange. The output of the
non-state sector amounts to 53 percent of the entire GNP (1993, estimated
by Qiu Xiaohua), indicating that there has been a significant change in
the institution of property rights. What is more important is that these
changes have led to the amendment of the Constitution into which the term
"market economy" has already been inserted.
Journal: Chinese Economy
Pages: 5-38
Issue: 2
Volume: 29
Year: 1996
Month: 3
Keywords:
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X-Bibl:
[ 1 Diao Xinshen. 1989. "An
Analysis of Dual-Track Economy in China." >i>Zhongguo: Fazhan yu gaige>/i>
[China: Development and Reform], no. 2. ] [
2 Fan Gang. 1991. "On the Reform
Process." >i>Reform, Opening Up and Growth: A Collection of Scholarly
Essays Presented to the Chinese Economic Forum>/i>, 1990. Shanghai: Joint
Publishing [Translated in >i>Chinese Economic Studies>/i>, vol. 29, no. 2
(March-April 1996), pp. 60-95.] Reprinted in Sheng, >i>Transitional
Economics of China.>/i> ] [
3 Fan Gang. 1993a. "Two Reform Costs and Two
Reform Forms." >i>Jingji yanjiu>/i> [Economic Research Journal], no. 1;
reprinted in Sheng, >i>Transitional Economics of China.>/i>
] [ 4 Fan Gang. 1993b.
"Public Choice and Reform Process." >i>Jingji shehui tizhi bijiao>/i>
[Journal of Comparative Economic and Social Systems], no. 1; reprinted in
Sheng, >i>Transitional Economics of China.>/i> ]
[ 5 Fan Gang. 1994. "Dual-Track
Transition in China." >i>Economic Policy>/i>, December.
] [ 6 Guo Shuqing.
1990. "Change of the Operating Mechanism of the National Economy and
Choice of Reform Strategies." >i>Jingji yanjiu>/i>, no. 11.
] [ 7 Hu Ruyin. 1993.
"Political Economy of China's Reform." >i>Jingji fazhan yanjiu>/i>
[Research on Economic Development], no. 9; reprinted in Sheng,
>i>Transitional Economics of China.>/i> ] [
8 Hua Sheng; Jiang Yue; He Jiacheng;
Gao Liang; and Zhang Shaojie. 1985. "On the Chinese Method of Price
Reform: Reasons for Take-Off." Reprinted in >i>China: Development and
Reform (1984-1985).>/i> Press for Communist Party History, 1987.
] [ 9 Huang
Yongshan. 1989. "Power, Change of Economic Structure, and Choice of Reform
Strategy." >i>Zhongguo: Fazhan yu gaige>/i> [China: Development and
Reform], no. 3. ] [ 10
Lin Yifu; Cai Fang; and Li Zhou. 1993. "On the
Gradual-Advance Style of Economic Reform in China." >i>Jingji yanjiu>/i>
[Economic Research Journal], no. 9. [Translated in >i>Chinese Economic
Studies>/i>, vol. 28. no. 6 (November-December 1995), pp. 5-39.] Reprinted
in Sheng, >i>Transitional Economics of China.>/i> ]
[ 11 Lin Yifu; Cai Fang; and Li
Zhou. 1994. >i>China Miracle: Development Strategy and Economic
Reform.>/i> Shanghai: Joint Publishing and People's Publishing
] [ 12 Lin Yifu; Cai
Fang; and Li Zhou. 1995. "The Key to Enterprise Reform Is to Create a Fair
Competitive Environment." >i>Gaige>/i> [Journal of Reform], no.
3. ] [ 13
Lou Jiwei and Zhou Xiaochuang. 1984. "On the Direction of
Price-System Reform and a Relevant Model." >i>Jingji yanjiu>/i>, no. 4;
reprinted in >i>China: Development and Reform (1984-1985).>/i>
] [ 14 Li Tieying.
1995. "Common Prosperity of China's Economy and World Economy." >i>Jingji
ribao>/i> [Economic Daily], April 12. ] [
15 Miao Zhuang. 1992. "On the Problem of
Reform Strategy Choice in Institutional Change." >i>Jingji yanjiu>/i>, no.
10; reprinted in Sheng, >i>Transitional Economics of China.>/i>
] [ 16 North,
Douglass. 1982. >i>Structure and Change in Economic History.>/i> New York:
W.W. Norton. ] [ 17
North, Douglass. 1971. "The Rise and Fall of the Manorial
System: A Theoretical Model." >i>Journal of Economic History>/i>, 31
(December). ] [ 18
Sheng Hong. 1991a. "Exploring a Stable Path for Reform."
>i>Jingji yanjiu>/i>, no. 1; >i>reprinted in Transitional Economics of
China.>/i> ] [ 19
Sheng Hong. 1991b. "From Planned Equilibrium to Market
Equilibrium." >i>Guanli shijie>/i> [Management World], no. 6.
] [ 20 Sheng Hong.
1992. "Marketization: Conditions, Limitations, and Approaches." >i>Jingji
yanjiu>/i>, no. 11; reprinted in Sheng, >i>Transitional Economics of
China.>/i> ] [ 21
Sheng Hong. 1993. "Income Distribution Matters and Transaction
Costs Matter." >i>Jingji yanjiu>/i>, no. 11; reprinted in Sheng.
>i>Transitional Economics of China.>/i> ] [
22 Sheng Hong. 1994. "Transitional
Economics of China." In >i>Transitional Economics of China.>/i> Shanghai:
Joint Publishing and People's Publishing. ] [
23 Song Guoquing. 1987. "A Simple
Theory of Combining Exchange." >i>Jingji fazhan yu tizhi gaige>/i>
[Economic Development and Institutional Reform]. ]
[ 24 Tian Jiyun. 1985.
"Positively and Stably Working on the Reform of the Price System."
>i>Jingji ribao>/i>, January 8; reprinted in >i>China: Development and
Reform (1984 1985).>/i> ] [
25 Zhang Jun. 1993. "Theory of Property
Rights and Institutional Change Under the Centralized Planned Economy."
>i>Jingji yanjiu>/i>, no. 5; reprinted in Sheng, >i>Transitional Economics
of China.>/i> ] [ 26
Zhang Shaojie. 1989. "The Evolution of China's Economic
Structure and Institutional Reform." >i>Zhongguo: Fazhan yu gaige>/i>, no.
7. ] [ 27
Zhang Shuguang. 1995. "Seeking the Path Toward China's Take-Off
and Advancing the Theory on the Rise and Fall of Nations: With a Comment
on Lin et al. >i>China Miracle." Zhongguo shuping>/i> [China Comment on
Books], no. 3. ] [ 28
Zhang Weiying. 1985. "On the Mainly âLiberatingâ Approach
in Price Reform." >i>Jingji yanjiu cankao ziliao>/i> [Reference Resources
for Economic Research], no. 6; reprinted in >i>China: Development and
Reform (1984-1985).>/i> ] [
29 Zhang Weiying and Li Jiange. 1985. "A
Suggestion on the Depreciation of Renminbi and the Opening of the
Foreign-Exchange Swap Market." >i>Jingji yanjiu cankao ziliao>/i>
[Reference Resources for Economic Research], no. 6; reprinted in >i>China:
Development and Reform.>/i> ] [
30 Zhang Weiying and Yi Gang. "China's
Gradual Reform: A Historical Perspective." China's Center for Economic
Research, Beijing University, working paper no. E1995001.
] [ 31 Zhou Qiren.
1994. "Rural Reform in China: State and Change of Property Rights."
>i>Zhongguo shehui kexue jican>/i> [Quarterly Journal of Chinese Social
Sciences], Summer. ] [ 32
Zou Gang. 1985. "A Research Report on Production Material
Price Reform." >i>Renmin ribao>/i> [People's Daily], December 17;
reprinted in >i>China: Development and Reform (1984-1985).>/i>
]
Handle: RePEc:mes:chinec:v:29:y:1996:i:2:p:5-38
Template-Type: ReDIF-Article 1.0
Author-Name: Li Peilin
Author-X-Name-First: Li
Author-X-Name-Last: Peilin
Title: Has China Become Polarized?
Abstract:
"Polarization" is a concept used to describe an extreme disparity between
rich and poor. The main yardstick for the rich-poor gap is based on
observations in two aspects: Comparisons of income levels and analyses of
possession of wealth.
Journal: Chinese Economy
Pages: 73-76
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:3:p:73-76
Template-Type: ReDIF-Article 1.0
Author-Name: Zheng Zhixiao
Author-X-Name-First: Zheng
Author-X-Name-Last: Zhixiao
Title: On the Debate Regarding the Distribution of Personal Income
Abstract:
Ideological circles have different understandings of many issues regarding
the distribution of personal income.
Journal: Chinese Economy
Pages: 65-72
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:3:p:65-72
Template-Type: ReDIF-Article 1.0
Author-Name: Wang Rongbiao
Author-X-Name-First: Wang
Author-X-Name-Last: Rongbiao
Title: Will Polarization Occur If the Income Gap Becomes Too Wide?
Abstract:
>p>Under the traditional planned-economy system, the salaries of employees
and workers were set by unified decisions on the part of the state, for
which reason the salary incomes of employees and workers displayed two
outstanding features: a high degree of transparency and not much
differentiation. The main contradiction in income distribution was
egalitarianism, even in the rural areas. Since the advent of reform and
openness, these problems have gradually changed, as characterized chiefly
by a rapid widening of income gaps and the emergence of many new and
formerly non existent contradictions. These are manifested mainly in the
three following aspects:>/p>>p>1. The widening gap between the highest and
the lowest incomes in societv. "Highest" and "lowest" refer here to the
most widespread and common income gaps in society. Analyses in relevant
survey nxiterials show that the differences in the per capita household
incomes of urban residents in China since the reform has increased year by
year. These differences were 900.96 yuan, 2,536 yuan, and 3321.7 yuan in
1985, 1992, and 1993, respectively, with ratios of 1 : 0.35, 1 : 0.3 1,
and 1 : 0.26, respectively.>/p>
Journal: Chinese Economy
Pages: 77-84
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:3:p:77-84
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Author-Name: Han Zhenliang
Author-X-Name-First: Han
Author-X-Name-Last: Zhenliang
Title: Draw the Line Between Learning Advanced Things from the West and Worshiping Things Foreign
Abstract:
Since the Third Plenary Session of the Party's Eleventh Congress, by
opening up to the outside, we have learned and drawn upon the advanced
science and technology and advanced business methods and management
experience of the Western nations, enhanced foreign economic and cultural
exchanges, promoted China's economic prosperity, and raised the people's
material, cultural, and living standards. At the same time, however,
Western capitalism's decadent ideology and culture have taken advantage of
this opportunity to stream in, and the "worship-things-foreign mentality"
and "worship-things-foreign phenomenon" have quietly developed and spread
in some people's minds and in many domains of social life. In order to
draw a line between learning advanced things from the West and worshiping
things foreign, we must clarify such issues as why we should learn from
the West, what we should learn from the West, and how to learn from the
West in a truly enterprising fashion, drawing upon, and making use of
Western advances without unduly underrating ourselves and blindly
worshiping things foreign.
Journal: Chinese Economy
Pages: 85-92
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:3:p:85-92
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Author-Name: Zhu Tao
Author-X-Name-First: Zhu
Author-X-Name-Last: Tao
Title: A Brief Introduction to the Special Zones Debate
Abstract:
The following is a brief introduction to the circumstances surrounding a
debate on the special zones, which emerged in the latter part of last
year.
Journal: Chinese Economy
Pages: 36-46
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: Guest Editor's Introduction
Abstract:
The eight articles translated here cover a variety of issues stemming from
China's almost twenty-year experience with reform. They are linked
together by some commonalities, however. First, they reflect the debates
within China over the effects of the reforms to date. Which results should
be seen positively and which should be seen negatively? What should be the
next step? Second, the articles included here are often particularly
revealing because they all stem from "internal" (>i>neibu>/i>)
publications intended for a specialized audience and not for the general
public. In other words, these selections seem more like an inner-Party
discussion on issues where the conclusion has yet to be reached than would
be the case for an article published in the open press, which is generally
intended to inform the attentive public of official policy decisions that
have already been reached. Even in those cases in which it is clear that
the leadership >i>has>/i> made its decisioâas in selections 1 and 2 on
the Special Economic Zonesâthe selections provide far more information
than is comonly the case for articles in the open press.
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:3:p:3-5
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Author-Name: Hu Ping
Author-X-Name-First: Hu
Author-X-Name-Last: Ping
Title: Special Zone Construction and Opening to the Outside (April 19, 1996)
Abstract:
Over the years, the Communist Party Central Committee and the State
Council have issued many important directives concerning special-zone
construction and opening to the outside. And, quite recently, at a
special-zone work meeting we held at Zhuhai, Premier Li Peng delivered an
important speech, which has been made public in all newspapers;
Vice-Premier Li Fengqing has also spoken on the issue. I do not wish to
dwell on these aspects one by one. Nor do I intend to touch upon specific
issues of the many practical problems pertaining to the special zones and
opening to the outside, the contents of which are quite extensive, and
about which all of you already know a good deal.
Journal: Chinese Economy
Pages: 6-35
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Author-Name: Huang Ni
Author-X-Name-First: Huang
Author-X-Name-Last: Ni
Title: How Should the Special Zones Continue to Be "Special"?
Abstract:
The rapid development and enormous contributions of the economic zones, as
"test sites" for Comrade Deng Xiaoping's theories on building up a
socialism with Chinese characteristics, a "window" for reform and opening
up, are universally acknowledged; the special zones have performed
noteworthy services in the course of China's reform and opening up. Since
1994, however, a large debate on "whether the special zones should
continue to be special" and "how the special zones should be âspecialâ
" has been drawing universal attention. This is the third large debate to
emerge since the founding of the special economic zones. The first one
took place in the early 1980s, and revolved mainly around the question,
"Should One Go Ahead with the Special Zones?" The second discussion, in
the mid-1980s, revolved mainly around the question, "Is It Possible to Do
a Good Job of Operating the Special Zones?"
Journal: Chinese Economy
Pages: 47-58
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Author-Name: Hu Angang
Author-X-Name-First: Hu
Author-X-Name-Last: Angang
Title: Why China's Economy Consistently Experiences Wide Fluctuations
Abstract:
Since the founding of the People's Republic more than forty years ago,
China has experienced numerous economic cycles and economic readjustments.
One of the characteristic regularities of China's economic development is
the cyclic fluctuation manifested as the rise-fall-rise again-fall again
of the economic growth rate, which is accompanied by a recurrent
vacillation of expansion-retrenchment (readjustment)-expansion
again-retrenchment again (readjustment again) in economic policy. The wide
fluctuations are one of the most distinctive features of China's economic
development, as well as one of the direct causes of contradictions and
conflicts in Chinese society. The fluctuation coefficient of China's
economy is considerably higher than it is in the Western countries, and
far higher than the world average. Between 1960 and 1989, the fluctuation
coefficient of China's economy was 1.8 times those of Yugoslavia, Britain,
and India; 2.2 times that of the United States; 2.6 times that of Japan;
3.0 times that of South Korea; 3.4 times that of the former Soviet Union;
and 4.3 times the world average. A large body of data and many facts
indicate that the cyclic fluctuations in China's economy have been
painfully obvious, that economic growth has been extremely unstable, and
that these violent and frequent cyclic oscillations have seriously impeded
any sustainable economic development in China.
Journal: Chinese Economy
Pages: 59-64
Issue: 3
Volume: 29
Year: 1996
Month: 5
Keywords:
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Author-Name: Zong Wen
Author-X-Name-First: Zong
Author-X-Name-Last: Wen
Title: Looking Back at the Tax Division System Reform
Abstract:
The year 1994 witnessed a further step of reform in China. With respect to
regulating the central-local distributive relationship, the State Council
issued the document "Decisions on Implementing a Tax Division System of
Fiscal Management;" henceforth, the tax division system [>i>fenshui
zhi>/i>] was implemented nationwide. Over a year, the standard tax
division system has replaced various forms of contracting systems; and the
impact of the tax division system reform on regulating the distributive
relations between central and local governments and between government and
enterprises is just beginning to show.
Journal: Chinese Economy
Pages: 16-20
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Author-Name: Jiang Jianping
Author-X-Name-First: Jiang
Author-X-Name-Last: Jianping
Author-Name: Chu Huiping
Author-X-Name-First: Chu
Author-X-Name-Last: Huiping
Title: A Few Thoughts on an Equalizing Transfer Payment System
Abstract:
The goal for the establishment of a transfer payment system has been
reasonably clear, that is, to achieve an equalizing national level of
public services. In other words, governments, through the transfer payment
system, acquire the financial capacity to provide citizens in all regions
with basic, standard (at different periods of time), and equal materials
and services. In our opinion, this goal is what the transfer system will
ultimately achieve in China, but it cannot be reached at present. This is
because regional economic development is uneven and there is a great
disparity in financial capacities across regions. Under these
circumstances, the evening of the level of public services among regions
requires radical changes in the current revenue distributive structure,
which would no doubt be unsuitable to the development of the fiscal system
in China and have unwanted consequences. The tax division system has been
in operation for two years and its impact is beginning to show. Any major
change in this situation would create great disturbances in the newly
established order of revenue distribution and affect the stability of the
fiscal system. In addition, there are financial difficulties in all
regions, in both rich and poor areas, and the average financial resources
merely enable government to keep the administration running and in some
places this cannot even be guaranteed and, therefore, there are no extra
financial resources to transfer. Furthermore, one outstanding problem in
the distribution of financial resources in China at present is the
insufficient effort to generate revenue in many regions. The solution to
this problem is to find incentives for local governments to generate
revenue. Once the revenue in every region has increased, the national
financial capacity will be enlarged and the central government can acquire
more financial resources. Otherwise, any unrealistic maneuvers to absorb
financial resources from some regions on a large scale will severely
obstruct the economic development in these regions and have a negative
effect on the local incentives to generate revenue, ultimately affecting
revenue growth at the central, as well as local levels. What then, should
be the goal of the transfer payment system? In our opinion, it is
ultimately the achievement of an equalizing level of public services on a
national scale, but this achievement must go through a long process. At
present, a short term goal is needed that is both practical and realistic
and on the basis of which the transfer payment system can be designed.
Journal: Chinese Economy
Pages: 42-45
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Author-Name: Zhang Zhihua
Author-X-Name-First: Zhang
Author-X-Name-Last: Zhihua
Author-Name: Zhou Qizhou
Author-X-Name-First: Zhou
Author-X-Name-Last: Qizhou
Title: Tax Division System, Budgeting, and Final Accounting The Views of Local Officials
Abstract:
At the joint meeting on national final accounting, we interviewed Jiang
Jianping, the head of the Budget Section in the Jiangsu provincial
Department of Finance; and Liu Wei, the head of the Budget Section in the
Chongqing municipal Bureau of Finance. Our conversation with the two
officials went as follows.
Journal: Chinese Economy
Pages: 75-81
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:75-81
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Author-Name: Guo Xiaolin
Author-X-Name-First: Guo
Author-X-Name-Last: Xiaolin
Title: Introduction to Part I A General Policy Review
Abstract:
This section provides an overview of the 1994 fiscal reform. The first
three articles, published a year after the implementation of the tax
division system, concentrate primarily on policy making, while the
subsequent three articles published later in 1996 deal primarily with
technical aspects of fiscal operations.
Journal: Chinese Economy
Pages: 14-15
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Author-Name: Li Xiaolan
Author-X-Name-First: Li
Author-X-Name-Last: Xiaolan
Title: Investigation into the Implementation of the Tax Division System in Jiangxi Province
Abstract:
At the time that the tax division system was implemented at the
central-provincial levels, the Jiangxi provincial government implemented
the tax division system at the sub-provincial levels beginning on January
1, 1994. This reform combined the principles of the State Council with the
actual difficult situation in Jiangxi provincial finances, and measures
were taken guided by the principle "if the province is to be enriched,
counties must be enriched first." The tax division reform in Jiangxi
province aims (1) to gradually standardize the distributive relationship
between the prefectural, municipal, and county governments; (2) to
increase provincial macrocontrol power while maintaining the stock of
local financial resources; and (3) to develop local revenue sources and
mobilize local incentives to generate revenue.
Journal: Chinese Economy
Pages: 91-94
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:91-94
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Author-Name: Su Ming
Author-X-Name-First: Su
Author-X-Name-Last: Ming
Author-Name: Wang Zhaocai
Author-X-Name-First: Wang
Author-X-Name-Last: Zhaocai
Author-Name: Xu Long
Author-X-Name-First: Xu
Author-X-Name-Last: Long
Title: Investigation into Local Fiscal System Reform
Abstract:
Local fiscal reform is a focal point of the national fiscal reform that
aims to establish fiscal management by levels of government based on the
tax division system. In achieving this goal, there are many problems that
need to be solved. This article deals with the division of administrative
powers and responsibilities, the division of revenue, and the
implementation of a transfer payment system among all levels of
government.
Journal: Chinese Economy
Pages: 21-28
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Author-Name: Wang Heshan
Author-X-Name-First: Wang
Author-X-Name-Last: Heshan
Title: On Establishing a Transfer Payment System in China
Abstract:
The transfer payment system has long existed in China. In the past,
transfer payment assumed various forms, including institutional subsidies
or general subsidies [>i>tizhi buzhu>/i>], special appropriations
[>i>zhuanxiang buzhu>/i>], emergency subsidies [>i>teshu buzhu>/i>],
institutional remittances [>i>tizhi shangjie>/i>], and special remittances
[>i>zhuanxiang shangjie>/i>], all of which were used to equilibrate
budgetary margins among levels of government. A more formal use of
"transfer payment" as a standard financial practice in China has, however,
only been discussed in recent years. The new fiscal system implemented in
1994 allowed the central government to concentrate more revenue resources,
but expenditure management has not been revised and still follows the same
operating pattern as under the old fiscal system. Furthermore, regional
disparities in economic development in the past years have grown, and
financial difficulties in poor areas have worsened. Under these
circumstances, the establishment of a transfer payment was put onto the
agenda of the central and local financial management institutions. How to
standardize the transfer payment system in China is seen, by all levels of
government, as an important solution to financial difficulties and
disequilibrium in distribution.
Journal: Chinese Economy
Pages: 38-41
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Author-Name: Guo Xiaolin
Author-X-Name-First: Guo
Author-X-Name-Last: Xiaolin
Title: Introduction to Part II The Management of Central Finances
Abstract:
What has gone wrong with the management of central finances? The legacy of
the planned economy, decentralization of financial power, government
interference, and an imperfect legal system pose great challenges to the
central macro-control of financial resources in China. The urgency to
strengthen its financial capacity forces the central government to adopt
new measures to regulate financial operations. The four articles included
in this section address different problems in the management of central
finances. While some problems are administrative matters that directly
undermine the central financial capacity and result in financial
difficulties in general at all levels of government, other problems are
related to management efficiency, which is crucial to the establishment of
a well-functioning transfer payment system.
Journal: Chinese Economy
Pages: 46-47
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Author-Name: Zou Wenhui
Author-X-Name-First: Zou
Author-X-Name-Last: Wenhui
Title: Some Urgent Problems Awaiting Solution in the Fiscal Reform
Abstract:
1. >i>The division of revenue retains the old pattern in accordance with
the subordinate relationship between enterprises and their competent
authorities.>/i> The fundamental principle of the tax division system is
that revenue is divided by tax categories, namely, central regular
revenue, local (provincial, municipal, and county) regular revenue, and
revenue shared between central and local governments. At present, however,
the division of enterprise income tax [>i>qiye suode shui>/i>] and part of
the circulation tax [>i>liuzhuan shui>/i>] in the electric, metallurgical,
postal, and telecommunication industries and banking are based on the
subordinate relationship between enterprises and their competent
authorities. This is actually a practice of the planned economy and is not
suitable for the development of a socialist market economy.
Journal: Chinese Economy
Pages: 61-65
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Author-Name: Wei Shuming
Author-X-Name-First: Wei
Author-X-Name-Last: Shuming
Author-Name: Wang Chunping
Author-X-Name-First: Wang
Author-X-Name-Last: Chunping
Author-Name: Yan Yonggang
Author-X-Name-First: Yan
Author-X-Name-Last: Yonggang
Title: Further Perfecting the Tax Division System and Intensively Promoting Economic Development in Ethnic Minority Areas A Conference Report
Abstract:
Between May 12 and May 14, the State Nationality Affairs Commission and
the Ministry of Finance coordinated a symposium on the operation of the
tax division system in ethnic minority areas in Ezhou City, Hubei
Province. More than fifty representatives attended the meeting, most of
them from the eight ethnic minority regions1 and the rest from some ethnic
autonomous prefectures and counties in Hubei, Sichuan, Gansu, Jilin,
Liaoning, Hunan, and Hainan provinces. The main object of the meeting was
to report on the operation of the tax division system; to analyze problems
of the current tax division system and their effect on the ethnic minority
areas; and to study how to further perfect the tax division system,
establish a scientific and standard transfer payment system, and promote
rapid economic development in the ethnic minority areas. The deputy
director of the State Nationality Affairs Commission, Ren Wenjing, and the
deputy governor of Hubei province, Su Xiaoyun, attended the meeting and
made important speeches.
Journal: Chinese Economy
Pages: 68-74
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:68-74
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Author-Name: Guo Xiaolin
Author-X-Name-First: Guo
Author-X-Name-Last: Xiaolin
Title: Introduction to Part III The Impact of Reform on Local Finances
Abstract:
The collection of articles in this section presents the views of local
officials. In summarizing the local situation under the tax division
system reform, these articles convey moral appeals of local officials to
the central government to provide support and help local governments cope
with the system change. The key issues in these discussions generally
revolve around regional disparities, ethnic particularities, economic
equity, local incentives, the transfer payment system, and central
subsidies.
Journal: Chinese Economy
Pages: 66-67
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:66-67
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Author-Name: Guo Xiaolin
Author-X-Name-First: Guo
Author-X-Name-Last: Xiaolin
Title: Guest Editor's Introduction
Abstract:
China's fiscal reform in 1994 was one in a series of reforms in the state
fiscal management system beginning in the late 1970s that changed
relationships between the central and local governments in revenue
distribution and led to a decentralization of financial power.1 In 1980,
the policy of "eating in separate kitchens" [>i>fenzao chifan>/i>] set the
central and local revenue and expenditure bases on which quota assignments
for local revenue retention/remittance and central subsidies were
determined. In 1985, the schemes of "dividing tax types" [>i>huafen
shuizhong>/i>] and "setting revenue and expenditure bases" [>i>heding
shouzhi>/i>] further specified quota assignments by levels of government.
These reforms were mainly intended to stabilize revenue and regulate
expenditure at all levels of government and, at the same time, to
alleviate the financial burden of the Center and provide incentives for
local governments to generate revenue.2 Above all, the reforms were
continuous efforts to adjust central-local relations in the distribution
of financial resources.
Journal: Chinese Economy
Pages: 5-13
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:5-13
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Author-Name: Zhou Haibo
Author-X-Name-First: Zhou
Author-X-Name-Last: Haibo
Title: Special Revenue Sources and Their Impact on Yunnan Finances
Abstract:
EDITOR'S NOTE: >i>Yunnan Province, where two-thirds of the revenue comes
from the tobacco industry, has a reputation for "tobacco finances." This
image suggests that Yunnan is a revenue-rich province, but the fact is
that it has also brought disadvantages to the province's social and
economic development. This predicament seems to have much wider
cross-regional implications today. How those places that have special
revenue sources deal with the challenge of market economy development and
institutional transformation is the question raised by the author of this
article.>/i>
Journal: Chinese Economy
Pages: 82-90
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:82-90
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Author-Name: Zhang Yikun
Author-X-Name-First: Zhang
Author-X-Name-Last: Yikun
Title: Tax for Fees An Inevitable Choice for Township Financial Management Under the Tax Division System
Abstract:
Along with the implementation of the tax division system, financial
responsibilities are divided at every level of government in order to
ensure scientific management and a balanced budget. At the grassroots
level, the way in which the township government fully exercises its
financial functions and rationalizes the distributive relationship between
government and peasants has become an important issue. A year ago, the
Hunan provincial government carried out experimental "tax for fees" in
Wugang City with good results. The experiments have shown that "tax for
fees" regulates the fee collection mechanism and eases the burden on the
peasants and that it is an inevitable choice for township financial
management under the tax division system. The practice of "tax for fees"
should therefore be popularized soon.
Journal: Chinese Economy
Pages: 95-100
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:95-100
Template-Type: ReDIF-Article 1.0
Author-Name: Cai Qiang
Author-X-Name-First: Cai
Author-X-Name-Last: Qiang
Title: Local Budget Fulfillment in 1994
Abstract:
The first year that the new fiscal system was implemented throughout China
was 1994. The financial departments at all levels of government
conscientiously carried out the central policy "grasping opportunities,
intensifying reform, expanding openness, accelerating development, and
maintaining stability," and worked hard to ensure the smooth operation of
the new fiscal system and steady revenue growth, and fulfilled all fiscal
assignments [see Table 1].
Journal: Chinese Economy
Pages: 29-33
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:29-33
Template-Type: ReDIF-Article 1.0
Author-Name: Lü Wangshi
Author-X-Name-First: Lü
Author-X-Name-Last: Wangshi
Title: Reverse Pressure on Budgets and Proposed Solutions
Abstract:
The so-called phenomenon of reverse pressure on budgets refers to some
unhealthy socioeconomic factors that weaken the administrative and legal
authority in budget implementation, erode revenue sources, and solidify
the scope and direction of budgetary expenditure. All this forms
multidirectional forces and mechanisms that are more powerful than the
so-called soft budget constraints and have contributed to the present
financial predicament in China.
Journal: Chinese Economy
Pages: 48-52
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:48-52
Template-Type: ReDIF-Article 1.0
Author-Name: Xu Liuqing
Author-X-Name-First: Xu
Author-X-Name-Last: Liuqing
Title: On Problems in the Central Appropriation of Special Funds and Countermeasures
Abstract:
After the implementation of the tax division system, the central
appropriation of special funds remains, but there will be no further
increase in the total amount of such funds. At the same time, the
establishment of a transfer payment system at the core of the tax division
system will add new contents to the central appropriation of special
funds. In this respect, the amount of centrally appropriated special funds
will increase at a more rapid pace, which requires more efficient
management. However, if we only pay attention to the absolute amount of
the funds, while neglecting the rational distribution and management of
the funds, the central appropriation of special funds will lose its
original meaning. This article analyzes problems in the central
appropriation of special funds, their causes, and solutions.
Journal: Chinese Economy
Pages: 57-60
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:57-60
Template-Type: ReDIF-Article 1.0
Author-Name: Li Xiaolan
Author-X-Name-First: Li
Author-X-Name-Last: Xiaolan
Title: Drawing Back Extrabudgetary Funds A Reform from the Grass Roots
Abstract:
Along with the advancing economic reform, the national economy and all
undertakings have witnessed rapid development. But on the financial front,
the function of macrofiscal control seems to have been continuously
weakened, as reflected in the low percentage of revenue in proportion to
the national income. The most important reason for the weak macrofiscal
control is that huge sums of capital remain outside budget management.
This problem is urgently awaiting solution at present.
Journal: Chinese Economy
Pages: 53-56
Issue: 4
Volume: 29
Year: 1996
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W608N484657366W7
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Handle: RePEc:mes:chinec:v:29:y:1996:i:4:p:53-56
Template-Type: ReDIF-Article 1.0
Author-Name: Chen Yu
Author-X-Name-First: Chen
Author-X-Name-Last: Yu
Title: Institutional Change, Market Evolution, and Informal Contractual Arrangements
Abstract:
The major developments in the study of institutional economics in recent
years has greatly deepened people's understanding of institutional change
and market evolution. Generally speaking, institutional change is headed
in the general direction of the continuous reduction of market transaction
costs, allowing the owners of all sorts of resources to realize to the
greatest extent possible their behavior in the course of transaction, and
at the same time, to cause resources to flow into the hands of those for
whom their use value would be the greatest, thus promoting the growth of
the economy (North and Thomas, 1973). According to the general theory of
institutional change, there are two types of institutional arrangements:
first, fundamental institutional arrangements, and second, secondary
institutional arrangements. In a gradualistic process of historical
change, secondary institutional changes may well take place before there
is a fundamental institutional change. "Such changes that have the effect
of deviating from, amending, and modifying, or circumventing the existing
fundamental institutional arrangement will continue to generate pressure,
thus eventually bringing about more radical change in the fundamental
institutional arrangement" (North and Thomas, 1971).
Journal: Chinese Economy
Pages: 5-30
Issue: 5
Volume: 29
Year: 1996
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=27757T08523V257K
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X-Bibl:
[ 1 Bai Ruiming. 1990.
>i>Yinhang zhengquan touzi>/i> [Bank and Securities Investment]. Zhongxin
chubanshe. ] [ 2
Fan Gang. 1991. "Lun gaige guocheng" [On the Reform Process].
>i>Gaige, kaifang yu zengzhangâZhongguo jingji luntan yijiujiuling nian
xueshu lunwenji>/i> [Reform, Opening Up and Growth: A Collection of
Scholarly Essays Presented to the Chinese Economics Forum, 1990].
Shanghai: Sanlian shudian [Translated in >i>Chinese Economic Studies>/i>,
vol. 29, no. 2 (March-April 1996), pp. 60-95.] Reprinted in Sheng,
>i>Transitional Economics of China.>/i> ] [
3 Libecap, Gary D. 1989. >i>Contracting
for Property Rights.>/i> Cambridge University Press. ]
[ 4 North, Douglass C., and
Thomas, Robert Paul. 1971. "The Rise and Fall of the Manorial System: A
Theoretical Model." >i>Journal of Economic History>/i>, 31 (4).
] [ 5 North,
Douglass C. 1989. >i>The Rise of the Western World.>/i> Chinese
translation: >i>Xifang shijie de xingqi.>/i> Huaxia chubanshe.
] [ 6 North,
Douglass C. 1991. >i>Structure and Change in Economic History.>/i> Chinese
translation: >i>Jingjishi zhong de jiegou yu bianqian>/i>, Shanghai:
Sanlian shudian. ] [ 7
North, Douglass C. 1991. >i>Institutions, Institutional
Change and Economic Performance.>/i> Chinese translation: >i>Zhidu, zhidu
bianqian yu jingji jixiao.>/i> Shanghai: Sanlian shudian.
] [ 8 Ruttan, V. 1991.
"Induced Institutional Change" [Chinese translation title: "Youzhixing
zhidu bianqian lilun"]. >i>Caichan quanli yu zhidu bianqianâchanquan
xuepai yu xinzhidu xuepai yiwenji>/i> [Property Rights and Institutional
Change: Translations From the Writings of the Property Rights School and
the New Institutions School]. Shanghai: Sanlian shudian.
] [ 9 >i>Shanghai
zhengquan nianjian>/i> [Shanghai Securities Yearbook]. 1992. Shanghai:
Renmin chubanshe. ] [ 10
Sheng Hong, 1993. "Shouru fenpei xiangguan he jiaoyi
feiyong xiangguan ji qita" [The Income Distribution Connection, the
Cost-of-Trade Connection, and Others]. >i>Jingji yanjiu>/i> [Economic
Studies], no. 11; reprinted in Sheng Hong, ed. >i>Zhongguo de guodu
jingjixue>/i> [Transitional Economics In China]. Shanghai: Sanlian shudian
and Shanghai: Renmin chubanshe, 1994. ] [
11 Wang Huaqing. 1993. "Shanghai gupiao
shichang de yunzuo yu fazhan" [The Operations and the Development of the
Shanghai Stock Market]. >i>Jingji yanjiu>/i> [Economic Studies], no.
6. ] [ 12
>i>Xinwenbao>/i>, 1986-90. ] [
13 Ying Jianzhong, Zhao Lei, and Liu
Zhengjun. 1992. >i>Zhongguo gushi zoushi>/i> [Trends in the Chinese Stock
Market]. Shanghai: Sanlian shudian. ] [
14 Editorial Committee for >i>Zhongguo
faxue congshu>/i> [Miscellaneous Books on Chinese Legal Studies] and the
Federation of Joint Stock Enterprises of Shanghai, joint eds. 1992.
>i>Zhongguo zhengquan fagui guizhang huibian>/i> (1981-1992) [A Compendium
of Chinese Securities Laws and Regulations, 1981-1992]. Internal
material. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:5:p:5-30
Template-Type: ReDIF-Article 1.0
Author-Name: Tang Shouning
Author-X-Name-First: Tang
Author-X-Name-Last: Shouning
Title: Executive Unanimity
Abstract:
Nonexclusive public consumption goods can, in general, be classified into
two categories, namely, those that have physical form, such as national
defense, and those that do not have physical form, such as all sorts of
institutions and regulations. This categorization of public goods reflects
two levels of personal choice in terms of collective decision making, that
is, the executive level and the constitutional level. In constitutional
collective decision making, the individual within the collective has to
choose the rules that subsequent decision making will have to follow; in
contrast, executive decision making is one in which a choice in terms of
public goods is made on the basis of decision making rules and criteria
that have already been fixed.
Journal: Chinese Economy
Pages: 61-94
Issue: 5
Volume: 29
Year: 1996
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3054365362552041
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X-Bibl:
[ 1 Bu-kan-nan, J.M.
[Buchanan, J.M.] 1992. >i>Minzhu guocheng zhong de caizheng>/i> [Fiscal
Matters in the Process of Democratization]. Shanghai: Sanlian shudian.
(Chinese translation.) ] [
2 Bu-kan-nan, J.M. [Buchanan, J.M.] 1989.
>i>Ziyou, shichang he guojia>/i> [Freedom, the Market, and the State].
Beijing Jingji xueyuan [Beijing College of Economics] chubanshe. (Chinese
translation.) ] [ 3
Buchanan, J.M., and Tullock, G. 1962. >i>The Calculus of
Consent: Logical Foundations of Constitutional Democracy.>/i> Ann Arbor:
University of Michigan Press. ] [
4 >i>Jingjixue xiaoxibao>/i> [News in
Economics] Press, ed. 1995. >i>No-bei-er jingjixue jiang dezhu
zhuanfanglu>/i> [Interviews with Winners of the Nobel Prize in Economics].
Zhongguo jihua chubanshe. ] [
5 Olson, M. 1965. >i>The Logic of Collective
Action: Public Goods and the Theory of Groups.>/i> Cambridge: Harvard
University Press, 1965. ] [
6 Sheng Hong et al., eds. 1994. >i>Zhongguo
de guodu jingjixue [Transitional Economics in China]>/i>. Shanghai:
Sanlian shudian and Shanghai: Renmin chubanshe. ]
[ 7 Tang Shouning. 1994. "Jingji
de guodu yu guodu de jingjixueâZhongguo de guodu jingjixue duhou"
[Economic Transition and Transitional Economics: Thoughts After Reading
Transitional Economics in China]. >i>Zhongguo shuping>/i> [Review of
Chinese Publications], no. 11. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:5:p:61-94
Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>Chinese Economic Studies>/i> presents three case studies
of economic reform. These articles, which are translated from Sheng Hong,
ed., >i>Zhongguo zhidu bianqian de anli yanjiu>/i> [Case Studies in
Institutional Change in China], reflect both the growing theoretical
sophistication of Chinese economists and their attention to detail. These
case studies are inspired by institutional economics, particularly the
works of Ronald Coase and Douglass North, and by public-choice theory,
particularly the work of James Buchanan. The attraction of these
theoretical approaches to Chinese economists seems apparent; whereas
standard neoclassical economics generally assumes a stable institutional
framework, China does not have one, and these theoretical approaches are
useful in understanding how and under what conditions institutions
develop. At the same time, the efforts of these authors to collect
detailed case studies on institutional development reflects a new
appreciation of the need to understand China's economy and institutional
changes from the ground up. It should also be noted that the material
collected in these case studies is highly informative and will prove
useful, whether or not the reader accepts the theoretical framework
employed by the authors.
Journal: Chinese Economy
Pages: 3-4
Issue: 5
Volume: 29
Year: 1996
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:5:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Yang Xiaowei
Author-X-Name-First: Yang
Author-X-Name-Last: Xiaowei
Title: Property Rights, the Government, and the Marketization of the Economy
Abstract:
In a sense, the process of constructing a socialist market economic system
is the process of constructing markets and realizing the marketization of
the economy itself. In essence, the market is itself a relationship of
competition and cooperation among people that is formed in the course of
their economic activities. In other words, it is a relationship of
voluntary exchange among mutually independent and at the same time
mutually opposed entities of interest. It is precisely because of the
existence of such a mutually interactive relationship that the exchange of
equal values and the price mechanism existing among such interrelated
entities play a regulative role in the economic activity of society and
affect the deployment of resources.
Journal: Chinese Economy
Pages: 31-60
Issue: 5
Volume: 29
Year: 1996
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J5275717447114QU
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X-Bibl:
[ 1 Buchanan, J., and
Tullock, G. 1962. >i>The Calculus of Consent: Logical Foundations of
Constitutional Democracy.>/i> Ann Arbor: University of Michigan
Press. ] [ 2
Coase, R. 1959. >i>Lianbang tongxin weiyuanhui>/i> [The Federal
Communications Commission]. Chinese translation contains the article
"Qiye, shichang yu falu" [Enterprises, Markets and the Law], translated by
Sheng Hong, Chen Yu et al. Shanghai: Sanlian shudian, 1990
edition. ] [ 3
Coase, R. 1960. >i>Shehui chengben wenti>/i> [The Problem of
Social Cost]. ] [ 4
Lin Yifu. 1989. "Guanyu zhidu bianqian de jingjixue lilun:
youzhixing bianqian yu qiangzhixing bianqian" (An Economic Theory of
Institutional Change: Induced Change and Imposed Change), in Liu Shouying
et al., trans. and eds., >i>Caichan quanli yu zhidu bianqian: chanquan
xuepai yu xin zhidu xuepai yiwenji>/i> [Property Rights and Institutional
Change: Essays from the Property Rights School and the New Institution
School], Shanghai: Sanlian shudian, 1991 edition. ]
[ 5 Makesi [K. Marx].
>i>Zibenlun>/i> [Capital]. Renmin chubanshe, 1976 edition. (Chinese
translation.) ] [ 6
North, D.C. 1981. >i>Jingjishi zhong de jiegou yu bianqian>/i>
[Structure and Change in Economic History], translated by Chen Yu, Luo
Ping et al. Shanghai: Sanlian shudian, 1991 edition. ]
[ 7 North, D.C. 1990.
>i>Institutions, Institutional Change, and Economic Performance.>/i>
Cambridge University Press. ] [
8 North, D.C., and Thomas, R. 1973.
>i>Xifang shijie de xingqi>/i> [The Rise of the Western World: A New
Economic History], translated by Li Yiping and Cai Lei. Huaxia chubanshe,
1989 edition. ]
Handle: RePEc:mes:chinec:v:29:y:1996:i:5:p:31-60
Template-Type: ReDIF-Article 1.0
Author-Name: Lei Xiancheng
Author-X-Name-First: Lei
Author-X-Name-Last: Xiancheng
Title: Analysis of the Income Situation of the Chinese Peasantry Since Reform and Openness
Abstract:
The income of the peasantry is a comprehensive measurement criterion of
rural reform and development. In-depth analysis of the current state of
peasant income since the advent of reform and openness has an important
bearing on a correct understanding of the guiding principles, policies,
and measures of the Ninth Five-Year plan and of rural reform up to the
year 2010.
Journal: Chinese Economy
Pages: 62-67
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=206533800Q68Q270
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Handle: RePEc:mes:chinec:v:29:y:1996:i:6:p:62-67
Template-Type: ReDIF-Article 1.0
Author-Name: Ye Tan
Author-X-Name-First: Ye
Author-X-Name-Last: Tan
Title: Jiang Zemin Directs That the Problem of Great Disparities in Incomes Be Solved
Abstract:
The great disparity in incomes has become a daily and widespread subject
of comment among ordinary folk on the mainland. General Secretary Jiang
Zemin of the Chinese Communist Party [CCP] has recently stressed: "If the
disparities become great and are allowed to expand, serious and many-sided
consequences will ensue."
Journal: Chinese Economy
Pages: 83-89
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:6:p:83-89
Template-Type: ReDIF-Article 1.0
Author-Name: Yang Yiyong
Author-X-Name-First: Yang
Author-X-Name-Last: Yiyong
Title: Is "Excessive Distribution" a Good Thing or a Bad Thing?
Abstract:
Studies on the subject "Macrocosmic Adjustment Mechanism for the Personal
Incomes of Urban Inhabitants," conducted in 1994 by the Economics Research
Center under the State Economic Commission, indicate that in recent years,
the aggregate increase in personal incomes of urban inhabitants shows a
tendency toward an abnormal rate of speed as compared with economic
growth. In order to accurately reflect the relationship between aggregate
increase in the personal incomes of inhabitants and the growth of the
national economy, the topic team compared and studied five sets of
corresponding quantitative indices at different levels and from different
angles, conducted a multitiered analysis of the aggregate increase in the
personal incomes of urban inhabitants since 1991, and put forward a number
of assessments.
Journal: Chinese Economy
Pages: 46-53
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:6:p:46-53
Template-Type: ReDIF-Article 1.0
Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: Guest Editor's Introduction
Abstract:
The eleven selections translated here all relate to the growing
inequalities that have surfaced in China during the reform period. They
cover individual inequalities, regional inequalities, and the rural-urban
gap. Since all but one of the articles appeared in restricted circulation
journals the selections offer more commentary and analysis on government
policy than is commonly the case with this sensitive issue. Except for
Selection 11, which was published in a pro-Beijing Hong Kong magazine, all
the selections derive from People's Republic of China publications
intended for academics and policymakers.
Journal: Chinese Economy
Pages: 3-5
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:6:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Zhang Ye
Author-X-Name-First: Zhang
Author-X-Name-Last: Ye
Title: Analysis of Governmental Action in the Distribution of Personal Income During the Marketization Reform
Abstract:
Since the reform of the economic system, important changes have taken
place in the distribution setup of national income in China. The
proportion of individual income has markedly increased and the proportion
of government fiscal revenue has markedly diminished. Inequalities of
income distribution are becoming increasingly prominent in the
distribution of personal income, and the channels of income are becoming
progressively more diversified. Such major changes in income distribution
are, to an increasing extent, affecting China's national economic
development, and embody a change in the mechanism of income distribution,
that is, a change from the planned-economy pattern of income distribution
to a socialist market economy pattern. The marketization reform of the
distribution of personal incomeâan important component of income
distributionâhas also had a distinct role in promoting economic
development; it has improved the efficiency of resource allocation and
promoted the development of the social forces of production. However,
absolutely free and uncontrolled distribution of income could intensify
and expand unreasonable income disparities among the various [social]
strata, and the widening of such unreasonable income disparities could
affect social peace and stability. Many countries, therefore, adopt
comparatively free income distribution models that come under government
regulation and control. Our country is implementing a socialist market
economy system, as against an absolutely free market economy system, and
government regulation and control over personal income distribution is
especially necessary. (Note: all further references to income distribution
will indicate "distribution of personal income.")
Journal: Chinese Economy
Pages: 18-40
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F6378L852653150M
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Handle: RePEc:mes:chinec:v:29:y:1996:i:6:p:18-40
Template-Type: ReDIF-Article 1.0
Author-Name: Li Qiang
Author-X-Name-First: Li
Author-X-Name-Last: Qiang
Author-Name: Zhang Zhiying
Author-X-Name-First: Zhang
Author-X-Name-Last: Zhiying
Title: Lasting Political Stability Requires a Massive Middle-Income Stratum
Abstract:
Today, the stratum of the rich on China's mainland probably consists first
and foremost of private entrepreneurs whose property and income levels are
indeed considerably higher than those of ordinary inhabitants. However, if
seen from another angle, that is, in light of international comparison,
China's so-called stratum of the rich has only a medium-income level
internationally, and if compared with the rich nations, the average
property and income of the above amount to no more than a lower-middle
level. Over many years, we in China have become accustomed to poverty and
some people have only started to become well-off and cannot be called
truly wealthy as yet.
Journal: Chinese Economy
Pages: 68-71
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:6:p:68-71
Template-Type: ReDIF-Article 1.0
Author-Name: Huang Shikeng
Author-X-Name-First: Huang
Author-X-Name-Last: Shikeng
Title: Control the Development Gap Between the Seaboard and the Interior; Accelerate the Development of the Central and Western Regions
Abstract:
Since reform and openness, the eastern coastal regions have developed by
leaps and bounds by means of setting up special economic zones, opening up
the coastal port cities, initiating economic and technical development
zones, and actively importing foreign capital and advanced technology.
They have played the part of a driving force in the development of the
entire national economy. Between 1979 and 1992, our country's total value
of national economic output increased at a rate of 9 percent annually, and
the total value of industrial output, at a rate of 13 percent annually.
The sustained high speed of China's economic growth was due mainly to the
impetus of the rapid growth in the eastern coastal regions. This is a
generally acknowledged fact. However, a problemâa fairly serious
problemâhas emerged in another aspect, and that is the further widening
of the development gap between the seaboard and the interior regions.
Journal: Chinese Economy
Pages: 76-82
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:29:y:1996:i:6:p:76-82
Template-Type: ReDIF-Article 1.0
Author-Name: Shen Shuisheng
Author-X-Name-First: Shen
Author-X-Name-Last: Shuisheng
Author-Name: Yao Yuqun
Author-X-Name-First: Yao
Author-X-Name-Last: Yuqun
Title: On the Problems of Distribution of Social Income in China
Abstract:
Relevant statistics show that from 1978 to 1993, after deducting price
factors, China's GDP increased 3.8 times and the total income of China's
urban and rural residents rose 3.4 times. The total amount of wages for
urban employees rose rapidly from 56.89 billion yuan in 1978 to 477
billion yuan in 1993, and rose further to 665.64 billion yuan in 1994. The
average [annual] wage level of urban employees rose from 614 yuan in 1978
to 3,371 yuan in 1993, and further to 4,538 yuan in 1994. The rates of
increase of actual wages in 1993 and 1994, after deducting price factors,
were 2.8 percent and 8.6 percent, respectively. The average per capita net
income of the peasantry increased from 134 yuan in 1978 to 921 yuan in
1993, rising 3.4 times after deducting price factors.
Journal: Chinese Economy
Pages: 6-17
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
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Author-Name: Ye Fujin
Author-X-Name-First: Ye
Author-X-Name-Last: Fujin
Title: Since the Government Is the Referee, Why Does It Get Into the Game?
Abstract:
The Distribution Department [fenpei si] of the State Systemic Reform
Commission recently convened a symposium. Invited to participate were
relevant comrades from nine departmentsâthe State Planning Commission,
the Ministry of Finance, the People's Bank, the State Bureau of Industry
and Commerce, the State Statistical Bureau, the General Office of the
State Administration of Taxation, the Bureau of Labor, the Bureau of
Personnel, and the All-China Federation of Trade Unions. Meeting
participants conducted earnest and in-depth studies of several major
issues pertaining to income and distribution in China. The following is a
round-up of the symposium's principal contents.
Journal: Chinese Economy
Pages: 41-45
Issue: 6
Volume: 29
Year: 1996
Month: 11
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: Circumstances and Problems of "Shareholding Experimental Projects" in Chinese Enterprises
Abstract:
After trying out such policy innovations as administrative division of
powers [>i>xingzheng xing fen quan>/i>], decentralized powers and profit
retention by enterprises [>i>fang quan rang li>/i>], and promoting the
contract responsibility system [>i>qiye chengbao zhi>/i>], and having
failed to obtain any noticeable results, some economists in China proposed
that large and medium-sized state-owned enterprises could switch over to
the corporate system (often referred to at the time as the "shareholding
system" [>i>gufen zhidu>/i>]) currently practiced in the world's
market-economy countries. An economic survey team of the World Bank, in
its 1985 "China: Long-Term Development Issues and Options,">sup>1>/sup>
opined that the fundamental issue to be solved by the enterprise reform
was the establishment of appropriate relationships between the state and
the enterprises, that ownership of the property of state-owned enterprises
could be dispersed among a number of different institutions (the
government, banks, pension funds, insurance companies, and other
enterprises), and that a modern corporate system based on public ownership
could be implemented. Toward the end of 1986, when the leadership gave up
its idea of conducting complementary reforms [>i>peitao gaige>/i>] and
shifted its focus to enterprise reform, "shareholding experimental
projects" [>i>gufen shidian>/i>] were formally started up. Up to now
[1993], more than 3,000 experimental "shareholding system enterprises"
[>i>gufen zhi qiye>/i>] have been set up. The work on these experimental
projects has broken out of the old set patterns of previous reforms of
state-owned enterprises, accumulated much experience, and is most
beneficial. However, because a good many gray areas exist in Chinese
economic circles in their understanding of the corporate system, these
"shareholding enterprises" are frequently out of synch with current
international norms that have taken shape over the past 400 years. This,
plus the fact that other aspects of the marketization reform have not yet
come into position, has prevented the "shareholding system" reform from
attaining the expected results. In this chapter, I will conduct a
chronological analysis of the circumstances and problems of the
"shareholding system" reform.
Journal: Chinese Economy
Pages: 39-70
Issue: 1
Volume: 30
Year: 1997
Month: 1
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: How to Convert Large and/Medium-Sized State-Owned Enterprises into Corporations
Abstract:
Today, most people are already of the opinion that setting up a modern
enterprise system is the only way out for China's large and medium-sized
enterprises, and that current nonstandard "shareholding system
enterprises" should be refashioned in line with the normative requirements
for a modern corporate system. The most pressing issue today is to
overcome existing systemic obstacles in order to effect smoothly this
major transformation of the enterprise system.
Journal: Chinese Economy
Pages: 71-93
Issue: 1
Volume: 30
Year: 1997
Month: 1
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: The Modern Enterprise System
Abstract:
There are three basic enterprise (firm) systems in countries with market
economies, that is, the proprietorship [original in English] [>i>yezhu
zhi>/i>], the partnership [original in English] [>i>hehuo zhi>/i>], and
the corporation [original in English] [>i>gongsi zhi>/i>, which may also
be translated as >i>faren zhi>/i>]. Of these, the proprietorship and
partnership systems are very old and have existed for several thousand
years, whereas incorporated enterprises emerged between the sixteenth and
seventeenth centuries and have a history of only some 400 years. The term
"modern enterprises" means the modern corporations that have emerged and
taken shape in developed market economies since the final years of the
last century.
Journal: Chinese Economy
Pages: 8-38
Issue: 1
Volume: 30
Year: 1997
Month: 1
Keywords:
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Author-Name: Wu Jinglian
Author-X-Name-First: Wu
Author-X-Name-Last: Jinglian
Title: Complementary Relationships Between Enterprise Reform and Reforms in Other Fields
Abstract:
In the preceding articles, we have discussed such issues as what
constitutes a modern enterprise system and how to set up such a system.
The fact is that enterprises do not exist in isolation but are closely
connected with all other facets of the economic system. Thus, enterprise
reform and setting up a modern enterprise system must proceed in concert
with reforms in other fields. In this article, we will explore the
complementary relationships between enterprise reform and reforms in other
fields.
Journal: Chinese Economy
Pages: 94-121
Issue: 1
Volume: 30
Year: 1997
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:30:y:1997:i:1:p:94-121
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Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
If Jiang Zemin's speech to the Fifteenth Party Congress in September 1997
represented the central leadership's plan to reform China's vast
state-owned industrial sector, then the blueprint for that bold proposal
can be found in the following translation. Written in 1993 by Wu Jinglian
and his team of China's "best and brightest" economists, this work
outlines the radical organizational and societal changes that, they
believe, must be made to convert the country's lumbering and largely
money-losing socialist industrial sector into what Jiang Zemin and Wu
Jinglian describe as a "modern enterprise system.">sup>1>/sup> State-owned
enterprises now operating under an administrative system of central
planning will, under this plan, be converted into relatively autonomous
"corporations" that will be managed by boards of directors responsible to
public and private shareholders who, unlike government bureaucrats, will
be concerned with the bottom line rather than political power and
influence. Clear lines of ownership and well-defined powers and
responsibilities will replace the current maze of cross-cutting and often
contradictory lines of authority by central ministries and provincial and
local governments that too often subject enterprises to irrational and
misguided policies. Instead of following administrative dicta and
operating with funds allocated from the government, these new invigorated
enterprises will be driven by market forces and will rely on capital
provided by self-interested shareholders. In this way, Jiang Zemin
asserted, "China will establish highly competitive large enterprise groups
with trans-regional, inter-trade ⦠and transnational
operations.">sup>2>/sup>
Journal: Chinese Economy
Pages: 3-7
Issue: 1
Volume: 30
Year: 1997
Month: 1
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
With the recent convening of the Fifteenth Party Congress, the issue of
reforming China's state-owned enterprises has again received extensive
coverage in the public media. There has been much talk of "privatization."
The two speeches translated here, in this first of a two-part issue on
China's state-owned enterprises, shed important background on the thinking
of top officials in the months prior to the Fifteenth Party Congress. The
first is by Wu Bangguo, member of the Politburo and vice premier in charge
of the reform of state-owned enterprises. It was given as a speech to the
Central Party School on October 25, 1996. The second is by Hong Hu, deputy
director of the State Commission on Economic Restructuring, and was also
given as a speech to the Central Party School on May 31, 1996.
Journal: Chinese Economy
Pages: 3-5
Issue: 2
Volume: 30
Year: 1997
Month: 3
Keywords:
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Author-Name: Hong Hu
Author-X-Name-First: Hong
Author-X-Name-Last: Hu
Title: Our Understanding of Several Problems Concerning the Successful Reform of the State-Owned Economy (May 31, 1996)
Abstract:
The Fourth Session of the Eighth National People's Congress has passed the
"Ninth Five-Year Plan For the National Economy and Social Development and
An Outline Program of Long-Range Goals For the Year 2010." This "Outline
Program" brought up the proposal that, by the end of this century, we must
comprehensively fulfill our second-step goals in the construction of
modernization: Keep the population under 1.3 billion by the year 2000;
achieve a quadrupling of 1980 per capita gross national product; basically
eliminate poverty and achieve a moderate standard of prosperity in the
lives of the people; speed up the construction of a modern entrepreneurial
system and thus gradually establish a socialist market economic system. At
this time, the people throughout the nation are fighting heroically and
with great confidence for the accomplishment of this goal. The "Outline
Program" pointed out that the key to the achieving of this monumental goal
lies in bringing about two strategic transformations that will affect the
total picture. The first is that the economic system itself must be
transformed from a traditional planned economic system into a socialist
market economic system. The second is that the mode of the growth of the
economy must be transformed from an extensive to an intensive mode. In
order to bring about these two fundamental transformations, we need to pay
attention to two strategic foci: The first is in agriculture and the
second is in the state-owned economy. Today, I would like to focus on
analyzing the reform of the state-owned economy.
Journal: Chinese Economy
Pages: 48-93
Issue: 2
Volume: 30
Year: 1997
Month: 3
Keywords:
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Author-Name: Wu Bangguo
Author-X-Name-First: Wu
Author-X-Name-Last: Bangguo
Title: Several Questions Concerning the Reform and Development of State-Owned Enterprises (October 25, 1996)
Abstract:
>i>Comrades:>/i> The leadership of the Central Party School wants me to
introduce to you some of the current situation with regard to the reform
and development of state-owned enterprises. In general, since the
beginning of reform and opening up, our country's state-owned enterprises
have continued to grow and get stronger in the course of deepening reform.
In particular, in recent years, the dynamics of reform have intensified
gradually and the pace has accelerated, and with that, we have made many
fruitful explorations, blazed some paths, accumulated many valuable
experiences, and achieved a certain measure of successâthe situation
with regard to the reform and growth of state-owned enterprises is a good
one. Nonetheless, in this process, there are indeed some difficulties and
problems. With regard to the problems of the reform and growth of
state-owned enterprises, in the following I shall share my opinions on
three areas that seem to concern everyone. There are some other opinions
that I have already shared at last year's Central Party School colloquium,
and I shall not repeat them here.
Journal: Chinese Economy
Pages: 6-47
Issue: 2
Volume: 30
Year: 1997
Month: 3
Keywords:
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Author-Name: Zhou Shijian
Author-X-Name-First: Zhou
Author-X-Name-Last: Shijian
Title: The Influence of the New Clinton Government on SinoâAmerican Economic and Trade Relations
Abstract:
In June 1995, when Lee Teng-hui visited the United States, SinoâAmerican
relations fell to their lowest point since the establishment of diplomatic
relations. In the spring of 1996, our troops conducted military maneuvers
in the Taiwan Strait, and the United States dispatched two aircraft
carriers to the Taiwan Strait to back up and encourage the Taiwan
Independence forces. China and the United States were almost on the verge
of "drawing swords and arming crossbows."
Journal: Chinese Economy
Pages: 84-89
Issue: 3
Volume: 30
Year: 1997
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:30:y:1997:i:3:p:84-89
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: Guest Editor's Introduction
Abstract:
The nine selections translated in this issue are all broadly concerned
with China's foreign economic relations. The first part of the issue
addresses the relationship between attracting foreign investment and
protecting China's national industries; the last part of the issue deals
with SinoâAmerican economic relations. There is also a small section in
the middle that presents the "dangers" facing China's international
finances, although even here the questions of foreign investment and
U.S.âChina relations are discussed. It is important to note that all of
these articles stem from restricted circulation publications and were not
intended for a general audience. They were written primarily as reference
material for policymakers. Indeed, while some of the selections derive
from intellectuals in think tanks such as the Chinese Academy of Social
Sciences (CASS), others were written by researchers within the relevant
ministries themselves. Thus, taken as a whole, the materials presented are
far more candid in discussing the outside worldâparticularly the United
Statesâthan would be the case in the official and openly circulated
press. Similarly, there is more candor in addressing the problems China
faces and the costs and benefits of various solutions being considered.
Journal: Chinese Economy
Pages: 3-6
Issue: 3
Volume: 30
Year: 1997
Month: 5
Keywords:
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Author-Name: Li Guo
Author-X-Name-First: Li
Author-X-Name-Last: Guo
Author-Name: Jin Bei
Author-X-Name-First: Jin
Author-X-Name-Last: Bei
Title: National Industries Can Hardly Ride the Waves If They Do Not Weather Storms
Abstract:
In recent years, along with the opening of our domestic markets and the
massive influx of foreign capital, China's national industries have come
up against challenges of unprecedented magnitude. The markets for such
products as cosmetics, beer, soft drinks, and home electrical appliances
have been nibbled away one by one by foreign businesses, and our country's
products are losing portion after portion of their original market share.
Many people are ridden with anxiety about this; some are even raising a
warning cry: "China's national industries are in their moment of greatest
peril." How, in the final analysis, should we regard this issue in an
all-around and objective manner? With this in mind, our reporter
interviewed Dr. Jin Bei of the Institute of Industrial Economics of the
Chinese Academy of Social Sciences.
Journal: Chinese Economy
Pages: 54-59
Issue: 3
Volume: 30
Year: 1997
Month: 5
Keywords:
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Author-Name: Zhong Zhengyan
Author-X-Name-First: Zhong
Author-X-Name-Last: Zhengyan
Title: My Understanding of the Relationship Between Using Foreign Business Investments and Protecting National Industries
Abstract:
Using direct investments from abroad is an important component of China's
opening up to the outside and is an effective way of using external
resources for the purpose of speeding up China's economic construction.
Since reform and openness, our country's work of utilizing foreign capital
has scored enormous achievements. In recent years, along with the
accelerating process of integration of the world economy and the increase
in investments by transnational corporations, China's practice of
utilizing foreign capital has come up against a new situation; new
circumstances and new problems have arisen and new comments and views have
also emerged in society with regard to the use of foreign capital. Some of
the comments are highly critical of the use of foreign capital. Hence, a
conscientious summing up of China's experience with direct foreign
investment, an objective assessment of the position and effect of direct
foreign investment in our country's construction of a socialist market
economy, clarification of some muddled understanding in quarters concerned
about the utilization of foreign capital, and, from there, a definition of
the long-term strategy for China's use of foreign capital and the
adjustment of relevant policies continue to be urgent tasks of real
significance.
Journal: Chinese Economy
Pages: 7-53
Issue: 3
Volume: 30
Year: 1997
Month: 5
Keywords:
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Author-Name: Yang Qixian
Author-X-Name-First: Yang
Author-X-Name-Last: Qixian
Title: Rational Thoughts on Reforming State-Owned Enterprises
Abstract:
The problem of reforming state-owned enterprises [SOEs] is currently a
most critical issue in our country's economic development and economic
reform; one may say that it is also a major and difficult hurdle that
confronts us. At the moment, the large numbers of nonâstate-owned
enterprises in our country, for the most part, are already basically able
to operate in accordance with market-economic principles; what seriously
lags behind are the SOEs. To date, with the exception of an extremely
small number, the SOEs are still incompatible with the development of
socialized mass production and with the market economy. Unless we break
through this barrier, not only will we be unable to establish a socialist
market economic system, but we will also be unable to bring about a benign
cycle in the economy as a whole, or sustained, speedy, and healthy
development.
Journal: Chinese Economy
Pages: 53-92
Issue: 4
Volume: 30
Year: 1997
Month: 7
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This second volume of a two-part issue of >i>The Chinese Economy>/i>,* on
China's state-owned enterprises (SOEs), presents three articles that
reflect very different points of view on the reform of SOEs and can give
the reader a sense of some of the practical difficulties involved in
reforming these industries. The first article, by Yang Famin of the
Shaanxi Provincial Propaganda Department, conveys a sense of the feelings
of being wronged held by at least some officials, and one presumes Party
cadres in SOEs, in that interior province. He reflects the feeling that
SOEs have contributed the most to China over the past five decades and are
now being cast aside as so much "baggage" that needs to be "thrown off."
At the same time, he argues, somewhat disingenuously, that SOEs have made
huge sacrifices for reform and opening up, and have willingly accepted
competitive disadvantages in order to promote other sectors of the
economy. For instance, he argues that in the 1980s, as the township and
village enterprises (TVEs) were being developed, SOEs continued to sell
their products cheaply, to pay higher taxes, and to subsidize
nonâstate-owned enterprises with insurance and personnel resources,
subsidies that enabled TVEs to grow quickly. He also argues that SOEs
suffered the burden of price reform because TVEs were allowed to adjust
their prices freely while SOEs had to keep their prices low to help fight
inflationary pressures.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 30
Year: 1997
Month: 7
Keywords:
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Author-Name: Wang Maolin
Author-X-Name-First: Wang
Author-X-Name-Last: Maolin
Title: A Survey of, and Thoughts on, the Work of Party Construction in State-Owned Enterprises
Abstract:
In order to seriously strengthen and improve the construction of the Party
in the enterprises, and in order to motivate the Party organizations
within the enterprises to go about launching their work enthusiastically
amid the issues of deepening the reform, switching to new operational
mechanisms, and raising the standards of economic efficiency, as well as
to give the fullest play to their roles as the political centers of these
enterprises, we conducted an investigative survey of the state of Party
construction work in one hundred large and medium-sized state-owned
enterprises.
Journal: Chinese Economy
Pages: 29-52
Issue: 4
Volume: 30
Year: 1997
Month: 7
Keywords:
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Author-Name: Yang Famin
Author-X-Name-First: Yang
Author-X-Name-Last: Famin
Title: The State-Owned Enterprises Pour Out Their Hearts
Abstract:
The issue of the reform and development of state-owned enterprises, which
is closely related to the political principle of adhering to the system of
public ownership as the core of our social and economic system, has
increasingly become a hot subject of current discussion. Nonetheless,
opinions on this issue are far from unified; different people have
divergent views on the matter and opinions span the entire spectrum. How
do the factory directors, managers, cadres, and workers in these
state-owned enterprisesâthose who have themselves tasted of all the
anguish and the bitter-sweetness of the issuesâlook at and deal with
this problem? In the following, we have put together, in what we hope is a
coherent way, a record of these people's pouring out of their hearts and
their most sincere feelings on the matter.
Journal: Chinese Economy
Pages: 6-28
Issue: 4
Volume: 30
Year: 1997
Month: 7
Keywords:
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Author-Name: Yang Xueye (Rachel Yang)
Author-X-Name-First: Yang
Author-X-Name-Last: Xueye (Rachel Yang)
Title: Preface >b>December 1978. Depth of winter. China.>/b>
Abstract:
On the dry, cracked land of the northern Huai River region in Anhui
Province, a small group of emaciated men sat trembling in a dirt hut under
the dim light of a kerosene lamp as they signed their names to a piece of
yellow paper. ⦠On the upper portion of the document was written: "We
hereby pledge to divide the land to individual households. ⦠If it
fails, we know we will lose our heads. We have arranged for our children
to be cared for until the age of 18." These were common folks without much
educationâperhaps no more than elementary schoolingâbut what they did
that day was to release a force of social energy that could not be
terminated.
Journal: Chinese Economy
Pages: 6-9
Issue: 5
Volume: 30
Year: 1997
Month: 9
Keywords:
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Author-Name: Lin Justin Yifu
Author-X-Name-First: Lin Justin
Author-X-Name-Last: Yifu
Title: Introduction
Abstract:
In the contemporary world, all developed economies are based on the system
of private ownership. Over the course of decades and, in some cases,
hundreds of years of development, these economies had undergone a gradual
transformation from traditional to modern societies. In the case of the
former Soviet Union and Eastern European countries, the introduction of a
private system of ownership came very rapidly as their leaders reacted
with immense frustration over the impoverished and underdeveloped state of
their centrally planned economies. In China, however, the situation that
has unfolded since the advent of the reforms in the late 1970s is
completely different. Instead of trying to privatize the public system of
state-owned enterprises, the focus has been on creating the necessary
conditions for the development of a wholly separate private economy that
would turn China into a rapidly developing though still transitional
economy. The role that this rise of the private economy has played in the
rapid growth in China is, therefore, an important topic for study. In her
highly systematic and analytical study, Yang Xueye provides unique insight
into these developments. Since the implementation of the reforms in 1978,
the non-state sector has, she notes, grown much faster than the state-run
economy and within the non-state sector the private economy has grown the
fastest of all. By any account this is a valuable contribution to our
understanding of the private economy in China.
Journal: Chinese Economy
Pages: 10-15
Issue: 5
Volume: 30
Year: 1997
Month: 9
Keywords:
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Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
Remember when studies of the Chinese economy dealt primarily with the
"thought" of Communist Party leaders and the dicta of the Chinese state?
When the "masses" were portrayed as happily embracing "socialism" in the
countryside and city? When capitalism and markets were a demonic evil,
promoted by equally malicious leaders such as Liu Shaoqi and Deng
Xiaoping, and considered inappropriate to Chinese conditions? When Western
visitors to China trekked into such places as the Dazhai agricultural
brigade and the Daqing oil field to examine these "models" of economic and
social development? When the likes of Chen Yonggui and Lei Feng were the
subject of academic forums and collegial discussions at major
universities? And Chinese sources on the economy were long on rhetoric and
short on data? Well, as Dorothy said to Toto in >i>The Wizard of Oz>/i>,
"We're not in Kansas anymore." China and Chinese studies have changed
forever.
Journal: Chinese Economy
Pages: 3-5
Issue: 5
Volume: 30
Year: 1997
Month: 9
Keywords:
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Author-Name: Chen Yuansheng
Author-X-Name-First: Chen
Author-X-Name-Last: Yuansheng
Title: Trends in the Transformation of the Structure of Ownership Systems in Our Country, and the General Direction of Development of the Private Economy
Abstract:
Last year, related government departments were able to calculate, on the
basis of the statistics in the hands of the State Statistical Bureau, the
relative weights, respectively, of the state-owned economic sector, the
collective economies, and the economies that are not under the
public-ownership system (which consist mainly of individual and private
economies as well as foreign direct investment) in our country's gross
domestic production since 1978. The results of this compilation are shown
in Table 1.
Journal: Chinese Economy
Pages: 55-65
Issue: 6
Volume: 30
Year: 1997
Month: 11
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
In recent years, the rapid growth of the non-state economy, particularly
the emergence of a significant private sector, has touched off new debates
about whether China is remaining on the socialist road. In this and the
next issue, >i>The Chinese Economy>/i> translates several recent articles
that look at the size and developmental trends of the non-state economy.
Journal: Chinese Economy
Pages: 3-4
Issue: 6
Volume: 30
Year: 1997
Month: 11
Keywords:
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Author-Name: Li Renliang
Author-X-Name-First: Li
Author-X-Name-Last: Renliang
Title: An Analysis and Forecast of the Growth of Economies Under Various Types of Ownership Systems in the Year 1997
Abstract:
Although the proportion that the state-owned economic sector makes up in
the national economy has been declining from year to year since the
beginning of reform and opening up, it nonetheless remains in a dominant
position today. Up to 1995, the largest contribution to the state's annual
fiscal revenues has come from the state-owned economic sector,
representing 65.8 percent and giving it the dominant position. The
state-owned economy holds a position of absolute predominance in certain
industrial sectors that are critical to the nation's economy as a whole
and to the livelihood of the entire population. For example, the
energy-resource industries, the postal-service industry, and the
telecommunications industries are almost 100 percent in the hands of the
state-owned economy; within the transportation industrial sector, the
railroads and the long-distance maritime transportation industry are
basically controlled by the state-owned economy; of the total amount of
goods transported and handled by the transportation industrial sector as a
whole, more than 97 percent is handled by state-owned economies. Although
the nonâstate-owned economy has already come to manage a considerable
portion of the value-added communications industry and the non-basic
communications industry, state-owned economies remain the primary force in
the basic communications service industrial sector. In recent years, banks
operating under a shareholding system, credit cooperatives and credit
unions, and nonâstate-owned insurance companies have experienced
relatively rapid growth, and have come to occupy a considerable share of
the market in these financial industries; and yet, in the financial
industrial sector as a whole, the state-owned banks continue to control
over 90 percent of the deposit and loan business in banking, and the
People's Insurance Corporation [a state-owned economic entity] controls
more than 90 percent of all insurance business in the nation. Furthermore,
in the stocks and securities industry, the state-owned securities
corporations remain dominant. In the manufacturing industrial sector, the
state-owned economy continues to make up a very large proportion of all
the major industries and trades. In 1995, 78.1 percent of the overall
output value of mining industries, 67.5 percent of the output of raw
industrial material, and 78.5 percent of the output in the
electrical-power, gas, and water-supply industries were all under the
state-owned economy. In the processing industries sector, the share of the
state-owned economy is relatively less, but even here, if we were to
define enterprises in which state ownership controls more than 50 percent
of the stocks/shares as part of the state-owned economy, there would be a
substantial increase in the state-owned economic sector's share of the
output in the processing industries as well.
Journal: Chinese Economy
Pages: 33-54
Issue: 6
Volume: 30
Year: 1997
Month: 11
Keywords:
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Author-Name: Fang Xiangdong
Author-X-Name-First: Fang
Author-X-Name-Last: Xiangdong
Title: On the Basic Current Conditions, Industrial and Trade Structures, and IndustrialâRegional Distribution of NonâState-Owned Economies in Our Country
Abstract:
For more than the past decade there has been a period of rapid growth of
the nonâstate-owned economy in our country. In the period from 1978 to
1994, the following areas of the nonâstate-owned economic sector and
their average annual growth rates were: number of people employed, 8.8
percent; gross industrial output value in this sector, 28.2 percent; gross
amount of retail commodity sales, 28.2 percent; and amount of fiscal
revenue submitted to the government, 16.9 percent. In each case, these
figures are far greater than those that pertain to the state-owned
economic sector. In view of this, the relative weight of the
nonâstate-owned economy in terms of [its contribution to] the number of
nonagriculturally employed workers [in the economy as a whole] has risen
from 36.5 percent in 1978 to 60.1 percent in 1993. The industrial output
value accounted for by the nonâstate-owned sector has also risen from
22.4 percent of the total [in 1978] to 65.9 percent [in 1993]. Whereas in
1978 the nonâstate-owned economy accounted for 45.4 percent of the gross
amount of retail sales of commodities in the national economy, in 1993,
that figure rose to 68.1 percent, while its share of the fiscal revenues
submitted to the government increased in the same period from 13.2 percent
to 34.3 percent. Taking all of this into consideration, we may rightfully
state the basic fact that the nonâstate-owned economy already makes up,
or occupies, half of the national economy as a whole. In the following
article we shall examine the state of development and growth in the
various categories and types of nonâstate-owned economies in the past
dozen years or so.
Journal: Chinese Economy
Pages: 66-91
Issue: 6
Volume: 30
Year: 1997
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:30:y:1997:i:6:p:66-91
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Author-Name: Feng Li-tien
Author-X-Name-First: Feng
Author-X-Name-Last: Li-tien
Author-Name: Wen Chien
Author-X-Name-First: Wen
Author-X-Name-Last: Chien
Title: A Quantitative Analysis of the Relationship Between the Rate of Growth of Productivity And the average wage
Abstract:
The relationship between the rate of growth of productivity and the
average wage is an important one that reflects the interdependence of
production and consumption in the process of social reproduction on an
expanding scale. Under socialism, a correct understanding of this
relationship not only has economic meaning in proportionately raising the
rate of growth of the national product, but it also has political meaning
in properly handling the internal contradictions among the people. The
purpose of this paper, however, is not to study the overall relationship,
but to focus on such factors as the quantitative relationships between the
rate of growth of productivity and the average wage â in particular, the
ratio between accumulation and consumption, the ratio between the two
large departments of production, and the increase in labor productivity.
Comrades, your comments and criticism are welcome.
Journal: Chinese Economy
Pages: 70-91
Issue: 1
Volume: 3
Year: 1969
Month: 10
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This second part of a two-part issue on China's private economy in >i>The
Chinese Economy>/i> introduces readers to some of the range of debate that
has developed in recent years around the rapid development of the private
economy. Although economic trends suggest that the private economy will
continue to grow rapidly in the coming years, these articles suggest that
both practical problems and ideological objections are likely to shape the
pace and role that China's private economy will play. For instance, the
first article translated here, "A Research Report on the NonâState-Owned
Economy in Our Country," by three researchers of the "NonâState-Owned
Economies" Research Group of the State Planning Commission, presents a
very positive picture of the role that the private economy is playing (and
will play) in China. This positive assessment is itself interesting
because the State Planning Commission has traditionally played the role of
bulwark of the planned economy. As positive as the picture portrayed by
the authors is, they nevertheless also note the ways in which the private
economy clashes with China's social structure and culture, both
traditional and contemporary. The areas of conflict include a weak legal
tradition, a diminished moral sense that guides activities in this sector,
and cultural biases that emphasize personal relations and work against
marketizing forces. Such weaknesses can be corrected only over a long
period of time.
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 31
Year: 1998
Month: 1
Keywords:
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Author-Name: Yi Cheng
Author-X-Name-First: Yi
Author-X-Name-Last: Cheng
Title: Various Materials on the Problem of the Privately Run Economy
Abstract:
The term "privately run economy," at the present stage [of development] in
our country, refers to economic elements in which the assets of the
enterprise belong to private individuals and are under a private ownership
system, in which there is a set of labor relationships in which workers
are hired for pay, and in which eight or more such hired workers are
employed.
Journal: Chinese Economy
Pages: 70-94
Issue: 1
Volume: 31
Year: 1998
Month: 1
Keywords:
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Author-Name: Tan Jingsong
Author-X-Name-First: Tan
Author-X-Name-Last: Jingsong
Title: The Privately Run Economy Is Not the Foundation of the Socialist Economy
Abstract:
We have always claimed that the system of public ownership is the
foundation of the socialist economy; well, then, can we also claim that
the privately run economy makes up a part of the foundation of a socialist
economy, given that the privately run economic sector also makes
contributions to the growth of the national economy, also arranges for and
creates jobs for large numbers of the employed, and furthermore, also pays
taxes to the state, as required by the law? (>i>Jingji zongheng [The
Length and Breadth of the Economy]>/i>, no. 3, 1996, p. 7)
Journal: Chinese Economy
Pages: 48-54
Issue: 1
Volume: 31
Year: 1998
Month: 1
Keywords:
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Author-Name: Li Yanling
Author-X-Name-First: Li
Author-X-Name-Last: Yanling
Title: An Overview of the Discussion on the Question of the Natures of the Privately Run Economy and the Proprietors of Privately Run Enterprises
Abstract:
With regard to the question of the natures of the privately run economy
and of the proprietors of privately run enterprises in our country at this
time, there are a variety of different understandings and opinions among
theoreticians on the subject. In the following [article] we will provide
an overview of some of the major points of view.
Journal: Chinese Economy
Pages: 60-69
Issue: 1
Volume: 31
Year: 1998
Month: 1
Keywords:
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Author-Name: Bai Yongxiu
Author-X-Name-First: Bai
Author-X-Name-Last: Yongxiu
Author-Name: Ma Xiaoqiang
Author-X-Name-First: Ma
Author-X-Name-Last: Xiaoqiang
Title: Questioning the Formulation "People-Run Economy"
Abstract:
>p>In recent years, the formulation "people-run economy" >i>[minying
jingji]>/i> has emerged with increasing frequency in all sorts of
documents and literature in the field of economic studies and in the news
media. In the beginning, people started to use the term, "people-run
economy," to refer to economies that were under the nonpublic system of
ownership; however, in reality, it has proved to be a very vague and
ambiguous concept, and one that has caused a certain degree of confusion
both in theory and practice. Its unscientific character has been
manifested in the following areas:>/p>>p>First, the formulation
"people-run economy" fails to reflect accurately or precisely the nature
and character of the variety of types and forms of economies included
within the scope of the term with regard to the ownership systems to which
they would belong, and, therefore, the use of the term merely serves to
blur people's lines of vision.>/p>
Journal: Chinese Economy
Pages: 41-47
Issue: 1
Volume: 31
Year: 1998
Month: 1
Keywords:
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Author-Name: Pan Zhengqiu
Author-X-Name-First: Pan
Author-X-Name-Last: Zhengqiu
Title: Two Problems to Which We Must Pay Attention as We Develop the Privately Owned Economy
Abstract:
Given that our country is in the primary stage of socialism, and that we
do not have a high degree of socialization in our society's
productionâand, furthermore, that our production has the character of
being multileveledâit is entirely necessary that [at this stage] we
permit, and, indeed, encourage, the appropriate development of the
privately owned economy. It is very much the correct thing to do. However,
at the same time, we must firmly uphold the premise that, in terms of [the
ownership of] the means of production >i>[shengchan ziliao]>/i>, the
public-ownership system must remain as the dominant core.
Journal: Chinese Economy
Pages: 55-59
Issue: 1
Volume: 31
Year: 1998
Month: 1
Keywords:
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Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
"The driving force in society" is how Rachel Yang characterizes the role
of the private economy in China. A country that for decades was proclaimed
by its domestic and foreign promoters as a Socialist "utopia" and
Communist "heaven" with an economy that magically avoided inflation and
created full employment with equality for all is now being transformed,
not by the "almighty state" with its awesome bureaucratic power and
tenacious network of industrial combines but by individual and family
entrepreneursâthe "little guy" who for years was all but ignored in the
march to national greatness and historical pomposity. China will never be
the same, but Yang realizes in this, the second installment of >i>Chinese
Renaissance: The Reemergence of a Private Economy in China>/i>, that,
although "challenged," the "old system" of a centrally planned economy in
which anything and everything "public" was considered superior to the
"private" sector is far from dead. China is still led by a cabal of
Chinese Communist Party (CCP) leaders who, despite their agonizing
recognition that reform in the direction of the market is necessary,
cannot quite let go of their own admiration for the socialist system and
its massive bureaucracies and cadres corps that provide such comfort and
power. The market with its millions of private actors operating according
to supply and demand must be accorded its place in "modern China," but the
folks at the top still do not like it. The market reeks of everything that
the old bureaucratic system was not: It is impersonal, efficient, and,
worse yet, not amenable to the control of a single leader with his great
"thoughts" and "visions." And so irrespective of all the favorable
decisions toward reform rendered by recent CCP conferences and
deliberations, the battle, the author contends, is far from over. Even as
it concedes more space to market forces, the government has a vast array
of powerful assets to block and make life difficult for private
entrepreneurs and workersâto wit, the system of household registration
>i>[hukou]>/i>, the labor allocation system, and the long-term effects of
the rural-urban split that still impedes labor and capital mobility.
Journal: Chinese Economy
Pages: 3-5
Issue: 2
Volume: 31
Year: 1998
Month: 3
Keywords:
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Author-Name: James Tong
Author-X-Name-First: James
Author-X-Name-Last: Tong
Title: Guest Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> documents the history of China's
tortuous search for fiscal regimes from 1971 to 1998. The frequent regime
changes and their short longevity, many lasting only one to two years,
indicate the instability of China's fiscal management system in this
period. They underscore the complexity of China's fiscal problems, the
difficulty in trade-offs among fiscal capacity, macroeconomic
stabilization, and interregional equality. They illustrate why some fiscal
regimes were chosen over othersâhow perceived strength in the
institutional design gave way to unintended policy consequences, and led
to their successive demise. They detail the contractual arrangements
between the center and the provinces, the many ways they agreed to slice
the budgetary pie, and the numerous changes in their respective revenue
sources and spending responsibilities. Together, they constitute the
documentary history of China's fiscal system in the past three decades.
Journal: Chinese Economy
Pages: 5-21
Issue: 3
Volume: 31
Year: 1998
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:3:p:5-21
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Author-Name: Hu Angang
Author-X-Name-First: Hu
Author-X-Name-Last: Angang
Title: Background to Writing the Report on State Capacity
Abstract:
>i>1. The background to writing this "Report on State Capacity":>/i> The
fact that the relationship between the central government and the local
governments is one of the chief contradictions and points of conflict in
China's society [today].
Journal: Chinese Economy
Pages: 4-29
Issue: 4
Volume: 31
Year: 1998
Month: 7
Keywords:
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Author-Name: Hu Angang
Author-X-Name-First: Hu
Author-X-Name-Last: Angang
Title: An Arduous and Difficult Institutional Innovation
Abstract:
Beginning on New Year's Day in 1994, the Chinese government formally
inaugurated the implementation of a system of tax sharing between the
central government and local governments. This was taken to be one of the
most important and wide-ranging institutional innovations in our nation
since the founding of the People's Republic, as well as a major adjustment
in the configuration of the relationship between the Center and the
localities in terms of their relative and mutual interests. This
innovation has brought forth widespread interest and concern on the part
of all social circles both in China and abroad, over such issues as what
sorts of influences [the implementation of] the tax-sharing system over
the past two years has had on China's economic growth, on the fiscal
revenues and expenditures of the central government, and on the conditions
of the fiscal revenues and expenditures of the localities, and how we
might objectively and fairly evaluate the effects of this institutional
innovation, and so on. The following paper will attempt to provide a
preliminary analysis of these problems.
Journal: Chinese Economy
Pages: 30-96
Issue: 4
Volume: 31
Year: 1998
Month: 7
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
Fiscal reform has been at the center of many debates in recent years in
China, particularly the debates concerning centralâlocal relations.
Beginning in 1994, China began to implement a "tax-sharing system" to
replace the fiscal contracting system it had employed throughout the
reform era. The tax-sharing system established a national tax system
separate from the local tax offices of the provinces, though many
concessions to provincial interests made it questionable whether the
central government would be able to tax the revenue sources it hoped to
tax. >i>Chinese Economic Studies>/i>, vol. 28, nos. 3 and 4 (MayâJune
and JulyâAugust 1995) published a full translation of Hu Angang and Wang
Shaoguang's influential 1993 report, >i>Jiaqiang zhongyang zhengfu zai
shichang zhuanxing zhong de zhudao zuoyong: Guanyu Zhongguo guojia nengli
de yanjiu baogao>/i> (Strengthen the Leading Role of the Central
Government in the Transition to the Market: A Research Report on China's
State Capacity). This report, which strongly advocated abandoning fiscal
contracting in favor of tax sharing and raised fears that China might face
political disintegration if it did not take immediate steps to increase
the capacity of the central government, became a focal point in these
debates.
Journal: Chinese Economy
Pages: 3-3
Issue: 4
Volume: 31
Year: 1998
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:4:p:3-3
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Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
>i>Gongxi facai, hongbao zailai>/i>â"money"-"money"-"money"-"money"
makes the world go around, and the Chinese people, Rachel Yang argues in
this third and last segment of "Chinese Renaissance," love it. More than
any society on earth, China is enthralled with the almighty buck, so much
so that it pervades every nook and cranny of everyday life and even its
cultural traditions. Offer a product with the number "8" in it and Chinese
will rush to the stores in droves to buy it. Why? Because "8" is
pronounced >i>ba>/i> in Chinese, which rhymes with >i>fa>/i>, meaning to
make a fortune. Own anything with this magical number and great wealth is
right around the corner. The venerable sages of Chinese traditional
philosophy and historyâConfucius and Menciusâmay have preached
"benevolence and morality" as life's ultimate ideals, but they, too, loved
money and saw august service to the state as merely a route to riches.
Indeed, all the major social groups throughout Chinese historyâfrom the
imperial family and religious groups to vagabonds and the general
populaceâhave pursued wealth with a vengeance. The anti-capitalist ethos
of "socialist" China under Mao Zedong was a sham. Since the introduction
of the reforms in 1978, the >i>real>/i> China has emerged: Avaricious and
rapacious, China's millions are now engaged in a headlong rush to become
wealthy, and nothingâneither the CCP nor the Westâis about to stop
them.
Journal: Chinese Economy
Pages: 3-5
Issue: 5
Volume: 31
Year: 1998
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:5:p:3-5
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Author-Name: Ye Juying
Author-X-Name-First: Ye
Author-X-Name-Last: Juying
Title: Document 11
Abstract:
Sustainable development emphasizes the coordinated development of
population, resources, the environment, and the economy with all social
systems. Population development indicates the process of change in a
country or region's population numbers, quality, and structure, and is a
core factor in determining sustainable development. Therefore, an
examination of the mutual relations between Zhejiang's population
development and its economically sustainable development from the
perspective of sustainable development, clearly has great significance for
protecting Zhejiang's capacity for sustainable economic and social
development into the next century.
Journal: Chinese Economy
Pages: 84-91
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:84-91
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Author-Name: Keith Forste
Author-X-Name-First: Keith
Author-X-Name-Last: Forste
Title: Guest Editor's Introduction
Abstract:
The articles translated in this issue of >i>The Chinese Economy>/i> focus
on the economic and population structure of Zhejiang, one of the most
economically successful provinces of the reform period, and help to
explain the paradoxical nature of the structures that have emerged and the
problems these pose for the province's continued economic development and
social progress.
Journal: Chinese Economy
Pages: 3-7
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:3-7
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Author-Name: Shen Guangming
Author-X-Name-First: Shen
Author-X-Name-Last: Guangming
Title: Document 8
Abstract:
During the eighteen years of reform and opening to the outside, Zhejiang's
use of foreign investment has attained a certain scale, has increased in
quality and volume, and has played an important role in the development of
an open-style economy. However, as a relatively advanced coastal province,
compared with its sister provinces and cities, Zhejiang started late in
utilizing foreign investment and the gap is quite large. What should
arouse our attention even more is the trend of this gap to widen
continuously. As a result, there has already been an obvious effect on the
gap in the rate, quality, and efficiency of economic growth, and
competitive advantage.
Journal: Chinese Economy
Pages: 66-70
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Author-Name: Guo Zhanheng
Author-X-Name-First: Guo
Author-X-Name-Last: Zhanheng
Title: Document 1
Abstract:
Journal: Chinese Economy
Pages: 8-20
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:8-20
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Author-Name: Jin Yuanhuan
Author-X-Name-First: Jin
Author-X-Name-Last: Yuanhuan
Author-Name: Wang Jianyu
Author-X-Name-First: Wang
Author-X-Name-Last: Jianyu
Title: Document 10
Abstract:
In studying the development process, features, and trends of Zhejiang's
regional economy, it is not difficult to come up with the thesis of
"Zhejiang's two centers." The theory of Zhejiang's two centers refers to
Hangzhou as Zhejiang's political, cultural, and tourist center, and Ningbo
as its economic, commercial, and port and sea-trading center.
Journal: Chinese Economy
Pages: 75-83
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:75-83
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Author-Name: Zhang Renshou
Author-X-Name-First: Zhang
Author-X-Name-Last: Renshou
Title: Document 2
Abstract:
Different stages of economic development require different solutions for
major tasks. The present stage of economic development is industrial in
nature, and the scale and level of industrial development for a country or
region decide, to a great extent, the features, strength, and stamina of
its national economy. Therefore, a correct understanding of the stage that
Zhejiang's industrialization has reached is the major prerequisite for
grasping trends in economic development and probing a train of thought for
economic work.
Journal: Chinese Economy
Pages: 21-25
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:21-25
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Author-Name: Zhao Yannian
Author-X-Name-First: Zhao
Author-X-Name-Last: Yannian
Author-Name: Wu Hongchuan
Author-X-Name-First: Wu
Author-X-Name-Last: Hongchuan
Author-Name: Chen Xiong
Author-X-Name-First: Chen
Author-X-Name-Last: Xiong
Author-Name: Ying Xiong
Author-X-Name-First: Ying
Author-X-Name-Last: Xiong
Title: Document 6
Abstract:
In the first half of 1997, the output value of township and village
enterprises [hereafter TVEs] in Zhejiang came to RMB 384.9 billion (in
present prices), an increase of 19.4 percent over the same period for
1996, which was a slowing of 25.2 points. Looking at industry from the two
points of hamlet and above and hamlet and below, the output of village and
hamlet second-level enterprises rose by 10.6 percent, a reduction of 21.1
points, while industry below the hamlet level, that is cooperative
business, and individual and private enterprise, rose by 26.3 percent, a
fall of 29 points, and their share of TVE industry rose from 57.2 percent
to 59.3 percent. Revenue from realized sales came to RMB 326.2 billion, an
increase of 7.7 percent and a fall of 26.4 points. TVE industry in the
province remitted taxes of RMB 8.6 billion, a rise of 10.5 percent, but
represented a slowing of 3.5 points, and realized profits of RMB 16.2
billion grew by 19.2 percent, a slowing of 11.2 points. Based on an
investigation and understanding of the situation, and a thorough
comparative analysis, the main reasons for the slackening in growth rates
in this sector are as follows.
Journal: Chinese Economy
Pages: 48-53
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Author-Name: Zhuo Yongliang
Author-X-Name-First: Zhuo
Author-X-Name-Last: Yongliang
Title: Document 3
Abstract:
In reviewing the process of system transformation in Zhejiang's economy,
we can see that it has unfolded on two fronts: first, government-induced
reform of the planned economic system, which operates from top to bottom;
and second, rural residents who rely on their creative activities to form
system arrangements. This is a grassroots and popular system
transformation from bottom to top. In relation to the latter front, we can
see that simultaneously with the development of independent, creative
activities from the grassroots and the masses come specially designated
system arrangements that are the mutual cause and effect of the
development of the productive forces. Thus, it is believed that a certain
development in the productive forces must be accompanied by certain system
arrangements and development.
Journal: Chinese Economy
Pages: 26-31
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:26-31
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Author-Name: Li Wangming
Author-X-Name-First: Li
Author-X-Name-Last: Wangming
Author-Name: Ye Xinyue
Author-X-Name-First: Ye
Author-X-Name-Last: Xinyue
Author-Name: Yang Jianjun
Author-X-Name-First: Yang
Author-X-Name-Last: Jianjun
Title: Document 9
Abstract:
Land and resources in Zhejiang and Guangdong are similar: Both have little
land, many people, and a high population density. Looking at the
topographical structure, the area of hills and mountains in the two
provinces is quite large, with few plains, which are distributed primarily
along the coast. Both provinces are described as "seven parts mountains,
one part water, and two parts land." Additionally, both provinces have
good ports, rich fishing resources, and unreclaimed coastal areas as
back-up resources. But with its location not as good as Guangdong's,
Zhejiang enjoyed fewer state preferential policies and at a later date.
The provincial capital [Hangzhou] suffers from restrictions on its
administrative districts and the demands of the nature of the city; the
population and scale of economic concentration are less than in Guangzhou.
It also lacks direct contact points with international related networks,
is a non-entry port, and has a low degree of openness to the outside.
Journal: Chinese Economy
Pages: 71-74
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:71-74
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Author-Name: Zhou Bijian
Author-X-Name-First: Zhou
Author-X-Name-Last: Bijian
Title: Document 5
Abstract:
Contradictions in the structure of industrial development are always
present, and in different stages of economic development they reveal
themselves in different ways. Entering the 1990s, we find the gradual
transition from a seller's to a buyer's market, increased market
constraints, a rise in cost of key inputs, and a daily intensification of
competition. Industrial development faces the problem of product market
realization. This is a basic reflection of the structural contradiction.
Looking at Zhejiang, the following three contradictions are salient.
Journal: Chinese Economy
Pages: 43-47
Issue: 6
Volume: 31
Year: 1998
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:31:y:1998:i:6:p:43-47
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Author-Name: Wolfgang Ernst
Author-X-Name-First: Wolfgang
Author-X-Name-Last: Ernst
Title: The Foreign Trade Policy of The Mao Tse-Tung Clique
Abstract:
China's economy recovered from the war devastation during the first three
years, 1950-1952, after the founding of the People's Republic. Practically
all production in the branches of the economy either reached or surpassed
the record of old China. The first five-year plan was launched in 1953,
and gross industrial output increased during the plan period by 120%,
while agricultural output rose by 25%. It was in that period that the
Chinese people â through their own efforts, under the leadership of the
Communist Party, and with the help of the socialist countries,
particularly the Soviet Union â successfully laid the foundation for the
further development of socialism and socialist industrialization. And it
was through the active assistance of the Soviet Union that 156 projects
were built during the first plan period.
Journal: Chinese Economy
Pages: 33-47
Issue: 1
Volume: 3
Year: 1969
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1969:i:1:p:33-47
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Author-Name: Iu. V. Vladimirov
Author-X-Name-First: Iu. V.
Author-X-Name-Last: Vladimirov
Title: The Question of Soviet-Chinese Economic Relations in 1950-1966
Abstract:
The events that have been taking place in China in recent years indicate
most eloquently that the Maoist group, which has usurped power in the
nation with the help of armed force, has openly adopted a policy that
directly contradicts Marxism -Leninism and proletarian internationalism.
Openly ignoring the interests of all present-day revolutionary forces, the
Maoists have plunged China into an abyss of economic, political, and
military adventures that have compromised the cause of socialism in that
country and imperiled the socialist attainments of the Chinese people.
They have led to a weakening of the socialist camp, to serious discord in
the international communist movement, and have thereby dealt a
considerable blow to the victory of socialism throughout the entire world.
Journal: Chinese Economy
Pages: 3-32
Issue: 1
Volume: 3
Year: 1969
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1969:i:1:p:3-32
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Author-Name: Klaus Maehnel
Author-X-Name-First: Klaus
Author-X-Name-Last: Maehnel
Title: The Economic Policy of the Mao Tse-Tung Clique
Abstract:
It has been two years since the launching of the so-called Great
Proletarian Cultural Revolution by the leadership of the Chinese Communist
Party under the direction of Mao Tsetung. The circles around Mao tried to
use this campaign as a means to suppress by force the increasing
discontent of the rank and file, of the workers and peasants, and of the
progressive intelligentsia with the erroneous domestic and foreign
policies of the Chinese leadership. By means of terror and a tense
atmosphere intentionally created by the Red Guards, they hoped to silence
the protests of the enlightened elements and to pave the way for a new
"Great Leap Forward."
Journal: Chinese Economy
Pages: 48-69
Issue: 1
Volume: 3
Year: 1969
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1969:i:1:p:48-69
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Author-Name: Lin Yifu
Author-X-Name-First: Lin
Author-X-Name-Last: Yifu
Title: Experiences and Lessons for China from the East Asian Financial Crisis
Abstract:
The East Asian Financial Crisis that started last year has had an enormous
impact on the economies of Asia and other regions. The economies of South
Korea, Thailand, Malaysia, and Indonesia have lost nearly U.S. $600
billion, and the per capita income levels in these countries, in terms of
U.S. dollars, have all at once moved back more than a decade.
Journal: Chinese Economy
Pages: 23-32
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:32:y:1999:i:1:p:23-32
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Author-Name: Chen Bingcai
Author-X-Name-First: Chen
Author-X-Name-Last: Bingcai
Title: What China Has Seen from the Southeast Asian Monetary Crisis
Abstract:
While many explanations have been given for the Southeast Asian monetary
crisis, none are adequate, and politicians and academic circles hold
differing views. In my opinion, the Southeast Asian monetary crisis may be
attributed to two basic causes. The first is speculation. There would have
been no crisis if not for speculation. The second is excessive belief in
the benefits of deregulation. Therefore, short-term capital frequently
found its way into Thailand, and all capital of this nature seeks quick
returns. The booming development of the Thai economy to a very large
extent acquired impetus from investments of short-term capital. Such
economic growth is unstable, and also does not constitute substantial
economic growth.
Journal: Chinese Economy
Pages: 5-7
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Nie Changhong
Author-X-Name-First: Nie
Author-X-Name-Last: Changhong
Title: International Financial Crises
Abstract:
Since the 1990s, financial crises, with monetary crises as their starting
point, have broken out three times in succession in the world, in some
countries ultimately resulting in an economic crisis and even bringing on
economic panic.
Journal: Chinese Economy
Pages: 46-51
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Zhong He
Author-X-Name-First: Zhong
Author-X-Name-Last: He
Title: Dispel the Effect of the "Crisis" and Maintain the Growth Momentum
Abstract:
The prospects of the Southeast Asian financial crisis are as yet difficult
to predict. In order to realize sustained and sound development of China's
national economy, we must focus on successfully accomplishing the
following things: Further expand domestic demand, expand foreign trade
imports, do a good job of attracting and utilizing foreign capital,
strengthen foreign exchange and foreign debt management, strengthen
financial supervision, and guard against and dispel financial hazards.
Journal: Chinese Economy
Pages: 68-74
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:32:y:1999:i:1:p:68-74
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Author-Name: Ji Ke
Author-X-Name-First: Ji
Author-X-Name-Last: Ke
Title: There Is Truly No Need to Devalue the Renminbi
Abstract:
According to conventional theory, the renminbi should devalue after the
currency devaluations in Southeast Asia; otherwise our country's exports
and international competitiveness will face considerable pressure. Some
people maintain that failure to devalue the renminbi will be
disadvantageous for China's 1998 export growth and for increasing
international competitiveness. The devaluation of the renminbi or the
increase of export tax rebates have thus become a necessity for export
growth and even for economic growth in 1998.
Journal: Chinese Economy
Pages: 15-22
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Lu Jianren
Author-X-Name-First: Lu
Author-X-Name-Last: Jianren
Title: The Underlying Reasons for the Southeast Asian Financial Crisis and the Effects of the Crisis on Our Country
Abstract:
The Mexican financial crisis broke out at the end of 1994, reached its
most serious stage in the first quarter of 1995, and had basically
concluded in the first half of 1995; by the end of 1995 Mexico had shaken
off the crisis. The Southeast Asian crisis, on the other hand, broke out
in early July 1997, has gone through three high tides, and is showing
signs of becoming increasingly severe. In the main, only one
countryâMexicoâwas hurt by the Mexican crisis, whereas the majority of
the Southeast Asian countries have been hurt by the Southeast Asian
crisis. The damage caused by the Mexican crisis was limited to one
locality in Latin America, whereas the Southeast Asian crisis has not only
directly inhibited economic growth in the East Asian region, it has also
affected the United States and Europe and reduced the economic growth rate
of the entire world by 1 percentage point. The United States and the
International Monetary Fund (IMF) used funds amounting to between U.S. $40
billion and U.S. $50 billion to rescue Mexico from its crisis. This time,
however, the IMF used U.S. $57 billion to assist South Korea, and the IMF,
the World Bank, and the United States have, up to now, thrown U.S. $113
billion into a rescue action to assist East Asia. This is much more than
was used in Mexico, but the amount is far from sufficient. It is estimated
that the crisis has already caused bad debts of more than U.S. $100
billion for Southeast Asian banks, and South Korea's bad debts also
surpass U.S. $100 billion. The Southeast Asian financial crisis has
damaged the countries in that region not only by greatly depreciating
their currencies, but also by sharply curtailing their economic growth.
Journal: Chinese Economy
Pages: 40-45
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Yang Fan
Author-X-Name-First: Yang
Author-X-Name-Last: Fan
Title: How Is China to Avoid Financial Crisis?
Abstract:
The Thai financial crisis was touched off by the fact that Thailand became
intoxicated with its achievements in economic growth, that it hoped to
replace Hong Kong as an international center of finance, and opened up its
capital market too quickly, with the result that international speculative
capital entered in a big way and continuously impacted the fixed exchange
rate system, forcing Thailand and other Southeast Asian currencies to
devaluate by 30 percent. The same thing happened in Mexico a few years
ago; its unfavorable trade balance was more than 10 percent of its GNP,
its foreign debt was 50 percent higher than its gross domestic investment,
and the proportion of speculative capital in its foreign funds reached 70
percent, thus providing the conditions for the outbreak of its financial
crisis. In this sense, the fact that international speculative capital can
hardly impact China is related to China's slow opening up to the outside,
and especially to the fact that the capital market has not been opened up
in an overall manner to foreign capital and that the renminbi has not been
made entirely freely convertible. Moreover, 80 percent of the foreign
funds brought into China consists of direct investment, the central
monetary authorities control the appreciation of the renminbi, and a
favorable trade balance has been maintained over the years. The reform of
the foreign trade system and the contributions made by township
enterprises to exports, the lowering of wage standards by the influx of
peasant labor into the cities, and the reconfiguration and reorganization
of state-owned enterprises have enabled China's products to maintain their
international competitiveness. Foreign capital has not yet entered China's
finance and insurance services to a significant extent. All these
voluntary measures and objective circumstances with regard to opening up
to the outsideâor, one could say, the fact that China's opening up to
the outside has not yet been fully implementedâhave saved us from the
full impact of the international financial crisis.
Journal: Chinese Economy
Pages: 63-67
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Zhu Qigui
Author-X-Name-First: Zhu
Author-X-Name-Last: Qigui
Title: Get to the Troubles Before They Come to Your Door What We Should Prepare for as Seen from the Southeast Asian Financial Crisis
Abstract:
The Southeast Asian financial crisis has become a worldwide hot point of
attention, and people everywhere are turning their eyes toward China.
China and the Southeast Asian countriesâThailand, Malaysia, Indonesia,
and the Philippinesâall face the urgent task of developing their
economies and of raising their peoples' living standard, and they must
have ample investment of funds if they are to maintain a relatively high
rate of economic growth. However, one point shared by China and the
Southeast Asian countries is that all are very short of funds. Under these
circumstances, will a financial crisis occur in China? In my opinion, this
is not a zero possibility, for hazards do exist in the domain of China's
international financing.
Journal: Chinese Economy
Pages: 75-81
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Zhu Shouchen
Author-X-Name-First: Zhu
Author-X-Name-Last: Shouchen
Title: The Japanese Economy in Deep Crisis
Abstract:
The "Japan is Number One" hullabaloo had not yet died down, when the world
press did a 180 degree turn and began to report "the star of the world
economy has fallen," and "Japan is sinking." After all, what is wrong with
the Japanese economy? Can it succeed in getting through the current
economic crisis and in making a new comeback?
Journal: Chinese Economy
Pages: 88-93
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Li Qian
Author-X-Name-First: Li
Author-X-Name-Last: Qian
Title: Different Viewpoints Concerning the Southeast Asian Financial Crisis
Abstract:
In the latter half of 1997, the monetary crisis that took place in
Thailand triggered a financial crisis in Southeast Asia. The effects were
soon felt in South Korea and Japan. Subsequently, other regions and
countries of the world were adversely affected. In their analyses of the
causes and their forecasts of development prospects, academic circles in
China and abroad hold different viewpoints.
Journal: Chinese Economy
Pages: 33-39
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Wei Jianing
Author-X-Name-First: Wei
Author-X-Name-Last: Jianing
Title: Revelations from the "Governmental Dysfunction" in Southeast Asia
Abstract:
Just as people were celebrating the "East Asian miracle" and affirming the
role of "government action" (>i>zhengfu zuoyong>/i>), a financial storm
broke out in 1997 that started in Southeast Asia, spread to Northeast
Asia, and is affecting the rest of the world. Therefore, some people on
the international scene have begun to query the East Asian model whereby
governments play a leading role, and some people even maintain that the
"East Asian miracle" has never existed and that "failure of government" is
the fundamental reason for the present financial crisis. Actually, when we
encourage the development of a market economy, we frequently mention its
fairness and emphasize one of its featuresâequitability. However, we
often overlook another of its aspectsâthat the superficial equitability
of the market conceals actual inequitiesâlatecomers often find
themselves at a disadvantage. In circumstances whereby the developed
countries and transnational corporations have already achieved absolute
supremacy, the newer developing countries cannot get on their feet unless
there is government action. Of course, after getting on their feet, they
may fall down again, but without government action the developing
countries would never be able to get on their feet! The essential thing is
that after standing up with the assistance of government action, we must
promptly change our "posture," our center of gravity, and voluntarily cede
our position to market regulation; otherwise we are likely to fall down
again. In that case, what revelations do we derive from the "governmental
dysfunction" in Southeast Asia?
Journal: Chinese Economy
Pages: 56-62
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Han Zhenshe
Author-X-Name-First: Han
Author-X-Name-Last: Zhenshe
Title: The South Korean Financial Crisis and Its Revelations
Abstract:
In the fourth quarter of 1997, a serious financial crisis took place in
South Korea. The exchange rate and stock price index plunged sharply,
credit interest rates zoomed upward, South Korea's foreign debt payments
capability dried up, bank credit fell disastrously, and the financial
order descended into chaos. Scholars in China and abroad believe that,
although the South Korean financial crisis is closely connected with such
factors as the Southeast Asian financial crisis, the devaluation of the
Japanese yen, and the activities of international speculative forces, the
principal causes are internal.
Journal: Chinese Economy
Pages: 8-14
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Zhu Qigui
Author-X-Name-First: Zhu
Author-X-Name-Last: Qigui
Title: The East Asian Economic Model Bears Bitter Fruit
Abstract:
The connotations of the East Asian economic model may be discussed on the
basis of three aspects. First, it is the concept of a market-economy
management method as represented by Japan, a sort of market economy of the
government-guided pattern (>i>zhengfu zhudao xing de shichang jingji
tizhi>/i>). Second, it is the concept of a market-economy development
orientation (>i>shichang jingji fazhan daoxiang>/i>), a kind of
outward-oriented economy with foreign trade growth as its guiding
mechanism. Third, it places extremely great importance on the productive
forces, especially on those of the mother country. Japan's modernization
began with traditional industries and step by step developed toward the
high-end technology and information industries that created a large number
of world-class enterprises and brand names. The same thing goes for South
Korea. In these three respects, the first connotation is subordinate to
the second; in other words, the market economy of the government-guided
pattern serves the strategy of the outward-oriented economy. And the first
and second connotations both exist in terms of the third connotation; in
other words, the market economy of the government-guided pattern and the
outward-oriented economic strategy both serve the development of the
domestic forces of production. Proof of this is the strategy that
stipulates the build up of the nation by means of technology put forward
by Japan in the 1980s and the strategy that stipulates the build up of the
nation by means of science and technology formulated by South Korea in the
early 1990s. Hence, the chief characteristic of the East Asian economic
model is that the government plays a most important and guiding role in
economic operations and development.
Journal: Chinese Economy
Pages: 82-87
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:32:y:1999:i:1:p:82-87
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Author-Name: Stanley Rosen
Author-X-Name-First: Stanley
Author-X-Name-Last: Rosen
Title: Guest Editor's Introduction
Abstract:
The fourteen selections translated here were published in China between
November 15, 1997, and July 8, 1998. Because all but two appeared in 1998,
by which time the main parameters of the "Asian financial crisis" had
become clear, they should provide a reasonably accurate picture of the
recommendations Chinese economists and other policy analysts were offering
to Chinese government officials. Indeed, all the publications used for
this issue are considered "internal" (>i>neibu>/i>) and are not generally
available to the larger society. The limited exposure of such publications
allows the authors to write relatively freely and to suggest strategies
that might not be acceptable for dissemination in open publications.
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 32
Year: 1999
Month: 1
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
Between the beginning of 1995 and September 1997, when the Fifteenth Party
Congress was convened in Beijing, Chinese political waters were roiled by
the exchange of heated polemics as political leaders jockeyed for position
and tried to influence the outcome of the congress. This was a period of
leadership transition in which Deng Xiaoping apparently became
incapacitated before finally expiring in February 1997. Although Jiang
Zemin had served as general secretary since June 1989, his position was
not necessarily secure, and the policy direction he would follow was also
uncertain. It was, in short, a period of high stakes politics.
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 32
Year: 1999
Month: 3
Keywords:
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Author-Name: Li Youwei
Author-X-Name-First: Li
Author-X-Name-Last: Youwei
Title: Reflections on Certain Problems Regarding the Ownership System
Abstract:
In my most recent stint at the Central Party School, I conscientiously
studied Marxist theory on the ownership system, and I also reflected on
these theories on the basis of the practical experience of reform and
opening up in Shenzhen. I have gained some new understanding, and I would
like to write these ideas down and to present them to my teachers and
comrades to ask for their instruction.
Journal: Chinese Economy
Pages: 61-95
Issue: 2
Volume: 32
Year: 1999
Month: 3
Keywords:
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Author-Name: Xin Mao
Author-X-Name-First: Xin
Author-X-Name-Last: Mao
Title: Reform and Economic Man
Abstract:
China's reform and opening up begins to enter its eighteenth year.
Accompanying tremendous achievements in economic construction in these
eighteen years, there have also been unprecedentedly complicated
contradictions in society's economic life. Reform had its incubation in
controversy, and although the principle of "not debating" (>i>bu
zhenglun>/i>) has worked to camouflage a large part of the controversies,
certain doubts and worries have nevertheless still managed to become
reflected through tortuous and winding ways. Such things as the farfetched
explanation that "even if we open our windows we can be sure that flies
will not come in," the mood on the part of people who curse even as things
are going well for them, the defense of the theory that we are climbing up
the moral incline (>i>daode papo>/i>), the joke that has been made of "one
hand firm and the other hand soft," the popularity of the "cat theory" of
socialism, the "theory" of "[crossing the river] by groping one's way,"
and the notion that [socialism] "cannot be clarified," the fact that the
"three conducives" have become a shield for certain cadres as they sidle
up to business tycoons and go about divvying up state-owned property, and
the existence of a batch of high-ranking cadresâtypified by [former
Beijing Chinese Communist Party Secretary] Chen Xitongâwho are, "at any
moment, prepared for" a "Great Escape" in case "anything goes
wrong,"âall these things in reality reflect, in one way or another, the
anxiety and worries that people have in their minds in regard to the
socialist orientation of reform. All of the reforms in Eastern Europe and
the Soviet Union went under the banner of socialism, but in reality all
went in the direction of capitalism. China, too, in its reform, took
lessons from the successful experiences of Yugoslavia and Hungary, and we,
too, once sang the praises of Gorbachev. Let us not forget that, during
the period of turmoil in 1989, Gorbachev just happened to be visiting
China, and at the time, Zhao Ziyang, we are told, unburdened himself to
Gorbachev, and one must assume that there was much sympathy between the
two. As for whether Zhao shared his experience and lessons with Gorbachev
in such a way as to have enabled the Soviet Union to complete its
evolution smoothly, we will never be able to tell. Today, while it may be
true that the evolution of the Soviet Union and Eastern Europe has already
become history, does that imply that China itself has been able to
successfully stem the tide of peaceful evolution, and can rest permanently
on these laurels, without fear or anxiety?
Journal: Chinese Economy
Pages: 22-60
Issue: 2
Volume: 32
Year: 1999
Month: 3
Keywords:
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Author-Name: Shi Zhong
Author-X-Name-First: Shi
Author-X-Name-Last: Zhong
Title: The Mutual Restraint Between the Political Structure and the Economic Structure
Abstract:
In recent days more and more articles discussing the reform of the
political system have appeared in the nation's newspapers and popular
magazines. Nevertheless, even though people may be discussing the same
subject, with regard to what they really hope for they may be very
strikingly at odds with one another. People's understanding of a society's
politics and economy is often confined to the impressions they receive
from recent history, and yet, under certain peculiar circumstances, recent
history may not be a normal state of things. Precisely because recent
history may be so far removed from a normal state of affairs, its impact
on people is often particularly great, so much so that, as a result of
concentrating on the impressions of recent history, people may not even be
able to discern what is the normal state of things, or what ought to be
"common knowledge." I believe that many Chinese scholars have a rather
confused understanding of the concepts of a democratic system, of
capitalism, of a formerly socialist state's political system, of
egalitarianism, and so on. To gain a clearer understanding of all these
concepts will, in my opinion, be beneficial to us, whether in terms of
understanding our present, or opening our eyes to the possibilities of the
future.
Journal: Chinese Economy
Pages: 79-86
Issue: 3
Volume: 32
Year: 1999
Month: 5
Keywords:
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Author-Name: Chang Yi-fei
Author-X-Name-First: Chang
Author-X-Name-Last: Yi-fei
Title: Several Problems of Commodity Pricing Under the Socialist System
Abstract:
The problem of pricing under the socialist system is one that is
comparatively complex; it is related to and concerned with a wide range of
other problems. I shall discuss below three of the related problems that
have arisen in the course of my own shallow observations, and in doing so
I seek the advice and criticism of those comrades who are either engaged
in the theoretical aspects of these questions or who are preoccupied with
practical aspects of this work.
Journal: Chinese Economy
Pages: 146-176
Issue: 2
Volume: 3
Year: 1969
Month: 1
Keywords:
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Author-Name: Chao Li-k'uan
Author-X-Name-First: Chao
Author-X-Name-Last: Li-k'uan
Author-Name: Hsiang Ching-ch'uan
Author-X-Name-First: Hsiang
Author-X-Name-Last: Ching-ch'uan
Title: The Objective Basis of Differential Prices of Commodities and the Basis Of Enacting Differential Prices Under the Socialist System
Abstract:
The comparative price and differential price of a commodity are the
components of a commodity price system. The price relationship among
different commodities forms the comparative price of a commodity; the
price discrepancies of the same kind of commodity during various phases of
production and circulation form the differential price of a commodity. We
offer, in this article, our shallow view on the problem of the
differentialprice of a commodity.
Journal: Chinese Economy
Pages: 119-145
Issue: 2
Volume: 3
Year: 1969
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1969:i:2:p:119-145
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> considers the social impact of
economic reform in recent years. This has become a hot topic in Chinese
society lately, as people from very different perspectives debate what is
happening in Chinese society. The source of all three articles translated
in this issue is >i>Zhanlue yu guanli>/i> (Strategy and Management), one
of the more outspoken journals in contemporary China.
Journal: Chinese Economy
Pages: 3-4
Issue: 3
Volume: 32
Year: 1999
Month: 5
Keywords:
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Author-Name: Xiao Gongqin
Author-X-Name-First: Xiao
Author-X-Name-Last: Gongqin
Title: The Political Attitudes of the Various Strata in China's Society and Their Prospects for the Future
Abstract:
As we come to the turn of the century, we find a China that has already
stepped onto a new stage of history. The year 1997 is one of epochal
significance in the political life of China. The death of Deng Xiaoping,
along with the successive passing away of people such as Chen Yun, Wang
Zhen, Li Xiannian, Peng Zhen, and so on, in the past few years signifies,
at last, the termination of the historical era in which China's political
life was fully led and dominated by the generation of the veterans and
elders of the Chinese Revolution. The retrocession of Hong Kong indicated
that China's leaders are capable today of discoveringâoutside the
boundaries of existing ideological thinking and based instead on the
common sharing of a nationalist sentiment that had suffered humiliation
and suppression for the past hundred yearsâa new resource for
maintaining the power of coalescence of the nation as well as for
upholding the legitimacy of the sovereignty of the state. Since the
Fifteenth National Congress of the Chinese Communist Party, Jiang Zemin's
standing in the Party and within the highest levels of policy and decision
making in the Party and in the government has been further stabilized and
secured, and the "theory of the primary stage of socialism" as affirmed by
the Fifteenth Congress provided a more solid ideological-theoretical
foundation for the further and broader reform of the economy along the
lines of marketization, so that those in control of the government are no
longer as restrained as they had been by the dogmatic constraints of
traditional ideologies, and thus may be able to move away from their
chronic state of hesitation with regard to economic reform; in this way,
flexibility on the part of the players in the chess game of economic
reform has been further enhanced and greatly enlivened.
Journal: Chinese Economy
Pages: 56-78
Issue: 3
Volume: 32
Year: 1999
Month: 5
Keywords:
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Author-Name: Sheng Hong
Author-X-Name-First: Sheng
Author-X-Name-Last: Hong
Title: Reflections on Economic Liberalism
Abstract:
The dismantling of the central planning system in China and the
renaissance of a market economy have dramatically increased the overall
reputation of economic liberalism in our country. And, yet, despite these
developments on the ground, the theory of economic liberalism with its
emphasis on individual economic choice and the central role of the market
has been challenged on the issue of the state. To wit, the implication of
economic liberalism and its core idea of >i>laissez-faire>/i> is to
eliminate government policy-making altogether, thereby creating a kind of
"anarchism." This has led some to abuse the concept of economic liberalism
while others outright negate it. In practical terms, the former view has
led people to ignore the proper functions of government and other
institutional arrangements by subjecting each and every problem and social
ill to the dictates of the private economy, even where market forces are
obviously inappropriate. This has not only decreased the overall
efficiency of the market economy, but it has also led many in our society
to lose confidence in and cast doubt on the market itself. In the latter
case, market haters in China have used this over-extension of the market
to criticize and attack the fundamental theoretical construct of economic
liberalism, hoping to negate entirely its practical value.
Journal: Chinese Economy
Pages: 13-17
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Huang Ping
Author-X-Name-First: Huang
Author-X-Name-Last: Ping
Title: The Construction of the Public Order and Its Limitations
Abstract:
Inherent in our current discussion of public order is the notion that in
China we are confronting a "lack of order." Strictly speaking, total lack
of order (or disorder) is impossible, as it would bring about the complete
collapse of any society. Thus, perhaps it is better to couch the current
situation this way, namely, that there is a gap, as yet undetermined,
between the existing and expected levels of public order in our society.
Some forms of social order are considered less opportune, such as
"consanguineous ties" (>i>xuetonglun>/i>), a former basis of social order
that many would consider inappropriate in a market economy, but,
nevertheless, it was a basis for a previous public order. My interest is
in delineating some sense of just what kind of public order in China would
form a relatively reasonable basis for our emerging market economy and how
to establish it.
Journal: Chinese Economy
Pages: 58-61
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Liu Junning
Author-X-Name-First: Liu
Author-X-Name-Last: Junning
Title: Markets and Constitutions
Abstract:
At present in China the extension and development of reform policies have
produced a growing consensus that the market economy must operate under
the rule of law. This concept means that not only must commercial
transactions and activities be regulated by the legal system, but, more
importantly, the Chinese government must operate within a legal framework.
In order for this to happen, a real constitution must be adopted in China
and with it the underlying spirit of constitutionalism must become the
>i>modus operandi>/i> of governmental action. That is, a constitution must
emerge as the incarnation of the highest authority of law.
Journal: Chinese Economy
Pages: 29-34
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Zhu Suli
Author-X-Name-First: Zhu
Author-X-Name-Last: Suli
Title: Understanding the Public Order in the Emerging Market Economy in China
Abstract:
Suppose I could write fabulous Chinese prose but had absolutely no
knowledge of Chinese grammar? Suppose I understood not a word of English
and, indeed, had never even heard the language spoken? And, then, suppose
that someone, somewhere presented me with a book written in eloquent and
masterly English? Just what would be my reaction? It is probably fair to
say that I would find "alphabetic letters" something of a mess and would
find it equally hard to believe that their function was the same as our
Chinese ideograms in a comprehensible word order. Perhaps, after repeated
observations, I would be able gradually to realize that these different
combinations of letters indeed followed a set of rules. If then I received
some instruction in the language, learned the meanings of some of these
words, began to recite vocabulary, and comprehended the meaning of simple
sentences, I would soon realize that I could effectively convey basic
thoughts and feelings, including, perhaps, some that I was unable to
express in my native Chinese. (There is considerable truth in this
statement, at least according to studies in linguistic philosophy and
anthropology that indicate our basic feelings and conceptions are, in many
ways, intimately related to our particular language, and, thus, in
learning a new language we, in effect, acquire a new set of feelings. In
this regard, recall Wittgenstein's comment that language is a kind of
entire ethos of life). Having acquired the basics, suppose I was then able
to master the grammar and syntax of English with its strict rules on
structure and word order, all the while noticing that, in certain
respects, English and Chinese shared a number of
similaritiesâsubject-verb-noun order, for instanceâthough the
differences were also apparent. English and Chinese are not, as some
suggest, completely incompatible. Furthermore, I would no longer believe
the old adage that "Chinese has no grammar," a view made popular ever
since >i>Master Ma's Grammar>/i> (Mashi wentong).
Journal: Chinese Economy
Pages: 51-57
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Zhang Weiying
Author-X-Name-First: Zhang
Author-X-Name-Last: Weiying
Title: Has Economic Freedom Already Given Way to Democracy?
Abstract:
The article by Dr. Cui Zhiyuan entitled "Theoretical Background of
Corporate Law Reform in Twenty-Nine States in the United States and Its
Application to China" (>i>Economic Research>/i>, no. 4, 1996) touched on a
number of important issues relevant to the theory of the firm. Flawed in
its logic and overall argument, the article also reflects a rather poor
understanding of recent research on the theory of the firm developed by
economists over the past few decades, something clearly evident in its
many citations and notes on classical works in the field. Take Cui's
discussion of Hirschman's article on "Moral Risks of Teams," published in
1982, which Cui misinterprets and, at times, seems to completely
misunderstand.
Journal: Chinese Economy
Pages: 70-78
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
"Private property!" "Ownership rights!" "The logic of the market!" "The
public order!" Welcome to the new discourse of China's current breed of
academics and intellectual commentators. Forty years after Mao Zedong
announced that China was on a direct path to communism, thirty years after
"capitalist tails" were subject to "merciless blows and resolute
struggle," and twenty years after Deng Xiaoping launched China toward
economic reform, China's intelligentsia are engaging in a dialogue and
exchange of ideas more appropriate to the board rooms of Wall Street and
the confines of the U.S. Federal Reserve Bank than to a country still
officially "socialist." Friedrich von Hayek, James Buchanan, Alfred
Marshall, Mancur Olson, John Rawls, and Michael Walzer are now the icons
and inspiration for Chinese thinkers grappling with the country's enormous
changes and unfulfilled expectations. Marx, Lenin, and Stalin are now not
only passé, but worse, irrelevant and a bore. Is it any wonder that Mao's
crystal sarcophagus ensconced in the middle of Tiananmen Square is about
to implode?
Journal: Chinese Economy
Pages: 3-4
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Zhang Shuguang
Author-X-Name-First: Zhang
Author-X-Name-Last: Shuguang
Title: Individual Rights and State Power
Abstract:
1. The logic of the market economy and the concept of state is a major
topic that is not easily addressed. Scholars have analyzed it from a
variety of perspectives in both theoretical and practical terms relying on
logical deduction and analogies to the world of art, along with approaches
influenced by political science, economics, and sociology. Each of these
have contributed to our overall understanding of the topic, but none has
been able to elucidate the entire truth, and so, additional research
articles on this topic will continue to be churned out. Keenly aware that
a detailed discussion of such a fundamental issue as individual rights and
state power cannot be provided here, my purpose is simply to propose a few
points of discussion and analysis.
Journal: Chinese Economy
Pages: 8-12
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Fan Gang
Author-X-Name-First: Fan
Author-X-Name-Last: Gang
Title: Government as a Public Organ
Abstract:
As China enters the stage of economic and social reform, some people think
that the introduction of markets will somehow weaken or reduce the power
of government over society. Popular indeed is the view that the market
equals "anarchism" (>i>wuzhengfu>/i>). Establishing the market mechanism
does require government controls to be limited and state authority to
retreat from domains outside its legitimate regulatory functions, so as to
improve its performance in the normal arenas of operation, namely,
ensuring social order and mediating conflicts over property, and so forth.
Contrast this with the extensive role the state played in the central
planning system in which the government "became a capitalist owner"
(>i>dang ziben suoyouzhe>/i>) "managing enterprises" (>i>guan qiye>/i>)
and "supervising production" (>i>guan shengchan>/i>), all rolled up into
one. But, at the same time, this almighty state machine was intimately
involved in economic management, it patently failed to fulfill its more
conventional role of ensuring the availability and ample supply of "public
goods" (>i>gonggong wupin>/i>). State administrators stuck their noses
into every aspect of economic decision makingâfrom heavy and light
industry to servicesâbut when it came to provisioning public amenities,
such as good roads, schools, and sewage systems, these same administrators
were nowhere to be found.
Journal: Chinese Economy
Pages: 18-28
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Gu Xin
Author-X-Name-First: Gu
Author-X-Name-Last: Xin
Title: The Pluralistic Concept of Justice and the Public Order
Abstract:
Any reputable discussion of the proper form of public order in China
requires that we first establish a fundamental principle of social
justice. This is especially true during our country's current transition
whereby old norms and conventions are rapidly disappearing and new
institutional forms are gradually emerging.
Journal: Chinese Economy
Pages: 46-50
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Wang Dingding
Author-X-Name-First: Wang
Author-X-Name-Last: Dingding
Title: The Three Basic Presuppositions of Economists
Abstract:
The contemporary study of economics originally derived from the moral
vision of Adam Smith and was reformulated in two stages, first by Alfred
Marshall [>i>Principles of Economics>/i>] and, second, by Paul Samuelson
[>i>Economics>/i>]. Throughout this process, the fundamental premise of
the "rational economic actor" has remained unchanged, despite the fact
that currently the concept of rationalism is itself under critical assault
in economics.
Journal: Chinese Economy
Pages: 65-69
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Liang Zhiping
Author-X-Name-First: Liang
Author-X-Name-Last: Zhiping
Title: Market, Society, and the State
Abstract:
While the previous symposium held by >i>Res Publica>/i> dealt with "The
Logic of the Market and the Concept of the State," the topic of the
present symposium is "Public Order in a Market Society" (>i>shichang
shehui yu gonggong zhixu>/i>). What significance, you may ask, is there in
this change of topics? And how is this new subject tied to basic logic?
For the moment, I would like to avoid any discussion of these issues and
simply note that these very fundamental concepts are all interconnected in
both theoretical and practical terms. Combining and conjoining them in a
variety of ways not only illuminates the logic and rationale behind each
concept, but also illustrates the basic theoretical interest of their
proponents. I will admit that my "diffuse discussion" (>i>manyi>/i>) of
"Market, Society, and the State" may be somewhat casual, but I would still
contend that there is considerable significance to what I have to say.
Simply put, it is my hope that in focusing on the relation of "market" and
"state," some prominence for the place of "society" will be established,
while, at the same time, the subtle and complex relationship among the
three will also be illuminated. The fact of the matter is that all
threeâmarket, society, and stateâare relevant to the formation of
"public order."
Journal: Chinese Economy
Pages: 41-45
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Zhang Yuyan
Author-X-Name-First: Zhang
Author-X-Name-Last: Yuyan
Title: The Economic Significance of Democracy
Abstract:
Economists are known to love to apply their omnipotent tools of economic
analysis to just about every phenomena, including natural ones. Whether
this basic "flaw" by economists will result in a general social crisis, or
simply undermine their own academic credentials, I cannot say. But one
thing is certain: the only hope they have of making a contribution to
humanity is by the short-cut route offered by this "flaw." Such an effort
is apparent in the topic I have chosen for my paper, namely, the economic
significance of democracy. To understand my reasons for pursuing this
issue, look no further than the recent article by the economist Mancur
Olson (University of Maryland) entitled "Dictatorship, Democracy, and
Development" (>i>American Political Science Review>/i> 87, no. 3,
September 1993, pp. 567-76).
Journal: Chinese Economy
Pages: 85-97
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Qin Hui
Author-X-Name-First: Qin
Author-X-Name-Last: Hui
Title: Mutual Restraint, Mutual Promotion!
Abstract:
Over the past few years, Eastern and Western cultures have once again
become popular topics of comparative study. Unlike the "cultural heat"
(>i>wenhua re>/i>) of recent vintage with its study of values, this new
approach is focused much more on comparing political and economic
systems.>sup>1>/sup> The two most important concepts for
analysisâ"economic freedom" and "economic democracy"âare both products
of the West, though this time around there is little consideration of
"human nature" as the primordial element of the argument. Despite this
continued domination of Western notions, many people have concluded that
in China's recent history the system that existed prior to reform was, in
fact, more "economically democratic" than its Western counterparts where
excessive freedom needed to be corrected by the introduction of Mao
Zedong's vision of "economic democracy." Others, of course, take a
different, though still nationalist, view, namely, that the height of
"economic freedom" in China was achieved under the traditional system that
had existed for thousands of years prior to the Opium Wars in the
mid-nineteenth century. It, too, was superior to the system in the West
where excessive democracy requires correction by the introduction of
Confucian principles of "economic freedom." As opposite as these views
are, they share two common points: (1) both assert the superiority of
Chinaâeither in its pre-1978 reform or traditional, pre-Opium War
modeâto the West, something presented as a source of national pride; and
(2) both argue that economic freedom and economic democracy are
contradictory principles involving "mutual restraint" (>i>xiangke>/i>).
Journal: Chinese Economy
Pages: 79-84
Issue: 4
Volume: 32
Year: 1999
Month: 7
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> translates three articles that
reflect on the relationship between economic and political reform from
different perspectives. Hu Angang, a well-known and prolific writer on
economic and political matters at the Chinese Academy of Sciences, has
long worried about the relationship of economic development and political
stability. In the first article presented here, Hu argues that China's
political system has changed more than generally acknowledged, though it
has not taken the form of democratization. Indeed, Hu argues that reforms
can be of two types, those that enhance economic development and those
that pursue political democratization without regard for the economic
consequences. Hu obviously favors the former (in implicit contrast with
the reforms pursued in the former Soviet Union), but this does not mean
that he is uninterested in political reform. Indeed, Hu is part of a group
of what might be called "neostatist" theorists who are working to
institutionalize the state. As Hu puts it, the Chinese state must make the
transition from a revolutionary state to a ruling state. This task
includes stabilizing the leadership, maintaining continuity in public
policy, making government institutions more effective, and reducing the
arbitrariness of government. This is an important agenda that has been
taken up in some quarters, but Hu shies away from the specifics of how
such reforms can be accomplished.
Journal: Chinese Economy
Pages: 3-4
Issue: 5
Volume: 32
Year: 1999
Month: 9
Keywords:
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Author-Name: Hu Angang
Author-X-Name-First: Hu
Author-X-Name-Last: Angang
Title: The Aim of Political Reform in China Is to Promote Economic Development
Abstract:
Every country has its own peculiar set of conditions and national
circumstances, its own peculiar traditions, and its unique path to follow.
In particular, when it comes to an enormous developing country such as
China, a country with such a huge population and such a vast territory,
with its background of uneven development and yet such a long history, it
is simply impossible to expect it merely to adopt and emulate the model of
another country, no matter whether it is the "planned economy" model of
the Soviet Union, or the "democratic" model of the West; its reform and
development has to be, from first to last, a matter of innovation and
creation of its own peculiar pathway.
Journal: Chinese Economy
Pages: 5-25
Issue: 5
Volume: 32
Year: 1999
Month: 9
Keywords:
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Author-Name: Hu Jiayong
Author-X-Name-First: Hu
Author-X-Name-Last: Jiayong
Title: An Empirical Analysis of the Amount of Resources Controlled by the Government
Abstract:
In the final analysis, a society's property-rights structure and the
framework of its government-enterprises relationship are determined by the
amount of resources controlled by and at the disposal of the government.
Therefore, restricting the amount of resources controlled by and at the
disposal of the government is a precondition for rationalizing and putting
in order the relationship between the government and the enterprises. One
of the fundamental reasons that, since the inauguration of reform, we in
China have so far failed to effectively separate the government from the
enterprises and that we are today faced with such difficulty in
reorganizing our state-owned economic sector is that the government still
controls a tremendous amount of resources. Thus, breaking up the
government's control of resources will become a major task of further
reform, and it will serve to lay an economic foundation for reforming our
political system. Along such a line of thought, this article seeks to
provide an empirical analysis of the amount of resources controlled by the
government, and to propose a fundamental way to break up the government's
control of resources.
Journal: Chinese Economy
Pages: 69-93
Issue: 5
Volume: 32
Year: 1999
Month: 9
Keywords:
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Author-Name: Guo Shuqing
Author-X-Name-First: Guo
Author-X-Name-Last: Shuqing
Title: The Government's Role in China's Market Economy
Abstract:
The government has played an extremely important role in the processes of
transitioning the economic system from one track to another over the past
twenty years; this is because, on the one hand, while the traditional
planned economic system had been completely dominated by the government,
on the other hand, reform and opening up had also been initiated and
propelled by the government. In addition, in regard to the objectives and
modes of reform, the overwhelming majority also believes that we should
adopt a mode of reform that will produce a kind of market economic system
in which the government will play a very positive role. In the wake of the
Asian financial crisis, however, there has been a major change in people's
understanding in regard to this particular point. People seem to have
begun harboring doubts about others, and, at the same time, their
self-confidence has begun to be shaken, and even the very existence of a
so-called Asian miracle has been brought into question. What remains
certain and has not changed is the affirmation that further steps should
be taken to marketize and monetize the national economy, to further
standardize and control the government's and the enterprises' behavior,
and to continue to enhance the degree of openness to the outside world.
Nonetheless, all these are matters of the most general principles, and how
to bring these principles to concrete realization remains a matter of a
great deal of discussion, debate, and definition. This article is an
attempt precisely in this regard.
Journal: Chinese Economy
Pages: 26-68
Issue: 5
Volume: 32
Year: 1999
Month: 9
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
There have been many important intellectual debates in recent years. This
issue of >i>The Chinese Economy>/i> takes up two of these. The first
article looks carefully at the macroeconomic data regarding Chinese
economic performance and argues that the government has overshot the mark
twice, first by holding to a tight monetary policy long after its negative
effects outweighed its positive effects, and second by reversing course so
strongly in 1998 that the negative effects of >i>that>/i> policy will
outweigh the positive effects. The second article contributes to an
ongoing debate about the nature of modernity and globalization. Although
appearing at first glance abstract and theoretical, this issue is central
to the divisions among intellectuals in contemporary China.
Journal: Chinese Economy
Pages: 3-5
Issue: 6
Volume: 32
Year: 1999
Month: 11
Keywords:
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Author-Name: Wang Sirui
Author-X-Name-First: Wang
Author-X-Name-Last: Sirui
Title: Modernization and the Mainstream of Human Civilization
Abstract:
The magnificent and irrepressible intellectual wave of modernization
thought in the 1980s was shaped byâand the consequence ofâthe
confluence of the "waters" from three intellectual sources. The first of
these was the intellectual tradition that had been formed by China's
intelligentsia since the beginning of the twentieth century; the second
was made up of the mainstream modernization theories that came out of the
scholarship in the social sciences in other countries since the 1960s; the
third was an ideology of modernization that had gradually taken shape
since the Third Plenum of the Eleventh Central Committee [of the Chinese
Communist Party in 1978] (this last is something that Wang Hui has
described as a "Marxist ideology of modernization" that is to be
distinguished from Mao Zedong's "antimodernist Marxist ideology of
modernization").>sup>1>/sup>
Journal: Chinese Economy
Pages: 53-96
Issue: 6
Volume: 32
Year: 1999
Month: 11
Keywords:
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Author-Name: Meng Lian
Author-X-Name-First: Meng
Author-X-Name-Last: Lian
Title: An Analysis of the Economic Environment and Economic Policy in China in Recent Years
Abstract:
Since early 1998, in order to resolve the problems of the looming
financial crisis and to expand [domestic] demand, the government [of
China] undertook many projects and has achieved considerable success.
Nevertheless, our national economy is always a tremendous and extremely
complicated system. For a huge developing country such as ours, situated
as it is in the preliminary stage of the transformation from a planned
economy to a socialist market economy, and faced with an environment in
which science and technology are developing rapidly throughout the world,
and in which there is an extraordinarily intense competition among all
kinds of economic forces, it is in no way surprising or unexpected that we
would frequently encounter all sorts of difficulties and problems in our
economic growth and development. We ought to be confident that under
normal and general conditions, for every difficulty that we encounter in
economic development, there are bound to be manyâand at least
twoâmethods of resolution. We are entirely capable of finding the
correct method to overcome our difficulties and resolve our problems and,
in the end, bring about our society's economic growth relatively quickly
and well. Precisely for these reasons, the analysis of the economic
environment and of our economic policies has to be a topic to which we
have to pay special and frequent attention. Objectively speaking, the
economic environment is itself multifaceted, multilayered and susceptible
to change. This means that in terms of policy analysis, we have to strive
to avoid becoming subjective, one-sided, or ossified in our ways of
thinking. Instead, those of us involved in the work of economic study and
research must observe the economic situation, analyze policy, and raise
questions from many angles and perspectives.
Journal: Chinese Economy
Pages: 6-52
Issue: 6
Volume: 32
Year: 1999
Month: 11
Keywords:
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Author-Name: Hsüeh Mu-ch'iao
Author-X-Name-First: Hsüeh
Author-X-Name-Last: Mu-ch'iao
Title: The Law of Value and Our Price Policy
Abstract:
Price is the product of a commodity economy. The price of a commodity in a
capitalist country is determined by the law of value which, by means of
price changes, spontaneously adjusts the production and distribution of
commodities. In that context, price fluctuations are like a "barometer"
that reflects capitalist economic conditions, especially various changes
in market conditions. It points out to capitalists the directions of
production growth and commodity flow; to a large extent it affects the
livelihood of the laboring people. In a socialist state, the production
and distribution of commodities are determined by state planning based on
the law of the planned, proportionate development of the national economy.
Commodity prices are also determined by state planning. Nonetheless, in
determining commodity prices, it is necessary for the state to correctly
utilize the law of value and to carefully consider the functions exercised
by it. Socialist states enact a correct price policy in keeping with the
law of planned, proportionate development of the national economy and with
the requirements of the law of value, in order to accelerate the
development of production, facilitate the flow of resources, stabilize the
people's livelihood, and solidify and develop the socialist economy. There
is a subjective aspect to price policy, which can by enacted and revised
in accordance with the will of the people; there is an objective aspect to
the law of value, which cannot be changed at will. Thus, in enacting price
policy, it is incumbent on us to study earnestly the law of value.
Journal: Chinese Economy
Pages: 99-118
Issue: 2
Volume: 3
Year: 1969
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1969:i:2:p:99-118
Template-Type: ReDIF-Article 1.0
Author-Name: Long Yongtu
Author-X-Name-First: Long
Author-X-Name-Last: Yongtu
Title: On the Question of Economic Globalization
Abstract:
In July of last year, a financial crisis that originated in Thailand
rapidly swept across all the countries of Southeast Asia and then affected
Korea and Japan, eventually causing tremors all over the globe. This
brought people to a deeper realization of the increasingly intricate
interrelationships among the economies of the countries of the worldâthe
relationships of mutual linkage, penetration, influence, and
interdependenceâthat exist among all our economies around the planet.
The globalization of the economy has become indeed an unavoidable reality,
a great trend that does not depend on human will. Only when we look at the
issues against the broad backdrop of economic globalization can we have a
fuller and better understanding of the deep-seated reasons that caused the
Southeast Asian financial crisis, and only then can we bring forward
[sound] policy proposals that are in conformity with reality regarding how
we may best do our economic work in the future.
Journal: Chinese Economy
Pages: 53-76
Issue: 1
Volume: 33
Year: 2000
Month: 1
Keywords:
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Author-Name: Long Yongtu
Author-X-Name-First: Long
Author-X-Name-Last: Yongtu
Title: On the Question of Our Joining the World Trade Organization
Abstract:
In 1992, and again in 1993, I came to the Central Party School to talk
about the problems surrounding our country's entrance into the World Trade
Organization (WTO). Five years have elapsed since then, and yet the
negotiations regarding China's entrance into the WTO have not yet come to
a close, and here I am, again, still talking with you about the same
problems and raising the same old issues. Indeed, as someone who has taken
part in the negotiations on the front line of this whole affair, I truly
feel quite ashamed [at the lack of progress]. Today, as I come to talk
with you, I would like, on the one hand, to explain to you the situation
that we are in, and, on the other hand, I hope to be able to win your
understanding and support. I'd like to talk briefly about three issues.
First of all, why is it that, after so many years of bargaining and
negotiations, we still have not yet come to the heart of the problem? What
are the reasons behind this situation? Let me say, however, that my
purpose is not to try to find some excuse to exonerate those comrades who,
like myself, are in charge of and are responsible for this area of work,
for our inability to have completed our task. What I mainly would like to
do is see if I can explain to you, my comrades, some of the problems that
lie at the deeper levels of the issue. Second, why is it that we are still
involved in the negotiations and will continue to be in the negotiations?
In other words, what are the pros and consâor advantages and
disadvantagesâfor us if we joined the WTO? And why do we believe that
the advantages are greater than the disadvantages? Third, I would like to
say something about the guidelines that lead us in our negotiations at
this time, and the overall shape and conditions that the negotiations are
in.
Journal: Chinese Economy
Pages: 5-52
Issue: 1
Volume: 33
Year: 2000
Month: 1
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> translates three articles, two by
Long Yongtu, vice minister of the Ministry of Foreign Trade and Economic
Cooperation (MOFTEC) and China's chief negotiator for the General
Agreement on Tariffs and Trade and the World Trade Organization
(GATT/WTO). Both articles by Long were given as speeches to the Central
Party School, the first in the spring of 1998 and the second in the fall
of the same year.
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 33
Year: 2000
Month: 1
Keywords:
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Author-Name: Zhang Changchun
Author-X-Name-First: Zhang
Author-X-Name-Last: Changchun
Title: An Analysis of the State of the Utilization of Foreign Capital in Our Country in 1999
Abstract:
The general state of utilization of foreign capital in our country in 1999
is primarily determined by factors in the following three areas: First,
the progress that is being made in the rebuilding of financial markets and
economic reforms in those Asian countries (or regions) that are important
sources of foreign capital [for our country] and that suffered severe
damage in this [financial] crisis [in Asia]. Second, the degree to which
the Asian financial crisis spreads [to other regions of the world] and its
impact on the economy in Europe and in the United States. Third, the
condition of our domestic economy and the new developments that we are
making in terms of the policy of opening up to the outside world. Based on
the state of affairs in 1998 and an analysis of the state of affairs in
these three areas, we project that in 1999 there will be a slight increase
in our country's utilization of foreign capital compared to 1998.
Journal: Chinese Economy
Pages: 77-92
Issue: 1
Volume: 33
Year: 2000
Month: 1
Keywords:
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Author-Name: Jin Baisong
Author-X-Name-First: Jin
Author-X-Name-Last: Baisong
Author-Name: Wang Le
Author-X-Name-First: Wang
Author-X-Name-Last: Le
Title: On the Impact of the East Asian Financial Crisis on Our Foreign-Trade Enterprises' Export Trade
Abstract:
Recently, our institute, in conjunction with the Development Division of
the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), organized
its staff to conduct a survey of foreign-trade, industrial-trade, and
foreign-funded enterprises. The subjects of this study comprised 1,400
enterprises specializing in foreign trade, the largest 500 enterprises in
China in which foreign capitalists have made investments, and 100
enterprises that conduct export-import business on their own. The combined
total of imports and exports made by these three types of enterprises
accounts for more than 80 percent of our country's annual exports and
imports. The results of this investigation and study, therefore, to a
significant extent reflect the impact that the [Asian] financial crisis
has exerted on our country's overall export trade.
Journal: Chinese Economy
Pages: 85-91
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:33:y:2000:i:2:p:85-91
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
China's entrance into the World Trade Organization (WTO) has been
controversial, not only in the United States but also in China. Unlike the
old days, when foreign-policy decisions went unchallenged by the public, a
very lively debate on the benefits and costs of joining the WTO has
emerged in China in the past few years. This issue of >i>The Chinese
Economy>/i> reflects some of these debates.
Journal: Chinese Economy
Pages: 3-5
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Di Yinqing
Author-X-Name-First: Di
Author-X-Name-Last: Yinqing
Author-Name: Zheng Gang
Author-X-Name-First: Zheng
Author-X-Name-Last: Gang
Title: What Does China's Joining the WTO Actually Imply with Regard to China's Long-term Interests?
Abstract:
For the last decade or so, China has been dealing with the question of its
joining the General Agreement on Tariffs and Trade/World Trade
Organization (GATT/WTO) in the same way that it has dealt with the issues
of reform and opening up the country to the outside worldâin other
words, consistently and with a great deal of enthusiasm, even passion.
Furthermore, from many people's perspective joining the WTO may have
become equated with opening up the country itselfâand not joining the
WTO would then be equated with closing the door and keeping to ourselves.
In line with the Western media's increased propaganda about the tide of
globalization and its benefits to everybody, the mood on the part of the
people in our own country with regard to supporting China's entrance into
WTO has become, it seems, increasingly urgent, as if this is an inevitable
option that is in conformity with the trend of history. Even though
business circles may feel some anxiety, such concerns seem easily replaced
by an even stronger feeling of urgency. This is because from the
perspective of business people, entering the WTO is not something that can
be avoided. Even if some enterprises are hurt, such damage must be
endured, like any birth pang. It can be said that the primary reason that
China was unable to join the WTO previously was that the United States was
just too harsh in its conditionsâand, in fact, kept raising the stakes
by asking for more and more concessions from us, pushing us to the wall
every step of the way, and making it really difficult for us to offer a
decent account of our [desire to join]. As for what joining the WTO would
actually bring China, people tended to simply assume that joining the WTO
is already a set orientation, and therefore they do not fully examine the
enormous potential risk inherent in it.
Journal: Chinese Economy
Pages: 13-22
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Di Yinqing
Author-X-Name-First: Di
Author-X-Name-Last: Yinqing
Author-Name: Zheng Gang
Author-X-Name-First: Zheng
Author-X-Name-Last: Gang
Title: Why Is the United States Anxious to Resume Talks with China on China's Entrance into the WTO?
Abstract:
Let us start with the strategic interests of the United States. In
reality, the United States is a country that takes ideology most
seriously. For the last twenty years or so, the United States has
consistently exerted great effort in selling its ideology to other
countries around the world. This includes such things as liberalized
trade, a more liberal flow of capital, globalization, and the
corresponding ideas of neoliberal economics. These are the ideologies of
the United States, as well as where the strategic interests of the United
States lie. In other words, all policies and measures that conform to
these ideologies will also be in conformity with U.S. strategic interests.
Journal: Chinese Economy
Pages: 6-12
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Sun Zhenyuan
Author-X-Name-First: Sun
Author-X-Name-Last: Zhenyuan
Title: The Challenges That China Will Face with Regard to Its Agricultural Policies After Joining the WTO
Abstract:
Even though we have made tremendous progress in our agricultural
production over the last twenty or so years, in the overall sense, our
country's agriculture is still only in the primary stage of the transition
from a traditional agriculture to a modern one, or, at best, in the
intermediate stage of this transition. Our agriculture has not changed
much from its state of weakness, and overall, we have not turned away from
the conditions of negative protection. At this time it is still necessary
to make contributions to our country's industrialization. As our
agriculture begins to open itself up to the outside world, to deal with
these conditions, and to keep up with what is going on in the world, it
will face many major challenges. In essence, this is precisely the
challenge in store for China's agricultural sector: successful movement
toward the outside world will open up a whole new sphere for our
agricultural sector; [at the same time,] if our agricultural sector fails
to keep up with what is going on in the world outside, it will find itself
in a tight spot.
Journal: Chinese Economy
Pages: 54-66
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Wang Yingxin
Author-X-Name-First: Wang
Author-X-Name-Last: Yingxin
Title: The Reasons for the Decline in Our Country's Exports and Proposals for Dealing with This Issue
Abstract:
During the first quarter of this year [1999], our country's exports
declined by 7.9 percent, placing us in a very difficult situation in
respect to foreign trade. Recently, our academy's Research Center for
Foreign Economic Relations and Trade and International Finance, in
conjunction with the editorial board of the journal >i>Caimao jingji>/i>
[Economics of Finance and Trade], held a symposium on "Expanding Exports
and Increasing the Utility of Foreign Capital by Every Possible Means."
Scholars and specialists who attended this conference offered analyses of
the factors that may have contributed to the decline in our country's
exports and made suggestions as to how we may deal with this issue. What
follows is a summary of their findings and proposals.
Journal: Chinese Economy
Pages: 74-84
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Liang Yanfen
Author-X-Name-First: Liang
Author-X-Name-Last: Yanfen
Title: The Impact on China's Enterprises of Joining the WTO
Abstract:
It has been thirteen years since China inaugurated its application to
recover its status as a signatory nation in the General Agreement on
Tariff and Trade (GATT) in July 1986; and it has been quite some time
since China applied, in 1995, to become a member of the World Trade
Organization (WTO). In the interim, we have held more than twenty
multilateral work group meetings and several hundred bilateral
negotiations with these countries around the world. In these dozen or so
years, China has made extraordinarily great efforts in many areas,
including dealing with the reform of tariff- and nontariff-related
measures of trade, arranging for opening up and loosening constraints on
the treatment of citizens in the area of trade, opening up our
services-trade markets, reforming our trade system and its regulations,
reducing technological barriers, and so on. On April 10, 1999, China
arrived at an agreement with the United States regarding an important part
of the overall agreements necessary for China to join the WTO and signed
the Agreement on U.S.-China Agricultural Cooperation. With this agreement,
China acceded to eliminating import restrictions on wheat, citrus
products, beef, and poultry from the United States and agreed to lift the
ban on the import of wheat from seven states in the northwest region of
the United States, as well as the ban on the import of citrus fruits from
four states, including California. This is a crucial step, and it
signifies that the negotiations on China's joining the WTO have reached a
new level.
Journal: Chinese Economy
Pages: 33-41
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Di Yinqing
Author-X-Name-First: Di
Author-X-Name-Last: Yinqing
Author-Name: Zheng Gang
Author-X-Name-First: Zheng
Author-X-Name-Last: Gang
Title: The Key Is to Control the Initiative in Economic Development
Abstract:
From the perspective of the well-being of all the people of China, whether
China joins the World Trade Organization (WTO), when it joins, and under
what conditions it joinsâall these are unimportant. What is important is
that, no matter how China joins the WTO, it must do so in a way that
conforms to the long-term interests of the country and people. On this
matter, we should learn well from the United States. The elite of U.S.
political and business circles all have a deep understanding of the
long-term interests of the United States, and they know very well how to
enhance their immediate interests without adversely affecting their
long-term interests. They have always kept the initiative in developing
the U.S. economy firmly and securely in the hands of the United States
itself, and they would never permit damage to the country's economic
security. This is precisely why they are so wary about China's obtaining
access to cutting-edge U.S. technology, and why they would even go so far
as to threaten and impose sanctions on their allies and give up the
extensive revenues that they would otherwise gain from their export trade.
Journal: Chinese Economy
Pages: 23-32
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Wang Luolin
Author-X-Name-First: Wang
Author-X-Name-Last: Luolin
Title: If China's Services Industry Is to Be Successful in Opening Up to the Outside World, It Must First Succeed in Handling Several Relationships Correctly
Abstract:
In recent years, guided by an ideology that is both positive and steady,
we in China have gradually accelerated the pace of opening up our services
industry to the outside world. We have, to a limited extent, opened up a
number of service sectors, including professional services, computer and
related services, petroleum exploration and development services, and
services in construction, real estate, urban planning, banking, insurance,
trade, transportation, and so on. The achievements that our services
industry has already made in opening up are apparent. Nonetheless, from a
general perspective, access to China's service sector is still very low,
and there are still, relatively speaking, too many restrictions, and
therefore this has become a focal problem in the negotiations on China's
admittance to membership in the World Trade Organization (WTO).
Journal: Chinese Economy
Pages: 42-48
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Wen Tiejun
Author-X-Name-First: Wen
Author-X-Name-Last: Tiejun
Title: The Impact That the Terms in the WTO Negotiations Between China and the United States Involving Agriculture Will Have on Our Country
Abstract:
The Agreement on U.S.-China Agricultural Cooperation was signed on April
10 of this year [1999], under conditions in which China clearly made
significant concessions. After signing the agreement, the U.S. government
announced that the United States would "firmly support the People's
Republic of China's entrance into the World Trade Organization (WTO) in
1999." With that announcement, the negotiations on China's joining the
WTOânegotiations that have taken a long thirteen yearsâwere finally
given a "pledge of support" that makes it possible to believe that China
will be in the WTO within a year.
Journal: Chinese Economy
Pages: 67-73
Issue: 2
Volume: 33
Year: 2000
Month: 3
Keywords:
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Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
So you think the economic reforms instituted in China since 1978 have been
a great success? That China, now the world's third largest economy in
gross terms, is "on a roll" toward becoming an "economic giant" and one of
the major players in the newly emerging global economy? That, compared to
former communist countries that adopted political democracy >i>and>/i>
reform, especially Russia, China has maintained a better balance between
political stability and economic growth that should, in fact, be emulated
by other comparable nations? The "Chinese economic miracle" is a reality,
you believe, and so the world must sit up and take notice.
Journal: Chinese Economy
Pages: 3-6
Issue: 3
Volume: 33
Year: 2000
Month: 5
Keywords:
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Author-Name: Qin Hui
Author-X-Name-First: Qin
Author-X-Name-Last: Hui
Title: Social Justice and the Scholarly Conscience
Abstract:
When asked to write this introduction, I had the fortunate opportunity to
read the entire manuscript by He Qinglian. Thrilled by what I had read, I
sat down and managed to write up in one fell swoop this brief piece.
Rather than calling this little creation of mine an "introduction," I
would prefer to label it a full-fledged "book review."
Journal: Chinese Economy
Pages: 15-31
Issue: 3
Volume: 33
Year: 2000
Month: 5
Keywords:
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Author-Name: Zhu Xueqin
Author-X-Name-First: Zhu
Author-X-Name-Last: Xueqin
Title: A Knock at the Door
Abstract:
He Qinglian is probably not unfamiliar to the generation of Chinese who
experienced the ideological enlightenment and cultural debates of the
1980s. Her first book, entitled >i>Population: China's Sword of
Damocles>/i> [Renkou: Zhongguo de xuanjian], was published in 1988, and,
although it won Ms. He some attention, all eyes at that time were on the
issue of ideological enlightenment and cultural fever that produced some
positive effects though more fundamental issues such as those discussed by
Ms. He were left on the back burner. And while these cultural issues are
in fact still quite trendy today, to her credit, He Qinglian has been
largely unaffected by them. Instead, her book on population cut right to
the core of China's current dilemma: the enormous constraints on social
development posed by the increasingly unfavorable balance between
population and natural resources. Hers was a wake-up call to many people
that forced them to sit down and consider whether issues other than the
usual fruitless and interminable discussion of the all-embracing cultural
"origins" of all our problems need to be seriously addressed. Following
publication of her first work, Ms. He moved to Shenzhen in southern China
where she sought more concrete experiences and personal reflections that
went beyond her eight years of scholarly training. For three or four
years, she wrote and said little, until she began to produce cogent and
thought-provoking articles for some of China's most avant-garde journals,
in which she focused on actual conditions in our country rather than the
fancy theories promoted by perfume-parlor pundits that so often fill these
publications. And now, eight years since publishing her first work, she
has once again won our attention with a new "knock on the door" that we
cannot ignore. Indeed, we would be derelict if we dismissed the
contribution she has made to the realm of ideas in China in the new and
provocative work that follows.
Journal: Chinese Economy
Pages: 7-14
Issue: 3
Volume: 33
Year: 2000
Month: 5
Keywords:
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Author-Name: He Qinglian
Author-X-Name-First: He
Author-X-Name-Last: Qinglian
Title: Chapter 1. A Socialist Free Lunch
Abstract:
Since the advent in 1978 of economic reform in China, the essence of the
ongoing transition from a planned to a market economy has been a
redistribution of social capital and a readjustment of various interest
relationships. Throughout this process, what I term the "marketization of
power" (>i>quanli de shichanghua>/i>) has played a crucial role in
producing one of the most striking characteristics of this reform: from
its beginning to its completion over the past dozen years in contemporary
China, we have witnessed the primitive accumulation of capital. Of short
duration, this rapid accumulation of great amounts of capital and wealth
is quite unprecedented.
Journal: Chinese Economy
Pages: 32-56
Issue: 3
Volume: 33
Year: 2000
Month: 5
Keywords:
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Author-Name: He Qinglian
Author-X-Name-First: He
Author-X-Name-Last: Qinglian
Title: Chapter 2. The Land-Enclosure Movement of the 1990s
Abstract:
In the early 1950s, when the Chinese Communist Party carried out its
policy on land reform, rules and regulations on land use were established
consistent with the terms of a planned economy: the state controlled all
land and exerted authority to approve its use for various purposes. Not
until the passage of the "Land Management Law" (>i>tudi guanli fa>/i>) in
1986 was the old system that had existed for more than twenty years
fundamentally altered. The result was the coexistence in the rural economy
of two diametrically opposed approaches to land use: one via
administrative planning and the other by the leasing of land. Also
occurring at this time was the introduction into China's rural life of the
embryonic concept of a land market. But implementing new rules and
regulations in this complex and often contradictory situation was no easy
task. It was in this context that the "land-enclosure movement" emerged in
which primarily nonmarket measures were employed to bring about a
substantial redistribution of land resources.
Journal: Chinese Economy
Pages: 57-88
Issue: 3
Volume: 33
Year: 2000
Month: 5
Keywords:
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Author-Name: Mark Brenner
Author-X-Name-First: Mark
Author-X-Name-Last: Brenner
Title: Chapter 11. Reexamining the Distribution of Wealth in Rural China
Abstract:
Since the time of the classical political economists, the role of wealth
and its distribution has figured centrally in understanding the dynamics
of economic development. Prominent issues such as the distribution of
income and the incidence and severity of poverty have been linked to
wealth distribution,>sup>1>/sup> as have such considerations as the
long-term rate of growth and the dynamic efficiency of the economy. Indeed
even neoclassical economists, long advocates of the separability of equity
and efficiency concerns, have recently demonstrated a renewed attention to
the distribution of wealth and its role in the development
process.>sup>2>/sup> Yet analyses of the distribution of wealth in
developing countries are exceedingly rare. Moreover, where carried out,
they seldom offer a comprehensive treatment of all productive assets, and
often suffer from substantial shortcomings in their definitions or data,
or both.>sup>3>/sup>
Journal: Chinese Economy
Pages: 36-67
Issue: 4
Volume: 33
Year: 2000
Month: 7
Keywords:
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Author-Name: Azizur Rahman Khan
Author-X-Name-First: Azizur Rahman
Author-X-Name-Last: Khan
Author-Name: Keith Griffin
Author-X-Name-First: Keith
Author-X-Name-Last: Griffin
Author-Name: Carl Riskin
Author-X-Name-First: Carl
Author-X-Name-Last: Riskin
Title: Chapter 5. Income Distribution in Urban China During the Period of Economic Reform and Globalization
Abstract:
This chapter addresses three issues that are central to understanding the
effects of the transition in China from central planning to a more
market-oriented economic system. First, what have been the consequences of
the economic reforms for the distribution of income in urban areas?
Second, what has happened to the incidence of urban poverty? Third, have
government policies helped to diminish or accentuate urban poverty and
inequality? Answers to these questions are based upon a comparison of the
two national sample surveys, conducted in 1988 and 1995, which form the
main empirical basis for this book.
Journal: Chinese Economy
Pages: 28-35
Issue: 4
Volume: 33
Year: 2000
Month: 7
Keywords:
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Author-Name: Lina Song
Author-X-Name-First: Lina
Author-X-Name-Last: Song
Title: Chapter 12. Gender Effects on Household Resource Allocation in Rural China
Abstract:
While the distribution of income among social groups attracts serious
concern in China, resource allocation among members of households seems
overlooked. Research on household issues has been dominated by the
"unitary" model of household decision making, which treats all household
members as if they behaved as one. Understanding how rights,
responsibilities, and resources are allocated among household members can
help policymakers to monitor how inequality among household members is
changing.
Journal: Chinese Economy
Pages: 68-95
Issue: 4
Volume: 33
Year: 2000
Month: 7
Keywords:
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Author-Name: Carl Riskin
Author-X-Name-First: Carl
Author-X-Name-Last: Riskin
Title: Guest Editor's Introduction
Abstract:
The four essays in this issue are taken from thirteen essays that make up
>i>China's Retreat from Equality: Income Distribution and Economic
Transition, 1988 to 1995>/i> (M.E. Sharpe, forthcoming 2001). Rising
inequality has been a common feature of international economic development
in the most recent decades, and China is no exception. One of the world's
most egalitarian societies in the 1970s, China in the 1980s and 1990s
became one of the more unequal countries in its region and among
developing countries generally. This retreat from equality has thus been
unusually rapid. The Gini coefficient of inequality in household income
rose by seven percentage points (18 percent), or by one percentage point
per year, between 1988 and 1995.>sup>1>/sup> Inequality of rural household
per capita income rose an estimated 23 percent over the same seven years;
urban inequality increased even fasterâby 42 percent.>sup>2>/sup> The
reason the Gini ratio for overall inequality for China as a whole,
including both urban and rural households, increased at a lower rate than
that of either rural or urban distributions, taken separately, is that
overall inequality in China is dominated by the large urban-rural income
gap.
Journal: Chinese Economy
Pages: 3-7
Issue: 4
Volume: 33
Year: 2000
Month: 7
Keywords:
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Author-Name: Zhao Renwei
Author-X-Name-First: Zhao
Author-X-Name-Last: Renwei
Title: Chapter 2. Increasing Income Inequality and Its Causes in China
Abstract:
In the nineteen years since China started its economic system reform in
1978, great changes have taken place in the whole economy, including the
pattern of income distribution. This chapter tries to describe and examine
the changes in the pattern of income distribution in China, especially the
increasing inequality of income. Since income distribution is a big issue
that covers a wide range, the chapter tries to focus on some significant
aspects.
Journal: Chinese Economy
Pages: 8-27
Issue: 4
Volume: 33
Year: 2000
Month: 7
Keywords:
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Author-Name: Feng Aiqian
Author-X-Name-First: Feng
Author-X-Name-Last: Aiqian
Title: Forerunner at the Small-Commodities Market
Abstract:
This year, I am fifty-six. I come from Heping village in Feitang, Yiwu. I
clearly remember December 1, 1955, because on that day I changed from
being a consumer to being a producer by joining an
agricultural-forestry-and-animal-husbandry higher-level cooperative. It
covered a broad area ⦠that included the whole belt of yellow-earth
hills in the northwest corner of the county seat. After working there
full-time for three years, I was transferred to the labor-service company
in 1958 as a sales assistant. In 1962, Chiang Kaishek, who was illegally
occupying Taiwan, advocated "counterattacking the mainland" and the
situation became tense. My residency was transferred from the town to my
mother-in-law's village ⦠and I became a temporary worker instead of a
full-time one. Luckily my husband ⦠was an employee with the Chengyang
supply and marketing cooperative, so I had the opportunity to become a
dependent worker in the cooperative for seven years. In 1969, I returned
to the labor-service company. In 1979, I saw people carrying baskets,
selling various kinds of small commodities on the vacant site of the
hardware company (its buildings and foundations had been burnt down), and
business was not bad. I saw them arrive with baskets of goods and leave
with empty baskets, and bargaining on either side, the one taking cash and
the other goods. Although one had to constantly take into account whether
taxation or city industrial and commercial management committee personnel
would appear, the scene made my heart involuntarily thump with excitement
and I also wanted to give it a try. But my request was not approved and I
was forced to stay on at the labor-service company. On August 5, 1980, my
household registration was shifted from the countryside back to the town.
To change my residency, I had to sell my grain rations, and I sold four
hundred kilos of grain for 0.16 yuan per kilo and made eighty yuan. I was
reluctant to break up the eighty yuan, feeling that this was an
opportunity and that if I could get some more money together, I would have
some capital to do business! So I asked ⦠a cadre in the Choucheng
commune to find a way to help me, and borrowed three hundred yuan from [a]
commune cooperative. These 380 yuan became the capital for my business.
Journal: Chinese Economy
Pages: 91-99
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Keith Forste
Author-X-Name-First: Keith
Author-X-Name-Last: Forste
Title: Guest Editor's Introduction
Abstract:
The pace of economic growth in Zhejiang has been one of the most rapid of
any Chinese province during the reform period. The most prominent feature
of the type of economic growth experienced in Zhejiang has been rapid
rural industrial development powered by small-scale, crude, low-technology
plants, either collectively or privately run, and producing low-grade,
cheap consumer products for the country's massive rural
market.>sup>1>/sup> Large-scale, comprehensive, and specialist commodity
markets, primarily wholesale, serve as centers for the sale and
distribution of these products across China, thus forming what has been
described as an internally logical relationship between enterprises,
products, and markets in the province.>sup>2>/sup>
Journal: Chinese Economy
Pages: 3-14
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Zhou Guanfu
Author-X-Name-First: Zhou
Author-X-Name-Last: Guanfu
Title: Ten Years at the Market
Abstract:
In March 1984, I was transferred to the Yiwu county bureau of industry and
commerce ⦠[The following five pages of the original text have been
omitted.]
Journal: Chinese Economy
Pages: 77-85
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Xie Gaohua
Author-X-Name-First: Xie
Author-X-Name-Last: Gaohua
Title: Recalling the Rise of the Yiwu Small-Commodities Market
Abstract:
In April 1982, I was transferred to Yiwu county (now city) as secretary of
its party committee. At that time, many people knew Yiwu as a place famous
for its poverty. During those days when everyone got together for the
spring festival, the people of Yiwu picked up their shoulder poles and
traveled great distances, disregarding the freezing cold weather, to
"exchange candy for chicken feathers."⦠So, when my mother found out
that I was going to Yiwu to work, she was quite upset: "How can they
transfer you to that poor place?" Apart from its "poverty," I can really
say that I knew nothing else about Yiwu. Therefore, as a newly appointed
county party secretary, after I arrived in Yiwu as a complete stranger,
the first thing I had to do was to rely on the local organization, make
painstaking efforts, do a lot of investigation and research, listen and
see for myself, and as quickly as possible get to know the local situation
and become familiar with my work environment.
Journal: Chinese Economy
Pages: 48-64
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Fu Guishan
Author-X-Name-First: Fu
Author-X-Name-Last: Guishan
Title: My Involvement in the Opening of the Market
Abstract:
In 1956, I was transferred to work in the Yiwu county industrial and
commercial section (under the county government). On June 22 of that year,
the section was abolished and the county bureau of commerce was
established with an industrial and commercial administrative management
section. I was head of this section. In 1963, after the Yiwu county bureau
of industrial and commercial administrative management was established, it
shared an office with the bureau of commerce and implemented a system of
one set of personnel with two nameplates. Later, people said I "was born
in the bureau of commerce," and it was based on this situation.
Journal: Chinese Economy
Pages: 39-47
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: He Zhangxing
Author-X-Name-First: He
Author-X-Name-Last: Zhangxing
Title: Tribute to the Market City, Service to the Market
Abstract:
I was a military man who is now unexpectedly in charge of the largest
small-commodities market in Yiwu and even the whole country ⦠[several
sentences omitted].
Journal: Chinese Economy
Pages: 86-90
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Hu Qi
Author-X-Name-First: Hu
Author-X-Name-Last: Qi
Title: Yiwu's "Sliced-Candy Gang" (1965)
Abstract:
This was a popular jingle among Yiwu's "sliced-candy gang" in the old
society. The people of Yiwu had done this "sliced-candy" business for
several centuries, passing it down from one generation to another. It had
become a unique kind of business and had its own historical period of
existence in the life of the people.
Journal: Chinese Economy
Pages: 15-32
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Yang Shouchun
Author-X-Name-First: Yang
Author-X-Name-Last: Shouchun
Title: The Sound of the Candy Peddlers' Rattle Is Heard Once Again (1979)
Abstract:
This spring festival, snow covered the ground, turning it into a white
carpet. And amongst the silver-colored villages and trees the sweet sound
of the candy peddlers' rattle was music to the ear. It was the first time
it has been heard in eight years, and hearing it now was all the more
alluring.
Journal: Chinese Economy
Pages: 33-38
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Chen Zhengxing
Author-X-Name-First: Chen
Author-X-Name-Last: Zhengxing
Title: The Rise and Development of Yiwu's Small-Commodities Market
Abstract:
The daily commodities market at Huqingmen was a typical street market.
When it grew to between six and seven hundred stalls, traffic became
choked along the Huqingmen section of the road, and the stalls were forced
to extend along the old Hang[zhou]-Jin[hua] Road. With crude facilities
and with their temporary stalls lined up alongside one another like teeth
on a comb or scales on a fish's back, the traders were sweltering in
summer and freezing in winter. They were soaked by the rain and bitten by
the wind. The conditions were unspeakably harsh. With the market spilling
onto the road, traffic congestion was most inconvenient for vehicles and
people coming and going in both directions. As the market spilled along
the street, the clamor from various circles in society demanding the
setting up of specialized markets became more and more intense. On April
23, 1984, the principal leaders of the county party committee and
government and I, who was director of the county government office, held a
meeting of leaders in the industrial and commercial administrative
management and urban construction departments specifically to study the
issue of setting up the Yiwu small-commodities specialized market. After a
comparative analysis, we finally decided that the site for the
second-generation market would be Taizu Tianfan near the Zhe-Gan railway
line. It would cover an area of eighteen >i>mu>/i> and have places for
eighteen hundred permanent stalls. I would be in charge, and the bureau of
industry and commerce would deal with the details.
Journal: Chinese Economy
Pages: 65-76
Issue: 5
Volume: 33
Year: 2000
Month: 9
Keywords:
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Author-Name: Lu Yan
Author-X-Name-First: Lu
Author-X-Name-Last: Yan
Title: The Characteristics of the Liberalization of International Service Trade
Abstract:
It was not until the 1970s that the idea of "service trade" was proposed
and generally accepted as an independent and separate concept [in the
field of international commerce]. Since then, however, the international
service trade has grown by leaps and bounds; not only has it developed
into one of the three largest sectors of global trade, but in doing so it
has created a wide-open space for the economic development of countries
around the globe and has become a major index of the overall standard and
level of economic growth for every nation in the world.
Journal: Chinese Economy
Pages: 16-27
Issue: 6
Volume: 33
Year: 2000
Month: 11
Keywords:
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Author-Name: Shao Ren Wang Yuan
Author-X-Name-First: Shao Ren Wang
Author-X-Name-Last: Yuan
Title: China, Join the WTO, but Don't Fall into the Trap
Abstract:
On the afternoon of March 15, 1999, a press conference was held at the
Second Session of the Ninth National People's Congress. At the press
conference, Premier Zhu Rongji faced the many questions raised to him by
correspondents and reporters from abroad as well as by Chinese journalists
with his inimitable composure and his usual sense of wit and humor. When a
correspondent from Britain's >i>Financial Times>/i> asked him to comment
on the chances that an agreement between China and the United States
concerning China's joining the World Trade Organization (WTO) would be
reached either during the time of Zhu's impending visit to the United
States or shortly thereafter, Premier Zhu replied: These negotiations have
already been carried out for thirteen years; some of us had heads of dark
hair when we started the talks and now our heads have turned white with
age; it's time to draw these negotiations to a closeâ¦. As long as both
sides are willing to proceed with concern for the bigger picture and from
the perspective of promoting the prosperity and the stability of the
international marketâif we are all ready to do what is best for the
whole and are willing to make some small concessions, then we can
certainly be hopeful about reaching an agreement [at this time].
Journal: Chinese Economy
Pages: 28-47
Issue: 6
Volume: 33
Year: 2000
Month: 11
Keywords:
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Author-Name: Chen Bingcai
Author-X-Name-First: Chen
Author-X-Name-Last: Bingcai
Title: Our Country's Strategy and Tactics in Joining the APEC and the WTO
Abstract:
Since the ending of the cold war, the contestation among countries around
the world that had previously taken the form of military and political
conflict and ideological antagonism has already been transformed into a
competition of economic interests; military conflict has been transformed
into a conflict in the economic sphere. Thus, it would be far too much of
an underestimation of the real situation if we were to consider our
country's entrance into the World Trade Organization (WTO) and the
Asian-Pacific Economic Cooperation (APEC) merely as action whereby our
country becomes blended into a unified international economy, and failed
to see that this cooperation is at the same time also a very serious
economic war (>i>zhanzheng>/i>).
Journal: Chinese Economy
Pages: 5-15
Issue: 6
Volume: 33
Year: 2000
Month: 11
Keywords:
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> continues to translate Chinese
reactions to China's impending accession to the World Trade Organization
(WTO). As noted in the previous two issues of >i>The Chinese Economy>/i>
(vol. 33, no. 1 [January/February 2000] and no. 2 [March/April 2000])
dealing with the subject of the WTO, a deep debate on China's
participation and modality of participation has opened up among
policymakers and intellectuals alike. Although those involved in foreign
trade support accession strongly, a number of bureaucrats and
intellectuals believe that it will cause more harm than good.
Journal: Chinese Economy
Pages: 3-4
Issue: 6
Volume: 33
Year: 2000
Month: 11
Keywords:
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Author-Name: Shao Ren Wang Yuan
Author-X-Name-First: Shao Ren Wang
Author-X-Name-Last: Yuan
Title: The Impact of China's Joining the WTO on China's Economic Development in the Immediate Future
Abstract:
Can joining the World Trade Organization (WTO) bring us tangible
short-term benefits? If this question had been posed two years ago, the
answer that we would have gotten from our folks in economic and trade
circles would most likely have been a largely positive and affirmative
one. At that time, China's competitive strength in terms of its exports
was strong: the volume of our exports was rising with each day, and, in
particular, our trade surplus with regard to trade with the United States
was growing in a major wayâeven though a significant part of that trade
was entrepôt trade. At that time, the United States even resorted to
repeatedly threatening us with withdrawing its "most-favored-nation" trade
relations with China as a way of demanding that China reduce its trade
surplus with the United States. If we had joined the WTO (or, at that
time, General Agreement on Trade and Tariffs [GATT] then, we at least
would have been able to avoid this threat on the part of the United States
and there would have been less interference in Sino-U.S. trade relations.
Today's situation, however, is somewhat different. Because of the enormous
impact of the Southeast Asian financial storm, and because the Chinese
government, considering the larger picture, has decided to maintain the
value of the renminbi, there is already a considerable loss on the part of
China's export competitiveness in an objective way; furthermore, from the
perspective of the statistical data for the first quarter in 1999, the
extent of this damage is likely to continue to expand. If China continued
to maintain the value of the renminbi and keep it from devaluation, then
the pressure of China's trade surplus with the United States would be
alleviated and this trade surplus, in terms U.S. interests, would most
likely be gradually replaced by a trade surplus on the part of the
countries of Southeast Asia and Latin America in their trade with the
United States. At the same time, the trade-related friction between China
and the United States will gradually be lessened. In that sense, the
significance to the United States of China's joining the WTOâin terms of
"alleviating" [China's] so-called threat to the United States as a
most-favored nationâis already no longer as great as it once was.
Furthermore, along with the eruption of financial crises in many regions
and locations in the world one after another, the world economy has
already lapsed into a rather long-term state of stagnation. Although China
may still need to continue to take hold of "both markets"âthat is, both
the overseas market and the domestic marketâit must also discern that we
cannot continue to adhere to a "lopsided" strategy of relying on exports
to pull along the growth of the economy, and that, instead, we must turn
more of our attention to relying on the domestic demand.
Journal: Chinese Economy
Pages: 48-74
Issue: 6
Volume: 33
Year: 2000
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:33:y:2000:i:6:p:48-74
Template-Type: ReDIF-Article 1.0
Author-Name: Akira Doi
Author-X-Name-First: Akira
Author-X-Name-Last: Doi
Title: Communist China's Economy and Sino-Japanese Trade Under The Cultural Revolution
Abstract:
Today the talk will be on Sino-Japanese trade and the Chinese Communist
economy under the Cultural Revolution. It will be rather difficult for me
to explain so that you will understand the situation thoroughly, because,
due somewhat to recent events, the information released by Communist China
is quite limited and incomplete. However, regarding this trade problem
there does exist a partner nation and the trade figures reported by each
partner nation. By consolidating this and similar information, though it
be incomplete, I should like to view the present conditions of the Chinese
Communist economy.
Journal: Chinese Economy
Pages: 224-264
Issue: 3
Volume: 3
Year: 1970
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1970:i:3:p:224-264
Template-Type: ReDIF-Article 1.0
Author-Name: Hung Yin-hang
Author-X-Name-First: Hung
Author-X-Name-Last: Yin-hang
Title: A Great Victory for Mao Tse-Tung'S Thought on the Financial and Monetary Front â China'S People's Currency [>u>Jenmin-Pi>/u>] Has Become an Exceptionally Stable Currency Of The World
Abstract:
Vice Chairman Lin Piao solemnly announced in his report to the Ninth
National Congress of the Chinese Communist Party: "As is pointed out in
the âSixteen Articles,â âThe Great Proletarian Cultural Revolution
is a strong driving force behind the development of the productive force
of our society.â We have had bumper harvests for successive years.
Industrial production, science, and technology have also been flourishing.
The activism of the broad working people in revolution and production has
been unprecedentedly high. Many industrial and mining enterprises are
continually breaking their own records, production has reached the highest
level in history, and the revolution in techniques continues to develop.
The market is thriving and prices are stable. We completely repaid our
national debt by the end of 1968. China has become a socialist nation
without foreign or domestic debt." This is an encouraging and great event
in our political and economic life.
Journal: Chinese Economy
Pages: 179-190
Issue: 3
Volume: 3
Year: 1970
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1970:i:3:p:179-190
Template-Type: ReDIF-Article 1.0
Author-Name: Shen Cheng-p'ing
Author-X-Name-First: Shen
Author-X-Name-Last: Cheng-p'ing
Title: Repulse The Attack of the Bourgeoisie in the Economic Field â An Important Problem in The Struggle-Criticism-Transformation Of The Financial And Trade Front
Abstract:
Our great leader, Chairman Mao, has taught us: "We have won a great
victory. But the defeated class will continue to struggle. Those people
are still there and that class still exists. Therefore, we cannot talk
about final victory yet, not even after several decades. We must not lower
our vigilance." Our Vice Chairman, Lin Piao, has pointed out in his
political report to the Ninth Party Congress: "There will be further
adversity in the class struggle. We must never forget class struggle and
never forget the dictatorship of the proletariat."
Journal: Chinese Economy
Pages: 203-210
Issue: 3
Volume: 3
Year: 1970
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1970:i:3:p:203-210
Template-Type: ReDIF-Article 1.0
Author-Name: Ko Cheng
Author-X-Name-First: Ko
Author-X-Name-Last: Cheng
Title: Politics in Command of Economics, Revolution in Command of Production
Abstract:
After the seizure of political power by the proletariat, an important
question bearing on whether or not the dictatorship of the proletariat is
firmly adhered to, whether or not the socialist road is truly followed,
and whether or not the building of the socialist economy is truly
undertaken is how to deal with the relationship between politics and
economics, between revolution and production.
Journal: Chinese Economy
Pages: 191-198
Issue: 3
Volume: 3
Year: 1970
Month: 4
Keywords:
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Handle: RePEc:mes:chinec:v:3:y:1970:i:3:p:191-198
Template-Type: ReDIF-Article 1.0
Author-Name: Changhong Pei
Author-X-Name-First: Changhong
Author-X-Name-Last: Pei
Title: The Changing Trend of FDI Patterns in China
Abstract:
Foreign direct investments (FDIs) are making a significant contribution to
China's economic growth. From 1979 to 1999 a large amount of realized FDI
in the amount of U.S.$307.5 billion flowed into China, particularly into
the industrial/manufacturing sector. This paper discusses potential
impacts of FDI on three Chinese industries: primary industry (related to
agriculture such as farming, forestry, and husbandry); secondary industry
(industrial mining, manufacturing, water supply, construction, among
others); and tertiary industry (service sectors and others). In addition,
it sheds light on industrial structural change resulting from FDIs.
Journal: Chinese Economy
Pages: 89-100
Issue: 1
Volume: 34
Year: 2001
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:34:y:2001:i:1:p:89-100
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Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Wai Kin Leung
Author-X-Name-First: Wai Kin
Author-X-Name-Last: Leung
Title: Chinese Financial Liberalization
Abstract:
Chinese economic policies have been viewed as models for developing
countries because of China's remarkable economic growth rate since 1978.
This success is attributable primarily to various sound economic plans.
They include economic reforms such as different economic zones, provision
of government incentive packages that promote exports, opening up the
economy to foreign investors for joint ventures and investment, and the
restructuring of numerous unprofitable state-owned enterprises (SOEs).
Journal: Chinese Economy
Pages: 5-14
Issue: 1
Volume: 34
Year: 2001
Month: 1
Keywords:
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Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Author-Name: Louis T. W. Cheng
Author-X-Name-First: Louis T. W.
Author-X-Name-Last: Cheng
Author-Name: Joseph K. W. Fung
Author-X-Name-First: Joseph K. W.
Author-X-Name-Last: Fung
Title: Ownership Restrictions and Stock-Price Behavior in China
Abstract:
>i>This study examines the stock-price behavior of Chinese stock markets
in the Shanghai and Shenzhen Stock Exchanges. There are strict
stock-ownership restrictions in China. Foreign investors can only trade B
shares, while domestic investors can only trade A shares. Under this
two-tier trading system (A and B shares), we find that the stock-price
behavior is very different between the two tiers and in most of the firms.
A- and B-share prices do not have the same price dynamics. Essentially, A-
and B-share prices tend to be driven by their own economic forces. The
results are qualitatively the same by using firm-level data with or
without exchange-rate adjustment. The result of
cointegrated/noncointegrated A- and B-share prices of individual firms can
be explained by the ownership distribution, liquidity, and financial
characteristics of the firms.>/i>
Journal: Chinese Economy
Pages: 29-48
Issue: 1
Volume: 34
Year: 2001
Month: 1
Keywords:
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Author-Name: Wai Chung Lo
Author-X-Name-First: Wai Chung
Author-X-Name-Last: Lo
Title: A Retrospect on China's Banking Reform
Abstract:
China's banking system has undergone substantial changes in the past two
decades, and it has been transformed from an institutional setup for
central planning to a banking system in a market-oriented economy. The
reform strategy is consistent with the overall economic reform in China,
which, unlike many transitional economies in Eastern Europe, has taken a
gradual or incremental approach. This approach enables the banks in China
to progress in phases from the accounting units of the central planner to
a modern commercial banking system consistent with the price system which
aims at efficient allocation of financial resources. The first phase of
the reform (1978-92) created a banking system that was oriented to a
market economy but imprinted with the legacy of central planning. The
second phase of reform (1992-present) has removed the remnants of central
planning and established a full-fledged modern banking system. The purpose
of this paper is to delineate the banking reform's gradual approach, with
the focus on the achievements and problems of each stage.
Journal: Chinese Economy
Pages: 15-28
Issue: 1
Volume: 34
Year: 2001
Month: 1
Keywords:
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Author-Name: Xiaoqing Eleanor Xu
Author-X-Name-First: Xiaoqing Eleanor
Author-X-Name-Last: Xu
Title: Market Structure, Volatility, and Performance of H Shares
Abstract:
>i>This study concerns the market structure, volatility, and performance
of H shares, stocks of mainland Chinaâincorporated companies that are
listed in Hong Kong. This paper documents major events and key factors
that have driven the performance and volatility of the H-share market
since its debut in 1993. In addition, this paper compares the market
structure and pricing of A and H shares issued by the same Chinese
companies. It is found that H shares are highly liquid, extremely
volatile, and traded at a large discount to corresponding A shares. The
H-share discount has increased dramatically over the years due to listed
firms' lack of financial transparency, poor management, improper usage of
funds in non-core businesses, and deteriorating profitability. To foster a
healthy Hong Kong-based primary and secondary market for China's shares,
listed companies need to recover credibility and regain investor
confidence.>/i>
Journal: Chinese Economy
Pages: 49-73
Issue: 1
Volume: 34
Year: 2001
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:34:y:2001:i:1:p:49-73
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin H. Zhang
Author-X-Name-First: Kevin H.
Author-X-Name-Last: Zhang
Title: China's Inward FDI Boom and the Greater Chinese Economy
Abstract:
>i>Although divided by political and military conflict and deep suspicion
and mistrust, China, Taiwan, and Hong Kong have become one integrated
economic region. This has been the result largely of flows of direct
investment from Hong Kong (HKDI) and Taiwan (TDI) into China. China has
become the largest recipient of foreign direct investment (FDI) among the
developing world and the second largest globally. Most of the FDI received
in China came from Hong Kong and Taiwan, not from the industrial countries
that supply over 90 percent of world FDI. This paper investigates the
determinants of China's FDI boom in the context of the greater Chinese
economy. Evidence presented in the paper indicates that the large amount
of HKDI and TDI has been associated with the greater Chinese economy and
"Chinese connections." Empirical results suggest that HKDI and TDI were
primarily motivated by cheap labor, incentive policies, and market access,
along with the greater Chinese connections that provide Hong KongâTaiwan
investors with operational advantages over other investors.>/i>
Journal: Chinese Economy
Pages: 74-88
Issue: 1
Volume: 34
Year: 2001
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:34:y:2001:i:1:p:74-88
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Kevin H. Zhang
Author-X-Name-First: Kevin H.
Author-X-Name-Last: Zhang
Title: Guest Editors' Introduction
Abstract:
For the last two decades, China has witnessed dramatic changes in
financial reform and inflows of foreign direct investment (FDI). Chinese
financial-market reforms have liberated many economic activities from
state control, and stock exchanges have been established for state-owned
enterprises to raise equity for growth. Chinese policymakers are concerned
about the risks of the reforms in the financial system that are compatible
and sustainable with the evolving Chinese economy.
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 34
Year: 2001
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:34:y:2001:i:1:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
China has the third-largest economy in the world, with a gross domestic
product of U.S.$748 billion in 2000 and an economic growth rate of 8.2
percent. By as early as 2007, it is projected that it will have the
world's largest economy, outstripping in gross terms both the United
States and the European Union. Second only to Japan, China is currently
running a huge trade surplus with the United States while prices at home
remain relatively stable. In 1997-98, during the Asian financial crisis,
the semiconvertible yuan was largely unaffected while the currencies of
China's regional neigbors were clobbered. These and other impressive data
indicate an economy that by any measure has witnessed more than twenty
years of unbridled success and has nothing but smooth sailing ahead. But
wait just a minute, says the renowned economist and journalist, He
Qinglian. While China's leaders persistently and, some would say, ad
nauseam promote the country's economic prowess, she sees a darker side of
the Chinese "miracle" This was evident in the first two chapters of her
book that were published in >i>The Chinese Economy>/i>, vol. 33, no. 3
(May-June 2000). Is He Qinglian simply a Chinese naysayer? A Beijing
"nabob of negativism"? Someone too willing to throw cold water on what by
all accounts has been two remarkable decades and more of economic progress
for possibly the largest segment of humankind in history? Perhaps. But
then, consider the points made in the following three chapters of He
Qinglian's monumental work, which has been influential among China's
leaders and regime critics alike, and which the translators, Nancy Yang
Liu and Lawrence R. Sullivan, have rendered in English as >i>China's
Descent into a Quagmire.>/i>
Journal: Chinese Economy
Pages: 3-5
Issue: 2
Volume: 34
Year: 2001
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:34:y:2001:i:2:p:3-5
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Author-Name: Guan Xinping
Author-X-Name-First: Guan
Author-X-Name-Last: Xinping
Title: An Analysis of the Impact of Globalization on China's Social Policies After China Joins the WTO
Abstract:
China's reform and opening up to the outside world was launched in the
context of economic globalization. The restructuring of China's economic
system over the last twenty years, its opening up to the outside world,
and the process by which Chinese society has been transformedâall these
changes took place with the development of globalization and its
accelerating impact on society. Without question, China has already
achieved tremendous success in reform and opening upâat least in the
dimension of economic growth. Despite the fact that the government,
researchers, scholars, and even the common mass of people could see that
this process would bring with it all sorts of problems, such as the
widening gap and polarization between rich and poor, they have
nevertheless regarded such problems just as a "side product" in the reform
of the domestic economic system and the transformation of society. They
even optimistically believed that such problems could and would be
resolved, as long as reform could be deepened, or economic growth and
development be sustained. However, from the perspective of the conditions
that prevailed in the late 1990sâthe expansion and deepening of the
scope of reform and sustained growth in the economyâsocial problems like
the widening gap between rich and poor have not been resolved. Indeed,
there appears to be a trend toward the expansion and deepening of these
very same problems. Confronted with this situation, scholars and
researchers have no recourse but to seek answers to these problems from a
wider sphere.
Journal: Chinese Economy
Pages: 12-32
Issue: 3
Volume: 34
Year: 2001
Month: 5
Keywords:
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X-Bibl:
[ 1 Beck, Ulrich, and
Jürgen Habermas et al., eds. 2000. >i>Quanqiuhua yu zhengzhi>/i>
[Globalization and politics]. Beijing: Zhongyang bianyi chubanshe [Central
Translation Bureau Publishing House]. ] [
2 Deacon, Bob, Michelle Hülse, and Paul
Stubbs. 1997. >i>Global Social Policy: International Organizations and the
Future of Welfare.>/i> Thousand Oaks, CA: Sage. ]
[ 3 El-Agraa, Ali M., ed. 1998.
>i>The European Union: History, Institutions, Economics and Policies>/i>,
chap. 18, 389-422. Hemel Hempstead, UK: Prentice-Hall Europe.
] [ 4
Esping-Anderson, Gosta, ed. 1996. >i>Welfare States in Transition:
National Adaptations in Global Economies.>/i> Thousand Oaks, CA:
Sage. ] [ 5
Gupta, Satya Dev, and Nanda K. Choudhry. 1997. "Preface" to
>i>Dynamics of Globalization and Development>/i>, ed. Satya Dev Gupta.
Boston: Kluwer Academic Publishers. ] [
6 Hantrais, Linda. 1995. >i>Social Policy
in the European Union.>/i> London: Macmillan. ]
[ 7 Li Peilin. 1995. >i>Zhongguo
shichang jingji zhuanxingzhong de shehui fenceng>/i> [Social
stratification in China's transition to a market economy]. Shenyang:
Liaoning renmin chubanshe. ] [
8 Li Qiang. 1993. >i>Dangdai Zhongguo de
shehui fenceng yu liudong>/i> [Social stratification and mobility in
contemporary China]. Beijing: Zhongguo jingji chubanshe.
] [ 9 Midgely, James.
1997. >i>Social Welfare in Global Context.>/i> Thousand Oaks, CA:
Sage. ] [ 10
Mishra, Ramesh. 1998. "Beyond the Nation State: Social Policy in
an Age of Globalization." >i>Social Policy and Administration>/i> 32, no.
5: 481-500. ] [ 11
Pieters, Danny, and Jason Alan Nickless. 1998. >i>Pathways for
Social Protection in Europe.>/i> Helsinki, Finland: Ministry of Social
Affairs and Health. ] [
12 Swaan, Abram de. 1994. >i>Social Policy
Beyond Borders: The Social Question in Transnational Perspective.>/i>
Amsterdam, Netherlands: Amsterdam University Press. ]
[ 13 Townsend, Peter, and
Kwabena Donkor. 1996. >i>Global Restructuring and Social Policy: The Need
to Establish an International Welfare State.>/i> Bristol, UK: Policy
Press. ] [ 14
Wang Sibin, et al., eds. 1998. >i>Zhongguo shehui fuli>/i>
[Social welfare in China]. Beijing: Zhonghua shuju. ]
[ 15 Xu Tianqing, et al.,
eds. 1999. >i>Zhongguo shehui baozhang tizhi gaige>/i> [Reforming China's
social security system]. Beijing: Jingji kexue chubanshe.
]
Handle: RePEc:mes:chinec:v:34:y:2001:i:3:p:12-32
Template-Type: ReDIF-Article 1.0
Author-Name: Tang Jun
Author-X-Name-First: Tang
Author-X-Name-Last: Jun
Title: Joining the WTO, the Employment Problem, and How to Deal with it
Abstract:
At this point, it looks as if China's joining the World Trade Organization
(WTO) is only a matter of time. Joining the WTO is, unquestionably, a
"double-edged sword" Challenge will always accompany opportunity. So, what
sort of impact will joining the WTO have on the problem of
employmentâor, should we say, the problem of unemploymentâwhich is
clearly the most significant social problem confronting China in the new
century? In recent years, academics have approached and discussed this
question in various ways.
Journal: Chinese Economy
Pages: 51-72
Issue: 3
Volume: 34
Year: 2001
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:34:y:2001:i:3:p:51-72
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Author-Name: Luk Tak Chuen
Author-X-Name-First: Luk Tak
Author-X-Name-Last: Chuen
Title: Several Issues Regarding the Impact of the WTO on China's Social Development
Abstract:
Although negotiations regarding China's joining the World Trade
Organization WTO are already in their final stages, the price that the
developed countries are demanding for their approval for China's accession
to the WTO seems to have been raised incessantly. In this final round of
negotiations, for example, the United States has greatly escalated its
terms in regard to China's agriculture. Its demands are now for China to
join the WTO as a developed country, and for China to abandon its
previously negotiated rights to join as a developing country. This means a
dramatic lowering of the agricultural "subsidy" from the 10 percent that
had been agreed upon, down to 5 percent. Furthermore, as a new round of
ministerial talks was slated for November 2001, we expect the developed
countries to step up their pressure for a new round of trade talks and for
the developing countries to further open up their markets in other sectors
[besides agriculture].
Journal: Chinese Economy
Pages: 33-50
Issue: 3
Volume: 34
Year: 2001
Month: 5
Keywords:
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Author-Name: Qiao Jian
Author-X-Name-First: Qiao
Author-X-Name-Last: Jian
Title: The Impact on the Working Class of China's Joining the WTO, and how the Trade Union will Deal with the Situation
Abstract:
China will soon complete its work in drafting a multilateral trade
agreement and thereby officially join the World Trade Organization (WTO)
as a member state. Joining the WTO is a major development in the economic
and social life of the Chinese people, and it will have a direct impact on
the status of the working class as well as on the safeguarding of its
rights and interests. This article aims to pose certain broad and
preliminary viewpoints on these issues.
Journal: Chinese Economy
Pages: 73-93
Issue: 3
Volume: 34
Year: 2001
Month: 5
Keywords:
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X-Bibl:
[ 1 Documents of the
National Conference on the Work of Organizing and Forming Labor Unions in
Newly Founded Enterprises. November 2000. ] [
2 Hai Wen, "Zhongguo rushi hou jingji
zengzhang jiang tigao san ge baifendian" [China's rate of economic growth
will gain three percentage points after China joins the WTO], Chinese
Economy, >a target="_blank"
href='http://www.cei.gov.cn'>www.cei.gov.cn>/a> ]
[ 3 Han Deqiang.
>i>Pengzhuang-quanqiuhua xianjing yu Zhongguo xianshi xuanze>/i>
[Collision: The globalization trap and China's practical options].
Beijing: Jingji guanli chubanshe, 2000. ] [
4 >i>Quanqiuhua jiancha>/i>
[Globalization surveillance], a magazine. ] [
5 Topical Study Group, "Jiaru WTO
duiyu woguo jiuye de yingxiang" [The impact of China's joining the WTO on
employment in our country]. Beijing: Academy of Macroeconomic Research,
State Planning Commission, n.d. ] [
6 United Nations Conference on Trade
Development. >i>World Investment Report, 1994-1999>/i> (Chinese editions).
Beijing: Duiwai jingji maoyi daxue chubanshe [Foreign economy and trade
university press]. ] [ 7
Wen Tiejun. "WTO yuanze dui woguo nongye ju qita fangmian
de yingxiang" [The impact of the WTO principle on our agriculture and
other aspects of our economy]. n.p., n.d. ]
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Template-Type: ReDIF-Article 1.0
Author-Name: Luk Tak Chuen
Author-X-Name-First: Luk Tak
Author-X-Name-Last: Chuen
Title: Guest Editor's Introduction
Abstract:
China finally entered the World Trade Organization (WTO) in 2001. The saga
began in April 1999 when China shocked the world and the Chinese people by
suddenly yielding to the demanding terms of the China-U.S. trade
negotiations. China promised to open markets and drastically lower tariffs
for a large number of products, even in sensitive economic sectors such as
grain trades. Building on this bilateral agreement, the United States
supported China in subsequent bilateral and multilateral trade
negotiations with WTO member states. Since Deng Xiaoping's open-door
policy in the early 1980s, this bilateral trade agreement has become a new
landmark of China's long march to reintegrate itself into the global
economy.
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 34
Year: 2001
Month: 5
Keywords:
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Author-Name: Chang Kai
Author-X-Name-First: Chang
Author-X-Name-Last: Kai
Author-Name: Qiao Jian
Author-X-Name-First: Qiao
Author-X-Name-Last: Jian
Title: Preface
Abstract:
Examined from a historical perspective, China's joining the World Trade
Organization (WTO) can be regarded as a continuation and deepening of
China's twenty-year-long process of reform and opening up to the outside
world. Today, the results and accomplishments of reform and opening up are
already being widely shared by domestic groups with vested interests
within China itself. Yet as the momentum for advancing reform declines day
by day, China is hoping that such a major step as joining the WTO will set
the table for a healthy international economic environment that will be
conducive to the growth of China's foreign trade. This, in its turn, would
have the effect of paving the way for and bringing momentum to rapid
development in China's own domestic economy. In addition, it would lay the
foundation for reducing trade-related friction between China and other
nations, and for China to take part in the next round of multilateral
trade negotiations. Perhaps it would also lay the groundwork for prospects
of reforming and changing the unreasonable rules and regulations that
still exist today in the arena of international trade and finance.
Furthermore, China's hopes and expectations may be that joining the WTO
will bring about a deeper and fuller blending of China's economy into the
great tide of economic globalization, thus providing a fresh drive for
reform and opening up in the new century.
Journal: Chinese Economy
Pages: 6-11
Issue: 3
Volume: 34
Year: 2001
Month: 5
Keywords:
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Author-Name: Ch'en Chi-Shih
Author-X-Name-First: Ch'en
Author-X-Name-Last: Chi-Shih
Author-Name: Liu Po-Nien
Author-X-Name-First: Liu
Author-X-Name-Last: Po-Nien
Title: Foreign Trade Statistics
Abstract:
Under socialist conditions, competition and anarchic production have lost
their functions. In their place is planned (proportional) development of
the national economy. In the socialist countries, accounting and
statistics have therefore assumed a role whose significance is
unprecedented with respect to presocialist societies. Under socialist
conditions, accounting and statistics are among the most important tools
in the administration of the state and in the planned leadership of the
national economy. Comrade Stalin said in a speech about the meaning and
functions of accounting and statistics under socialist conditions and
their relationship with one another: "⦠It is difficult to imagine any
construction work, national work, or plan without accurate accounting.
Accounting without statistics is equally unimaginable."
Journal: Chinese Economy
Pages: 267-337
Issue: 4
Volume: 3
Year: 1970
Month: 7
Keywords:
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Author-Name: Sullivan R. Lawrence
Author-X-Name-First: Sullivan R.
Author-X-Name-Last: Lawrence
Title: Guest Editor's Introduction
Abstract:
Quoted in the following third segment of He Qinglian's pathbreaking book,
>i>China's Descent into a Quagmire>/i>, this popular limerick in China
captures the increasingly cynical and downright despondent mood of much of
the country as the downside effects of the economic reforms have begun to
sink in. Despite years of record-breaking economic growth that have made
China the second or third largest economy on earth, the impact of what He
Qinglian describes as the "marketization of power" and unbridled rent
seeking by power holders in the state apparatus has created one of the
most economically divided societies on earth. With a Gini coefficient that
measures the gap between rich and poor as high as perhaps 0.59 (in most
industrial countries it ranges between 0.3 and 0.4), China is rapidly
becoming a society riven by class divisions, with consequences for social
stability that only Karl Marx (and perhaps Mao Zedong) could
appreciate.>sup>1>/sup> As the nouveau riche in the coastal areas while
away their time, playing cards, engaging prostitutes, and purchasing
mansions stocked with gold-plated furnishings, China's growing numbers of
urban poor are finding it increasingly difficult to sustain even the most
basic living standard. Laid off by bankrupt state-run enterprises that can
afford to pay neither salaries nor health and pension benefits, China's
new poor confront a desperate situation. This is especially true in
interior cities, such as Shenyang, Liaoning province, where the benefits
of "opening up to the outside world" are few and far between. Although the
Chinese government has responded to the new phenomenon of un- and
underemployment by experimenting with systems of social security and
unemployment insurance common in advanced industrial nations, the impact
of these rudimentary efforts, the author argues, has been marginal at
best. Only in the relatively wealthy coastal areas, such as the Shenzhen
Special Economic Zone, can the local government afford such endeavors.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 34
Year: 2001
Month: 7
Keywords:
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Author-Name: Liu Tiemin
Author-X-Name-First: Liu
Author-X-Name-Last: Tiemin
Title: The Harmonization of Occupational Safety and Health Standards and China's Production Safety
Abstract:
At the beginning of the twenty-first century, China will stride into the
World Trade Organization (WTO) as a new member. Throughout the entire
process in which China's joining the WTO was secured, there was a struggle
between China and the developed nations, led by the United States. Efforts
were made by these countries to hinder and block China's membership, or to
boycott the process, and China countered with attempts to break through
the obstacles and restrictions that were in its way. Although for the
moment this struggle appears to have come to a halt, it is, one should be
aware, far from over. We can predict that even after China has joined the
WTO, not only will the struggle not end, it may indeed become even more
complicated and intense. In fact, beneath the surface of this economic
trade battle, there are deeper political and social issues and reasons for
the conflict lurking in the background. In the last few years, the
developed countries have consistently strived to introduce "social
clauses" into the global economic trade system. Under the banner of
"concern for the state of human rights in developing nations," these
developed and advanced economic nations have repeatedly raised issues of
"labor standards"; in other words, they have tried to link the issues of
production safety in the various countries themselves to conditions of
international trade. In reality, this is nothing more than "green"
protectionism. China is a developing nation; for many reasonsâsome
having to do, for instance, with our economic foundation in the past and
with the level of technological development in Chinaâthe conditions of
production safety have always been relatively poor in China. There is a
very large gap between the standards and conditions of production safety
in China and those that prevail in developed nations, and it would simply
be very difficult for China to meet "commonly acknowledged international
labor standards" in a short time. Thus, in the aftermath of joining the
WTO, we may well expect that China will be confronted with some very
severe tests and challenges in regard to the question of "labor
standards." Therefore, the work that we must do in the area of production
safety will have a tremendously important impact on China's economic and
social development. To be forewarned is to be forearmed. If we are
prepared for it, we will survive. If we are not, then there will be severe
trouble. We simply ought to increase our sense of the urgency and the
importance of this problem and do our best to be prepared for it. As
people say, "A stitch in time saves nine."
Journal: Chinese Economy
Pages: 20-53
Issue: 5
Volume: 34
Year: 2001
Month: 9
Keywords:
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Author-Name: Zhang Gengshen
Author-X-Name-First: Zhang
Author-X-Name-Last: Gengshen
Title: The Challenge of the Social Dimensions Under Globalization for Social Security in China
Abstract:
At this very moment, the international community is busy preparing for and
fomenting sets of "social rules" that have at their core the formulation
of fundamental labor standards to be recognized and implemented
internationally. Preparations are also being made to link these rules to
the World Trade Organization (WTO), so as to resolve the very serious
social problems that economic globalization has brought, and to regulate
competition in international trade. Since different countries around the
world have different social systems and their economies are at different
stages and levels of growth and development, the implementation of these
"social rules" will have different types of impact on different nations.
As China accelerates its participation in the process of globalization
and, in particular, after it joins the WTO, it will very quickly be
confronted with enormous pressure from these social rules. Labor
legislation, as well as the state of employment and of labor relations in
China will suffer a direct impact, and this in turn will influence our
country's economic growth and development as well as its social progress.
Therefore it has become essential for us to analyze the strengths and
weaknesses of these so-called social rules comprehensively and accurately,
and understand the positive as well as negative influences that they may
have on our country and society. We need to come up with countermeasures,
be able to grasp the big picture, and take the initiative in formulating a
policy strategy for dealing with this issue in order to avoid damaging
pitfalls and instead reap the advantages that can come out of this
situation.
Journal: Chinese Economy
Pages: 71-90
Issue: 5
Volume: 34
Year: 2001
Month: 9
Keywords:
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Author-Name: Zhang Guoxian
Author-X-Name-First: Zhang
Author-X-Name-Last: Guoxian
Title: Measures to Counteract the Impact of China's Entry into the WTO on Trade Union Work
Abstract:
China's joining the World Trade Organization (WTO) is an important step
for the Chinese economy as it moves into the world at large. Joining the
WTO will bring about a lasting and profound impact on all spheres of our
economy and society; the work of trade unions is, and will be, no
exception. After China joins the WTO, the Chinese trade union will face
unprecedented direct international impact, and new challenges will
confront its work, both internationally and at home.
Journal: Chinese Economy
Pages: 54-70
Issue: 5
Volume: 34
Year: 2001
Month: 9
Keywords:
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Author-Name: Mo Rong
Author-X-Name-First: Mo
Author-X-Name-Last: Rong
Title: Some Effects of China's Joining the WTO on Employment, and Certain Policy Proposals in Response to the Problem
Abstract:
There are two entirely different and starkly contradictory viewpoints on
this question. One holds that joining the World Trade Organization (WTO)
will bring about an increase in employment opportunities in China, to the
tune of 12 million new or increased opportunities per year (International
Commission on Unemployment and Employment, 1999). The other, opposite
viewpoint holds that joining the WTO will bring about a reduction of about
one-fourth of the employment opportunities in China (Academy of
Macro-Economic Research, State Development and Planning Commission, 1996).
Journal: Chinese Economy
Pages: 3-19
Issue: 5
Volume: 34
Year: 2001
Month: 9
Keywords:
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Author-Name: Yang Tiren
Author-X-Name-First: Yang
Author-X-Name-Last: Tiren
Title: Considering the Multifaceted Nature of "Labor Standards" from the Perspective of Globalization
Abstract:
The debate on whether trade and so-called international labor standards
ought to be linked up and always considered in tandem with each otherâa
controversy triggered by and within the World Trade organization
(WTO)âis a relevant one. It is related to the contradiction that
economic growth and social progress do not automatically develop at the
same pace. At the same time, we have to ask: Will the implementation of
so-called international labor standards automatically bring about a
situation wherein all the workers will be able to enjoy the fruits of
economic growth and development equally? Will it secure social justice for
every worker in the world? Things are, of course, far from being so
simple. In today's international environment of great diversity and
plurality of interests and political concerns among nations, we simply
cannot take things at face value and assume that international labor
standards are what they were assumed to be at the beginning of the
twentieth century when such a concept was proposed for the first time:
purely and simply to protect and defend the rights and privileges of all
the workers in the world. In reality, the proposal of such international
labor standards has become a weapon, wielded by a variety of interest
groups. This is precisely the multifacetedness (>i>duomianxing>/i>) of the
labor standards that we wish to discuss in this article.
Journal: Chinese Economy
Pages: 3-11
Issue: 6
Volume: 34
Year: 2001
Month: 11
Keywords:
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Author-Name: Anita Chan
Author-X-Name-First: Anita
Author-X-Name-Last: Chan
Title: Globalization, the Social Clause, and China's Workers
Abstract:
In discussions relating to the World Trade Organization (WTO) in recent
years, one of the most persistently controversial topics of debate among
member states has been whether the "social clause" should be incorporated
into the negotiations and subsequently into the agreements of the WTO. The
developed nations, led by the United States, generally agree that the
social clause should be incorporated into the agreements, while the vast
majority of the developing nations are negatively disposed toward this
proposition.>sup>1>/sup> This article presents the view that the reason
why developing nations are in opposition to the social clause may well be
that they misunderstand the impact that the social clause would have on
workers' wages. This article will also argue, through specific case
studies of labor conditions in China, that accepting and supporting the
social clause is the only way for the developing nations to get out of the
dilemma in which their workers' wages continue on a downward slide.
Journal: Chinese Economy
Pages: 12-31
Issue: 6
Volume: 34
Year: 2001
Month: 11
Keywords:
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Author-Name: Zhou Changzheng
Author-X-Name-First: Zhou
Author-X-Name-Last: Changzheng
Title: The WTO and China's Labor Standards
Abstract:
In the process of conducting a new round of World Trade Organization (WTO)
negotiations in Seattle in December 1999, the United States proposed that
the so-called social clause, which was pronounced to protect the rights of
workers, be incorporated into the agreements of the WTO, thus linking
trade with labor standards. The United States further insisted that
countries that do not conform to these internationally recognized labor
standards be subjected to trade sanctions. Although this proposal of the
United States was hurriedly withdrawn when it faced a wall of loud protest
from many quarters, the debate over the social clause has nonetheless
continued to foment. Indeed, it is quite likely that trade-related
problemsâincluding issues of workers' rights as well as environmental
problemsâare bound to be focal points of the multilateral WTO
negotiations in the twenty-first century. The following article will
attempt primarily to conduct a concrete analysis of the major problems
related to this matter, such as the impact that the core labor standards
will have on our nation, and the question of how we in China will respond.
On the basis of this analysis, we shall make some suggestions for
improving labor-related legislation in our country.
Journal: Chinese Economy
Pages: 32-56
Issue: 6
Volume: 34
Year: 2001
Month: 11
Keywords:
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Author-Name: Chang Kai
Author-X-Name-First: Chang
Author-X-Name-Last: Kai
Title: The WTO, Labor Standards, and the Safeguarding of Laborers' Rights and Interests
Abstract:
China's entrance into the World Trade Organization (WTO) signifies that
China is making direct connections with the international market economy,
blending into the great circle of the international economy at large, and
thus becoming part of economic globalization as a whole. Yet, in reality,
China has not completed the marketization of its economy, and so, as China
becomes a WTO member state, there is bound to be a major collision of the
rules of the WTO and the economic and legal relations that exist within
China today. In the trend of development of China's economy toward
marketization, joining the WTO is an inevitable option stemming from the
market reforms that China's economy has undergone. In the short run,
however, joining the WTO is likely to intensify some of the economic,
social, and legal problems that already beset China's reform process, and
questions of safeguarding labor rights as well as issues of labor
legislation constitute some of the most prominent problem areas.
Journal: Chinese Economy
Pages: 57-86
Issue: 6
Volume: 34
Year: 2001
Month: 11
Keywords:
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Author-Name: Lawrence R. Sullivan
Author-X-Name-First: Lawrence R.
Author-X-Name-Last: Sullivan
Title: Guest Editor's Introduction
Abstract:
As if all the profound problems in China's reform-era economy previously
documented by He Qinglian were not enough, in this the last segment of her
book titled >i>China's Descent into a Quagmire>/i>, the courageous author
sets her sights on the broader social consequences of what she terms the
"marketization of power." Most troubling is the enormous problem that has
affected virtually every major urban center in China: the flood of rural
laborers swelling the ranks of the under- and unemployed. Under the old
Maoist system of social control imposed on the countryside, China's cities
were for years largely spared the influx of surplus rural workers into
their midst, with all the attendant problems of not just inadequate
employment, but crime, threats to public health, and poor or nonexistent
housing that have so devastated many underdeveloped countries of the
world. But once the rural reforms demolished the people's communes, and
cities were no longer made off-limits to rural denizens, a virtual "tidal
wave" of rural migrants entered Chinese cities. The numbers are
staggering: in the year 2000, according to He, 200 million rural laborers
were surplus, and while many have been absorbed in both rural and urban
enterprises, China, like many other parts of the world, now confronts a
serious problem of urban and rural unemployment to which no one in the
government or elsewhere seems to have the solution.
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 35
Year: 2002
Month: 1
Keywords:
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Author-Name: Zhuo Yongliang
Author-X-Name-First: Zhuo
Author-X-Name-Last: Yongliang
Title: 7. Several Reflections on Problems in Zhejiang's Urbanization
Abstract:
The course of Zhejiang's urbanization lags behind its industrialization
and its economic development, and has been a long-term, key fetter. It has
produced an extraordinarily special socioeconomic phenomenon while the
bifurcated urban-rural system in the flow of key inputs has not been
abolished, and peasants have already become autonomous creative entities.
Moreover, we should also note the constraints of such factors as natural
geography, technological development, and the distribution of cities on
the progress of urbanization.
Journal: Chinese Economy
Pages: 71-76
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Author-Name: Wang Yuanzheng
Author-X-Name-First: Wang
Author-X-Name-Last: Yuanzheng
Title: 1. Choices and Obstacles in China's Road to Urbanization
Abstract:
Since 1950, the status of cities in China's governmental policies has
passed through different phases. Since the mid- to late 1990s,
urbanization has gradually become a hot topic for inquiry in theoretical
circles, and has also become a principal thrust of government
administration at various levels. But up until the present, Chinese
theoretical circles still have not derived even an initial common position
on this issue, and policy outcomes on the urbanization front are just
passable. Quite a few existing institutions seriously impede the course of
China's urbanization, so that in reality, on this issue, we still remain
at the argumentation stage.
Journal: Chinese Economy
Pages: 21-35
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Author-Name: Zhang Jihong
Author-X-Name-First: Zhang
Author-X-Name-Last: Jihong
Title: 2. Shake Off Mistakes in Understanding Urbanization
Abstract:
Broadly speaking, urbanization includes changes in over forty key items on
six fronts, such as a rise in population quality, progress in urban
planning and management, improvement in the quality of life, improvement
of basic infrastructure, protection of the eco-environment, and
rationalization of socioeconomic structures. At present, both
internationally and in China, the population living in cities and towns as
a proportion of the total population is generally used to express the
level of urbanization. As a basis of operations, some people supplement
this with a system of phase-like goals. To a certain extent, the level of
urbanization reflects a country or region's level of socioeconomic
development. In the process of discussing urbanization, the emergence of
various different points of view is normal. However, the present existence
of various mistakes in understanding urbanization requires further
clarification.
Journal: Chinese Economy
Pages: 36-38
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Author-Name: Keith Forster
Author-X-Name-First: Keith
Author-X-Name-Last: Forster
Title: Guest Editor's Introduction
Abstract:
The process of China's contemporary urbanization is being simultaneously
driven by two forces possessing differing origins and vastly different
consequencesâone that is found in the logic of a quasi-capitalist
industrialization and modernization, and another that is a legacy of the
institutions of the period of state planning as well as of those created
in the post-Maoist era of reform. The first type of urbanization, and that
most familiar to scholars of urbanization in other developing countries,
is an organic, evolutionary urbanization relating to economic and social
changeâindustrialization, the shift of labor from agricultural to
nonagricultural industries, the marketization and commercialization of the
economy, and the growth of the services sectorâthat both gives rise to
and is driven further forward by the concentration of population and key
production inputs in urban centers. The second type of urbanization is an
administratively driven mobilization program with a specific set of
statistical goals to be attained. It has virtually been forced upon
Chinese planners by the continued operation of institutions and policies
(some of which derive from the Maoist era) that place major impediments in
the path of the first type of urbanization, distort its progress, and
ultimately prevent urbanization from reaching its ultimate and logical
conclusion.
Journal: Chinese Economy
Pages: 3-20
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Author-Name: Kong Xiangzhi
Author-X-Name-First: Kong
Author-X-Name-Last: Xiangzhi
Title: 9. Throw Zhejiang's Small Cities and Towns a "Lifeline"
Abstract:
Since the 1980s, the urbanization of China's countryside has entered a
high-speed stage of development. The level of rural
urbanization>sup>1>/sup> has risen by an incremental 0.625 percent per
annum, far higher than the 0.2 percent average rate from 1952 to 1977. The
number of small towns in China is now over 45,000, and of these, 19,000
are designated counties>sup>2>/sup> and over 26,000 are market towns.
Practice has proved that through reducing the agricultural population and
increasing the urban population, the rise in the level of urbanization can
effectively solve the problem of the imbalance of interests between the
two great forces of industry and agriculture, enlarge the spatial scope of
the market for agricultural products, and raise the peasants' relative and
absolute income levels. This plays a key role in promoting an improvement
of the bifurcated town and country structure.
Journal: Chinese Economy
Pages: 82-84
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Author-Name: Liu Chengyin
Author-X-Name-First: Liu
Author-X-Name-Last: Chengyin
Title: 10. How to View and Raise the Present Level of Urbanization in Zhejiang
Abstract:
The so-called level of urbanization refers to urban population as a
proportion of the total population. According to the statistics,
Zhejiang's household-registered population was 45,010,000 in 2000, and its
level of urbanization was 39.5 percent. However, the communique of the
2000 national population census revealed that the total population of the
province was 46,770,000 (including outsiders who have lived in the
province for over six months, and not including those natives of Zhejiang
living outside the province). The population living in cities and towns
was 22,770,000, as high as 48.7 percent of the total population. A 9
percent leap in the level of urbanization in one year is not possible.
Obviously, this is the result of different statistical calibrations. How,
then, should we ultimately view the level of urbanization in Zhejiang?
This concerns the adjustment of the development goals for urbanization,
the choice of focus in urbanization work, the perfection of urbanization
policies, and the related assessment of progress in modernization. Through
the demystification of authoritative data on "urbanization levels," we put
forward thoughts and suggestions on accelerating the push for urbanization
in Zhejiang.
Journal: Chinese Economy
Pages: 85-95
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Author-Name: Zhang Renshou
Author-X-Name-First: Zhang
Author-X-Name-Last: Renshou
Author-Name: Cha Zhiqiang
Author-X-Name-First: Cha
Author-X-Name-Last: Zhiqiang
Title: 6. Zhejiang's Urbanization Its Backward State, the Major Reasons for This, and the Way Ahead
Abstract:
International experience demonstrates that urbanization occupies an
extremely important position in the process of modernization. Based on an
investigation of the situation in six countries in the 1960s and 1970s,
the American professor Alex Inkeles>sup>1>/sup> believes that if the level
of urbanization (the proportion of the urban population to total
population) exceeds 50 percent, it is an important indicator that a
country or region has entered the ranks of modernization. Today, this has
already become the commonly held view of economists, sociologists, and
theoretical researchers of modernization.
Journal: Chinese Economy
Pages: 63-70
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:2:p:63-70
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Author-Name: Liu Jianzhong
Author-X-Name-First: Liu
Author-X-Name-Last: Jianzhong
Title: 3. Historical Reflections and Rational Considerations on the Progress of Zhejiang's Urbanization
Abstract:
Since the establishment of the Republic, Zhejiang's urbanization has
followed a circuitous development process that can be broadly divided into
four stages.>sup>1>/sup>
Journal: Chinese Economy
Pages: 39-44
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:2:p:39-44
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Author-Name: Guo Zhanheng
Author-X-Name-First: Guo
Author-X-Name-Last: Zhanheng
Title: 5. Accelerating the Pace of Urbanization Requires Focus on Studying and Solving Problems
Abstract:
Confronting the hot topic of urbanization requires strengthened
leadership, the timely organization of an authoritative coordinating
agency that is small, capable, and highly efficient, the drawing up of a
comprehensive plan, orderly advance, and the prevention of poor
cooperation among the different branches of government and overlapping
input into research, planning, and construction so as to avoid creating
the possible emergence of a waste of resources and chaos in operations and
management.
Journal: Chinese Economy
Pages: 56-62
Issue: 2
Volume: 35
Year: 2002
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:2:p:56-62
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Author-Name: Alvin Y. So
Author-X-Name-First: Alvin Y.
Author-X-Name-Last: So
Title: Guest Editor's Introduction
Abstract:
Suppose you could travel through time to Maoist China in the mid-1970s,
and you told the Chinese that their country would soon become an economic
power-house of the capitalist world economy in twenty years. No Chinese
would have taken your words seriously, because they knew that China had
experienced very serious developmental problems during the revolutionary
period (1949-1976).
Journal: Chinese Economy
Pages: 3-25
Issue: 3
Volume: 35
Year: 2002
Month: 5
Keywords:
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Author-Name: James Kai-sing Kung
Author-X-Name-First: James Kai-sing
Author-X-Name-Last: Kung
Title: Chapter 3. The Role of Property Rights in China's Rural Reforms and Development A Review of Facts and Issues
Abstract:
The reform of China's rural economy has remained to this day one of the
most radical reforms the post-Mao leadership has attempted in the past two
decades. With the rapid and eventual dismantling of the collective farms,
peasants in China have since then been able to farm on an individualized
basis. Commonly known as the household responsibility system (HRS), the
family farm is an institution that frees the farmers from the stranglehold
typical of a collectivized agriculture; above all, it allows them to earn
an income commensurate with the effort that they and their family members
honestly and industriously expend on the soil of the clearly demarcated
plots. The overall success of this reform is beyond dispute: both peasant
incomes and crop output experienced the sharpest growth during this brief
period (roughly between 1978 and 1984) in the history of Communist
China.>sup>1>/sup>
Journal: Chinese Economy
Pages: 52-70
Issue: 3
Volume: 35
Year: 2002
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:3:p:52-70
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Author-Name: Yi-min Lin
Author-X-Name-First: Yi-min
Author-X-Name-Last: Lin
Title: Chapter 2. Economic Institutional Change in Post-Mao China Reflections on the Triggering, Orienting, and Sustaining Mechanisms
Abstract:
Since the late 1970s China has undergone a fundamental transformation from
a centrally planned economy based on public ownership to a
market-oriented, increasingly private economy. Three factual aspects of
this process of change are noteworthy. It began in the immediate aftermath
of what is known as the Cultural Revolution (1966-1976). The pace and
extent of reform have varied across different sectors, regions, and types
of institutions. And, despite strong initial and persistent resistance
from within and without the state apparatus and several major setbacks,
the rules governing economic activities have evolved farther and farther
away from state socialism.
Journal: Chinese Economy
Pages: 26-51
Issue: 3
Volume: 35
Year: 2002
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:3:p:26-51
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Author-Name: Carsten A. Holz
Author-X-Name-First: Carsten A.
Author-X-Name-Last: Holz
Author-Name: Tian Zhu
Author-X-Name-First: Tian
Author-X-Name-Last: Zhu
Title: Chapter 8. Assessment of the Current State of China's Economic Reforms
Abstract:
The World Bank in its >i>World Development Report 1996>/i> outlined three
challenges for countries in economic transition: (1) liberalization,
stabilization, and growth; (2) property rights and enterprise reform; and
(3) social policies that address the ill effects of transition on
particular groups.>sup>1>/sup> China scores highly on liberalization,
stabilization, and growth, the core reform package. By the mid-1990s
China's economy had largely been liberalized: China's economy enjoyed
mostly market-determined prices, current account convertibility, falling
import tariffs with few remaining export controls, free entry to many
sectors, a rapidly growing private sector, and a sharply reduced number of
state monopolies. The most recent period of overheating with a short
inflationary bout (1993 to 1994) ended in a soft landing, and real
economic growth throughout the reform period averaged 9.5 percent per
annum. The first item in the World Bank's list of challenges for
transition economies thus no longer poses a challenge to China.
Journal: Chinese Economy
Pages: 71-109
Issue: 3
Volume: 35
Year: 2002
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:3:p:71-109
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This issue of >i>The Chinese Economy>/i> presents two research reports on
the development of the private economy in Zhejiang province and on efforts
to define the phenomenon in Marxist terms and bring it under party
control. The first is a two-part investigation study done by researchers
at the Central Party School in Beijing. The report, which is based on a
survey into the Zhejiang economy done in June 2001, appears to be one of
many research reports that were done on the basis of Jiang Zemin's "Three
Represents" (>i>sange daibiao>/i>) and in preparation of the Sixteenth
Party Congress (convened in November 2002). Part I of the report describes
the rapid development of the private economy in Zhejiang, noting that the
proportion of economic output provided by the province's non-state
(>i>minjian>/i>) enterprises grew from less than 1 percent in 1980 to 40
percent in 2000. The report reviews the different stages the development
of the private economy has gone through in the past two decades, including
the repression it suffered during the "strike hard" campaign of 1981.
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 35
Year: 2002
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:4:p:3-5
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Author-Name: Kang Xiaoguang
Author-X-Name-First: Kang
Author-X-Name-Last: Xiaoguang
Title: China: Political Development and Political Stability in the Era of Reform
Abstract:
China has gone through a quarter century of reform. To date, the market
system is already firmly established, and China has formally become a
member of the World Trade Organization (WTO). It can be said that the
major issues of reform in the realm of the economy in China have already
all been solved, and what remain as tasks to be completed are simply tasks
of amending, repairing, and perfecting the system. Therefore, it is quite
natural that people would start to focus their attention on issues of
political reform. The Chinese Communist Party's (CCP) Sixteenth Congress
is going to be convened this fall, and there it will complete a
generational transition at the highest level of power and authority. The
clamor for political reform has become increasingly loud and vocal in such
a sensitive period, and there has been, and probably will continue to be,
a resurfacing and resurgence of all kinds of arguments and views about
these matters at this time.
Journal: Chinese Economy
Pages: 6-92
Issue: 5
Volume: 35
Year: 2002
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:5:p:6-92
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Author-Name: Joseph Fewsmith
Author-X-Name-First: Joseph
Author-X-Name-Last: Fewsmith
Title: Editor's Introduction
Abstract:
This long article by Kang Xiaoguang of the Chinese Academy of Sciences is
an effort to sum up the state of society and politics in contemporary
China and to ask the critical question: Is it stable? In some ways, the
picture that Kang draws is encouraging: the intellectual elite is more
reconciled to the political system than it has been since the founding of
the People's Republic of China (PRC), the economic elite finds the
political status quo comfortable, and the political elite is more willing
to absorb rising elements (intellectual, economic, or social) than it has
ever been. Although the public faces many problems and is discontented,
Kang believes the overall situation is stable.
Journal: Chinese Economy
Pages: 3-5
Issue: 5
Volume: 35
Year: 2002
Month: 9
Keywords:
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Author-Name: Anthony Cheung
Author-X-Name-First: Anthony
Author-X-Name-Last: Cheung
Author-Name: Gu Xingyuan
Author-X-Name-First: Gu
Author-X-Name-Last: Xingyuan
Title: Health Finance
Abstract:
The mainland of China and Hong Kong have historically pursued different
economic and social systems, one rooted in socialism and the other in
capitalism. In recent years, China has moved toward a so-called socialist
market economy, with social services such as housing, education, and
health care increasingly marketized, privatized, and "societized"
(>i>shehuihua>/i>, i.e., the process of returning the responsibility to
the society through community financing rather than state financing). This
trend may render some degree of convergence between the mainland and Hong
Kong systems. In health services, however, the two systems have shared
some similarity in that while state organs, enterprises, and urban work
units in the mainland have all along been part of a state-funded
healthcare system,>sup>1>/sup> Hong Kong's public healthcare system also
has strong features of a "national health service"âwith the government
providing extensive public health care to the population. Since the 1980s,
both systems have undergone reforms and changes.
Journal: Chinese Economy
Pages: 34-67
Issue: 6
Volume: 35
Year: 2002
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:6:p:34-67
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Author-Name: Lynn T. White
Author-X-Name-First: Lynn T.
Author-X-Name-Last: White
Title: Preface
Abstract:
Social planning, for either growth or welfare, has been under stress in
China because of SARS. Pressure has been particularly intense in large
cities, including Hong Kong and Shanghai. These two cities are the natural
dynamos of China's richest regions, Guangdong and the
Shanghai-Jiangsu-Zhejiang flatlands that have been centers of boom for
more than a quarter century. Research on their policies provides an
irreplaceable baseline for judging their abilities to weather the recent
health crisis and advance the transformation of China.
Journal: Chinese Economy
Pages: 3-4
Issue: 6
Volume: 35
Year: 2002
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:35:y:2002:i:6:p:3-4
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Author-Name: Linda Wong
Author-X-Name-First: Linda
Author-X-Name-Last: Wong
Author-Name: Gui Shixun
Author-X-Name-First: Gui
Author-X-Name-Last: Shixun
Title: Guest Editors' Introduction
Abstract:
Shanghai and Hong Kong are very much like blood sisters. Shanghai is
called the Lustrous Pearl of the Orient; Hong Kong, the Pearl of the East.
Like two stars on the China coast, the two cities have a lot in common, in
terms of geography, history, and challenges. Strategically placed at the
mouth of the Yangtze River and Pearl River estuaries, both cities command
the physical and social capital of rich hinterlands. They also bear
witness to the turbulent history of China as their destiny is linked to
western forays into Qing China on her knees. The momentous stroke that
rewrote their history is of course the Opium War and the Treaty of Nanking
(1842). Foremost among the humiliations were territorial concessions. Hong
Kong was ceded to Britain as a colony, a status that was to last until
1997. The same treaty also turned Shanghai into a treaty port and
semicolony, when the principle of extra-territoriality took the physical
form of the international settlements. However infamous the past may be,
the insulation from the most vicious wars and turmoil that besieged the
China heartland was the key to Shanghai and Hong Kong's success. In the
process, the twins evolved into the great hubs of trade and industry
unmatched by any other Chinese city. Of equal importance has been the
absorption of hundreds of thousands of immigrants, among them
entrepreneurs, intellectuals, revolutionaries, artisans, and ordinary
people. The mixing of the most adventurous and enterprising elements from
within China and from all over the world underlaid the fantastic blending
of cultures and practices. This not only turned them into great
metropolises, but it also gave a big push to China's modernization. At the
same time, unbridled growth in the context of cultural bastardy sired many
social problemsâdrugs, crime, prostitution, poverty, and
exploitationâthat bestowed both with an aura of exotic decadence.
Journal: Chinese Economy
Pages: 5-33
Issue: 6
Volume: 35
Year: 2002
Month: 11
Keywords:
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Author-Name: Lynn T. White
Author-X-Name-First: Lynn T.
Author-X-Name-Last: White
Title: Facilitating Fortunes vs. Protecting People in China's Richest Cities
Abstract:
This tale of two cities is also a story of antinomies. Hong Kong and
Shanghai are the most modern cities in the political system with the
world's oldest continuous heritage. These are metropolises with "first
world" economies, but their recent prosperity depends on quick development
of the neighboring Pearl and Yangzi river deltas, where labor is hired at
"third world" wages. Each of their social policies reflects this
situation.
Journal: Chinese Economy
Pages: 68-88
Issue: 6
Volume: 35
Year: 2002
Month: 11
Keywords:
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Author-Name: CAO TIANYU
Author-X-Name-First: CAO
Author-X-Name-Last: TIANYU
Title: Opening Address to the Hangzhou Symposium: Modernization, Globalization, and the Chinese Path
Abstract:
Journal: Chinese Economy
Pages: 6-12
Issue: 1
Volume: 36
Year: 2003
Month: 1
Keywords:
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Author-Name: DU RUNSHENG
Author-X-Name-First: DU
Author-X-Name-Last: RUNSHENG
Title: We Should Encourage the Innovation of the System
Abstract:
Journal: Chinese Economy
Pages: 13-20
Issue: 1
Volume: 36
Year: 2003
Month: 1
Keywords:
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Author-Name: HE ZUOXIU
Author-X-Name-First: HE
Author-X-Name-Last: ZUOXIU
Title: On the Law Concerning Development of the Forces of Production
Abstract:
Journal: Chinese Economy
Pages: 21-47
Issue: 1
Volume: 36
Year: 2003
Month: 1
Keywords:
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Author-Name: CH'Ü WANWEN
Author-X-Name-First: CH'Ü
Author-X-Name-Last: WANWEN
Title: Globalization and Economic Development
Abstract:
Journal: Chinese Economy
Pages: 48-88
Issue: 1
Volume: 36
Year: 2003
Month: 1
Keywords:
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Author-Name: LIN CHUN
Author-X-Name-First: LIN
Author-X-Name-Last: CHUN
Title: What Is China's Comparative Advantage?
Abstract:
This paper seeks to identify China's comparative advantages for
national development in the contested processes of economic globalization.
Through a critical discussion of the popularly assumed, definitive
correlation between cheap labor and foreign trade, and further between
export and growth, it questions a prevailing neoliberal doctrine. The
paper shows how a classical insight has been turned into not only a flawed
dogma that obscures strategic options for the developing countries but
also a political weapon against workers. Yet in China as elsewhere, the
(potential) comparative advantage of cheap labor may endure only at the
cost of labor productivity being kept low and national economy weak. As
such, the concepts of development and of advantageous cheap labor are
ultimately in contradiction. The argument thus draws attention instead to
state capacity and social power over rational and democratic control of
resources.
Journal: Chinese Economy
Pages: 3-20
Issue: 2
Volume: 36
Year: 2003
Month: 3
Keywords:
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X-Bibl:
[ 1 Balassa, Bela. 1989.
Comparative Advantage, Trade Policy, and Economic Development. New York:
Harvester Wheatsheaf. ] [
2 Cui Zhiyuan. 2003. "China's Export Tax
Rebate Policy." China: An International Journal (September).
] [ 3 Diaz-Bonilla,
Eugenio. 2003. "Report from the International Food Policy Research
Institute." South China Morning Post (30 August). ]
[ 4 Ding Ningning. 2002. "We
Cannot Introduce the Market Mechanism in the Sphere of Education."
Economics Weekly (6 August). ] [
5 Feenstra, Robert C. 2000. The Impact of
International Trade on Wages. Chicago: University of Chicago
Press. ] [ 6
Li Qiang. 2002. "The New Changes in China's Social
Stratification." In CASS, 2002 Blue Book of Chinese Society. Beijing:
Social Sciences Documentation Publishing House. ]
[ 7 Nichols, Donald. 1983. "Wage
Measurement Questions Raised by an Incomes Policy." In The Measurement of
Labor Cost, ed. Jack Triplett. Chicago: University of Chicago
Press. ] [ 8
Qin Hui. 2002. "On the Question of Gini Coefficient and Social
Polarization." In Economic Transition and Social Justice, ed. Jin Yan and
Qin Hui. Kaifeng: Henan People's Publishing House. ]
[ 9 Riskin, Carl, and Azizur
Khan. 2000. Inequality and Poverty in China in the Age of Globalization.
New York: Oxford University Press. ] [
10 United Nations Development Programme
(UNDP). 1995-2001. Human Development Report. New York: Oxford University
Press. ] [ 11
Wade, Robert Hunter. 2002. "On Soros: Are Special Drawing Rights
the Deus ex Machina of the World Economy?" Challenge 45, no. 5
(September-October): 112-24. ]
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Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: The Issues of the Chinese Economy Changing Tracks, Social Justice, and Democratization at the Turn of the Century
Abstract:
Journal: Chinese Economy
Pages: 21-89
Issue: 2
Volume: 36
Year: 2003
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:2:p:21-89
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Author-Name: YU KEPING
Author-X-Name-First: YU
Author-X-Name-Last: KEPING
Title: Change in Governance and Political Development in China Under the Impact of Economic Globalization
Abstract:
Journal: Chinese Economy
Pages: 71-91
Issue: 3
Volume: 36
Year: 2003
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:3:p:71-91
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Author-Name: ZHU HOUZE
Author-X-Name-First: ZHU
Author-X-Name-Last: HOUZE
Title: Rethinking State and Society Relations in the Process of Globalization
Abstract:
Journal: Chinese Economy
Pages: 39-49
Issue: 3
Volume: 36
Year: 2003
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:3:p:39-49
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Author-Name: CUI ZHIYUAN
Author-X-Name-First: CUI
Author-X-Name-Last: ZHIYUAN
Title: "Xiaokang Socialism" : A Petty-Bourgeois Manifesto
Abstract:
Journal: Chinese Economy
Pages: 50-70
Issue: 3
Volume: 36
Year: 2003
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:3:p:50-70
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Author-Name: YU GUANGYUAN
Author-X-Name-First: YU
Author-X-Name-Last: GUANGYUAN
Title: The Merits and Demerits of Twenty-three Years of Reform
Abstract:
The beginning of the article through Section Eight treats political
reform, and I have written on the historical facts. This portion of the
article consists of informal writing and should be regarded as a review of
background material. However, I must announce that because I was in a
hurry to finish the article, I did not have time to review certain
materials and check them carefully. I cannot guarantee the accuracy of the
article, therefore, and it is only for reference. The Section on "Merits
and Demerits" is directly related to the conference discussion. I am
grateful to the conference organizers for the inclusion of my talk at the
conference. My topic is "The Merits and Demerits of Twenty-three Years of
Reform." I want to introduce the materials and opinions that I provided to
the Central Committee of the Chinese Communist Party and the Central
Government. For scholars at this conference I want to include in this talk
my experience of Chinese reform, and the facts and ideological materials I
observed. The talk covers from 1978 to 2002--that is, twenty-three years.
Journal: Chinese Economy
Pages: 3-38
Issue: 3
Volume: 36
Year: 2003
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:3:p:3-38
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Author-Name: WEN TIEJUN
Author-X-Name-First: WEN
Author-X-Name-Last: TIEJUN
Title: Chinese Strategic Transformation and Its Relationship to Industrialization and Capitalization
Abstract:
Journal: Chinese Economy
Pages: 43-53
Issue: 4
Volume: 36
Year: 2003
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:4:p:43-53
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Author-Name: WANG HUI
Author-X-Name-First: WANG
Author-X-Name-Last: HUI
Title: The Historical Origin of Chinese "Neoliberalism" : Another Discussion on the Ideological Situation in Contemporary Mainland China and the Issue of Modernity
Abstract:
Journal: Chinese Economy
Pages: 3-42
Issue: 4
Volume: 36
Year: 2003
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:4:p:3-42
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Author-Name: CAO TIANYU
Author-X-Name-First: CAO
Author-X-Name-Last: TIANYU
Title: The Theory and Practice of the Chinese Path
Abstract:
Journal: Chinese Economy
Pages: 67-98
Issue: 4
Volume: 36
Year: 2003
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:4:p:67-98
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Author-Name: ZHENG ZHONGBING
Author-X-Name-First: ZHENG
Author-X-Name-Last: ZHONGBING
Title: Farewell to the Twentieth Century
Abstract:
Journal: Chinese Economy
Pages: 54-66
Issue: 4
Volume: 36
Year: 2003
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:4:p:54-66
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Author-Name: DU GANGJIAN
Author-X-Name-First: DU
Author-X-Name-Last: GANGJIAN
Title: Perfect the Use of Government Power, Work Conscientiously to Prevent Abuse of Power for Personal Gain
Abstract:
Journal: Chinese Economy
Pages: 77-88
Issue: 5
Volume: 36
Year: 2003
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:5:p:77-88
Template-Type: ReDIF-Article 1.0
Author-Name: GAO PEIYONG
Author-X-Name-First: GAO
Author-X-Name-Last: PEIYONG
Title: The Key to Resolving the Problem of Income Distribution Lies in Standardizing and Regulating Governmental Behavior
Abstract:
Journal: Chinese Economy
Pages: 36-44
Issue: 5
Volume: 36
Year: 2003
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:5:p:36-44
Template-Type: ReDIF-Article 1.0
Author-Name: ZHANG ZHUOJI
Author-X-Name-First: ZHANG
Author-X-Name-Last: ZHUOJI
Title: On the Question of the Construction of a Social Security System
Abstract:
Journal: Chinese Economy
Pages: 45-76
Issue: 5
Volume: 36
Year: 2003
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:5:p:45-76
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Author-Name: JOSEPH FEWSMITH
Author-X-Name-First: JOSEPH
Author-X-Name-Last: FEWSMITH
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 5
Volume: 36
Year: 2003
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:36:y:2003:i:5:p:3-4
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Author-Name: WANG SHAOGUANG
Author-X-Name-First: WANG
Author-X-Name-Last: SHAOGUANG
Author-Name: HU ANGANG
Author-X-Name-First: HU
Author-X-Name-Last: ANGANG
Author-Name: DING YUANZHU
Author-X-Name-First: DING
Author-X-Name-Last: YUANZHU
Title: The Social Instability Behind the Economic Prosperity
Abstract:
Journal: Chinese Economy
Pages: 5-35
Issue: 5
Volume: 36
Year: 2003
Month: 9
Keywords:
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Author-Name: WOLFGANG TAUBMANN
Author-X-Name-First: WOLFGANG
Author-X-Name-Last: TAUBMANN
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 6
Volume: 36
Year: 2004
Month: 11
Keywords:
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Author-Name: WOLFGANG TAUBMANN
Author-X-Name-First: WOLFGANG
Author-X-Name-Last: TAUBMANN
Author-Name: THOMAS HEBERER
Author-X-Name-First: THOMAS
Author-X-Name-Last: HEBERER
Author-Name: FAN JIE
Author-X-Name-First: FAN
Author-X-Name-Last: JIE
Title: Economic Structures and Changes in Rural Enterprises in China at the End of the Twentieth Century: The Privatization of Enterprises
Abstract:
Journal: Chinese Economy
Pages: 5-88
Issue: 6
Volume: 36
Year: 2004
Month: 11
Keywords:
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X-Bibl:
[ 1 Abramowitz, M. 1986.
"The Privatization of the Welfare State: A Review." Social Work 4:
257-64. ] [ 2
Asian Regional Team for Employment Promotion (ARTEP),
International Labor Organization, et al. 1993. "Re-absorption of Surplus
Agricultural Labour into the Nonagricultural Sector: A Study of Township
Enterprises in China." Paper presented at the National Workshop on Rural
Industrialisation in Post-Reform China, Beijing, October 19-22.
] [ 3 Betz, Joachim.
1991. "Die Privatisierung von Staatsbetrieben in Entwicklungsländern."
NORD-SÜD aktuell 4: 508-17. ] [
4 Chen Boqun and Hu Wenchong. 1993. Le xi you
xi. Zhongguo nongcun chao (Pleasure and pain. China's rural tide).
Chengdu: Sichuan daxue chubanshe. ] [
5 Chen Derong. 1995. Chinese Firms Between
Hierarchy and Market: The Contract Management Responsibility System in
China. New York: St. Martin's Press. ] [
6 The China Business Collection: Due
Diligence for Exporters. 2002. Government of Canada
(www.defait-macci-gc.ca/china/exportdil-en.asp). ]
[ 7 Edlund, Lena. 1992. "Market
Fragmentation and Rural Industrialization in the People's Republic of
China: A Survey of Rural Enterprises in Zhejiang and Sichuan." Paper
presented at the Twenty-seventh International Geographical Congress,
Washington, DC, August 9-14. ] [
8 Gongshang xingzheng guanli tongji huibian
(Compilation of Statistical Material of the Administration of Industry and
Commerce). 1993, 1994. Beijing: Guojia gongshang xingzheng guanliju
bangongshi. ] [ 9
Heberer, Thomas. 1989. "Die Rolle des Individualsektors für
Arbeitsmarkt und Stadtwirtschaft in der Volksrepublik China." Bremer
Beiträge zur Geographie und Raumplanung. Bremen: Studiengang Geographie
Fachbereich 8 Universität Bremen. ] [
10 ------. 2001. Unternehmer als Strategische
Gruppen: Zur sozialen und politischen Funktion von Unternehmern in China
und Vietnam. Hamburg: Institut für Asienkunde. ]
[ 11 ------. 2002. The Impact of
Ethnic Entrepreneurship on Social Change and Ethnicity. Preprints no. 4.
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12 Heilongjiang sheng tongjiju
(Statistical Bureau of Heilongjiang Province). 1994. Heilongjiang tongji
nianjian (Statistical Yearbook of Heilongjiang). Beijing: Zhongguo tongji
chubanshe. ] [ 13
Ho, Samuel P. 1994. Rural China in Transition: Nonagricultural
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International Finance Corporation. 2000. China's Emerging Private
Enterprises: Prospects for the New Century. Washington, DC: International
Finance Corporation. ] [
15 Islam, Rizwanul. 1993. "Growth of Rural
Industries in Post-Reform China: Patterns, Determinants and Consequences."
Paper presented at the National Workshop on Rural Industrialisation in
Post-Reform China, Beijing, October 19-22. ]
[ 16 Islam, Rizwanul, and Jin
Hehui. 1993. "Rural Industrialisation: An Engine of Prosperity in
Post-Reform Rural China." Paper presented at the National Workshop on
Rural Industrialisation in Post-Reform China, Beijing, October
19-22. ] [ 17
Jamann, Wolfgang, and Thomas Menkhoff. 1988. "Make Big Profits
with Small Capital." In Die Rolle der Privatwirtschaft und des
"Informellen Sektors" für die Urbane Entwicklung der VR China. Munich:
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Jiang Baichen. 1996. "Rural Industrialization and the Environment
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19 Jiang Zezhong, ed. 1993. Xin chao yi
zu: Dangdai Zhongguo getihu (New wave--a group: Current individual
households in China). Taiyuan: Shanxi renmin chubanshe.
] [ 20 Jiangsu sheng
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nianjian (Statistical Yearbook of Jiangsu). Beijing: Zhongguo tongji
chubanshe. ] [ 21
Kraus, Willy. 1989. Private Unternehmerwirtschaft in der
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] [ 22 Krug, Barbara.
1996. "Zurück zur Allmeind. Kommunalen Unternehmen als Motor des privaten
Sektors in China." Neue Züricher Zeitung, June 29-30.
] [ 23 Li Ding and Bao
Yujun, eds. 2000. Zhongguo siying jingji nianjian 2000 (Yearbook 2000 of
China's private economy). Beijing: Huawen chubanshe. ]
[ 24 Li Qiang. 1993. Shehui
fenceng yu liudong (Social stratification and mobility). Beijing: Zhongguo
jingji chubanshe. ] [ 25
Lu Yusha. 1994. "Xin zibenjia de zhengzhi yaoqiu"
(Political demands of the new capitalists). Dangdai (Present age) (Hong
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Lundqvist, Lennart J. 1988. "Privatization: Towards a Concept
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[ 28 Mallee, Hein. 1995. "Rural
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[ 30 Odgaard, Ole. 1992. "Labour
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32 Park, Albert. 2000. "Trade Integration and
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[ 33 Pei Minxin. 1993. "When
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35 Peng Yusheng. 1992. "Wage Determination in
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Workshop on Rural Industrialisation in Post-Reform China, Beijing, October
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Statistical Yearbook). Various Years. Beijing: Zhongguo tongji
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Handle: RePEc:mes:chinec:v:36:y:2004:i:6:p:5-88
Template-Type: ReDIF-Article 1.0
Author-Name: LI WENJUN
Author-X-Name-First: LI
Author-X-Name-Last: WENJUN
Title: Financial Services Liberalization in China
Abstract:
This paper reviews first the process of financial services
liberalization, mainly focusing on China's financial services sector,
foreign banks, and foreign insurance institutions. Some statistical
materials and data are used to sum up characteristics of China's financial
services. The effects of China's financial services liberalization are
examined, including both active effects and disadvantageous impacts, along
with the effects on banking, insurance, and the stock industry. Regarding
China's commitments following World Trade Organization (WTO) entry, China
must take some countermeasures to open up its financial services.
Journal: Chinese Economy
Pages: 6-37
Issue: 1
Volume: 37
Year: 2004
Month: 1
Keywords:
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X-Bibl:
[ 1 Cao Fengqi. 1999.
China's Finance: Reform, Development and Globalization. Beijing: Economics
Press. ] [ 2
Fan Weiping. 1999. "Thinking About the Status and Development of
Banks with Foreign Capital in China." Social Science Transactions of
Fuzhou University 2. ] [
3 Jin Dehuan and Xu Jinliang. 2001. Report of
China's Financial Development. Shanghai Finance University
Press. ] [ 4
Lin Zengyu. 1998. "On the Tactical Guidance of Foreign Capital
Entering into the Chinese Insurance Market." Insurance Research
8. ] [ 5
Mo Limei. 1999. "China's Finances Opening Up in Transition."
Banks and Enterprises 1. ] [
6 Peng Huihui. 2001. "Strategy and Tactics of
China's Finances Opening Up Under WTO." Transactions of Hunan Tax High
School 6. ] [ 7
Tan Shizhong. 2002. Strategic Choice of China's Finances Opening
Up. Beijing: Social Science Literature Press. ]
[ 8 Wang Meng and Xu Yan. 1998.
"China's Insurance Market Opening Up and its Countermeasures." Finance and
Economy 6. ] [ 9
Yang Siqun. 1999. "Analysis of Advantages and Disadvantages of
China's Financial Services' Liberalization Policy." Reform and Management
of Enterprises 5. ] [ 10
Yuan Changjun. 2000. "Analysis of the Impact on the Chinese
Financial Industry After Foreign Banks Enter China." Administration World
2. ] [ 11
Zhang Hong. 2000. "Study of the Agreements of Financial Services
Trade Under the WTO System." Transactions of Mid-South Finance University
4. ] [ 12
Zhao Xiangzhong. 1998. "China's Financial Industry's Opening Up."
Social Scientist 5. ] [
13 Zhu Bingkui and Liu Weijiang. 1999. "On
Financial Services' Liberalization in the WTO and China's Strategy."
Contemporary Economics 6. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:1:p:6-37
Template-Type: ReDIF-Article 1.0
Author-Name: LI WENJUN
Author-X-Name-First: LI
Author-X-Name-Last: WENJUN
Title: Capital Account Liberalization in China
Abstract:
This study reviews the course of capital account liberalization in
China, focusing mainly on the course of China's current account
liberalization, the current status of the capital account, restrictions on
the capital account, and its costs. Some preconditions of realizing
capital account liberalization in China are described. There are many
differences between China and other countries that have realized capital
account liberalization. Some general practices of capital account
liberalization are briefly summarized. The analysis suggests that China
should utilize a gradual process to unclog its capital account.
Journal: Chinese Economy
Pages: 85-116
Issue: 1
Volume: 37
Year: 2004
Month: 1
Keywords:
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X-Bibl:
[ 1 Cao Fengqi. 1999.
China's Finance: Reform, Development and Internationalization. Beijing:
Economics Press. ] [ 2
Gao Haihong. 2001. "Opening Up the Chinese Capital Account."
Working paper at www.iwep.org.cn. ] [
3 Ge Yingpei. 2001. "The Conditions of
Opening Up the Capital Account." Financial Theory and Practice
12. ] [ 4
Jiang Boke et al. 1999. Renminbi Convertibility and Capital
Restrictions. Shanghai: Fudan University Press. ]
[ 5 Li Wei. 1997. "Probing into
Phases and Sequence of Renminbi Capital Accounts." Economic Problems
11. ] [ 6
Li Yang and Wang Songqi. 2000. The Frontier of Chinese Financial
Theory. Beijing: Social Science Literature Press. ]
[ 7 Meng Hao. 2001. "Analysis of
Factors of Capital Flight in China." Finance and Insurance 6.
] [ 8 Tan Shizhong.
2002. Strategic Choice of China's Finance Opening Up. Beijing: Social
Science Literature Press. ] [
9 Yang Jingbo and Jia Xiuling. 2002. "Choice
of Exchange Rate and Capital Account Liberalization Under an Opening
Economy." Financial Times. March 11. ] [
10 Zhao Linghua. 1999. "Perspective on
Illegal Flow of Capital in China." International Economic Review
3-4. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:1:p:85-116
Template-Type: ReDIF-Article 1.0
Author-Name: ZHANG XIAODI
Author-X-Name-First: ZHANG
Author-X-Name-Last: XIAODI
Author-Name: LI XIAOZHONG
Author-X-Name-First: LI
Author-X-Name-Last: XIAOZHONG
Title: An Empirical Analysis of the Comparative Advantage of Chinese Foreign Trade Products
Abstract:
This article is an empirical analysis of the organization of Chinese
exports, their comparative advantage, and technological structure, using
the statistical data of Chinese foreign trade in recent years. The result
demonstrates that labor-intensive products form the largest ratio of
Chinese exports and also those that have the comparative advantage. The
proportion of skill- and technology-intensive products is growing larger
compared with the gross amount of general Chinese exports and among
products with comparative advantage. However, compared with the average
level in the world, the technology contained in Chinese exports is lower,
and the growth of exports is mainly one of quantitative expansion. This
article posits that the implementation of the strategy of sustainable
development of foreign trade guided by competitive advantage is the
necessary path for promoting the international competitive capacity of
Chinese foreign trade products and obtaining more comparative interests.
Journal: Chinese Economy
Pages: 38-61
Issue: 1
Volume: 37
Year: 2004
Month: 1
Keywords:
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X-Bibl:
[ 1 ------. 2002b. "A
Comparative Analysis of the Trade Modes of the Three Major Chinese
Provinces." Management World 12. ] [
2 Krause, Lawrence B. 1984. "Australia's
Comparative Advantage in International Trade." In The Australian Economy:
A View from the North, ed. Richard E. Caves and Lawrence B. Krause.
Sydney: George Allen & Unwin. ] [
3 Lall, Sanjaya. 1999. "India's Manufactured
Exports: Comparative Structure and Prospects." World Development 27, no.
10: 1769-86. ] [ 4
National Statistics Bureau. 2001. Chinese Statistics Yearbook.
Beijing: China Statistics Press. ] [
5 ------. 2003. Chinese Statistics Yearbook.
Beijing: China Statistics Press. ] [
6 Trade and Foreign Economy Statistics
Department of National Statistics Bureau. 2002. Yearbook of Chinese
Foreign Trade and Economy. Beijing: China Statistics Press.
] [ 7 Wang Chonggui.
2002. "The Middle- and Long-Term Topic of Industrial Policy: Developing
Technological Industries." Management World 4. ]
[ 8 Wang Zixian. 2000. "Using
Competitive Advantage as Guidance." International Trade 1.
] [ 9 Wu Jianwei. 1999.
International Industrial Competition and Market Absorption Capacity.
Shanghai Sanlian Bookstore: Shanghai People's Press. ]
[ 10 Yue Changjun. 2000. "The
Transformation of the Structure of Our Country's Exports and an Empirical
Analysis of Comparative Advantage." Exploration of International Economy
and Trade 3. ] [ 11
Zhang Xiaodi. 2000. "Participation in the WTO Is Favorable for
Promoting Technological Innovation in Our Country." Zhejiang Social
Science 1. ] [ 12
Zhang Xiaodi and Li Xiaozhong. 2001a. "An Empirical Analysis of
the Comparative Advantage of Chinese Foreign Trade Products."
Technological Economy Studies of Quantitative Economy 12.
] [ 13 ------. 2001b.
"Economic Globalization and the Development of the Theory of Comparative
Advantage of Our Country." Academic Monthly 6. ]
[ 14 Zhang Xiaodi and Li
Xiaozhong. 2002a. "An Empirical Analysis of the Structural Transformation
of Our Country's Exports." Technological Economy Studies of Quantitative
Economy 8. ] [ 15
------. 2002b. "A Comparative Analysis of the Trade Modes of the
Three Major Chinese Provinces." Management World 12. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:1:p:38-61
Template-Type: ReDIF-Article 1.0
Author-Name: ZHANG TAO
Author-X-Name-First: ZHANG
Author-X-Name-Last: TAO
Title: Utilization of Foreign Capital and Economic Growth in China
Abstract:
Since China's open-door policy was initiated in late 1978, there has
been rapid increase in the numbers of foreign investors and foreign
capital flows to China. The growing trend of foreign investment has been
magnified by the improvement of economic circumstances and market-oriented
economic development. This paper first reviews the history of the general
situation of utilizing foreign capital in China, and then analyzes the
important role of the utilization of foreign capital on China's economy.
We use cointegration analysis and an error correction model (ECM) to
identify the contribution of foreign investment to China's economic
growth, and point out the negative effects of using foreign capital, which
have implications for China's economic policy.
Journal: Chinese Economy
Pages: 62-84
Issue: 1
Volume: 37
Year: 2004
Month: 1
Keywords:
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X-Bibl:
[ 1 Aitken, Brian, and Ann
Harrison. 1997. "Do Domestic Firms Benefit from Foreign Direct
Investment?" Columbia University, mimeo. ] [
2 Balasubramanyam, V.N., Mohammed
Salisu, and David Sapsford. 1996. "Foreign Direct Investment and Growth in
EP and IS Countries." Economic Journal 106 (January): 92-105.
] [ 3 Blomström,
Magnus, and Håkan Persson. 1983. "Foreign Investment and Spillover
Efficiency in an Underdeveloped Economy: Evidence from the Mexican
Manufacturing Industry." World Development 11, no. 6: 493-501.
] [ 4 Fry, Maxwell J.
1993. "Foreign Direct Investment in Southeast Asia: Differential Impacts."
ISEAS Current Economic Affairs Series. Singapore: Institute of Southeast
Asian Studies, ASEAN Economic Research Unit. ]
[ 5 Kane, Edward J. 2000. "Capital
Movements, Banking Insolvency, and Silent Runs in the Asian Financial
Crisis." NBER Working Paper No. 7514. ] [
6 Qian Xiaoan. 2000. "Capital Flows and
Globalization." World Economy & China 3. ] [
7 Shen Kunrong. 2000. "Capital Flows
and Economic Growth in China." World Economy & China 1.
] [ 8 Sun Haishun. 1998.
"Macroeconomic Impact of Direct Foreign Investment in China: 1979-1996."
World Economy 21: 675-94. ] [
9 Zhao Jinpin. 2001. Using Foreign Capital
and Economic Growth in China. Beijing: Renmin Publishing House
(June). ] [ 10
Zhu Xiaoqin. 2001. Using Foreign Capital and Guarding Against
Financial Risks. Beijing: Huawen Publishing House (June).
]
Handle: RePEc:mes:chinec:v:37:y:2004:i:1:p:62-84
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 2
Volume: 37
Year: 2004
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:37:y:2004:i:2:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: YAO XIANGUO
Author-X-Name-First: YAO
Author-X-Name-Last: XIANGUO
Author-Name: SHENG LE
Author-X-Name-First: SHENG
Author-X-Name-Last: LE
Title: Analysis of the Differences in Economic Efficiency of Human Capital Property Rights Between State, Township, and Village Enterprises
Abstract:
The positive comparative analysis of state, township, and village
enterprises (TVE) and of different types of publicly owned TVE shows that
the differing levels of economic efficiencies among them are caused by the
various ways of setting boundaries of the human capital property rights,
not by the nature of material capital property rights, and, especially,
that the definition of boundaries of the management's property rights of
human capital is the main reason for the differences in economic
efficiencies between the two types of enterprises.
Journal: Chinese Economy
Pages: 56-75
Issue: 2
Volume: 37
Year: 2004
Month: 3
Keywords:
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X-Bibl:
[ 1 Chen Jianbo. 1999. "The
Obtainment and Choice of Technology of TVE in the Market Economy Process."
Economic Studies 4. ] [ 2
Cheung, Steven N.S. 1983. "The Contractual Nature of the
Firm." Journal of Law and Economics 26, no. 1: 1-21. ]
[ 3 Coase, Ronald H. 1988.
The Firm, the Market and the Law. Chicago: University of Chicago
Press. ] [ 4
------. 1937. "The Nature of the Firm." Economica
(November). ] [ 5
Demsetz, Harold. 1967. "Toward a Theory of Property rights."
American Economic Review 57, no. 2: 347-59. ]
[ 6 Liu Xiaoxuan. 1995. "The
Impacts of the Structure and Efficiency of the Property rights of the
State and Nonstate Enterprises." Economic Studies 7. ]
[ 7 Sheng Le. 2001. "On the
Two Factors of Property rights That Cause the Different Behaviors of
Management." Economic Science 3. ] [
8 Zhang Weiying. 1996. The Entrepreneur of
Enterprise: Contract Theory. Shanghai: Sanlian Bookstore.
] [ 9 Zhang Wuchang.
1983. "The Contractual Nature of the Firm." Journal of Law and Economics
4: 1-22. ] [ 10
Zhou Qiren. 1996. "Enterprises in the Market: A Special Contract
Between Human and Nonhuman Capitals." Economic Studies 6.
] [ 11 ------. 1997.
"The Return of Control Right and the Enterprises Controlled by
Entrepreneurs: A Case Study on the Property rights of Human Capital of
Entrepreneurs in the Economy of Public Ownership." Economic Studies
5. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:2:p:56-75
Template-Type: ReDIF-Article 1.0
Author-Name: LU ZHENG
Author-X-Name-First: LU
Author-X-Name-Last: ZHENG
Title: On the Comparative Advantage of Chinese Industries
Abstract:
Journal: Chinese Economy
Pages: 6-15
Issue: 2
Volume: 37
Year: 2004
Month: 3
Keywords:
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X-Bibl:
[ 1 Cao Jianhai and Li
Haijian. 2003. "On the New Industrial Path." China's Industrial Economy
1. ] [ 2
Lu Zheng, Guo Kesha, and Zhang Qizhi. 2003. "On the Experiences
and Lessons of the Traditional Industrial Path of Our Country." China's
Industrial Economy 1. ] [
3 State Statistics Bureau. Chinese Statistics
Yearbook, 1990-2003. Beijing: China Statistics Press.
] [ 4 Zhu Gaofeng. 2003.
Global Epoch-Making Made in China. Beijing: Social Scientific Works
Press. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:2:p:6-15
Template-Type: ReDIF-Article 1.0
Author-Name: SHI JINCHUAN
Author-X-Name-First: SHI
Author-X-Name-Last: JINCHUAN
Title: Analysis of the Historical System of the Wenzhou Model : A View from the Perspective of Personalized Transaction and Nonpersonalized Transaction
Abstract:
This article uses the theoretical analysis of the historical system
used to study the trade and industry of the Wenzhou model, which expounds
three important issues about Wenzhou's economy and its people's economy
from the perspective of personalized transaction and nonpersonalized
transaction, and points out a possible trend in the development of
Wenzhou's methodology.
Journal: Chinese Economy
Pages: 47-55
Issue: 2
Volume: 37
Year: 2004
Month: 3
Keywords:
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X-Bibl:
[ 1 Greif, Avner. 2002.
"Economic History and Game Theory." Comparison 2 (Beijing: Zhongxin
Press). ] [ 2
------. 2003. "Historical System Analysis: the New Development of
Study from the Perspective of Economic History." Comparison of Economic
Social Systems 5. ] [ 3
Han Yi. 2002. The Historical Analysis of Systems: The New
Development of the Economic History of the Western Systems. Shenyang:
Liaoning University Press. ] [
4 North, Douglass C., and Robert P. Thomas.
1999. The Rise of the Western World. Beijing: Huaxia Press.
] [ 5 Qian Tao. 2002.
"Avner Greif's Historical System Analysis: Summary of a Document" (a draft
for discussion, September). ] [
6 Qin Hai. 2002. "The Historical Analysis of
Systems." Comparison 4 (Beijing: Zhongxin Press). ]
[ 7 Shi Jinchuan and Qian Tao.
2003. "The Local Transformation and Economic Development of Taizhou: A
Historical System Analysis" (a draft for discussion, December).
] [ 8 Shi Jinchuan,
Jin Xiangrong, Zhao Wei, and Luo Weidong. 2002. System Transition and
Economic Development: Study of the Mode of Wenzhou (Shenying: Liaoning
University Press). ] [ 9
Statistics Bureau of Wenzhou city, ed. Statistical Analysis
of Wenzhou 62, October 16, 2003. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:2:p:47-55
Template-Type: ReDIF-Article 1.0
Author-Name: WANG DEWEN
Author-X-Name-First: WANG
Author-X-Name-Last: DEWEN
Author-Name: CAI FANG
Author-X-Name-First: CAI
Author-X-Name-Last: FANG
Title: Readjustment of Macroeconomic Policy and Growth of Farmers' Income
Abstract:
Journal: Chinese Economy
Pages: 29-46
Issue: 2
Volume: 37
Year: 2004
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P5YB7X12E4DDC7M4
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X-Bibl:
[ 1 Carter, Colin, Zhong
Funing, and Cai Fang. 1998. China's Grain Production and Trade: An
Economic Analysis. Boulder, CO: Westview Press. ]
[ 2 Department of China Financial
Society, ed. 1999-2001. Chinese Financial Almanac. Chinese Financial
Society. ] [ 3
State Statistics Bureau. 2002. Chinese Statistical Almanac
(various years) and Chinese Statistical Summary. China Statistical
Publisher. ] [ 4
Township Enterprise Bureau, Agricultural Ministry. 1991-2002.
Chinese Township Enterprises' Almanac. China Agricultural
Publisher. ] [ 5
Wang Dewen. 2002. "China's Agricultural Readjustment and Reform
in the WTO Era." Social Sciences in China 23, no. 4 (Winter):
94-104. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:2:p:29-46
Template-Type: ReDIF-Article 1.0
Author-Name: CAI FANG
Author-X-Name-First: CAI
Author-X-Name-Last: FANG
Author-Name: WANG MEIYAN
Author-X-Name-First: WANG
Author-X-Name-Last: MEIYAN
Title: Irregular Employment and the Growth of the Labor Market : An Explanation of Employment Growth in China's Cities and Towns
Abstract:
Journal: Chinese Economy
Pages: 16-28
Issue: 2
Volume: 37
Year: 2004
Month: 3
Keywords:
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X-Bibl:
[ 1 Benner, Chris. 1996.
"Shock Absorbers in the Flexible Economy: The Rise of Contingent
Employment in Silicon Valley." Working Partnerships USA, February 27, 2003
(www.wpusa.org/pubs). ] [
2 Cai Fang, ed. 2002. The Chinese Population
and Report of Labor Issues: Issues and Strategies of Employment in Cities
and Townships. Beijing: Works of Social Science Press.
] [ 3 Cai Fang, Du Yang,
and Wang Meiyan. 2001. "The System of Residence Registration and
Protection of the Labor Market." Economic Studies 12.
] [ 4 International
Labor Organization. 2001. Main Index System of the Labor Market (1999),
trans. International Labor and Information Institute. Beijing: China Labor
Social Security Press. ] [
5 Office of the Population Census of the
State Council, Statistics Department of Population and Social Science and
Technology of the State Statistics Bureau, ed. 2002. The Materials of the
Chinese Population Census 2000. Beijing: China Statistics Press.
] [ 6 Rawski,
Thomas G. 2001. "What's Happening to China's GDP Statistics?" China
Economic Review 12, no. 4 (December): 298-302. ]
[ 7 Xue Zhao. 2000. "The
Development of Irregular Sectors and Increase of Irregular Employment."
China Economic Times, December 6. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:2:p:16-28
Template-Type: ReDIF-Article 1.0
Author-Name: GUO JINLONG
Author-X-Name-First: GUO
Author-X-Name-Last: JINLONG
Author-Name: HAN SHENGJUN
Author-X-Name-First: HAN
Author-X-Name-Last: SHENGJUN
Title: Reforms of China's Foreign Exchange Regime and RMB Exchange-Rate Behavior
Abstract:
Journal: Chinese Economy
Pages: 76-101
Issue: 2
Volume: 37
Year: 2004
Month: 3
Keywords:
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X-Bibl:
[ 1 Calvo, Guillermo, and
Carmen Reinhart. 2000. "Fear of Floating," NBER working paper, no. W7993
(November). ] [ 2
Hernandez, Leonardo, and Peter J. Montiel. 2001. "Post-Crisis
Exchange Rate Policy in Five Asian Countries: Filling in the 'Hollow
Middle'?" IMF, Washington, D.C. ] [
3 McKinnon, Ronald I. 2000. "After the
Crisis, the East Asian Dollar Standard Resurrected: An Interpretation of
High-Frequency Exchange Rate Pegging." Stanford University
(mimeo). ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:2:p:76-101
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Author-Name: JULIUS H. JOHNSON, JR.
Author-X-Name-First: JULIUS H.
Author-X-Name-Last: JOHNSON, JR.
Author-Name: YANDA XU
Author-X-Name-First: YANDA
Author-X-Name-Last: XU
Title: Winners and Losers : Foreign Firms in China's Emerging Market
Abstract:
Journal: Chinese Economy
Pages: 5-16
Issue: 3
Volume: 37
Year: 2004
Month: 5
Keywords:
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X-Bibl:
[ 1 Fung, H.G., and K.H.
Zhang, eds. 2002. Financial Markets and Foreign Direct Investment in
Greater China. Armonk, NY: M.E. Sharpe. ] [
2 Fung, H.G., C.H. Pei, and J.H.
Johnson. 2003. China's Access to WTO and the Global Economy. Beijing:
Yuhang Publishing House. ] [
3 Hu, A.G. 2000. "China's FDI Policy
Direction." www.wuxibiz.com/invest/2000news/ 0215/13.htm.
] [ 4 Shuchman, L. 1998.
"Remaking the Economy. Place Your Bets. Reality Check: Some Multinational
Companies, Frustrated by Red Tape and Heated Competition, Are Scaling Back
Their Grand Expectations." Wall Street Journal, April 30: R17.
]
Handle: RePEc:mes:chinec:v:37:y:2004:i:3:p:5-16
Template-Type: ReDIF-Article 1.0
Author-Name: SUSAN FLAHERTY
Author-X-Name-First: SUSAN
Author-X-Name-Last: FLAHERTY
Author-Name: JOANNE LI
Author-X-Name-First: JOANNE
Author-X-Name-Last: LI
Title: Composite Performance Measures : Evidence on Chinese Stock Exchanges
Abstract:
With China's full liberalization of markets in 2007 due to its
membership in the World Trade Organization (WTO), interest in China as an
investment market is increasing. With this increased interest and the
growing transparency of China's financial markets, more focus is needed on
measuring the inclusion of Chinese investment in an actively managed
portfolio. We use four portfolio performance measures that are commonly
used by industry professionals to analyze the performance of different
indices in both the Shanghai and Shenzhen Stock Exchanges. The Sharpe
measure, Treynor measure, Jensen's alpha, and compounded annual growth
rate (CAGR) are used to analyze various stock index and composite
performance for the period from 1994 to 2003. Also, we compare index
performance for three subperiods: precrisis (1994-96), Asian crisis
(1997-98), and postcrisis (1999-2003). This is an application of index
data from the perspective of an average investor or fund manager who is
interested in analyzing performance of sector-specific portfolios.
Empirical results provide practical usage and insight for investors when
considering the addition of such portfolios to enhance their overall
portfolio's value. The results suggest that the Shanghai and Shenzhen
B-share indices as well as the Shanghai utilities index provide enhanced
return during our examined period.
Journal: Chinese Economy
Pages: 39-66
Issue: 3
Volume: 37
Year: 2004
Month: 5
Keywords:
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X-Bibl:
[ 1 Jensen, Michael C. 1968.
"The Performance of Mutual Funds in the Period 1945-1964." Journal of
Finance 23: 389-416. ] [
2 Rawski, Thomas G. 2001. "What's Happening
to China's GDP Statistics?" China Economic Review 12: 347-55.
] [ 3 Reilly, Frank
K., and Keith C. Brown. 2000. Investment Analysis and Portfolio
Management, 6th ed. Mason, OH: South-Western. ]
[ 4 Rosen, Daniel. 2001. "China
and the World Trade Organization: An Economic Balance Sheet 1997."
Available at www.chinaonline.com/commentary_analysis/d_rosen/
ca_990707_rosen_pg1.asp, accessed February 21, 2004. ]
[ 5 Sharpe, William F. 1966.
"Mutual Fund Performance." Journal of Business 39: 119-38.
] [ 6 Treynor, Jack L.
1965. "How to Rate Management of Investment Funds." Harvard Business
Review 43: 63-75. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:3:p:39-66
Template-Type: ReDIF-Article 1.0
Author-Name: KAM C. CHAN
Author-X-Name-First: KAM C.
Author-X-Name-Last: CHAN
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 3
Volume: 37
Year: 2004
Month: 5
Keywords:
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X-Bibl:
Handle: RePEc:mes:chinec:v:37:y:2004:i:3:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: TAO ZHANG
Author-X-Name-First: TAO
Author-X-Name-Last: ZHANG
Author-Name: JIAN LI
Author-X-Name-First: JIAN
Author-X-Name-Last: LI
Author-Name: PHIL MALONE
Author-X-Name-First: PHIL
Author-X-Name-Last: MALONE
Title: Closed-End Fund Discounts in Chinese Stock Markets
Abstract:
This paper provides further evidence on the role of the efficient
market hypothesis and the rational asset pricing model in the explanation
of Chinese closed-end fund discounts. The closed-end fund discount
presents a potential anomaly to the efficient market hypothesis. The
results of the AR-GARCH model show that, on average, there is no
significant relation between closed-end fund discounts and stock returns.
In general, a closed-end fund discount has no predicting ability. Overall,
our analysis does not support the investor sentiment hypothesis and
limited rationality model in the Chinese stock markets.
Journal: Chinese Economy
Pages: 17-38
Issue: 3
Volume: 37
Year: 2004
Month: 5
Keywords:
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X-Bibl:
[ 1 Arak, M., and D. Taylor.
1996. "Risk and Return in Trading Closed-End Country Funds: Can Trading
Beat Holding Foreign Stocks?" Quarterly Review of Economics and Finance
36: 219-32. ] [ 2
Bollerslev, T. 1986. "Generalized Autoregressive Conditional
Heteroscedasticity." Journal of Econometrics 31: 307-27.
] [ 3 Brauer, G.A. 1984.
"Open-Ending Closed-End Funds." Journal of Financial Economics 13:
491-507. ] [ 4
Chen, N., R. Kan, and M. Miller. 1993. "Are the Discounts on
Closed-End Funds a Sentiment Index?" Journal of Finance 48:
795-800. ] [ 5
Darrat, A.F., and M. Zhong. 2000. "On Testing the Random-Walk
Hypothesis: A Model-Comparison Approach." Financial Review 35:
105-24. ] [ 6
Greene, William H. 2002. Econometric Analysis, 5th ed. Upper
Saddle River, NJ: Prentice Hall. ] [
7 Hardouvelis, G., Rafael La Porta, and T.
Wizman. 1994. "What Moves the Discount on Country Equity Funds?" In The
Internationalization of Equity Markets. Chicago: University of Chicago
Press. ] [ 8
Haugen, R., and J. Lakonishok. 1988. The Incredible January
Effect. Homewood, IL: Dow Jones-Irwin. ] [
9 Lee, C.M.C., A. Shleifer, and R.H.
Thaler. 1991. "Investor Sentiment and the Closed-End Fund Puzzle." Journal
of Finance 46: 75-109. ] [
10 Levy-Yeyati, E., and A. Ubide. 2000.
"Crises, Contagion, and the Closed-End Country Fund Puzzle." International
Monetary Fund Staff Papers 47 (1). ] [
11 Malkiel, B.G. 1977. "The Valuation of
Closed-End Investment-Company Shares." The Journal of Finance 32:
847-59. ] [ 12
Neal, R., and S.M. Wheatley. 1998. "Do Measures of Investor
Sentiment Predict Returns?" Journal of Financial and Quantitative Analysis
33: 523-48. ] [ 13
Swaminathan, B. 1996. "Time-Varying Expected Small Firm Returns
and Closed-End Fund Discounts." Review of Financial Studies 3:
845-87. ] [ 14
Thompson, R. 1978. "The Information Content of Discounts and
Premiums on Closed-end Fund Shares." Journal of Financial Economics 6:
151-86. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:3:p:17-38
Template-Type: ReDIF-Article 1.0
Author-Name: XIANG CAI
Author-X-Name-First: XIANG
Author-X-Name-Last: CAI
Author-Name: CHAO CHEN
Author-X-Name-First: CHAO
Author-X-Name-Last: CHEN
Title: Corporate Control, Restructuring, and Firm Performance in China
Abstract:
For most companies in China, especially privately owned enterprises,
going public to raise external funds is very difficult. Therefore,
entering the capital market through corporate control of a publicly listed
firm provides a plausible channel for private firms to raise funds
externally. The decision to acquire a publicly listed company in China is
often motivated by buying the "shell" (opportunity of financing through
public offering) of the target, instead of operation synergy. When the
largest shareholder of a publicly listed firm passes his shares on to a
new owner, the newly acquired firm tends to engage in large-scale
corporate restructuring. This article focuses on two of the most popular
ownership-restructuring strategies utilized in China's capital market:
negotiated ownership transfer and ownership transfer without payment. We
also examine the performance of acquired firms after the ownership change
and the effects that restructuring has upon the firm
Journal: Chinese Economy
Pages: 67-86
Issue: 3
Volume: 37
Year: 2004
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TTKB73HMMJLYDPMP
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X-Bibl:
[ 1 Barclay, Michael, and
Clifford G. Holderness. 1991. "Negotiated Block Trades and Corporate
Control." Journal of Finance 46: 861-78. ] [
2 Bhagat, Sanjal, James A. Brickley,
and Uri Loewenstein. 1987. "The Pricing Effects of Interfirm Cash Tender
Offers." Journal of Finance 42: 965-86. ] [
3 Bradley, M., A. Desai, and E.H. Kim.
1983. "The Rationale Behind Inter-Firm Tender Offers: Information or
Synergy?" Journal of Financial Economics 11: 183-206.
] [ 4 --------. 1988.
"Synergistic Gains from Corporate Acquisitions and Their Division Between
the Stockholders of Target and Acquiring Firms." Journal of Financial
Economics 21: 3-40. ] [ 5
Chatterjee, Sayan. 1992. "Sources of Value in Takeovers:
Synergy or Restructuring: Implications for Target and Bidder Firms."
Strategic Management Journal 13: 267- 86. ] [
6 Chatterjee, Sayan, Michael H.
Lubatin, and David M. Schweiger. 1992. "Cultural Differences and
Shareholder Value in Related Mergers: Linking Equity and Human Capital."
Strategic Management Journal 13: 319-34. ] [
7 Chen Xinyuan and Zhang Tianyu. 1999.
"The Market Reaction of Asset Restructuring: The Empirical Analysis of
Asset Restructuring of the Shanghai Stock Market in 1997." Economic
Research 9: 47-55 (in Chinese). ] [
8 Datta, Deepak K., and John H. Grant. 1990.
"Relationships Between Type of Acquisition, the Autonomy Given to the
Acquired Firm, and Acquisition Success: An Empirical Analysis." Journal of
Management 16: 29-44. ] [
9 Dennis, Debra K., and John J. McConnell.
1986. "Corporate Mergers and Security Returns." Journal of Financial
Economics 16: 143-87. ] [
10 Franks, Julian R., and Robert S. Harris.
1989. "Shareholder Wealth Effect of Corporate Takeovers: The U.K.
Experience 1955-1985." Journal of Financial Economics 23:
225-49. ] [ 11
Fowler, Karen, and Dennis R. Schmidt. 1989. "Determinants of
Tender Offer Post-Acquisition Financial Performance." Strategic Management
Journal 10: 339-50. ] [
12 Healy, Paul M., Krishna G. Palepu, and
Richard S. Ruback. 1992. "Does Corporate Performance Improve After
Mergers?" Journal of Financial Economics 31: 135-75. ]
[ 13 Holderness, C.G., and
D.P. Sheehan. 1988. "The Role of Majority Shareholders in Publicly Held
Corporations: An Exploratory Analysis." Journal of Financial Economics 20:
317-46. ] [ 14
Huang, Yen-Sheng, and Ralph A. Walkling. 1987. "Abnormal Returns
Associated with Acquisition Announcement: Payment, Acquisition Form, and
Managerial Resistance." Journal of Financial Economics 19:
329-50. ] [ 15
Jarrell, G.A., J.A. Brickley, and J.M. Netter. 1988. "The Market
for Corporate Control: The Empirical Evidence Since 1980." Journal of
Economic Perspectives 2: 49-68. ] [
16 Jensen, M.C., and R.S. Ruback. 1983. "The
Market for Corporate Control: The Scientific Evidence." Journal of
Financial Economics 11: 5-50. ] [
17 Li Shanmin and Chen Yugang. 2002. "The
Wealth Effect of M&As of Listed Firms." Economic Research 11: 27-35 (in
Chinese). ] [ 18
Lu Guoqing. 2000. "The Performance of Different Types of Asset
Restructuring of Listed Firms in China." Economic Science 6 (in
Chinese). ] [ 19
Manne, H.G. 1965. "Mergers and the Market for Corporate Control."
Journal of Political Economy 73: 110-20. ] [
20 Mitchell, Mark L., and Harold J.
Mulhrtinz. 1996. "The Impact of Industry Shocks on Takeover and
Restructuring Activity." Journal of Financial Economics 41:
193-229. ] [ 21
Mueller, D.C. 1969. "A Theory of Conglomerate Mergers." Quarterly
Journal of Economics 83: 643-59. ] [
22 Ravenscraft, David J., and F.M. Scherer.
1987a. "Life After Takeover." Journal of Industrial Economics 36:
147-56. ] [ 23
--------. 1987b. Mergers, Sell-offs, and Economic Efficiency,
Washington, DC: Brookings Institution Press. ]
[ 24 Schmidt, Dennis R., and Karen
Fowler. 1990. "Post-Acquisition Financial Performance and Executive
Compensation." Strategic Management Journal 11: 559-69.
] [ 25 Singh, Harbir,
and Cynthia A. Montgomery. 1987. "Corporate Acquisition Strategies and
Economic Performance." Strategic Management Journal 8: 377-86.
] [ 26 Sun Zheng and
Li Zengquan. 2001. "Changes of Corporate Control and Firm Performance."
Working paper, Shanghai University of Economics and Finance (in
Chinese). ] [ 27
Wang Jiwei. 2002. "Governance Role of Different State
Shareholders for China's Listed Companies." Working paper, Hong Kong
University of Science and Technology. ] [
28 Wang Kun. 2003. "From Government to
Corporation: Largest Shareholder's Change and Firm Performance." Working
paper, Hong Kong University of Science and Technology.
] [ 29 Wansley, James
W., William R. Lane, and Ho C. Yang. 1983. "Abnormal Returns to Acquired
Firms by Type of Acquisition and Method of Payment." Financial Management
(Autumn): 16-22. ] [ 30
Xue Shuang. 2002. "Ownership Changes of Largest
Shareholders, Asset Restructuring, and Stock Prices." In Proceedings of
2002 Global Finance Association Annual Conference, Beijing University (in
Chinese). ] [ 31
Yang Chaojun, Cai Mingchao, and Liu Bo. 2000. "The Stock-Price
Behavior of Changes of Corporate Control." In Advanced Research of China's
Capital Markets, ed. Liu Shucheng and Shen Pei, 224-32. Beijing: Social
Science Literature Publishing Company (in Chinese). ]
[ 32 Zhang Xin. 2003. "Do M&As
Create Value?" Working paper, Nankai University (in Chinese).
] [ 33 Zhu Baoxian and
Wang Yikai. 2002. "The Effect of M&As of China's Listed Firms in 1998."
Economic Research 11: 20-26 (in Chinese). ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:3:p:67-86
Template-Type: ReDIF-Article 1.0
Author-Name: GONGMENG CHEN
Author-X-Name-First: GONGMENG
Author-X-Name-Last: CHEN
Author-Name: MICHAEL FIRTH
Author-X-Name-First: MICHAEL
Author-X-Name-Last: FIRTH
Author-Name: YU XIN
Author-X-Name-First: YU
Author-X-Name-Last: XIN
Title: The Price-Volume Relationship in China's Commodity Futures Markets
Abstract:
This study examines the relationship between returns and trading
volume of four actively traded commodity futures contracts in China.
Correlation analyses and Granger causality tests are used to investigate
contemporaneous and lead-lag relationships between trading volume and both
signed and absolute return. We find that the contemporaneous correlations
between return and trading volume are not significantly different from
zero, and there is no linearly significant causality following from
trading volume to return or from return to trading volume. However, the
contemporaneous correlations between absolute return and trading volume
are significantly positive in all futures markets, and there is a
significant relationship of causality following from absolute return to
trading volume, which contradicts the mixture of distributions hypothesis
and supports the sequential information arrival hypothesis in all of the
futures markets examined except for aluminum futures. We also find a
significant causality following from trading volume to absolute
settlement-to-settlement return in the copper (subsample 1) futures
market, but not in the copper (subsample 2) futures market.
Journal: Chinese Economy
Pages: 87-122
Issue: 3
Volume: 37
Year: 2004
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=UYXNE50TMANHLL8Y
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bessembinder, H., and
P.J. Seguin. 1993. "Price Volatility, Trading Volume and Market Depth:
Evidence from Futures Markets." Journal of Financial and Quantitative
Analysis 28: 21-39. ] [ 2
Blume, L., D. Easley, and M. O'Hara. 1994. "Market
Statistics and Technical Analysis: The Role of Volume." Journal of Finance
49: 153-81. ] [ 3
China Securities Regulatory Commission. 1999. The Examination
Guide for Qualification as Futures Practitioners. Beijing: China Finance
Press (in Chinese). ] [ 4
Ciner, C. 2002. "Information Content of Volume: An
Investigation of Tokyo Commodity Futures Markets." Pacific-Basin Finance
Journal 10: 201-15. ] [ 5
Clark, P. 1973. "A Subordinated Stochastic Process Model
with Finite Variance for Speculative Prices." Econometrica 41:
135-55. ] [ 6
Copeland, T.E. 1974. "A Model of Asset Trading Under the
Assumption of Sequential Information Arrival." Ph.D. dissertation,
University of Pennsylvania. ] [
7 ------. 1976. "A Model of Asset Trading
Under the Assumption of Sequential Information Arrival." Journal of
Finance 31: 1149-68. ] [
8 Cornell, B. 1981. "The Relationship Between
Volume and Price Variability in Futures Markets." Journal of Futures
Markets 1: 303-16. ] [ 9
Crouch, R. 1970. "A Nonlinear Test of the Random-Walk
Hypothesis." American Economic Review 60: 199-202. ]
[ 10 Davidson, R., and J.G.
Mackinnon. 1993. Estimation and Inference in Economics. Oxford: Oxford
University Press. ] [ 11
DeLong, J., A. Shleifer, L. Summers, and B. Waldmann. 1990.
"Positive Feedback, Investment Strategies and Destabilizing Rational
Speculation." Journal of Finance 45: 379-95. ]
[ 12 Epps, T.W., and M.L. Epps.
1976. "The Stochastic Dependence of Security Price Changes and Transaction
Volumes: Implications for the Mixtures-of-Distribution Hypothesis."
Econometrica 44: 305-21. ] [
13 Foster, A.J. 1995. "Volume-Volatility
Relationships for Crude Oil Futures Markets." Journal of Futures Markets
15: 929-51. ] [ 14
Fujihara, R.A., and M. Mougoue. 1997. "An Examination of Linear
and Nonlinear Causal Relationships Between Price Variability and Volume in
Petroleum Futures Markets." Journal of Futures Markets 17:
385-416. ] [ 15
Gallant, A.R., P.E. Rossi, and G. Tauchen. 1992. "Stock Prices
and Volume." Review of Financial Studies 5: 199-242. ]
[ 16 Garcia, P., R. Leuthold,
and H. Zapata. 1986. "Lead-lag Relationships Between Trading Volume and
Price Variability: New Evidence." Journal of Futures Markets 6:
1-10. ] [ 17
Grammatikos, T., and A. Saunders. 1986. "Futures Price
Variability: A Test of Maturity and Volume Effects." Journal of Business
59: 319-30. ] [ 18
Granger, C.W.J. 1969. "Investigating Causal Relations by
Econometric Models and Cross-Spectral Methods." Econometrica 37:
424-38. ] [ 19
Gujarati, D.N. 1995. Basic Econometrics (international edition).
Singapore: McGraw-Hill Inc. ] [
20 Harris, L. 1984. "The Joint Distribution
of Speculation Prices and of Daily Trading Volume." Working Paper No.
34-84. Department of Finance and Business Economics, University of
Southern California, Los Angeles. ] [
21 --------. 1986. "Cross-Security Tests of
Mixture of Distributions Hypothesis." Journal of Financial and
Quantitative Analysis 21: 39-46. ] [
22 --------. 1987. "Transaction Data Tests of
the Mixture of Distributions Hypothesis." Journal of Financial and
Quantitative Analysis 22: 127-41. ] [
23 Harris, M., and A. Raviv. 1993.
"Differences of Opinion Make a Horse Race." Review of Financial Studies 6:
473-506. ] [ 24
Herbert, J.H. 1995. "Trading Volume, Maturity and Natural Gas
Futures Price Volatility." Energy Economics 17: 293-99.
] [ 25 Hiemstra, C., and
J. Jones. 1994. "Testing for Linear and Nonlinear Granger Causality in the
Stock Price-Volume Relation." Journal of Finance 49: 1639-64.
] [ 26 Jennings, R.H.,
L.T. Starks, and J.C. Fellingham. 1981. "An Equilibrium Model of Asset
Trading with Sequential Information Arrival." Journal of Finance 36:
143-61. ] [ 27
Karpoff, J.M. 1987. "The Relation Between Price Changes and
Trading Volume: A Survey." Journal of Financial and Quantitative Analysis
22: 109-26. ] [ 28
--------. 1988. "Costly Short Sales and the Correlation of
Returns with Volume." Journal of Financial Research 11: 173-88.
] [ 29 Kocagil,
A.E., and Y. Shachmurove. 1998. "Return-Volume Dynamics in Futures
Markets." Journal of Futures Markets 18: 399-426. ]
[ 30 Lee, B.S., and O.M. Rui.
2001. "Empirical Identification of Non-Informational Trades Using Trading
Volume Data." Review of Quantitative Finance and Accounting 17:
327-50. ] [ 31
Li, Q. 1999. Theory and Practice in China's Futures Markets.
Beijing: China Finance and Economic Press (in Chinese).
] [ 32 McCarthy, J., and
M. Najand. 1993. "State Space Modeling of Price and Volume Dependence:
Evidence from Currency Futures." Journal of Futures Markets 13:
335-44. ] [ 33
Moosa, A.I., and N.E. Al-Loughani. 1995. "Testing the
Price-Volume Relation in Emerging Asian Stock Markets." Journal of Asian
Economics 6: 407-22. ] [
34 Pindyck, R.S., and D.L. Rubinfeld. 1998.
Econometric Models and Economic Forecasts (international edition).
Singapore: McGraw-Hill Companies. ] [
35 Rutledge, D.J.S. 1979. "Trading Volume and
Price Variability: New Evidence on the Price Effects of Speculation." In
International Futures Trading Seminar, 160-74. Chicago: Chicago Board of
Trade. ] [ 36
Shalen, C.T. 1993. "Volume, Volatility, and the Dispersion of
Beliefs." Review of Financial Studies 6: 405-34. ]
[ 37 Smirlock, M., and L. Starks.
1988. "An Empirical Analysis of the Stock Price-Volume Relationship."
Journal of Financial Research 8: 31-41. ] [
38 Suominen, M. 1996. "Trading Volume
and Information Revelation in Stock Markets." Working paper, Department of
Economics, University of Pennsylvania. ] [
39 Tauchen, G., and M. Pitts. 1983. "The
Price Variability-Volume Relationship on Speculative Markets."
Econometrica 59: 371-96. ] [
40 Wang, J. 1994. "A Model of Competitive
Stock Trading Volume." Journal of Political Economy 102: 127-68.
] [ 41 Westerfield,
R. 1977. "The Distribution of Common Stock Price Changes: An Application
of Transactions Time and Subordinated Stochastic Models." Journal of
Financial and Quantitative Analysis 12: 743-65. ]
[ 42 Williams, J., A. Peck, A.
Park, and S. Rozelle. 1998. "The Emergence of a Futures Market: Mungbeans
on the China Zhengzhou Commodity Exchange." Journal of Futures Markets 18:
427-48. ] [ 43
Zhu, G.H. 1999. The Research for China's Futures Markets.
Beijing: China Commerce Press (in Chinese). ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:3:p:87-122
Template-Type: ReDIF-Article 1.0
Author-Name: KUI-WAI LI
Author-X-Name-First: KUI-WAI
Author-X-Name-Last: LI
Author-Name: JUN MA
Author-X-Name-First: JUN
Author-X-Name-Last: MA
Title: The Economic Intricacies of Banking Reform in China
Abstract:
This article discusses some of the economic constraints facing the
efficient performance of Chinese banks. While the condition of accession
to the World Trade Organization (WTO) requires that banking in China will
open to foreign competition by 2006, large nonperformance loans and the
lack of international accounting standards continue to plague Chinese
banks. This article considers the theory of financial liberalization and
the social function of banks and uses bank data to simulate the effective
operations of four policy instruments of greater interest-rate spread, tax
and cost reduction, and recapitalization. Recapitalization, either by the
government or from foreign sources, is the most effective instrument in
eliminating nonperforming loans. Despite some favorable recent
developments, the article concludes that there should be no further delay
in effective bank reform in China.
Journal: Chinese Economy
Pages: 50-77
Issue: 4
Volume: 37
Year: 2004
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H8MMJP424YWCNTU2
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X-Bibl:
[ 1 Alton, Gilbert R. 1984.
"Bank Market Structure and Competition." Journal of Money, Credit and
Banking 19, no. 4 (November): 617-60. ] [
2 Byrd, William. 1983. China's Financial
System. Boulder, CO: Westview Press. ] [
3 Cheung, Tai Ming. 1996. "Can PLA Inc. Be
Tamed?" Institutional Investor (July): 41-49. ]
[ 4 Chow, Gregory C., and Kui-Wai
Li. 2002. "China's Economic Growth: 1952-2010." Economic Development and
Cultural Change 51, no. 1 (October): 247-56. ]
[ 5 Dickie, Robert B. 1981.
"Development of Third World Securities Markets." Law and Policy in
International Business 13: 177-222. ] [
6 Dipchand, Cecil R., Yichun Zhang, and
Mingjia Ma. 1994. The Chinese Financial System. Westport, CT: Greenwood
Press. ] [ 7
East Asia Analytical Unit. 1999. Asia's Financial Markets:
Capitalising on Reform. Canberra, ACT: Department of Foreign Affairs and
Trade. ] [ 8
Fama, Eugene. 1980. "Banking in the Theory of Finance." Journal
of Monetary Economics 6: 39-57. ] [
9 --------. 1985. "What's Different About
Banks?" Journal of Monetary Economics 15: 29-39. ]
[ 10 Hemming, Richard, and Ali M.
Mansoor. 1988. Privatization and Public Enterprises. Occasional Paper No.
56, Washington DC: International Monetary Fund. ]
[ 11 Hughes, Neil C. 1998.
"Smashing the Iron Rice Bowl." Foreign Affairs 77, no. 4 (July/ August):
67-77. ] [ 12
Jensen, Michael C., and Richard S. Ruback. 1983. "The Market for
Corporate Control." Journal of Financial Economics 11: 5-50.
] [ 13 Jun, Kwang, and
Saori N. Katada. 1997. "Official Flows to China: Recent Trends and Major
Characteristics." In Financing China Trade and Investment, ed. Kui-Wai Li,
163-82. Westport, CT: Praeger Publishing. ] [
14 Li, Kui-Wai. 1994. Financial
Repression and Economic Reform in China. Westport, CT: Praeger.
] [ 15 --------.
1996. Some Thoughts on China's 1995 Bank Reform. Working Paper Series No.
78, Department of Economics and Finance, City University of Hong Kong
(May). ] [ 16
--------. 2003. China's Capital and Productivity Measurement
Using Financial Resources. Economic Growth Center Discussion Paper No.
851, Yale University (February). ] [
17 Ma, Jun. 2001. China Economic Outlook
2001. Deutsche Bank Hong Kong (January). ] [
18 McKinnon, Donald. 1973. Money and
Capital in Economic Development. Washington DC: Brookings Institution
Press. ] [ 19
Ng, Sally, and Craig Turton. 2001. PRC vs. International
Accounting Standards. Deutsche Bank Hong Kong (January).
] [ 20 Nyaw, Mee-Kau.
1997. "The Development of Direct Foreign Investment in China." In
Financing China Trade and Investment, ed. Kui-Wai Li, 55-88.
] [ 21 Pohl, Gerhard.
1995. "Banking Reforms in Russia and Eastern Europe." Journal of
International Banking and Financial Law 10, no. 9 (October):
432-36. ] [ 22
Santomero, Anthony M. 1984. "Modeling the Banking Firm." Journal
of Money, Credit and Banking 16, no. 4: 576-616. ]
[ 23 Saunders, A., and A.
Sommariva. 1993. "Banking Sector and Restructuring in Eastern Europe."
Journal of Banking and Finance 17, no. 5 (September): 931-58.
] [ 24 Shaw, Edward.
1973. Financial Deepening in Economic Development. New York: Oxford
University Press. ] [ 25
Shih, Victor. 2004. "Factions Matter: Personal Networks and
the Distribution of Bank Loans in China." Journal of Contemporary China
13, no. 38 (February): 3-20. ] [
26 Tang, Xu, and Kui-Wai Li. 1997. "Money and
Banking in China." In Financing China Trade and Investment, ed. Kui-Wai
Li, 13-42. ] [ 27
World Bank. 1997. China 2030. Washington DC: World Bank
(September). ] [ 28
Wu, Jinglian. 1993. Corruption: Exchange of Power and Money.
Beijing: China Economic Publishers (in Chinese). ]
[ 29 Yi, Gang. 1994. Money,
Banking and Financial Markets in China. Boulder, CO: Westview
Press. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:4:p:50-77
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 4
Volume: 37
Year: 2004
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HHPE9025M4UAPFLF
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X-Bibl:
Handle: RePEc:mes:chinec:v:37:y:2004:i:4:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Author-Name: QINGFENG "WILSON" LIU
Author-X-Name-First: QINGFENG "WILSON"
Author-X-Name-Last: LIU
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: Venture Capital Cycle, Opportunities, and Challenges in China
Abstract:
The venture capital industry in China has been developing rapidly
since the early 1990s and venture capital has been playing a more and more
important role in the development of small and medium-sized businesses,
particularly those in the high-tech industry. The authorities recently
adopted more flexible regulations to encourage the development of domestic
venture capital and inflows of foreign venture capital funds. This article
documents the changes in regulatory framework, discusses the three stages
of venture capital cycle in China--fund-raising, disbursement, and
exit--and analyzes the opportunities and challenges existing in China's
venture capital industry.
Journal: Chinese Economy
Pages: 28-49
Issue: 4
Volume: 37
Year: 2004
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=KNHU5VBPMNCNWTYF
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 "Asian: Uninspired and
Cautious." Asia Pacific Venture Capital 2002 year-end report, news release
by Thomson, www.thomsonfinancial.com. ] [
2 Asian Development Bank. 2003. Asian
Development Outlook 2003. New York: Oxford University Press.
] [ 3 Business Asia.
2002. "Regulatory Watch: China." Business Asia 34, no. 2 (January):
9. ] [ 4
Canham, Janine, and Chris Southorn. 2001. "Tapping China's
Venture Capital Market: A Legal Perspective." CMS Cameron McKenna,
www.altassets.com/casefor/countries/ 2001/nz3769.php.
] [ 5 Folta, H. Paul.
1999. "The Rise of Venture Capital in China." China Business Review 26,
no. 6 (November-December): 6-16. ] [
6 Fung, H.G., and Q. Liu. 2005. "China's
Financial Reform in Banking and Securities Markets." In China and the
Challenge of Economic Globalization: The Impact of WTO Membership, ed.
H.G. Fung, C.H. Pei, and K.H. Zhang. Armonk, NY: M.E. Sharpe.
] [ 7 Gompers, Paul,
and Josh Lerner. 2000. The Venture Capital Cycle. Cambridge: MIT
Press. ] [ 8
Huang, Jack T.J. 2003. "China Focuses on Venture Capital and M&A:
New Rules on Foreign VC Investments Open up Easier Access." Jones Day
Commentaries (August). ] [
9 Jingu, Takeshi. 2002. "Moving Forward in
Reforming China's Capital Market." Nomura Research Institute Paper, No. 40
(January 1). ] [ 10
Marson, Allan, Matthew McGinn, and Flora Huang. 2002. "New Ways
Out for Venture Capital Investors in China." China Business Review
(July-August): 30-35. ] [
11 1998 Guide to Venture Capital in Asia,
Asian Venture Capital Journal. Hong Kong: AVCJ Group Ltd.
] [ 12 Rules on
Administration of Foreign-Invested Venture Capital Investment Enterprises
(took effect on March 1, 2003). ] [
13 2003 Asian Guide to Venture Capital, Asian
Venture Capital Journal. Hong Kong: AVCJ Group Ltd. ]
[ 14 Xiao, Wei. 2002. "The New
Economy and Venture Capital in China." Perspectives 3, no. 6,
www.oycf.org/Perspectives/18_093002/Economy_Venture_China.htm.
] [ 15 Xu, Lilai, and
Hernan Riquelme. 2002. "Venture Capitalists' Decision Criteria and
Implications for China." Venture Capital (La Trobe University,
Australia). ] [ 16
Xu, Xiaoqing Eleanor. 2001. "Venture Capital Finance in China."
Journal of Entrepreneurial Finance and Business Ventures 1, no. 1:
11-23. ] [ 17
Zhou, Jonathan. 2002. "China: Getting Nowhere: Private Equity in
China. Private Equity and Venture Capital 2002." International Financial
Law Review 57. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:4:p:28-49
Template-Type: ReDIF-Article 1.0
Author-Name: WAI-MING FONG
Author-X-Name-First: WAI-MING
Author-X-Name-Last: FONG
Author-Name: KEVIN C.K. LAM
Author-X-Name-First: KEVIN C.K.
Author-X-Name-Last: LAM
Title: Privatization and Performance : The Experience of Firms in China
Abstract:
This article investigates the effects of privatization on corporate
performance in China. We focus on two very different industries: the
manufacturing industry--the largest (relatively) competitive industry in
China--and the basic material industry--the largest industry protected and
closely monitored by the central government. We find that privatization to
the domestic public has only a small positive effect on corporate
performance for the manufacturing industry, but does not have any effect
for the basic material industry, suggesting that privatization does not
work when competition does not prevail. We also find that privatization to
institutions hurts corporate performance for the manufacturing industry,
but not for the basic material industry, suggesting that control by legal
person shares often means additional layers of bureaucracy and higher
agency costs, unless the central government closely monitors the firms,
mitigating the agency problems.
Journal: Chinese Economy
Pages: 5-27
Issue: 4
Volume: 37
Year: 2004
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LJFK81KHVFKVVTJY
File-Format: text/html
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X-Bibl:
[ 1 Aharony, J., J. Lee, and
T.J. Wong. 2000. "Financial Packaging of IPO Firms in China." Journal of
Accounting Research 38: 103-26. ] [
2 Altman, E. 1993. Corporate Financial
Distress and Bankruptcy, 2d ed. New York: John Wiley & Sons.
] [ 3 Aussenegg, W.,
and R. Jelic. 2002. "Operating Performance of Privatized Companies in
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Republic." Working paper, Vienna University of Technology, Austria, and
University of Birmingham, U.K. ] [
4 Barberis, N., M. Boycko, A. Shleifer, and
N. Tsukanova. 1996. "How Does Privatization Work? Evidence from the
Russian Shops." Journal of Political Economy 104: 764-90.
] [ 5 Black, B., R.
Kraakman, and A. Tarassova. 2000. "Russian Privatization and Corporate
Governance: What Went Wrong?" Stanford Law Review 52: 1731-808.
] [ 6 Boardman, A.,
and A. Vining. 1989. "Ownership and Performance in Competitive
Environments: A Comparison of the Performance of Private, Mixed, and
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] [ 7 Boycko, M.,
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Journal 106: 309-19. ] [
8 Broadman, H., and G. Xiao. 1997. "The
Coincidence of Material Incentives and Moral Hazard in Chinese
Enterprises." Development Discussion Paper No. 606, Harvard Institute for
International Development, Harvard University. ]
[ 9 Claessens, S., S. Djankov, and
O. Pohl. 1997. Ownership and Corporate Governance: Evidence from the Czech
Republic. Washington, DC: World Bank. ] [
10 DeFond, M., T.J. Wong, and S. Li. 2000.
"The Impact of Improved Auditor Independence on Audit Market Concentration
in China." Journal of Accounting and Economics 28: 269-305.
] [ 11 D'Souza, J., and
W. Megginson. 1999. "The Financial and Operating Performance of Privatized
Firms During the 1990s." Journal of Finance 54: 1397-438.
] [ 12 Earle, J. 1998.
"Post-Privatization Ownership and Productivity in Russian Industrial
Enterprises." SITE Working Paper 127, Stockholm School of
Economics. ] [ 13
Earle, J., and S. Estrin. 1998. "Privatization, Competition, and
Budget Constraints: Disciplining Enterprises in Russia." SITE Working
Paper 128, Stockholm School of Economics. ] [
14 Frydman, R., K. Pistor, and A.
Rapaczynski. 1996. "Exit and Voice After Mass Privatization: The Case of
Russia." European. Economic Review 40: 581-88. ]
[ 15 Frydman, R., A. Rapaczynski,
and J. Turkewitz. 1997. "Transition to a Private Property Regime in the
Czech Republic and Hungary." In Economies in Transition: Comparing Asia
and Europe, ed. W.T. Woo, J.D. Sachs, and S. Parker. London: MIT
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Frydman, R., C. Gray, M. Hessel, and A. Rapaczynski. 1999. "When
Does Privatization Work? The Impact of Private Ownership on Corporate
Performance in the Transition Economies." Quarterly Journal of Economics
114: 1153-91. ] [ 17
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"China's Evolving Managerial Labor Market." Journal of Political Economy
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Harper, J.T. 2001. "Short-Term Effects of Privatization on
Operating Performance in the Czech Republic." Journal of Financial
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19 La Porta, R., and F. López-de-Silanes.
1999. "The Benefits of Privatization: Evidence from Mexico," Quarterly
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20 Lin, J.Y., F. Cai, and Z. Li. 1996. The
China Miracle: Development Strategy and Economic Reform. Hong Kong:
Chinese University Press. ] [
21 --------. 2001. State-Owned Enterprise
Reform in China. Hong Kong: Chinese University Press.
] [ 22 Martin, S., and
D. Parker. 1995. "Privatization and Economic Performance Throughout the
U.K. Business Cycle." Managerial and Decision Economics 16:
225-37. ] [ 23
Moore, J. 1992. "British Privatization: Taking Capitalism to the
People." Harvard Business Review (Jan./Feb.): 115-24.
] [ 24 OECD
(Organization for Economic Cooperation and Development). 2000. China in
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] [ 25 Pistor, K.,
and A. Spicer. 1996. "Investment Funds in Mass Privatization and Beyond:
Evidence from the Czech Republic and Russia." Private Sector, World Bank
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Paper No. 368. Washington, DC: World Bank. ]
[ 27 Qi, D., W. Wu, and H. Zhang.
2000. "Shareholding Structure and Corporate Performance of Partially
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Structure and Financial Reform," Economic Research 1: 20-29 (in
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[ 30 Sun, Q., and W. Tong.
2000. "The Effect of Market Segmentation on Stock Prices: The China
Syndrome." Journal of Banking and Finance 24: 1875-902.
] [ 31 --------. 2003.
"China Share Issue Privatization: The Extent of Its Success." Journal of
Financial Economics 70: 183-222. ] [
32 Sun, Q., W. Tong, and J. Tong. 2002. "How
Does Government Ownership Affect Firm Performance? Evidence from China's
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Vickers, J., and G. Yarrow. 1988. Privatization: An Economic
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34 Xu, W. 1999. "Financial and Accounting
Issues in SOE Reforms." In Development of China Accounting and Finance,
ed. G. Chen, D. Hsia, and P. Cho. Hong Kong: Oxford University Press (in
Chinese). ] [ 35
Xu, X., and Y. Wang. 1999. "Ownership Structure and Corporate
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Yarrow, G. 1986. "Privatization in Theory and Practice." Economic
Policy 2: 324-64. ] [ 37
Zhang, W. 1999. Qiyelilun yu Zhongguo qiyegaige (Theory of
the firm and Chinese enterprise reform). Beijing: Beijing University
Press. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:4:p:5-27
Template-Type: ReDIF-Article 1.0
Author-Name: LIN GUIJUN
Author-X-Name-First: LIN
Author-X-Name-Last: GUIJUN
Author-Name: RONALD M. SCHRAMM
Author-X-Name-First: RONALD M.
Author-X-Name-Last: SCHRAMM
Title: China's Progression Toward Currency Convertibility : A Review and Assessment
Abstract:
This article takes a closer look at the process of China's foreign
exchange reform since 1979. It describes major policy changes, assesses
their effects, and identifies challenges in furthering the process of
capital account liberalization. The paper concludes that the core of
China's foreign exchange reform since 1979 has been a gradual
transformation of its exchange allocation mechanism, from one that was
governed by central planning to one in which market forces play a
significant role. The entire reform process is characterized by
substantial trade liberalization, initial official exchange-rate
adjustments, exchange-market development, easing restrictions for current
international transactions, and the establishment of a capital account
control framework. China has moved to the last frontier of its exchange
reform. Prior reforms had generally focused on the gradual liberalization
of the current account and inward direct investment, aimed at
strengthening the real sector and export capacity of the economy.
Journal: Chinese Economy
Pages: 78-100
Issue: 4
Volume: 37
Year: 2004
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XT8EGVV7DHPWDR90
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Balassa, B. 1961.
"Patterns of Industrial Growth: Comment." American Economic Review 51
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--------. 1964. "The Purchasing Power Doctrine: A Reappraisal."
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[ 5 Diaz-Alejandro, Carlos.
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Marcus. 1962. "Domestic Financial Policies Under Fixed and Under Floating
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10 Frisbie, John, and Richard Brecher. 1993.
"A Tough Balancing Act." China Business Review 20, no. 6: 9-14.
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Joshua E., and Peter Isard. 1991. "Currency Convertibility and the
Transformation of Centrally Planned Economies." IMF Occasional Paper 81.
Washington, DC: International Monetary Fund. ]
[ 12 Gunter, F.R. 1996. "Capital
Flight from the People's Republic of China: 1984-1994." China Economic
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Convertibility and Capital Controls. Shanghai: Fudan University Press (in
Chinese). ] [ 14
Jing, Xuecheng. 2001. Development of International Finance and
China's Financial Reforms. Beijing: China Finance Press (in
Chinese). ] [ 15
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1997. "Sequencing Capital Account Liberalization: Lessons from the
Experiences in Chile, Indonesia, Korea, and Thailand. IMF Working Paper
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the RMB Exchange Rates. Beijing: University of International Business and
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Mainland China. Edinburgh: Edinburgh University Press, 42-94.
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Donald J., and Liliana Rojas-Suarez. 1993. "Liberalization of the Capital
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34 Zheng Ce. 1983. "China's Foreign Trade
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Chinese). ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:4:p:78-100
Template-Type: ReDIF-Article 1.0
Author-Name: CAI FANG
Author-X-Name-First: CAI
Author-X-Name-Last: FANG
Title: The Consistency of China's Statistics on Employment : Stylized Facts and Implications for Public Policies
Abstract:
Journal: Chinese Economy
Pages: 74-89
Issue: 5
Volume: 37
Year: 2004
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HUX12DCL46QAB9T8
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bloom, David, and
Jeffrey Williamson. 1997. "Demographic Transitions and Economic Miracles
in Emerging Asia." NBER Working Paper Series, no. 6268.
] [ 2 Cai Fang, ed.
2002. Employment in Rural and Urban China: Issues and Options. Beijing:
Social Sciences Documentation Publishing House. ]
[ 3 Cai Fang and Wang Dewen. 1999.
"Sustainability of Economic Growth and Labor Contribution in China."
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Flaim, Paul. 1984. "Discouraged Workers: How Strong Are Their
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] [ 8 Giles, John,
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[ 9 Hamermesh, Daniel S., and
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10 International Monetary Fund (IMF). 1994.
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[ 11 Mincer, Jacob. 1993.
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of Money, Banking and Financial Markets, 6th ed. update. Boston: Addison
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Ottosen, Garry K., and Douglas N. Thompson. 1996. Reducing
Unemployment: A Case for Government Deregulation. Westport, CT:
Praeger. ] [ 14
Rawski, Thomas G. 2001. "What's Happening to China's GDP
Statistics?" China Economic Review 12, no. 4 (December):
298-302. ] [ 15
Solinger, Dorothy J. 2001a. "Why We Cannot Count the Unemployed."
China Quarterly, no. 167 (August): 671-88. ]
[ 16 --------. 2001b. "Economic
Informalization by Fiat: China's New Growth Strategy as Solution or
Crisis?" In On the Roots of Growth and Crisis: Capitalism, State and
Society in East Asia, vol. 36, ed. Luigi Tomba, 373-417. Rome: Annali
della Fondazione Giangiacomo Feltrinelli. ] [
17 Statistics Bureau (SB). 2002.
Tabulation on the 2000 Census of the People's Republic of China. Beijing:
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18 Statistics Bureau (SB) and Ministry of
Labor and Social Security (MOLSS). 2003. China Labor Statistical Yearbook,
2003. Beijing: China Statistics Publishing House. ]
[ 19 United Nations Development
Programme (UNDP). 1999. China Human Development Report, 1999: Transition
and the State. New York: United Nations. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:5:p:74-89
Template-Type: ReDIF-Article 1.0
Author-Name: JIANG XIAOJUAN
Author-X-Name-First: JIANG
Author-X-Name-Last: XIAOJUAN
Author-Name: YANG LAIKE
Author-X-Name-First: YANG
Author-X-Name-Last: LAIKE
Author-Name: YANG LAIKE
Author-X-Name-First: YANG
Author-X-Name-Last: LAIKE
Author-Name: WANG YINGXIN
Author-X-Name-First: WANG
Author-X-Name-Last: YINGXIN
Title: A Study of the Gradual Shift of Foreign Investment
Abstract:
Journal: Chinese Economy
Pages: 19-36
Issue: 5
Volume: 37
Year: 2004
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=JX75W5BT0YWM0F6H
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Jiang Xiaojuan. 2002.
Chinese Foreign Economy: Contribution to Growth, to Upgrading of
Structure, and to Competition, 87-102. Beijing: China Renmin University
Press. ] [ 2
Wei Houkai, He Canfei, and Wang Xin. 2001. "An Analysis of
Motives and Location Factors of Foreign Direct Investment in China."
Economic Research Journal 2: 67- 76. ] [
3 Wu Jian. 2002. "Regional Discrepancy of
FDI in China and its Effect on Economic Growth." Economic Research Journal
4: 27-35. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:5:p:19-36
Template-Type: ReDIF-Article 1.0
Author-Name: RONG XIANPING
Author-X-Name-First: RONG
Author-X-Name-Last: XIANPING
Title: Research on China's Small and Medium-Sized Enterprises' Cluster Development Model
Abstract:
In China, there are four classical development models of small and
medium-sized enterprises: the Shenzhen model, the southern Jiangsu model,
the Wenzhou model, and the Zhongguancun model. Each has its own
characteristics with different institutional circumstances. This study
concludes that the growing cluster development of small and medium-sized
enterprises needs competitive market circumstances and services from
government and social organizations. Culture plays a key factor.
Journal: Chinese Economy
Pages: 7-18
Issue: 5
Volume: 37
Year: 2004
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LHGNVT48RL1028GG
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chen Baomin and Sun
Ninghua. 2000. "Rural Urbanization and the Reform and Development of
Village-Town Enterprises." Economic Research Journal 12.
] [ 2 Chen Zhenhan and
Li Yining. 1982. Industrial Location Theory, 16-17. 1st ed. Beijing:
People's Publishing House. ] [
3 "Eighty Percent of Small and Medium-Sized
Enterprises of Taiwan Belong to Service Industry," www.huaxia.com. June 9,
2004. ] [ 4
Feng Juzhang and Wu Quanneng. 2004. "The Evolution and Regulation
of Transaction." Shanghai Economic Research 4. ]
[ 5 Jin Xiangrong. 2000. "Various
Ways of Institutional Evolution Existing Together and the Reform Path of
Gradually Changing." Zhejiang University Transactions 4.
] [ 6 Larsson, Rikard.
1993. "The Handshake Between Invisible and Visible Hands: Toward a
Tripolar Institutional Framework." International Studies of Management and
Organization 23 (Spring): 87-116. ] [
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Economics. 1st Chinese ed. Beijing: Commercial Press, 267.
] [ 8 "Service Industry
Will Become a New Highlight in Cooperation of Shenzhen and Hong Kong,"
www.chinaqw.com. June 25, 2004. ] [
9 Sheng Shihao and Ju Jialiang. 2003. "The
Evolution Model of Industrial Structure and the Specialization Competition
Advantage." Zhejiang Social Sciences. ] [
10 "Silicon Valley Model vs. Zhongguancun,
Shenzhen, New Wenzhou Models," www.acfic.org.cn. May 7, 2004.
] [ 11 Thorelli, Hans
B. 1986. "Networks: Between Markets and Hierarchies." Strategic Management
Journal 7: 37-51. ] [ 12
Williamson, Oliver. 1998. A Comparison of Alternative
Approaches to Economic Organization, 129. 1st Chinese ed. Shanghai:
Shanghai Financial and Economic University Press. ]
[ 13 Yang Reilong. 1998.
"Three-Stage Theory of the Transformation of Institutional Change."
Economic Research Journal 1. ] [
14 Zhang Renshou and Li Hong. 1990-91.
Wenzhou Model Investigation. 1st ed. Beijing: China Social Sciences
Publishing Company. ] [
15 Zhao Lizhou and Ding Yuejin. 2003. "The
'Zhejiang Model' and Its Expandability and Use for Reference: A Literature
Survey." Guizhou Financial and Economic College Transaction.
] [ 16 "Zhongguancun
vs. Zhangjiangyuan: Who Will Be China's Real Silicon Valley?"
www.xinhuanet.com. March 10, 2002. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:5:p:7-18
Template-Type: ReDIF-Article 1.0
Author-Name: DU ZHIXIONG
Author-X-Name-First: DU
Author-X-Name-Last: ZHIXIONG
Title: Credit Demand of Rural Enterprise and Loan Supply in China : Report on Data Processing Results of Two Surveys
Abstract:
It has been repeatedly reported that rural enterprises lack
financing services. This sector has been contributing much to both the
Chinese economy and rural economy over the last two decades. Meanwhile the
rural banking system has recently experienced profound restructuring. This
article contains information about the real situation of rural enterprises
financing and provides information on the banking system's restructuring
and ways for rural enterprises to overcome financing constraints. Using
data from two surveys of rural enterprises, the article presents useful
information on financing of rural enterprises.
Journal: Chinese Economy
Pages: 37-58
Issue: 5
Volume: 37
Year: 2004
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R2QREHC4BXDTNU53
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Du Zhixiong. 2001.
"Township and Village Enterprise Development in Rural China: A Panoramic
Review." Paper presented at the first NRCT-CASS Joint Seminar on "Tourism
and Township Industry Development," Bangkok, Thailand, November
8-9. ] [ 2
Liu Jue and Bao Zongshun. 2001. Su nan zhong xiao qi ye fa zhan
yan jiu (A study on the development of small and middle-sized enterprises
in southern Jiangsu). Jiangsu: Jiangsu Renmin Publishing House.
] [ 3 Park, Albert,
Loren Brandt, and John Giles. 2002. "Competition Under Credit Rationing:
Theory and Evidence from Rural China." Paper presented at the University
of Michigan, University of Toronto, and Academia Sinica
(Taiwan). ] [ 4
Tsai, Kellee S. 2002. "Local Logics: Informal Finance and Private
Sector Development in China." Paper presented at the conference on Asian
Political Economy in an Age of Globalization, Tuck School of Business,
Dartmouth College, Hanover, NH, May 10-11. ]
[ 5 Woo, Wing Thye. 2001. "China's
Rural Enterprises in Crisis: The Role of Inadequate Financial
Intermediation." Paper presented at the conference on Financial Sector
Reform in China, Kennedy School of Government, Harvard University,
September 11-13. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:5:p:37-58
Template-Type: ReDIF-Article 1.0
Author-Name: LIN ZHIFEN
Author-X-Name-First: LIN
Author-X-Name-Last: ZHIFEN
Title: Regional Disparities in Social Security in China and Transfer Payments
Abstract:
In this article the regional disparities in social security in China
are analyzed in terms of such indicators as the proportion of social
security expenditure in the gross domestic product (GDP) across the
country, the proportion of overall social security expenditure in the
fiscal expenditure, ratio between revenue and expenditure of the old-age
social insurance funds, shortfall, pension replacement rate, and the
dependency ratio. With old-age insurance as an example, the disparities
are divided into two factors, namely, dependency ratio and replacement
rate. Based on the national average level, subsidies amounting to social
security transfer payments for the shortfall area can be determined.
Proposals for reforms in basic work including finance and statistics are
made from the angle of social security transfer payments.
Journal: Chinese Economy
Pages: 59-73
Issue: 5
Volume: 37
Year: 2004
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U4MRREPB5HYWPCLQ
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Gao Qiang. 2001. A New
Chapter of Reform in the Social Insurance System in China. Beijing: China
Finance and Economics Publishing House. ] [
2 Ministry of Finance. 2000. Government
Budget Revenue: Expenditure Account for 2001. Beijing: China Finance and
Economics Publishing House. ] [
3 Ministry of Labor. 1996. China's Labor
Statistics Yearbook. Beijing: China Statistics Publishing House.
] [ 4 "Pilot
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Center Under the Ministry of Labor and Social Security. 2000. China's
Social Security Yearbook. ] [
6 State Council. 1997. "Decision of the State
Council Concerning the Establishment of a Unified Basic Old-Age Insurance
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[ 7 State Statistics Bureau.
2000. China's Statistics Yearbook. Beijing: China Statistics Publishing
House. ] [ 8
------. 2001. China's Statistics Yearbook. Beijing: China
Statistics Publishing House. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:5:p:59-73
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 5
Volume: 37
Year: 2004
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:37:y:2004:i:5:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: SUN ZAO
Author-X-Name-First: SUN
Author-X-Name-Last: ZAO
Author-Name: LU ZHENGWEI
Author-X-Name-First: LU
Author-X-Name-Last: ZHENGWEI
Title: From the Government to Enterprises : A Summarization of the Documents on the Studies of Chinese Private Enterprises
Abstract:
Private enterprises are the most remarkable subjects in the
theoretical studies of China's economic transition. This article tries to
describe the rough track of the process of China's reform, analyzing it
from a new perspective based on the main studies in the field. The article
concludes that the internal aspects of China's private enterprises have
been significantly changed. As private enterprises have gradually become
enterprises in the sense of mainstream economics, mainstream economic
studies have begun to switch their focus from "explanations of the issues"
to "solutions." An interesting question is, What will future developments
be, when, under the current conditions, the basic property rights of
private enterprises have not yet been clarified? Current experience and
studies on this issue have not provided us a clear answer.
Journal: Chinese Economy
Pages: 53-67
Issue: 6
Volume: 37
Year: 2004
Month: 11
Keywords:
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X-Bibl:
[ 1 Cai Fang. 1995. "The
Logic and Conditions for Success of the Reform of the Property Right
System of Town and Village Enterprises." Economic Studies 10.
] [ 2 Che, Jiahua, and
Yingyi Qian. 1998. "Insecure Property Rights and Government Ownership of
Firms." Quarterly Journal of Economics 113, no. 2: 467-96.
] [ 3 Chen, Hongyi, and
Scott Rozelle. 1999. "Leaders, Managers, and the Organization of Township
and Village Enterprises in China." Journal of Development Economics 60,
no. 2: 529-57. ] [ 4
Chun, Chang, and Yijiang Wang. 1994. "The Nature of the
Township and Village Enterprise." Journal of Comparative Economics 19:
434-52. ] [ 5
Demetz, Harold. 1999. Contract Economics. Beijing: Economic
Science Press. ] [ 6
Dong, Xiaoyuan, and Louis Putterman. 1997. "Productivity and
Organization in China's Rural Industries: A Stochastic Frontier Analysis."
Journal of Comparative Economics 24, no. 2: 181-201. ]
[ 7 Fan Conglai, Lu Yao, Tao
Xin, Sheng Zhixiong, and Yuan Jin. 2001. "A Study of the Reform Model of
the Reform of the Property Right System and Stock Right Structures of Town
and Village Enterprises." Economic Studies 1. ]
[ 8 Feng Qu and Zhang Tao. 2002.
"Authority, Authoritative Organization, and Efficiency." Collection of
World Economic Documents 5. ] [
9 Gregory, Neil, and Stoyan Tenev. 2001. "The
Financing of Private Enterprises in China." Comparison of Economic and
Social Systems 6. ] [ 10
Hay, Donald A., and Guy S. Liu. 1997. "The Efficiency of
Firms: What Difference Does Competition Make?" Economic Journal 107:
597-617. ] [ 11
Hsiao, Cheng, Jeffrey B. Nugent, Isabelle Perrigne, and Jicheng
Qiu. 1998. "Shares Versus Residual Claimant Contracts: The Case of Chinese
TVEs." Journal of Comparative Economics 26, no. 2: 317-37.
] [ 12 Jefferson, Gary,
Zhao Zhiqiang, and Lu Mai. 1994. "The Property Right Reform of China's
Industrial Enterprises." In The Study of Chinese Town and Village
Enterprises, ed. Yu Haiwen. Beijing: Chinese Industry and Business
Association Press. ] [ 13
Jiang Changyun. 2000a. "The Logic of the Property Right
Reform of Town and Village Enterprises." Economic Studies 10.
] [ 14 ------. 2000b.
"The Funding Source and Dynamic Changes of Financial Structure of Town and
Village Enterprises: Analysis and Thinking." Economic Studies 2.
] [ 15 Jin, Hehui,
and Yingyi Qian. 1998. "Public vs. Private Ownership of Firms: Evidence
from Rural China." Quarterly Journal of Economics 113, no. 3:
773-808. ] [ 16
Kornai, János. 1998. "The Place of the Soft Budget Constraint
Syndrome in Economic Theory." Journal of Comparative Economics 26, no. 1:
11-17. ] [ 17
Li Daokui. 1995. "The Fuzzy Property Right Theory in Transitional
Economy," Economic Studies 4. ] [
18 Li, Shaomin, Shuhe Li, and Weiying Zhang.
2000. "The Road to Capitalism: Competition and Institutional Change in
China." Journal of Comparative Economics 28, no. 2: 269-92.
] [ 19 Montignola,
Gabriella, Yingyi Qian, and Barry Weingast. 1995. "Federalism, Chinese
Style: The Political Basis for Economic Success in China." World Politics
48 (October): 50-81. ] [
20 Naughton, Barry. 1994. "Chinese
Institutional Innovation and Privatization from Below." American Economic
Review 84, no. 2: 266-70. ] [
21 Pei Xiaolin. 1999. "The Collective Land
System: the Roots of the Industrial Development and Gradual Transition in
China's Rural Regions." Economic Studies 6. ]
[ 22 Pitt, Mark M., and Louis
Putterman. 1999. "Employment and Wages in Township, Village, and Other
Rural Enterprises." In Enterprise Reform in China: Ownership, Transition,
and Performance, ed. Gary H. Jefferson and Inderjit Singh, 197-215. New
York: Oxford University Press for the World Bank. ]
[ 23 Qin Hui. 1998. "Observation
of Town and Village Enterprises at the Crossroads," Reform 1.
] [ 24 Roland, Gérard.
2002. Transition and Economics. Beijing: Beijing University
Press. ] [ 25
Sachs, Jeffrey. 1989. "My Plan for Poland." International Economy
3, no. 6: 24-29. ] [ 26
Stiglitz, Joseph E. 1998. Whither Socialism? The Theory and
Evidence of Economic System Transition. Changchun: Jilin People's
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Sun, Laixiang. 2002. "Fading Out of local Government Ownership:
Recent Ownership Reform in China's Township and Village Enterprise."
Economic Systems 26, no. 3: 249-69. ] [
28 Svejnar, Jan. 1990. "Productive
Efficiency and Employment." In China's Rural Industry: Structure,
Development and Reform, ed. William A. Byrd and Lin Qingsong. New York:
Oxford University Press for the World Bank. ]
[ 29 Tan Qiucheng. 1999. "The
Management That Holds the Majority of Stocks in Town and Village
Collective Enterprises: Features and Explanations." Economic Studies
4. ] [ 30
Tian Guoqiang. 1995. "The Property Right Structure and Reform of
China's Town and Village Enterprises." Economic Reform 3.
] [ 31 --------. 1996.
"The Theory of the Ownership of Internal Production Right and the Stable
Transition of the Economic System." Economic Studies 11.
] [ 32 --------. 2001.
"The Theory About Optimal Ownership Arrangement in a Transitional
Economy." Economics Quarterly 1, no. 1. ] [
33 Wang Hongling. 2000. "The Impacts of
Government-Oriented and Non-Government-Oriented Agents on the Management
Structure of Enterprises." Economic Studies 7. ]
[ 34 Weitzman, Martin L., and
Chenggang Xu. 1994. "Chinese Township Village Enterprises as Vaguely
Defined Cooperatives." Journal of Comparative Economics 18, no. 2:
121-45. ] [ 35
Yao Yang and Zhi Zhaohua. 2000. "The Determination of
Government's Roles, and the Success and Failure of System Transformation
of Enterprises." Economic Studies 1. ] [
36 Zhang Jie. 2000. "The Financial Dilemma
and Financing Order of Private Economy." Economic Studies 4.
] [ 37 Zhang Jun and
Feng Qu. 2000. "An Analytic Framework of System Transformation of the Town
and Village Enterprises with Collective Ownership." Economic Studies
8. ] [ 38
Zhu, Tian. 1998. "A Theory of Contract and Ownership Choice in
Public Enterprises Under Reformed Socialism: The Case of China's TVEs."
China Economic Review 9, no. 1: 59-71. ] [
39 Zou Yimin, Dai Lan, and Sun Jianshe.
1999. "The Thinking About the System Transformation of Town and Village
Enterprises in the Southern Part of Jiangsu Province." Economic Studies
3. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:6:p:53-67
Template-Type: ReDIF-Article 1.0
Author-Name: LIU XIAOXUAN
Author-X-Name-First: LIU
Author-X-Name-Last: XIAOXUAN
Title: The Balanced Model of Privatizing State Enterprises
Abstract:
This article provides a theoretical conclusion concerning the
practice of privatization and system transformation in China in recent
years. This study discusses the causes and obstructions of privatization,
while considering the interests and decision making in the process of
system transformation of state enterprises. Based on the background
emergence of privatization, the article also establishes a balanced model
of privatization according to interrelations, goals, and behaviors. The
core of the model is presented in the optimal target coefficient of
entrepreneurs, which will be shown as the key that ensures that
enterprises complete the system transformation successfully. The
restricting conditions of the model reflect the assurance of the basic
interests of those involved, so that their interests will not be affected
by system transformation. Thus, by meeting the balancing conditions, the
optimal system transformation is realized and demonstrated. An analysis of
the model indicates that the best opportunity for state enterprises to
undergo transformation is in meeting the optimal and balancing conditions
for the realization of privatization.
Journal: Chinese Economy
Pages: 28-52
Issue: 6
Volume: 37
Year: 2004
Month: 11
Keywords:
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X-Bibl:
[ 1 Alchian, Armen A., and
Harold Demsetz. 1972. "Production, Information Costs, and Economic
Organization." American Economic Review 62, no. 5: 777-95.
] [ 2 Grossman, Sanford
J., and Oliver Hart. 1986. "The Costs and Benefits of Ownership: A Theory
of Vertical and Lateral Integration." Journal of Political Economy 94, no.
4: 691-719. ] [ 3
Liu Xiaoxuan. 2003. "Enterprise Behaviors and Market Balance in
the Process of China's Transition." Chinese Social Science 2.
] [ 4 Roland, Gérard.
2000. Transition and Economics: Politics, Markets, and Firms. Beijing:
Beijing University Press. ] [
5 Varian, Hal R. 1997. Intermediate
Microeconomics, 3d ed. Beijing: Economic Science Press.
]
Handle: RePEc:mes:chinec:v:37:y:2004:i:6:p:28-52
Template-Type: ReDIF-Article 1.0
Author-Name: ZHANG XIAOJING
Author-X-Name-First: ZHANG
Author-X-Name-Last: XIAOJING
Title: Report on Marketization Process in China: Analysis of the Status Quo and Forecast for the Future
Abstract:
Through an analysis of the marketization process, this article
attempts to point out the distance between overall marketization, sectoral
marketization, and regional marketization in China at present and the
marketization objective. The article also forecasts the marketization
process during the next five to ten years using a survey and econometric
analysis. According to the article, the paramount obstacles in future
marketization are the relationship between the government and the market
as well as the legal system construction. It is just in this sense that
the crucial task for future reform in China will be to transform the
functions of government. In order to truly restrain the acts of government
and manage the relationship between the government and the market, what is
required is supervision of and safeguarding the system or, in other words,
the improvement of the legal system and environment.
Journal: Chinese Economy
Pages: 68-84
Issue: 6
Volume: 37
Year: 2004
Month: 11
Keywords:
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X-Bibl:
[ 1 Baker, Dean, and Thea
Lee. 1993. "Employment Multipliers in the U.S. Economy." Economic Policy
Institute Working Paper, no. 107. Economic Policy Institute, Washington,
DC. ] [ 2
Bureau of Fair Trade for Imports and Exports, Ministry of Foreign
Trade and Economic Cooperation (MOFTEC), and Institute of Economic and
Resources Management, Beijing Normal University. 2003. 2003 Report on the
Development of the Market Economy in China, draft submitted for
approval. ] [ 3
China Statistics Yearbook 2003. Beijing: China Statistics
Publishing House. ] [ 4
Expert Panel. 2001. "Report on Reform and Development in
China." Systemic Obstacles and Supply: Studies on the Development Problems
of Non-State-Owned Economy. Shanghai: Far East Publishers.
] [ 5 Fan Gang and Wang
Xiaolu, eds. 2002. Marketization Index in China: 2000 Report on Relative
Marketization Progress in Various Regions. Beijing: Economic Science
Press. ] [ 6
--------. 2003. Marketization Index in China: 2001 Report on
Relative Marketization Progress in Various Regions. Beijing: Economic
Science Press. ] [ 7
National Economic Research Institute, China Reform Foundation.
2003. Survey of Economic Marketization in China in Five to Ten
Years. ] [ 8
Statistical Abstracts of China 2000. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:6:p:68-84
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 6
Volume: 37
Year: 2004
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:37:y:2004:i:6:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: CAO JIANHAI
Author-X-Name-First: CAO
Author-X-Name-Last: JIANHAI
Author-Name: HUANG QUNHUI
Author-X-Name-First: HUANG
Author-X-Name-Last: QUNHUI
Title: System Transition, Management Upgrade, and Growth of Private Enterprises : Huafeng Group Corporation Sample of Zhejiang Province
Abstract:
Since the 1990s, private enterprises have developed as an important
force in China's economic growth. However, they also need to resolve many
issues in the process of their development. This article demonstrates that
the system transition of enterprises and innovation of management models
have a decisive significance in the current phase of development of
China's private enterprises. It summarizes "the three dimensional models"
of the growth management of private enterprises, and offers some valuable
suggestions for managing the direction and pace of growth in different
growth phases and the driving force of private enterprises.
Journal: Chinese Economy
Pages: 7-27
Issue: 6
Volume: 37
Year: 2004
Month: 11
Keywords:
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X-Bibl:
[ 1 Adizes, Ichak. 1997.
Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do
About It. Beijing: China Social Science Press. ]
[ 2 Chandler, Alfred Dupont. 1987.
The Visible Hand: The Managerial Revolution in American Business. Beijing:
Commercial Press. ] [ 3
Chen Jiagui. 1988. "The Discussion About the Life Cycle of
Enterprises." Collection of Chinese Industrial Economy 2.
] [ 4 Davis, L.E., and
Douglass C. North. 1994. "The Theory of System Transformation: Concepts
and Causes." In Property Right and System Transformation. Shanghai:
Sanlian Bookstore and Shanghai People's Press. ]
[ 5 Huang Huiqun. 2000. "Control
Power as the Restrictive Factor of the Stimulation of the Entrepreneur:
Theoretical Analysis and Importance of the Explanation of Reality."
Economic Studies 1. ] [ 6
Li Shaoguang. 1996. "The Self-Strengthening Phenomenon in
Market Growth of Our Country." Economic Studies 4. ]
[ 7 Wang Chenghui and Peng
Xinglu. 2002. "The Analysis of the Innovation and Control Abilities in the
Life Cycle of Enterprises." China Operation and Sale Networks, June
5. ]
Handle: RePEc:mes:chinec:v:37:y:2004:i:6:p:7-27
Template-Type: ReDIF-Article 1.0
Author-Name: CHEN GUIDI
Author-X-Name-First: CHEN
Author-X-Name-Last: GUIDI
Author-Name: WU CHUNTAO
Author-X-Name-First: WU
Author-X-Name-Last: CHUNTAO
Title: Chapter 5. An Ancient and Burdensome Subject
Abstract:
Journal: Chinese Economy
Pages: 14-59
Issue: 1
Volume: 38
Year: 2005
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:1:p:14-59
Template-Type: ReDIF-Article 1.0
Author-Name: CHEN GUIDI
Author-X-Name-First: CHEN
Author-X-Name-Last: GUIDI
Author-Name: WU CHUNTAO
Author-X-Name-First: WU
Author-X-Name-Last: CHUNTAO
Title: Chapter 6. How Did the Balance Shift?
Abstract:
Journal: Chinese Economy
Pages: 60-88
Issue: 1
Volume: 38
Year: 2005
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:1:p:60-88
Template-Type: ReDIF-Article 1.0
Author-Name: WENRAN JIANG
Author-X-Name-First: WENRAN
Author-X-Name-Last: JIANG
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-7
Issue: 1
Volume: 38
Year: 2005
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:1:p:3-7
Template-Type: ReDIF-Article 1.0
Author-Name: CHEN GUIDI
Author-X-Name-First: CHEN
Author-X-Name-Last: GUIDI
Author-Name: WU CHUNTAO
Author-X-Name-First: WU
Author-X-Name-Last: CHUNTAO
Title: Introduction: Trapped Between Reality and Expectations
Abstract:
Journal: Chinese Economy
Pages: 8-13
Issue: 1
Volume: 38
Year: 2005
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:1:p:8-13
Template-Type: ReDIF-Article 1.0
Author-Name: SHU KAM LEE
Author-X-Name-First: SHU KAM
Author-X-Name-Last: LEE
Author-Name: CHE FAI LAM
Author-X-Name-First: CHE FAI
Author-X-Name-Last: LAM
Author-Name: RICKY WING FU SZETO
Author-X-Name-First: RICKY WING FU
Author-X-Name-Last: SZETO
Title: An Empirical Study of the Economic Connection Between Guangdong and Hong Kong
Abstract:
This study examines whether there are changes to the inter-influence
between the economic positions of Guangdong and Hong Kong. We use the
Granger causality test to determine the mutual influence of Guangdong and
Hong Kong in their economic positions. Our result indicates that there is
a long-term cointegrating and stable economic relationship between
Guangdong and Hong Kong. In addition, the result of the ECM Granger
causality test suggests that the economies of Guangdong and Hong Kong are
substitutes for each other but not complementary. Our analyses of the
structural changes before and after 1997 show that the lead economic
position between Guangdong and Hong Kong changes before and after 1997.
Journal: Chinese Economy
Pages: 108-121
Issue: 2
Volume: 38
Year: 2005
Month: 3
Keywords:
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X-Bibl:
[ 1 Akaike, H. 1969.
"Fitting Autoregressive Models for Prediction." Annals of the Institute of
Statistical Mathematics 2: 243-47. ] [
2 Chan Hing-lin, Lee Shu-kam, and Woo
Kai-yin. 2001. "Detecting Rational Bubbles in the Residential Housing
Markets of Hong Kong." Economic Modeling 18: 61-73. ]
[ 3 Dickey, D.A., and W.A.
Fuller. 1979. "Distribution of the Estimates for Autoregressive Time
Series with a Unit Root." Journal of the American Statistical Association
74 (June): 427-31. ] [ 4
--------. 1981. "Likelihood Ratio Statistics for
Autoregressive Time Series with a Unit Root." Econometrica 49 (July):
1057-72. ] [ 5
Engle, R.F., and C.W.J. Granger. 1987. "Co-Integration and Error
Correction: Representation, Estimation, and Testing." Econometrica 55, no.
2 (March): 251-76. ] [ 6
Granger, C.W.J. 1969. "Investigating Causal Relations by
Econometric Models and Cross-Spectral Methods." Econometrica 37 (July):
424-38. ] [ 7
--------. 1983. "Co-Integrated Variables and Error-Correction
Models." Working paper 83-13, University of California, San
Diego. ] [ 8
--------. 1986. "Developments in the Study of Cointegrated
Economic Variables." Oxford Bulletin of Economics and Statistics 48
(August): 213-28. ] [ 9
Johansen, S. 1988. "Statistical Analysis of Cointegrating
Vectors." Journal of Economic Dynamics and Control 12 (June-September):
231-54. ] [ 10
--------. 1991. "Estimation and Hypothesis Testing of
Cointegration Vectors in Gaussian Vector Autoregressive Models."
Econometrica 59 (November): 1551-80. ] [
11 Johansen, S., and K. Juselius. 1990.
"Maximum Likelihood Estimation and Inference on Cointegration with
Applications to Demand for Money." Oxford Bulletin of Economics and
Statistics 52 (May): 169-210. ] [
12 Koop, G. 2000. Analysis of Economic Data
(Chichester, UK: Wiley). ] [
13 Lee, Shu-kam, and R.W.M. Yeung. 2000. "An
Analysis on the Interrelationship of the Industrial Development Between
Hong Kong and the Mainland and a Strategic Study on Its Impact on the
Cooperation of the Service Industries in the Two Areas" in The Strategies
of Hong Kong and Mainland China's Service Industries, ed. C.W. Yeung, pp.
197-226. Chinese Economy Press (in Chinese). ]
Handle: RePEc:mes:chinec:v:38:y:2005:i:2:p:108-121
Template-Type: ReDIF-Article 1.0
Author-Name: TAI-YUEN HON
Author-X-Name-First: TAI-YUEN
Author-X-Name-Last: HON
Author-Name: CHE-CHEONG POON
Author-X-Name-First: CHE-CHEONG
Author-X-Name-Last: POON
Author-Name: KAI-YIN WOO
Author-X-Name-First: KAI-YIN
Author-X-Name-Last: WOO
Title: Regional Distribution of Foreign Direct Investment in China : A Multivariate Data Analysis of Major Socioeconomic Variables
Abstract:
This study aims to identify the driving forces behind the regional
distribution of inward FDI flows in China for the period 1998-2003. Based
on the eleven selected socioeconomic variables and by adopting factor
analysis, we accept the hypothesis that the overall socioeconomic
environment in the administrative regions of China is a fundamental
determinant of regional disparity in FDI. We use the complete linkage
clustering technique to classify these regions into broader groups and
then explore the similarities and dissimilarities between them. The
findings from the study provide a yardstick for multinational firms
regarding location decisions at the provincial level.
Journal: Chinese Economy
Pages: 56-87
Issue: 2
Volume: 38
Year: 2005
Month: 3
Keywords:
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X-Bibl:
[ 1 Bartholomew, D.J. 1987.
Latent Variable Models and Factor Analysis. New York: Oxford University
Press. ] [ 2
China Statistics Yearbook, various years. Beijing: China
Statistical Publishing House. ] [
3 Coughlim, C.C., and E. Segev. 1999.
"Foreign Direct Investment in China: A Spatial Econometric Study." Working
paper 1999-001A, Federal Reserve Bank of St. Louis. ]
[ 4 Cramer, D. 2003. Advanced
Quantitative Data Analysis. Maidenhead, UK: Open University
Press. ] [ 5
Crum, R.L., E.F. Brigham, and J.F. Houston. 2005. Fundamentals of
International Finance. N.p.: Thomson South-Western, 1st ed.
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G. Dunn. 1991. Applied Multivariate Data Analysis. London: Edward
Arnold. ] [ 7
Friedman, J.H., and J.J. Meulman. 2004. "Clustering Objects on
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B, Statistical Methodology, vol. 66, part 4: 815-49. ]
[ 8 Garelli, Stephane. 2004.
IMD World Competitiveness Yearbook. ] [
9 Hu, A.G., S.G. Wang, and S.K. Hong. 1995.
Report on China's Regional Disparities (in Chinese). Shenyang: Liaoning
People's Publishing House. ] [
10 International Monetary Fund (IMF). 2004.
World Economic Outlook (September 2004). ] [
11 --------. 1996. Balance of Payment
Manual (5th ed.). ] [ 12
Johnson, R.A., and D.W. Wichern. 2002. Applied Multivariate
Statistical Analysis. 5th ed. Englewood Cliffs, NJ: Prentice
Hall. ] [ 13
Kaiser, H.F. 1960. "The Application of Electronic Computers to
Factor Analysis." Educational and Psychological Measurement 20:
141-51. ] [ 14
Ng, L.F.Y., and C. Tuan. 2003. "Location Decisions of
Manufacturing FDI in China: Implication of China's WTO Accession." Journal
of Asian Economics 14, no. 1: 51- 72. ] [
15 Poon, C.C., T.Y. Hon, and K.Y. Woo.
1996. "A Cluster Analysis of Regional Economic Disparities in China" (in
Chinese). Economics Working Paper Series 97012, Economics Department, Hong
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Meeting the Challenges of Integration with the Mainland." Occasional Paper
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17 Wang, Jian. 2004. "The Determinants of
Regional Distribution of Foreign Direct Investment" (in Chinese). Economic
Science, Ministry of Education of the PRC, no. 5, serial no. 104:
116-25. ]
Handle: RePEc:mes:chinec:v:38:y:2005:i:2:p:56-87
Template-Type: ReDIF-Article 1.0
Author-Name: ZHANG DEXIU
Author-X-Name-First: ZHANG
Author-X-Name-Last: DEXIU
Title: The Opportunities and Challenges of China's Joining the World Trade Organization
Abstract:
Journal: Chinese Economy
Pages: 5-15
Issue: 2
Volume: 38
Year: 2005
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:2:p:5-15
Template-Type: ReDIF-Article 1.0
Author-Name: DENNIS K.K. FAN
Author-X-Name-First: DENNIS K.K.
Author-X-Name-Last: FAN
Author-Name: GLADIE M.C. LUI
Author-X-Name-First: GLADIE M.C.
Author-X-Name-Last: LUI
Author-Name: RAYMOND W. SO
Author-X-Name-First: RAYMOND W.
Author-X-Name-Last: SO
Title: The Effects of Foreign Equity Ownership on Earnings Forecasts in China
Abstract:
In this article, the accuracy of analysts' earnings forecasts in
China is studied. Chinese-listed firms with foreign ownership need to
report their financial statements in accordance with both Chinese and
international accounting standards. This reporting environment offers a
good testing ground for the hypothesis that forecasting error is an
inverse function of the availability of relevant information. Empirical
evidence indicates that firms with foreign ownership tend to have lower
forecasting errors. This result demonstrates the value and positive
influence of foreign investment in China.
Journal: Chinese Economy
Pages: 36-55
Issue: 2
Volume: 38
Year: 2005
Month: 3
Keywords:
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X-Bibl:
[ 1 Ang, J., and Y. Ma.
1999. "Transparency in Chinese Stocks: A Study of Earnings Forecasts by
Professional Analysts." Pacific Basin Finance Journal 7: 129-55.
] [ 2 Arnold, J.,
and P. Moizer. 1984. "A Survey of the Methods Used by UK Investment
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Disclosure and the Ability of Security Analysts to Forecast Earnings Per
Share." Accounting Review 59 (July): 376-89. ]
[ 4 Bao, B.H., and L. Chow. 1999.
"The Usefulness of Earnings and Book Value for Equity Valuation in
Emerging Capital Markets: Evidence from Listed Companies in the People's
Republic of China." Journal of International Financial Management and
Accounting 10: 85-104. ] [
5 Barefield, R.M., and E.E. Comiskey. 1975.
"The Accuracy of Analysts' Forecasts of Earnings Per Share." Journal of
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Accuracy of Brokers' Profit Forecasts in the UK." Accounting and Business
Research 14 (Spring): 113-24. ] [
7 Brown L.D. 1996. "Analyst Forecasting
Errors and their Implications for Security Analysis: An Alternative
Perspective." Financial Analysts Journal 52, no. 1 (January- February):
40-47. ] [ 8
Brown, L.D., and M. Rozeff. 1978. "The Superiority of Analysts'
Forecasts as Measures of Expectations: Evidence from Earnings." Journal of
Finance 4: 1-16. ] [ 9
--------. 1979. "Univariate Time Series Models of Quarterly
Accounting Earnings Per Share: A Proposed Model." Journal of Accounting
Research 17: 179-89. ] [
10 Brown, L.D., G.D. Richardson, and S.J.
Schwager. 1987. "An Information Interpretation of Financial Analyst
Superiority in Forecasting Earnings." Journal of Accounting Research 25:
49-67. ] [ 11
Brown, L.D., P.A. Griffin, R.L. Hagerman, and M.E. Zmijewski.
1987. "Security Analyst Superiority Relative to Univariate Time Series
Models in Forecasting Quarterly Earnings." Journal of Accounting and
Economics 9: 61-87. ] [
12 Capstaff, J., K. Paudyal, and W. Rees.
1995. "The Accuracy and Rationality of Earnings Forecasts by UK Analysts."
Journal of Business Finance and Accounting 22, no. 1 (January):
69-87. ] [ 13
--------. 1998. "Analysts' Forecasts of German Firms' Earnings: A
Comparative Analysis." Journal of International Financial Management and
Accounting 9, no. 2: 83-116. ] [
14 --------. 2001. "A Comparative Analysis of
Earnings Forecasts in Europe." Journal of Business Finance and Accounting
28, no. 5: 531-62. ] [ 15
Chen, C.J.P., F.A. Gul, and X. Su. 1999. "A Comparison of
Reported Earnings Under Chinese GAAP versus IAS: Evidence from the
Shanghai Stock Exchange." Accounting Horizons 6: 91-111.
] [ 16 Chen, C.R., and
T.L. Steiner. 2000. "Tobin's Q, Managerial Ownership, and Analyst
Coverage: A Nonlinear Simultaneous Equations Model." Journal of Economics
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17 Chen, J., and S.C. Thomas. 1997. "Taking
Stock." China Business Review 24 (January- February): 8-13.
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Stock Markets Overview" (December 31). China Securities.
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Chiu, A.C.W., and C.C.Y. Kwok. 1998. "Cross-Autocorrelation
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21 Chung, K.H., and H. Jo. 1996. "The Impact
of Security Analysts' Monitoring and Marketing Functions on the Market
Value Firms." Journal of Financial and Quantitative Analysis 31, no. 4:
493-512. ] [ 22
Collins, W.A., and W.S. Hopwood. 1980. "A Multivariate Analysis
of Annual Earnings Forecasts Generated from Quarterly Forecasts of
Financial Analysts and Univariate Time Series Models." Journal of
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23 Conroy, R., R.S. Harris, and Y.S. Park.
1993. "Published Analysts' Earnings Forecasts in Japan: How Accurate Are
They?" Pacific Basin Finance Journal 1: 127-37. ]
[ 24 Cox, D., and A. Stuart. 1955.
"Some Quick Tests for Trend in Location and Dispersion." Biometrika 42:
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27 Fried, D., and D. Givoly. 1982. "Financial
Analysts' Forecasts of Earnings: A Better Surrogate for Market
Expectation." Journal of Accounting and Economics 4: 85-107.
] [ 28 Givoly, D., and
J. Lakonishok. 1984. "Properties of Analysts' Forecasts of Earnings: A
Review and Analysis of the Research." Journal of Accounting Literature 3:
117-52. ] [ 29
Guerard, J.B. 1987. "Linear Constraints, Robust Weighting and
Efficient Composite Modeling." Journal of Forecasting 6: 193-99.
] [ 30 Haw, I.M.,
D. Qi, and W. Wu. 1998. "Value-Relevance of Financial Reporting
Disclosures in an Emerging Capital Market: The Case of B-Shares and
H-Shares in China." Working paper, The Chinese University of Hong
Kong. ] [ 31
Hopwood, W., P. Newbold, and P. Silhan. 1982. "The Potential
Gains in Predictive Ability Through Disaggregation: Segmented Annual
Earnings." Journal of Accounting Research 20, no. 2: 724-32.
] [ 32 Jaggi, B., and
R. Jain. 1998. "An Evaluation of Financial Analysts' Earnings Forecasts
for Hong Kong Firms." Journal of International Financial Management and
Accounting 9: 176-200. ] [
33 Kim, S., J. Lin, and M. Slovin. 1997.
"Market Structure, Informed Trading, and Analysts' Recommendations."
Journal of Financial and Quantitative Analysis 32: 507-24.
] [ 34 Lang M., and R.
Lundholm. 1996. "Corporate Disclosure Policy and Analysts Behavior."
Accounting Review 71, no. 4: 467-92. ] [
35 Leuz, C., and R.E. Verrecchia. 1999.
"The Economic Consequences of Increased Disclosure." Working paper,
Wharton School, University of Pennsylvania. ]
[ 36 Newbold, P., J.K. Zumwalt,
and S. Kannan. 1987. "Combining Forecasts to Improve Earnings per Share
Prediction." International Journal of Forecasting 3: 229-38.
] [ 37 O'Brien, P.C.
1990. "Forecast Accuracy of Individual Analysts in Nine Industries."
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[ 38 Patz, D.H. 1989. "UK
Analysts' Earnings Forecasts." Accounting and Business Research 19
(Summer): 267-75. ] [ 39
Pike, R., J. Meerjanssen, and L. Chadwick. 1993. "The
Appraisal of Ordinary Shares by Investment Analysts in the UK and
Germany." Accounting and Business Research 23 (Autumn): 489-99.
] [ 40 Sinha, P.,
L.D. Brown, and S. Das. 1997. "A Re-examination of Financial Analysts'
Differential Earnings Forecast Accuracy." Contemporary Accounting Research
14, no. 1: 1-42. ] [ 41
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Sell Recommendations." Financial Analysts Journal 51, no. 5:
25-39. ] [ 42
Theil, H. 1966. Applied Economic Forecasting. Amsterdam, Holland:
North-Holland Publishing Company. ] [
43 Vergossen, R. 1993. "The Use and Perceived
Importance of Annual Reports by Investment Analysts in the Netherlands."
European Accounting Review 2 (September): 219-44. ]
[ 44 White, H. 1980. "A
Heteroscedasticity-Consistent Covariance Matrix Estimator and a Direct
Test for Heteroscedasticity." Econometrica 48: 149-70.
] [ 45 Womack, K. 1996.
"Do Brokerage Analysts' Recommendations Have Investment Value?" Journal of
Finance 51: 137-67. ] [
46 Ye, J. 1999. "Excess Returns, Stock
Splits, and Analyst Earnings Forecasts." Journal of Portfolio Management
25, no. 2: 70-76. ]
Handle: RePEc:mes:chinec:v:38:y:2005:i:2:p:36-55
Template-Type: ReDIF-Article 1.0
Author-Name: LOUIS CHENG
Author-X-Name-First: LOUIS
Author-X-Name-Last: CHENG
Author-Name: RICKY WING FU SZETO
Author-X-Name-First: RICKY WING FU
Author-X-Name-Last: SZETO
Author-Name: T.Y. LEUNG
Author-X-Name-First: T.Y.
Author-X-Name-Last: LEUNG
Title: Guest Editors' Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 38
Year: 2005
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: PHILIPPE BERTRAND
Author-X-Name-First: PHILIPPE
Author-X-Name-Last: BERTRAND
Author-Name: PIERRE-XAVIER MESCHI
Author-X-Name-First: PIERRE-XAVIER
Author-X-Name-Last: MESCHI
Title: A Transactional Analysis of Chinese Partners' Performance in International Joint Ventures
Abstract:
This article proposes a transactional analysis of the performance of
international joint ventures formed in mainland China and Taiwan. This
analysis is carried out for a sample of 104 Chinese partners who, between
January 2000 and December 2003, announced the formation of an
international joint venture. An event study methodology is used to measure
Chinese partners' stock market reactions to the formation of these joint
ventures. The different empirical results found concur to envisage an
analysis of Chinese partners' performance that is distinct from that of
foreign partners. These results raise doubts concerning the
appropriateness of transaction cost theory as a framework for analyzing
Chinese partners' performance.
Journal: Chinese Economy
Pages: 16-35
Issue: 2
Volume: 38
Year: 2005
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=FAAGLMG28TDKPN86
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X-Bibl:
[ 1 Anand, B., and T.
Khanna. 2000. "Do Firms Learn to Create Value? The Case of Alliances."
Strategic Management Journal 21: 295-315. ] [
2 Armitage, S. 1995. "Event Study
Methods and Evidence on Their Performance." Journal of Economic Surveys 8,
no. 4: 25-52. ] [ 3
Bleeke, J., and D. Ernst. 1991. "The Way to Win in Cross-Border
Alliances," Harvard Business Review 69, no. 6: 127-35.
] [ 4 Chen, H., M.Y. Hu,
and J.C. Shieh. 1991. "The Wealth Effect of International Joint Ventures:
The Case of U.S. Investment in China," Financial Management 20, no. 4:
31-41. ] [ 5
Cheng, L.T., J.K. Fung, and K. Lam. 1998. "An Examination of the
Determinants of Stock Price Effects of U.S.-Chinese Joint Venture
Announcements," International Business Review 7, no. 2: 151-61.
] [ 6 Cheng, L.T.,
and J.E. McDonald. 2001. "The Stock Price Effects of Political Risk on
International Corporate Alliances: The Case of China and Russia."
Corporate Finance Review 5, no. 3: 21-32. ] [
7 Davidson, R., and G.J. MacKinnon.
1993. Estimation and Inference in Econometrics. London: Oxford University
Press. ] [ 8
Fama, E.F., L. Fisher, M.C. Jensen, and R. Roll. 1969. "The
Adjustment of Stock Prices to New Information." International Economic
Review 10, no. 1: 1-21. ] [
9 Granger, C.W., and P. Newbold. 1974.
"Spurious Regressions in Econometrics." Journal of Econometrics 2:
111-20. ] [ 10
Gupta, A., C.B. McGowan, L. Misra, and A. Missirian. 1991. "Gains
from Corporate Multinationalism: Evidence from the China Experience."
Financial Review 26, no. 3: 387-407. ] [
11 Hennart, J.F. 1991. "A Transaction Costs
Theory of Equity Joint Ventures: An Empirical Study of Japanese
Subsidiaries in the United States." Strategic Management Journal 9, no. 4:
361-74. ] [ 12
Killing, P. 1983. Strategies for Joint Venture Success. New York:
Praeger. ] [ 13
Kogut, B. 1988. "Joint Ventures: Theoretical and Empirical
Perspective." Strategic Management Journal 9, no. 4: 319-32.
] [ 14 Luo, Y., O.
Shenkar, and M.K. Nyaw. 2001. "A Dual Parent Perspective on Control and
Performance in International Joint Ventures: Lessons from a Developing
Economy." Journal of International Business Studies 32, no. 1:
41-58. ] [ 15
MacKinlay, A., and D. Craig. 1997. "Event Studies in Economics
and Finance." Journal of Economic Literature 35: 13-39
] [ 16 Meschi, P.X., and
L. Cheng. 2002. "Stock Price Reactions to Sino-European Joint Ventures."
Journal of World Business 37, no. 2: 119-26. ]
[ 17 Mjoen, H., and S. Tallman.
1997. "Control and Performance in International Joint Ventures."
Organization Science 8, no. 3: 257-74. ] [
18 Nee, V. 1992. "Organizational Dynamics
of Market Transition: Hybrid Forms, Property Rights, and Mixed Economy in
China." Administrative Science Quarterly 37, no. 1: 1-27.
] [ 19 Ohmae, K. 1989.
"The Global Logic of Strategic Alliances." Harvard Business Review 89, no.
2: 143-54. ] [ 20
Parkhe, A. 1993. "Strategic Alliance Structuring: A Game
Theoretic and Transaction Cost Examination of Inter-Firm Cooperation."
Academy of Management Journal 36: 794- 829. ]
[ 21 Simonin, B.L. 1997. "The
Importance of Collaborative Know-How: An Empirical Test of the Learning
Organization." Academy of Management Journal 40, no. 5: 1150-74.
] [ 22 Tsang, E.W.
2000. "Transaction Cost and Resource-Based Explanations of Joint Ventures:
A Comparison and Synthesis." Organization Studies 21, no. 1:
215-42. ] [ 23
Ueng, C.J., S.H. Kim, and C. Lee. 2000. "The Impact of Firm's
Ownership Advantages and Economic Status of Destination Country on the
Wealth Effects of International Joint Ventures." International Review of
Financial Analysis 9, no. 1: 67-76. ] [
24 Williamson, O.E. 1975. Markets and
Hierarchies: Analysis and Antitrust Implications. New York: Free
Press. ] [ 25
--------. 1991. "Comparative Economic Organization: The Analysis
of Discrete Structural Alternatives." Administrative Science Quarterly 36,
no. 2: 269-96. ] [ 26
Yan, A., and B. Gray. 1994. "Bargaining Power, Management
Control, and Performance in United States-China Joint Ventures: A
Comparative Case Study." Academy of Management Journal 37, no. 6:
1478-1517. ] [ 27
Zeira, Y., and O. Shenkar. 1990. "Interactive and Specific Parent
Characteristics: Implications for Management and Human Resources in
International Joint Ventures." Management International Review 30:
7-22. ]
Handle: RePEc:mes:chinec:v:38:y:2005:i:2:p:16-35
Template-Type: ReDIF-Article 1.0
Author-Name: BILLY S.C. MAK
Author-X-Name-First: BILLY S.C.
Author-X-Name-Last: MAK
Author-Name: ASTA M.S. NGAI
Author-X-Name-First: ASTA M.S.
Author-X-Name-Last: NGAI
Title: Market Linkage for Dual-Listed Chinese Stocks
Abstract:
Only Chinese firms with the best financial integrity and corporate
governance can be dually listed on the Hong Kong Exchange as H-shares or
red chips and listed in the United States in the form of American
Depository Receipts (ADRs). Dual listing for People's Republic of China
(PRC) firms indicates their ability to attract international investors and
to become international securities market participants. Using a bivariate
generalized autoregressive conditional heteroscedasticity model, we
examine patterns of information flows related to both pricing and
volatility spillover across markets. Results indicate a significant mutual
feedback of information between Hong Kong-listed stocks and ADRs. The Hong
Kong market appears to play a more important role in influencing the
pricing of corresponding companies in the U.S. market, whereas both
markets are similarly influential to the volatility spillover. This
finding is useful for foreign investment banking and financial services
firms operating in China that need to understand the dual market
performance of top PRC stocks.
Journal: Chinese Economy
Pages: 88-107
Issue: 2
Volume: 38
Year: 2005
Month: 3
Keywords:
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X-Bibl:
[ 1 Alaganar, Vaira T., and
R. Bhar. 2002. "Information and Volatility Linkage Under External Shock:
Evidence from Dually Listed Australian Stocks." International Review of
Financial Analysis 11: 59-71. ] [
2 Bae, K.H., B. Cha, and Y.L. Cheung. 1999.
"The Transmission of Pricing Information of Dually Listed Stocks." Journal
of Business Finance and Accounting 27: 451-65. ]
[ 3 Bollerslev, T. 1986.
"Generalized Autoregressive Conditional Heteroscedasticity." Journal of
Econometrics 31: 307-27. ] [
4 Bollerslev, T., R. Chou, and K. Kroner.
1992. "ARCH Modeling in Finance Theory and Empirical Evidence." Journal of
Econometrics 37: 231-356. ] [
5 Chowdhury, B., and V. Nanda. 1991.
"Multimarket Trading and Market Liquidity." Review of Financial Studies 4:
483-511. ] [ 6
Domowitz, I., J. Glen, and A. Madhavan. 1998. "International
Cross-Listing and Order Flow Migration: Evidence from an Emerging Market."
Journal of Finance 53: 2001-27. ] [
7 Hauser, S., Y. Tanchuma, and U. Yaari.
1998. "International Transfer of Pricing Information Between Dually Listed
Stocks." Journal of Financial Research 21: 139-56. ]
[ 8 Kadapakkam, P.R., and L.
Misra. 2003. "Return Linkages Between Dual Listings Under Arbitrage
Restrictions: A Study of Indian Stocks and Their London Global Depositary
Receipts." Financial Review 38: 611-33. ] [
9 Karolyi, G.A. 1995. "A Multivariate
GARCH Model of International Transmissions of Stock Returns and
Volatility: The Case of the United States and Canada." Journal of Business
and Economic Statistics 13, no. 1: 11-25. ] [
10 Karpoff, J.M. 1987. "The Relation
Between Price Changes and Trading Volume: A Survey." Journal of
Quantitative Financial Analysis 22: 109-26. ]
[ 11 O'Hara, M. 1999. "Making
Market Microstructure Matter." Financial Management 28, no. 2 (Summer):
83-90. ] [ 12
Ross, S.A. 1989. "Information and Volatility: The No-Arbitrage
Martingale Approach to Timing and Resolution Irrelevancy." Journal of
Finance 44: 1-17. ] [ 13
Xu, X.E., and H.G. Fung. 2002. "Information Flows Across
Markets: Evidence from China-Backed Stocks Dual-Listed in Hong Kong and
New York." Financial Review 37: 563-88. ]
Handle: RePEc:mes:chinec:v:38:y:2005:i:2:p:88-107
Template-Type: ReDIF-Article 1.0
Author-Name: CHEN GUIDI
Author-X-Name-First: CHEN
Author-X-Name-Last: GUIDI
Author-Name: WU CHUNTAO
Author-X-Name-First: WU
Author-X-Name-Last: CHUNTAO
Title: Chapter 7. Target Hitting, Image Projects, and Others
Abstract:
Journal: Chinese Economy
Pages: 9-38
Issue: 3
Volume: 38
Year: 2005
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:3:p:9-38
Template-Type: ReDIF-Article 1.0
Author-Name: WENRAN JIANG
Author-X-Name-First: WENRAN
Author-X-Name-Last: JIANG
Author-Name: TANYA CASPERSON
Author-X-Name-First: TANYA
Author-X-Name-Last: CASPERSON
Title: Guest Editors' Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-8
Issue: 3
Volume: 38
Year: 2005
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:3:p:3-8
Template-Type: ReDIF-Article 1.0
Author-Name: CHEN GUIDI
Author-X-Name-First: CHEN
Author-X-Name-Last: GUIDI
Author-Name: WU CHUNTAO
Author-X-Name-First: WU
Author-X-Name-Last: CHUNTAO
Title: Chapter 8. All Kinds of Fraud
Abstract:
Journal: Chinese Economy
Pages: 39-83
Issue: 3
Volume: 38
Year: 2005
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:3:p:39-83
Template-Type: ReDIF-Article 1.0
Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: Command vs. Planned Economy: "Dispensability" of the Economic Systems of Central and Eastern Europe and of Prereform China
Abstract:
Journal: Chinese Economy
Pages: 23-60
Issue: 4
Volume: 38
Year: 2005
Month: 8
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=50RJHQR57GCXEDBC
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Handle: RePEc:mes:chinec:v:38:y:2005:i:4:p:23-60
Template-Type: ReDIF-Article 1.0
Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: The Common Baseline of Modern Thought
Abstract:
Journal: Chinese Economy
Pages: 12-22
Issue: 4
Volume: 38
Year: 2005
Month: 8
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:4:p:12-22
Template-Type: ReDIF-Article 1.0
Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: China's Economic Development Performance Under the Prereform System
Abstract:
Journal: Chinese Economy
Pages: 61-85
Issue: 4
Volume: 38
Year: 2005
Month: 8
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:4:p:61-85
Template-Type: ReDIF-Article 1.0
Author-Name: DAVID KELLY
Author-X-Name-First: DAVID
Author-X-Name-Last: KELLY
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-11
Issue: 4
Volume: 38
Year: 2005
Month: 8
Keywords:
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Template-Type: ReDIF-Article 1.0
Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: The Dialectic of "Downsizing" and "Prioritizing Employment": Techniques for How to Subtract Value from State-Owned Assets
Abstract:
Journal: Chinese Economy
Pages: 66-69
Issue: 5
Volume: 38
Year: 2005
Month: 10
Keywords:
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Template-Type: ReDIF-Article 1.0
Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: "MBOs," Yes; "Year of the MBO," No: Some Basic Issues in Property Rights Reform
Abstract:
Journal: Chinese Economy
Pages: 55-65
Issue: 5
Volume: 38
Year: 2005
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:5:p:55-65
Template-Type: ReDIF-Article 1.0
Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: Fin de Siècle China: Economic Transition, Social Justice, and Democracy
Abstract:
Journal: Chinese Economy
Pages: 3-54
Issue: 5
Volume: 38
Year: 2005
Month: 10
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:5:p:3-54
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Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: Justice in the Economics of Market Transition
Abstract:
Journal: Chinese Economy
Pages: 70-95
Issue: 5
Volume: 38
Year: 2005
Month: 10
Keywords:
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Author-Name: DAVID KELLY
Author-X-Name-First: DAVID
Author-X-Name-Last: KELLY
Title: Bibliography of Works by Qin Hui
Abstract:
Journal: Chinese Economy
Pages: 83-83
Issue: 6
Volume: 38
Year: 2005
Month: 12
Keywords:
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Handle: RePEc:mes:chinec:v:38:y:2005:i:6:p:83-83
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Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: Tax and Fee Reform, Village Autonomy, and Central and Local Finance: Historical Experience and Realistic Options
Abstract:
Journal: Chinese Economy
Pages: 3-35
Issue: 6
Volume: 38
Year: 2005
Month: 12
Keywords:
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Author-Name: QIN HUI
Author-X-Name-First: QIN
Author-X-Name-Last: HUI
Title: Power, Responsibility, and Constitutional Politics: State "Size" in Theory and History
Abstract:
Journal: Chinese Economy
Pages: 36-82
Issue: 6
Volume: 38
Year: 2005
Month: 12
Keywords:
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Author-Name: ZHAO XIAO
Author-X-Name-First: ZHAO
Author-X-Name-Last: XIAO
Title: Competition, Public Choice, and Institutional Change: Searching for Reasons for Improved Policy Efficiency in Institutional Reform from "Managing Large Enterprises and Cutting Small Ones Loose"
Abstract:
Journal: Chinese Economy
Pages: 5-73
Issue: 1
Volume: 39
Year: 2006
Month: 2
Keywords:
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X-Bibl:
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[ 7 Center for Development
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[ 8 Central Committee of the
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15 Eggertsson, Thráinn. 1996. Economic
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]
Handle: RePEc:mes:chinec:v:39:y:2006:i:1:p:5-73
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Author-Name: ALAN GUOMING HUANG
Author-X-Name-First: ALAN GUOMING
Author-X-Name-Last: HUANG
Author-Name: QINGFENG "WILSON" LIU
Author-X-Name-First: QINGFENG "WILSON"
Author-X-Name-Last: LIU
Author-Name: MAGGIE XIAOQIN SHEN
Author-X-Name-First: MAGGIE XIAOQIN
Author-X-Name-Last: SHEN
Title: The Development of the Real Estate Industry in China
Abstract:
Journal: Chinese Economy
Pages: 84-102
Issue: 1
Volume: 39
Year: 2006
Month: 2
Keywords:
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X-Bibl:
[ 1 Areddy, James T., and
Karby Leggett. 2003. "Property Boom Poses High Risks to China's Banks."
Wall Street Journal (Eastern edition), July 22: A9. ]
[ 2 Choi Songsu. 1998. "A
Housing Market in the Making." China Business Review 25, no. 6:
14-18. ] [ 3
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[ 4 Clarke, Donald C., and
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in Shanghai." Available at www1.chinesenewsnet.com/gb/MainNews/Opinion/
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10, no. 2: 25-32. ] [ 8
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Rush." China Business Review 19, no. 6: 51- 53. ]
[ 10 Tse, Raymond Y.C. 2002. "Real
Estate Values in China: Lessons of the Late 1990s." Appraisal Journal 70,
no. 1: 21-28. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:1:p:84-102
Template-Type: ReDIF-Article 1.0
Author-Name: LÜ WEI
Author-X-Name-First: LÜ
Author-X-Name-Last: WEI
Title: Analytical Method Research on China's Transitional Economic Practice: With an Explanation of the Reasonable Logic of the "Beijing Consensus"
Abstract:
In contrast to the consciously designed transitional patterns in
Middle and East European countries, China's economic transitional practice
stems from how to solve people's livelihood problems. This became the
benchmark for performance measurement. Economic transition is a gradual
process of institution formation and thus there is no linear relationship
between transitional process, performance, and anticipated objective. The
article explains a certain reasonable logic behind the transformation
through indexing, including performance principle, adaptive ability, and
innovative ability. Lessons can be learned from China's successful
practices and we try to shed light on the meaning of "Beijing Consensus."
Journal: Chinese Economy
Pages: 103-118
Issue: 1
Volume: 39
Year: 2006
Month: 2
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=BPYE8PC4PH117VKE
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X-Bibl:
[ 1 Fan Gang. 1993. "Two
Kinds of Reform Costs and Two Kinds of Reform Ways." In Sheng Hong,
Transitional Economics of China. Shanghai: Sanlian Bookstore and Shanghai
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Kolodko, Grzegorz W. 1998. Ten Years of Postsocialist
Transition: The Lessons for Policy Reforms. Washington, DC: World Bank
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--------. 2003. "Theoretical Propositions During the Practice of
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Transition to Market Economy: Choice of Reform Strategies." Record of
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[ 16 Stiglitz, Joseph E. 1997.
Economics. Chinese edition. Beijing: China People's University
Press. ] [ 17
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to Rapid Economic Growth. Beijing: China Planned Press.
]
Handle: RePEc:mes:chinec:v:39:y:2006:i:1:p:103-118
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 39
Year: 2006
Month: 2
Keywords:
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Handle: RePEc:mes:chinec:v:39:y:2006:i:1:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: LINBO JING
Author-X-Name-First: LINBO
Author-X-Name-Last: JING
Title: A Comparative Analysis of the Information Communication Technology Industry in China: Confronting the Digital Divide in China
Abstract:
The author introduces definitions of information communication
technology (ICT). Based on industry trends, the author analyzes the
development of ICT in China and compares its level with that of other
countries. Then, the author describes the digital divide confronting
China.
Journal: Chinese Economy
Pages: 74-83
Issue: 1
Volume: 39
Year: 2006
Month: 2
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=EMX9DEVTVTNB92GG
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X-Bibl:
[ 1 Colecchia, Alessandra.
2001. "The Impact of Information and Communications Technologies on Output
Growth: Issues and Preliminary Findings." Organization for Economic
Cooperation and Development (OECD) DSTI/EAS/IND/SWP(2001)11
(February). ] [ 2
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Economy." American Economic Review 90, no. 1, 1-32. ]
[ 3 Lequiller, François. 2001.
"The New Economy and the Measurement of DP Growth." INSEE Working Paper G
2001/01 (Paris). ] [ 4
Organization for Economic Cooperation and Development. 2000a.
"A New Economy: The Changing Role of Innovation and Information Technology
in Growth." OECD (Paris). ] [
5 --------. 2000b. "Information Technology
Outlook 2000," OECD (Paris). ] [
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OECD (Paris). ] [ 7
--------. 2001b. "Communication Outlook," OECD
(Paris). ] [ 8
--------. 2002a. "EC Development in China," Asia Pacific Economic
Cooperation forum and EC Conference, Beijing. ]
[ 9 --------. 2002b. "Measuring
the Information Economy," OECD (Paris). ] [
10 --------. 2003a. "From Universal
Access to Universal Service," Management World (July).
] [ 11 --------. 2003b.
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Council at the ministerial level. ] [
12 World Bank. 2002. World Development Index.
Beijing: CFT Press. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:1:p:74-83
Template-Type: ReDIF-Article 1.0
Author-Name: JINGHAN CAI
Author-X-Name-First: JINGHAN
Author-X-Name-Last: CAI
Author-Name: YUMING LI
Author-X-Name-First: YUMING
Author-X-Name-Last: LI
Author-Name: YUEHUA QI
Author-X-Name-First: YUEHUA
Author-X-Name-Last: QI
Title: The Day-of-the-Week Effect: New Evidence from the Chinese Stock Market
Abstract:
We study the day-of-the-week effect for A shares and B shares traded
on the Shanghai and Shenzhen stock exchanges in China. We find that
average Monday returns from A-share indexes are significantly negative
during the third and fourth weeks, as in the U.S. market. However, average
Tuesday returns on most of the A-share and B-share indexes are negative
during the second week of the month. Even after controlling for
autocorrelation and the spillover impact from regional and international
markets, the day-of-the-week effect in the Chinese market remains
significant.
Journal: Chinese Economy
Pages: 71-88
Issue: 2
Volume: 39
Year: 2006
Month: 4
Keywords:
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X-Bibl:
[ 1 Aggarwal, R., and P.
Rivoli. 1989. "Seasonal and Day-of-the-Week Effects in Four Emerging Stock
Markets." Financial Review 24: 541-50. ] [
2 Ariel, R. 1987. "A Monthly Effect in
Stock Returns." Journal of Financial Economics 18: 161-74.
] [ 3 Barone, E. 1990.
"The Italian Stock Market Efficiency and Calendar Anomalies." Journal of
Banking and Finance 14: 483-510. ] [
4 Chan, S.H., W.K. Leung, and K. Wang. 2004.
"The Impact of Institutional Investors on the Monday Seasonal." Journal of
Business 77: 967-86. ] [
5 Chan, H., and V. Singal. 2003. "Role of
Speculative Short Sales in Price Formation: The Case of the Weekend
Effect." Journal of Finance 58: 685-705. ] [
6 Chen, C., and P. Qian. 2002.
"Reexamination of the Day-of-the-Week Effect in China's Stock Market."
Science of Economics 1, 85-91. ] [
7 Cross, F. 1973. "The Behavior of Stock
Prices on Fridays and Mondays." Financial Analysts Journal
(November-December): 67-69. ] [
8 Damodaran, A. 1989. "The Weekend Effect in
Information Releases: A Study of Earnings and Dividend Announcements."
Review of Financial Studies 2: 607- 23. ] [
9 Dubois, M., and R. Louvet. 1996. "The
Day-of-the-Week Effect: The International Evidence." Journal of Banking
and Finance 20: 1463-84. ] [
10 Feng, L. 2000. "Day-of-the-Week Effect in
China's Stock Market." Economics Research 11: 50-57. ]
[ 11 French, K.R. 1980.
"Stock Return and the Weekend Effect." Journal of Financial Economics 8:
55-70. ] [ 12
Jaffe, J., and R. Westerfield. 1985a. "The Weekend Effect in
Common Stock Returns: The International Evidence." Journal of Finance 40:
433-54. ] [ 13
--------. 1985b. "Patterns in Japanese Common Stock Returns: Day
of the Week and Turn of the Year Effects." Journal of Financial and
Quantitative Analysis 20: 243-60. ] [
14 Jaffe, J., R. Westerfield, and C. Ma.
1989. "A Twist on the Monday Effect in Stock Prices: Evidence from the
U.S. and Foreign Stock Markets." Journal of Banking and Finance 13:
641-50. ] [ 15
Kamara, A. 1997. "New Evidence on the Monday Seasonal in Stock
Returns." Journal of Business 70: 63-84. ] [
16 Keim, D.B., and R.F. Stambaugh.
1984. "A Further Investigation of the Weekend Effect in Stock Returns."
Journal of Finance 39: 819-35. ] [
17 Lakonishok, J., and M. Levi. 1982.
"Weekend Effects in Stock Returns: A Note." Journal of Finance 37:
883-89. ] [ 18
Lakonishok, J., and E. Marberly. 1990. "The Weekend Effect:
Trading Patterns of Individual and Institutional Investors." Journal of
Finance 45: 231-43. ] [
19 Lakonishok, J., and S. Smidt. 1988. "Are
Seasonal Anomalies Real? A Ninety-Year Perspective." Review of Financial
Studies 1: 403-25. ] [ 20
Mookerjee R., and Q. Yu. 1999. "An Empirical Analysis of
the Equity Markets in China." Review of Financial Economics 8:
41-60. ] [ 21
Patell, J., and M. Wolfson. 1982. "Good News, Bad News, and the
Intraday Timing of Corporate Disclosures." Accounting Review 57:
509-27. ] [ 22
Sias, R.W., and L.T. Starks. 1995. "The Day-of-the-Week Anomaly:
The Role of Institutional Investors." Financial Analysts Journal 51
(May-June): 58-67. ] [ 23
Sun, Q., and W.H.S. Tong. 2003. "China Share Issue
Privatization: The Extent of Its Success." Journal of Financial Economics
70: 183-222. ] [ 24
Wang, K., Y. Li, and J. Erickson. 1997. "A New Look at the
Monday Effect." Journal of Finance 52: 2171-86. ]
[ 25 Xu, C.K. 2000. "The
Microstructure of the Chinese Stock Market." China Economic Review 11:
79-97. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:71-88
Template-Type: ReDIF-Article 1.0
Author-Name: ZHAO YI
Author-X-Name-First: ZHAO
Author-X-Name-Last: YI
Title: The Main Problems and Countermeasures of China's Rural Financial System
Abstract:
There are many problems in China's rural financial system. The main
ones are ambiguous orientation of functions by the financial institutions,
inconsistency in the system of rural economic and social development,
serious lack of financial resources, and low levels of management in rural
financial institutions. To tackle these problems, we have to first
recognize the significance of rural financial system reforms from a
strategic point of view, and then we need to set up a proper framework for
rural financial reforms and let the government play a leading role in
rural financial reform and development.
Journal: Chinese Economy
Pages: 57-70
Issue: 2
Volume: 39
Year: 2006
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=386YJCTNQ9EU4ADU
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Kuang Yuanpei and Li
Ruifen. 2004. "Research on Cooperative System and the Reform of Rural
Credit Cooperatives in China." Journal of Beijing Agricultural College
4. ] [ 2
McKinnon, Ronald I. 1988. Money and Capital in Financial
Development. Shanghai: Sanlian Bookshop. ] [
3 Rajan, Raghuram G., and Luigi
Zingales. 2001. "The Big Reverse: Financial Development Politics in the
Twentieth Century." In Risks, Uncertainty, and Order. Financial and
Economic Press of China. ] [
4 Shaw, Edward S. 1988. Financial Deepening
in Economic Development. Shanghai: Sanlian Bookshop. ]
[ 5 World Bank. 2001. Finance
and Growth: The Choice in Turmoil Conditions. Beijing: Economic Sciences
Press. ] [ 6
Zhou Xiaochuan [President of the People's Bank of China]. 2004.
"Speech at the Closing of the International Seminar on Private Economy and
Development of China." Chinese Financial Daily, June 20.
]
Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:57-70
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 39
Year: 2006
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7P3VVFWKQKPEJ3MF
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: HOWELL H. ZEE
Author-X-Name-First: HOWELL H.
Author-X-Name-Last: ZEE
Author-Name: FARHAN HAMEED
Author-X-Name-First: FARHAN
Author-X-Name-Last: HAMEED
Title: Reforming China's Personal Income Tax
Abstract:
This article derives the distribution of wages in China on the basis
of the Pareto distribution, and employs it to simulate the revenue and
distributive consequences of various options of restructuring the personal
income tax schedule as applied to wage income. The obtained simulation
results are interesting and plausible and could thus inform policy
deliberations on reforming the personal income tax in China.
Journal: Chinese Economy
Pages: 40-56
Issue: 2
Volume: 39
Year: 2006
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8AQDNHRUWR30JDY6
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X-Bibl:
[ 1 Champernowne, D.G., and
Frank A. Cowell. 1998. Economic Inequality and Income Distribution.
Cambridge: Cambridge University Press. ] [
2 Cowell, Frank A. 1995. Measuring
Inequality. Hemel Hempstead, UK: Prentice Hall/Harvester
Wheatsheaf. ] [ 3
Li, Jinyan. 1991. Taxation in the People's Republic of China. New
York: Praeger. ] [ 4
National Bureau of Statistics. 2003. China Statistical
Yearbook. Beijing: China Statistics Press. ]
[ 5 Zee, Howell H. 2005. "Personal
Income Tax Reform: Concepts, Issues, and Comparative Country Practices."
IMF working paper WP/05/87. Washington, DC: International Monetary
Fund. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:40-56
Template-Type: ReDIF-Article 1.0
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Author-Name: DONALD KUMMER
Author-X-Name-First: DONALD
Author-X-Name-Last: KUMMER
Author-Name: JINJIAN SHEN
Author-X-Name-First: JINJIAN
Author-X-Name-Last: SHEN
Title: China's Privatization Reforms: Progress and Challenges
Abstract:
This article discusses the general characteristics and issues of the
privatization programs in China, including constitutional changes,
privatization with mergers and acquisitions, ownership structure in China,
real estate reforms, and finance (stock market and banking). The
challenges of these reforms are analyzed throughout the article.
Non-state-owned and foreign-funded enterprises have contributed over 60
percent of industrial production in the Chinese economy, while over 90
percent of Chinese workers are now employed by nonstate enterprises,
suggesting that China is indeed a market-oriented economy. Interestingly,
we find that non-state-owned enterprises contributed more 70 percent of
total taxes to the Chinese government.
Journal: Chinese Economy
Pages: 5-25
Issue: 2
Volume: 39
Year: 2006
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8H11GUF6RFEAPN7Q
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chung, Chi-ho, Hung-Gay
Fung, and Felix Y. Kwan. 2005. "China's Corporate Governance and Reforms."
China and World Economy 13, no. 5 (September- October): 28-42.
] [ 2 Dong, Jie Lin,
and Jie Hu. 1995. "Mergers and Acquisitions in China." Economic Review
(Federal Reserve Bank of Atlanta) (November): 15-29. ]
[ 3 Feltenstein, Andrew, and
Saleh M. Nsouli. 2003. "'Big Bang' Versus Gradualism in Economic Reforms:
An Intertemporal Analysis with an Application to China." IMF Staff Papers
50, no. 3: 458-80. ] [ 4
Fischer, Stanley. 1993. "Socialist Economy Reform: Lessons
of the First Three Years." American Economic Review 83, no. 2 (May):
390-95. ] [ 5
Fung, Hung-Gay. 2003. "A Rise of Capitalism in China." China
Business Review 2, no. 1 (August): 1-7. ] [
6 Fung, Hung-Gay, and Wai Kin Leung.
2002. "The A- and B-Share Chinese Equity Markets: Segmentation or
Integration." In Financial Markets and Foreign Direct Investment in
Greater China, ed. Hung-Gay Fung and Kevin H. Zhang. Armonk, NY: M.E.
Sharpe. ] [ 7
Fung, Hung-Gay, and Qinfeng "Wilson" Liu. 2005. "China's
Financial Reform in Banking and Securities Markets." In China and the
Challenge of Economic Globalization: The Impact of WTO Membership, ed.
Hung-Gay Fung, Changhong Pei, and Kevin H. Zhang. Armonk, NY: M.E.
Sharpe. ] [ 8
Fung, Hung-Gay, Julius H. Johnson, Jr., and Yanda Xu. 2004.
"Winners and Losers: Foreign Firms in China's Emerging Market." The
Chinese Economy 37, no. 3 (May-June): 5-16. ]
[ 9 Fung, Hung-Gay, Wai Lee, and
Wai Kin Leung. 2000. "Segmentation of the A- and B-share Chinese Equity
Markets." Journal of Financial Research 23 (Summer): 179-95.
] [ 10 Fung, Hung-Gay,
Alan Guoming Huang, Qinfeng "Wilson" Liu, and Maggie Xiaoqin Shen. 2006.
"The Development of the Real Estate Industry in China." The Chinese
Economy 39, no. 1 (January-February): 85-104. ]
[ 11 Huang Meng-Fu, ed. 2004.
Development Report of Non-State-Owned Enterprises, no.1 (in Chinese).
Beijing: Social Sciences Academic Press. ] [
12 Li, L.H. 1997. "Privatization of the
Urban Land Market in Shanghai." Journal of Real Estate Literature 5, no. 2
(July): 161-68. ] [ 13
Liu, Guy S., and Gaia Garino. 2001. "Privatization or
Competition? A Lesson Learnt from the Chinese Enterprise Reform."
Economics of Planning 34, nos. 1-2: 37-51. ]
[ 14 Tseo, G.K.Y., and E.L. Ramos.
1995. "Employee Empowerment: Solution to a Burgeoning Crisis?" Challenge
38, no. 5 (September): 25-31. ] [
15 Zhang, Gaiyan, and Hung-Gay Fung. 2006.
"On the Imbalance Between the Real Estate Market and the Stock Markets in
China." The Chinese Economy 39, no. 2 (March-April): 26-39.
]
Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:5-25
Template-Type: ReDIF-Article 1.0
Author-Name: GAIYAN ZHANG
Author-X-Name-First: GAIYAN
Author-X-Name-Last: ZHANG
Author-Name: HUNG-GAY FUNG
Author-X-Name-First: HUNG-GAY
Author-X-Name-Last: FUNG
Title: On the Imbalance Between the Real Estate Market and the Stock Markets in China
Abstract:
This article explores the imbalance between China's real estate
market, which is booming, and the stock market, which has plunged over
four years. Our empirical analysis shows that the two markets are
systematically negatively related due to fund flows. The plummeting stock
indexes are partly caused by the surge in the property market. In the
meantime, the stock composite index is found to be significant in
explaining housing-price movements, which are also affected by the
inflation rate and hot money inflows. Policy measures redirecting the
influx of funds from the housing market to the stock markets will help
structural adjustment in stock markets, which is one of the nation's key
tasks.
Journal: Chinese Economy
Pages: 26-39
Issue: 2
Volume: 39
Year: 2006
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=BV6T0DNV0K182RLA
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Cooper, Sherry S. 2005.
"Best Way to Invest in China Is Not in China." BMO Nesbitt Burns Economic
Research, June 20. ] [ 2
Fung, Hung-Gay, Alan G. Huang, Qingfeng Liu, and Maggie X.
Shen. 2006. "The Development of the Real Estate Industry in China." The
Chinese Economy 39, no. 1 (January-February): 85-104.
] [ 3 Li Yang, ed. 2005.
Blue Book of Finance: China-Banking and Financial Market Development.
Social Sciences Academic Press. ] [
4 Silverman, Ellen J. 2005. "Market Risk:
China Stock Markets Hit Six-Year Low." Speech given by the Global
Association of Risk Professionals, April 28. ]
[ 5 Woods, Richard, and David
Smith. 2005. "Is the Global Housing Bubble Set to Burst?" Sunday Times,
June 19. ] [ 6
Yi Xianrong. 2005. "The Overheated Chinese Real Estate Market and
Risk Monitoring." Finance and Trade Economics: 14-21.
] [ 7 Zhang, Gaiyan.
1998. "Stimulating China's Real Estate Market: Fiscal and Monetary
Policies and the Risk Forecasting System." Financial Studies 9:
4-10. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:2:p:26-39
Template-Type: ReDIF-Article 1.0
Author-Name: Hong Lu
Author-X-Name-First: Hong
Author-X-Name-Last: Lu
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Rural Migrants' Perceptions of Public Safety Protections in Urban China: The Case of Tianjin
Abstract:
One of the by-products of economic reforms is the unprecedented number of
floating population from rural to urban areas. These rural migrants have
become a new class that experiences "institutionalized exclusion" in their
adoptive cities in areas including housing, work, and social entitlements.
The "institutionalized exclusion" also spills over in another important
areaâpublic safety protectionsâand rural migrants receive inadequate
protections provided by the police and the neighborhood committee.
Journal: Chinese Economy
Pages: 26-41
Issue: 3
Volume: 39
Year: 2006
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E2153K4532K0N18N
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bakken, B. 1993.
"Crime, Juvenile Delinquency, and Deterrence Policy in China."
>i>Australian Journal of Chinese Affairs>/i> 30: 29-58.
] [ 2 Bodeen,
Christopher. 2003. "China Attempts Migrant Detention Reform." June 23. >a
target="_blank"
href='http://www.belleville.com/mld/newsdemocrat/6149922.htm'>http://www.b
elleville.com/mld/newsdemocrat/6149922.htm>/a> ]
[ 3 Burgheim, Joachim, and Anton
Sterbling. 2002. "Subjective Safety, Quality of Life, Police Community
RelationsâWith a Special Emphasis on Age Specific Perspectives." >i>Die
Kriminalprävention>/i> 6, no. 3: 91-98; no. 4: 128-39.
] [ 4 Cancino, Jeffrey
M. 2002. >i>Nonmetropolitan Social Disorganization: A Multilevel Analysis
of Quality of Life.>/i> Ann Arbor: University of Michigan Press.
] [ 5 Carcach, C.,
and S.K. Mukherjee. 2002. "Fear of Violence Among Australian Women."
>i>Crime Prevention and Community Safety: An International Journal>/i> 4:
23-32. ] [ 6
Chen, Aimin. 2004. "Urban Unemployment and Segmented Labor
Markets." In >i>Urbanization and Social Welfare in China>/i>, ed. Aimin
Chen, Gordon G. Liu, and Kevin H. Zhang, 141-66. Burlington, VT:
Ashgate. ] [ 7
Chen Jiping. 2000. >i>Yearbook of China's Comprehensive
Treatment of Public Safety Program 1997-1998.>/i> Beijing: Law
Press. ] [ 8
Chen, Nancy N., Constance D. Clark, Suzanne Z. Gottschang, and
Lyn Jeffery, ed. 2001. >i>China Urban: Ethnographies of Contemporary
Culture.>/i> Durham: Duke University Press. ]
[ 9 Davis, Deborah S., Richard
Kraus, Barry Naughton, and Elizabeth J. Perry. 1995. >i>Urban Spaces in
Contemporary China.>/i> Cambridge: Woodrow Wilson Center Press and
Cambridge University Press. ] [
10 Dunham, Roger G., and Geoffrey P. Alpert.
2001. >i>Critical Issues in Policing: Contemporary Readings.>/i> Prospect
Heights, IL: Waveland Press. ] [
11 Gibson, Chris L, Jihong Zhao, and
Nicholas P. Lovrich. 2002. "Social Integration, Individual Perceptions of
Collective Efficacy, and Fear of Crime in Three Cities." >i>Justice
Quarterly>/i> 19: 537-64. ] [
12 Hamai, Koichi. 2002. "Is Japan Still the
Safest Country in the World?" >i>International Annals of Criminology>/i>
40: 129-37. ] [ 13
HRIC (Human Rights in China). 2002. >i>Institutionalized
Exclusion: The Tenuous Legal Status of Internal Migrants in China's Major
Cities.>/i> UK Foreign and Commonwealth Human Rights Project Fund,
November 6. ] [ 14
Lane, Jodi, and James W. Meeker. 2003. "Women's and Men's Fear
of Gang Crimes: Sexual and Nonsexual Assault as Perceptually
Contemporaneous Offenses." >i>Justice Quarterly>/i> 20, no. 2:
337-71. ] [ 15
Lee, Matthew R., and Terri L. Earnest. 2003. "Perceived
Community Cohesion and Perceived Risk of Victimization: A Cross-National
Analysis." >i>Justice Quarterly>/i> 20, no. 1: 131-57.
] [ 16 Li, Haizheng,
and Steven Zahniser. 2003. "Determinants of Temporary Rural-Urban
Migration." >i>Urban Studies>/i> 39, no. 12: 2219-36.
] [ 17 NBS (National
Bureau of Statistics). Various issues. >i>China Statistical Yearbook.>/i>
Beijing: China Statistical Publishing House. ]
[ 18 Noble, Greg, Scott Poynting,
and Jock Collins. 2002. >i>Ethnicity, Youth, and Crime in Sydney.>/i>
Sydney: University of Western Sydney Press. ]
[ 19 Sigler, Robert T., and
Beverly S. Curry. 1992. "Handling the Hostage Taker: Public Perception of
the Use of Force by the Police." >i>American Journal of Police>/i> 11:
113-25. ] [ 20
Sims, Barbara, Michael Hooper, and Steven A. Peterson. 2002.
"Determinants of Citizens' Attitudes Toward Police: Results of the
Harrisburg Citizen Survey, 1999." >i>Police: An International Journal of
Police Strategies and Management>/i> 25: 457-71. ]
[ 21 Solinger, Dorothy. 1999.
>i>Contesting Citizenship in Urban China: Peasant Migrants, the State, and
the Logic of the Market.>/i> Berkeley: University of California
Press. ] [ 22
Wang Wudong. 1995. >i>The Floating Population in Shanghai in the
1990s.>/i> Shanghai: Huadong Normal University Press.
] [ 23 Warr, Mark.
1995. "Public Perceptions of Crime and Punishment." In >i>Criminology>/i>,
ed. Joseph F. Sheley, 15-30. Belmont, CA: Wadsworth. ]
[ 24 Yang, J. 1996.
"Educating Transient Workers." >i>Beijing Review>/i>, June 3-9:
20-23. ] [ 25
Zhang, Kevin H., and Shunfeng Song. 2003. "Rural-Urban Migration
and Urbanization in China: Evidence from Time-Series and Cross-Section
Analyses." >i>China Economic Review>/i> 14, no. 4: 386-400.
] [ 26 Zhang, Li. 2001.
"Contesting Crime, Order, and Migrant Spaces in Beijing." In Chen et al.,
ed., >i>China Urban>/i>, 201-22. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:3:p:26-41
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 39
Year: 2006
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K25035K1K5637234
File-Format: text/html
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X-Bibl:
Handle: RePEc:mes:chinec:v:39:y:2006:i:3:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: Does International Investment Help Poverty Reduction in China?
Abstract:
This study analyzes effects of international investment on poverty
reduction in China by testing a growth model with provincial data.
Economic growth is the single most important factor influencing poverty
reduction. Inward foreign direct investment (FDI) seems central to
achieving that goal because it is a key ingredient for successful growth
in China. FDI might reduce poverty through promoting economic growth and
diffusing growth widely. Results of cross-section and panel estimates
suggest that FDI is indeed an important source of China's economic growth
and therefore a powerful force for poverty reduction. The more poverty
could be reduced through government-led programs and polices that improve
poor provinces' investment environments the more FDI is attracted.
Journal: Chinese Economy
Pages: 79-90
Issue: 3
Volume: 39
Year: 2006
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M18U57246K306V05
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Barro, Robert, and
Xavier Sala-i-Martin. 1995. >i>Economic Growth.>/i> Cambridge: MIT Press.
Borensztein, E., J. De Gregorio, and J.-W. Lee. 1998. "How Does Foreign
Investment Affect Economic Growth?" >i>Journal of International
Economics>/i> 45: 115-35. ] [
2 Borensztein, E., J. De Gregorio, and J.-W.
Lee. 1998 "How Does Foreign Investment Affect Economic Growth?" >i>Journal
of International Economics>/i> 45: 115-35. ]
[ 3 Dollar, David, and Aart
Kraay. 2002a. "Spreading the Wealth." >i>Foreign Affairs>/i> 81, no. 1:
120-33. ] [ 4
Dollar, David, and Aart Kraay. 2002b. "Growth Is Good for the
Poor." >i>Journal of Economic Growth>/i> 7, no. 3: 195-225.
] [ 5 Feder, Gershon.
1982. "On Exports and Economic Growth." >i>Journal of Development
Economics>/i> 12: 59-73. ] [
6 Levin, Andrew, and Lakshmi Raut. 1997.
"Complementarities Between Exports and Human Capital in Economic Growth:
Evidence from the Semi-Industrialized Countries." >i>Economic Development
and Cultural Changes>/i> 46, no. 1: 155-74. ]
[ 7 Macnair, E., J. Murdoch, C.
Pi, and T. Sandler. 1995. "Growth and Defense: Pooled Estimates for the
NATO Alliance, 1951-1988." >i>Southern Economic Journal>/i> 61, no. 3:
846-60. ] [ 8
NBS (National Bureau of Statistics). 1996. >i>China Regional
Economy: A Profile of Seventeen Years of Reform and Opening-Up.>/i>
Beijing: China Statistical Press. ] [
9 NBS (National Bureau of Statistics).
1992-2004. >i>China Statistical Yearbook.>/i> Beijing: China Statistical
Press. ] [ 10
Ravallion, Martin. 2003. "The Debate on Globalization, Poverty,
and Inequality: Why Measurement Matters." World Bank Policy Research
Working Paper no. 3038. ] [
11 UNCTAD (United Nations Conference on
Trade and Development). 1992-2004. >i>World Investment Report.>/i> New
York: United Nations. ] [
12 White, Halbert. 1980. "A
Heteroscedasticity-Consistent Covariance Matrix Estimator and a Direct
Test for Heteroscedasticity." >i>Econometrica>/i> 48: 817-38.
] [ 13 World Bank.
1997. >i>Sharing Rising Incomes: Disparities in China.>/i> Washington,
DC. ] [ 14
World Bank. 1990. >i>World Development Report 1990: Poverty.>/i>
New York: Oxford University Press. ] [
15 World Bank. 2000. >i>World Development
Report 2000: Attacking Poverty.>/i> Washington, DC: International Bank for
Reconstruction and Development/World Bank. ]
[ 16 World Bank. 2002.
>i>Globalization, Growth, and Poverty.>/i> New York: Oxford University
Press. ] [ 17
Xing, Yuqing, and Kevin H. Zhang. 2004. "FDI and Regional Income
Disparity in Host Countries: Evidence from China." >i>Economia
Internazionale / International Economics>/i> 57, no. 4: 363-79.
] [ 18 Zhang, Kevin
H. 1999. "How Does FDI Interact with Economic Growth in a Large Developing
Country? The Case of China." >i>Economic Systems>/i> 23, no. 4:
291-303. ] [ 19
Zhang, Kevin H. 2001a. "Roads to Prosperity: Assessing the
Impact of FDI on Economic Growth in China." >i>Economia
Internazionale/International Economics>/i> 54, no. 1: 113-25.
] [ 20 Zhang, Kevin
H. 2001b. "How Does Foreign Direct Investment Affect Economic Growth in
China?" >i>Economics of Transition>/i> 9, no. 3: 679-93.
] [ 21 Zhang, Kevin H.,
and James Markusen. 1999. "Vertical Multinationals and Host-Country
Characteristics." >i>Journal of Development Economics>/i> 59:
233-52. ] [ 22
Zhang, Kevin H., and Shunfeng Song. 2000. "Promoting Exports:
The Role of Inward FDI in China." >i>China Economic Review>/i> 11, no. 4:
385-496. ] [ 23
Zhang, Xiaobo, and Kevin H. Zhang. 2003. "How Does Globalization
Affect Regional Inequality Within a Developing Country? Evidence from
China." >i>Journal of Development Studies>/i> 39, no. 4: 47-57.
]
Handle: RePEc:mes:chinec:v:39:y:2006:i:3:p:79-90
Template-Type: ReDIF-Article 1.0
Author-Name: Ming Lu
Author-X-Name-First: Ming
Author-X-Name-Last: Lu
Author-Name: Zhao Chen
Author-X-Name-First: Zhao
Author-X-Name-Last: Chen
Title: Urbanization, Urban-Biased Policies, and Urban-Rural Inequality in China, 1987-2001
Abstract:
Post-reform economic policies in China have been biased toward urban
residents and have contributed to the increasing urban-rural inequality.
Analysis of the provincial panel data during 1987-2001 shows that
urbanization significantly narrowed the urban-rural inequality. We also
find that interprovincial migration, economic opening, and governmental
participation in economic activity are contributing to the expanding
urban-rural inequality. The structure of governmental expenditure is also
found to have significant effects on urban-rural inequality.
Journal: Chinese Economy
Pages: 42-63
Issue: 3
Volume: 39
Year: 2006
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N937P467537V0X24
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Handle: RePEc:mes:chinec:v:39:y:2006:i:3:p:42-63
Template-Type: ReDIF-Article 1.0
Author-Name: Belton M. Fleisher
Author-X-Name-First: Belton M.
Author-X-Name-Last: Fleisher
Author-Name: Dennis Tao Yang
Author-X-Name-First: Dennis Tao
Author-X-Name-Last: Yang
Title: Problems of China's Rural Labor Markets and Rural-Urban Migration
Abstract:
Journal: Chinese Economy
Pages: 6-25
Issue: 3
Volume: 39
Year: 2006
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U37206V167548U04
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Handle: RePEc:mes:chinec:v:39:y:2006:i:3:p:6-25
Template-Type: ReDIF-Article 1.0
Author-Name: Lee Liu
Author-X-Name-First: Lee
Author-X-Name-Last: Liu
Title: Impacts of Market Location on Rural Poverty and Income Inequality in China
Abstract:
The article applies the von Thünen agricultural land-use theory to
examine spatial relationships between market location and rural poverty
and inequality. Three national market centers were determined:
Beijing-Tianjin, Shanghai-Nanjing-Hangzhou, and Guangzhou-Shenzhen-Zhuhai.
Regression results show that distance from market has a strong impact on
rural per capita income. Between 1978 and 1990, provinces both near and
far away from market had higher per capita rural income, while those in
the middle had the lowest. From 1991 to 2002, rural income was highest in
provinces near the market, but dropped first quickly and then gradually
along with distance from market. Remote provinces experienced the slowest
increase in and the lowest level of rural income. The impact of market
distance increased from 1991 to 2002. By the 2000-2002 period, distance
explains 82 percent of the variation in rural income. Globalization of the
Chinese economy and development policy were believed to be among major
causes.
Journal: Chinese Economy
Pages: 64-78
Issue: 3
Volume: 39
Year: 2006
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X47726384404WU41
File-Format: text/html
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X-Bibl:
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Handle: RePEc:mes:chinec:v:39:y:2006:i:3:p:64-78
Template-Type: ReDIF-Article 1.0
Author-Name: Cai Fang
Author-X-Name-First: Cai
Author-X-Name-Last: Fang
Author-Name: Du Yang
Author-X-Name-First: Du
Author-X-Name-Last: Yang
Title: The Changing Nature of Rural Poverty and New Policy Orientations
Abstract:
Journal: Chinese Economy
Pages: 10-24
Issue: 4
Volume: 39
Year: 2006
Month: 8
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=53703V0232266238
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X-Bibl:
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Handle: RePEc:mes:chinec:v:39:y:2006:i:4:p:10-24
Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid Nielsen
Author-X-Name-First: Ingrid
Author-X-Name-Last: Nielsen
Author-Name: Russell Smyth
Author-X-Name-First: Russell
Author-X-Name-Last: Smyth
Author-Name: Mingqiong Zhang
Author-X-Name-First: Mingqiong
Author-X-Name-Last: Zhang
Title: Unemployment Within China's Floating Population: Empirical Evidence from Jiangsu Survey Data
Abstract:
Journal: Chinese Economy
Pages: 41-56
Issue: 4
Volume: 39
Year: 2006
Month: 8
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6522N6Q523W620W6
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X-Bibl:
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Handle: RePEc:mes:chinec:v:39:y:2006:i:4:p:41-56
Template-Type: ReDIF-Article 1.0
Author-Name: Charles C.L. Kwong
Author-X-Name-First: Charles C.L.
Author-X-Name-Last: Kwong
Author-Name: Wai Chung (Harry) Lo
Author-X-Name-First: Wai Chung (Harry)
Author-X-Name-Last: Lo
Title: Guest Editors' Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-9
Issue: 4
Volume: 39
Year: 2006
Month: 8
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D22T27760J080357
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X-Bibl:
[ 1 Bezlova, Antoaneta.
2005. "Development: Great Leap to Help Rural China," (accessed October 13,
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Unemployed?" >i>Asia Times>/i> Online, April 1, 2004. Available at >a
target="_blank"
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Handle: RePEc:mes:chinec:v:39:y:2006:i:4:p:3-9
Template-Type: ReDIF-Article 1.0
Author-Name: Linxiu Zhang
Author-X-Name-First: Linxiu
Author-X-Name-Last: Zhang
Author-Name: Renfu Luo
Author-X-Name-First: Renfu
Author-X-Name-Last: Luo
Author-Name: Chengfang Liu
Author-X-Name-First: Chengfang
Author-X-Name-Last: Liu
Author-Name: Scott Rozelle
Author-X-Name-First: Scott
Author-X-Name-Last: Rozelle
Title: Investing in Rural China: Tracking China's Commitment to Modernization
Abstract:
Journal: Chinese Economy
Pages: 57-84
Issue: 4
Volume: 39
Year: 2006
Month: 8
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E1813X3970326711
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X-Bibl:
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Handle: RePEc:mes:chinec:v:39:y:2006:i:4:p:57-84
Template-Type: ReDIF-Article 1.0
Author-Name: Bryan Lohmar
Author-X-Name-First: Bryan
Author-X-Name-Last: Lohmar
Title: Feeling for Stones But Not Crossing the River: China's Rural Land Tenure After Twenty Years of Reform
Abstract:
Journal: Chinese Economy
Pages: 85-102
Issue: 4
Volume: 39
Year: 2006
Month: 8
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N49Q57K85440Q255
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Kitty Chan. 2004. "Softening the Impact of Reform Adjustments: China's
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Development in China." >i>Development>/i> 44, no. 4: 79-84.
] [ 28 Qiao, Fangbin,
Bryan Lohmar, Jikun Huang, Scott Rozelle, and Linxiu Zhang. 2003.
"Producer Benefits from Input Market and Trade Liberalization: The Case of
Fertilizer in China." >i>American Journal of Agricultural Economics>/i>
85, no. 5: 1223-27. ] [
29 Rozelle, Scott, and Guo Li. 1998.
"Village Leaders and Land-Rights Formation in China." >i>American Economic
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30 Schwarzwalder, Brian, Roy Prosterman, Ye
Jianping, Jeffrey Riedinger, and Li Ping. 2002. "An Update on China's
Rural Land Tenure Reforms: Analysis and Recommendations Based on a
Seventeen-Province Survey." >i>Columbia Journal of Asian Law>/i> 16, no. 1
(Fall). ] [ 31
Smil, Vaclav. 1999. "China's Agricultural Land." >i>China
Quarterly>/i>, no. 158 (June): 414-29. ] [
32 Wu, Ziping, Minquan Liu, and John
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Crop Production." >i>China Economic Review>/i> 16: 28-49.
] [ 33 Xu, Wei. 2004.
"The Changing Dynamic of Land-Use Change in Rural China: A Case Study of
Yuhang, Zhejiang Province." >i>Environment and Planning A>/i> 36:
1595-615. ] [ 34
Yao, Yang. 2000. "The Development of the Land Lease Market in
Rural China." >i>Land Economics>/i> 76, no. 2 (May): 252-66.
] [ 35 Yao, Yang.
2004. "Land Tenure Choice in Chinese Villages: The Rational Versus the
Political Model." >i>Land Economics>/i> 80, no. 4: 477-89.
] [ 36 Zhang, Qian
Forrest, Qingguo Ma, and Xu Xu. 2004. "Development of Land Rental Markets
in Rural Zhejiang: Growth of Off-Farm Jobs and Institutions Building."
>i>China Quarterly>/i>, no. 180 (December): 1050-72. ]
[ 37 Zhang, Xiaobo, Timothy
Mount, and Richard Boisvert. 2004. "Industrialization, Urbanization, and
Land Use in China." >i>Journal of Chinese Economic and Business
Studies>/i> 2, no. 3 (September): 201-41. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:4:p:85-102
Template-Type: ReDIF-Article 1.0
Author-Name: Yuk-shing Cheng
Author-X-Name-First: Yuk-shing
Author-X-Name-Last: Cheng
Title: China's Reform of Rural Credit Cooperatives: Progress and Limitations
Abstract:
Journal: Chinese Economy
Pages: 25-40
Issue: 4
Volume: 39
Year: 2006
Month: 8
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W477N47243635N7W
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chang Hongxiao. 2004a.
"The Agricultural Development Bank Struggles for Survival." >i>Caijing>/i>
(Finance and Economics) 114: 44-48. ] [
2 Chang Hongxiao. 2004b. "An Investigation
of Capital Expansion in Jilin's Rural Credit Cooperatives." >i>Caijing>/i>
114: 56-60. ] [ 3
Cheng Enjiang and Cheng Yuk-shing. 2003. "Banking Reform and the
Separation of Policy and Commercial Loans." In >i>Rural Financial Markets
in China>/i>, ed. Christopher Findlay, Andrew Watson, Cheng Enjiang, and
Zhu Gang. Canberra: Asia Pacific Press. ] [
4 Cheng Enjiang, Christopher Findlay,
and Andrew Watson. 2003. "Institutional Innovation Without Regulation: The
Collapse of Rural Credit Foundations and Lessons for Further Financial
Reforms." In >i>Rural Financial Markets in China.>/i>
] [ 5 Du Xiaoshan.
2005. "Practical Experiment of Rural Microfinance in China." In >i>A
Decade of Microfinance in China>/i>, ed. Du Xiaoshan et al. Beijing:
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6 Li Jing. 2004. >i>The Behavior and
Institutional Environment of China's Rural Financial Organizations.>/i>
Shanxi: Shanxi jingji chubanshe. ] [
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Policy Reform in China's Rural Finance." In >i>Rural Finance and Credit
Infrastructure in China.>/i> Paris: OECD. ] [
8 Office of the Soft Science
Committee, Ministry of Agriculture (OSSC-MOA). 2005. >i>Increase Inputs in
Agriculture and Improve Rural Financial Services.>/i> Beijing: China
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Undertaking.>/i> Beijing: China Social Science Press.
] [ 10 Shen Minggao.
2004. "The Monopoly of Provincial Union of Rural Credit Cooperatives Could
Lead to Moral Hazard Problems." >i>Caijing>/i> 117 (October 4):
55-56. ] [ 11
Watson, Andrew. 2003. "Financing Farmers: The Reform of Rural
Credit Cooperatives and Provision of Financial Services to Farmers." In
>i>Rural Financial Markets in China.>/i> ] [
12 Xie Ping. 2001. "Debates on the
Institutional Reform of Rural Credit Cooperatives in China." >i>Financial
Research>/i> 1: 1-13. ] [
13 Xu Xiaobo, et al. 1994. >i>Reforms and
Developments of China's Rural Finance.>/i> Beijing: Contemporary China
Press (Hong Kong). ] [ 14
Yu Ning and He Yuxin. 2003. "Limited Reforms of Rural
Credit Cooperatives." >i>Caijing>/i> 89: 26-36. ]
[ 15 Zhou Xiaochuan. 2004.
"Several Thoughts About Rural Financial Reforms." >i>Jingjixue Dongtai>/i>
8: 10-15. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:4:p:25-40
Template-Type: ReDIF-Article 1.0
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 5
Volume: 39
Year: 2006
Month: 10
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=83126184147660K4
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X-Bibl:
Handle: RePEc:mes:chinec:v:39:y:2006:i:5:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong
Author-X-Name-First: Terence Tai-Leung
Author-X-Name-Last: Chong
Author-Name: Qian Su
Author-X-Name-First: Qian
Author-X-Name-Last: Su
Title: On the Comovement of A and H Shares
Abstract:
Using intraday high-frequency data, this article investigates the
comovement between the A shares and H shares of twenty-one cross-listed
Chinese companies. It is found that only a small portion of the
cross-listed Chinese companies have a comovement in their A- and H-share
prices. The results suggest that the stock markets of China and Hong Kong
are segmented. For the comoving stocks, the China stock market plays a
major role in the price discovery contribution. We also find that
companies that have a relatively liquid H-share market tend to have a
comovement in their A- and H-share prices, and that the A-share price
seems to play a more important role in finding the implicit efficient
price for cross-listed stocks.
Journal: Chinese Economy
Pages: 68-86
Issue: 5
Volume: 39
Year: 2006
Month: 10
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A7717124X5389481
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Baker, H.K., J.R.
Nofsinger, and D.G. Weaver. 2002. "International Cross-Listing and
Visibility." >i>Journal of Financial and Quantitative Analysis>/i> 37, no.
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Chong, T.T.L., and Q. Su. 2006. "Determining the Contribution to
Price Discovery for Chinese Cross-Listed Stocks." >i>Pacific-Basin Finance
Journal>/i>, forthcoming. ] [
3 Chowdhry, B., and V. Nanda. 1991.
"Multimarket Trading and Market Liquidity." >i>Review of Financial
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Econometric Time Series.>/i> New York: John Wiley and Sons.
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C.W.J. Granger. 1987. "Co-Integration and Error Correction:
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Co-Integrated Systems." >i>Journal of Econometrics>/i> 35, no. 1:
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Eun, C.S., and S. Sabherwal. 2003. "Cross-Border Listings and
Price Discovery: Evidence from U.S.-Listed Canadian Stocks." >i>Journal of
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9 Foerster, S.R., and A.G. Karolyi. 1993.
"International Listings of Stocks: The Case of Canada and the U.S."
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"Multimarket Trading and Liquidity: A Transaction Data Analysis of
Canada-U.S. Interlistings." >i>Journal of International Financial Markets,
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11 Huang, G., and F.M. Song. 2005. "The
Financial and Operating Performance of China's Newly Listed H-firms."
>i>Pacific Basin Finance Journal>/i> 13, no. 1: 53-80.
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1988. "Statistical Analysis of Cointegration Vectors." >i>Journal of
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Markets>/i> 7, no. 1: 97-115. ] [
14 McGuinness, P.B., and M.J. Ferguson.
2005. "The Ownership Structure of Listed Chinese State-Owned Enterprises
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Economics>/i> 15, no. 4: 231-46. ] [
15 Mak, S.C., and M.S. Ngai. 2005. "Market
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88-107. ] [ 16
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of Foreign Listing: Canadian Evidence." >i>Journal of International
Financial Management and Accounting>/i> 4, no. 1: 40-62.
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Management>/i> 10: 315-43. ] [
18 Smith, K., and G. Sofianos. 1997. "The
Impact of an NYSE Listing on the Global Trading of Non-U.S. Stocks."
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1988. "Interaction Among China-Related Stocks: Evidence from a Causality
Test with a New Procedure." >i>Applied Financial Economics>/i> 14, no. 1:
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Wang, S.S., and L. Jiang. 2004. "Location of Trade, Ownership
Restrictions, and Market Illiquidity: Examining Chinese A and H Shares."
>i>Journal of Banking and Finance>/i> 28, no. 6: 1273-97.
] [ 21 Werner, I.M.,
and A.W. Kleidon. 1996. "U.K. and U.S. Trading of British Cross-Listed
Stocks: An Intraday Analysis of Market Integration." >i>Review of
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22 Xu, X.E. 2001. "Market Structure,
Volatility, and Performance of H Shares." >i>Chinese Economy>/i> 34, no.
1: 49-73. ] [ 23
Xu, X.E., and H.G. Fung. 2002. "Information Flows Across
Markets: Evidence from China-Backed Stocks Dual-Listed in Hong Kong and
New York." >i>Financial Review>/i> 37, no. 4: 563-88.
] [ 24 Zhang, Y., and
R. Zhao. 2003. "Risk Under One Country and Two Systems: Evidence from
Class A, B, and H Shares of Chinese Listed Companies." >i>Review of
Pacific Basin Financial Markets and Policies>/i> 6, no. 2:
179-97. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:5:p:68-86
Template-Type: ReDIF-Article 1.0
Author-Name: Jing Chi
Author-X-Name-First: Jing
Author-X-Name-Last: Chi
Author-Name: Carol Padgett
Author-X-Name-First: Carol
Author-X-Name-Last: Padgett
Title: Operating Performance and Its Relationship to Market Performance of Chinese Initial Public Offerings
Abstract:
We investigate the operating performance changes of initial public
offerings (IPOs) and the relation between operating performance and both
short-run underpricing and long-run market returns of IPOs. We find that
listing causes a significant deterioration in profitability, sales-growth
rates, and efficiency, and brings a significant increase in sales and a
significant decrease in leverage. We also find underpricing has
insignificant explanatory power in predicting post-issue operating
performance, which suggests that the signaling hypothesis does not explain
underpricing very well in Chinese IPO markets. Using a cross-sectional
analysis, we find firms with higher return on assets (ROA), smaller size
(lower sales), higher sales-growth rates, higher asset turnover, and
higher debt-to-asset ratios enjoy higher long-run market returns.
Journal: Chinese Economy
Pages: 28-50
Issue: 5
Volume: 39
Year: 2006
Month: 10
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H2N3H70343411157
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Aggarwal, R., R. Leal,
and L. Hernandez. 1993. "The After-Market Performance of Initial Public
Offerings in Latin America." >i>Financial Management>/i> 22:
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and R. Vishny. 1996. "A Theory of Privatization." >i>Economic Journal>/i>
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[ 7 Chan, K., J.B. Wang, and K.C.
Wei. 2004. "Underpricing and Long-Term Performance of IPOs in China."
>i>Journal of Corporate Finance>/i> 10, no. 3: 409-30.
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Taxation>/i> 10: 1-22. ] [
10 Chi, J., and C. Padgett. 2005a.
"Short-Run Underpricing and Its Characteristics in Chinese Initial Public
Offering Markets." >i>Review of International Business and Finance>/i> 19,
no. 1: 71-93. ] [ 11
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the Chinese IPO Market." >i>Pacific Economic Review>/i> 10, no. 4:
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[ 16 Fama, E.F. 1991.
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27 Levis, M. 1993. "The Long-Run
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28 Liu, L., and W.D. Li. 2000. "Research
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>i>China Accounting and Finance Review>/i> 2, no. 4: 26-53.
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Randenborgh. 1994. "The Financial and Operating Performance of Newly
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33 Michaely, R., and W.H. Shaw. 1994. "The
Pricing of Initial Public Offerings: Tests of Adverse Selection and
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[ 38 Sun, Q., and H.S. Tong.
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>i>Journal of Financial Economics>/i> 70: 183-222. ]
[ 39 Wang, X.Z., L.X. Xu, and
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Handle: RePEc:mes:chinec:v:39:y:2006:i:5:p:28-50
Template-Type: ReDIF-Article 1.0
Author-Name: Zong-Jun Wang
Author-X-Name-First: Zong-Jun
Author-X-Name-Last: Wang
Author-Name: Xiao-Lan Deng
Author-X-Name-First: Xiao-Lan
Author-X-Name-Last: Deng
Title: Corporate Governance and Financial Distress: Evidence from Chinese Listed Companies
Abstract:
We investigate the relationship between corporate governance
characteristics and the risk of financial distress in the context of the
Chinese transitional economy. Using a sample of ninety-six financially
distressed companies and ninety-six healthy companies, we find that large
shareholder ownership, state ownership, and the proportion of independent
directors are negatively associated with the probability of distress.
Additionally, managerial agency costs are badly detrimental to a company's
financial status. However, the degree of balanced ownership, managerial
ownership, board size, and CEO duality do not significantly affect the
probability of default. Furthermore, we test the influence of
state-controlling right by subgrouping the sample into state-controlled
and non-state-controlled companies. The results indicate that
corporate-governance attributes act differently on the status of financial
distress between the two subsamples.
Journal: Chinese Economy
Pages: 5-27
Issue: 5
Volume: 39
Year: 2006
Month: 10
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=QV722086Q8VH1744
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Anderson, J. H., Y.
Lee, and P. Murrell. 2000. "Competition and Privatization Amidst Weak
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and O.D. Hart. 1980. "Takeover Bids, the Free-Rider Problem, and the
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and R.W. Vishny. 1994. "Politicians and Firms." >i>Quarterly Journal of
Economics>/i> 109, no. 4: 995-1026. ] [
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737-83. ] [ 36
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Ownership, and Financial Distress in Banking Firms." >i>International
Review of Economics and Finance>/i> 8: 281-92. ]
[ 37 Singh, M., and W.N.
Davidson. 2003. "Agency Costs, Ownership Structure, and Corporate
Governance Mechanisms." >i>Journal of Banking and Finance>/i> 27:
793-816. ] [ 38
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Market Performance: Evidence from China's Newly Privatized Firms."
>i>Global Finance Journal>/i> 14: 65-82. ] [
40 Westphal, J., and J. Fredrickson.
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New CEOs, and Change in Corporate Strategy." >i>Strategic Management
Journal>/i> 22, no. 12: 1113. ] [
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Small Board of Directors." >i>Journal of Financial Economics>/i> 40:
185-211. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:5:p:5-27
Template-Type: ReDIF-Article 1.0
Author-Name: Chao Chen
Author-X-Name-First: Chao
Author-X-Name-Last: Chen
Author-Name: Wenbin Chen
Author-X-Name-First: Wenbin
Author-X-Name-Last: Chen
Author-Name: Jing Chi
Author-X-Name-First: Jing
Author-X-Name-Last: Chi
Title: Underpricing and Operating Performance of Chinese B-Share Initial Public Offerings
Abstract:
Previous research shows that Chinese A-share initial public offerings
(IPOs) experience very high initial returns. This study focuses on Chinese
B-share IPOs and investigates their initial returns, operating performance
change before and after listing, and long-run market performance. We study
all B-share IPOs listed from 1992 to 2000 in China and find that the
average underpricing of Chinese B-share IPOs is 28.63 percent, which is
statistically and economic significant. The initial returns of B-share
IPOs on the Shenzhen Stock Exchange are significantly higher than those on
the Shanghai Stock Exchange; the smaller size IPOs are significantly
higher than those of larger issuance; and the periods with fewer IPOs are
higher than those when more IPOs are listed. Results show that the
operating performance of B-share companies deteriorates after listing,
indicating that earnings management is popular among those firms. We also
find that the abnormal long-run returns of B shares are marginally
negatively significant and go down year by year, which is consistent with
the change of operating performance of B-share companies.
Journal: Chinese Economy
Pages: 51-67
Issue: 5
Volume: 39
Year: 2006
Month: 10
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RQ064565L0867K34
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Aharony, J., C.J. Lee,
and T.J. Wong. 2000. "Financial Packaging of IPO Firms in China."
>i>Journal of Accounting Research>/i> 38: 103-26. ]
[ 2 Chan, K., J.B. Wang, and
K.C. Wei. 2004. "Underpricing and Long-Term Performance of IPOs in China."
>i>Journal of Corporate Finance>/i> 10: 409-30. ]
[ 3 Chi, J., and C. Padgett.
2006. "Operating Performance and Its Relationship to the Market
Performance of Chinese IPOs." >i>Chinese Economy>/i> 39, no. 5
(September-October): 29-52. ] [
4 Liu, L., and W.D. Li. 2000. "Research on
First Day's Abnormal Returns of IPOs in China's Securities Market."
>i>China Accounting and Finance Review>/i> 2, no. 4: 26-53.
] [ 5 Loughran, T.,
J.R. Ritter, and K. Rydqvist. 1994. "International Public Offerings:
International Insights." >i>Pacific-Basin Financial Journal>/i> 2:
165-99. ] [ 6
Lyon, J., B. Barber, and C.L. Tsai. 1999. "Improved Methods for
Tests of Long-Run Abnormal Stock Returns." >i>Journal of Finance>/i> 54:
165-201. ] [ 7
Mok, H.M.K., and Y.V. Hui. 1998. "Underpricing and After-Market
Performance of IPOs in Shanghai, China." >i>Pacific-Basin Finance
Journal>/i> 6, no. 5: 453-74. ] [
8 Ritter, J.R. 1991. "The Long-Run
Performance of Initial Public Offerings." >i>Journal of Finance>/i> 46:
3-27. ] [ 9
Su, D., and B.M. Fleisher. 1999. "An Empirical Investigation of
Underpricing in Chinese IPOs." >i>Pacific-Basin Finance Journal>/i> 7, no.
2: 173-202. ] [ 10
Wang, J.B. 1997. "Measure of IPOs' Underpricing and Its Possible
Explanations." >i>Economics Review>/i> 12: 17-24. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:5:p:51-67
Template-Type: ReDIF-Article 1.0
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Author-Name: Joanne Li
Author-X-Name-First: Joanne
Author-X-Name-Last: Li
Title: A First Look at the Finance Research Productivity Among Academic Institutions and Authors in China, 1990-2004
Abstract:
Journal: Chinese Economy
Pages: 87-98
Issue: 5
Volume: 39
Year: 2006
Month: 10
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T3034280401V32H5
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chan, K.C., C. Chen,
and P. Lung. 2005. "A Ranking of Finance Programs in the Asia-Pacific
Region: An Update." >i>Pacific-Basin Finance Journal>/i> 13:
584-600. ] [ 2
Chan, K.C., C.R. Chen, and T.L. Steiner. 2001. "Research
Productivity of the Finance Profession in the Asia-Pacific Region."
>i>Pacific-Basin Finance Journal>/i> 9: 265-80. ]
[ 3 Gibson, J. 2000. "Research
Productivity in New Zealand University Economics Departments: Comments and
Update." >i>New Zealand Economic Papers>/i> 34: 73-88.
] [ 4 Laband, D.N.
1985. A Ranking of the Top Canadian Economics Departments by Research
Productivity of Graduates." >i>Canadian Journal of Economics>/i> 18:
904-7. ] [ 5
Liu, N.C., Y. Cheng, and L. Liu. 2005. "Academic Ranking of
World Universities Using Scientometrics: A Comment on âFatal
Attraction,â" >i>Scientometrics>/i> 64: 101-9. ]
[ 6 Pomfret, R., and L.C. Wang.
2003. "Evaluating the Research Output of Australian Universities'
Economics Departments." >i>Australian Economic Papers>/i> 42:
418-41. ] [ 7
Towe, J. 1996. "The Ranking of University Accounting and Finance
Departments in Australia, 1990-94." Working paper, Department of
Economics, University of Sydney. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:5:p:87-98
Template-Type: ReDIF-Article 1.0
Author-Name: Jian-Rong Hou
Author-X-Name-First: Jian-Rong
Author-X-Name-Last: Hou
Author-Name: Pei Huang
Author-X-Name-First: Pei
Author-X-Name-Last: Huang
Author-Name: Dan Huang
Author-X-Name-First: Dan
Author-X-Name-Last: Huang
Title: A Unit Root Test for Two Time Series in China's Tourism Industry
Abstract:
This article examines the time series behavior of two important tourism
statistical variables: ITR (International Tourism Receipts) and NITAC
(Number of International Tourist Arrivals to China) over the past two
decades (1984-2004). Our unit root tests reveal that both series are
integrated of order one, with the shocks having permanent effects.
Information criteria used for the unit root tests suggest ARIMA (2, 1, and
2) and ARIMA (1, 1, and 0) models for series ITR and NITAC, respectively.
No tests are statistically significant at the 5 percent or higher
confidence levels, which indicates that the data are completely random and
the models are adequate. The models can best describe the behavior of
tourism growth variables.
Journal: Chinese Economy
Pages: 39-48
Issue: 6
Volume: 39
Year: 2006
Month: 12
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=375237P853339L52
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Dickey, D.A., and W.A.
Fuller. 1979. "A Distribution of the Estimators for Autoregressive Time
Series with a Unit Root." >i>Journal of the American Statistical
Association>/i> 74: 427-32. ] [
2 Dickey, D.A., and W.A. Fuller. 1981.
"Likelihood Ratio Statistics for Autoregressive Time Series with a Unit
Root." >i>Econometrica>/i> 49: 1957-72. ] [
3 Diebold, F.X., and L. Kilian. 2000.
"Unit Root Tests Are Useful for Selecting Forecasting Models." >i>Journal
of Business and Economic Statistics>/i> 18: 265-73. ]
[ 4 Dufour, J.M., and M.
King. 1991. "Optimal Invariant Tests for the Autocorrelation Coefficient
in Linear Regressions with Stationary or Nonstationary AR(1) Errors."
>i>Journal of Econometrics>/i> 47: 115-43. ]
[ 5 Elliott, G., T.J. Rothenberg,
and J.H. Stock. 1996. "Efficient Tests for an Autoregressive Unit Root."
>i>Econometrica>/i> 64: 813-36. ] [
6 Enders W. 1995. >i>Applied Econometric
Time Series.>/i> Hoboken, NJ: John Wiley. ] [
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1974. "Spurious Regressions in Econometrics." >i>Journal of
Econometrics>/i> 2: 111-20. ] [
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Analysis.>/i> Princeton: Princeton University Press. ]
[ 9 Kwiatkowski, D., P.C.B.
Phillips, and P. Schmidt. 1992. "Testing the Null Hypothesis of
Stationarity Against the Alternation of a Unit Root: How Sure Are We That
Economic Time Series Have a Unit Root?" >i>Journal of Econometrics>/i> 54:
159-78. ] [ 10
Lee, H.S., and C. Amsler. 1997. "Consistency of the KPSS Unit
Root Test Against Fractionally Integrated Alternatives." >i>Economics
Letters>/i> 55: 151-60. ] [
11 Maddala, G.S., and I.M. Kim. 1998.
>i>Unit Roots, Cointegration, and Structural Change.>/i> Cambridge:
Cambridge University Press. ] [
12 Nelson, C., and C. Plosser. 1982. "Trends
and Random Walks in Macroeconomic Time Series: Some Evidence and
Implications." >i>Journal of Monetary Economics>/i> 10: 139-62.
] [ 13 Ng, S., and
P. Perron. 1995. "Unit Root Tests in ARMA Models with Data-Dependent
Methods for the Selection of the Truncation Lag." >i>Journal of the
American Statistical Association>/i> 90, no. 429: 268-81.
] [ 14 Phillips, P.C.B.
1987. "Time Series Regression with a Unit Root." >i>Econometrica>/i> 55,
no.2: 277-302. ] [ 15
Phillips, P., and P. Perron. 1998. "Testing for a Unit Root
in Time Series Regression." >i>Biometrika>/i> 75: 335-46.
] [ 16 Poterba, James
M., and Lawrence H. Summers. 1986. "The Persistence of Volatility and
Stock Market Fluctuations." >i>American Economic Review>/i> 76:
1142-51. ] [ 17
Said, S.E., and D.A. Dickey. 1984. "Testing for Unit Roots in
Autoregressive-Moving Average Models of Unknown Order." >i>Biometrika>/i>
71, no.3: 599-607. ] [ 18
Schwert, G.W. 1987. "Effects of Model Specification on
Tests for Unit Roots in Macroeconomic Data." >i>Journal of Monetary
Economics>/i> 20: 73-103. ] [
19 Schwert, G.W. 1989. "Tests for Unit
Roots: A Monte Carlo Investigation." >i>Journal of Business and Economic
Statistics>/i> 7: 147-59. ] [
20 Shiller, Robert J. 1981. "The Use of
Volatility Measures in Assessing Market Efficiency." >i>Journal of
Finance>/i> 36: 291-304. ] [
21 Shin, Y., and P. Schmidt. 1992. "The KPSS
Stationarity Test As a Unit Root Test." >i>Economic Letters>/i> 38:
387-392. ] [ 22
Stock, J.H. 1995. "Unit Roots, Structural Breaks, and Trends."
In >i>Handbook of Econometrics>/i>, vol. 4, chap. 46, ed. R.F. Engle and
D. McFadden, 2749-2847. ] [
23 Stock, J.H., and M.W. Watson. 1998.
"Variable Trends in Economic Time Series." >i>Journal of Economic
Perspectives>/i> 2, no. 3: 147-74. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:6:p:39-48
Template-Type: ReDIF-Article 1.0
Author-Name: Wai Kin Leung
Author-X-Name-First: Wai Kin
Author-X-Name-Last: Leung
Author-Name: Eliza Ching-Yick Tse
Author-X-Name-First: Eliza Ching-Yick
Author-X-Name-Last: Tse
Title: Guest Editors' Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 6
Volume: 39
Year: 2006
Month: 12
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A57715P3K153NR4L
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:39:y:2006:i:6:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Frank C. Tsai
Author-X-Name-First: Frank C.
Author-X-Name-Last: Tsai
Author-Name: Ben K. Goh
Author-X-Name-First: Ben K.
Author-X-Name-Last: Goh
Author-Name: Lynn Huffman
Author-X-Name-First: Lynn
Author-X-Name-Last: Huffman
Author-Name: C. Kenny Wu
Author-X-Name-First: C. Kenny
Author-X-Name-Last: Wu
Title: Competency Assessment for Entry-Level Lodging Management Trainees in Taiwan
Abstract:
The lodging industry in Taiwan is forging new links with hospitality
management academia in the chain of supply and demand for entry-level
managerial personnel. Essential competencies for entry-level lodging
management trainees, based on input from industry professionals and
academic educators in Taiwan, Republic of China, provided the basis for
this investigation. The differences between perceptions of lodging
professionals and hospitality educators regarding managerial trainee
competency were examined. ANOVA [analysis of variance] was employed in
testing relationships between perceptions of lodging management personnel
and hospitality management educators. There were sixteen significant
differences (p > .05) found between two groups within the sixty competency
statements investigated. Recommendations and suggestions for the lodging
industry, hospitality management education, and future research were
included.
Journal: Chinese Economy
Pages: 49-69
Issue: 6
Volume: 39
Year: 2006
Month: 12
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=BU4203442QV7QK05
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Ashley R.A., S.A. Bach,
J.W. Chesser, and E.T. Ellis. 1995. "A Customer-Based Approach to
Hospitality Education," >i>Cornell Hotel and Restaurant Administration
Quality>/i> 36, no. 4: 74-79. ] [
2 Brophy, M., and T. Kiely. 2002.
"Competencies: A New Sector." >i>Journal of European Industrial
Training>/i> 26, nos. 2-4: 165-77. ] [
3 Chung-Herrera, B.G., C.A. Enz, and M.J.
Lankau. 2003. "Grooming Future Hospitality Leaders: A Competencies Model."
>i>Cornell Hotel and Restaurant Administration Quality>/i> 44, no. 3:
17-25. ] [ 4
Gale, L.E., and G. Pol. 1975. "Competence: A Definition and
Conceptual Scheme." >i>Educational Technology>/i> 19, no. 1:
19-25. ] [ 5
Horng, J. 2003. "The Development of Taiwan's Hospitality
Education from the Hospitality Education Models in the U.S. and
Australia." >i>Journal of Taiwan National University Education>/i> 48, no.
2: 125-50. ] [ 6
Kay, C., and J. Russette. 2000. "Hospitality-Management
Competencies." >i>Cornell Hotel and Restaurant Administration Quality>/i>
41, no. 2: 52-63. ] [ 7
LeBruto, S. M., and K.T. Murray. 1994. "The Educational
Value of âCaptive Hotels,â" >i>Cornell Hotel and Restaurant
Administration Quality>/i> 35, no. 4: 72-79. ]
[ 8 Lefever, M., and G. Withiam.
1998. "Curriculum Review: How Industry Views Hospitality Education."
>i>Cornell Hotel and Restaurant Administration Quality>/i> 39, no. 4:
70-78. ] [ 9
Lennon, J.J. 1989. "Industrial âNeedsâ and Education
Provision: The Case of Hotel and Catering Management." >i>International
Journal of Contemporary Hospitality Management>/i> 8, no. 2:
111-20. ] [ 10
Lewis, R.C. 1993. "Hospitality Management Education: Here Today,
Gone Tomorrow." >i>Hospitality Research Journal>/i> 17, no. 1:
273-83. ] [ 11
Lin, S. 2002. "Exploring the Relationship Between Hotel
Management Courses and Industry Required Competencies." >i>Journal of
Teaching in Travel and Tourism>/i> 2, nos. 3 and 4: 81-101.
] [ 12 Lin, Y. 2001.
"The Study of Students' Professional Competency in the Department of Food
and Beverage Management in the Senior High School." Master's thesis,
Chinese Culture University, Taipei, Taiwan, Republic of China.
] [ 13 Mariampolski,
A., M. Spears, and A. Vaden. 1980. "What the Restaurant Manager Needs to
Know: The Consensus." >i>Cornell Hotel and Restaurant Administration
Quality>/i> 21, no. 3: 77-81. ] [
14 Nath R., and R. Raheja. 2001.
"Competencies in the Hospitality Industry." >i>Journal of Service
Research>/i> 1, no. 1: 25-33. ] [
15 Okeiyi E., D. Finley, and T.R. Postel.
1994. "Food and Beverage Management Competencies: Educator, Industry, and
Student Perspectives." >i>Hospitality and Tourism Educator>/i> 6, no. 4:
37-40. ] [ 16
Partlow, G.C., and B.M. Gregoire. 1994. "Is Graduate Hospitality
Education Relevant? Ask Graduates." >i>Hospitality and Tourism
Educators>/i> 6, no. 3: 13-16. ] [
17 Purcell, K. 1993. "Equal Opportunities in
Hospitality: Custom and Credentials." >i>International Journal of
Hospitality Management>/i> 12, no. 2: 53-61. ]
[ 18 Rogelberg, S.G., A.H.
Church, J. Waclawski, and J.M. Stanton. 2002. "Organizational Survey
Research: Overview, the Internet/Intranet, and Present Practices of
Concern." In >i>Handbook of Research Methods in Industrial and
Organizational Psychology>/i>, ed. S.G. Rogelberg. Oxford:
Blackwell. ] [ 19
Sandwith, P. 1993. "A Hierarchy of Management Training
Requirements: The Competency Domain Model." >i>Public Personnel
Management>/i> 22, no. 1: 43-62. ] [
20 Sneed, J., and K.T. White. 1993.
"Development and Validation of Competency Statement for Managers in School
Food Service." >i>School Food Service Research Review>/i> 1:
50-61. ] [ 21
Taiwan Tourism Bureau. 2003. "Lodging Facility Development
Information." >a target="_blank"
href='http://www.202.39.225.136/indexc.asp,'>http://202.39.225.136/indexc.
asp>/a> ] [ 22
Taiwan Tourism Bureau. 2004. "Statistical Information for
Lodging Facility." >a target="_blank"
href='http://www.202.39.225.136/ind-exc.asp,'>http://202.39.225.136/ind-ex
c.asp>/a> ] [ 23
Tas, R.F. 1988. "Teaching Future Managers." >i>Cornell Hotel and
Restaurant Administration Quality>/i> 29, no. 2: 41-43.
] [ 24 Tas, R.F., S.V.
LaBrecque, and H.R. Clayton. 1996. "Property-Management Competencies for
Management Trainees." >i>Cornell Hotel and Restaurant Administration
Quality>/i> 37, no. 4: 90-96. ] [
25 Tsai, C., B.K. Goh, L. Huffman, and C.K.
Wu. 2004. "Bridging Hospitality Education and the Industry in Taiwan: A
Delphi Study of Entry-Level Lodging Managerial Trainees." Texas Tech
University, Lubbock, Texas. ] [
26 Tsai, S. 2002. "The Demographic
Composition of the Department of Hospitality in Higher Education in
Taiwan." Ph.D. dissertation, Chinese Culture University, Taipei,
Taiwan. ] [ 27
Wang, L. 2001. "Professional Competencies Required for Food and
Beverage Employees Working Front of House in International Tourist
Hotels." Master's thesis, National General University, Taipei, Taiwan,
Republic of China. ] [ 28
Wilhelm, W.J. 1999. "A Delphi Study of Desired
Entry-Level Workplace Skills, Competencies, and Proof-of-Achievement
Products." Paper presented at the annual meeting of the American
Educational Research Association, Montréal, Québec (April).
] [ 29 Wu, B. 2001.
"Competency Analysis for Managers of Chain Restaurants." Master's thesis,
National General University, Taipei, Taiwan, Republic of China.
] [ 30 Zuber, A.
1997. "Industry Puts Emphasis on Academic Experience." >i>Nation's
Restaurant News>/i> 31 (September 8): 1-2. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:6:p:49-69
Template-Type: ReDIF-Article 1.0
Author-Name: Ming Yin
Author-X-Name-First: Ming
Author-X-Name-Last: Yin
Author-Name: Song-Zheng Zhao
Author-X-Name-First: Song-Zheng
Author-X-Name-Last: Zhao
Title: Research on a Dynamic Model of Trust Building Within Regional Tourism Alliances: Evidence from China
Abstract:
The purpose of this study is to examine the emergence of trust as a
dynamic process and develop a dynamic model of trust building within
regional tourism alliances (RTAs) in China. Previous studies of trust were
used to identify a potential trust-building process for partners in
interorganization with four potential stages: previous history,
(re)negotiation, commitment, and execution. A case study approach was then
used to explore the development of trust within RTAs. The results indicate
that the process of trust building can be examined as a sequential
process. The previous stage enables trust building in the next stage. The
output of the previous stage is an input into the next stage. The previous
history represents the input of trust building. The negotiation stage has
an input from previous history and output to commitment. The execution
stage has an input from commitment and output to the next cycle.
Journal: Chinese Economy
Pages: 5-18
Issue: 6
Volume: 39
Year: 2006
Month: 12
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=JL111P4R78134161
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X-Bibl:
[ 1 Adobor, H. 2005. "Trust
As Sensemaking: The Microdynamics of Trust in Interfirm Alliances."
>i>Journal of Business Research>/i> 58, no. 3 (March): 330-37.
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[ 5 Cullen, J.B., J.L. Johnson,
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15 Lincoln, J.R., C.L. Ahmadjian, and E.
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[ 23 Yin, R.K. 1994. >i>Case
Study Research: Design and Methods.>/i> Thousand Oaks, CA: Sage
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Zand, D.E. 1972. "Trust and Managerial Problem Solving."
>i>Administrative Science Quarterly>/i> 17, no. 2 (April):
223-29. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:6:p:5-18
Template-Type: ReDIF-Article 1.0
Author-Name: Lan Li
Author-X-Name-First: Lan
Author-X-Name-Last: Li
Author-Name: Eliza Ching-Yick Tse
Author-X-Name-First: Eliza Ching-Yick
Author-X-Name-Last: Tse
Author-Name: Bag Yan Gu
Author-X-Name-First: Bag Yan
Author-X-Name-Last: Gu
Title: The Relationship Between Strategic Planning and Entrepreneurial Business Orientation
Abstract:
This study examines the relationship between the strategic planning
process and entrepreneurial business orientation in China's indigenous
hotel companies. The findings show that there are significant positive
correlations between entrepreneurial orientation and the key dimensions of
strategic planning such as environment scanning, planning flexibility, and
planning horizon length. It also shows that locus of planning is not a
good predictor of entrepreneurial business orientation. The findings have
practical applications for Chinese hotel managers who are attempting to
become more entrepreneurial and will also help researchers to better
understand the relationship between strategic planning and entrepreneurial
behavior in Chinese hotel companies.
Journal: Chinese Economy
Pages: 70-85
Issue: 6
Volume: 39
Year: 2006
Month: 12
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K903R647X4Q33205
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Barringer, B.R., and
A.C. Bluedorn. 1999. "The Relationship Between Corporate Entrepreneurship
and Strategic Management." >i>Strategic Management Journal>/i> 20:
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[ 10 Ferguson, D.H., F. Berger,
and P. Francese. 1987. "Intrapreneuring in Hospitality Organizations."
>i>International Journal of Hospitality Management>/i> 6, no. 1:
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Creativity and Innovation in Large Bureaucracies>/i>, ed. R.L. Kuhn.
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12 Goold, M., and J. Quinn. 1990.
>i>Strategic Controls.>/i> Reading, MA: Addison-Wesley.
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27 Rhyne, L.C. 1985. "The Relationship of
Information Usage Characteristics to Planning System Sophistication: An
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New Way of Business Policy and Planning.>/i> Boston: Little,
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30 Smith, N.R. 1967. >i>The Entrepreneur and
His Firm: The Relationship Between Type of Man and Type of Company.>/i>
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Hospitality Business: Management and Operation.>/i> Engle-wood Cliffs, NJ:
Prentice-Hall. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:6:p:70-85
Template-Type: ReDIF-Article 1.0
Author-Name: Michael Ka-Yiu Fung
Author-X-Name-First: Michael Ka-Yiu
Author-X-Name-Last: Fung
Author-Name: Japhet Sebastian Law
Author-X-Name-First: Japhet Sebastian
Author-X-Name-Last: Law
Author-Name: Louise Wing-Kam Ng
Author-X-Name-First: Louise Wing-Kam
Author-X-Name-Last: Ng
Title: Economic Contribution to Hong Kong of the Aviation Sector: A Value-Added Approach
Abstract:
The emergence of air transport has greatly facilitated long-distance
travel and the exchange of goods. The industry also contributes
substantially to the economy. Our study measures the benefits that the
aviation industry has brought to the Hong Kong economy using the
value-added (VA) approach. We find that air transport itself and services
that are incidental to the sector (direct benefits) contributed about 2.54
percent of gross domestic product (GDP) at factor cost (at current prices)
in 2003, while trade services and the tourism industry (indirect benefits)
contributed 4.48 percent. Hence, the total benefit brought by the aviation
industry was 7.02 percent of GDP at factor cost (at current prices) in
2003. This demonstrates that the industry is a major component of the Hong
Kong economy, and our findings should aid in understanding the effects of
recent changes in aviation policies, which have altered the business
environment of the aviation market.
Journal: Chinese Economy
Pages: 19-38
Issue: 6
Volume: 39
Year: 2006
Month: 12
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T742257242636814
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X-Bibl:
[ 1 Airport Authority Hong
Kong. 1998-2005. >i>Annual Report: Airport Authority Hong Kong
1997/98-2004/05.>/i> Hong Kong: Airport Authority Hong Kong.
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Analysis Section, Census and Statistics Department. ]
[ 5 Census and Statistics
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Kong External Merchandise Trade 2002-2004.>/i> Hong Kong: Trade Analysis
Section, Census and Statistics Department. ]
[ 6 Census and Statistics
Department. 2003. >i>Hong Kong Monthly Digest of Statistics, December
2003.>/i> Hong Kong: Census and Statistics Department.
] [ 7 Census and
Statistics Department. 2004a. >i>Hong Kong Monthly Digest of Statistics,
March 2004.>/i> Hong Kong: Census and Statistics Department.
] [ 8 Census and
Statistics Department. 2004b. >i>Report on 2002 Annual Survey of Transport
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ation.co.uk/york_aviation_reports.htm>/a> ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:6:p:19-38
Template-Type: ReDIF-Article 1.0
Author-Name: Stephen C.Y. Li
Author-X-Name-First: Stephen C.Y.
Author-X-Name-Last: Li
Author-Name: Michael C.S. Wong
Author-X-Name-First: Michael C.S.
Author-X-Name-Last: Wong
Author-Name: Sherriff T.K. Luk
Author-X-Name-First: Sherriff T.K.
Author-X-Name-Last: Luk
Title: The Importance and Performance of Key Success Factors of International Joint Venture Hotels in China
Abstract:
Many hoteliers in the West are seeking opportunities to extend their
business in the mainland China market. This study attempts to understand
the basic motivations in forming joint venture hotels in China. Based on
extensive interviews with expatriate and local managers of over 151 joint
venture hotels, the study finds the following perceived important criteria
when Chinese partners look for foreign partners: they should be good at
strategic and marketing planning, be willing to participate in information
exchange with the local partner, have a strong financial background, and
have good experience in market research activities. It is clear that the
competence of western marketing management skills is critical for the
successful operation of joint venture hotels in China.
Journal: Chinese Economy
Pages: 83-94
Issue: 6
Volume: 39
Year: 2006
Month: 12
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U15M27327440J8V5
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Research>/i> 21, no. 2. ] [
36 Nunnally, J. 1978. >i>Psychometric
Theory.>/i> 2d ed. New York: McGraw-Hill. ] [
37 O'Connor, N., and P. Chalos. 1999.
"The Challenge for Successful Joint Venture Management in China: Lessons
from a Failed Joint Venture." >i>Multinational Business Review>/i> 7, no.
1: 50-61. ] [ 38
Rochart, J.F. 1979. "Chief Executives Define Their Own Data
Needs." >i>Harvard Business Review>/i> 57, no. 2: 81-92.
] [ 39 Rosenblum, J.,
and R.A. Keller. 1994. "Building a Learning Organization at Coopers and
Lybrand." >i>Planning Review>/i> 22, no. 5: 28-30. ]
[ 40 Shenkar, O., and J. Li.
1999. "Knowledge Search in International Cooperative Ventures."
>i>Organization Science>/i> 10, no. 2: 134-43. ]
[ 41 Si, S., and G. Bruton. 1999.
"Knowledge Transfer in International Joint Ventures in Transitional
Economies: The China Experience." >i>Academy of Management Executive>/i>
13, no. 1:83-90. ] [ 42
Tsang, E. 1999. "Internationalization as a Learning
Process: Singapore MNCs in China." >i>Academy of Management Executive>/i>
13, no. 1: 91-101. ] [ 43
Van der Meer, J., and R. Calori. 1989. "Strategic
Management in Technology-Intensive Industries." >i>International Journal
of Technology Management>/i> 4, no. 2: 127-39. ]
[ 44 Wilson, I. 1997. "Entering
the Chinese Market." >i>Journal of International Marketing and Marketing
Research>/i> 22, no. 3: 139-46. ] [
45 Wong, Y., T. Maher, R. Jenner, A. Appell,
and L. Hebert. 1999. "Are Joint Ventures Losing Their Appeal in China?"
>i>SAM Advanced Management Journal>/i> 64, no. 1: 4-12.
] [ 46 Yang, J. 1998.
"Key Success Factors of Multinational Firms in China." >i>Thunderbird
International Business Review>/i> 40, no. 6: 633-68. ]
[ 47 Zhuang, L., R. Ritchie,
and Q. Zhang. 1998. "Managing Business Risks in China." >i>Long-Range
Planning>/i> 31, no. 4: 606-14. ]
Handle: RePEc:mes:chinec:v:39:y:2006:i:6:p:83-94
Template-Type: ReDIF-Article 1.0
Author-Name: Liu Shijin
Author-X-Name-First: Liu
Author-X-Name-Last: Shijin
Title: New Industrialization in Proper Perspective
Abstract:
In order to follow the path of "new industrialization," one should look at
it in proper perspective. Compared with traditional industrialization,
"new industrialization" has some important characteristics. For example,
new and high technology influences, integrates, and transforms traditional
industries; industrial structure and resource allocation are increasingly
internationalized; great transformations have taken place in developmental
concepts and strategies; the completion time of similar industrialization
stage is shortened. Around the controversial issues of accelerating growth
and increasing the proportion of heavy industry, in-depth discussions have
been held on what "new industrialization" is not. The purpose of the
discussions is to clarify confusion and misunderstanding on the subject of
"new industrialization."
Journal: Chinese Economy
Pages: 31-43
Issue: 1
Volume: 40
Year: 2007
Month: 2
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0G641J6N277X07N2
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chenery, H.B., S.
Robinson, and M. Syrquin. 1989. >i>Industrialization and Growth: A
Comparative Study>/i> Shanghai: Sanlian Press. ]
[ 2 Dorn, James A. 2000. >i>The
Revolution in Development Economics>/i>. Shanghai: Sanlian Press and
People's Publishing House. ] [
3 Ke Wugang and Shi Manfei. 2000.
>i>Institutional Economics>/i>. Beijing: Commercial Press.
] [ 4 Kuznets, Simon.
1985. >i>Economic Growth of Nations>/i>. Beijing: Commercial
Press. ] [ 5
Liu Shijin. 2000. >i>Thoughts on Industrial Development in the
Tenth Five-Year Plan>/i>. Beijing: China Economic Publishing
House. ] [ 6
Porter, Michael. 2002. >i>Competitiveness of States and
Regions>/i>. Beijing: Huaxia Publishing House. ]
[ 7 Porter, Michael. 2003.
>i>Competitive Strategy>/i>. Beijing: CITIC Publishing House.
] [ 8 Wang Mengkui,
Xie Fuzhan, and Liu Shijin. 2003. >i>Thirty Topics on Tackling Challenges
in Reform: Explorations on How to Improve the Socialist Market
Economy>/i>. Beijing: China Development Press. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:1:p:31-43
Template-Type: ReDIF-Article 1.0
Author-Name: Li Yang
Author-X-Name-First: Li
Author-X-Name-Last: Yang
Author-Name: Yin Jianfeng
Author-X-Name-First: Yin
Author-X-Name-Last: Jianfeng
Title: High Savings and High Investment During the Labor Transfer Process and Economic Growth in China
Abstract:
The transitional economy in China has its own unique growth mode. Typical
characteristics are sustainable high savings and high investment rates.
This article explains the foundation of such a growth mode from the
perspective of labor transfer. We believe that the continuous transfer of
surplus labor from agriculture to industry (industrialization), from rural
areas to urban areas (urbanization), and from state ownership to nonstate
ownership (marketization) is the key to the longterm and high-speed growth
of China's economy. Not only are high savings and high investment rates
the natural outcome of this growth mode, but also they are the key to its
sustainability and the continuous transfer of labor. In order to prevent
the inefficient financial sector from blocking labor transfer under the
conditions of an open economy, the introduction of international direct
investment in a purely financial sense has become a necessity. In the
meantime, the Chinese financial sector will also see a gradually expanding
foreign exchange reserve. Another important conclusion in this article is
that growth and the fluctuation of the Chinese economy are mutually
consistent. Although the mechanism differs from the real economic cycle
theory, "neutralism" should still be the basic starting point of
macroeconomic policies.
Journal: Chinese Economy
Pages: 61-91
Issue: 1
Volume: 40
Year: 2007
Month: 2
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=94674706614403RN
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X-Bibl:
[ 1 Bloom, David E., and
Jeffrey G. Williamson. 1998. "Demographic Transitions and Economic
Miracles in Emerging Asia." >i>World Bank Economic Review>/i> 12:
419-55. ] [ 2
Bloom, David E., David Canning, and Jaypee Sevilla. 2001.
"Economic Growth and the Demographic Transition." NBER Working Paper
W8685, National Bureau of Economic Research, Cambridge.
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"Population Change, Demographic Bonus, and Growth Sustainability."
>i>Finance Forum>/i> 21 (published by Institute of Finance and Banking,
Chinese Academy of Social Sciences, February 21). ]
[ 4 Cai Fang and Wang Dewen.
1999. "Economic Growth in China: Labor Force, Human Capital, and
Employment Structure." >i>Sustainability and Institutional Changes of
Economic Growth in China.>/i> ] [
5 Institute of Finance and Banking, Chinese
Academy of Social Sciences. 2004. >i>Blue Book of China's Finance: China's
Financial Development Report>/i>. Beijing: Social Science Literature
Publishing House. ] [ 6
Li Yang. 1998. "Capital Flow During the Opening-Up Process
of China's Economy." >i>Economic Research>/i> 2. ]
[ 7 Li Yang. 1999a. >i>Research
on Financial Reform in China>/i>. Nanjing: Jiangsu People's Publishing
House. ] [ 8
Li Yang. 1999b. >i>Research on Financial Globalization>/i>.
Shanghai: Shanghai Far East Publishers. ] [
9 Li Yang. 2002. "What Kind of
Financial System Does China Need?" >i>Twentyfirst Century Review>/i>,
August 26. ] [ 10
Li Yang and Yin Jianfeng. 2000. "Stability of Open Economy and
Order of Economic Freedom." >i>Economic Research>/i> 11.
] [ 11 Li Yang and Yin
Jianfeng. 2004a. "Straightening Out the Interest Rate System and
Perfecting the Interest-Forming Mechanism." >i>China Securities
Journal>/i>, June 30. ] [
12 Yin Jianfeng. 2004b. "Financial Structure
and Economic Growth in an Asymmetric Information Environment." >i>World
Economy>/i> 2 ] [ 13
Yin Jianfeng. 2004c. "Adverse Selection, Credit Allocation,
and Economic Growth." >i>Chinese Social Sciences Review>/i> 2.
] [ 14 Young, Alwyn.
1994. "The Tyranny of Numbers: Confronting the Statistical Realities of
the East Asian Growth Experience." NBER Working Paper No. 4680 (March),
National Bureau of Economic Research, Cambridge. ]
[ 15 Zhang Jun. 2002. "Capital
Formation, Industrialization, and Economic Growth: Characteristics of
China's Transformation." >i>Economic Research>/i> 6. ]
[ 16 Zheng Yuyun. 1996.
"Measure of Total Factor Productivity and âPhasic Rulesâ of Economic
Growth." >i>Economic Research>/i> 5. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:1:p:61-91
Template-Type: ReDIF-Article 1.0
Author-Name: Lu Zheng
Author-X-Name-First: Lu
Author-X-Name-Last: Zheng
Author-Name: Huang Qunhui
Author-X-Name-First: Huang
Author-X-Name-Last: Qunhui
Author-Name: Lu Tie
Author-X-Name-First: Lu
Author-X-Name-Last: Tie
Author-Name: Zhou Weifu
Author-X-Name-First: Zhou
Author-X-Name-Last: Weifu
Title: The Process and Problems of Industrialization and Urbanization in China: The Status of the Tenth Five-Year Plan and Recommendations for the Eleventh Five-Year Plan
Abstract:
The developmental trends of China's industrialization and urbanization
were good during the period of the tenth five-year plan. During the ninth
five-year plan China's industrialization process evolved from the first
phase to the second phase of middle-stage industrialization. Compared with
industrialization, China's urbanization has developed more rapidly. In the
future, China's industrialization and urbanization will face many
problems, including lack of capability to self-innovate in industrial
technologies, significant limitations in natural resources, heavy pressure
from employment and population migration to nonagricultural sectors, an
imbalance in development among regions, an imbalance in quality and
quantity of urbanization development, lack of coordination of urbanization
and industrialization, significant numbers of employees of village and
township enterprises "waiting for urbanization," and farmers migrating to
cities for employment. These are profound problems requiring resolution.
Continuously promoting China's industrialization and urbanization will
become more costly and difficult. During the period of the eleventh
five-year plan, China will undertake important projects, such as promoting
China's capacity for self-innovation, optimizing the industrial structure,
transforming the means of economic growth, coordinating development among
regions, cities, and rural areas, increasing migrant-worker income,
promoting urban-management levels, and developing tertiary industries.
Journal: Chinese Economy
Pages: 6-30
Issue: 1
Volume: 40
Year: 2007
Month: 2
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G0M66576Q8055352
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X-Bibl:
[ 1 Chen Jiagui and Huang
Qunhui. 2005. "Industrial Development, National Situation Change, and
Economic Modernization Strategy." >i>China Social Science>/i> 4.
] [ 2 Chen Jiagui,
Huang Qunhui, Wang Yanzhong, and Liu Gang. 2004. >i>A Study of the Issues
on China's Industrial Modernization>/i>. Beijing: China Social Science
Press. ] [ 3
Chen Yongjun and Chen Aimin. 2003. >i>China's Urbanization: A
Positive Analysis and Strategy Study>/i>. Xiamen: Xiamen University
Press. ] [ 4
Chenery, Hollis B., and Moshe Syrquin. 1989. >i>Patterns of
Development>/i>, Chinese translation. Beijing: China Financial and
Economic Press. ] [ 5
Guo Kesha. 2002. "Economic Analysis of the Relation Between
Industrialization and Urbanization." >i>China Social Science>/i>
2. ] [ 6
Jian Xiaojuan. 2005. "Optimizing and Upgrading the Industrial Structure:
New Phase and Tasks." >i>Financial and Trade Economics>/i> 4.
] [ 7 Jing Puqiu and
Chen Yongjun. 2002. "A Study of the Mechanism of Rural Labor Transfer in
the Process of China's Industrialization and Urbanization." >i>Southeast
Academia>/i> 4. ] [ 8
Li Jiangfan. 2005. "Industrial Structure Upgrade and
Modernization of Tertiary Industry." >i>Journal of Zhongshan
University>/i> 4. ] [ 9
Liu Shijin. 2003. "The Mechanism, Features, and Policy
Direction of a New Round of Economic Growth." >i>Management World>/i>
9. ] [ 10
Liu Zhibiao. 2005. "The Theory and Policy Direction on
Adjustment and Upgrade of Industrial Structure of Our Country." >i>China
Economic Issues>/i> 1. ] [
11 Lu Zheng, Guo Kesha, and Zhang Qizi.
2003. "On the Experience and Lessons of Traditional Industrialization Path
of Our Country." >i>China Industrial Economy>/i> 3. ]
[ 12 Study Group for
Exploration of Economic Growth. 2003. "Economic Growth, Accumulation
Effect of Structural Adjustment, and Capital Formation: An Analysis of the
Status of Current Economic Growth." >i>Economic Studies>/i> 8.
] [ 13 Study Group
for Sustainable Development Strategy of Chinese Academy of Sciences. 2005.
>i>China's Sustainable Development Report 2005>/i>. Beijing: Science
Press. ] [ 14
Xu Kangning and Wang Jian. 2005. "China's Industrialization
Process: International Comparison and Strategic Direction of Integrated
Development Strategy." >i>Journal of Jianghai>/i> 3. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:1:p:6-30
Template-Type: ReDIF-Article 1.0
Author-Name: Yin Zhongli
Author-X-Name-First: Yin
Author-X-Name-Last: Zhongli
Title: Increase of Capital Assets: A Major Challenge for the Banking Industry in China
Abstract:
Journal: Chinese Economy
Pages: 44-60
Issue: 1
Volume: 40
Year: 2007
Month: 2
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G2123T871571K720
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X-Bibl:
[ 1 Ma Weihua. 2004.
"Capital Restriction, Capital Predicament, and the Strategic Choices of
China's Commercial Banks." >i>Contemporary Bankers>/i> 6.
] [ 2 Yi Zhongli.
2004a. "Circulation of State Shares and Perfection of Corporate Governance
Structure." >i>Finance and Economic Times>/i>, May 15.
] [ 3 Yi Zhongli.
2004b. "Heavy Responsibilities of Bank Governance and Reform." >i>China
Economic Weekly>/i> 19. ] [
4 Yi Zhongli. 2004c. "Two Defects in the
Governance of Listed Companies." >i>Shanghai Securities News>/i>, August
7. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:1:p:44-60
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 1
Volume: 40
Year: 2007
Month: 2
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q4R5260805842G41
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Handle: RePEc:mes:chinec:v:40:y:2007:i:1:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Yanying Zhang
Author-X-Name-First: Yanying
Author-X-Name-Last: Zhang
Author-Name: Gaiyan Zhang
Author-X-Name-First: Gaiyan
Author-X-Name-Last: Zhang
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: The Prospects for China's Free Trade Agreements
Abstract:
This article discusses China's initiatives and strategies concerning free
trade agreements (FTAs). The recent proliferation of regional FTAs,
lackluster momentum in the Doha Round of the World Trade Organization, and
significant economic growth have pushed China to become much involved with
bilateral trade liberalization. China has made considerable progress since
2000 in advancing framework agreements with a number of economies and
regions. It has completed four bilateral FTAsâThailand in 2003, Hong
Kong and Macao in 2004, and Chile in 2005âand is initiating another
nineteen bilateral and regional FTAs, including those with ASEAN, New
Zealand, Australia, Brazil, and the Gulf Cooperation Council. FTAs have
multifaceted impacts for China in terms of trade increases, gross domestic
product and welfare improvement, and strategic interests.
Journal: Chinese Economy
Pages: 5-35
Issue: 2
Volume: 40
Year: 2007
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=71461375844687N7
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Handle: RePEc:mes:chinec:v:40:y:2007:i:2:p:5-35
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 40
Year: 2007
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C64111G671468605
File-Format: text/html
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Handle: RePEc:mes:chinec:v:40:y:2007:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Wai-Chung Lo
Author-X-Name-First: Wai-Chung
Author-X-Name-Last: Lo
Author-Name: Michael Ng
Author-X-Name-First: Michael
Author-X-Name-Last: Ng
Title: A Step Forward to Regionalism: China's Preferential Trade Agreements with Hong Kong
Abstract:
Since 2003, China has signed a series of agreements with Hong Kong in
preferential treatments in trade. At the same time, China also allowed
mainland residents to visit Hong Kong on an individual basis. As Hong Kong
is already a free port, the preferential treatments are perceived to be
more beneficial to Hong Kong than to China. From the perspective of
China's overall strategy in trade liberalization, preferential trade with
Hong Kong is consistent with the strategy of a regional approach, which is
a supplement to the global approach with the World Trade Organization.
Journal: Chinese Economy
Pages: 51-69
Issue: 2
Volume: 40
Year: 2007
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DW73452788724814
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X-Bibl:
[ 1 Adhikari, Ramesh, and
Yongzheng Yang. 2002. "What Will WTO Membership Mean for China and Its
Trading Partners?" >i>Finance and Development>/i> 39, no. 3
(September). ] [ 2
Ethier, Wilfred J. 2000. "The New Regionalism." >i>Economic
Journal>/i> 108 (July): 1149-61. ] [
3 Hong Kong Trade Development Council. 2005.
"CEPA III: Opportunities for Hong Kong," >a target="_blank"
href='http://www.tdctrade.com/econforum/tdc/tdc051101.htm'>www.tdctrade.co
m/econforum/tdc/tdc051101.htm.>/a> ] [
4 Krueger, Anne O. 1999. "Free Trade
Agreements as Protectionist Devices: Rule of Origin." In >i>Regionalism
Versus Multilateral Trade Arrangements>/i>, ed. Taketoshi Ito and Anne O.
Krueger. Chicago: University of Chicago Press. ]
[ 5 Lo, Wai-Chung. 2002. "A
Retrospect on China's Banking Reform." In >i>Financial Markets and Foreign
Direct Investment in Greater China>/i>, ed. Hung-Gay Fung and Kevin H.
Zhang. Armonk, NY: M.E. Sharpe. ] [
6 Munakata, Naoko. 2004. "Regionalization
and Regionalism: The Process of Mutual Interaction." RIETI Discussion
Paper Series 04-E-006. ] [
7 Panagariya, A. 2000. "Preferential Trade
Liberalization: The Traditional Theory and New Development." >i>Journal of
Economic Literature>/i> 35: 287-331. ] [
8 Takeuchi, T. 2006. "Integration Under
âOne Country, Two Systemsâ: The Case of Mainland China and Hong Kong."
Institute of Developing Economies, Japan. Discussion Papers, no.
70. ] [ 9
Viner, Jacob. 1950. >i>The Custom Union.>/i> New York: Carnegie
Endowment for International Peace. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:2:p:51-69
Template-Type: ReDIF-Article 1.0
Author-Name: Tianshu Liu
Author-X-Name-First: Tianshu
Author-X-Name-Last: Liu
Title: The Impact of Regional Trade Agreements on Trade: The Case of China
Abstract:
This article studies the impact of regional trade agreements (RTAs) on
China's exports and imports with others in seven RTAs. Gross domestic
product (GDP), population, distance, land area, and exchangerate variables
are studied as determinants in the gravity model, with the introduction of
additional RTA variables to capture intraregional trade, extraregional
trade, and outside-region trade. Distance and land area are estimated by
using constant numbers, and adjusted by GDP share or import price index.
The results show that the formation and implementation of regional trade
agreements have positively or negatively affected China's trade with other
trading partners when they are or are not a member of an RTA.
Journal: Chinese Economy
Pages: 70-96
Issue: 2
Volume: 40
Year: 2007
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LM68J21076208363
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X-Bibl:
[ 1 Aitken, N.D. 1973. "The
Effect of the EEC and EFTA on European Trade: A Temporal Cross-section
Analysis." >i>American Economic Review>/i> 63: 881-92.
] [ 2 Bayoumi, T., and
B. Eichengreen. 1997. "Is Regionalism Simply a Diversion? Evidence from
the Evolution of the EC and EFTA." In >i>Regionalism Versus Multilateral
Trade Arrangements>/i>, ed. T. Ito and A.O. Krueger, 141-67. Chicago:
University of Chicago Press. ] [
3 Braga, P., R. Sadafi, and A. Yeats. 1994.
"Regional Integration in the Americas: Déjà Vu All Over Again?" >i>World
Economy>/i> 17, no. 4: 577-601. ] [
4 >i>China Daily.>/i> 2003. "China-ASEAN
Free Trade Area Gathers Momentum." ] [
5 Clarete, R., C. Edmonds, and J.S. Wallack.
2003. "Asian Regionalism and Its Effects on Trade in the 1980s and 1990s."
>i>Journal of Asian Economics>/i> 14, no. 1: 91-129. ]
[ 6 Deardorff, A.V. 1998.
"Determinants of Bilateral Trade: Does Gravity Work in a Neoclassical
World?" In >i>The Regionalization of the World Economy>/i>, ed. J.A.
Frankel, 7-28. Chicago: University of Chicago Press. ]
[ 7 Fitzpatrick, G.L., and
M.J. Modlin. 1986. >i>Direct-Line Distances>/i> (international edition).
Metuchen, NJ: Scarecrow Press. ] [
8 Frankel, J.A. 1997. >i>Regional Trading
Blocs in the World Economic System.>/i> Washington, DC: Institute for
International Economics. ] [
9 International Monetary Fund. 2006.
>i>Direction of Trade Statistics.>/i> Washington, DC.
] [ 10 Linnemann, H.
1966. >i>An Econometric Study of International Trade Flows.>/i> Amsterdam:
North-Holland. ] [ 11
Liu, T. 2004. "Implication of Trade Creation and Trade
Diversion Effect on Trade Between RTAs and China and Australia." Sixteenth
annual conference of the Association for Chinese Economics Studies,
Brisbane, Australia. ] [
12 Royal Geographical Society. 1994.
>i>Philip's World Atlas and Gazetteer.>/i> London: George
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Soloaga, I., and L.A. Winters. 2001. "Regionalism in the
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and Finance>/i> 12, no. 1: 1-29. ] [
14 Tinbergen, J. 1962. >i>Shaping the World
Economy: Suggestions for an International Economic Policy.>/i> New York:
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15 United Nations. 2005. >i>National
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Branch of the United Nations Statistics Division. ]
[ 16 World Trade Organization.
2006. "Regional Trade Agreements," available at >a target="_blank"
href='http://www.wto.org'>www.wto.org.>/a> ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:2:p:70-96
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Jian Zhang
Author-X-Name-First: Jian
Author-X-Name-Last: Zhang
Title: An Assessment of the Closer Economic Partnership Arrangement Between China and Hong Kong
Abstract:
In 2004, China and Hong Kong established a free trade agreement (FTA)
called the Closer Economic Partnership Arrangement, intended to phase out
all trade barriers to trade and investment between them. This research
uses a computational general equilibrium model to evaluate the effects of
the FTA on the Hong Kong and Chinese economies. The results indicate that
Hong Kong improves its exports to China and gains in welfare at China's
expense.
Journal: Chinese Economy
Pages: 36-50
Issue: 2
Volume: 40
Year: 2007
Month: 4
Keywords:
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X-Bibl:
[ 1 Argy, V., W. McKibbin,
and E. Siegloff. 1989. "Exchange Rate Regimes for a Small Economy in a
Multi-Country World." >i>Princeton Studies in International Economics>/i>
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[ 6 Dimaranan, B.V., and R.
McDougall, eds. 2006. >i>Global Trade, Assistance, and Production: The
GTAP 6 Data Base.>/i> West Lafayette, IN: Center for Global Trade
Analysis, Purdue University. ] [
7 Doroodian, K., R.G. Boyd, and M. Piracha.
1994. "A CGE Analysis of the Impact of Trade Liberalization Between the
United States and Mexico." >i>Atlantic Economic Journal>/i> 22, no. 4:
43-54. ] [ 8
Gan, J. 2004. "Effects of China's WTO Accession on Global Forest
Product Trade." >i>Journal of Forest Policy and Economics>/i> 6, no. 6:
509-19. ] [ 9
Hanslow, K., T. Phamduc, and G. Verikios. 2002. >i>The Structure
of the FTAP Model.>/i> Research Memorandum, Cat no. MC 58. Productivity
Commission, Canberra, Australia. ] [
10 Hertel, T.W., ed. 1997. >i>Global Trade
Analysis: Modeling and Applications.>/i> New York: Cambridge University
Press. ] [ 11
Hertel, T., D. Hummels, M. Ivanic, and R. Keeney. 2004. "How
Confident Can We Be in CGE-Based Assessments of Free Trade Agreements?"
GTAP working paper 26. ] [
12 Hufbauer, G.L., and Y. Wong. 2005.
"Prospects for Regional Free Trade in Asia." Working paper WP05-12,
Institute for International Economics (October). ]
[ 13 Ianchovichian, E. 2004.
"Trade Policy Analysis in the Presence of Duty Drawbacks." >i>Journal of
Policy Modeling>/i> 26: 353-71. ] [
14 Ianchovichian, E., and T. Walmsley. 2003.
"Impact of China's WTO Accession on East Asia." Working paper, World
Bank. ] [ 15
Inama, S. 2005. "The Association of South East Asian
Nations-People's Republic of China Free Trade Area: Negotiating Beyond
Eternity with Little Trade Liberalization?" >i>Journal of World Trade>/i>
39, no. 3: 559-79. ] [ 16
Lloyd, P.J., and D. MacLaren. 2004. "Gains and Losses
from Regional Trading Agreements: A Survey." >i>Economic Record>/i> 80,
no. 251: 445-67. ] [ 17
Wang, Z. 2003. "WTO Accession, the âGreater Chinaâ
Free-Trade Area, and Economic Integration Across the Taiwan Strait."
>i>China Economic Review>/i> 14, no. 3: 316-49. ]
[ 18 Wattanapruttipaisan, T.
2003. "ASEAN-China Free Trade Area: Advantages, Challenges, and
Implications for the Newer ASEAN Member Countries." >i>ASEAN Economic
Bulletin>/i> 20, no. 1: 31-48. ] [
19 Zhang, J., H.G. Fung, and D. Kummer.
2006. "Can Renminbi Appreciation Reduce the U.S. Trade Deficit?" >i>China
and World Economy>/i> 14, no. 1: 44-56. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:2:p:36-50
Template-Type: ReDIF-Article 1.0
Author-Name: Hong Zhang
Author-X-Name-First: Hong
Author-X-Name-Last: Zhang
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-11
Issue: 3
Volume: 40
Year: 2007
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:40:y:2007:i:3:p:3-11
Template-Type: ReDIF-Article 1.0
Author-Name: Liu Kaiming
Author-X-Name-First: Liu
Author-X-Name-Last: Kaiming
Title: Chapter 1. The Hierarchical Mode of Shenzhen's Population and Labor Structure
Abstract:
Journal: Chinese Economy
Pages: 24-46
Issue: 3
Volume: 40
Year: 2007
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:40:y:2007:i:3:p:24-46
Template-Type: ReDIF-Article 1.0
Author-Name: Liu Kaiming
Author-X-Name-First: Liu
Author-X-Name-Last: Kaiming
Title: Chapter 2. "The Shenzhen Miracle": The Relationship Between the Migrant Labor Force and Shenzhen's Economic Development
Abstract:
Journal: Chinese Economy
Pages: 47-75
Issue: 3
Volume: 40
Year: 2007
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:40:y:2007:i:3:p:47-75
Template-Type: ReDIF-Article 1.0
Author-Name: Liu Kaiming
Author-X-Name-First: Liu
Author-X-Name-Last: Kaiming
Title: Introduction: Eye on Migrant Workers
Abstract:
Journal: Chinese Economy
Pages: 12-23
Issue: 3
Volume: 40
Year: 2007
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:40:y:2007:i:3:p:12-23
Template-Type: ReDIF-Article 1.0
Author-Name: Liu Kaiming
Author-X-Name-First: Liu
Author-X-Name-Last: Kaiming
Title: Chapter 3. The Ebb and Flow of Migration: Sources and Changing Patterns of Migrant Workers
Abstract:
Journal: Chinese Economy
Pages: 76-92
Issue: 3
Volume: 40
Year: 2007
Month: 6
Keywords:
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Handle: RePEc:mes:chinec:v:40:y:2007:i:3:p:76-92
Template-Type: ReDIF-Article 1.0
Author-Name: Ru Xiaoding
Author-X-Name-First: Ru
Author-X-Name-Last: Xiaoding
Title: The Characteristics and Trend of China's Processing Trade Development in Recent Years
Abstract:
Journal: Chinese Economy
Pages: 70-78
Issue: 4
Volume: 40
Year: 2007
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:40:y:2007:i:4:p:70-78
Template-Type: ReDIF-Article 1.0
Author-Name: Zheng Bingwen
Author-X-Name-First: Zheng
Author-X-Name-Last: Bingwen
Title: The Origin of China's Partially Funded Social Security Scheme and Its Future Direction
Abstract:
This article discusses the evolution of the social security system in
China since the opening-up policy of 1978 and reviews the framework of the
partially funded scheme or what is known as the system of combining a
social pool with individual accounts. It argues that, although the
partially funded scheme during the past ten years has been improved,
taking both sustainability and redistribution into account, it still faces
some dangers that might devolve into defined benefit (DB) pay-as-you-go
(PAYGO) because of the lack of transition costs. Some lessons are also
drawn in that the partially funded scheme has not been well designed, both
in its transition schedule and in many of its subsystems, such as the
limited scale of individual accounts. This means that it is a loser as a
policy choice but a winner as a strategic arrangement, which may cause
moral hazard and adverse selection in many respects, such as contribution
collection and early retirement. Finally, the "888 solution" is offered as
a proposal with partial notional defined contribution (NDC) design.
Journal: Chinese Economy
Pages: 6-28
Issue: 4
Volume: 40
Year: 2007
Month: 7
Keywords:
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X-Bibl:
[ 1 Hu Xiaoyi. 2004. "On
Gradually Enlarging the Planning Scope of the Pension System." >i>Journal
of China Social Security>/i> 1. ] [
2 Jiang Chunze and Li Nanxiong. 1999.
"Contradiction Analysis and Policy Study After Achieving the Provincially
Planned Pension System of China." Chinese Economic Research Center Working
Paper No. C1999001, Peking University. ] [
3 Ministry of Labor and Social Security
(MOLSS) and the National Bureau of Statistics (NBS). 2005. >i>Statistical
Bulletin on the Development of Labor and Social Security in China
2005.>/i> ] [ 4
Siegel, Jeremy. 1998. >i>Stocks for the Long Run>/i>, 2d ed. New
York: McGraw-Hill. ] [ 5
Social Security Advisory Board. 2002. >i>Estimating the
Real Rate of Return on Stocks over the Long Term.>/i> Washington,
DC. ] [ 6
Wang Shenyi and Zhang Xiaolong. 2004. "Practice and Thoughts on
Funding Up IAs." >i>Journal of China Social Security>/i> 2:
20-22. ] [ 7
World Bank. 1996. >i>Averting the Old Age Crisis: Policies to
Protect the Old and Promote Growth.>/i> Beijing: China Financial and
Economic Publishing House (Chinese version). ]
[ 8 Zheng Bingwen. 2006.
"Assessment of the Social Security Pilot in Jilin and Heilongjiang of
China." >i>China and World Economy>/i> 14, no. 5: 65-77.
] [ 9 Zheng Bingwen.
2004a. "Experiences and Lessons from the Investment Strategy of CPF."
>i>Journal of Liaoning University>/i> 32, no. 1: 107-21.
] [ 10 Zheng Bingwen.
2004b. "On Building the Investment Management System of the Social
Security Fund." >i>China Securities Journal>/i> (March 23 and
25). ] [ 11
Zheng Bingwen. 2003a. "Choices and Prospects for the European
Public Pension System: Practicability of NDC to European Countries."
>i>Journal of European Studies>/i> 2. ] [
12 Zheng Bingwen. 2003b. "The Debates on
Social Security Privatization in the USA." >i>International Economic
Review>/i> 1-2: 31-37. ] [
13 Zheng Bingwen. 2003c. "The Reform of the
U.S. Social Security: Making a Leap to the Stock Market." >i>Reform>/i> 2:
118-28. ] [ 14
Zheng Bingwen. 2003d. "The Evolution of the NDC Approach in the
Social Security History of Thoughts and Private Plans." >i>Economic
Research Journal>/i> 418, no. 4: 63-73. ] [
15 Zheng Bingwen. 2003e. "The Reform of
American Social Security: Turning to the Stock Market." >i>Reform>/i> 2:
118-27. ] [ 16
Zheng Bingwen, ed. 2004. >i>Key Battle of the Chinese Social
Security System.>/i> Chinese Hydraulic Power Press. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:4:p:6-28
Template-Type: ReDIF-Article 1.0
Author-Name: Li Jing
Author-X-Name-First: Li
Author-X-Name-Last: Jing
Title: The Rise of the Renminbi in Asia: Cost-Benefit Analysis and Road Map
Abstract:
With the rise of China following its enhanced economic and trade
relationship with the Asian economies and China's increasing importance in
the world economy, the Chinese renminbi is becoming accepted in Asia and
maybe by the whole world as a global currency. The rise of the renminbi is
a double-edged sword: in order to eliminate the financial risks brought
about by this process and maximize benefits, it is necessary for China to
trade off between its costs and benefits. Internationalization of the
renminbi requires a dynamic approach, involving a phased strategy for
implementation, as well as corresponding policies.
Journal: Chinese Economy
Pages: 29-43
Issue: 4
Volume: 40
Year: 2007
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F27L870H7393543N
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X-Bibl:
[ 1 He Fan and Li Jing.
2005. "The Experience and Lessons from the Internationalization of the
U.S. Dollar." >i>Chinese Social Sciences Studies>/i> (January) (in
Chinese). ] [ 2
Li Jing. 2004. "Regionalization of the Renminbi and China's
Capital Account Liberalization." >i>China and World Economy>/i> 12, no.
2. ] [ 3
Li Jing, Guan Tao, and He Fan. 2004. "The Impacts of Cross-Border Renminbi
Circulation on the Chinese Economy." >i>Management World>/i> (September)
(in Chinese). ] [ 4
Ministry of Commerce (MOFCOM). 2006. "Top Ten Trading Partners
(2005/01-12)," available at >a target="_blank"
href='http://english.mofcom.gov.cn/aarticle/statistic/ie/200603/2006030172
2237.html'>http://english.mofcom.gov.cn/aarticle/statistic/ie/200603/20060
301722237.html.>/a> ] [ 5
Tao Shigui. 2005. "The Initial Study on Incorporating
Cross-Border Renminbi Transactions into the Balance of Payments
Statistics." >i>International Finance Study>/i> 11 (in Chinese).
] [ 6 Triffin,
Robert. 1961. >i>Gold and Dollar Crisis.>/i> New Haven: Yale University
Press. ] [ 7
Vatikiotis, Michael, and Bertil Lintner. 2003. "The Renminbi
Zone." >i>Far Eastern Economic Review>/i> (May 29). ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:4:p:29-43
Template-Type: ReDIF-Article 1.0
Author-Name: Zhang Zhinan
Author-X-Name-First: Zhang
Author-X-Name-Last: Zhinan
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 40
Year: 2007
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G813R7157R012347
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Handle: RePEc:mes:chinec:v:40:y:2007:i:4:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Wang Wei
Author-X-Name-First: Wang
Author-X-Name-Last: Wei
Title: Diversity: The Key to Corporate Governance Reform
Abstract:
Journal: Chinese Economy
Pages: 44-55
Issue: 4
Volume: 40
Year: 2007
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P0180781H5676723
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X-Bibl:
[ 1 Berle, Adolf A., and
Gardiner C. Means. 1932. >i>The Modern Corporation and Private
Property.>/i> New York: Macmillan. ] [
2 Cadbury, Sir Adrian. 1992. >i>The
Committee on the Financial Aspects of Corporate Governance.>/i> London:
Gee. ] [ 3
China Securities Regulatory Commission (CSRC). 2001. >i>Code of
Corporate Governance for Listed Companies in China.>/i> Beijing.
] [ 4 Oman,
Charles P. 2003. >i>Corporate Governance in Development: The Experiences
of Brazil, Chile, India, and South Africa.>/i> Washington, DC, and Paris:
Center for International Private Enterprise and OECD Development
Center. ] [ 5
Organization for Economic Cooperation and Development (OECD).
2003. >i>White Paper on Corporate Governance in Asia.>/i> Paris.
] [ 6 Wang Wei, Ma
Jie, and Zhang Yuyan. 1998. >i>The War Without Smoke of Gunpowder:
Transnational Corporations, Peace and Development.>/i> Wuhan: Wuhan
Publishing House. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:4:p:44-55
Template-Type: ReDIF-Article 1.0
Author-Name: Wang Yingxin
Author-X-Name-First: Wang
Author-X-Name-Last: Yingxin
Title: On the Relationship Between Overseas Direct Investment and Trade
Abstract:
Theoretically, there are complementarities and substitutions between
overseas direct investment and international trade, depending on the
motivation, types, and development periods of overseas investment of
parent countries (or multinational corporations). We reviewed the practice
of both developed and developing countries in this area, and analyzed
China's overseas investment and trade exports, looking especially at the
differences in industrial sectors. The impact of overseas investment on
foreign trade varies among these sectors, and currently the government
should strengthen its policies for encouraging overseas investment and
trade creation.
Journal: Chinese Economy
Pages: 56-69
Issue: 4
Volume: 40
Year: 2007
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y34U114346J883L5
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Handle: RePEc:mes:chinec:v:40:y:2007:i:4:p:56-69
Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Everard
Author-X-Name-First: Benjamin
Author-X-Name-Last: Everard
Author-Name: Terence Tai-Leung Chong
Author-X-Name-First: Terence Tai-Leung
Author-X-Name-Last: Chong
Title: The Revaluation and Future Adjustment of the Renminbi
Abstract:
This article examines China's contemporary macroeconomic controls,
highlighting the recent currency revaluation. We suggest that the July
2005 revaluation was inadequate in maintaining a level in line with market
expectations, and it has had a negligible effect on exports, imports, job
growth, investment, and gross domestic product. Justification for the
undervaluation is provided. We examine in detail the benefits to China of
a one-off appreciation of the renminbi by 15-25 percent, with an increased
trading band of +/- 2 to 4 percent.
Journal: Chinese Economy
Pages: 6-20
Issue: 5
Volume: 40
Year: 2007
Month: 9
Keywords:
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X-Bibl:
[ 1 Frankel, J. 2004. "On
the Renminbi: The Choice Between Adjustment Under a Fixed Exchange Rate
and Adjustment Under a Flexible Rate." Paper presented at IMF seminar on
China's Foreign Exchange System, Dalian, China, May 26-27.
] [ 2 Fung, H.G., W.K.
Leung, and J. Zhu. 2004. "Nondeliverable Forward Market for Chinese RMB: A
First Look." >i>China Economic Review>/i> 15: 348-52.
] [ 3 Goldstein, M.
2004. "Adjusting China's Exchange Rate Policies." Paper presented at IMF
seminar on China's Foreign Exchange System, Dalian, China, May
26-27. ] [ 4
Lau, L.J. 2005. "The Economic Development of China and the
Future of Hong Kong." Paper presented at the Chinese University of Hong
Kong, October 29. Available at >a target="_blank"
href='http://www.cuhk.edu.hk/vc/doc/Presentations/051029.pdf'>www.cuhk.edu
.hk/vc/doc/Presentations/051029.pdf.>/a> ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:6-20
Template-Type: ReDIF-Article 1.0
Author-Name: Eva Chan
Author-X-Name-First: Eva
Author-X-Name-Last: Chan
Title: The Effect of Foreign Strategic Investors on the Performance of PRC H-Firms: An Exploratory Study
Abstract:
Foreign strategic investor (FSI) is a recent form of entry for foreign
investors in the People's Republic of China (PRC) entities. An FSI is a
nonâPRC investor who has an equity stake in an H-firm and aims to
maintain long-term relations with the H-firm. An FSI has board
representation that gives the strategic investor the ability to intervene.
The study finds that H-firms with FSIs are initially less efficient
H-firms as they underperform their peers before initial public offerings
(IPOs). I argue that inefficient PRC H-firms seek FSIs for help in
improving their performance. However, when testing performance improvement
after the entry of FSIs, H-firms with FSIs show only nominal improvement
in terms of net profit margin when compared with their peers, but the
results are not significant. A bigger sample of performance data for the
postâIPO period is needed in order to test the FSI's ability to improve
performance for H-firms.
Journal: Chinese Economy
Pages: 84-99
Issue: 5
Volume: 40
Year: 2007
Month: 9
Keywords:
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X-Bibl:
[ 1 Boubakri, N., and J.
Cosset. 1998. "The Financial and Operating Performance of Newly Privatized
Firms: Evidence from Developing Countries." >i>Journal of Finance>/i> 53:
1081-110. ] [ 2
Boycko, M., A. Shleifer, and R.W. Vishny. 1996. "A Theory of
Privatization." >i>Economic Journal>/i> 106: 309-19. ]
[ 3 Chen, G., M. Firth, and
O. Rui. 2006. "Have China's Enterprise Reforms Led to Improved Efficiency
and Profitability?" >i>Emerging Markets Review>/i> 7: 82-109.
] [ 4 Delois, A., and
P.W. Beamish. 1999. "Ownership Strategy of Japanese Firms: Transactional,
Institutional, and Experience Influence." >i>Strategic Management
Journal>/i> 20: 915-33. ] [
5 D'Souza, J., W. Megginson, and R. Nash.
2000. "Determinants of Performance Improvements in Privatized Firms: The
Role of Restructuring and Corporate Governance." Working paper. Available
at >a target="_blank"
href='http://www.ssrn.com/abstract_id=243186'>www.ssrn.com/abstract_id=243
186.>/a> ] [ 6
Huang, G., and F.M. Song. 2005. "The Financial and Operating
Performance of China's Newly Listed H-Firms." >i>Pacific Basin Finance
Journal>/i> 13: 53-80. ] [
7 Inkpen, A.C., and P.W. Beamish. 1997.
"Knowledge Bargaining Power and the Instability of International Joint
Ventures." >i>Academy of Management Review>/i> 22, no. 1:
177-203. ] [ 8
McGuinness, P.B., and M.J. Ferguson. 2005. "The Ownership
Structure of Listed Chinese State-Owned Enterprises and Its Relation to
Corporate Performance." >i>Applied Financial Economics>/i> 15:
231-36. ] [ 9
Megginson, W., and J. Netter. 2001. "From State to Market: A
Survey of Empirical Studies on Privatization." >i>Journal of Economic
Literature>/i> 39: 321-89. ] [
10 Nakos, G., and K.D. Brouthers. 2002.
"Entry Mode Choice of SMEs in Central and Eastern Europe." >i>Enterprise
Theory Practice>/i> 27 (Fall): 47-64. ] [
11 Neumann, R., and T. Voetmann. 2003.
"Does Ownership Matter in the Presence of Strict Anti-activism
Legislation? Evidence from Equity Transactions in Denmark."
>i>International Review of Financial Analysis>/i> 12, no. 2:
157. ] [ 12
Pan, Y. 1996. "Influences on Foreign Equity Ownership Level in
Joint Ventures in China." >i>Journal of International Business Studies>/i>
27, no. 5: 1-26. ] [ 13
Pan, Y., and D.K. Tse. 2000. "The Hierarchical Model of
Market Entry Modes." >i>Journal of International Business>/i> 31:
535-54. ] [ 14
Shimizu, K., M.A. Hitt, D. Vaidyanath, and V. Pisano. 2004.
"Theoretical Foundations of Cross-Border Mergers and Acquisitions: A
Review of Current Research and Recommendations for the Future." >i>Journal
of International Management>/i> 10: 307-53. ]
[ 15 Sun, Q., and W. Tong. 2003.
"China Share Issue Privatization: The Extent of Its Success." >i>Journal
of Financial Economics>/i> 70: 183-222. ] [
16 Wang, L., and F. Chang. 2005.
"Making a Strategic Investment in a Chinese Bank Work." >i>Supplement:
International Financial Law Review Guide to China>/i> 2005: 33-36, 4p,
2c. ] [ 17
Xu, L.C., T. Zhu, and Y. Lin. 2005. "Politician Control, Agency
Problems, and Ownership Reform: Evidence from China." >i>Economics of
Transition>/i> 13, no. 1: 1-24. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:84-99
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: FDI, Competitive Menace, and the Evolution of Labor Practices in China
Abstract:
It is often argued that labor-intensive, export-oriented, foreign direct
investment contributes tremendously to employment growth in China.
However, this argument is not adequately verified due to the lack of
rigorous and systematic examination of the effects of foreign direct
investment (FDI) on the quantity and quality of employment. This article
attempts to fill the lacunae. It shows that foreign-invested enterprises
have not contributed to employment to the same extent as other ownership
types or as their economic prowess would seem to allow. In response to the
assertion that the employment contribution by FDI goes beyond direct job
creation by foreign-invested enterprises, the article constructs an
econometric test to account for the possible indirect employment effects.
Yet the test shows that FDI has positive but insignificant effects on
employment. In addition to the quantitative effects, the impacts of FDI on
the quality of employment are also analyzed. The article concurs with the
argument that FDI shapes the current free-market, contract-based labor
system. Employing John Commons's "competitive menace" theory, the article
contends that the massive entry of FDI and the labor practices of
foreign-invested enterprises invoke three levels of competitive menace in
the labor market, which significantly marginalizes Chinese workers.
Journal: Chinese Economy
Pages: 21-51
Issue: 5
Volume: 40
Year: 2007
Month: 9
Keywords:
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X-Bibl:
[ 1 Asian Development Bank
(ADB). 2005. "Key Indicators: People's Republic of China," available at >a
target="_blank"
href='http://www.adb.org/Documents/Books/Key_Indicators/2005/pdf/PRC.pdf'>
www.adb.org/Documents/Books/Key_Indicators/2005/pdf/PRC.pdf>/a>
] [ 2 Atkinson, G.
1997. "Capital and Labor in the Emerging Global Economy." >i>Journal of
Economic Issues>/i> 31, no. 2 (June): 385-91. ]
[ 3 Atkinson, G. 2004. "Labor and
the Menace of Competition." In >i>Institutionalist Tradition in Labor
Economics>/i>, ed. D.P. Champlin et al., 39-49. Armonk, NY: M.E.
Sharpe. ] [ 4
Bazzoli, L., T. Kirat, and M.-C. Villeval. 1994. "Rules,
Contracts, and Institution in the Wage-Labor Relationship: A Return to
Institutionalism?" >i>Journal of Economic Issues>/i> 27, no. 4:
1137-71. ] [ 5
Bell, S.A., and J.F. Henry. 2001. "Are Employment Relations
Undergoing a Fundamental Change That Threatens the Future of Capitalism? A
Critique of Hodgson's View of the Labor Contract." >i>Journal of Economic
Issues>/i> 35, no. 2: 335-43. ] [
6 Braunstein, A., and G. Epstein. 2004.
"Bargaining Power and Foreign Direct Investment in China: Can 1.3 Billion
Consumers Tame the Multinationals?" In >i>Labor and the Globalization of
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Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:21-51
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Lu
Author-X-Name-First: Yan
Author-X-Name-Last: Lu
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Xianfeng Jiang
Author-X-Name-First: Xianfeng
Author-X-Name-Last: Jiang
Title: Market Structure and Profitability of Chinese Commercial Banks
Abstract:
The article uses a sample of four state-owned commercial banks, ten
joint-share commercial banks, and all foreign banks in China to examine
the changes in market structure and financial performance (profitability)
of Chinese commercial banks. The market structure appears to have some
influence on the performance of Chinese commercial banks. There are other
factors affecting the performance of China's bank market. Although the
concentration ratios and the Herfindahl-Hirschman Index indicate the
monopolistic nature of China's bank system, which is in a state of
monopolistic competition or moderately concentrated now, foreign banks
seem to have had some marginal effects on the Chinese banking market.
Journal: Chinese Economy
Pages: 100-113
Issue: 5
Volume: 40
Year: 2007
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A0X0860463451514
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bain, J.S. 1968.
>i>Industrial Organization>/i>, 2d ed. New York: Wiley.
] [ 2 Chen Weiguang.
2004. "Moderate Structure of the Banking Industry in China: An Analysis
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Chinese). ] [ 3
Guo Yan. 2005. "Determinants of the Efficiency of China's
Commercial Banks: Theoretical Exploration and Empirical Test." >i>Journal
of Financial Research>/i> 2: 115-21 (in Chinese). ]
[ 4 Hu Yifan, Song Min, and
Zhang Junxi. 2005. "Relative Importance and Relationship of the Theories
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Research>/i> 9: 44-55 (in Chinese). ] [
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of Cross-border M&As in European Banks." >i>Studies of International
Finance>/i> 8: 4-8 (in Chinese). ] [
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Keystone of Banking Industry in China: Equity Structure or Market
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Jiao Jinpu. 2002. >i>Reform of Commercial Banks in China>/i>. Beijing:
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or Equity Reconstruction." >i>Journal of Financial Research>/i> 9: 99-105
(in Chinese). ] [ 16
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Institution Dilation, Instrument Innovation, and Equity Reform."
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1999. "Monopoly and Competition: Reform and Development of the Banking
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Commercial Banks." >i>Journal of Financial Research>/i> 1: 91-101 (in
Chinese). ] [ 20
Zhou Xiaoquan. 2003. "Determining Factors of the Performance of
the Banking Industry in China: Market Structure and Equity Structure."
>i>Journal of Investment Research>/i> 7: 2-5 (in Chinese).
]
Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:100-113
Template-Type: ReDIF-Article 1.0
Author-Name: T. Y. Leung
Author-X-Name-First: T. Y.
Author-X-Name-Last: Leung
Title: Ownership Structure and Corporate Earnings in China
Abstract:
The market setting of the Chinese securities markets is unique because of:
(1) a mandatory requirement to release reported earnings within 120 days
after the fiscal year ends; (2) a practice of announcing earnings and
dividends simultaneously; and (3) a high percentage of shares in the hands
of state-owned and legal-person shareholders. This article explores the
relation between ownership structure, earnings performance, and
announcement timing of Chinese listed firms. Overall results indicate that
the percentage of nontradable shares is negatively related to announcement
timeliness, and positively related to unexpected earnings increase,
unexpected cash dividend increase, and firm size. Consistent with the
findings of previous research, this study provides evidence that the
market reacts favorably to early rather than late announcement. Firms with
high percentages of nontradable shares are larger firms and have better
earnings performance, and hence these firms tend to release earnings
information earlier.
Journal: Chinese Economy
Pages: 52-66
Issue: 5
Volume: 40
Year: 2007
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HL50240L667T4043
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Banz, R. 1981. "The
Relationship Between Return and Market Value of Common Stocks." >i>Journal
of Financial Economics>/i> 9: 3-18. ] [
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Accounting Studies>/i> 3: 347-63. ] [
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Market Impact of UK Company News Announcement." >i>Journal of Business
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International Accounting, Auditing, and Taxation>/i> 10: 1-22.
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Report Releases and Market Reaction to Earnings Announcements in an
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Financial Management and Accounting:>/i> 108-131. ]
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Political Economy>/i> 94: 461-88. ] [
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Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct
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1980. "Audit Qualification and the Timeliness of Corporate Annual
Reports." >i>Accounting Review>/i> 55: 563-77. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:52-66
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 5
Volume: 40
Year: 2007
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q5LX56208945N437
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Lu Yaobin
Author-X-Name-First: Lu
Author-X-Name-Last: Yaobin
Author-Name: Zhou Tao
Author-X-Name-First: Zhou
Author-X-Name-Last: Tao
Author-Name: Bin Wang
Author-X-Name-First: Bin
Author-X-Name-Last: Wang
Title: A Comparison of Prices in Electronic Markets and Traditional Markets of China
Abstract:
As the largest developing country in the world, China is experiencing fast
development in e-commerce, and its online marketplace has rapidly taken
shape. In this research, we examine the price levels, menu costs, and
price dispersions of books and CDs in China. We collected data from ten
online bookstores and eight online CD stores for five weeks. To form a
basis of comparison, we also collected data from eight traditional
bookstores and eight traditional CD retailers. Our results show that for
both products, price levels and menu costs in online markets are
significantly lower than those of traditional markets. As for price
dispersion, we get two different results. For books, the price dispersion
of the online market is larger than that of the traditional market, while
the opposite is true for CDs. These results can be explained by the
characteristics of the Chinese online marketplace, such as immaturity,
unbalanced development, and diversity.
Journal: Chinese Economy
Pages: 67-83
Issue: 5
Volume: 40
Year: 2007
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R476935401701N34
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Ancarani, F., and V.
Shankar. 2004. "Price Levels and Price Dispersion Within and Across
Multiple Retailer Types: Further Evidence and Extension." >i>Journal of
the Academy of Marketing Science>/i> 32, no. 2: 176-87.
] [ 2 Bailey, J.P.
1998. >i>Intermediation and Electronic Markets: Aggregation and Pricing in
Internet Commerce>/i>. Cambridge: MIT Press. ]
[ 3 Bailey, J.P., and Y. Bakos.
1997. "An Exploratory Study of the Emerging Role of Electronic
Intermediaries." >i>International Journal of Electronic Commerce>/i> 1,
no. 3: 7-20. ] [ 4
Bakos, J.Y. 1991a. "A Strategic Analysis of Electronic
Marketplaces." >i>MIS Quarterly>/i> 15, no. 3: 295-310.
] [ 5 Bakos, J.Y.
1991b. "Information Links and Electronic Marketplaces: The Role of
Interorganizational Information Systems in Vertical Markets." >i>Journal
of Management Information Systems>/i> 8, no. 2: 31-52.
] [ 6 Bakos, J.Y. 1997.
"Reducing Buyer Search Costs: Implications for Electronic Marketplaces."
>i>Management Science>/i> 43, no. 12: 1-27. ]
[ 7 Bakos, J.Y. 1998. "The
Emerging Role of Electronic Marketplaces on the Internet."
>i>Communications of the ACM>/i> 41, no. 8: 35-42. ]
[ 8 Bakos, J.Y. 2001. "The
Emerging Landscape for Retail E-Commerce." >i>Journal of Economic
Perspectives>/i> 15, no. 1: 69-80. ] [
9 Bakos, Y., and E. Brynjolfsson. 2000.
"Bundling and Competition on the Internet." >i>Marketing Science>/i> 19,
no. 1: 63-82. ] [ 10
Brynjolfsson, E., and M.D. Smith. 2000. "Frictionless
Commerce? A Comparison of Internet and Conventional Retailers."
>i>Management Science>/i> 46, no. 4: 563-85. ]
[ 11 Clay, K., R. Krishnan, E.
Wolff, and D. Fernandes. 2002. "Retail Strategies on the Web: Price and
Non-Price Competition in the Online Book Industry." >i>Journal of
Industrial Economics>/i> 50, no. 3: 351-67. ]
[ 12 Clemons, E., I. Hann, and
L.M. Hitt. 2002. "Price Dispersion and Differentiation in Online Travel:
An Empirical Investigation." >i>Management Science>/i> 48, no. 4:
534-49. ] [ 13
China Internet Network Information Center (CNNIC). 2006. >i>18th
Statistical Survey Report on the Internet Development in China>/i>.
Available at >a target="_blank"
href='http://www.cnnic.net.cn'>www.cnnic.net.cn.>/a> ]
[ 14 Degeratu, A.M., A.
Rangaswamy, and J. Wu. 2000. "Consumer Choice Behavior in Online and
Traditional Supermarkets: The Effects of Brand Name, Price, and Other
Search Attributes." >i>International Journal of Research in Marketing>/i>
17, no. 1: 55-78. ] [ 15
Granados, N., A. Gupta, and R.J. Kauffman. 2006. "The
Impact of IT on Market Information and Transparency: A Unified Theoretical
Approach." >i>Journal of the Association for Information Systems>/i> 7, -
no. 3: 148-78. ] [ 16
Grover, V., and J.T.C. Teng. 2001. "E-Commerce and the
Information Market." >i>Communications of the ACM>/i> 44, no. 4: 79-86.
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[ 17 Kauffman, R.J., and D. Lee.
2005. "Should We Expect Less Price Rigidity in Internet-Based Selling?" In
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System Sciences (HICSS'04)>/i>, Track 7, p. 70178b. ]
[ 18 Lee, H.G. 1997. "Do
Electronic Marketplaces Lower the Price of Goods?" >i>Communications of
the ACM>/i> 41, no. 12: 73-80. ] [
19 Lynch, J.G., and D. Ariely. 2000. "Wine
Online: Search Costs and Competition on Price, Quality, and Distribution."
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[ 20 Malone, T.W., J. Yates, and
R.I. Benjamin. 1987. "Electronic Markets and Electronic Hierarchies."
>i>Communications of the ACM>/i> 30, no. 6: 484-97. ]
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(MOC). 2006. China E-Commerce Report (2004-2005). ]
[ 22 Pan, X., B.T. Ratchford,
and V. Shankar. 2004. "Price Dispersion on the Internet: A Review and
Directions for Future Research." >i>Journal of Interactive Marketing>/i>
18, no. 4: 116-35. ] [ 23
Schmitz, S.W. 2000. "The Effects of Electronic Commerce
on the Structure of Intermediation." >i>Journal of Computer-Mediated
Communication>/i> 5, no. 3. ] [
24 Smith, M.D. 2002. "The Impact of Shopbots
on Electronic Markets." >i>Academy of Marketing Science Journal>/i> 30,
no. 4: 446-54. ] [ 25
Smith, M.D., J. Bailey, and E. Brynjolfsson. 1999.
"Understanding Digital Markets: Review and Assessment." In
>i>Understanding the Digital Economy: Data, Tools, and Research>/i>, ed.
E. Brynjolfsson and B. Kahin, 99-136. Cambridge: MIT Press.
] [ 26 Strader, T.J.,
and M.J. Shaw. 1997. "Characteristics of Electronic Markets." >i>Decision
Support Systems>/i> 21: 185-98. ] [
27 Tang, F.F., and X. Xing. 2001. "Will the
Growth of Multi-Channel Retailing Diminish the Pricing Efficiency of the
Web?" >i>Journal of Retailing Management>/i> 77, no. 3: 319-33.
] [ 28 Zhu, K.
2004. "Information Transparency of Business-to-Business Electronic
Markets: A Game-Theoretic Analysis." >i>Science>/i> 50, no. 5:
670-85. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:5:p:67-83
Template-Type: ReDIF-Article 1.0
Author-Name: Changwen Zhao
Author-X-Name-First: Changwen
Author-X-Name-Last: Zhao
Author-Name: Jiang Du
Author-X-Name-First: Jiang
Author-X-Name-Last: Du
Title: Causality Between FDI and Economic Growth in China
Abstract:
Studies on how foreign direct investment (FDI) interacts with host
economic growth are obviously important. Using the vector autoregression
(VAR) approach developed by Toda and Phillips, we examine the causality
between FDI and growth in China by conducting time-series estimations
through ADF [Augmented Dickey Fuller] unit-root tests, cointegration
tests, and error-correction analyses. The result reveals that the two-way
causality between FDI and growth in China is not highly significant.
China's economic growth indeed attracts FDI influx, which supports the
market-size hypothesis; while the FDI influx stimulates the economic
growth of China to some degree, the result is not significant.
Journal: Chinese Economy
Pages: 68-82
Issue: 6
Volume: 40
Year: 2007
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=638U4H4788353HW8
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bende-Nabende, A., and
J.L. Ford. 1998. "FDI, Policy Adjustment, and Endogenous Growth:
Multiplier Effects from a Small Dynamic Model for Taiwan, 1959-1995."
>i>World Development>/i> 26: 1315-30. ] [
2 Bende-Nabende, A., J.L. Ford, B.
Santoso, and S. Sen. 2003. "The Interaction Between FDI, Output, and the
Spillover Variables: Co-Integration and VAR Analyses for APEC, 1965-1999."
>i>Applied Economics Letters>/i> 10: 165-72. ]
[ 3 Bernard, A.B., and J.B.
Jensen. 1999. "Exporting and Productivity." NBER Working Paper No. 7135,
Cambridge, MA. ] [ 4
Broadman, H.G., and X. Sun. 1997. "The Distribution of Foreign
Direct Investment in China." >i>World Economy>/i> 20: 339-61.
] [ 5 Caves, R. 1996.
>i>Multinational Enterprises and Economic Analysis>/i>, 2d ed. Cambridge:
Cambridge University Press. ] [
6 Chen, J., and B. Fleisher. 1996. "Regional
Income Inequality and Economic Growth in China." >i>Journal of Comparative
Economics>/i> 22: 141-64. ] [
7 Chenery, H.B., and A.M. Stout. 1966.
"Foreign Assistance and Economic Development." >i>American Economic
Review>/i> 66: 679-733. ] [
8 Coe, D., and E. Helpman. 1995.
"North-South Research Development and Spillovers." NBER Working Paper No.
5048, Cambridge, MA. ] [
9 Du, J. 2002. "FDI and China's Economic
Growth: An Empirical Analysis." >i>Journal of World Economy>/i> 8: 27-30
(in Chinese). ] [ 10
Du, J., and J.W. Gao. 2002. "FDI and China's Economic Growth."
>i>World Economy Forum>/i> 1: 32-36 (in Chinese). ]
[ 11 Du, J., J. Ying, and T.W.
Dong. 2004. "The Empirical Analysis of Foreign Direct Investment and
Regional Economic Growth." >i>Journal of Sichuan University (social
science edition)>/i> 2: 27-31 (in Chinese). ]
[ 12 Enders, W. 1995. >i>Applied
Econometric Time Series>/i>. New York: John Wiley and Sons.
] [ 13 Greenaway, D.,
and D. Sapsford. 1994. "What Does Liberalization Do for Exports and
Growth?" >i>Weltwirtschaftliches Archiv>/i> 130: 152-74.
] [ 14 Gujarati, D.
1995. >i>Basic Econometrics>/i>, 3d ed. New York: McGraw-Hill.
] [ 15 Gupta, V.K.
1983. "A Simultaneous Determination of Structure, Conduct, and Performance
in Canadian Manufacturing." >i>Oxford Economics Papers>/i> 35:
281-301. ] [ 16
Johansen, S. 1995. >i>Co-integration.>/i> Oxford: Oxford
University Press. ] [ 17
Kholdy, S. 1995. "Causality Between Foreign Investment and
Spillover Efficiency." >i>Applied Economics>/i> 27: 745-49.
] [ 18 McKinnon, R.I.
1964. "Foreign Exchange Constraints in Economic Development and Efficient
Aid Allocation." >i>Economic Journal>/i> 74: 388-409.
] [ 19 Meier, G.M.
1999. "Capital and Development." >i>Asian Economic Journal>/i> 13, no. 4:
353-65. ] [ 20
Meyer, K. 1998. >i>Direct Investment in Economies in
Transition>/i>. Aldershot, UK: Edward Elgar. ]
[ 21 Moore, M.O. 1993.
"Determinants of German Manufacturing Direct Investment: 1980-1988."
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[ 22 Shan, J. 2002. "A VAR
Approach to the Economics of FDI in China." >i>Applied Economics>/i> 34:
885-93. ] [ 23
Shan, J., G. Tian, and F. Sun. 1999. "Causality Between FDI and
Economic Growth." In >i>Foreign Direct Investment and Economic Growth in
China>/i>, ed. Y. Wu, 140-56. Aldershot, UK: Edward Elgar.
] [ 24 State Statistics
Bureau (SSB). 2005. >i>China Statistical Yearbook 2006>/i>. Beijing: China
Statistical Press. ] [ 25
Sun, H. 1998. "Macroeconomic Impacts of Direct Foreign
Investment in China." >i>World Economy>/i> 21: 675-94.
] [ 26 Toda, H.Y., and
P.C.B. Phillips. 1993. "Vector Auto Regressions and Causality." >i>Journal
of Econometrics>/i> 61: 1367-93. ] [
27 Toda, H.Y., and T. Yamamoto. 1995.
"Statistical Inference in Vector Auto Regressions with Possibly Integrated
Processes." >i>Journal of Econometrics>/i> 66: 225-50.
] [ 28 United Nations
Conference on Trade and Development (UNCTAD). 1992. >i>World Investment
Report 1992: Transnational Corporations as Engines of Growth>/i>. New
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United Nations Conference on Trade and Development (UNCTAD).
1999. >i>World Investment Report 1999: Foreign Direct Investment and the
Challenge of Development>/i>. New York. ] [
30 United Nations Conference on Trade
and Development (UNCTAD). 2003. >i>World Investment Report 2003>/i>. New
York. ] [ 31
Zhang, K.H. 1999. "How Does FDI Interact with Economic Growth in
a Large Developing Country? The Case of China." >i>Economic System>/i> 21,
no. 4: 291-303. ] [ 32
Zhang, K.H. 2000. "Human Capital, Country Size, and
North-South Manufacturing Enterprises." >i>Economia
Internazionale/International Economics>/i> 53, no. 2: 237-60.
] [ 33 Zhang, K.H.
2001. "Does Foreign Direct Investment Promote Economic Growth? Evidence
from East Asia and Latin America." >i>Contemporary Economic Policy>/i> 19,
no. 2: 175-85. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:6:p:68-82
Template-Type: ReDIF-Article 1.0
Author-Name: Zhongxiu Zhao
Author-X-Name-First: Zhongxiu
Author-X-Name-Last: Zhao
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: China's Industrial Competitiveness in the World
Abstract:
This article studies China's industrial competitiveness using
international perspectives and comparison. Adopting the index of
competitive industrial performance developed by the United Nations
Industrial Organization (UNIDO), we assess China's position in the world
and analyze the dynamics of its industrial capabilities, focusing on five
drivers of industrial capability: skills, technological efforts, inward
foreign direct investment (FDI), royalty and technical payments abroad,
and modern infrastructure. We find that China's big jump in industrial
competitiveness is largely associated with its participating international
production networks. The corresponding dangers with such connection,
however, are low domestic value added and merely serving as an export
platform. China can become a global industrial power only if it succeeds
in upgrading industry and domestic innovation.
Journal: Chinese Economy
Pages: 6-23
Issue: 6
Volume: 40
Year: 2007
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DX5125522R0L0427
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chenery, H.B., S.
Robinson, and M. Syrquin. 1986. >i>Industrialization and Growth: A
Comparative Study>/i>. Oxford: Oxford University Press (for the World
Bank). ] [ 2
Shenkar, Oded. 2005. >i>The Chinese Century: The Rising Chinese
Economy and Its Impact on the Global Economy, the Balance of Power, and
Your Job.>/i> Upper Saddle River, NJ: Wharton School Publishing.
] [ 3 United
Nations Conference on Trade and Development (UNCTAD). 2002a. >i>World
Investment Report 2002>/i>. New York: United Nations.
] [ 4 United Nations
Conference on Trade and Development (UNCTAD). 2002b. >i>Trade and
Development Report 2002>/i>. New York: United Nations.
] [ 5 United Nations
Industrial Development Organization (UNIDO). 2002. >i>Industrial
Development Report 2002/2003>/i>. New York: United Nations.
] [ 6 World Bank. 2006.
>i>World Development Indicators 2006>/i>. Washington, DC.
] [ 7 World Trade
Organization (WTO). 2006. >i>World Trade Report 2006>/i>.
Geneva. ] [ 8
Zhang, Kevin Honglin. 2002. "China as a New Power in World
Trade." In >i>China's Access to WTO and the Global Economy>/i>, ed. H.
Fung, C. Pei, and J. Johnson, 32-49. Beijing: Yuhang Publishing
House. ] [ 9
Zhang, Kevin Honglin. 2004. "Maximizing Benefits from FDI and
Minimizing Its Costs: What Do We Learn from China?" In >i>Foreign
Investment in Developing Countries>/i>, ed. H.S. Kehal. 78-91. Hampshire,
UK: Palgrave/Macmillan. ] [
10 Zhang, Kevin Honglin. 2006. "FDI and Host
Countries' Exports: The Case of China," >i>Economia Internazionale /
International Economics>/i> 58, no. 4: 113-27. ]
[ 11 Zhang, Kevin Honglin. 2007.
"Determinants of Complex Exports: The Case of China," >i>Economia
Internazionale / International Economics>/i> 59, no. 1: 111-22.
]
Handle: RePEc:mes:chinec:v:40:y:2007:i:6:p:6-23
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: International Production Networks and Export Performance in Developing Countries: Evidence from China
Abstract:
Developing countries may expand their exports through participating in
international production networks organized by multinational corporations.
China appears to have been successful with this approach in the past two
decades. Its exports rose from $9.8 billion in 1978 (ranked as
thirty-second in the world) to $762 billion in 2005 (the third-largest in
the world). In the same period, accumulated foreign direct investment
(FDI) flows into China increased from zero to $602 billion, and exports by
foreign-invested enterprises in 2005 comprised 57 percent of China's total
exports. FDI promotes China's exports mainly through labor-intensive
processes and component specialization within vertically integrated
international industries. However, the challenge facing China is how to
increase domestic value added and how to upgrade its industry in
international production networks.
Journal: Chinese Economy
Pages: 83-96
Issue: 6
Volume: 40
Year: 2007
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=EL48563812H2VX6U
File-Format: text/html
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X-Bibl:
[ 1 Ekholm, K., R. Forslid,
and J. Markusen. 2003. "Export-Platform Foreign Direct Investment." BNER
Working Paper No. 9517. ] [
2 Haddad, M., and A. Harrison. 1993. "Are
There Positive Spillovers from Direct Foreign Investment?" >i>Journal of
Development Economics>/i> 42: 51-74. ] [
3 Jiang, X. 2002. >i>FDI Economies in
China.>/i> Beijing: China Renmin University Press. ]
[ 4 Markusen, J., A. Venables,
D. Konan, and K.H. Zhang. 1996. "A Unified Treatment of Horizontal Direct
Investment, Vertical Direct Investment, and the Pattern of Trade in Goods
and Services." NBER Working Paper No. 5696. ]
[ 5 Ministry of Commerce. 2004.
>i>China FDI Report 2004>/i>. Beijing: Ministry of Commerce.
] [ 6 National Bureau
of Statistics. 1979-2003. >i>China Foreign Economic Statistical
Yearbook.>/i> Beijing: China Statistical Press. ]
[ 7 National Bureau of
Statistics. 2006. >i>China Statistical Yearbook 2006>/i>. Beijing: China
Statistical Press. ] [ 8
Naughton, B. 1996. "China's Emergence and Prospects as a
Trading Nation." >i>Brookings Papers on Economic Activity>/i> 2:
273-344. ] [ 9
Ruane, F., and A. Ugur. 2006. "Export Platform FDI and Dualistic
Development." >i>Translational Corporations>/i> 15, no. 1:
75-113. ] [ 10
United Nations Conference on Trade and Development (UNCTAD).
2001. >i>World Investment Report 2001>/i>. New York: United
Nations. ] [ 11
United Nations Conference on Trade and Development (UNCTAD).
2002a. >i>World Investment Report 2002>/i>. New York: United
Nations. ] [ 12
United Nations Conference on Trade and Development (UNCTAD).
2002b. >i>Trade and Development Report, 2002>/i>. New York: United
Nations. ] [ 13
Zhang, K.H. 2000. "Human Capital, Country Size, and North-South
Manufacturing Multinational Enterprises." >i>Economia
Internazionale/International Economics>/i> 53, no. 2: 237-60.
] [ 14 Zhang, K.H.
2006. "FDI and Host Countries' Exports: The Case of China." >i>Economia
Internazionale / International Economics>/i> 58, no. 4: 113-27.
] [ 15 Zhang, K.H.,
and J. Markusen. 1999. "Vertical Multinationals and Host-Country
Characteristics." >i>Journal of Development Economics>/i> 59:
233-52. ] [ 16
Zhang, K.H., and S. Song. 2000. "Promoting Exports: The Role of
Inward FDI in China." >i>China Economic Review>/i> 11, no. 4:
385-96. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:6:p:83-96
Template-Type: ReDIF-Article 1.0
Author-Name: Yuli Zhang
Author-X-Name-First: Yuli
Author-X-Name-Last: Zhang
Author-Name: Qianwen Li
Author-X-Name-First: Qianwen
Author-X-Name-Last: Li
Title: How Does Entrepreneurial Activity Affect Organizational Performance in China's Private Enterprises?
Abstract:
Based on the data for fifty-five of China's private enterprises in their
growing period, this article investigates effects of corporate
entrepreneurial activity (EA) on organizational performance (OP). We
construct new measures for EA, OP, and other variables, and use two-way
and three-way contingency approaches in our analyses. Empirical results
indicate positive effects of EA on OP for Chinese private enterprises,
which are consistent with theoretical predictions and studies of Western
enterprises in the literature.
Journal: Chinese Economy
Pages: 24-48
Issue: 6
Volume: 40
Year: 2007
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M250126455337531
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Arbaugh, J. B., L. W. Cox, and S.M. Camp. 2003. "Is
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Venturing>/i> 6, no. 1: 9-28. ] [
45 Wiklund, J. 1999. "The Sustainability of
the Entrepreneurial Orientation-Performance Relationship."
>i>Entrepreneurship Theory and Practice>/i> 24, no. 1: 37-48.
] [ 46 Wiklund, J.,
and Shepherd D. 2005. "Entrepreneurial Orientation and Small Business
Performance: A Configurational Approach." >i>Journal of Business
Venturing>/i> 20: 82-83. ] [
47 Yusuf, A. 2002. "Environment Uncertainty,
the Entrepreneurial Orientation of Business Ventures and Performance."
>i>International Journal of Commerce and Management>/i> 12, nos. 3-4:
83-103. ] [ 48
Zahra, S.A. 1991. "Predictors and Financial Outcomes of
Corporate Entrepreneurship: An Explorative Study." >i>Journal of Business
Venturing>/i> 6: 259-85. ] [
49 Zahra, S.A. 1993. "Environment, Corporate
Entrepreneurship, and Financial Performance: A Taxonomic Approach."
>i>Journal of Business Venturing>/i> 8: 319-40. ]
[ 50 Zahra, S.A., and J.G. Covin.
1995. "Contextual Influences on the Corporate Entrepreneurship-Performance
Relationship: A Longitudinal Analysis." >i>Journal of Business
Venturing>/i> 10: 43-58. ] [
51 Zahra, S.A., and D. Garvis. 2000.
"International Corporate Entrepreneurship and Firm Performance: The
Moderating Effect of International Environmental Hostility." >i>Journal of
Business Venturing>/i> 15: 469-92. ] [
52 Zahra, S.A., D.F. Jennings, and D.F.
Kuratko. 1999. "The Antecedents and Consequences of Firm-Level
Entrepreneurship: The State of the Field." >i>Entrepreneurship Theory and
Practice>/i> 24, no. 2 (Winter): 45-63. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:6:p:24-48
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 6
Volume: 40
Year: 2007
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R35QK20487214J53
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:40:y:2007:i:6:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Xing Liu
Author-X-Name-First: Xing
Author-X-Name-Last: Liu
Author-Name: Shujun Cao
Author-X-Name-First: Shujun
Author-X-Name-Last: Cao
Title: Determinants of Corporate Effective Tax Rates: Evidence from Listed Companies in China
Abstract:
The authors examine what determines corporate effective tax rates (ETR) at
the firm level, using the panel data on 425 listed companies in China's
stock market over the seven-year period 1998-2004. First they identify
some possible determinants of ETR based on theories and firm
characteristics in China, including firm size, leverage, asset mix,
profitability, ownership structure, and overemployment. Then they conduct
quantitative analyses and panel estimations with the randomeffect model.
The findings from the empirical results are as follows. The firm size and
capital intensity of the listed companies seem to have no significant
effects on ETR. The impact of leverage on ETR is negative and significant.
ETR tends to be smaller for firms with overemployment of labor, which may
be related to incentive policies provided by government to promote
employment. Effects of profitability and ownership structure on ETR vary
with external tax environments, and they turn out to be positive as all
firms enjoy tax incentives.
Journal: Chinese Economy
Pages: 49-67
Issue: 6
Volume: 40
Year: 2007
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W1051K2065143077
File-Format: text/html
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X-Bibl:
[ 1 Buijink, W., B.
Janssen, and Y. Schols. 2002. "Evidence of the Effect of Domicile on
Corporate Effective Tax Rates in the European Union." >i>Journal of
International Accounting, Auditing, and Taxation>/i> 11: 115-30.
] [ 2 Callihan,
D.S. 1994. "Corporate Effective Tax Rates: A Synthesis of the Literature."
>i>Journal of Accounting Literature>/i> 13: 1-43. ]
[ 3 Derashid, Check, and Hao
Zhang. 2003. "Effective Tax Rates and the Industrial Policy Hypothesis:
Evidence from Malaysia." >i>Journal of International Accounting Auditing
and Taxation>/i> 12: 45-62. ] [
4 Gupta, S., and K. Newberry. 1997.
"Determinants of the Variability of Corporate Effective Tax Rates:
Evidence from Longitudinal Data." >i>Journal of Accounting and Public
Policy>/i> 16, no. 1: 1-34. ] [
5 Holland, K. 1998. "Accounting Policy
Choice: The Relationship Between Corporate Tax Burdens and Company Size."
>i>Journal of Business Finance and Accounting>/i> 25: 265-88.
] [ 6 Huang, G., and
M. Song. 2004. "The Determinants of Capital Structure: Evidence from
China." >i>Quarterly Economic Journal>/i> 2: 14-19. ]
[ 7 Janssen, B., and W.
Buijink. 2000. "Determinants of the Variability of Corporate Effective Tax
Rates (ETRs): Evidence for the Netherlands." Management and Administration
Research Center (MARC) working paper. ] [
8 Kim, K.A., and P. Limpaphayom. 1998.
"Tax and Firm Size in Pacific-Basin Emerging Economies." >i>Journal of
International Accounting Auditing and Taxation>/i> 7: 47-63.
] [ 9 Liu Xing. 2000.
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10 MacKie-Mason, Jeffrey K. 1990. "Do
Taxes Affect Corporate Financing Decisions?" >i>Journal of Finance>/i> 45,
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Manzon, G., and W.R. Smith. 1994. "The Effect of the
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Distribution of Effective Tax Rates." >i>Journal of Accounting and Public
Policy>/i> 13, no. 4: 349-62. ] [
12 Plesko, George. 2003. "An Evaluation of
Alternative Measures of Corporate Tax Rate." >i>Journal of Accounting and
Economics>/i> 35: 201-26. ] [
13 Porcano, T. 1986. "Corporate Tax Rates:
Progressive, Proportional, or Regressive." >i>Journal of Accounting and
Public Policy>/i> 7, no. 2: 17-31. ] [
14 Shelvin, T., and S. Porter. 1992. "The
Corporate Tax Comeback in 1987: Some Further Evidence." >i>Journal of
American Taxation Association>/i> 14, no. 1: 58-79. ]
[ 15 Si, Donghui. 2003.
"Equity and Competition in Transform Research: Evidence from Listed
Companies in China." >i>Economic Research>/i> 8: 25-33.
] [ 16 Siegfried, J.
1974. "Effective Average U.S. Corporate Income Tax Rates." >i>National Tax
Journal>/i> 27, no. 2: 245-59. ] [
17 Stickney, C., and V. McGee. 1982.
"Effective Corporate Tax Rates: The Effect of Size, Capital Intensity,
Leverage, and Other Factors." >i>Journal of Accounting and Public
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18 Wang, Fang. 1999. "A Study on the Income
Tax Burden of Listed Companies in China." >i>Economic Research>/i> 5:
46-53. ] [ 19
Wang, Liyan, and Xiangqian Liu. 2004. "IPO and the Non-Statutory
Tax Preference." >i>Quarterly Economic Journal>/i> 2: 133-48.
] [ 20 Wang, Yanming.
2003. "The Relations Between Income Tax Burden and Size, Area, and
Industry." >i>Guide to Securities Market>/i> 3: 41-49.
] [ 21 Wilkie, P. 1988.
"Corporate Average Effective Tax Rates and Inferences About the Relative
Tax Preference." >i>Journal of the American Taxation Association>/i> 10,
no. 1: 75-88. ] [ 22
Wilkie, P.J., and S.T. Limberg. 1990. "The Relationship
Between Firm Size and Effective Tax Rate: A Reconciliation of Zimmerman
(1983) and Porcano (1986)." >i>Journal of American Taxation
Association>/i> 11: 76-91. ] [
23 Wooldridge J.M. 2000. >i>Introductory
Econometrics: A Modern Approach.>/i> Cincinnati: South-Western College
Publishing. ] [ 24
Yang, Zhigang, Ding Ling, and Bingzhen Wu. 2000. "Positive
Research on Value Added Tax and Income Tax." >i>Economic Research>/i> 12:
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Zimmerman, J. 1983. "Tax and Firm Size." >i>Journal of
Accounting and Economics>/i> 5, no. 2: 119-49. ]
Handle: RePEc:mes:chinec:v:40:y:2007:i:6:p:49-67
Template-Type: ReDIF-Article 1.0
Author-Name: Zhong-Ren Peng
Author-X-Name-First: Zhong-Ren
Author-X-Name-Last: Peng
Author-Name: Yi Zhu
Author-X-Name-First: Yi
Author-X-Name-Last: Zhu
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Mobility of the Chinese Urban Poor: A Case Study of Hefei City
Abstract:
In an environment of rapid economic development with rising incomes,
escalating motorization, and growing urbanization, it is natural that
government policies focus on solving congestion-related problems caused by
increased car ownership and usage. The mobility needs of the urban poor
have traditionally been neglected in policy and in practice, particularly
in developing countries. This article addresses the mobility challenges
facing the urban poor and is based on a household travel survey in the
city of Hefei in China. First we present the travel behaviors,
transportation costs, and commuting problems of the urban poor. Then we
discuss urban transportation-policy implications and examine the
prevailing trends of urban transportation policies and plans in Chinese
cities. Policy recommendations are suggested to improve the mobility needs
of the urban poor.
Journal: Chinese Economy
Pages: 36-57
Issue: 1
Volume: 41
Year: 2008
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2844617706176212
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X-Bibl:
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[ 5 Bureau of Statistics of
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Bureau of Statistics of Shanghai. 2005. >i>Shanghai
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ning/tf2006/documents/transport%20papers/tp-3_affordability_final.pdf>/a><
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China Academy of Engineering and National Research Council. 2003.
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Chinese Academy of Engineering, Chinese Academy of Sciences,
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documents/other%20useful%20material/Wuhan.pdf>/a> ]
[ 13 Gakenheimer, R. 1999.
"Urban Mobility in the Developing World." >i>Transportation Research A>/i>
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[ 23 Li, Yinsheng. 2001.
>i>Transformation of Social Insurance and Social Structure.>/i> Beijing:
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] [ 25 Liu, S., X. Li,
and M. Zhang. 2003. >i>Scenario Analysis on Urbanization and Rural-Urban
Migration in China.>/i> Interim Report IR-03-036, International Institute
for Applied System Analysis and Institute of Geographic Sciences and
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Lu, Zhigang, and Shunfeng Song. 2006. "Rural-Urban Migration and
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[ 29 Nanjing City
Transportation Planning Institute. 2004. >i>Nanjing Annual Urban
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(NBS). 2005. >i>China Statistical Yearbook 2004.>/i> Beijing: China
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46 Zhou, H., D. Sperling, M. Delucchi, and
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Climate Change. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:1:p:36-57
Template-Type: ReDIF-Article 1.0
Author-Name: Jinlan Ni
Author-X-Name-First: Jinlan
Author-X-Name-Last: Ni
Author-Name: Miaomiao Yu
Author-X-Name-First: Miaomiao
Author-X-Name-Last: Yu
Title: Testing the Pecking-Order Theory: Evidence from Chinese Listed Companies
Abstract:
The pecking-order theory of capital structure, which predicts that firms
prefer internal to external finance, is one of the most influential
theories of corporate leverage. This article examines whether the
financial structure of China's listed companies follows a pecking order
from debt to equity. Using the entire cross-section sample of China's
listed companies in 2004, the authors find no evidence that China's listed
companies follow a pecking order when they need funds to finance
investment projects. Further subgroup analyses indicate that big companies
follow a pecking order and small and medium companies do not. These
results suggest that the Chinese capital market is still under
development. However, the large companies face a relatively looser
financing environment than the small ones.
Journal: Chinese Economy
Pages: 97-113
Issue: 1
Volume: 41
Year: 2008
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=AJH15K736R384665
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Allen, Franklin, Jun
Qian, and Meijun Qian. 2003. "Comparing China's Financial System."
>i>China Journal of Finance>/i> 1: 1-28. ] [
2 Bekier, Matthias M., Richard Huang,
and Gregory P. Wilson. 2005. "How to Fix China's Banking System?"
>i>McKinsey Quarterly>/i> 1. ] [
3 Chen Long and Zhao Xinlei. 2004. "The
Modified Pecking Order Theory: New Empirical Evidence from Corporate
Financing Decisions." Working paper, Social Science Research
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Chiu Chien-Liang, Lee Mingchih, and Chen Chun-Da. 2005. "Removal
of an Investment Restriction: The âBâ Share Experience from China's
Stock Markets." >i>Applied Financial Economics>/i> 15: 273-85.
] [ 5 Chirinko,
Robert S., and Anuja R. Singha. 2000. "Testing Static Tradeoff Against
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of Financial Economics>/i> 58, no. 3: 417-25. ]
[ 6 Frank, Murray Z., and Vidhan
K. Goyal. 2003. "Testing the Pecking Order Theory of Capital Structure."
>i>Journal of Financial Economics>/i> 67: 217-48. ]
[ 7 Hodgson, Glen. 2004. "Can
China's Banking System Be Reformed?" >i>Trade Finance>/i>
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Huang, Alan G., and Hung-Gay Fung. 2005. "Floating the
Nonfloatables in China's Stock Market." >i>Emerging Markets Finance and
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9 Huang, Samuel G. H., and Frank M. Song.
2006. "The Determinants of Capital Structure: Evidence from China."
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[ 10 Ji, Chen, and Stephen
Thomas. 2005. "China's Bond Market Matures, Slowly." >i>China Business
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13 Myers, Stewart C., and Nicholas S.
Majluf. 1984. "Corporate Financing and Investment Decisions When Firms
Have Information the Investors Do Not Have." >i>Journal of Financial
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14 National Bureau of Statistics (NBS).
1996-2005. >i>China Statistical Yearbook.>/i> Beijing: China Statistics
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Shyam-Sunder, Lakshmi, and Stewart C. Myers. 1999. "Testing
Static Trade-off Against Pecking Order Models of Capital Structure."
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[ 16 Taggart, R. 1977. "A Model
of Corporate Financing Decisions." >i>Journal of Finance>/i> 32, no. 5:
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Tong, Guanqun, and Christopher J. Green. 2005. "Pecking Order or
Trade-off Hypothesis? Evidence on the Capital Structure of Chinese
Companies." >i>Applied Economics>/i> 37: 2179-89. ]
[ 18 Zoppa, Adrian, and Richard
G. P. McMahon. 2001. "Pecking Order Theory and the Financial Structure of
Manufacturing SMEs from Australia's Business Longitudinal Survey." Working
paper 02-1, School of Commerce. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:1:p:97-113
Template-Type: ReDIF-Article 1.0
Author-Name: Zelai Xu
Author-X-Name-First: Zelai
Author-X-Name-Last: Xu
Author-Name: Nong Zhu
Author-X-Name-First: Nong
Author-X-Name-Last: Zhu
Title: Urban Growth Determinants in China
Abstract:
This article examines the determinants of Chinese city population growth
in the 1990s. In this decade, the Chinese government continued to loosen
the restriction on rural/urban migration. The consequent rural exodus was
accompanied by rapid urban population growth. However, cities of different
sizes did not grow at the same rate. Urban literature suggests that
city-population growth is determined by some urban characteristics, mainly
initial size, economic performance, and geographical factors. Using panel
data of Chinese prefecture- and province-level cities over the period
1990-2000, we examine how the subsequent population growth of cities is
determined by their initial characteristics. Empirical results show that
initial size, neighbor effect, and economic performance are the main
factors affecting city population growth. Smaller cities grow faster than
larger cities; gross domestic product per capita level and the degree of
openness both exert a positive effect on growth rate. Finally, neighbors'
impact on city growth has a quadratic shape.
Journal: Chinese Economy
Pages: 7-35
Issue: 1
Volume: 41
Year: 2008
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D06RK402474R2550
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X-Bibl:
[ 1 Anderson, G., and Y.
Ge. 2005. "The Size Distribution of Chinese Cities." >i>Regional Science
and Urban Economics>/i> 35: 756-76. ] [
2 Arellano, M., and S. Bond. 1991. "Some
Tests of Specification for Panel Data: Monte Carlo Evidence and an
Application to Employment Equations." >i>Review of Economic Studies>/i>
58, no. 2: 277-97. ] [ 3
Aubert, C. 1995. "Exode rural, exode agricole en Chine, la
grande mutation?" >i>Espace, Populations, Sociétés>/i> 2:
231-45. ] [ 4
Barro, R. J., and X. Sala-i-Martin. 1992. "Convergence."
>i>Journal of Political Economy>/i> 100, no. 2 (April): 223-51.
] [ 5 Beeson, P.
E., and D. N. DeJong. 2000. "Divergence." Working Paper, University of
Pittsburgh. ] [ 6
Beeson, P. E., D. N. DeJong, and W. Troeskan. 2001. "Population
Growth in U. S. Counties, 1840-1990." >i>Regional Science and Urban
Economics>/i> 31, 669-700. ] [
7 Black, D., and V. Henderson. 1999.
"Spatial Evolution of Population and Industry." >i>American Economic
Review>/i> 89, no. 2: 321-27. ] [
8 Black, D., and V. Henderson. 2003. "Urban
Evolution in the USA." >i>Journal of Economic Geography>/i> 3:
343-72. ] [ 9
Blundell, R., and S. Bond. 1998. "Initial Conditions and Moment
Restrictions in Dynamic Panel Data Models." >i>Journal of Econometrics>/i>
87, no. 1: 115-43. ] [ 10
Brakman, S., H. Garretsen, and M. Schramm. 2002. "The
Strategic Bombing of German Cities During WWII and Its Impact on City
Growth." CESifo Working Paper No. 808 (November), CESifo,
Munich. ] [ 11
Chang, K. S. 1994. "Chinese Urbanization and Development Before
and After Economic Reform: A Comparative Reappraisal." >i>World
Development>/i> 22, no. 4: 601-13. ] [
12 Dobkins, L., and Y. Ioannides. 2000.
"Dynamic Evolution of the U. S. City Size Distribution." In >i>Economics
of Cities>/i>, ed. J. M. Huriot and J. F. Thisse, 217-60. Cambridge:
Cambridge University Press. ] [
13 Eberts, R. W., and D. P. McMillen. 1999.
"Agglomeration Economics and Urban Public Infrastructure." In >i>Handbook
of Regional and Urban Economics>/i>, vol. 3, ed. E. S. Mills and P.
Cheshire. Amsterdam: Elsevier-North Holland. ]
[ 14 Fujita M., P. Krugman, and
A. J. Venables. 1999. >i>The Spatial Economy: Cities, Regions, and
International Trade.>/i> Cambridge: MIT Press. ]
[ 15 Gabaix, X., and Y.
Ioannides. 2004. "The Evolution of City Size Distribution." In >i>Handbook
of Urban and Regional Economics 4: Cities and Geography>/i>, ed. V.
Henderson and J. F. Thisse. Amsterdam: Elsevier-North Holland.
] [ 16 Glaeser, E.
L., and J. Shapiro. 2001. "Is There a New Urbanism? The Growth of U. S.
Cities in the 1990s." Discussion Paper No. 1925, Harvard Institute of
Economic Research. ] [ 17
Glaeser, E. L., J. A. Scheinkman, and A. Shleifer. 1995.
"Economic Growth in a Cross-section of Cities." >i>Journal of Monetary
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18 Harris, J., and M. P. Todaro. 1970.
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21 Kojima, R. 1995. "Urbanization in China."
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[ 22 Kojima, R. 1996. "Breakdown
of China's Policy of Restricting Population Movement." >i>The Developing
Economies>/i> 34, no. 4: 370-401. ] [
23 Krugman, P. 1991. "Increasing Returns and
Economic Geography." >i>Journal of Political Economy>/i> 99, no. 3:
483-99. ] [ 24
Krugman, P. 1993. >i>Geography and Trade.>/i> Cambridge: MIT
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China.>/i> Beijing: China Statistics Press. ]
[ 27 National Bureau of
Statistics (NBS). Various years. >i>Xin Zhongguo chengshi wushi nian>/i>
(Fifty years of Chinese cities). Beijing: China Statistics
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nianjian>/i> (Yearbook of Chinese cities). Beijing: China Statistics
Press. ] [ 29
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nianjian>/i> (Yearbook of Chinese statistics). Beijing: China Statistics
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Rappaport, J. 1999. "Why Are Population Flows So Persistent?"
Working Paper, Federal Reserve Bank of Kansas City. ]
[ 31 Rappaport, J., and D.
Sacks. 2003. "The U. S. as a Coastal Nation." >i>Journal of Economic
Growth>/i> 8: 5-46. ] [
32 Small, K. A. 1999. "Urban
Transportation." In >i>Handbook of Regional and Urban Economics 3>/i>, ed.
E. S. Mills and P. Cheshire. Amsterdam: Elsevier-North Holland.
] [ 33 Song, S.,
and K. H. Zhang. 2002. "Urbanization and City Size Distribution in China."
>i>Urban Studies>/i> 39, no. 12: 2317-27. ] [
34 United Nations. 2004. >i>World
Urbanization Prospects: 2003 Revision.>/i> New York: United
Nations. ] [ 35
Williamson, J. G. 1988. "Migration and Urbanization." In
>i>Handbook of Development Economics 1>/i>, ed. H. Cenery and T. N.
Srinivasan. Amsterdam: Elsevier Science. ] [
36 Wu, H. X. 1994. "Rural to Urban
Migration in the People's Republic of China." >i>China Quarterly>/i>
(September): 669-72. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:1:p:7-35
Template-Type: ReDIF-Article 1.0
Author-Name: Aimin Chen
Author-X-Name-First: Aimin
Author-X-Name-Last: Chen
Author-Name: Ping Li
Author-X-Name-First: Ping
Author-X-Name-Last: Li
Title: The Formation, Restructuring, and Performance of Chinese Enterprise Groups: The Case of Liaoning Province
Abstract:
This study examines in detail the role of the government in the process of
top-down formation of China's enterprise groups and the subsequent
restructuring and performance of these groups, based on sets of data from
Liaoning province. The authors find that the groups were fairly successful
in separating supplementary units from the principal, but less so in
ownership diversification and organizational restructuring, and that,
contrary to the hope of the government, the enterprise groups as a whole
had a declined profit performance despite growing larger in assets, value
added, and sales revenues. The factors that may have contributed to the
profit decline are analyzed.
Journal: Chinese Economy
Pages: 72-96
Issue: 1
Volume: 41
Year: 2008
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J55822NG2U851715
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X-Bibl:
[ 1 Broadman, G. Harry.
1999. "The Chinese State As Corporate Shareholder." >i>Finance &
Development>/i> (September): 52-55. ] [
2 Chen, Aimin. 2002. "The Structure of
Chinese Industry and the Impact from China's WTO Entry." >i>Comparative
Economic Studies>/i> (Spring): 72-98. ] [
3 Foundation of Chinese Economic Reform
Research. 1999. >i>The Experiences of Growth: Case Study of Chinese Large
Well-Performing Enterprises.>/i> Shanghai: Far East Press.
] [ 4 Hart, Oliver.
1995. >i>Firm, Contract and Financial Structure.>/i> Oxford: Oxford
University Press. ] [ 5
Jefferson, Gary, G. Z. Albert Hu, Xiaojing Guan, and
Xiaoyun Yu. 2003. "Ownership, Performance, and Innovation in China's Large
and Medium-Size Industrial Enterprise Sector." >i>China Economic
Review>/i> 14, no. 1 (March): 89-113. ] [
6 Keister, Lisa. 1998. "Engineering
Growth: Business Group Structure and Firm Performance in China's
Transition Economy." >i>American Journal of Sociology>/i> 104, no. 2
(September): 404-40. ] [
7 Lee, Keun, and Donghoon Hahn. 2003.
"Market Competition, Plan Constraints, and Asset Diversion in the
Enterprise Groups in China." Working paper, Seoul National
University. ] [ 8
Liaoning Province. 2000. >i>Liaoning Statistical Yearbook.>/i>
Shenyang: China Statistics Press. ] [
9 Liaoning Province Economic and Trade
Commission. 1997a. >i>Background Materials on Establishing Enterprise
Groups in Liaoning Province.>/i> ] [
10 Liaoning Province Economic and Trade
Commission. 1997b. Series of reports on >i>Establishing Enterprise
Groups.>/i> ] [ 11
Liaoning Province Economic and Trade Commission. 1999.
>i>Information and Statistics.>/i> ] [
12 National Bureau of Statistics (NBS).
2001. "China Enterprise Groups Not So Enterprising," available at >a
target="_blank"
href='http://www.chinaonline.com/issues/econ_news/newsArchive/cs-protected
/2001/January/B200122918.asp'>www.chinaonline.com/issues/econ_news/newsArc
hive/cs-protected/2001/January/B200122918.asp>/a> ]
[ 13 Nolan, Peter, and Godfrey
Yeung. 2001. "Big Business with Chinese Characteristics: Two Paths to
Growth of the Firm in China Under Reform." >i>Cambridge Journal of
Economics>/i> (July): 443-65. ] [
14 North, Douglass. 1996. "Institutions,
Organization, and Market Competition." Working paper, Washington
University. ] [ 15
Picot, Gerhard, ed. 2002. >i>Handbook of International Mergers
and Acquisitions: Preparation Implementation and Integration.>/i> New
York: Palgrave Macmillan. ] [
16 Watanabe, Mariko. 2002. "Holding Company
Risk in China: A Final Step of State-Owned Enterprises Reform and an
Emerging Problem of Corporate Governance." >i>China Economic Review>/i>
13, no. 4 (December): 373-81. ] [
17 Weston, Fred, K. S. Chung, and J. A. Siu.
1998. >i>Takeovers, Restructuring, and Corporate Governance.>/i> Upper
Saddle River, NJ: Prentice Hall. ] [
18 Williamson, Oliver. 1975. >i>Market and
Hierarchies: Analysis and Antitrust Implication.>/i> New York: Free
Press. ] [ 19
Yue, Qifeng, ed. 1992. >i>Dictionary of Economic Events in
Liaoning.>/i> Shenyang: People's Press. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:1:p:72-96
Template-Type: ReDIF-Article 1.0
Author-Name: Lan Liu
Author-X-Name-First: Lan
Author-X-Name-Last: Liu
Title: Gender Difference of Health Status in the Aging Population of Urban China
Abstract:
We used data from the Sample Survey of the Aged Population in China in
2000 to investigate and compare the health status of the elderly
population. We found differences between male and female elderly
concerning health status. First, chronic disease and disability rates are
higher for females than for males. Second, the female elderly report worse
health than males while controlling for lifestyle and social variables.
Third, the health expectancy of the female elderly is longer than that of
males, although the former have a smaller proportion of healthy status
than the latter.
Journal: Chinese Economy
Pages: 58-71
Issue: 1
Volume: 41
Year: 2008
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RP6V65448KL68749
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Anderson, J. A. 1984.
"Regression and Ordered Categorical Variables." >i>Journal of the Royal
Statistical Society>/i>, Series B (Methodological) 46, no. 1:
1-30. ] [ 2
Annandale, E., and K. Hunt. 1990. "Masculinity, Femininity, and
Sex: An Exploration of Their Relative Contribution to Explaining Gender
Differences in Health." >i>Sociology of Health and Illness>/i> 12:
24-39. ] [ 3
Arber, S., and H. Cooper. 1999. "Gender Differences in Health in
Later Life: The New Paradox?" >i>Social Science and Medicine>/i> 48:
61-76. ] [ 4
Connelly, J. E., J. T. Philbrick, R. Smith, D. L. Kaiser, and A.
Wymer. 1989. "Health Perceptions of Primary Care Patients and the
Influence on Health Care Utilization." >i>Medical Care>/i> 27
(supplement): 99-109. ] [
5 Gerdtham, U.-G., and M. Johannesson. 1999.
"New Estimates of the Demand for Health: Results Based on a Categorical
Health Measure and Swedish Micro Data." >i>Social Science and Medicine>/i>
49: 1325-32. ] [ 6
Gerdtham, U.-G., M. Johannesson, and B. Jönsson. 2002. "The
Determinants of Health in Sweden." In >i>Individual Decisions for
Health>/i>, ed. B. Lindgren, 113-27. London; New York:
Routledge. ] [ 7
Gerdtham, U.-G., M. Johannesson, L. Lundberg, and D. Isacson.
1999. "The Demand for Health: Results from New Measures of Health
Capital." >i>European Journal of Political Economy>/i> 15:
501-21. ] [ 8
Idler, E. L., and S. Kasl. 1991. "Health Perceptions and
Survival: Do Global Evaluations of Health Status Really Predict
Mortality?" >i>Journal of Gerontology>/i> 46: 555-65.
] [ 9 Kaplan, G. A.,
and T. Camacho. 1983. "Perceived Health and Mortality: A Nine-Year
Follow-Up of the Human Population Laboratory Cohort." >i>American Journal
of Epidemiology>/i> 117: 292-304. ] [
10 Nocera, S., and P. Zweifel. 1998. "The
Demand for Health: An Empirical Test of the Grossman Model Using Panel
Data." In >i>Health, the Medical Profession, and Regulation>/i>, ed. P.
Zweifel, 35-49. Dordrecht: Kluwer Academic. ]
[ 11 Orfila, F., M. Ferrer, R.
Lamarca, C. Tebe, A. Domingo-Salvany, and J. Alonso. 2006. "Gender
Differences in Health-Related Quality of Life Among the Elderly: The Role
of Objective Functional Capacity and Chronic Conditions." >i>Social
Science and Medicine>/i> 63: 2367-80. ] [
12 Sanders, B. S. 1964. "Measuring
Community Health Levels." >i>American Journal of Public Health>/i> 54:
1063-70. ] [ 13
Sullivan, D. F. 1971. "A Single Index of Mortality and
Morbidity." >i>HSMHA Health Report>/i> 86: 347-54. ]
[ 14 Wang Mei. 1997. "Longer
Life Is Not Equal to Healthier Life." Ph.D. dissertation, Renmin
University of China. ] [
15 Wannamethee, G., and A. G. Shaper. 1991.
"Self-Assessment of Health Status and Mortality in Middle-Aged British
Men." >i>International Journal of Epidemiology>/i> 20: 239-45.
]
Handle: RePEc:mes:chinec:v:41:y:2008:i:1:p:58-71
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 1
Volume: 41
Year: 2008
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V6P3323038231883
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 National Bureau of
Statistics (NBS). 2005. >i>China Statistical Yearbook.>/i> Beijing: China
Statistics Press. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:1:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 41
Year: 2008
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0850224016326W5K
File-Format: text/html
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Handle: RePEc:mes:chinec:v:41:y:2008:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Babu G. Baradwaj
Author-X-Name-First: Babu G.
Author-X-Name-Last: Baradwaj
Author-Name: Susan Flaherty
Author-X-Name-First: Susan
Author-X-Name-Last: Flaherty
Author-Name: Joanne Li
Author-X-Name-First: Joanne
Author-X-Name-Last: Li
Title: Are Chinese Banks Positioned to Compete in the Post-WTO Environment?
Abstract:
With the full liberalization of Chinese markets in 2007 due to China's
membership in the World Trade Organization (WTO), Chinese banks are
receiving more attention than ever on their readiness to compete with
established foreign banks. We provide an explorative study to compare
Chinese banks with U. S. banks in terms of bank size, growth rate,
liquidity risk, profitability, efficiency, and capital adequacy. We
believe that the Chinese banking reforms started in 1998 have achieved
moderate success in preparing the Chinese banks to enter the international
arena.
Journal: Chinese Economy
Pages: 56-75
Issue: 2
Volume: 41
Year: 2008
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=10607437Q6X114X0
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X-Bibl:
[ 1 Achhorner, Thomas,
Johnson Chng, Holger Michaelis, and Tjun Tang. 2006. "Banking on China:
Successful Strategies for Foreign Entrants." Boston Consulting Group.
Available at >a target="_blank"
href='http://www.bcg.com/publications/files/Banking_on_China_Successful_St
rategies_May06.pdf'>www.bcg.com/publications/files/Banking_on_China_Succes
sful_Strategies_May06.pdf>/a> ] [
2 Bank for International Settlements, Basel
Committee on Banking. 1988. "International Convergence of Capital
Measurement and Capital Standards." Available at >a target="_blank"
href='http://www.bis.org/publ/bcbsc111.htm'>www.bis.org/publ/bcbsc111.htm>
/a> ] [ 3
Bank for International Settlements, Basel Committee on Banking.
2006. "International Convergence of Capital Measurements and Capital
Standards." Available at >a target="_blank"
href='http://www.bis.org/publ/bcbs128a.pdf'>www.bis.org/publ/bcbs128a.pdf>
/a> ] [ 4
Leung, M. K., and Ricky Y. K. Chan. 2006. "Are Foreign Banks
Sure Winners in Post-WTO China?" >i>Business Horizons>/i> 49:
221-34. ] [ 5
Lo, Chi. 2006. "Chinese Bank Report Card." >i>International
Economy>/i> (Spring): 52. ] [
6 Ma, Guonan. 2006. "Sharing China's Bank
Restructuring Bill." >i>China & World Economy>/i> 14, no. 3:
19-37. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:2:p:56-75
Template-Type: ReDIF-Article 1.0
Author-Name: Haiwei Chen
Author-X-Name-First: Haiwei
Author-X-Name-Last: Chen
Author-Name: James Chong
Author-X-Name-First: James
Author-X-Name-Last: Chong
Author-Name: Changjiang Lu
Author-X-Name-First: Changjiang
Author-X-Name-Last: Lu
Author-Name: Kemin Wang
Author-X-Name-First: Kemin
Author-X-Name-Last: Wang
Title: The Effectiveness of Regulatory Policy Changes on the Volatility Dynamics of the Chinese Stock Markets
Abstract:
We investigate the effectiveness of two recent regulatory policy changes
on the volatility dynamics of the Chinese A- and B-share markets. The
opening of the B-share market to domestic Chinese investors significantly
increases the dynamic conditional correlation between the two markets.
Results from the GJR (Glosten, Jagannathan, and Runkle) model with dummy
variables and the Markov switching model of Hamilton (1994) indicate a
shift to a low-volatility regime in the B-share market. However, the
subsequent opening of the A-share market to foreign investors has no
measurable effect on volatility.
Journal: Chinese Economy
Pages: 5-23
Issue: 2
Volume: 41
Year: 2008
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8675832025844312
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bekaert, G., and C.
Harvey. 2002. "Research in Emerging Markets Finance: Looking to the
Future." >i>Emerging Markets Review>/i> 3: 429-48. ]
[ 2 Bollerslev, T. 1986.
"Generalized Autoregressive Conditional Heteroscedasticity." >i>Journal of
Econometrics>/i> 31: 307-27. ] [
3 Brooks, R., and V. Ragunathan. 2003.
"Returns and Volatility on the Chinese Stock Markets." >i>Applied
Financial Economics>/i> 13: 747-52. ] [
4 Chan, K. C., H.-G. Fung, and S. Thapa.
2007. "China Financial Research: A Review and Synthesis." >i>International
Review of Economics and Finance>/i> 16: 416-28. ]
[ 5 Chelley-Steeley, P., and W.
Qian. 2005. "Testing for Market Segmentation in the A- and B-Share Markets
of China." >i>Applied Financial Economics>/i> 15: 791-802.
] [ 6 Chen, G. M., B.
S. Lee, and O. Rui. 2001. "Foreign Ownership Restrictions and Market
Segmentation in China's Stock Markets." >i>Journal of Financial
Research>/i> 24: 133-55. ] [
7 Chiu, C. L., M. Lee, and C. D. Chen. 2005.
"Removal of an Investment Restriction: The B-Share Experience from China's
Stock Markets." >i>Applied Financial Economics>/i> 15: 273-85.
] [ 8 Engle, R. F.,
and G. G. J. Lee. 1999. "A Long-Run and Short-Run Component Model of Stock
Return Volatility." In >i>Cointegration, Causality and Forecasting>/i>,
ed. R. F. Engle and H. White, pp. 475-97. Oxford: Oxford University
Press. ] [ 9
Engle, R. F., and K. Sheppard. 2001. "Theoretical and Empirical
Properties of Dynamic Conditional Correlation Multivariate GARCH." Working
paper, University of California, San Diego. ]
[ 10 Fama, E. 1998. "Market
Efficiency, Long-Term Returns, and Behavioral Finance." >i>Journal of
Financial Economics>/i> 49: 283-306. ] [
11 Glosten, L. R., R. Jagannathan, and D.
E. Runkle. 1993. "On the Relation Between the Expected Value and the
Volatility of the Nominal Excess Return on Stocks." >i>Journal of
Finance>/i> 48: 1779-801. ] [
12 Granger, C. 1969. "Investigating Causal
Relations by Econometric Models and Cross-Spectral Methods."
>i>Econometrica>/i> 37: 423-38. ] [
13 Hamilton, J. 1994. >i>Time Series
Analysis>/i>. Princeton: Princeton University Press. ]
[ 14 He, Y., C. Wu, and Y.
M. Chen. 2003. "An Explanation of the Volatility Disparity Between the
Domestic and Foreign Shares in the Chinese Stock Markets."
>i>International Review of Economics and Finance>/i> 12: 171-86.
] [ 15 Huang, W.
C., and Y. Zhu. 2004. "Are Shocks Asymmetric to Volatility of Chinese
Stock Markets?" >i>Review of Pacific Basin Financial Markets and
Policies>/i> 7: 379-95. ] [
16 Kearney, C., and B. Lucey. 2004.
"International Equity Market Integration: Theory, Evidence and
Implications." >i>International Review of Financial Analysis>/i> 13:
571-83. ] [ 17
Laurence, M., F. Cai, and S. Qian. 1997. "Weak-Form Efficiency
and Causality Tests in Chinese Stock Markets." >i>Multinational Finance
Journal>/i> 1: 291-307. ] [
18 Su, D., and B. Fleisher. 1999. "Why Does
Return Volatility Differ in Chinese Stock Markets?" >i>Pacific Basin
Finance Journal>/i> 7: 557-86. ] [
19 Yang, J. 2003. "Market Segmentation and
Information Asymmetry in Chinese Stock Markets: A VAR Analysis."
>i>Financial Review>/i> 38: 591-609. ] [
20 Yeh, Y., and T. Lee. 2000. "The
Interaction and Volatility Asymmetry of Unexpected Shocks in Greater China
Stock Markets." >i>Global Finance Journal>/i> 11: 129-49.
]
Handle: RePEc:mes:chinec:v:41:y:2008:i:2:p:5-23
Template-Type: ReDIF-Article 1.0
Author-Name: Zhen Wang
Author-X-Name-First: Zhen
Author-X-Name-Last: Wang
Author-Name: Chao Chen
Author-X-Name-First: Chao
Author-X-Name-Last: Chen
Author-Name: Zhenhai Liu
Author-X-Name-First: Zhenhai
Author-X-Name-Last: Liu
Title: The Linkage Between the Fuel Oil Markets of Singapore and China
Abstract:
We examine the linkage between the Singapore and China fuel oil markets
using cointegration and Granger causality tests. We find that the
Singapore fuel oil spot price is positively correlated with the Shanghai
fuel oil futures price and the Huangpu fuel oil spot price. The
correlations are as high as 97.65 percent and 98.31 percent, respectively.
The cointegration exists between the Singapore fuel oil price and the
Shanghai and Huangpu fuel oil prices. The causality test shows that prices
in Singapore and those in Shanghai and Huangpu are interrelated. In
general, there is a strong linkage between the Singapore and China fuel
oil markets.
Journal: Chinese Economy
Pages: 76-83
Issue: 2
Volume: 41
Year: 2008
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=971012P100J42N56
File-Format: text/html
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X-Bibl:
[ 1 Campbell, John, and
Robert Shiller. 1987. "Cointegration and Tests of Present Value Models."
>i>Journal of Political Economy>/i> 9, no. 5: 1062-88.
] [ 2 Engle, Robert,
and Clive Granger. 1987. "Cointegration and Error Correction,
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Cointegration Analysis of Treasury Bill Yields." >i>Review of Economics
and Statistics>/i> 74: 116-26. ] [
4 Hu Zheng. 1993. >i>Oil Market and Oil
Futures Trading.>/i> Beijing: Petroleum Industry Press (in
Chinese). ] [ 5
Hu Zheng and Li Hui. 2002. "The Influence of the Singapore Fuel
Oil Market on China." >i>International Petroleum Economy>/i> 10: 15-18 (in
Chinese). ] [ 6
Jiang Yang, Chu Juehai, and Li Hui. 2004. >i>Petroleum Futures
Trading>/i> Beijing: China Finance Press (in Chinese).
] [ 7 Johansen, Søren.
1988. "Statistical Analysis of Cointegration Vectors." >i>Journal of
Economic Dynamic and Control>/i> 12: 231-54. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:2:p:76-83
Template-Type: ReDIF-Article 1.0
Author-Name: Fang Huang
Author-X-Name-First: Fang
Author-X-Name-Last: Huang
Author-Name: Jun Su
Author-X-Name-First: Jun
Author-X-Name-Last: Su
Author-Name: Terence Tai-Leung Chong
Author-X-Name-First: Terence Tai-Leung
Author-X-Name-Last: Chong
Title: Testing for Structural Change in the Nontradable Share Reform of the Chinese Stock Market
Abstract:
We test for structural change in the Chinese stock-price level caused by
the nontradable share (NTS) reform. Using the net-of-market-trend
stock-price series, we found that the NTS reform drives stock prices up in
more than two-thirds of the cases. For the twenty-oneâday window, the
effect of the NTS reform is significant. Half of the stock prices have a
shift right after readmission. It is also found that stocks with
bonus-share distribution proportion between 15 percent and 20 percent are
more likely to have a downward shift in price than those with other
proportions.
Journal: Chinese Economy
Pages: 24-33
Issue: 2
Volume: 41
Year: 2008
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G030W6053K016164
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Andrews, D. W. K. 1993.
"Tests for Parameter Instability and Structural Change with Unknown Change
Point." >i>Econometrica>/i> 61: 821-56. ] [
2 Chong, T. T. L. 2001. "Structural
Change in AR(1) Models." >i>Econometric Theory>/i> 17: 87-155.
] [ 3 Chong, T. T.
L., and Q. Su. 2007. "Determining the Contribution to Price Discovery for
Chinese Cross-Listed Stocks." >i>Pacific-Basin Finance Journal>/i> 15:
140-53. ] [ 4
Chong, T. T. L., and Q. Su. 2006. "On the Comovement of A and H
Shares." >i>The Chinese Economy>/i> 39, no. 5: 68-86.
] [ 5 Mookerjee, R.,
and Q. Yu. 1999. "An Empirical Analysis of the Equity Markets in China."
>i>Review of Financial Economics>/i> 8: 41-60. ]
[ 6 Tian, G. G., G. H. Wan, and
M. Guo. 2002. "Market Efficiency and the Returns to Simple Technical
Trading Rules: New Evidence from U. S. Equity Market and Chinese Equity
Markets." >i>Asia-Pacific Financial Markets>/i> 9: 241-58.
] [ 7 Zhang, B. 2003.
"Testing Speculative Bubbles in the Chinese Stock Market." >i>U. S.-China
Business Review>/i> 3, no. 4: 28-36. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:2:p:24-33
Template-Type: ReDIF-Article 1.0
Author-Name: Winnie P.H. Poon
Author-X-Name-First: Winnie P.H.
Author-X-Name-Last: Poon
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: The Effects of Credit Ratings on Stock Returns in China
Abstract:
Domestic credit-rating agencies in China have been criticized for having
no effect on the decisions of investors. We examine whether credit ratings
and rating outlooks of the listed companies that are assigned by Chinese
rating agencies have any effect on their stock returns. We use the pooled
time-series cross-sectional issuer-rating data of 160 companies that are
listed on the Shanghai and Shenzhen stock exchanges from XinhuaâFar East
China Credit Ratings (a Hong Kongâbased credit-ratings agency) for 2002
to 2004. Using a simultaneous equation model, we offer new insights into
the determinants of Chinese credit ratings and whether credit ratings
affect stock returns. The results suggest that profitability, debt
structure, firm size, and past stock performance are important factors in
determining Chinese credit ratings and rating outlooks. The model shows
that credit ratings and the stock performance of the rated companies
simultaneously influence each other. Chinese credit ratings are important
to the stock returns of the rated issuers in China. Our empirical results
provide preliminary evidence that contrasts the conceptual argument that
credit ratings in China are not important to investors.
Journal: Chinese Economy
Pages: 34-55
Issue: 2
Volume: 41
Year: 2008
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q13406123U668610
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Asian Development Bank
Institute (ADBI). 2004. "The Role of Credit Agencies in Development."
>i>ADBI e-newsline>/i> (June 9). Available at >a target="_blank"
href='http://www.adbi.org/e-newsline/040609.html'>www.adbi.org/e-newsline/
040609.html>/a> ] [ 2
Baglole, J. 2004. "Chinese Credit Ratings: A Huge Leap of
Faith." >i>Far Eastern Economic Review>/i> (January 8): 39-42.
] [ 3 Barron, M. J.,
A. D. Clare, and S. H. Thomas. 1997. "The Effect of Bond Rating Changes
and New Ratings on UK Stock Returns." >i>Journal of Business Finance and
Accounting>/i> 24, no. 3: 497-509. ] [
4 Chan, Konan, and N. Jegadeesh. 2004.
"Market-Based Evaluation for Models to Predict Bond Ratings." >i>Review of
Pacific Basin Financial Markets and Policies>/i> 7: 153-92.
] [ 5 China Chengxin
Credit Management Co. (CCX). 2004. Available at >a target="_blank"
href='http://www.ccx.com.cn'>www.ccx.com.cn>/a> ]
[ 6 China Chengxin International
Credit Rating Co. (CCXI). 2004. Available at >a target="_blank"
href='http://www.ccxi.com.cn'>www.ccxi.com.cn>/a> ]
[ 7 >i>China Daily.>/i> 1998a.
"China: Nation's First Credit Rating JV Established," September 14.
Available at >a target="_blank"
href='http://www.lexisnexis.com/universe'>www.lexisnexis.com/universe>/a><
/BIBTEXT> ] [ 8
>i>China Daily.>/i> 1998b. "China: Rating Agencies Expect Boost from
Expanded Bond Market," September 21. Available at >a target="_blank"
href='http://www.lexisnexis.com/universe'>www.lexisnexis.com/universe>/a><
/BIBTEXT> ] [ 9
>i>China Daily.>/i> 2001. "Credit Rating System Growing," November 3.
Available at >a target="_blank"
href='http://www.lexisnexis.com/universe'>www.lexisnexis.com/universe>/a><
/BIBTEXT> ] [ 10
China Lianhe Credit Rating Co. (Lianhe). 2004. Available at >a
target="_blank"
href='http://www.lianheratings.com.cn'>www.lianheratings.com.cn>/a> ] [ 11 Dagong
Global Credit Rating Co. (Dagong). 2004. Available at www.dagongcredit.com
and >a target="_blank"
href='http://218.30.101.58/dagong/english'>http://218.30.101.58/dagong/eng
lish>/a> ] [ 12
Elayan, Fayez A., Brian A. Maris, and Philip J. Young. 1996.
"The Effect of Commercial Paper Rating Changes and Credit-Watch Placement
on Common Stock Prices." >i>Financial Review>/i> 31: 149-67.
] [ 13 Fitch Ratings
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International Credit Rating Co." Press release (Latest CDO/CDx Headlines),
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Flannery, R. 2004. "Xinhua Shares the Wealth." >i>Forbes
Magazine>/i> (February 9): 21. Available at >a target="_blank"
href='http://www.forbes.com/global'>www.forbes.com/global>/a>
] [ 15 Goh, Jeremy
C., and Louis H. Ederington. 1993. "Is a Bond Rating Downgrade Bad News,
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Hand, John M., Robert W. Holthausen, and Richard W. Leftwich.
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[ 17 Harrison, M. 2003.
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and Practice of Econometrics>/i>, 2d ed. New York: John Wiley and
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Kennedy, S. 2003. "China's Credit Rating Agencies Struggle for
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36-40. ] [ 21
Kennedy, S. 2004. "China's Languishing Credit-Rating Industry:
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Association for Asian Studies, San Diego, March 4-7. ]
[ 22 Kliger, Doron, and Oded
Sarig. 2000. "The Information Value of Bond Ratings." >i>Journal of
Finance>/i> 55, no. 6: 2879-902. ] [
23 Kumar, K., and J. D. Haynes. 2003.
"Forecasting Credit Ratings Using an ANN and Statistical Techniques."
>i>International Journal of Business Studies>/i> 11: 91-98.
] [ 24 Lunsford, P.
2004. "Credit Ratings in China Can Be Mere Guesswork."
CollectionIndustry.com, January 9. Available at >a target="_blank"
href='http://www.hkccma.com/forum_creditingguess.htm'>www.hkccma.com/forum
_creditingguess.htm>/a> ] [
25 Moody's Corporation (Moody's). 1999.
"Moody's and Dagong Credit Rating, China, Form Cooperative Agreement."
>i>Shareholder RelationsâNews Release>/i>, July 30, 1999.
] [ 26 People's Bank of
China (PBOC). 1997. "Announcement of PBOCâApproved Credit-Rating
Agencies of Corporate Bonds," December 16. China InfoBank Database,
accessed June 29, 2004 (in Chinese). ] [
27 Poon, P. H. Winnie, and Kam C. Chan.
2008. "An Empirical Examination of the Informational Content of Credit
Ratings in China." >i>Journal of Business Research>/i>,
forthcoming. ] [ 28
Shanghai Far East Credit Rating Co. (SFE). 2004. Available at
>a target="_blank"
href='http://www.fareast-cr.com'>www.fareast-cr.com>/a>
] [ 29 SinoCast China
Business Daily News (SinoCast). 2003. "Moody Settles Down in Beijing,"
April 9. ProQuest On-line Database, accessed October 16, 2003.
] [ 30 Standard &
Poor's Ratings Services (S&P). 2000. >i>Corporate Ratings Criteria>/i>.
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31 Standard & Poor's Ratings Services (S&P).
2003. "Corporate Governance in China." >i>Country Governance Study>/i>
(November). ] [ 32
Standard & Poor's Ratings Services (S&P). 2004. "S&P Long-Term
Issuer Credit Ratings Definitions." Available at >a target="_blank"
href='http://www2.standardandpoors.com/NASApp/cs/ContentServer?pagename=sp
/sp_article/ArticleTemplate&c=sp_article&cid=1021558138770'>www2.standarda
ndpoors.com/NASApp/cs/ContentServer?pagename=sp/sp_article/ArticleTemplate
&c=sp_article&cid=1021558138770>/a> ] [
33 Standard & Poor's Credit Training
Services (S&P CTS). 2000. >i>Corporate Credit Risk Analysis Training and
Reference Materials>/i>. ] [
34 State Council in China (State Council).
1993. "Regulations on the Management of Corporate Bonds," August 2. China
InfoBank Database, accessed July 7, 2003 (in Chinese).
] [ 35 United States
Securities and Exchange Commission (SEC). 2005. "Credit Rating Agencies:
NRSROs." Available at >a target="_blank"
href='http://www.sec.gov/answers/nrsro.htm'>www.sec.gov/answers/nrsro.htm>
/a> ] [ 36
Wang, Z. 2004. "Financial Ratio Selection for Default-Rating
Modeling: A Model-Free Approach and Its Empirical Performance." >i>Journal
of Applied Finance>/i> 14: 20-35. ] [
37 XinhuaâFar East China Credit Ratings
(XinhuaâFar East). 2003. "XinhuaâFar East China Credit Rating:
Pioneering Undertaking to Rank Credit Risks of Enterprises in China."
Rating methodology paper. ] [
38 Xinhua Finance Network (XFN). 2004.
Available at >a target="_blank"
href='http://www.xfn.com'>www.xfn.com>/a> ] [
39 Xinhua News Agency (Xinhua). 1999.
"Moody's Signs Cooperative Agreement with Chinese Rating Agency," July 30.
Available at >a target="_blank"
href='http://www.lexisnexis.com/universe'>www.lexisnexis.com/universe>/a><
/BIBTEXT> ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:2:p:34-55
Template-Type: ReDIF-Article 1.0
Author-Name: Shaozhuang Ma
Author-X-Name-First: Shaozhuang
Author-X-Name-Last: Ma
Author-Name: Virginia Trigo
Author-X-Name-First: Virginia
Author-X-Name-Last: Trigo
Title: Winning the War for Managerial Talent in China: An Empirical Study
Abstract:
The continuous growth of the Chinese economy for the past thirty years has
given rise to an increasing number of firms of all types operating in the
country. The educational system has not been able to produce sufficient
qualified professionals at the same rate, turnover is on the rise, and the
war for talent is intense. Under the circumstances, the best strategy for
a company wishing to compete in the market is to retain its existing
talent. How can this be achieved? What determines job satisfaction and
turnover intentions of the young generation of Chinese professionals in a
very dynamic labor market? These are the questions dealt with in this
study.
Journal: Chinese Economy
Pages: 34-57
Issue: 3
Volume: 41
Year: 2008
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5533K6WX0241P3X6
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Frederick E. Oct 1982. "A Tool for Evaluating and Controlling the
Management of Human Resources." >i>Personnel Administrator>/i> 27, no.
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Shi Wei. 2005. "The Empirical Research on Influencing Factors of
Employee's Turnover Intention in SOEs." >i>Jianghai Academic Journal>/i>
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62 Spector, Paul E. 1997. >i>Job
Satisfaction: Application, Assessment, Causes, and Consequences.>/i>
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64 Tashakkori, A., and C. Teddlie.
2003. "Major Issues and Controversies in the Use of Mixed Methods in
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and Behavioral Sciences>/i>, ed. A. Tashakkori and C. Teddlie, pp. 3-50.
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e o Mercadoâa Condição do Empresário na China.>/i> Lisbon:
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of HR Practices on the Performance of Business Units." >i>Human Resource
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1998. "Supply and Development of Executives and Middle Managers in China."
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] [ 71 Yui-Tim,
W., H-Y. Ngo, and C-S. Wong. 2002. "Affective Organizational Commitment of
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72 Zeffane, Rachid M. 1994. "Understanding
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Case in Guangdong." >i>Management World 9>/i> (in Chinese).
] [ 74 Zhang, L.L., and
Y.P. Xu. 2005. "Job Satisfaction and Turnover Intention of Chinese Private
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S.Z. Li. 2001. "Empirical Study on Employee's Job Satisfacton
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[ 76 Zhao, S.M. 1998. "The
HRM Under the Three Different Ownership Structures in China." >i>China
Industrial Economy>/i> 10: 61-66 (in Chinese). ]
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Different Ownership Structure." >i>Finance & Economics>/i> 4 (July/August)
(in Chinese). ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:3:p:34-57
Template-Type: ReDIF-Article 1.0
Author-Name: Shuming Zhao
Author-X-Name-First: Shuming
Author-X-Name-Last: Zhao
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 3
Volume: 41
Year: 2008
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CL16QJU8X4113047
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Zhao, Shuming. 2001.
>i>Research on Human Resource Management.>/i> Beijing: Renmin University
Press. ] [ 2
Zhao, Shuming. 2005. >i>International Business: Human Resource
Management.>/i> 3d ed. Nanjing: Nanjing University Press.
]
Handle: RePEc:mes:chinec:v:41:y:2008:i:3:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: John Hulpke
Author-X-Name-First: John
Author-X-Name-Last: Hulpke
Author-Name: Cubie Lau
Author-X-Name-First: Cubie
Author-X-Name-Last: Lau
Title: Business Ethics in China: A Human Resource Management Issue?
Abstract:
China is widely perceived as having a problem in business ethics. One view
holds that elements of Chinese culture tend to encourage unethical
business decisions. Another perspective says that China has business
ethics issues because its economy is in transition. The unclear rules of
the game create opportunity for business ethics problems. The large amount
of new wealth creates incentive to cut corners to get rich. Thus China,
perhaps more than more developed economies, is seen as having business
ethics problems. However, good business ethics help a society as a whole,
and some say that good ethics can be a source of competitive advantage for
an organization. Steps can be taken to improve Chinese business ethics at
the societal level, at the individual level, and, importantly for this
paper, at the organizational level. In addition to ethical leadership, we
believe that one key to improving ethics at the organizational level is
human resource management. Improvement can be made in the areas of
recruitment, selection, performance appraisal, performance management,
compensation, and benefits. Personnel policies can help ensure ethical
conduct within the organization.
Journal: Chinese Economy
Pages: 58-67
Issue: 3
Volume: 41
Year: 2008
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DJ51482144755117
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Buller, Paul, and Glenn
McEvoy. 1999. "Creating and Sustaining Ethical Capability in the
Multinational Corporation." In >i>Strategic Human Resource Management>/i>,
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"Phenomenon-Based Research." >i>European Journal of International
Management>/i> 1, no. 1: 23-38. ] [
3 Cheung, Fanny, K. Leung, Z.X. Zhang. H.F.
Sun, Y.Q. Gan, W.Z. Song, and D. Xie. 2001. "Indigenous Chinese
Personality Construct: Is the Five Factor Model Complete?" >i>Journal of
Cross-Cultural Psychology>/i> 32: 407-33. ] [
4 Chow, Irene. 2005. "The Impact of
Institutional Context on Human Resource Management in Three Chinese
Societies." >i>Employee Relations>/i> 26, no. 6: 626-42.
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2007. "Presidential Address: Quest for an Engaged Academy." >i>Academy of
Management Review>/i> 32, no. 2: 355-60. ] [
6 DeSimone, Randy L., and David M.
Harris. 1998. Human Resource Development. New York: Dryden
Press. ] [ 7
Farh, Larry. 1995. "Human Resource Management in Taiwan, the
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[ 8 Farh, Larry. 1998.
"Exploring Business Ethics in Chinese Societies: A Comparison of Mainland
China, Hong Kong, and Taiwan." In >i>A Sinyi Cultural Foundation Series:
The Management in Taiwan and China>/i>, ed. B.S. Cheng, K.K. Huang, and
C.C. Kuo, vol. 2, pp. 1-36. Taipei: Yuan-Lion (in Chinese).
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Hulpke, Aidan Kelly, and Cubie Lau. 2007. "Good Guanxi, Bad Guanxi?
Drawing the Line." In >i>Perspectives on International Corporate
Responsibility>/i>, ed. J. Hooker, J. Hulpke, and P. Madsen. International
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Consequences: International Differences in Work-Related Values.>/i>
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Culture.>/i> Lincolnwood, IL: Passport Books. ]
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1999. "Understanding Human Resource Management in the Context of
Organizations and Their Environments." In >i>Strategic Human Resource
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24 Wu, Xinwen. 1999. "Business Ethical
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]
Handle: RePEc:mes:chinec:v:41:y:2008:i:3:p:58-67
Template-Type: ReDIF-Article 1.0
Author-Name: Rujin Huang
Author-X-Name-First: Rujin
Author-X-Name-Last: Huang
Title: A Study of Chinese-Style Management in the Twenty-First Century
Abstract:
Management is a science imbued with practicality. Chinese society is
striving to maintain harmony while undergoing construction. This
unprecedented venture has enormous implications for management in the
broadest sense. Chinese-style management in the twenty-first century is
based on 5,000 years of history and culture in China. The He-he philosophy
is a basic guiding principle and an important historical model. He-he
management works on the principle of making the past serve the present,
and making foreign things serve China. It is a managerial science that
brings together the reality of China's reforms and opening-up to a market
economy, useful aspects of foreign managerial thought and practice, and
the enduring characteristics of China's ancient cultural heritage.
Journal: Chinese Economy
Pages: 7-16
Issue: 3
Volume: 41
Year: 2008
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LP81X0570M55464X
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Brandenburger, Adam M.,
and Barry J. Nalebuf. 2000. >i>Co-opetition.>/i> Hefei: Anhui People's
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>i>Journal of Economic Management>/i> 16: 4-15. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:3:p:7-16
Template-Type: ReDIF-Article 1.0
Author-Name: Shuming Zhao
Author-X-Name-First: Shuming
Author-X-Name-Last: Zhao
Author-Name: Huifang Yang
Author-X-Name-First: Huifang
Author-X-Name-Last: Yang
Author-Name: Philippe Leliaert
Author-X-Name-First: Philippe
Author-X-Name-Last: Leliaert
Author-Name: Albert A. Angehrn
Author-X-Name-First: Albert A.
Author-X-Name-Last: Angehrn
Author-Name: Leo van Geffen
Author-X-Name-First: Leo
Author-X-Name-Last: van Geffen
Title: Understanding the Organizational Dynamics of Change in China: A Multimedia Simulation Approach
Abstract:
As organizational change, and in particular change driven by information
and communication technology, has become an important way to improve the
efficiency of business processes, more and more organizations are paying
increasing attention to helping their managers acquire the necessary
knowledge and skills to better manage such change. This research paper
describes the design of the LingHe Simulation, a computer-based
interactive multimedia simulation which models the dynamics of
organizational change in a typical Chinese business environment. The
simulation aims to stimulate and enhance managerial understanding of
organizational resistance to change and of how to more effectively
implement changes. The simulation was tested on both Western and Chinese
managers in a series of workshops, and the paper further examines its
effectiveness as an innovative learning tool and technique for improving
their understanding of the organizational dynamics and the corresponding
knowledge and skill needed to manage organizational change in a Chinese
environment.
Journal: Chinese Economy
Pages: 68-89
Issue: 3
Volume: 41
Year: 2008
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=MK102U853725K177
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Angehrn, A.A., and
J.-F. Manzoni. 1996. "A High-Tech Spin on Organizational Learning."
>i>Chief Executive>/i> (April): 66-67. ] [
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"Leveraging Emerging Technologies in Management Education: Research and
Experiences." >i>European Management Journal>/i> 15, no. 3:
275-85. ] [ 3
Angehrn, A.A., Y. Doz, and J. Atherton. 1995. "Business
Navigator: The Next Generation of Management Development Tools."
>i>Focus>/i> 1: 24-31. ] [
4 Angehrn, A.A., P. Leliaert, S.M. Zhao, L.
van Geffen, and H.F. Yang. 2005. "Changing Chinese Firms: Overcoming
Resistance." >i>INSEAD Quarterly>/i> 11: 36-39. ]
[ 5 Boyce, T.E. 2002. "The Power
Is in Parsimony: Commentary on Goltz's Operant Analysis of Power
Interpretation of Resistance to Change." >i>Journal of Organizational
Behavior Management>/i> 22, no. 3: 23-27. ] [
6 Dai, B. 1998. "A Research upon the
Organizational Change of Firms." >i>Commercial Economy Studies>/i> 2:
42-44. ] [ 7
Duck, J.D. 1993. "Managing Change: The Art of Balancing."
>i>Harvard Business Review>/i>, 71, no. 6 (November-December):
109-19. ] [ 8
Finstad, N. 1998. "The Rhetoric of Organizational Change."
>i>Human Relations>/i> 51, no. 6: 717-40. ] [
9 Fox, S., and Y. Amichai-Hamburger.
2001. "The Power of Emotional Appeals in Promoting Organizational Change
Programs." >i>Academy of Management Executive>/i> 15, no. 4:
84-94. ] [ 10
Gavin, B. 2003. "Out of the Chaos: Progression and Regression in
the Workplace." >i>Psychodynamic Practice>/i> 9, no. 1: 43-60.
] [ 11 Geller, E.S.
2002. "Leadership to Overcome Resistance to Change: It Takes More Than
Consequence Control." >i>Journal of Organizational Behavior Management>/i>
22, no. 3: 29-49. ] [ 12
Geng, W. 2003. "Study on Malpractices of Traditional
Business Organization and Measures for Business Organizational Change."
>i>Inner Mongolia Statistics>/i> 3: 12-14. ]
[ 13 Giffin, A., and A.A.
Angehrn. 1997. "Interactive Digital Entertainment: Interactive Movies and
Beyond." >i>CALT Report>/i> (January). ] [
14 Goltz, S.M., and A. Hietapelto. 2002.
"Using the Operant and Strategic Contingencies Models of Power to
Understand Resistance to Change." >i>Journal of Organizational Behavior
Management>/i> 22, no. 3: 3-21. ] [
15 Goodman, P.S., and J.W. Dean, Jr. 1982.
"Creating Long-Term Organizational Change." In >i>Change in
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Change and Innovation with the Chaotic Economic Organization." >i>China
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>i>Organization Development and Change>/i>, 3d ed. St. Paul, MN:
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Huang. 2003. "Study of Business Organizational Change Based on Knowledge
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91-93. ] [ 21
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Minimizing Resistance to Change.>/i> Cambridge, MA: Blackwell.
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"Resistance to Change and Overcoming It of Culture Change in Business
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[ 30 Manzoni, J.-F., and A.A.
Angehrn. 1997. "Understanding Organizational Implications of Change
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Practices of Transformation of Business Administrative Organizations.>/i>
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37 Whelan-Berry, K., and J. Gordon. 2000.
"Effective Organizational Change: New Insights from Multi-level Analysis
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] [ 41 Zhao, S.M.
2001. >i>Research on Human Resource Management.>/i> Beijing: China Renmin
University Press. ] [ 42
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Management>/i>, 3d ed. Nanjing: Nanjing: University Press.
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Angehrn, L. van Geffen, P. Leliaert, and H.F. Yang. 2005. "Change Process
and Resistance to Change in Business Organizations in China." >i>European
Journal of Scientific Research>/i> 3, no. 2: 27-45. 90-101.
]
Handle: RePEc:mes:chinec:v:41:y:2008:i:3:p:68-89
Template-Type: ReDIF-Article 1.0
Author-Name: Shuming Zhao
Author-X-Name-First: Shuming
Author-X-Name-Last: Zhao
Author-Name: Huifang Yang
Author-X-Name-First: Huifang
Author-X-Name-Last: Yang
Title: Management Practices in High-Tech Environments and Enterprises in the People's Republic of China
Abstract:
The Chinese government has paid a great deal of attention to building
high-tech industrial parks or development zones since China began the
policy of economic reform and opening to the outside world in 1978. This
paper introduces Chinese government policies toward the high-tech
environment and establishing high-tech economic development zones. It
discusses current managerial practices and problems in Chinese high-tech
enterprises. Based on the qualities of knowledge innovation and venture
capital management of high-tech enterprises, it proposes a series of
effective measures to set up a new managerial system that is suitable,
from the perspective of both the government and the enterprises, for
managing Chinese high-tech enterprises. The new high-tech enterprise
management system can ultimately help to improve China's independent
innovation capability, enhance core competencies and core competitive
technology in the global high-tech environment, and make the development
of Chinese high-tech enterprises realize internationalization,
industrialization, and marketization.
Journal: Chinese Economy
Pages: 17-33
Issue: 3
Volume: 41
Year: 2008
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=VM10U356M2G11822
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chen, A., and Y. Yang.
2004. "The Analysis on Technology Innovation Modes in Zhongguancun Science
Park." >i>Scientific Management Research>/i> 4: 114-16.
] [ 2 Chen, P. 2005.
"Developmental Gap Between West and East China's High-Tech Development
Zones." >i>China Science & Technology Industry Parks>/i> 4:
54-56. ] [ 3
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Environment in Chinese Enterprises." >i>Science and Technology Industry of
China>/i> 12: 5-8. ] [ 4
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of Industrial Structure." >i>Journal of Hunan Agricultural University
(Social Sciences)>/i> 2: 25-28. ] [
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in China. >i>Economic Tribune>/i> 7: 36-37. ]
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"A Brief Analysis About the Choice of High-Tech Development Strategies of
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on the Growth Mechanism of Middle and Small High-Tech Enterprises Based on
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Beijing and Tianjin." >i>Shanxi Science and Technology>/i> 6:
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Capital and High-Tech>/i> 7: 1. ] [
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Strategic Choice of Economic Development in High-Tech Development Zones."
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"Analysis on Community Elements in High Tech Development Zones."
>i>Science & Technology Progress and Policy>/i> 9: 84-86.
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"Development and Strategic Choice of Chinese High-Tech Industries Under
Uncertain Environment. >i>Sciences and Science and Technology
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Degree Frames of High Technology of Enterprise Achievement Appraisement
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>i>China Personnel Newspaper>/i>, March 24. ]
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"The Relationship Between the Construction of High-Tech Development Zone
of University and Regional Economy." >i>Science & Technology Progress and
Policy>/i> 22: 18-19. ] [
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Development Theory of High- and New Technology Industrial Zone."
>i>Journal of Xi'an University of Post and Telecommunications>/i> 4:
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Zhao, B., S. Guo, et al. 2005. "Considerations on Accelerating
the Development of High Tech Industries." >i>Inquiry into Economic
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Resource Management in Chinese High Tech Enterprises." >i>Career
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Business: Human Resource Management.>/i> Nanjing: Nanjing University
Press. ] [ 36
Zhong, S. 2004. "The Developmental Trend of Science and
Technology Development Zones in the Future." >i>Sciences and Science and
Technology Management>/i> 6: 66-69. ] [
37 Zhou, G. 2005. "Science & Technology
Park: "Racing to Control the âCommanding Elevationâ in High-Tech
Industry." >i>Zhongguancun>/i> 11: 82-84. ] [
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Policy of High Tech Industry in Britain." >i>Economic Review>/i> 5:
49-51. ] [ 39
Zhu, Y. 2004. "The Confinement Factor of High and New Technology
Industry Development and the Countermeasures." >i>Journal of Chongqing
Institute of Technology>/i> 4: 63-65. ] [
40 Zhu, Z., and Y. Cheng. 2004. "Analysis
on the Function, Status and Success Factors of High-Tech Parks in the
Industrial Development." >i>Social Sciences Journal of ECUST>/i> 4:
55-60. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:3:p:17-33
Template-Type: ReDIF-Article 1.0
Author-Name: Di Zhao
Author-X-Name-First: Di
Author-X-Name-Last: Zhao
Author-Name: Nelson Santos António
Author-X-Name-First: Nelson Santos
Author-X-Name-Last: António
Title: The Frozen River Model and Chinese State-Owned Hospital Reform
Abstract:
More than 96 percent of Chinese hospitals are nominally state-owned.
Chinese state-owned hospitals are facing several problems and challenges.
The frozen river model explains why privatization might be the appropriate
path to Chinese state-owned hospital reform.
Journal: Chinese Economy
Pages: 90-101
Issue: 3
Volume: 41
Year: 2008
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W37620K70J2141M6
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Handle: RePEc:mes:chinec:v:41:y:2008:i:3:p:90-101
Template-Type: ReDIF-Article 1.0
Author-Name: Ping Zhang
Author-X-Name-First: Ping
Author-X-Name-Last: Zhang
Author-Name: Xiahui Liu
Author-X-Name-First: Xiahui
Author-X-Name-Last: Liu
Title: Mechanisms for Learning by Doing, Low-Cost Competition, and Changes in Growth Paths
Abstract:
The change in the model of economic growth in China has become common
knowledge. But most of the analyses are limited to the macro level and
lack discussion on the mechanism of micro behavior. The present article
starts with an analysis of the evolution of "learning by doing" and
presents an overtaking-type supply curve. It then explores the mass action
of an arbitrage-type, low-cost competition model arising from learning by
doing and, from perspectives of both theory and fact, explains the
endogenous evolution and combination method of technical factors in the
economic growth of China. The article finally reaches the conclusion that
changes in economic growth may be promoted by way of supply policy and
further market reforms.
Journal: Chinese Economy
Pages: 54-76
Issue: 4
Volume: 41
Year: 2008
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=26323W07823KN124
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X-Bibl:
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2 (in Chinese). ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:4:p:54-76
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 4
Volume: 41
Year: 2008
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=82G542328102J1W8
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:41:y:2008:i:4:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Renwu Tang
Author-X-Name-First: Renwu
Author-X-Name-Last: Tang
Title: Trade Environments of Chinese Farmers in the Globalization System and Countermeasures
Abstract:
Ever since China's joining the World Trade Organization (WTO) and
integration into the globalization system, Chinese farmers have faced
tremendous challenges. With the pressure in farm produce imports, the drop
in prices, increase in trade deficits, and rise in unemployment rates,
Chinese farmers are becoming less and less competitive in the global
market. Chinese farmers are now faced with an increasingly unbalanced
trade environment and a formidable gap with developed countries in terms
of resources. The dualistic structure results in a systematic congenital
deficiency for farmers, and trade protectionism on the part of developed
countries adds to their miseries. Due to delay in the direct or indirect
influence of joining the WTO and a series of countermeasures adopted by
the Chinese government, Chinese farmers who are inured to severe hardship
have not felt the impact of such a shock wave as yet. But this does not
mean that there will be no impact. In order to fundamentally solve the
problems faced by Chinese farmers, we must adopt a multifaceted approach
of "combination blows" which not only put in place stopgap measures but
also effect a permanent cure.
Journal: Chinese Economy
Pages: 23-36
Issue: 4
Volume: 41
Year: 2008
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9157117R17X50624
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chen, Jinsong. 2006.
"Analysis of 2005 Rural Economic Situation in China and Outlook of 2006."
>i>Chinese Rural Economy>/i> 2 (in Chinese). ]
[ 2 Du, Zhixiong, and Weimin Li.
2006. "Basic Situation and Trend in World Agricultural Development."
>i>Journal of the Chinese Academy of Social Sciences>/i> (March 30) (in
Chinese). ] [ 3
Ministry of Land and Resources. 2006. >i>2005 China National
Land and Resources Bulletin>/i> (April 18). ]
[ 4 National Bureau of Statistics
(NBS). 2006. "2005 Statistical Bulletin of National Economic and Social
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Self-Interest: The Doha Development Round Has Lost Its Way." Oxfam policy
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Task Force on Rural Construction, Rural Development
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7 Zhang, Xiaoshan. 2006. "Several
Theoretical and Practical Issues in the New Rural Construction."
>i>Journal of the Chinese Academy of Social Sciences>/i> (March 30) (in
Chinese). ] [ 8
Zhu, Gang, et al. 2006. "Support System of Socialist New Rural
Construction." >i>Journal of the Chinese Academy of Social Sciences>/i>
(March 30) (in Chinese). ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:4:p:23-36
Template-Type: ReDIF-Article 1.0
Author-Name: Jianhai Cao
Author-X-Name-First: Jianhai
Author-X-Name-Last: Cao
Title: Is Competition Always Effective?: The Theoretical Basis of Excessive Competition
Abstract:
As the core of economics, the development of competition theory is nearly
as long as the entire historical evolution of the discipline. However,
generally speaking, the methods of this research context are mainly
limited to idealistic, static, and equilibrium analysis. They thus do not
very well explain market failure and the fierce nature of competition.
Their blind belief that competition definitely promotes economic
efficiency also causes them to neglect the study of excessive competition,
a common phenomenon in economic life. In the present article, the author
believes, from an economic perspective at least, that competition is
indeed unduly intensified and that it has also led to excessive
competition with losses in both economic efficiency and economic welfare.
In circumstances of excessive competition, the policies made by the
government to restrict potential competitors might not be reasonable. It
is more important to be strict in distinguishing the following two
arguments from each other: whether or not there is excessive competition
and whether or not we should put restrictions on competition. On this
basis we can then identify policy instruments to remove immediate causes
of excessive competition.
Journal: Chinese Economy
Pages: 77-104
Issue: 4
Volume: 41
Year: 2008
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J224200U547H3233
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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]
Handle: RePEc:mes:chinec:v:41:y:2008:i:4:p:77-104
Template-Type: ReDIF-Article 1.0
Author-Name: Yudong Qi
Author-X-Name-First: Yudong
Author-X-Name-Last: Qi
Author-Name: Xuexin Liu
Author-X-Name-First: Xuexin
Author-X-Name-Last: Liu
Author-Name: Zhili Wang
Author-X-Name-First: Zhili
Author-X-Name-Last: Wang
Title: Governance Model Reform in Natural Monopoly Industries: The Practice of Developed Countries and the Reality of China
Abstract:
The problem of corporate governance structure is currently one of the
crucial issues that restrict further reform of the natural monopoly
industries in China. This article defines the objectives of corporate
governance in natural monopoly industries, and cites the electric power
industry as an example to analyze the characteristics of the governance
structure of natural monopoly industries in developed countries such as
Great Britain and the United States. It then provides analyses of the
types of governance structure in China's natural monopoly industries and
their existing problems. The authors propose the future direction and
measures regarding reform of the corporate governance structure in the
natural monopoly industries in China.
Journal: Chinese Economy
Pages: 5-22
Issue: 4
Volume: 41
Year: 2008
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q453772167262874
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chen, Mei, and Liang
Luo. 2005. "Issues of Corporate Governance in the Context of Network-Type
Public Utilities Marketization in China." >i>Management Review>/i> 4 (in
Chinese). ] [ 2
Hu, Entong. 2006. "Marketization Reform in the U. S. Electric
Power Industry and Lessons for China." >i>World Economy>/i> 2 (in
Chinese). ] [ 3
Li, Xia. 2005. "Concept of Governance Model in Natural Monopoly
Industries." >i>Economic System Reform>/i> 1 (in Chinese).
] [ 4 Megginson, W.,
and J. Netter. 2001. "From State to Market: A Survey of Empirical Studies
of Privatization." >i>Journal of Economic Literature>/i> 39, no. 2:
321-89. ] [ 5
Organization for Economic Cooperation and Development (OECD).
2005. >i>Governance in China.>/i> ] [
6 Organization for Economic Cooperation and
Development (OECD). 2002. >i>Regulatory Policies in OECD Countries: From
Interventionism to Regulatory Governance.>/i> ]
[ 7 Qi, Yudong, and Xuexin Liu.
2006. "Competitive Status in Monopoly Industries in China and Policy
Recommendations." >i>Economic Management>/i> 1 (in Chinese).
] [ 8 World Bank.
2004. >i>Reforming Infrastructure: Privatization, Regulation, and
Competition.>/i> Policy research report. ] [
9 Zhang, Li. 2004. "On the Selection
of Governance Model for Public Utilities Enterprises." >i>Management
Review>/i> 10. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:4:p:5-22
Template-Type: ReDIF-Article 1.0
Author-Name: Li Yu
Author-X-Name-First: Li
Author-X-Name-Last: Yu
Author-Name: Xuliang Wu
Author-X-Name-First: Xuliang
Author-X-Name-Last: Wu
Title: Misunderstandings and Explanations of "Excessive Competition": "Incremental" Thought on Anti-Monopoly Legislation in China
Abstract:
This article attempts to analyze the ambiguities of the concept of
"excessive competition" from the perspectives of structure, behavior,
performance, and policy. In view of the various misunderstandings
associated with the concept, the article also cites the automobile,
pharmaceutical, coal, and textile industries as examples. Using the basic
theory of industrial economics, the authors attempt to provide systematic
explanations. "Excessive competition" itself is a paradoxical
pseudo-proposition, and on this basis, the authors propose "differential
treatment" for administrative monopoly and "incremental" thought on
anti-monopoly legislation in policy arguments.
Journal: Chinese Economy
Pages: 37-53
Issue: 4
Volume: 41
Year: 2008
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RH40T76R2H3515NK
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bain, J. 1956.
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and âLordsâ in Government Competition." >i>China Economic Times>/i>,
November 14 (in Chinese). ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:4:p:37-53
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Gerald Yong Gao
Author-X-Name-First: Gerald Yong
Author-X-Name-Last: Gao
Author-Name: Jingyong Lu
Author-X-Name-First: Jingyong
Author-X-Name-Last: Lu
Author-Name: Haim Mano
Author-X-Name-First: Haim
Author-X-Name-Last: Mano
Title: Impact of Competitive Position on Export Propensity and Intensity: An Empirical Study of Manufacturing Firms in China
Abstract:
Competitive industry position has an impact on firms' export propensity
and intensity. The resource-based view and the
structure-conduct-performance paradigm of firm behavior are used to
investigate whether firms with a competitive industry position through
cost leadership or differentiation strategy have different export
behaviors. Longitudinal data for 213,662 manufacturing firms in China from
1998 to 2005 show that firms that have competitive advantages in the
domestic market are more likely to export and have higher levels of export
intensity. Indigenous and foreign manufacturing firms exhibit different
patterns of export behavior. Foreign firms with differentiation advantages
focus on local market expansion instead of seeking opportunity in export
markets.
Journal: Chinese Economy
Pages: 51-67
Issue: 5
Volume: 41
Year: 2008
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=035411672H542775
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Aulakh, P. S., M.
Kotabe, and H. Teegen. 2000. "Export Strategies and Performance of Firms
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C. Wicks, S. Kotha, and T. M. Jones. 1999. "Does Stakeholder Orientation
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Calof, J. 1994. "The Relationship between Firm Size and Export
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Strategy-Performance Relationship: An Investigation of the Empirical Link
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Zhao, H., and S. Zou. 2002. "The Impact of Industry
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Empirical Analysis of Chinese Manufacturing Firms." >i>Journal of
International Marketing>/i> 10, no. 1: 52-71. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:5:p:51-67
Template-Type: ReDIF-Article 1.0
Author-Name: Stella E. Anderson
Author-X-Name-First: Stella E.
Author-X-Name-Last: Anderson
Author-Name: Betty S. Coffey
Author-X-Name-First: Betty S.
Author-X-Name-Last: Coffey
Author-Name: Yongqiang Liu
Author-X-Name-First: Yongqiang
Author-X-Name-Last: Liu
Author-Name: Shuming Zhao
Author-X-Name-First: Shuming
Author-X-Name-Last: Zhao
Title: Employees in Chinese Enterprises: Antecedents and Outcomes of Work-Family Balance
Abstract:
A model that links antecedents and job-related outcomes associated with
work interfering with family and family interfering with work in Chinese
enterprises was tested. Data collected from a sample of Chinese employees
was analyzed using multiple regression analysis. Findings from this study
were compared to findings from a previous study that utilized a sample of
employees in the United States. Conclusions from this study support: (1) a
reduction in work interfering with family for employees who have control
over their work schedule, (2) an increase in work interfering with family
for employees who perceive negative career consequences associated with
exercising options to better manage work and family balance, and (3) an
increase in stress as a result both of work interfering with family and of
family interfering with work. Similarities and differences between the
findings of this study and the U. S. study are discussed.
Journal: Chinese Economy
Pages: 22-50
Issue: 5
Volume: 41
Year: 2008
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=766118343QW64007
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X-Bibl:
[ 1 Allen, T. D., D. E. L.
Herst, C. S. Bruck, and M. Sutton. 2000. "Consequences Associated with
Work-to-Family Conflict: A Review and Agenda for Future Research."
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278-308. ] [ 2
Anderson, S. E., B. S. Coffey, and R. T. Byerly. 2002. "Formal
Organizational Initiatives and Informal Workplace Practices: Links to
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Women, Men, and Time in the New Corporate World.>/i> New York: Free
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Swanberg. 1998. >i>The 1997 National Study of the Changing Workforce.>/i>
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Conflict and Family-Work Conflict Scales." >i>Journal of Applied
Psychology>/i> 81, no. 4: 400-10. ] [
25 Poelmans, S. 2003. "The Multi-Level
âFitâ Model of Work and Family." >i>International Journal of Cross
Cultural Management>/i> 3, no. 3: 267-74. ] [
26 Poelmans, S., P. E. Spector, C. L.
Cooper, T. D. Allen, M. O'Driscoll, and J. I. Sanchez. 2003. "A
Cross-National Comparative Study of Work/Family Demands and Resources."
>i>International Journal of Cross Cultural Management>/i> 3, no. 3:
275-88. ] [ 27
Poelmans, S., and K. Sahibzada. 2004. "A Multi-Level Model for
Studying the Context and Impact of Work-Family Policies and Culture in
Organizations." >i>Human Resource Management Review>/i> 14:
409-31. ] [ 28
Powell, G. N., and L. A. Mainiero. 1999. "Managerial Decision
Making Regarding Alternative Work Arrangements." >i>Journal of
Occupational and Organizational Psychology>/i> 72: 41-56.
] [ 29 Quinn, R. P.,
and G. L. Staines. 1979. >i>The 1977 Quality of Employment Survey.>/i> Ann
Arbor: University of Michigan Institute for Social Research.
] [ 30 Rodgers, C. S.
1992. "The Flexible Workplace: What Have We Learned?" >i>Human Resource
Management>/i> 31: 183-99. ] [
31 Ryan, T. P. 1997. >i>Modern Regression
Methods>/i>, New York: John Wiley. ] [
32 Sanchez-Burks, J., F. Lee, I. Choi, R.
Nisbett, S. Zhao, and J. Koo. 2003. "Conversing Across Cultures: East-West
Communication Styles in Work and Non-work Contexts." >i>Journal of
Personality and Social Psychology>/i> 85: 363-72. ]
[ 33 Scandura, T. A., and M. J.
Lankau. 1997. "Relationships of Gender, Family Responsibility and Flexible
Work Hours to Organizational Commitment and Job Satisfaction." >i>Journal
of Organizational Behavior>/i> 18: 377-91. ]
[ 34 Schwartz, F. N. 1996. "The
Competitive Advantage." >i>Journal of Accountancy>/i> 181, no. 2:
39-41. ] [ 35
Solomon, C. 1994. "Work/Family's Failing Grade: Why Today's
Initiatives Aren't Enough." >i>Personnel Journal>/i> 73: 72-87.
] [ 36 Spector, P.
E., C. L. Cooper, S. Poelmans, T. D. Allen, M. O'Driscoll, J. I. Sanchez,
O. L. Siu, P. Dewe, P. Hart, L. Lu, L. F. R. De Moraes, G. M. Ostrognay,
K. Sparks, W. Wong, and S. Yu. 2004. "A Cross-National Comparative Study
of Work-family Stressors, Working Hours, and Well-being: China and Latin
America Versus the Anglo World." >i>Personnel Psychology>/i> 57:
119-42. ] [ 37
Thomas, L. T., and D. C. Ganster. 1995. "Impact of
Family-Supportive Work Variables on Work-Family Conflict and Strain: A
Control Perspective." >i>Journal of Applied Psychology>/i> 80, no. 1:
6-15. ] [ 38
Thompson, C. A., L. L. Beauvais, and K. S. Lyness. 1999. "When
Work-Family Benefits Are not Enough: The Influence of Work-Family Culture
on Benefit Utilization, Organizational Attachment, and Work-Family
Conflict." >i>Journal of Vocational Behavior>/i> 54: 392-415.
] [ 39 Yang, N., C.
C. Chen, J. Choi, and Y. Zou. 2000. "Sources of Work-Family Conflicts: A
Sino-U. S. Comparison of the Effects of Work and Family Demands."
>i>Academy of Management Journal>/i> 43: 113-23. ]
[ 40 Zhao, S. 2002. >i>Human
Resource Strategy and Planning.>/i> Beijing: China People's
University. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:5:p:22-50
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 5
Volume: 41
Year: 2008
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E743Q6T27421176R
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:41:y:2008:i:5:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Tianshu Liu
Author-X-Name-First: Tianshu
Author-X-Name-Last: Liu
Title: Impact of Regional Trade Agreements on Chinese Foreign Direct Investment
Abstract:
This article studies the impact of regional trade agreements (RTAs) on
changes in China's foreign direct investment (FDI) inflow. A modified
gravity model is adopted in the empirical analysis, using FDI inflow as a
dependent variable, and home-country factors, host-country factors, and
bilateral linkage factors (including RTA variables) as determinants. The
article analyzes a set of home countries investing in a group of host
countries using pooled data. It models China's FDI inflow from a set of
home countries as a special case, using panel data regression with country
fixed effects. Time series data are differenced once to eliminate a
nonstationary data problem. The results indicate that the formation and
implementation of RTAs is an important determinant of FDI inflow in some
cases. Membership in APEC stimulates China to attract more FDI from
non-APEC countries.
Journal: Chinese Economy
Pages: 68-102
Issue: 5
Volume: 41
Year: 2008
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G647712153964185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Agodo, O. 1978. "The
Determinants of U. S. Private Manufacturing Investments in Africa."
>i>Journal of International Business Studies>/i> 9, no. 3:
95-107. ] [ 2
Beer, F. M., and S. N. Cory. 1996. "The Locational Determinants
of U. S. Foreign Direct Investment in the European Union." >i>Journal of
Financial and Strategic Decisions>/i> 9, no. 2: 43-53.
] [ 3 Brada, J. C., A.
M. Kutan, and T. M. Yigit. 2005. "The Effects of Transition and Political
Instability on Foreign Direct Investment in ECE Emerging Market." United
Nations Economic Commission for Europe (UNECE) Spring Seminar
2005âFinancing for Development in the ECE Region: Promoting Growth in
Low-income Transition Economies, Geneva. ] [
4 Brainard, S. L. 1997. "An Empirical
Assessment of the Proximity-Concentration Trade-off between Multinational
Sales and Trade." >i>American Economic Review>/i> 87, no. 4:
520-44. ] [ 5
Brenton, P., F. D. Mauro, and M. Lucke. 1999. "Economic
Integration and FDI: an Empirical Analysis of Foreign Investment in the EU
and in Central and Eastern Europe." >i>Empirica>/i> 26, no. 2:
95-121. ] [ 6
Buckley, P. J., J. Clegg, N. Forsans, and K. T. Reilly. 2003.
"Evolution of FDI in the United States in the Context of Trade
Liberalization and Regionalization." >i>Journal of Business Research>/i>
56, no. 10: 853-57. ] [ 7
Carr, D. L., J. R. Markusen, and K. E. Maskus. 2001.
"Estimating the Knowledge-Capital Model of the Multinational Enterprise."
>i>American Economic Review>/i> 91, no. 3: 693-708. ]
[ 8 Chantasasawat, B., K. C.
Fung, H. Lizaka, and A. Siu. 2004. "Foreign Direct Investment in East Asia
and Latin America: Is There a People's Republic of China Effect?" Asian
Development Bank Institute Discussion Paper, No. 17. ]
[ 9 Chen, C. 1997. "The
Location Determinants of Foreign Direct Investment in Developing
Countries." CERS Working Paper Series, No. 97/12. ]
[ 10 Culem, C. G. 1988. "The
Locational Determinants of Direct Investments among Industrialized
Countries." >i>European Economic Review>/i> 32, no. 4: 885-904.
] [ 11 Fitzpatrick,
G. L., and M. J. Modlin. 1986. >i>Direct-Line Distances (International
Edition).>/i> Metuchen, New Jersey and London: Scarecrow Press.
] [ 12 Frenkel, M.,
K. Funke, and G. Stadtmann. 2004. "A Panel Analysis of Bilateral FDI Flows
to Emerging Economies." >i>Economic Systems>/i> 28, no. 3:
281-300. ] [ 13
Graham, E. M., and E. Wada. 2000. "Domestic Reform, Trade and
Investment Liberalisation, Financial Crisis, and Foreign Direct Investment
into Mexico." >i>World Economy>/i> 23, no. 6: 777-97.
] [ 14 Hong, J. H., P.
Jones, and H. Song. 1999. "Political Risk and Foreign Investment Decision
of International Hotel Companies." Paper presented at the First
Pan-American Conference on Latin American Tourism in the Next Millenium:
Education, Investment and Sustainability, Panama. ]
[ 15 Husted, S., and M. Melvin.
2001. >i>International Economics.>/i> Reading, MA: Addison Wesley
Longman. ] [ 16
International Monetary Fund (IMF). 1986-2004. >i>Direction of
Trade Statistics.>/i> Washington, DC. ] [
17 International Monetary Fund (IMF).
2004. >i>International Financial Statistics CD-ROM.>/i> Washington,
DC. ] [ 18
Liu, T. 2007. "The Impact of Regional Trade Agreements on
Tradeâthe Case of China." >i>Chinese Economy>/i> 40, no. 2:
70-96. ] [ 19
Nankani, G. T. 1979. >i>The Intercountry Distribution of Direct
Foreign Investment in Manufacturing.>/i> New York and London: Garland
Publishing. ] [ 20
National Bureau of Statistics of China. 1986-2004. >i>China
Statistical Yearbook.>/i> Beijing: China Statistics Press.
] [ 21 Root, F. R., and
A. A. Ahmed. 1979. "Empirical Determinants of Manufacturing Direct Foreign
Investment in Developing Countries." >i>Economic Development and Cultural
Change>/i> 27, no. 4: 751-67. ] [
22 Schmitz, A., and J. Bieri. 1972. "EEC
Tariffs and U. S. Direct Investment." >i>European Economic Review>/i> 3,
no. 3: 259-70. ] [ 23
Schneider, F., and B. S. Frey. 1985. "Economic and Political
Determinants of Foreign Direct Investment." >i>World Development>/i> 13,
no. 2: 161-75. ] [ 24
Tuman, J. P., and C. F. Emmert. 2004. "The Political Economy
of U. S. Foreign Direct Investment in Latin America: A Reappraisal."
>i>Latin American Research Review>/i> 39, no. 3: 9-28.
] [ 25 UNCTAD. 2004.
>i>World Investment Report 2004: The Shift Toward Services.>/i> New York
and Geneva: United Nations. ] [
26 United Nations. 2005. >i>National
Accounts Main Aggregates Database.>/i> Economic Statistics Branch of the
United Nations Statistics Division. >a target="_blank"
href='http://unstats.un.org/unsd/snaama/Introduction.asp'>http://unstats.u
n.org/unsd/snaama/Introduction.asp>/a> ] [
27 Vernon, R. 1966. "International
Investment and International Trade in the Product Cycle." >i>Quarterly
Journal of Economics>/i> 80, no. 2: 190-207. ]
[ 28 Wei, S. J. 1995. "Attracting
Foreign Direct Investment: Has China Reached Its Potential?" >i>China
Economic Review>/i> 6, no. 2: 187-99. ] [
29 Xing, Y. 2006. "Why Is China So
Attractive for FDI? The Role of Exchange Rates." >i>China Economic
Review>/i> 17, no. 2: 198-209. ] [
30 Zhang, K. H. 2005. "Why Does So Much FDI
from Hong Kong and Taiwan Go to Mainland China?" >i>China Economic
Review>/i> 16, no. 3: 293-307. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:5:p:68-102
Template-Type: ReDIF-Article 1.0
Author-Name: Xuejun Bao
Author-X-Name-First: Xuejun
Author-X-Name-Last: Bao
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Xin Zhao
Author-X-Name-First: Xin
Author-X-Name-Last: Zhao
Title: Cost Sharing in the Urban Health Care Insurance System in China
Abstract:
This study discusses issues related to the traditional and new health care
systems in China. The driving force behind the traditional health care
system was an uncontrollable increase in costs paid by the government. The
new health care system requires both the individual and enterprises
(private and state-owned) to contribute to their plan by establishing
individual and hospital accounts, which appear to be effective in
controlling medical care expenses. One unintended result is that the new
system suppresses the demand of part-time workers (lowincome group) for
hospital services. Policymakers, in revising urban health care plans,
should seriously consider varying the upfront standard fees (deduction)
borne by patients because low-income groups may not be able to afford
them.
Journal: Chinese Economy
Pages: 6-21
Issue: 5
Volume: 41
Year: 2008
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X565866R74560321
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X-Bibl:
[ 1 Chen, Minzhang. 1997.
>i>Establishment of Employee Medical Care System for Chinese Economic
Level.>/i> Report of the Chinese Central Communist School, no. 20: 3 (in
Chinese). ] [ 2
Chou, Yulin, and Shuhan Sun. 2001. >i>Medical Insurance.>/i>
Beijing: People's Press of China (in Chinese). ]
[ 3 Shenyang City Council. 2001.
>i>The Basic Urban Medical Insurance Regulations for the Employees in
Shenyang>/i>, no. 5 (in Chinese). ] [
4 Shenyang Labor and Protection Bureau
(SLPB). 2003. >i>Notice on the Methods of How Flexible Workers Join the
Basic Medical Insurance in Shenyang.>/i> SLPB, no. 41 (in
Chinese). ] [ 5
Shenyang Management Center of the Bask Urban Medical Insurance,
Government document, 2004. Monthly report of Basic Medical Insurance
Situations, March (in Chinese). ] [
6 State Council. 1988. >i>Establishment of
the Basic Urban Medical Insurance Systems for Employees.>/i> Series no. 44
(in Chinese). ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:5:p:6-21
Template-Type: ReDIF-Article 1.0
Author-Name: Hua Li
Author-X-Name-First: Hua
Author-X-Name-Last: Li
Author-Name: Gene Hsin Chang
Author-X-Name-First: Gene Hsin
Author-X-Name-Last: Chang
Title: Disparity in Health Resource Allocation Between Rural and Urban Areas in China: Is It Getting Worse?
Abstract:
Most economics literature holds that the disparity in income and health
resource allocation between China's urban and rural areas has been
increasing since the beginning of the reform period in 1978. This paper
argues, contrary to the conventional view, that the real gap in health
resources allocation between China's urban and rural areas, as measured by
the Gini coefficient, has been shrinking during the reform period. The
urban-rural disparity is now smaller than that in the 1970s, when the
"barefoot doctor" system provided broad basic medical service in rural
areas. The better health resources available in rural China have reduced
the urban-rural disparity in health conditions such as infant mortality.
Journal: Chinese Economy
Pages: 45-55
Issue: 6
Volume: 41
Year: 2008
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2104239060K63061
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X-Bibl:
[ 1 >i>Annual Reports of
China Health Development Statistics.>/i> 1996-2007. Ministry of Health.
Available at >a target="_blank"
href='http://www.moh.gov.cn/publicfiles/business/htmlfiles/zwgkzt/pgb/inde
x.htm'>www.moh.gov.cn/publicfiles/business/htmlfiles/zwgkzt/pgb/index.htm>
/a> ] [ 2
Chang, Gene H. 2002. "The Cause and Cure of China's Widening
Income Disparity." >i>China Economic Review>/i> 13: 335-340.
] [ 3 >i>China Health
Statistics Yearbook.>/i> 2003-2007. Beijing: China Xiehe Medical
University Press. 2004-2007, available at >a target="_blank"
href='http://www.moh.gov.cn/publicfiles/business/htmlfiles/zwgkzt/ptjnj/in
dex.htm'>www.moh.gov.cn/publicfiles/business/htmlfiles/zwgkzt/ptjnj/index.
htm>/a> ] [ 4
>i>China Health Statistics Abstract.>/i> 1996-2008. Ministry of
Health, available at >a target="_blank"
href='http://www.moh.gov.cn/publicfiles/business/htmlfiles/zwgkzt/ptjty/in
dex.htm/'>www.moh.gov.cn/publicfiles/business/htmlfiles/zwgkzt/ptjty/index
.htm/>/a> ] [ 5
>i>China Statistical Yearbook (CSY).>/i> Beijing: China
Statistical Publishing House, various issues. ]
[ 6 Liu Ping and Zhang Yimin.
2004. "Impact of Income Disparity on the Equity of Health Care in China."
>i>Health Economics Research>/i> (Weisheng jingji yanjiu) 11:
9-11. ] [ 7
Song Hongyuan and Ma Yongliang. 2004. "Measuring China's
Urban-Rural Disparity by Human Development Index Method." >i>Economic
Research Journal>/i> (Jingji yanjiu) 39, no. 11: 4-15.
] [ 8 WHO (World Health
Organization) and Swedish International Development Agency. 1996.
"Initiative on Equity in Health and Health Care, A WHO/SIDA Initiative."
Geneva. ] [ 9
Zhang Deyuan. 2006. "The Urban-Rural Life Price Scissors Gap."
Health Resource Allocation. >a target="_blank"
href='http://www.3nong.bokee.com/5787028.html74k2006-10-23/'>www.3nong.bok
ee.com/5787028.html74k2006-10-23/>/a> ] [
10 Zhu Ling. 2002. "Health Investment and
Human Capital Theory." >i>Economic Perspectives>/i> (Jingjixue dongtai) 8:
56-60. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:6:p:45-55
Template-Type: ReDIF-Article 1.0
Author-Name: Shuanglin Lin
Author-X-Name-First: Shuanglin
Author-X-Name-Last: Lin
Title: Forced Savings, Social Safety Net, and Family Support: A New Old-Age Security System for China
Abstract:
China's pension system comprises a large social account and a smaller
personal account now largely vacant. The system is unsustainable due to
population aging. Under this system, new enterprises subsidize old
enterprises, rural participants subsidize urban retirees, and young and
future generations have to pay the debt incurred by the current older
generation. A new system consisting of forced savings, a government safety
net, and family support is proposed to replace the current outmoded one.
Since China's social security system covers only one-quarter of the labor
force, the current deficit is not too large and can be paid off by using
the assets of state-owned enterprises (SOEs). In recent years China's tax
revenue has been increasing rapidly and can be used to repay the pension
debt. In addition, since the government owns all urban land, government
land sales can produce revenue for social security reforms. Finally, the
government can achieve its goal of income redistribution within the
current system by providing compulsory high school education, better urban
transportation, better health care systems, and a better social safety
net.
Journal: Chinese Economy
Pages: 10-44
Issue: 6
Volume: 41
Year: 2008
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=251674W35W8641K8
File-Format: text/html
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X-Bibl:
[ 1 Barro, Robert J. 1978.
>i>The Impact of Social Security on Private Saving: Evidence from the U.S.
Time Series.>/i> Washington, DC: American Enterprise Institute.
] [ 2 China
Ministry of Civil Administration. >a target="_blank"
href='http://www.mca.gov.cn'>www.mca.gov.cn>/a> ]
[ 3 China Ministry of Finance.
1969. >i>Suggestions on Some Issues Concerning the Financial System of
State-Owned Enterprises.>/i> Beijing: China's Finance Journal Publishing
House (in Chinese). ] [ 4
China Ministry of Finance. 2006. >i>Finance Yearbook of
China.>/i> Beijing: China's Finance Journal Publishing House.
] [ 5 China Ministry
of Labor and Social Security. 2006. >i>China Labor and Social Security
Statistical Yearbook.>/i> Beijing: China Statistics Press.
] [ 6 China National
Statistics Bureau. 2001. >i>China Statistical Yearbook.>/i> Beijing: China
Statistics Press. ] [ 7
China National Statistics Bureau and China Ministry of
Labor and Social Security. 2001, 2003, 2005, 2006. >i>Labor Statistical
Yearbook of China.>/i> Beijing: China Statistics Press.
] [ 8 Chow, Gregory.
1993. "Capital Formation and Economic Growth in China." >i>Quarterly
Journal of Economics>/i> 108: 809-842. ] [
9 Cui, Yunzheng, and An Yu. 2006.
"Improving Fiscal Management System of China's Social Security" >a
target="_blank"
href='http://www.mof.gov.cn/news/20060104_2216_11868.htm'>www.mof.gov.cn/n
ews/20060104_2216_11868.htm>/a> ] [
10 Diamond, Peter A. 1996. "Proposals to
Restructure Social Security." >i>Journal of Economic Perspectives>/i> 10:
67-88. ] [ 11
Diamond, Peter A., et al. 2006a. "Social Security Reform in
China: Issues and Options." >i>Comparative Studies>/i> 24: 33-66
] [ 12 Diamond,
Peter A., et al. 2006b. "Social Security Reform in China: Issues and
Options." >i>Comparative Studies>/i> 25: 99-103. ]
[ 13 Dorfman, Mark C., and
Yvonne Sin. 2000. "China: Social Security ReformâTechnical Analysis of
Strategic Options." Human Development Network, World Bank, Washington, DC,
December 13. ] [ 14
Feldstein, Martin. 1974. "Social Security, Induced Retirement
and Aggregate Capital Accumulation." >i>Journal of Political Economy>/i>
82: 905-26. ] [ 15
Feldstein, Martin. 1996. "Social Security and Saving: New Time
Series Evidence." >i>National Tax Journal>/i> 49: 151-64.
] [ 16 Feldstein,
Martin. 1999. "Social Security Pension Reform in China." >i>China Economic
Review>/i> 10: 99-107. ] [
17 Feldstein, Martin, and Jeffrey B.
Liebman. 2006. "Realizing the Potential of China's Social Security Person
System." >i>Comparative Studies>/i> 24: 67-72. ]
[ 18 Feldstein, Martin, and
Andrew Samwick. 1996. "The Transition Path in Privatizing Social
Security." Working paper No. 5761. National Bureau of Economic Research,
Cambridge, MA. ] [ 19
Gruber, Jonathan, and David Wise. 1997. "Social Security
Programs and Retirement Around the World." Working paper No. 6134.
National Bureau of Economic Research, Cambridge, MA ]
[ 20 Kopits, George, and
Padma Gotur. 1980. "The Influence of Social Security on Household Savings:
A Cross-Country Investigation." >i>International Monetary Fund. Staff
Papers>/i> 27: 161-90. ] [
21 Kotlikoff, Laurence J. 1979. "Testing the
Theory of Social Security and Life Cycle Accumulation." >i>American
Economic Review>/i> 69, no. 3 (June): 396-410. ]
[ 22 Kotlikoff, Laurence J. 1996.
"Privatizing Social Security at Home and Abroad." >i>American Economic
Review>/i> 86: 368-72. ] [
23 Lau, Laurence. 2003. "A Basic Design of
China's Social Security System." >i>Comparisons>/i>, no. 6 (in
Chinese). ] [ 24
Samuelson, Paul A. 1958. "An Exact Consumption-Loan Model of
Interest with or without the Social Contrivance of Money." >i>Journal of
Political Economy>/i> 66: 467-82. ] [
25 Wang, Yan, Dianqing Xu, Zhi Wang, and Fan
Zhai. 2001. "Implicit Pension Debt, Transition Cost, Options and Impact of
China's Pension Reform: A Computable General Equilibrium Analysis." World
Bank Policy Research Working paper series no. 2555. ]
[ 26 World Bank. 1997. >i>Old
Age Security, Pension Reform in China.>/i> Washington, DC.
] [ 27 Yi, Gang, and
Kai Li. 2006. "National Account During the Transition Period: Searching
for New Ways to Reform China's Old-Age Security System."
>i>Comparisons>/i>, no. 6 (in Chinese). ] [
28 Zhou, Xiaochuan, and Lin Wang.
1994a. "Social Security: Economic Analyses and System Suggestions."
>i>Reforms>/i>, no. 5: 12-28. ] [
29 Zhou, Xiaochuan, and Lin Wang. 1994b.
"Social Security: Economic Analyses and System Suggestions."
>i>Reforms>/i>, no. 6: 64-78. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:6:p:10-44
Template-Type: ReDIF-Article 1.0
Author-Name: Xing Li
Author-X-Name-First: Xing
Author-X-Name-Last: Li
Author-Name: Keqiang Hou
Author-X-Name-First: Keqiang
Author-X-Name-Last: Hou
Author-Name: M. W. Luke Chan
Author-X-Name-First: M. W.
Author-X-Name-Last: Luke Chan
Title: An Empirical Study of Foreign Direct Investment Location in Eastern China
Abstract:
This paper examines the determinants of foreign direct investment (FDI)
for the Eastern Region of China as a whole by excluding the two lesser
jurisdictions and concentrating on the Big Five jurisdictions from 1993 to
2005. Robust estimates and a better understanding of FDI in Eastern China
are obtained by employing robust Ordinary Least Squares (OLS), the
randomeffect model, and the fixed-effect model separately on each case.
Without any outliers and serial correlation in residuals, the Big Five
case gives us the most reliable estimates of determinants of FDI in
Eastern China. Market size and labor quality are found to have a positive,
significant, and quantitatively large effect on FDI in Eastern China,
whereas education and infrastructure have a statistically nonsignificant
positive direct effect on FDI. As for the level of local physical
investment, we found a small crowding-out effect on FDI in the Big Five
case.
Journal: Chinese Economy
Pages: 75-98
Issue: 6
Volume: 41
Year: 2008
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B2778555M8H90650
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Blomström, M., and
R.E. Lipsey. 1991. "Firm Size and Foreign Operations of Multinationals."
>i>Scandinavian Journal of Economics>/i> 93, no. 1: 101-7.
] [ 2 Blonigen, B.A.,
R.B. Davis, G.R. Waddell, and H.T. Naughton. 2004. "FDI in Space: Spatial
Autoregressive Relationships in Foreign Direct Investment." Working paper
no. 10939. National Bureau of Economic Research, Cambridge, MA.
] [ 3 Chen, C.
1996. "Regional Determinants of Foreign Direct Investment in Mainland
China." >i>Journal of Economic Studies>/i> 23: 18-30 ]
[ 4 Cheng, L.K., and Y.K.
Kwan. 2000a. "What Are the Determinants of the Location of Foreign Direct
Investment? The Chinese Experience." >i>Journal of International
Economics>/i> 51: 379-400. ] [
5 Cheng, L.K., and Y.K. Kwan. 2000b. "The
Location of Foreign Direct Investment in Chinese Regions: Further Analysis
of Labor Quality." In >i>The Role of Foreign Direct Investment in East
Asian Economic Development>/i>, ed. T. Ito and A.O. Krueger, pp. 213-219.
Chicago: University of Chicago Press. ] [
6 Coughlin, C.C., J.V. Terza, and V.
Arromdee. 1991. "State Characteristics and the Location of Foreign Direct
Investment Within the United States." >i>Review of Economics and
Statistics>/i> 73: 675-83. ] [
7 Dunning, J.H. 1979. "Explaining Changing
Patterns of International Production in Defense of Eclectic Theory."
>i>Oxford Bulletin of Economics and Statistics>/i>, November:
269-96. ] [ 8
Edwards, S. 1999. "How Effective Are Capital Controls?"
>i>Journal of Economic Perspectives>/i> 13, no. 4: 65-84.
] [ 9 Friedman, J.,
D.A. Gerlowski, and J. Silberman. 1992. "What Attracts Foreign
Multinational Corporations? Evidence from a Branch Plant Location in the
United States." >i>Journal of Regional Science>/i> 32, no. 4:
403. ] [ 10
Fung, K.C., H. Iizaka, and S. Parker. 2002. "Determinants of
U.S. and Japanese Foreign Direct Investment in China." >i>Journal of
Comparative Economics>/i> 30, no. 3: 567-78. ]
[ 11 Fung, K.C., H. Iizaka, C.
Lin, and A. Siu. 2002. "An Econometric Estimation of Locational Choices of
Foreign Direct Investment: The Case of Hong Kong and U.S. Firms in China."
University of California, Santa Cruz Center for International Economics,
Working Paper no. 02-27. ] [
12 Gao, T. 2005. "Labor Quality and the
Location of Foreign Direct Investment: Evidence from China." >i>China
Economic Review>/i> 16: 274-92. ] [
13 Head, K., and T. Mayer. 2004. "Market
Potential and the Location of Japanese Investment in the European Union."
>i>Review of Economics and Statistics>/i> 86, no. 4: 959-72.
] [ 14 Head, K., J.
Reis, and D. Swenson. 1995. "Agglomeration Benefit and Location Choice:
Evidence from Japanese Manufacturing Investments in the United States."
>i>Journal of International Economics>/i> 38: 199-222.
] [ 15 Hsiao, C., and
S. Yan. 2003, "Foreign Direct and Economic Growth: The Importance of
Institution and Urbanization." >i>Economic Development and Cultural and
Change>/i> 5: 883-96. ] [
16 Ministry of Commerce. 2006. >i>Foreign
Investment Statistics.>/i> Beijing: Ministry of Commerce of the People's
Republic of China. ] [ 17
National Bureau of Statistics of China. 2007. >i>China
Statistical Yearbook.>/i> Beijing: China Statistics Press.
] [ 18 Porter, Michael
E. 1990. >i>The Competitive Advantage of Nations.>/i> New York: Free
Press. ] [ 19
Wheeler, D., and A. Mody. 1992. "International Investment
Location Decisions." >i>Journal of International Economics>/i> 33:
57-76. ] [ 20
Zhang, K.H. 2006. "Does International Investment Help Poverty
Reduction in China?" >i>Chinese Economy>/i> 39, no. 3: 79-90.
]
Handle: RePEc:mes:chinec:v:41:y:2008:i:6:p:75-98
Template-Type: ReDIF-Article 1.0
Author-Name: Hua-shu Wang
Author-X-Name-First: Hua-shu
Author-X-Name-Last: Wang
Author-Name: Henk Moll
Author-X-Name-First: Henk
Author-X-Name-Last: Moll
Author-Name: Sheng-gen Fan
Author-X-Name-First: Sheng-gen
Author-X-Name-Last: Fan
Title: Comparative Analysis of Farm Households on Financing Medical Care in Rural China
Abstract:
Farm households in developing countries commonly stabilize uneven
consumption by selling physical assets or borrowings from informal
financial networks. Gaps left by market failure or uncertainty generally
drive unfortunate households to severe financial risk. Under financial
shock from unpredictable expenditures, the livelihood of farm households
deteriorate. This analysis of the problems of financing medical care
expenditures in rural China asks how farm households finance their medical
care expendituresâby internal financing, such as savings, or by external
financing, such as liabilities. An empirical survey of 793 farm households
in three sample villages in Guizhou province, southwestern China, found
that the unpredictability of medical care expenses made informal loans the
dominant method for financing medical care. It seems likely that extending
the social security system to rural medical treatment and health care will
relieve the burden of medical expenses on farm households, thus mitigating
their financial stress and improving their financial condition in
production and consumption.
Journal: Chinese Economy
Pages: 56-74
Issue: 6
Volume: 41
Year: 2008
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J042X14X1R251U01
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Baker, C.B., and V.K.
Bhargava. 1974. "Financing Small-Farm Development in India." >i>Australian
Journal of Agricultural Economics>/i> 18, no. 2: 102-118.
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2006. >i>How Healthy Is China? Challenges and Opportunities, Now and in
the Future.>/i> Beijing: World Health Organization. ]
[ 3 Bekedam, Henk, and James
Killingsworth. 2004. >i>Implementing the New Cooperative Medical Schemes
in Rapidly Changing China.>/i> Beijing: World Health
Organization. ] [ 4
Besley, Timothy. 1993. "Savings, Credit and Insurance."
Research Program in Development Studies, Center of International Studies,
Woodrow Wilson School, Princeton University. ]
[ 5 Bloom, Gerald; Sheng-Lan
Tang; and Xing-Yuan Gu. 1995. "Financing Rural Health Services in China in
the Context of Economic Reform." >i>Journal of International
Development>/i> 7, no. 3: 423-41. ] [
6 Bouman, F.J.A. 1995. "Rotating and
Accumulating Savings and Credit Associations: A Development Perspective."
>i>World Development>/i> 23, no. 3: 371-384. ]
[ 7 Chambers, R., and M. Leach.
1987. "Trees to Meet Contingencies Savings and Security for the Rural
Poor." Discussion Paper 228. Institute of Development Studies, University
of Sussex, Brighton, UK. ] [
8 Chen, M.Z. 1994. "Fighting Against
Absolute Poverty." >i>Xinhua Monthly>/i> (October): 56-57.
] [ 9 Friedman, Milton.
1957. >i>A Theory of the Consumption Function.>/i> Princeton: Princeton
University Press. ] [ 10
Gertler, Paul; David I. Levine; and Enrico Moretti. 2003.
"Do Microfinance Programs Help Families Insure Consumption Against
Illness?" Center for International and Development Economics Research,
Working paper No. C03-129, University of California, Berkeley.
] [ 11 Glewwe, Paul.
2007. "Measurement Error Bias in Estimates of Income and Income Growth
Among the Poor: Analytical Results and a Correction Formula." >i>Economic
Development and Cultural Change>/i> 56: 63-89. ]
[ 12 Goldman, Dana, and Nicole
Maestas. 2005. "Medical Expenditure and Household Portfolio Choice."
Working paper No. 11818. National Bureau of Economic Research, Cambridge,
MA. ] [ 13
Grossman, Michael. 1972. "On the Concept of Health Capital and
the Demand for Health." >i>Journal of Political Economy>/i> 80, no. 2:
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Hulme, D., and P. Mosley. 1996. >i>Finance Against Poverty,
Volume One.>/i> London: Routledge. ] [
15 Liu, Gordon; X. Wu; C. Peng; and A. Fu.
2003. "Urbanization and Health Care in Rural China." >i>Contemporary
Economic Policy>/i> 21, no.1: 11-24. ] [
16 Moll, H.A.J. 1989. >i>Farmers and
Finance: Experience with Institutional Savings and Credit in West
Java.>/i> Wageningen Agricultural University. ]
[ 17 Moll, H.A.J., and C.E.
Dietvorst. 1999. "Cattle Marketing in Zambia, 1965-1995." >i>Agricultural
Marketing in Tropical Africa>/i>, ed. H. Laurens van der Laan, Tjalling
Dijkstra en Aad van Tilburg, pp. 185-203. Aldershot, UK:
Ashgate. ] [ 18
Morduch, Jonathan. 1994. "Poverty and Vulnerability."
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[ 19 Morduch, Jonathan, and
Terry Sicular. 1999. "Risk and Insurance in Transition: Perspectives from
Zouping County, China." In >i>Communities and Markets in Economic
Development>/i>, ed. Masahiko Aoki and Yujiro Hayami, chap. 8. New York:
Oxford University Press. ] [
20 National Statistics Bureau of China.
2004. >i>China Statistical Yearbook.>/i> Beijing: China Statistics
Press. ] [ 21
Paxson, Christina H. 1992. "Using Weather Variability to
Estimate the Response of Savings to Transitory Income in Thailand."
>i>American Economic Review>/i> 82, no. 1: 15-33. ]
[ 22 Ravallion, Martin, and
Jyotsna Jalan. 1999. "Are the Poor Less Well Insured? Evidence on
Vulnerability to Income Risk in Rural China." >i>Journal of Development
Economics>/i> 58, no. 1: 61-81. ] [
23 Research Centre for Rural Economy,
Ministry of Agriculture of China. 2001. National Rural Social-Economic
Survey Data Collection, 1986-1999. Beijing: China Agriculture
Press. ] [ 24
Rosenzweig, R. Mark, and Kenneth I. Wolpin. 1993. "Credit Market
Constraints, Consumption Smoothing, and the Accumulation of Durable
Production Assets in Low-Income Countries: Investments in Bullocks in
India." >i>Journal of Political Economy>/i> 101, no. 2: 223-44.
] [ 25 >i>World
Bank Quarterly Update.>/i> 2006. Beijing: World Bank Office.
] [ 26 Udry, C. 1995.
"Risk and Saving in Northern Nigeria." >i>American Economic Review>/i> 85,
no. 5: 1287-1300. ] [ 27
Zeller, M., and R. Meyer 2002. "Improving the Performance
of Microfinance: Financial Sustainability, Outreach and Impact." In >i>The
Triangle of Microfinance.>/i> M. Zeller and R.L. Meyer, pp. 1-18.
Baltimore, MD: Johns Hopkins University Press. ]
[ 28 Zeller, M, and M. Sharma.
2002. "Credit Constraints and Loan Demand in Rural Bangladesh." In >i>The
Triangle of Microfinance.>/i> M. Zeller and R.L. Meyer, pp. 96-116.
Baltimore, MD: Johns Hopkins University Press. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:6:p:56-74
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Why Are China's Exports Special?: The Role of FDI, Regional Trade, and Government Policies
Abstract:
This paper investigates why China is able to achieve a high level of
technological sophistication in its exports beyond its current level of
development. It concludes that a great portion of the high-tech exports
are of the processing and assembly type and produced by foreign-invested
enterprises. China's comparative advantage of labor abundance and the
Chinese government's foreign direct investment (FDI) policy have
encouraged the expansion of FDI-led export in general and FDI-led
processing trade in particular. Given the disadvantages of the FDI-led
export expansion, reform of the government's FDI and trade policies is
needed to improve technological development and to enhance China's
production and trade structures.
Journal: Chinese Economy
Pages: 99-118
Issue: 6
Volume: 41
Year: 2008
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K4313482P1830L07
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Amiti, M., and C.
Freund. 2007. "China's Export Boom." >i>Finance & Development>/i> 44, no.
3: 38-41. ] [ 2
Balassa, B. 1965. "Trade Liberalization and Revealed Comparative
Advantage." >i>Manchester School>/i> 33: 99-123. ]
[ 3 Bernard, M. and J.
Ravenhill. 1995. "Beyond Product Cycles and Flying Geese: Regionalization,
Hierarchy and the Industrialization of East Asia." >i>World Politics>/i>
47, no. 2: 171-209. ] [ 4
Cui, L. 2007. "China's Growing External Dependence."
>i>Finance & Development>/i> 44, no. 3: 42-45. ]
[ 5 Fan, E.X.Q. 2003.
"Technological Spillovers from Foreign Direct InvestmentâA Survey."
>i>Asian Development Review>/i> 20, no. 1: 34-56. ]
[ 6 Ferrantino, M., R. Koopman,
Z. Wang, and F. Yinug. 2007. "The Nature of Chinese Exports of Advanced
Technology Products (ATP) to the United States." Paper presented at the
Conference on China's Increasingly High Technology Trade, Carnegie
Endowment and John L. Thornton China Center of the Brookings Institution,
Washington, DC, September 26. ] [
7 Fontagne, L., G. Gaulier, and S. Zignago.
2007. "Specialization Across Varieties Within Products and North-South
Competition." CEPII Working paper no. 2007-06. French Research Center in
International Economics, Paris. ] [
8 Gallagher, K.S. 2006. >i>China Shifts
Gears.>/i> Cambridge, MA: MIT Press. ] [
9 Gaulier, G., F. Lemoine, and D.
Ãnal-Kesenci. 2005. "China's Integration in East Asia: Production
Sharing, FDI & High-Tech Trade." CEPII Working paper no. 2005-09. French
Research Center in International Economics, Paris. Available at >a
target="_blank" href='http://www.cepii.fr'>www.cepii.fr>/a>
] [ 10 Hong Kong Trade
Development Council. 2006. "Processing Trade Policy Change and China's
Direction of Foreign Investment Utilization." November 17. Available at >a
target="_blank"
href='http://www.tdctrade.com'>www.tdctrade.com>/a> ]
[ 11 Kumakura, M. 2007.
"What's So Special About China's Exports? A Comment." >i>China & World
Economy>/i> 15, no. 5: 18-37. ] [
12 Kojima, K. 2001. "The âFlying Geeseâ
Model of Asian Economic Development: Origin, Theoretical Extensions, and
Regional Policy Implications." >i>Journal of Asian Economics>/i> 11:
375-401. ] [ 13
Kwan, C.H. 2002. "The Rise of China and Asia's Flying-Geese
Pattern of Economic Development: An Empirical Analysis Based on U.S.
Import Statistics." Working paper no. 52. Nomura Research Institute,
Tokyo. ] [ 14
Lall, S. 2001. "FDI and Development: Policy and Research Issues
in the Emerging Context." Working paper No. 43, Queen Elizabeth House,
University of Oxford. ] [
15 Lan, X. 2007. "Chinese Policies on New
and High-Tech Industries." Paper presented at the Conference on China's
Increasingly High Technology Trade, Carnegie Endowment and John L.
Thornton China Center of the Brookings Institution, Washington, DC,
September 26. ] [ 16
Lardy, N. 2001. >i>Integrating China into the Global
Economy.>/i> Washington, DC: Brookings Institution Press.
] [ 17 Lardy, N. 2005.
"China: The Great New Economic Challenge." In >i>The United States and the
World Economy: Foreign Economic Policy for the Next Decade>/i>, ed. Fred
Bergsten, pp. 121-41. Washington, DC: Institute for International
Economics. ] [ 18
Liang, Y. 2007. "China's Technological Emergence and Loss of
U.S. Skilled Jobs: Missing Link Found?" >i>Journal of Economic Issues>/i>
41, no. 2: 399-408. ] [
19 Lo, D. 2006. "China as a âModelâ of
Utilizing Foreign Capital for Economic Development: Perceptions,
Observations and Interpretations." Paper presented at Hong Kong Round
Table "China Images," Hong Kong, November 2006. Available at >a
target="_blank"
href='http://www.networkideas.org/feathm/nov2006/PDF/China_Model.pdf'>www.
networkideas.org/feathm/nov2006/PDF/China_Model.pdf>/a>
] [ 20 Ministry of
Commerce. 2007. >i>Statistics.>/i> Beijing: Ministry of Commerce of the
People's Republic of China. ] [
21 Naughton, B. 1996. "China's Emergence and
Prospects as a Trading Nation." >i>Brookings Papers on Economic
Activity>/i> 2: 273-344. ] [
22 Ng, F., and A. Yeats. 1999. "Production
Sharing in East Asia: Who Does What for Whom and Why?" World Bank Policy
Research Working paper no. 2197. World Bank, Washington, DC.
] [ 23 Rodrik, D.
2006. "What's So Special About China's Exports?" >i>China & World
Economy>/i> 14, no. 5: 1-19. ] [
24 Scott, R. 2005. "U.S.âChina Trade,
1989-2003." Briefing paper No. 270. Economic Policy Institute, Washington,
DC. ] [ 25
Shenkar, Oded. 2006. >i>The Chinese Century.>/i> Upper Saddle
River, NJ: Wharton School Publishing. ] [
26 Tan, K.S., and H.E. Khor. 2006.
"China's Changing Economic Structure and Implications for Regional
Patterns of Trade, Production and Integration." >i>China & World
Economy>/i> 14, no. 6: 1-19. ] [
27 UNCTAD. 2002. >i>Trade and Development
Report: Developing Countries in World Trade.>/i> New York and Geneva:
United Nations Conference on Trade and Development. ]
[ 28 UNCTAD. 2006.
>i>Handbook of Statistics.>/i> New York and Geneva: United Nations
Conference on Trade and Development. ] [
29 United Nations. 2007. >i>Commodity
Trade Database.>/i> New York and Geneva: United Nations.
] [ 30 U.S. Census
Bureau. 2007. >i>Foreign Trade Statistics.>/i> Washington, DC.
] [ 31 Wang, Z., and
S.J. Wei. 2007. "The Rising Sophistication of China's Exports: Assessing
the Roles of Processing Trade, Foreign Invested Firms, Human Capital, and
Government Policies." In >i>China's Growing Role in World Trade>/i>, ed.
Robert Feenstra and Shang-Jin Wei. Chicago: University of Chicago
Press. ] [ 32
Yeh, A. 2003. "Chips Ahoy." >i>China Economic Quarterly>/i> 4:
28-34. ]
Handle: RePEc:mes:chinec:v:41:y:2008:i:6:p:99-118
Template-Type: ReDIF-Article 1.0
Author-Name: Gene Hsin Chang
Author-X-Name-First: Gene Hsin
Author-X-Name-Last: Chang
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-9
Issue: 6
Volume: 41
Year: 2008
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R4N3224730274161
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Feldstein, Martin, and
Jeffrey Liebman. 2006. "Realizing the Potential of China's Social Security
Pension System." >i>China Economic Times>/i>, February 24.
]
Handle: RePEc:mes:chinec:v:41:y:2008:i:6:p:3-9
Template-Type: ReDIF-Article 1.0
Author-Name: Kiyoshi Takase
Author-X-Name-First: Kiyoshi
Author-X-Name-Last: Takase
Title: Foreign Trade and Trade Policy of Communist China
Abstract:
China's foreign trade before the establishment of the Communist regime,
like various other areas of the economy, was under the rule of foreign
capital. Eighty percent or more of foreign trade transactions was handled
by foreign commercial firms in China (in 1936, 771 firms from 22
countries, excluding Japan) [1]. Because of this, many Chinese merchants
were only playing the role of compradors. Trade was 90% or more (as of
1930) financed by foreign banks, and in shipping, too, foreign ships
accounted for 93% of cargo loading (as of 1940). China lost its tariff
autonomy in the Nanking Treaty (1842) (>u>1>/u>), and almost all tariff
revenue based on the loss of the tariff autonomy right was used to repay
the foreign loans to China.
Journal: Chinese Economy
Pages: 3-43
Issue: 1
Volume: 4
Year: 1970
Month: 10
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TLN54NW006602522
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X-Bibl:
Handle: RePEc:mes:chinec:v:4:y:1970:i:1:p:3-43
Template-Type: ReDIF-Article 1.0
Author-Name: Dar-Hsin Chen
Author-X-Name-First: Dar-Hsin
Author-X-Name-Last: Chen
Author-Name: Hsiang-Hsi Liu
Author-X-Name-First: Hsiang-Hsi
Author-X-Name-Last: Liu
Author-Name: Cheng-Ting Huang
Author-X-Name-First: Cheng-Ting
Author-X-Name-Last: Huang
Title: The Announcement Effect of Cash Dividend Changes on Share Prices: An Empirical Analysis of China
Abstract:
An event study using a sample of cash dividend changes from all listed
A-share firms in China during the period from 2000 to 2004 was conducted
to investigate the announcement effect of cash dividend changes and
examine whether the dividend-signaling hypothesis holds in China's stock
markets. The results indicate that the announcement of cash dividend
changes has a positive influence on share prices, but only partly support
the dividend-signaling hypothesis. The study also found that there is no
great dissimilarity between the announcement effects of cash dividend
changes for different stock markets in China. However, the announcement
effect of cash dividend changes for different sample periods exhibits
distinct differences that may have a close connection with the
promulgation and execution of two administrative rules. Cross-sectional
analysis shows that both cash dividend yield and the ratio of nonfloating
shares have explanatory power on the announcement effect of cash dividend
changes.
Journal: Chinese Economy
Pages: 62-85
Issue: 1
Volume: 42
Year: 2009
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=891441H24625154K
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Aharony, Joseph, and
Itzhak Swary. 1980. "Quarterly Dividend and Earnings Announcements and
Stockholders' Returns: An Empirical Analysis." >i>Journal of Finance>/i>
35: 1-12. ] [ 2
Asquith, Paul, and David W. Mullins, Jr. 1983. "The Impact of
Initiating Dividend Payments on Shareholders' Wealth." >i>Journal of
Business>/i> 56: 77-96. ] [
3 Bhattacharya, Sudipto. 1979. "Imperfect
Information, Dividend Policy, and the âBird in Handâ Fallacy." >i>Bell
Journal of Economics>/i> 10: 259-70. ] [
4 Boehmer, Ekkehart, Jim Musumeci, and
Annette B. Poulsen. 1991. "Event-Study Methodology Under Conditions of
Event-Induced Variance." >i>Journal of Financial Economics>/i> 30:
253-72. ] [ 5
Divecha, Arjun, and Dale Morse. 1983. "Market Responses to
Dividend Increases and Changes in Payout Ratios." >i>Journal of Financial
and Quantitative Analysis>/i> 18: 163-73. ] [
6 Fama, Eugene, and Kenneth French.
2001. "Disappearing Dividends: Changing Firm Characteristics or Lower
Propensity to Pay?" >i>Journal of Financial Economics>/i> 60:
3-43. ] [ 7
Gordon, Myron. 1959. "Dividends, Earnings and Stock Prices."
>i>Review of Economics and Statistics>/i> 41: 99-105.
] [ 8 Grullon, Gustavo,
Roni Michaely, and Bhaskaran Swaminathan. 2002. "Are Dividend Changes a
Sign of Firm Maturity?" >i>Journal of Business>/i> 75: 387-424.
] [ 9 Healy, Paul
M., and Krishna G. Palepu. 1988. "Earnings Information Conveyed by
Dividend Initiations and Omissions." >i>Journal of Financial Economics>/i>
21: 149-76. ] [ 10
Michaely, Roni, Richard H. Thaler, and Kent Womack. 1995. "Price
Reactions to Dividend Initiations and Omissions: Overreaction or Drift?"
>i>Journal of Finance>/i> 50: 573-608. ] [
11 Miller, Merton, and Franco
Modigliani. 1961. "Dividend Policy, Growth and the Valuation of Shares."
>i>Journal of Business>/i> 34: 411-33. ] [
12 Miller, Merton, and Kevin Rock. 1985.
"Dividend Policy Under Asymmetric Information." >i>Journal of Finance>/i>
40: 1031-51. ] [ 13
Pettit, R. Richardson. 1972. "Dividend Announcements, Security
Performance, and Capital Market Efficiency." >i>Journal of Finance>/i> 27:
993-1007. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:1:p:62-85
Template-Type: ReDIF-Article 1.0
Author-Name: Richard C. K. Burdekin
Author-X-Name-First: Richard C. K.
Author-X-Name-Last: Burdekin
Author-Name: Hsin-hui I. H. Whited
Author-X-Name-First: Hsin-hui I. H.
Author-X-Name-Last: Whited
Title: Macroeconomic Interdependence Between Mainland China and Taiwan: A Cross-Strait Perspective on Globalization
Abstract:
Macroeconomic interdependence between China and Taiwan is assessed in
terms of an array of output, price, money, and stock price measures for
each economy. Sizeable simple correlations between these variables are
accompanied by significant bidirectional Granger causality in many cases.
Further evidence of interdependence arises from impulse response and
variance decomposition analysis. As expected, the effects of mainland
China variables on Taiwan appear to be stronger than the reverse. The
indicated responses of the Taiwanese M2 money supply to developments in
China are particularly noteworthy as M2 was generally the central bank
target variable over the sample period.
Journal: Chinese Economy
Pages: 5-39
Issue: 1
Volume: 42
Year: 2009
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F6TP781717638460
File-Format: text/html
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X-Bibl:
[ 1 Bahng, Seungwook, and
Seung-Myo Shin. 2004. "Interactions of Stock Markets Within the Greater
China Economic Bloc." >i>Global Economic Review>/i> 33: 43-60.
] [ 2 Burdekin,
Richard C. K. 2008. >i>China's Monetary Challenges: Past Experiences and
Future Prospects.>/i> New York: Cambridge University Press.
] [ 3 Burdekin, Richard
C. K., and Paul Burkett. 1992. "The Impact of U. S. Economic Variables on
Bank of Canada Policy: Direct and Indirect Responses." >i>Journal of
International Money and Finance>/i> 11 (April): 162-87.
] [ 4 Burdekin, Richard
C. K., and Pierre L. Siklos. 2008. "What Has Driven Chinese Monetary
Policy Since 1990? Investigating the People's Bank's Monetary Rule."
>i>Journal of International Money and Finance>/i> 27, no. 5:
847-859. ] [ 5
Burdekin, Richard C. K., and Hsin-hui I. H. Whited. 2005.
"Exporting Hyperinflation: The Long Arm of Chiang Kai-shek." >i>China
Economic Review>/i> 16: 71-89. ] [
6 Chang, Hui S. 2005. "Estimating the
Monetary Policy Reaction Function for Taiwan: A VAR Model."
>i>International Journal of Applied Economics>/i> 2 (March):
50-61. ] [ 7
Chen, Yongjun. 2006. "Taiwan Cross-Strait Economic Relations in
the Era of Globalization." In >i>The Chinese Economy after WTO
Accession>/i>, ed. Shuming Bao, Shuanglin Lin, and Changwen Zhao, pp.
335-50. Burlington, VT: Ashgate. ] [
8 Cheng, Hwahsin and John L. Glascock. 2005.
"Dynamic Linkages Between the Greater China Economic Area Stock
MarketsâMainland China, Hong Kong, and Taiwan." >i>Review of
Quantitative Finance and Accounting>/i> 24 (June): 343-57.
] [ 9 Cheung, Yin-Wong,
Menzie D. Chinn, and Eiji Fujii. 2005. "Dimensions of Financial
Integration in Greater China: Money Markets, Banks and Policy Effects."
>i>International Journal of Finance and Economics>/i> 10 (April):
117-32. ] [ 10
Chi, Jing, Ke Li, and Martin Young. 2006. "Financial Integration
in East Asian Equity Markets." >i>Pacific Economic Review>/i> 11
(December): 513-26. ] [
11 Chow, Gregory C. 2006. "Globalization and
China's Economic Development." >i>Pacific Economic Review>/i> 11
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Handle: RePEc:mes:chinec:v:42:y:2009:i:1:p:5-39
Template-Type: ReDIF-Article 1.0
Author-Name: Yining Chen
Author-X-Name-First: Yining
Author-X-Name-Last: Chen
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Research on Chinese Accounting Issues: A Review and Synthesis
Abstract:
Over the past two decades, economic reforms have significantly changed the
economy and accountancy in China. As the planned centralized economy is
gradually replaced by a market-driven economy, the the profession of
accountancy is emerging and playing an increasingly important role. This
paper reviews and synthesizes the recent literature on Chinese accountancy
issues. It highlights the leading individual and institutional
contributors, the major focus and research methods of their studies, and
the journals, articles, and scholars exerting the greatest influence upon
research of accounting in China.
Journal: Chinese Economy
Pages: 98-128
Issue: 1
Volume: 42
Year: 2009
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HN44641546824330
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Handle: RePEc:mes:chinec:v:42:y:2009:i:1:p:98-128
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: China's Economic Linkages and Financial Markets: Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 42
Year: 2009
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NG56577146634T43
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Handle: RePEc:mes:chinec:v:42:y:2009:i:1:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Gaiyan Zhang
Author-X-Name-First: Gaiyan
Author-X-Name-Last: Zhang
Author-Name: Lin Zhao
Author-X-Name-First: Lin
Author-X-Name-Last: Zhao
Title: China's Equity Warrants Market: An Overview and Analysis
Abstract:
After the stock reforms in 2005, China's equity warrants market became the
second-largest in terms of trading value after Germany and surpassed Hong
Kong in 2006. The growth of the warrants market in China has been
constrained by the gradual expiration of reform-related warrants,
excessive speculation, and lack of understanding of the warrants market by
its participants. The mechanism for creating special warrants designed as
a transition to the development of covered warrants has been under hot
debate. A more refined regulatory framework and a stronger institutional
investor base are needed and are prerequisites for a well-functioning
warrants market.
Journal: Chinese Economy
Pages: 86-97
Issue: 1
Volume: 42
Year: 2009
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q61K60Q208456T2W
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X-Bibl:
[ 1 Dow Jones Newswire.
2005. "All Eyes on Baoshan Equity Warrant." August 17.
] [ 2 >i>Shanghai Stock
Exchange News.>/i> 2005. "SSE to Introduce Warrant Creation System."
November 22. ] [ 3
Wang, Lan. 2007. "Derivatives Win over Mainland Investors."
>i>China Daily>/i>, September 13. ] [
4 World Federation of Exchanges. >i>Annual
Report.>/i> >a target="_blank"
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Leo. 2006. "More Brokers May Get to Promote Covered Warrants." >i>China
Daily>/i>, September 11. ] [
6 Zhu, Charlie. 2007. "China's Warrant
Market." Reuters, January 19. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:1:p:86-97
Template-Type: ReDIF-Article 1.0
Author-Name: Kui-Wai Li
Author-X-Name-First: Kui-Wai
Author-X-Name-Last: Li
Author-Name: Lihong Yun
Author-X-Name-First: Lihong
Author-X-Name-Last: Yun
Author-Name: Gilbert C. S. Lui
Author-X-Name-First: Gilbert C. S.
Author-X-Name-Last: Lui
Title: Economic Performance of Human Capital in Post-Reform China
Abstract:
Provincial data are used to examine the economic performance of China's
human capital, adjusted by mortality and interprovincial migration
figures. The perpetual-inventory approach is used to compile China's human
capital, which is further decomposed into skilled, unskilled, and
different educational endowments. Statistical estimates are extended to
the performance of four regions. The various human capital indicators are
examined with different infrastructure variables. The empirical results
show that human capital endowed with higher education is scarce across
provinces, but skilled human capital can be improved by increasing the
amount of secondary school education. Consideration of openness factors
shows that foreign direct investment is complementary to the level of
human capital endowed with higher education.
Journal: Chinese Economy
Pages: 40-61
Issue: 1
Volume: 42
Year: 2009
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YH626052W2W6048Q
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X-Bibl:
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2007. "Human Capital Composition, Growth and Development: An R&D Growth
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of China During the Reform Period." >i>Journal of Political Economy>/i>
111 (December): 1220-61. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:1:p:40-61
Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Claude Maswana
Author-X-Name-First: Jean-Claude
Author-X-Name-Last: Maswana
Title: Can China Trigger Economic Growth in Africa?
Abstract:
This paper tests the exports to China-led growth and imports from
China-led growth hypotheses using Toda-Yamamoto's version of Granger
non-causality combined with Johannes's cointegration and bootstrap
diagnostic tests. The findings seemingly downplay the importance of the
export-led growth hypothesis while suggesting that Africa might benefit
from China's growth through technology-embodied capital good imports. In
this sense, the findings support recent views that the gains from global
trade depend less on the mere effects of trading than on the ability of
countries to appropriately position themselves along the global value
chain.
Journal: Chinese Economy
Pages: 91-105
Issue: 2
Volume: 42
Year: 2009
Month: 3
Keywords:
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[ 1 Afonso, O. 2001. "The
Impact of International Trade on Economic Growth." >i>Investigacio:
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[ 14 Greene, W. 1997.
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Trade Liberalization on Economic Growth in sub-Saharan Africa." >i>Journal
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[ 16 Hausmann, R., J. Hwang,
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[ 17 Iscan, T. 1998. "Trade
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] [ 22 Lawrence, R.Z.,
and D.E. Weinstein. 1999. "Trade and Growth: Import-Led or Export-Led?
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[ 23 Lutkepohl, H. 1993.
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[ 27 Palley, T.I. 2002. "A New
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[ 34 Toda, H., and T. Yamamoto.
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Zapata, H.O., and A.N. Rambaldi. 1997. "Monte Carlo Evidence on
Cointegration and Causation." >i>Oxford Bulletin of Economics and
Statistics>/i> 59, no. 2: 285-98. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:2:p:91-105
Template-Type: ReDIF-Article 1.0
Author-Name: Yuanyan Zhang
Author-X-Name-First: Yuanyan
Author-X-Name-Last: Zhang
Title: Foreign Currency Inflow and Real Exchange Rate Movement
Abstract:
A number of East Asian and oil-exporting countries have generated a large
inflow of foreign currencies as a result of their continued trade surplus
and surging foreign investments in recent decades. In China, the booming
foreign inflow was accompanied by a modest appreciation of the real
exchange rate. This paper argues that the failure of the real exchange
rate to appreciate in China is more the result of a higher demand for real
monetary balances than of exchange rate manipulation. Such "sterilization
by the people" is more evident in earlier episodes than in more recent
ones. This can be due to the emergence of competitive financial
instruments, a deeper financial market, and a more developed social
security system.
Journal: Chinese Economy
Pages: 63-90
Issue: 2
Volume: 42
Year: 2009
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X254386213367337
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X-Bibl:
[ 1 Aizenman, Joshua, and
Jaewoo Lee. 2005. "International Reserves: Precautionary versus
Mercantilist Views, Theory and Evidence." International Monetary Fund
Working Paper 05/19. ] [
2 Aguilar, Ana Maria. 2005. "Expected
Inflation and Money Demand." Ph.D. dissertation, University of California,
Los Angeles. ] [ 3
Baumol, W.J. 1952. "The Transactions Demand for Cash: An
Inventory-Theoretic Approach." >i>Quarterly Journal of Economics>/i> 66:
545-56. ] [ 4
Beck, Thorsten, Asli Demirgüç-Kunt, and Ross Levine. 2000. "A
New Database on Financial Development and Structure." >i>World Bank
Economic Review>/i> 14: 597-605. ] [
5 Engle, R.F., and C.W. Granger. 1987.
"Cointegration and Error Correction: Representation, Estimation and
Testing." >i>Econometrica>/i>Â >b>55.>/b> ] [
6 Harberger, Arnold C. 1983. "Dutch
DiseaseâHow Much Sickness, How Much Boon?" >i>Resources and Energy>/i>
5: 1-20. ] [ 7
Harberger, Arnold C. 1995. "Inflation and Growth in China." In
>i>Fiscal Deficits and the Inflation Process>/i>, ed. Manuel Guitian and
Robert Mundell, chap. 3. International Monetary Fund.
] [ 8 Harberger, Arnold
C. 2001. "Some Insights from Real Exchange-Rate Analysis." In >i>Trade,
Development and Political Economy: Essays in Honour of Anne O.
Krueger>/i>, eds. D. Lal and R.H. Snape, pp. 40-56. Houndmills, UK, and
New York: Palgrave. ] [ 9
Papaioannou, Elias, Richard Portes, and Gregorios
Siourounis. 2006. "Optimal Currency Shares in International Reserves: The
Impact of the Euro and the Prospects for the Dollar." National Bureau of
Economic Research Working Paper No. 12333. ]
[ 10 Ranciere, Romain, and
Olivier Jeanne. 2006. "The Optimal Level of International Reserves for
Emerging Market Countries: Formulas and Applications." International
Monetary Fund Working Paper 06/229. ] [
11 Tobin, J. 1956. "The Interest Elasticity
of the Transactions Demand for Cash." >i>Review of Economics and
Statistics>/i> 38: 241-47. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:2:p:63-90
Template-Type: ReDIF-Article 1.0
Author-Name: John E. Anderson
Author-X-Name-First: John E.
Author-X-Name-Last: Anderson
Title: Financing Urban Development in China
Abstract:
Urban areas in several regions of China are exploding with growth and
expanding at a rapid pace. This article examines the revenue sources local
governments may use to finance the costs of rapidly expanding
infrastructure and provide local public services. Starting with an
examination of current urban development policy, recent reform proposals
for urban land development and housing construction tax and fee reforms
are studied. The primary focus is on the policy debate as to whether the
existing system of multiple real estate taxes and fees, often applied once
at the time of house purchase, should be converted into a unified real
estate tax requiring annual payments. The potential impacts of this policy
change on housing prices and patterns of housing development are analyzed.
Journal: Chinese Economy
Pages: 48-62
Issue: 2
Volume: 42
Year: 2009
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X452V4417V456280
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X-Bibl:
[ 1 Anderson, John E. 1986.
"Property Taxes and the Timing of Urban Land Development." >i>Regional
Science and Urban Economics>/i> 16: 483-92. ]
[ 2 Anderson, John E. 2005.
"Taxes and Fees as Forms of Land Use Regulation." >i>Journal of Real
Estate Finance and Economics>/i> 31: 413-27. ]
[ 3 Areddy, James T. 2006. "China
Restricts Foreign Spending on Real Estate." >i>Wall Street Journal>/i>,
July 25, 2006. ] [ 4
Deng, F. Frederic. 2002. "Ground Lease-Based Land Use System
Versus Common Interest Development." >i>Land Economics>/i> 78:
190-206. ] [ 5
Deng, F. Frederic. 2005. "Public Land Leasing and the Changing
Roles of Local Government in Urban China." >i>Annals of Regional
Science>/i> 39: 353-73. ] [
6 Li, Ling Hin. 1997. "Privatization of the
Urban Land Market in Shanghai." >i>Journal of Real Estate Literature>/i>
5: 161-68. ] [ 7
Liu, Mingxing, and Ran Tao. 2004. "Regional Competition, Fiscal
Reform and Local Governance in China." Paper presented at the conference
"Paying for Progress: Public Finance, Human Welfare, and Inequality in
China," Oxford, May 21-23. ] [
8 Newell, Graeme, K.W. Chau, S.K. Wang, and
Keith McKinnell. 2005. "Dynamics of the Direct and Indirect Real Estate
Markets in China." >i>Journal of Real Estate Portfolio Management>/i> 11:
263-79. ] [ 9
Turnbull, Geoffrey K. 1988. "Property Taxes and the Transition
of Land to Urban Use." >i>Journal of Real Estate Finance and Economics>/i>
1: 393-403. ] [ 10
Turnbull, Geoffrey K. 2005a. "Introduction: The Dynamic
Perspective in Urban Land Use Policy." >i>Journal of Real Estate Finance
and Economics>/i> 31: 351-56. ] [
11 Turnbull, Geoffrey K. 2005b. "The
Investment Incentive Effects of Land Use Regulations." >i>Journal of Real
Estate Finance and Economics>/i> 31: 357-96. ]
[ 12 Walker, Anthony, and Ling
Hin Li. 1994. "Land Use Rights Reform and the Real Estate Market in
China." >i>Journal of Real Estate Literature>/i> 2: 199-211.
] [ 13 Xu, Dashan.
2004. "Tax Plan to Slash Housing Prices." >i>China Daily>/i>, March 15,
2004 ( >a target="_blank"
href='http://www.chinadaily.com.cn/english/doc/2004-03/15/content_314950.h
tm'>www.chinadaily.com.cn/english/doc/2004-03/15/content_314950.htm>/a> ] [ 14 Ye,
Xiannian. 2004. "China Real Estate MarketâTaxation System."
China-Window. com, July 24, 2004 ( >a target="_blank"
href='http://www.china-window.com/china_market/china_real_estate/china-rea
l-estate-market-9.shtml'>www.china-window.com/china_market/china_real_esta
te/china-real-estate-market-9.shtml>/a> ] [
15 Zhang, Xing Quan. 2001. "Risk and
Uncertainty in the Chinese Housing Market." >i>Journal of Real Estate
Literature>/i> 9: 161-72. ] [
16 Zhu, Jieming. 2005. "A Transitional
Institution for the Emerging Land Market in Urban China." >i>Urban
Studies>/i> 42:1369-90. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:2:p:48-62
Template-Type: ReDIF-Article 1.0
Author-Name: Kui-Wai Li
Author-X-Name-First: Kui-Wai
Author-X-Name-Last: Li
Title: Finance and Trade Development in Contemporary China
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 2
Volume: 42
Year: 2009
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X550178571226230
File-Format: text/html
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Handle: RePEc:mes:chinec:v:42:y:2009:i:2:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Jianbing Huang
Author-X-Name-First: Jianbing
Author-X-Name-Last: Huang
Author-Name: Hui Wang
Author-X-Name-First: Hui
Author-X-Name-Last: Wang
Title: Government Protection and Corporate Risk Management in China
Abstract:
Corporate finance theory holds that risk management increases firm value
by reducing the costs of financial distress, agency costs, and taxes. This
hypothesis is examined by conducting empirical research on Chinese listed
firms. Unlike previous studies, which focused mainly on the corporate
governance system in China, this study pays more attention to protection
within the context of local government and analyzes its effects on
decisions regarding a firm's risk management. In contrast to what the
theory claims, this study shows that firms with high distress costs pay
little attention to risk management. Furthermore, risk-management
decisions seem to have no clear impact on firm value. This phenomenon can
be attributed to protection by local government, which lets very few
listed firms in China go bankrupt. But in the long run, this protection
will destroy a firm's competitiveness and reduce its value accordingly.
Journal: Chinese Economy
Pages: 7-29
Issue: 2
Volume: 42
Year: 2009
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X61HRR87522V36R3
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Berkman, Henk, and
Michael E. Bradbury. 1996. "Empirical Evidence on the Corporate Use of
Derivatives." >i>Financial Management>/i> 25, no. 2: 5-13.
] [ 2 Bessembinder, H.
1991. "Forward Contracts and Firm Value: Investment Incentive and
Contracting Effects." >i>Journal of Financial and Quantitative
Analysis>/i> 26: 519-32. ] [
3 Brealey, Richard A., and Stewart C. Myers.
2002. >i>Principles of Corporate Finance.>/i> 7th ed. New York: McGraw
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Campbell, T.S., and W.A. Kracaw. 1990. "Corporate Risk
Management and Incentive Effects of Debt." >i>Journal of Finance>/i> 45:
1673-686. ] [ 5
Chen, Jian. 2001. "Ownership Structure as Corporate Governance
Mechanism: Evidence from Chinese Listed Companies." >i>Economics of
Planning>/i> 34: 53-72. ] [
6 Deng, Xiaolan, and Zunjun Wang. 2006.
"Ownership Structure and Financial Distress: Evidence from Public-listed
Companies in China." >i>International Journal of Management>/i> 23:
486-502. ] [ 7
Dolde, W. 1995. "Hedging, Leverage and Primitive Risk."
>i>Journal of Financial Engineering>/i> 4: 187-216. ]
[ 8 Fama, E.F. 1980. "Agency
Problems and Theory of Firm." >i>Journal of Political Economy>/i> 88:
288-307. ] [ 9
Froot, K.A., D.S. Scharfstein, and J.C. Stein. 1993. "Risk
Management: Coordinating Corporate Investment and Financing Policies."
>i>Journal of Finance>/i> 48: 1629-59. ] [
10 Geczy, C., B.A. Minton, and C.
Schrand. 1997. "Why Firms Hedge: Distinguishing Among Existing Theories."
>i>Journal of Finance>/i> 52: 1323-54. ] [
11 Jensen, M.C., and W.H. Meckling.
1976. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership
Structure." >i>Journal of Financial Economics>/i> 3: 305-60.
] [ 12 Leland, H.E.
1998. "Agency Costs, Risk Management and Capital Structure." >i>Journal of
Finance>/i> 53: 1213-43. ] [
13 Mayers, David, and Clifford Smith. 1982.
"On the Corporate Demand for Insurance." >i>Journal of Business>/i> 55:
281-96. ] [ 14
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Demand for Insurance: Evidence from the Reinsurance Market." >i>Journal of
Business>/i> 63: 19-40. ] [
15 Mian, S.L. 1996. "Evidence on Corporate
Hedging Policy." >i>Journal of Financial and Quantitative Analysis>/i> 31:
419-39. ] [ 16
Modigliani, F., and H.H. Miller. 1958. "The Cost of Capital,
Corporation Finance and the Theory of Investment." >i>American Economic
Review>/i> 48: 333-91. ] [
17 Myers, S.C. 1977. "The Determinants of
Corporate Borrowing." >i>Journal of Financial Economics>/i> 4:
147-75. ] [ 18
Nance, D.R., C.W. Smith, and C.W. Smithson. 1993. "On the
Determinants of Corporate Hedging." >i>Journal of Finance>/i> 48:
267-84. ] [ 19
Shleifer, A., and R.W. Vishny. 1997. "A Survey of Corporate
Governance." >i>Journal of Finance>/i> 52: 737-83. ]
[ 20 Smith, C.W., and R.M.
Stulz. 1985. "The Determinants of Firm's Hedging Policy." >i>Journal of
Financial and Quantitative Analysis>/i> 20: 391-405. ]
[ 21 Smith, C.W., and J.B.
Warner. 1979. "On Financial Contracting: An Analysis of Bond Covenants."
>i>Journal of Financial Economics>/i> 5: 117-61. ]
[ 22 Stulz, R.M. 1984. "Optimal
Hedging Policy." >i>Journal of Financial and Quantitative Analysis>/i> 19:
127-40. ] [ 23
Sun, Qian, and Wilson H.S. Tong. 2003. "China Share Issue
Privatization: The Extent of Its Success." >i>Journal of Financial
Economics>/i> 70: 183-222. ] [
24 Tian, G.L. 1999. "Performance of Mixed
Enterprises, State Shareholding and Agency Cost." Working Paper, London
Business School. ] [ 25
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Property Insurance: Chinese Evidence." >i>Journal of Financial
Intermediation>/i> 15: 165-96. ] [
26 Zou, H., M.B. Adams, and M.J. Buckle.
2003. "Corporate Risks and Property Insurance: Evidence from the People's
Republic of China." >i>Journal of Risk and Insurance>/i> 70:
289-314. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:2:p:7-29
Template-Type: ReDIF-Article 1.0
Author-Name: Kent Matthews
Author-X-Name-First: Kent
Author-X-Name-Last: Matthews
Author-Name: Xu Zhang
Author-X-Name-First: Xu
Author-X-Name-Last: Zhang
Author-Name: Jianguang Guo
Author-X-Name-First: Jianguang
Author-X-Name-Last: Guo
Title: Nonperforming Loans and Productivity in Chinese Banks, 1997-2006
Abstract:
A bootstrap method for Malmquist index estimates of productivity growth is
constructed with appropriate confidence intervals. This paper adjusts for
the quality of the output by accounting for the nonperforming loans (NPLs)
on balance sheets and tests the robustness of the results by examining
alternative sets of outputs. The productivity growth of state-owned banks
and joint-stock banks is compared, and the determinants are evaluated. It
was found that the average productivity of Chinese banks improved modestly
over this period. Adjusting for the quality of loans by treating NPLs as
an undesirable output, the average productivity growth of the state-owned
banks was zero or negative, while the productivity of the joint-stock
banks was markedly higher.
Journal: Chinese Economy
Pages: 30-47
Issue: 2
Volume: 42
Year: 2009
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X7800W6K686243P3
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Alam, I.S. 2001. "A
Nonparametric Approach for Assessing Productivity Dynamics of Large U.S.
Banks." >i>Journal of Money, Credit and Banking>/i> 33: 121-39.
] [ 2 Banker, R.D.
1996. "Hypothesis Tests Using Data Envelope Analysis: A Statistical
Foundation." >i>Journal of Productivity Analysis>/i> 7: 139-59.
] [ 3 Berg, S., R.
Finn, and S. Eilev. 1992. "Malmquist Indices of Productivity Growth During
the Deregulation of Norwegian Banking, 1980-89." >i>Scandinavian Journal
of Economics>/i> 94: 211-28. ] [
4 Berger, A.N., and D.B. Humphrey. 1991.
"Measurement and Efficiency Issues in Commercial Banking." In >i>Output
Measurement in the Services Sector>/i>, ed. Zvi Griliches, 245-279.
Chicago: University of Chicago Press. ] [
5 Canhoto, A., and J. Dermine. 2003. "A
Note on Banking Efficiency in Portugal: New Versus Old Banks." >i>Journal
of Banking and Finance>/i> 27: 2087-2098. ] [
6 Casu, B., C. Girardone, and P.
Molyneux. 2004. "Productivity Change in European Banking: A Comparison of
Parametric and Non-Parametric Approaches." >i>Journal of Banking and
Finance>/i> 28: 2521-40. ] [
7 Chen, G. 2002. "Application of Malmquist
Index: Productivity Dynamics of Commercial Banks in China." >i>Journal of
Policy Making Reference>/i> 15, no. 5: 31-35 (in Chinese).
] [ 8 Chen, X., M.
Skully, and K. Brown. 2005. "Banking Efficiency in China: Applications of
DEA to Pre- and Post-Deregulation Eras: 1993-2000." >i>China Economic
Review>/i> 16: 229-45. ] [
9 Drake, L. 2001. "Efficiency and
Productivity Change in UK Banking." >i>Applied Financial Economics>/i> 11:
557-571. ] [ 10
Färe, R., S. Grosskop, and M. Norris. 1994. "Productivity
Growth, Technical Progress, and Efficiency Change in Industrialized
Countries." >i>American Economic Review>/i> 84: 66-83.
] [ 11 Fu, X., and S.
Heffernan. 2007. "Cost X-efficiency in China's Banking Sector." >i>China
Economic Review>/i> 18: 35-53. ] [
12 Fu, X., and S. Heffernan. 2009. "The
Effects of Reform on China's Bank Structure and Performance." >i>Journal
of Banking and Finance>/i> 33: 39-52. ] [
13 Goldschmidt, A. 1981. "On the
Definition and Measurement of Bank Output." >i>Journal of Banking and
Finance>/i> 5: 575-81. ] [
14 Isik, I., and M.R. Hassan. 2003.
"Financial Deregulation and Total Factor Productivity Change: An Empirical
Study of Turkish Commercial Banks." >i>Journal of Banking and Finance>/i>
27: 1455-85. ] [ 15
Matthews, K., J. Guo, and X. Zhang. 2007. "Rational
Inefficiency and Non-Performing Loans in Chinese Banking: A Non-Parametric
Bootstrapping Approach." >i>China Finance Review>/i> 1, no. 3:
55-75. ] [ 16
Ni, H., and D. Wan. 2006. "An Analysis on Malmquist Productivity
Index for China's Commercial Banks." >i>Shanghai Finance>/i> 1: 27-28 (in
Chinese). ] [ 17
Noulas, A. 1997. "Productivity Growth in the Hellenic Banking
Industry: State Versus Private Banks." >i>Applied Financial Economics>/i>
7: 223-28. ] [ 18
Park, K., and W. Weber. 2006. "A Note on Efficiency and
Productivity Growth in the Korean Banking Industry, 1992-2002." >i>Journal
of Banking and Finance>/i> 30: 2371-86. ] [
19 People's Bank of China. 2006.
>i>Almanac of China's Finance and Banking.>/i> Beijing (Chinese
version). ] [ 20
Shephard, R.W. 1970. >i>Theory of Cost and Production
Functions.>/i> Princeton: Princeton University Press.
] [ 21 Simar, L., and
P. Wilson. 1999. "Estimating and Bootstrapping Malmquist Indices."
>i>European Journal of Operational Research>/i> 11: 459-71.
] [ 22 Simar, L., and
P. Wilson. 2000. "Statistical Inference in Nonparametric Frontier Models:
The State of the Art." >i>Journal of Productivity Analysis>/i> 13:
49-78. ] [ 23
Simar, L., and P. Wilson. 2002. "NonParametric Tests of Returns
to Scale." >i>European Journal of Operational Research>/i> 139:
115-32. ] [ 24
Sun, Z., and X. Fang. 2007. "Can Foreign Banks Stimulate the
Increase in Efficiency of Chinese Banks?" >i>Contemporary Finance and
Economics>/i> 275: 56-62 (in Chinese). ] [
25 Tan, Z., and C. Wang. 2006. "An
Analysis of Dynamic Change in the Efficiency of Commercial Bank of China
Based on an Improved DEA Model." >i>Journal of Jinan University
(Philosophy and Social Sciences)>/i> 124: 62-66. ]
[ 26 Wheelock, D.C., and P.W.
Wilson. 1999. "Technical Progress, Inefficiency and Productivity Change in
U.S. Banking, 1984-1993." >i>Journal of Money, Credit and Banking>/i> 31:
212-34. ] [ 27
Zhang, J., and Y. Wu. 2005. "The Empirical Analysis of
Efficiency of Commercial Bank of China Based on Malmquist Index Approach."
>i>Journal of Hebei University of Technology>/i> 34: 37-41 (in
Chinese). ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:2:p:30-47
Template-Type: ReDIF-Article 1.0
Author-Name: Shuanglin Lin
Author-X-Name-First: Shuanglin
Author-X-Name-Last: Lin
Title: Tax Reforms in China and Russia
Abstract:
This paper compares tax reforms and current tax systems in China and
Russia. In both countries, earlier tax reforms aimed at providing
incentives to state-owned enterprises (SOEs) to improve productivity. In
the 1990s, China and Russia established market-oriented tax systems, and
both experienced a decline in tax revenues. Entering the new century,
China adopted an increased-spending fiscal policy, while Russia adopted a
tax-cut policy to stimulate economic growth. Both countries have similar
value-added tax systems, but their personal and corporate income tax
structures and social security systems are substantially different. The
tax share of the gross domestic product (GDP) is substantially higher in
Russia than in China. Russia is expected to continue its tax-reduction
policy, and China is also considering major tax reforms.
Journal: Chinese Economy
Pages: 24-40
Issue: 3
Volume: 42
Year: 2009
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=404R178R11217537
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bahl, Roy, and
Christine Wallich. 1992. "Intergovernmental Fiscal Relations in China."
Working Paper Series 863. World Bank, Washington, DC.
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Finance (Tax Division). 1996. >i>The Tax System in China>/i>. Beijing:
Enterprise Management Publishing House. ] [
3 China Ministry of Finance (Tax
Division). 2000. >i>Russia's Tax System>/i>. Research Group on
International Comparison of Tax Systems. Beijing: China Fiscal and
Economic Publishing House. ] [
4 China Ministry of Finance (Tax Division).
2002, 2003, 2006, 2007. >i>Finance Yearbook of China>/i>. Beijing:
Publishing House of Financial Journals. ] [
5 Ernst and Young. 2003. >i>Tax Tables
2003. Russia.>/i> Available at >a target="_blank"
href='http://www.ey.com'>www.ey.com>/a> ] [
6 Hall, Robert E., and Alvin Rabushka.
1995. >i>The Flat Tax.>/i> 2d ed. Stanford, CA: Hoover Institution
Press. ] [ 7
Hishou, Ognian N. 2000. >i>Is Russia's Balanced Budget a
Miracle? The Effects of Commodity Prices Raised>/i>. Cologne:
Bundesinstitut für ostwissenschaftliche und internationale Studien,
LindenbornstraÃe. ] [ 8
Holzman, Franklyn D. 1962. >i>Soviet Taxation: The Fiscal
and Monetary Problems of a Planned Economy>/i>. Cambridge: Harvard
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2005, 2006. >i>Government Financial Statistics Yearbook>/i>. Washington,
DC. ] [ 10
International Monetary Fund (IMF). 2000,2003, 2006.
>i>International Financial Statistics Yearbook>/i>. Washington,
DC. ] [ 11
Ivanova, Anna; Michael Keen; Alexander Klemm. 2005. "The Russia
Flat Tax Reform." IMF Working Papers WP/05/16. Washington, DC.
] [ 12 Lavrov,
Alexei, and Alexei Makushkin. 2001. >i>The Fiscal Structure of the Russian
Federation: Fiscal Flows Between the Center and the Regions>/i>. Armonk,
NY: M.E. Sharpe. ] [ 13
Lin, Shuanglin. 2000. "The Decline of China's Budgetary
Revenue: Reasons and Consequences." >i>Contemporary Economic Policy>/i>
18: 477-90. ] [ 14
Lin, Shuanglin. 2004. "China's Capital Tax Reforms in an Open
Economy." >i>Journal of Comparative Economics>/i> 32: 128-47.
] [ 15 Lin,
Shuanglin. 2005. "Excessive Fee Reforms in China." >i>Contemporary
Economic Policy>/i> 23: 91-106. ] [
16 Lin, Shuanglin. 2008. "China's
Value-Added Tax Reform, Capital Accumulation and Welfare." >i>China
Economic Review>/i> 19: 197-214. ] [
17 Ma, Jun. 1995. "Modeling Central-Local
Fiscal Relations in China." >i>China Economic Review>/i> 6:
105-36. ] [ 18
National Bureau of Statistics. 2003. >i>Statistics Press>/i>.
Beijing: China Statistics Press. ] [
19 National Bureau of Statistics. 2007.
>i>China Statistical Abstract>/i>. Beijing: China Statistics
Press. ] [ 20
National People's Congress. 1991. >i>Income Tax Law of the
People's Republic of China for Enterprises with Foreign Investment and
Foreign Enterprises>/i>. (April 9). Beijing: China Statistics
Press. ] [ 21
Newcity, Michael A. 1986. >i>Taxation in the Soviet Union>/i>.
New York: Praeger. ] [ 22
Pogorletskiy, Alexander, and Fritz Sollner. 2002. "The
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156-61. ] [ 23
Rabushka, Alvin. 2003. "The Flat Tax at Work in Russia: Year
Three, January-June 2003, The Russian Economy." >i>Hoover Institution
Public Policy Inquiry>/i>. Available at >a target="_blank"
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.org/comments/081301.html>/a> ] [
24 State Council of China. 1994.
"Provisional Regulations of the People's Republic of China on Value-Added
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Republic of China, Tax Bureau of the People's Republic of China>/i>,
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27 Stepanyan, Vahram. 2003. "Reforming Tax
Systems: Experience of the Baltics, Russia, and Other Countries of the
Former Soviet Union." International Monetary Fund, IMF Working Papers
03/173. Washington, DC. ] [
28 Treisman, Daniel. 1999. "Russia's Tax
Crisis: Explaining Falling Revenues in a Transitional Economy."
>i>Economics and Politics>/i> 11, no. 2: 145-59. ]
[ 29 United Nations. 2003.
>i>Human Development Report>/i>. New York and Geneva.
] [ 30 Wong, Christine,
P.W. Wong, Christopher Heady, and Wing T. Woo. 1995. >i>Fiscal Management
and Economic Reform in the People's Republic of China>/i>. Hong Kong:
Oxford University Press. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:3:p:24-40
Template-Type: ReDIF-Article 1.0
Author-Name: Jason Z. Yin
Author-X-Name-First: Jason Z.
Author-X-Name-Last: Yin
Title: Can Russia Learn from China in Its Quest for WTO Entry?
Abstract:
This paper reviews Russia's foreign trade policy and trade-related issues
in its World Trade Organization entry negotiations. The disputes between
Russia and its major trade partners are analyzed. The discussion focuses
on Russia's economic structure, corporate governance, and market access to
agriculture and service sectors. Russia's experience is compared with
China's entry application to the WTO, and the disputes hindering the final
agreement are discussed. Suggestions are made for Russian policy-makers to
learn from China to structurally reform Russia's economic and trade
regimes to meet WTO requirements and to promote its economic growth and
global economic integration.
Journal: Chinese Economy
Pages: 60-77
Issue: 3
Volume: 42
Year: 2009
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4451643460521810
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Aris, Ben. 2001.
"Privatization All Over Again." >i>Euromoney>/i>, no. 384 (April):
79-92. ] [ 2
Berglof, Erik, and Segei Guriev. 2002. "Russia: WTO Member as
Early as 2003?" >i>Transition Newsletter>/i> 13, no. 1/2: 25-26.
] [ 3 Center for
Economic and Financial Research (CEFIR). 2001. "Russia and World Trade
Organization: Myths and Reality." Available at >a target="_blank"
href='http://www.cefir.org'>www.cefir.org>/a> ]
[ 4 Foo, Jennifer. 2002. "Reform
and Corporate Governance in Russia." >i>Global Business Conference>/i>
[Istanbul] (August): 233-34. ] [
5 Goldman, Marshall. 2000. "Reprivatizing
Russia." >i>Challenge>/i> 43, no. 3 (May/June): 28-43.
] [ 6 Goskomstat. 2003.
>i>Russia in Figures 2003: Concise Statistical Handbook>/i>.
Moscow. ] [ 7
Kokh, Alfred. 1998. >i>Selling of the Soviet Empire: Politics
and Economics of Russia's Privatization, Revelations of the Principal
Insider>/i>. New York: S.P.I. Books. ] [
8 Kwiecinski, Andrzej. 1998. "The Slow
Transformation of Russian Agriculture." >i>OECD Directorate for
Agriculture, Fisheries and Food>/i>. Available at >a target="_blank"
href='http://www1.oecd.org/publications/observer/214/Russia_eng.htm'>www1.
oecd.org/publications/observer/214/Russia_eng.htm>/a>
] [ 9 Lardy, Nicholas.
2002. >i>Integrating China into the Global Economy>/i>. Washington, DC:
Brookings Institution Press. ] [
10 Lissovolik, Yaroslav. 2006. "Russia's
Relations with the EU After WTO Accession." >i>Aussenwirtscraft>/i> 61,
no. 4: 447-58. ] [ 11
Lavelle, Peter. 2004. "Russia's Banking Woes." >i>News Before
It's News>/i>. Available at >a target="_blank"
href='http://www.Ocnus.net/cgi-bin/exec/view.cgiarchive/'>www.Ocnus.net/cg
i-bin/exec/view.cgiarchive/>/a> ] [
12 Ministry of Economic Development and
Trade (MEDT). 2006. "Ob osnovnyh rezultatah peregovorov po dostupu na
rynki tovarov i uslug v ramkah prisoyedeneniya Rossii k vsemirnoj torgovoj
organizatsii." November 21. ] [
13 NAG Consulting Company. 2008. "Foreign
Trade: Change of Time." >i>Official Russian State Customs Committee
Statistics, 1994-2006>/i>. Moscow: Globalnet. Available at >a
target="_blank"
href='http://www.users.globalnet.co.uk/~chegeo/index2.htm'>www.users.globa
lnet.co.uk/~chegeo/index2.htm>/a> ] [
14 Reznik, Bruce. 2003. "Corporate
Governance in Russia: The Yukos Case." >i>Transition Newsletter>/i> 14,
no. 7-9: 11-12. ] [ 15
"Russia/EU Politics: EU Threatens to Halt Russia's WTO Entry
Bid." 2007. >i>EIU Views-Wire>/i>, May 3. ] [
16 "Russian MPs' Meeting with U.S.
Counterparts Effective, But Problems Remain." 2007. >i>BBC Monitoring
Former Soviet Union>/i>, June 23: 1. ] [
17 Sarkisov, Oganes. 2001. "Measures to
Improve Corporate Governance in Russia." >i>U.S. Commercial Service>/i>.
Moscow. Available at >a target="_blank"
href='http://www.ustrade.gov'>www.ustrade.gov>/a> ]
[ 18 U.S. Department of
Agriculture (USDA). Foreign Agricultural Service. 2006. >i>Russia
Livestock and Products Semi-Annual>/i>. Available at >a target="_blank"
href='http://www.thepigsite.com/articles/7/markets-and-economics/1561/russ
ia-livestock-and-products-semiannual-february/'>www.thepigsite.com/article
s/7/markets-and-economics/1561/russia-livestock-and-products-semiannual-fe
bruary/>/a> ] [ 19
Wade, Robert. "Questions of Fairness." 2006. >i>Foreign
Affairs>/i> 85, no. 5: 136. ] [
20 Williams, Frances. 2007. "Ukraine Ahead
of Russia in WTO Entry Bid." >i>Financial Times>/i> (Asia ed.), July 27:
2. ] [ 21
World Bank. 2003. "Structural Changes Needed in
RussiaâFriendly Suggestions from the World Bank." >i>Transition
Newsletter>/i> 14/15, no. 12-1: 6-8. ] [
22 World Bank. 2005. >i>Enterprise
Surveys>/i>. Available at >a target="_blank"
href='http://www.enterprisesurveys.org/ExploreEconomies/Graph.aspx?economy
=159&year=2005'>www.enterprisesurveys.org/ExploreEconomies/Graph.aspx?econ
omy=159&year=2005>/a> ] [
23 Yudaeva, Ksenia. 2002. "Russia's WTO
Accession: Scholars See Positive Effects." >i>Transition Newsletter>/i>
13: 45-47. ] [ 24
Yudaeva, Ksenia. 2003. "Impact of WTO Accession on the Russian
Economy: A Review of Current Findings." >i>Transition Newsletter>/i> 14:
4-6. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:3:p:60-77
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Pension Systems and Reforms in China and Russia
Abstract:
This paper discusses pension system reforms in China and Russia. Before
the reforms, both countries had pay-as-you-go pension systems, with
limited coverage, inequality across sectors, lack of portability, and
unsustainable financing. Pension reforms, begun in China in 1984 and
Russia in 1997, aimed to establish a three-pillar system: (1) defined
benefits, (2) mandatory funding, and (3) supplementary pension. The
reforms have expanded coverage, increased portability, reduced inequity,
and improved labor mobility of pensions. However, the two countries face
many challenges, including aging populations, a double burden on active
workers, and immature capital markets.
Journal: Chinese Economy
Pages: 9-23
Issue: 3
Volume: 42
Year: 2009
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=45217Q74X6710281
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Afanasiev, S.A. 2003.
"Pension Reform in Russia: First Year of Implementing." Paper presented at
the PIE International Workshop on "Pension Reform in Transition
Economics," IER, Hitotsubashi University, Japan, February.
] [ 2 Ahmad, Ehtisham,
and Athar Hussain. 1991. "Social Security in China: A Historial
Perspective." In >i>Social Security in Developing Countries>/i>, ed.
Etisham Ahmad, Jean Dreze, John Hills, and Amartya Sen, pp. 247-304. New
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3 Chen, Vivian Y. 2002. "Challenges of
China's Pension System Reform." Paper prepared for Asian Development Bank,
Governance, Finance, and Trade Division of East and Central Asia
Department. ] [ 4
Chen, Vivian Y. 2004. "A Macro Analysis of China Pension Pooling
System Finance Problem and Incentive Issues." Paper presented at the
conference on "Pension in Asia: Incentive, Compliance, and Their Role in
Retirement," Tokyo, February 23-24. ] [
5 China Economic Net. 2004. >i>Social
Security System Taking Shape>/i>. September 8. >a target="_blank"
href='http://en.ce.cn/National/Government/2004-09/08+20040908_1705060.shtm
l'>http://en.ce.cn/National/Government/2004-09/08+20040908_1705060.shtml>/
a> ] [ 6
Goskomstat. 2003. >i>Russia in Figures, 2003>/i>. Moscow.
] [ 7 Heleniak,
Timothy. 2002. "Russia's Demographic Decline Continues." >i>PRB
On-Line.>/i> Available at >a target="_blank"
href='http://www.prb.org'>www.prb.org>/a> ] [
8 Hussain, Athar. 1994. "Social
Security in Present-Day China and Its Reform." >i>America Economic
Review>/i> 84, no. 2: 276-80. ] [
9 Jiang, Chunzhe, and Nanxiong Li. 1999.
"Analysis of Problems and Strategies After China's Provincial-Level
Old-Age Insurance Pooling." Working Paper Series. China Center for
Economic Research, Beijing University. ] [
10 Kosmarskaya, T. 2002. "Pension Funds
in RussiaâProgress and Prospects." Working Paper Series.
Russian-European Center for Economic Policy. ]
[ 11 Kuznetsov, Artem and Oleg
Ordin. 2001. "Pension Reform in Russia: A General Equilibrium Approach."
Working Paper Series. Economics Education and Research
Consortium. ] [ 12
Liu, Lillian. 1991. "Social Security for State-Sector Workers in
the People's Republic of China: The Reform Decade and Beyond." >i>Social
Security Bulletin>/i> 54, no. 10: 2-16. ] [
13 Ministry of Labor and Social
Security. 2001. >i>China Labor Statistical Yearbook>/i>. Beijing: China
Statistics Press. ] [ 14
>i>People's Daily>/i> (Overseas edition). 2004. "China's
First White Paper on Social Security." October 26. ]
[ 15 Shakina, Marina. 2003.
"Pension Reform in Russia: A New Stage." >i>Global Action on Aging>/i>.
Available at >a target="_blank"
href='http://www.globalaging.org/pension/world/anewstage.htm'>www.globalag
ing.org/pension/world/anewstage.htm>/a> ] [
16 Song, Shunfeng, and George S.-F.
Chu. 1997. "Social Security Reform in China: The Case of Old-Age
Insurance." >i>Contemporary Economic Policy>/i> 15: 85-93.
] [ 17 State Council of
China. 1991. "Decisions on Old-Age Insurance Reform." Document No.
33. ] [ 18
Woodruff, David M. 2002. "Pension Reform in Russia: From the
Politics of Implementation to the Politics of Lawmaking?" Paper presented
at the PONARS Policy Conference, Washington, DC. ]
[ 19 World Bank. 1997. >i>Old
Age Security>/i>. Washington, DC. ] [
20 World Bank. 2002. >i>Pension Reform in
Russia: Design and Implementation>/i>. Washington, DC.
] [ 21 Xiong, Bijun.
2000. "Reform of the Support Insurance System for the Aged in China."
Paper presented at the International Research Conference on Social
Security, Helsinki, September 25-27. ] [
22 Yin, Jason Z., Shuanglin Lin, and David
F. Gates, ed. 2000. >i>Social Security Reform: Options for China>/i>.
Singapore: World Scientific. ] [
23 Yuan, Zhigang. 2002. "Economic Analysis
of China's Old-Age Insurance Systems." Working Paper Series. Department of
Economics, Fudan University, Shanghai. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:3:p:9-23
Template-Type: ReDIF-Article 1.0
Author-Name: Aimin Chen
Author-X-Name-First: Aimin
Author-X-Name-Last: Chen
Title: Corporate Governance in Russia and Some Points of Comparison with China
Abstract:
This article analyzes corporate governance in Russia based on a study of
the relationships between firms and banks, firms and capital markets,
firms and government, and, within firms, between owners, management, and
employees. In addition, a few important aspects of corporate governance in
Russia and China are compared. Our descriptive study suggests that
Russia's corporate governance is neither German-Japanese style nor
Anglo-American style. Unlike in China, where enterprise reform is
developing toward the Anglo-American style of corporate governance, Russia
has stronger features of the German-Japanese style of governance because
of its heavy bank involvement.
Journal: Chinese Economy
Pages: 41-59
Issue: 3
Volume: 42
Year: 2009
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=452L443Q1515850K
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bevan, A. Alan, and
Julian Fennema. 2003. "Finance, Restructuring and Performance in
Privatized Russian Enterprises." >i>Comparative Economic Studies>/i> 45,
no. 2: 117-47. ] [ 2
Buck, Trevor. 2003. "Modern Russian Corporate Governance:
Convergent Forces or Product of Russian History?" >i>Journal of World
Business>/i> 38, no. 4 (September): 299-313. ]
[ 3 Buck, Trevor, and Mike
Wright. 1994. "Employee Buyouts and the Transformation of Russian
Industry." >i>Comparative Economic Studies>/i> 36, no. 2
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The Emergence of Stock-Offering Firms." >i>Comparative Economic
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Economic Performance Since 1978: Material Attainments and Beyond."
>i>Journal of Socio-Economics>/i> 34, no. 4: 499-527.
] [ 7 Chen, Aimin, and
Ping Li. 2007. "Corporate Governance and the Development of Private
Enterprises in China." In >i>The Revival of Private Enterprises in
China>/i>, ed. Shuanglin Lin and Shunfeng Song. London: Ashgate.
] [ 8 Earie, J.
and S. Estrin. 1996. "Employee Ownership in Transition." In >i>Corporate
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"Corporate Governance in the Former Soviet Union: An Overview." >i>Journal
of Comparative Economics>/i>, no. 27: 398-421. ]
[ 10 Goldman, Marshall. 1997.
"The Pitfalls of Russian Privatization." >i>Challenge>/i> 40, no. 3
(May/June): 35-49. ] [ 11
Judge, Q. William; Irina Naoumova; and Nadeja Koutzevol.
2003. "Corporate Governance and Firm Performance in Russia." >i>Journal of
World Business>/i> 38, no. 4 (September): 387-96. ]
[ 12 Krivogorsky, Victoria.
2000. "Corporate Ownership and Governance in Russia." >i>International
Journal of Accounting>/i> 35, no. 3: 331-53. ]
[ 13 Kuznetsova, Olga, and Andrei
Kuznetsov. 1999. "The State as a Shareholder: Responsibilities and
Objectives." >i>Europe-Asia Studies>/i> 51, no. 3: 433-45.
] [ 14 McCarthy, J.
Daniel, and M. Sheila Puffer. 2002. "Corporate Governance in Russia:
Towards a European, U.S., or Russian Model?" >i>European Management
Journal>/i> 20, no. 6: 630-40. ] [
15 McCarthy, J. Daniel, and M. Sheila
Puffer. 2003. "Corporate Governance in Russia: A Framework for Analysis."
>i>Journal of World Business>/i> 38, no. 4 (September): 397-415.
] [ 16 Muravyev,
Alexander. 2003. "Turnover of Senior Managers in Russian Privatized
Firms." >i>Comparative Economic Studies>/i> 45, no. 2: 148-72.
] [ 17 National
Bureau of Statistics. 2005a. >i>International Statistical Yearbook.>/i>
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18 National Bureau of Statistics. 2005b.
>i>Statistical Yearbook of China>/i>. Beijing: China Statistics
Press. ] [ 19
Organization for Economic Cooperation and Development (OECD).
2002. "China in the Global Economy China in the World Economy: The
Domestic Policy ChallengesâSynthesis Report." >i>OECD Emerging
Economies>/i> 7 (March): 1-75. ] [
20 Peng, W. Mike; Trevor Buck; and Igor
Filatotchev. 2003. "Do Outside Directors and New Managers Help Improve
Firm Performance? An Exploratory Study in Russian Privatization."
>i>Journal of World Business>/i> 38, no. 4 (September): 348-60.
] [ 21 Puffer, M.
Sheila, and Daniel J. McCarthy. 2003. "The Emergence of Corporate
Governance in Russia." >i>Journal of World Business>/i> 38, no. 4
(September): 285-98. ] [
22 Sutela, Pekla. 1998. >i>The Road to the
Russian Market Economy, Selected Essays, 1993-1998>/i>. Helsinki:
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Tam, On Kit. 1999. >i>The Development of Corporate Governance in
China>/i>. Cheltenham, UK: Edward Elgar. ] [
24 Tenev, Stoyan, and Chunlin Zhang.
2002. >i>Corporate Governance and Enterprise Reform in China: Building the
Institutions of Modern Market>/i>. Washington, DC: World Bank and the
International Finance Corporation. ] [
25 Watanabe, Mariko. 2002. "Holding Company
Risk in China: A Final Step of State-Owned Enterprise Reform and an
Emerging Problem of Corporate Governance." >i>China Economic Review>/i>
13: 373-81. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:3:p:41-59
Template-Type: ReDIF-Article 1.0
Author-Name: Yi Feng
Author-X-Name-First: Yi
Author-X-Name-Last: Feng
Author-Name: Yi Sun
Author-X-Name-First: Yi
Author-X-Name-Last: Sun
Author-Name: Joshua C. Walton
Author-X-Name-First: Joshua C.
Author-X-Name-Last: Walton
Title: Foreign Direct Investment in Russia and Lessons for China
Abstract:
This article examines the history, trends, geographical and sectoral
preferences, and policy issues of foreign direct investment (FDI) in
Russia. Most of the obstacles to FDI in Russia are institutional. The
following institutional aspects are reviewed: government restrictions,
trade-related investment measures (TRIMs), customs, bureaucracy, legal FDI
framework, labor issues, taxation, partnerships with firms, corruption,
and crime. The discussion ends with a comparative note on FDI in China.
Journal: Chinese Economy
Pages: 78-93
Issue: 3
Volume: 42
Year: 2009
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4766425267320532
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bergsman, J.; H.G.
Broadman; and V. Drebentsov. 2000. "Improving Russia's Policy on Foreign
Direct Investment." World Bank Policy Research Working Paper No. 2329.
Available at >a target="_blank"
href='http://ssrn.com/abstract=630701'>http://ssrn.com/abstract=630701>/a>
] [ 2
Economist. 2004. "Watch Your Back." >i>Economist>/i> (May 20): 11-12.
Available at >a target="_blank"
href='http://www.economist.com/displaystory.cfm?story_id=2668257'>www.econ
omist.com/displaystory.cfm?story_id=2668257>/a> ]
[ 3 Feng, Y., and H. Zhang. 2000.
"Provincial Distribution of Direct Foreign Investment in China: A Pooled
Time-Series Empirical Study." In >i>Financial Market Reform in China:
Progress, Problems and Prospects>/i>, ed. Baizhu Chen, J. Kimball
Dietrich, and Yi Feng, 401-20. Boulder, CO: Westview.
] [ 4 Fischer, P. 2000.
>i>Foreign Direct Investment in Russia: A Strategy for Industrial
Recovery>/i>. New York: St. Martin's Press. ]
[ 5 Fung, K.C.; Hitomi Iizaka;
and Sarah Tong. 2002. "Foreign Direct Investment in China: Policy, Trend
and Impact." Paper presented at conference on "China's Economy in the 21st
Century," Hong Kong Institute of Economics and Business Strategy, Hong
Kong, June. ] [ 6
Giddings, J.S. 2002. "Doing Business in Russia Today: Steps for
Security." >i>BISNIS Bulletin>/i> (February) 2002. Available at >a
target="_blank"
href='http://www.bisnis.doc.gov/bisnis/bulletin/02febbull3.htm'>www.bisnis
.doc.gov/bisnis/bulletin/02febbull3.htm>/a> ]
[ 7 Goskomstat. 2003. >i>Russia
in Figures, 2003>/i>. Moscow. ] [
8 Goskomstat. 2005. >i>Russia in Figures,
2005>/i>. Moscow. ] [ 9
Goskomstat. 2007. >i>Russia in Figures, 2007>/i>.
Moscow. ] [ 10
Griston, D.; N. Dingemans; and M. Olenik. 2008. "New Russian Law
on Foreign Investment in Strategic Sectors." >i>Clifford Chance CIS
Limited>/i>. Available at >a target="_blank"
href='http://www.cliffordchance.com/showimage/showimage.aspx?LangID=UK&bin
aryname=/new%20russian%20law%20on%20foreign%20investment%20in%20strategic%
20sectors.pdf'>www.cliffordchance.com/showimage/showimage.aspx?LangID=UK&b
inaryname=/new%20russian%20law%20on%20foreign%20investment%20in%20strategi
c%20sectors.pdf>/a> ] [
11 International Monetary Fund. 2007.
>i>International Financial Statistics>/i>. Available at >a target="_blank"
href='http://www.imfstatistics.org'>www.imfstatistics.org>/a>
] [ 12 Malloy, M.
2002. "Ten Considerations for a Tough Market." >i>BISNIS Bulletin>/i>
(December). Available at >a target="_blank"
href='http://www.bisnis.doc.gov/bisnis/country/021212malloy.htm'>www.bisni
s.doc.gov/bisnis/country/021212malloy.htm>/a> ]
[ 13 Ministry of Commerce of the
People's Republic of China (MOFCOM). >i>2005, 2006>/i>. "China Foreign
Investment Report." Available at >a target="_blank"
href='http://www.fdi.gov.cn/pub/FDI/wzyj/default.htm'>www.fdi.gov.cn/pub/F
DI/wzyj/default.htm>/a> ] [
14 Michalet, C. 2000. "Strategies of
Multinationals and Competition for Foreign Direct Investment." FIAS
Occasional Paper 10. Available at >a target="_blank"
href='http://go.worldbank.org/NE1G-3ZOWRO'>http://go.worldbank.org/NE1G-3Z
OWRO>/a> ] [ 15
National Bureau of Statistics. 2007. >i>China Statistical
Yearbook 2007>/i>. Beijing: China Statistics Press. ]
[ 16 Organization for
Economic Cooperation and Development (OECD). 2006. "Investing in Russia."
>i>OECD Observer>/i>, no. 256 (July). Available at >a target="_blank"
href='http://www.oecdobserver.org/news/fullstory.php/aid/2103/Investing_in
_Russia.html'>http://www.oecdobserver.org/news/fullstory.php/aid/2103/Inve
sting_in_Russia.html>/a> ] [
17 Rogacheva, E., and J. Mikerova. 2003.
"European FDI in Russia: Corporate Strategy and the Effectiveness of
Government Promotion and Facilitation." (Summer): Available at >a
target="_blank"
href='http://www.aebrus.ru/files/File/UpdateFiles/Market/Market0003FDI.200
3.pdf'>www.aebrus.ru/files/File/UpdateFiles/Market/Market0003FDI.2003.pdf>
/a> ] [ 18
United Nations Conference on Trade and Development (UNCTAD).
2004. "UNCTAD WID Country Profile: Russian Federation." Available at >a
target="_blank"
href='http://www.unctad.org/Templates/Page.asp?intItemID=2980&lang=1'>www.
unctad.org/Templates/Page.asp?intItemID=2980&lang=1>/a>
] [ 19 U.S.-China
Business Council (USCBC). 2003, 2005. "Foreign Investment in China."
Available at >a target="_blank"
href='http://www.uschina.org/info'>www.uschina.org/info>/a>
] [ 20 U.S. Department
of Commerce Commercial Service. 2007. "Doing Business in Russia: A Country
Commercial Guide for U.S. Companies." >i>BISNIS Bulletin>/i> (May).
Available at >a target="_blank"
href='http://www.bisnis.doc.gov/bisnis/bisdoc/0602Russia_CCG.pdf'>www.bisn
is.doc.gov/bisnis/bisdoc/0602Russia_CCG.pdf>/a> ]
[ 21 World Bank. 2007. >i>World
Development Indicators 2007>/i>. Available at >a target="_blank"
href='http://go.worldbank.org/B53SONGPA0'>http://go.worldbank.org/B53SONGP
A0>/a> ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:3:p:78-93
Template-Type: ReDIF-Article 1.0
Author-Name: Shuanglin Lin
Author-X-Name-First: Shuanglin
Author-X-Name-Last: Lin
Title: Guest Editor's Introduction
Abstract:
Journal: Chinese Economy
Pages: 3-8
Issue: 3
Volume: 42
Year: 2009
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4V237311924Q1057
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Maddison, Angus. 2003.
>i>The World Economy: Historical Statistics.>/i> Paris: Organization for
Economic Cooperation and Development. ] [
2 National Bureau of Statistics. 2008.
>i>China Statistical Abstract>/i>. Beijing: China Statistics
Press. ] [ 3
Rostow, Walt W. 1960. >i>Stages of Economic Growth>/i>. New
York: Cambridge University Press. ] [
4 United Nations. 2003. >i>Human Development
Report>/i>. New York and Geneva. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:3:p:3-8
Template-Type: ReDIF-Article 1.0
Author-Name: Cuiping Xu
Author-X-Name-First: Cuiping
Author-X-Name-Last: Xu
Author-Name: Qinghua Shi
Author-X-Name-First: Qinghua
Author-X-Name-Last: Shi
Author-Name: H. Holly Wang
Author-X-Name-First: H. Holly
Author-X-Name-Last: Wang
Title: The Impact of Rural Taxation Reform on Farm Household Income
Abstract:
In this study, the impact of Chinese rural taxation reform (RTR) on farm
household income is investigated, using panel data collected from nearly
1,000 farm households in fifteen villages in the Yangtze river delta (YRD)
area between 1995 and 2005. The results from fixed-effect regression show
that RTR had a significant impact, increasing farmer income by 6.82
percent. This increase is much more than the direct income increase
brought about by an exemption from the agricultural tax. When the dynamic
impact of RTR on farm household income was examined, it was found that the
most significant income increase occurred in the first three years after
the execution of the new tax policy.
Journal: Chinese Economy
Pages: 75-90
Issue: 4
Volume: 42
Year: 2009
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0HTW5673385JQ022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bernstein, T.P., and X.
Lü. 2000. "Taxation without Representation: Peasants, the Central and the
Local States in Reform China." >i>China Quarterly>/i>, no. 163:
742-63. ] [ 2
Gao, M.T., and Y. Yao. 2006. "Nongmin shouru caiju de weiguan
jichu: Wuzhi ziben hai shi renli ziben?" (Microeconomic explanation for
the inequality on rural income in China: Financial assets or human
capital?), >i>Jingji yanjiu>/i> (>i>Economic Research
Journal)>/i>Â >b>12>/b>: 71-80. ] [
3 Gao, S.L., and F.Q. Meng. 2006. "Quxiao
nongyeshui hou nongming zengshou wenti tantao" (Study on the income growth
of farmers after exempting the agricultural taxation), >i>Tianjin
jingji>/i>Â >b>7>/b>: 63-6. ] [
4 Guo, C.X. 2006. "Mian zheng nongyeshui hou
chuxian de xin wenti ji duice jiangyi" (Suggestions for the problems
appearing after exempting the agricultural taxation), >i>Difang caizheng
yanjiu>/i>Â >b>2>/b>: 43-5. ] [
5 Jia, K., J.M. Bai, and X.L. Ma. 1999.
"âFei gai shuiâ yu zhengfu shouru guifan hua silu yanjiu" (Tax-for-fee
and the normalization of fiscal revenue), >i>Guanli shijie>/i>Â >b>4>/b>:
55-64. ] [ 6
Kennedy, J.J. 2007. "From the Tax-for-Fee Reform to Abolition of
Agricultural Taxes the Impact on Township Governments in Northwestern
China." >i>China Quarterly>/i>, no.189: 43-59. ]
[ 7 Lin, J.Y., and M. Liu. 2007.
"Rural Informal Taxation in China: Historical Evolution and an Analytic
Framework." >i>China and World Economy>/i>Â >b>15>/b>, no. 3:
1-18. ] [ 8
Shi, L., and S.G. Ma. 2005. "Jianmian nongyeshui de changqi
xiaoying yu Zhongguo nongye fazhan de duice" (Long-term effects of
exempting agricultural taxation and suggestions for Chinese agricultural
development). >i>Caimao yanjiu>/i>Â >b>6>/b>: 16-20. ]
[ 9 Shi, Q.H., and J.W.
Zhou. 2005. "Nonghu jiating shuifei fudan yu jingji zengzhang yanjiuâyi
jiang zhe hu san shengshi 26 cun guding genzong nonghu wei li" (Economic
income growth and rural farmer households tax/feeâevidence from the
fixed observations of 26 villages from Zhejiang, Jiangsu, and Shanghai).
>i>Kaifa yanjiu>/i>Â >b>4>/b>: 8-16. ] [
10 Shi, Q.H., Y.H. Zhang, and J.W. Zhou.
2006. "Xinzheng shishi xia nongming de fanxiang yu zengshou shijiâyi ji
jing su sansheng wei li" (Farmers' response and income growth after
implementing the tax-for-fee reformâevidence from Jili, Jiangsu, and
Shanxi). >i>Nongjing yanjiu tongxun>/i>Â >b>11>/b>: 1-16.
] [ 11 Tao, R., and
M.X. Liu. 2005. "Urban and Rural Household Taxation in China Measurement,
Comparison, and Policy Implications." >i>Journal of the Asia Pacific
Economy>/i>Â >b>10>/b>, no. 4: 486-505. ] [
12 Yep, R. 2004. "Can âTax-for-Feeâ
Reform Reduce Rural Tension in China? The Process, Progress, and
Limitations." >i>China Quarterly>/i>, no. 177: 42-70.
] [ 13 Wang, X.M. 2005.
"Nongcun shuifei gaige he zhengzhi fazhang" (The rural tax-for-fee reform
and government development). >i>Zhongguo nongcun guancha>/i>Â >b>2>/b>:
65-71. ] [ 14
Xing, C.B. 2006. "Zhongguo nongcun feinong jiuye jihui de daiji
liudong" (The changes of off-farm job opportunities between different
generations in rural China). >i>Jingji
yanjiu>/i>Â >b>9>/b>:103-116. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:4:p:75-90
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Migration, Income Inequality, and the Urban Poor in China
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 4
Volume: 42
Year: 2009
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=54U6U6210632R3LM
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Fan, C. Cindy, and
Mingjie Sun. 2008. "Regional Inequality in China, 1978-2006." >i>Eurasian
Geography and Economics>/i>Â >b>49>/b>, no. 1: 1-20. ]
[ 2 National Bureau of
Statistics. 2007. >i>China Statistical Yearbook.>/i> Beijing: China
Statistics Press. ] [ 3
World Bank. 2007. >i>World Development Indicators 2007.>/i>
Washington, DC. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:4:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoyun Liu
Author-X-Name-First: Xiaoyun
Author-X-Name-Last: Liu
Author-Name: Terry Sicular
Author-X-Name-First: Terry
Author-X-Name-Last: Sicular
Title: Nonagricultural Employment Determinants and Income Inequality Decomposition
Abstract:
Nonagricultural income has become an important source of rural household
income in China and has brought about wide inequality in rural areas. This
paper investigates the determinants of nonagricultural employment and
income and how they contribute to income inequality using the China
Household Income Project (CHIP) 2002 survey data and a three-step
decomposition approach. Our results indicate that educational inequality
accounts for 9 percent and 36 percent, respectively, of wage and
self-employment income inequality, implying that educational inequality
plays a substantial role in nonagricultural income inequality. The results
also show that community characteristics explain much inequality in wage
and self-employment income, indicating that local development is important
in the determination of nonagricultural income inequality.
Journal: Chinese Economy
Pages: 29-43
Issue: 4
Volume: 42
Year: 2009
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=64W16622520G6391
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Adams, R.H. 2001.
"Nonfarm Income, Inequality and Poverty in Rural Egypt and Jordan."
Working Paper no. 2572. World Bank, Washington, DC. ]
[ 2 Benjamin, D., L. Brandt,
and J. Giles. 2005. "The Evolution of Income Inequality in Rural China."
>i>Economic Development and Cultural Change>/i>Â >b>53>/b>, no. 4:
769-824. ] [ 3
Cai, F. 2005. "Why Rural-Urban Migration Has Not Brought Down
Income Gap Between Sectors." Discussion Paper, Institute of Population and
Labor Economics, Chinese Academy of Social Sciences, Beijing.
] [ 4 Canagarajah,
S., C. Newman, and R. Bhattamishra. 2001. "Nonfarm Income, Gender and
Inequality: Evidence from Rural Ghana and Uganda." >i>Food
Policy>/i>Â >b>26>/b>, no. 4: 405-420. ] [
5 Du, Y., A. Park, and S. Wang. 2005.
"Migration and Rural Poverty in China." >i>Journal of Comparative
Economics>/i>Â >b>33>/b>, no. 4: 688-709. ] [
6 Fields, G., and G. Yoo. 2000.
"Falling Labor Income Inequality in Korea's Economic Growth: Patterns and
Underlying Causes." >i>Review of Income and Wealth>/i>Â >b>46>/b>, no. 2:
139-59. ] [ 7
Gustafsson, B., S. Li, T. Sicular, and X. Yue. 2008. "Income
Inequlity and Spatial Difference in China, 1988, 1995, and 2002." In
>i>Inequality and Public Policy in China>/i>, ed. B. Gustafsson, S. Li,
and T. Sicular, pp. 35-60. New York: Cambridge University Press.
] [ 8 Khan, A.R.,
and C. Riskin. 1998. "Income and Inequality in China." >i>China
Quarterly>/i>, no. 154 (June): 221-253. ] [
9 Khan, A.R., and C. Riskin. 2005.
"China's Household Income and Its Distribution, 1995 and 2002." >i>China
Quarterly>/i>, no. 182 (June): 356-84. ] [
10 Knight, J., and L. Song. 2003.
"Chinese Peasant Choices: Migration, Rural Industry or Farming." >i>Oxford
Development Studies>/i>Â >b>31>/b>, no. 2: 123-47. ]
[ 11 Meng, X., and H. Wu.
1998. "Household Income Determination and Regional Income Differential in
Rural China." >i>Asian Economic Journal>/i>Â >b>12>/b>, no. 1:
35-63. ] [ 12
Morduch, J., and T. Sicular. 2002. "Rethinking Inequality
Decomposition, with Evidence from Rural China." >i>Economic
Journal>/i>Â >b>112>/b> (476): 93-106. ] [
13 National Bureau of Statistics. 2005.
>i>Zhongguo tongji nianjian>/i> (China Statistical Yearbook). Beijing:
China Statistics Press. ] [
14 Puhani, P.A. 2000. "The Heckman
Correction for Sample Selection and Its Critique." >i>Journal of Economic
Surveys>/i>Â >b>14>/b>, no. 1: 53-68. ] [
15 Reardon, T. 1997. "Using Evidence of
Household Income Diversification to Inform Study of the Rural Nonfarm
Labor Market in Africa." >i>World Development>/i>Â >b>25>/b>, no. 5:
735-48. ] [ 16
Shorrocks, A.F. 1999. "Decomposition procedures for
Distributional Analysis: A Unified Framework Based on the Shapley Value."
Research Paper, Department of Economics, University of Essex.
] [ 17 Sicular, T.,
and Y. Zhao. 2004. "Earnings and Labor Mobility in Rural China:
Implications for China's Accession to the WTO." In >i>China and the WTO:
Accession, Policy Reform, and Poverty Reduction Strategies>/i>, ed. D.
Bhattasali, S. Li, and W. Martin, pp. 239-260. Washington, DC: World Bank
Publications. ] [ 18
Sicular, T., X. Yue, B. Gustafsson, and S. Li. 2007. "The
Urban-Rural Gap and Income Inequality in China." >i>Review of Income and
Wealth>/i>Â >b>53>/b>, no. 1: 93-126. ] [
19 Singh, I., L. Squire, and J. Strauss.
1986. >i>Agricultural Household ModelsâExtensions, Applications and
Policy.>/i> Baltimore: Johns Hopkins University Press.
] [ 20 Tsui, K. 1998.
"Trends and Inequalities of Rural Welfare in China: Evidence from Rural
Households in Guangdong and Sichuan." >i>Journal of Comparative
Economics>/i>Â >b>26>/b>, no. 4: 783-804. ] [
21 Wan, G.H. 2002. "Regression-Based
Inequality Decomposition: Pitfalls and a Solution Procedure." Discussion
Paper, UNU-WIDER. ] [ 22
Wan, G.H. 2004. "Accounting for Income Inequality in Rural
China: A Regression-Based Approach." >i>Journal of Comparative
Economics>/i>Â >b>32>/b>, no. 2: 348-63. ] [
23 Wan, G.H., and Z. Zhou. 2005.
"Income Inequality in Rural China: Regression-Based Decomposition Using
Household Data." >i>Review of Development Economics>/i>Â >b>9>/b>, no. 1:
107-20. ] [ 24
Yue, X., T. Sicular, S. Li, and B. Gustafsson. 2008. "Explaining
Incomes and Inequality in China." In >i>Inequality and Public Policy in
China>/i>, ed. B. Gustafsson, S. Li, and T. Sicular, pp. 88-117. New York:
Cambridge University Press. ] [
25 Zhang, L., S. Rozelle, and J. Huang.
2001. "Off-Farm Jobs and On-Farm Work in Periods of Boom and Bust in Rural
China." >i>Journal of Comparative Economics>/i>Â >b>29>/b>, no. 3:
505-26. ] [ 26
Zhao, R., S. Li, and C. Riskin. 1999. >i>Zhongguo jumin shouru
fenpei zai yanjiu>/i> (Further Research on Income Distribution in China).
Beijing: China Finance and Economics Publishing House.
]
Handle: RePEc:mes:chinec:v:42:y:2009:i:4:p:29-43
Template-Type: ReDIF-Article 1.0
Author-Name: Shuming Bao
Author-X-Name-First: Shuming
Author-X-Name-Last: Bao
Author-Name: Ãrn B. Bodvarsson
Author-X-Name-First: Ãrn B.
Author-X-Name-Last: Bodvarsson
Author-Name: Jack W. Hou
Author-X-Name-First: Jack W.
Author-X-Name-Last: Hou
Author-Name: Yaohui Zhao
Author-X-Name-First: Yaohui
Author-X-Name-Last: Zhao
Title: Migration in China from 1985 to 2000
Abstract:
During the 1980s and 1990s, interprovincial migration in China surged
concurrently with three major developments in the economy: deregulation of
migration, rapid growth, and substantial increases in foreign and domestic
investments. To what extent did these developments influence the changes
in interprovincial migration? In this study, data from the National Census
and National Bureau of Statistics are used to estimate a more extensive
modified gravity model compared to previous research. It is found that
past migration substantially influences current migration, confirming that
migrants strongly prefer moving to provinces with relatively large migrant
enclaves. Greater levels of foreign direct investment (FDI) in the target
destination were found to stimulate inmigration, particularly during the
1990s. The deep economic reforms made in the 1990s changed the structure
of migration significantly.
Journal: Chinese Economy
Pages: 7-28
Issue: 4
Volume: 42
Year: 2009
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=MUM67947511H1H72
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bao, Shuming, Jack W.
Hou, and Anqing Shi. 2006. "Migration and Regional Development in China."
In >i>Chinese Economy After WTO Accession>/i>, ed. Shuming Bao, Shuanglin
Lin, and Changwen Zhao, pp. 323-52. Aldershot, UK: Ashgate.
] [ 2 Bartel, Ann.
1989. "Where Do the New U.S. Immigrants Live?" >i>Journal of Labor
Economics>/i>Â >b>7>/b> (October): 371-91. ]
[ 3 Greenwood, Michael J. 1997.
"Internal Migration in Developed Economies." In >i>Handbook of Population
and Family Economics>/i>, ed. Mark R. Rosenzweig and Oded Stark, pp.
647-720. Amsterdam: Elsevier. ] [
4 Liang, Zai. 2001. "The Age of Migration in
China." >i>Population and Development Review>/i>Â >b>27>/b> (September):
499-524. ] [ 5
Liang, Zai, Yiu Por Chen, and Yanmin Gu. 2002. "Rural
Industrialization and Internal Migration in China." >i>Urban
Studies>/i>Â >b>39>/b>, no. 12: 2175-87. ] [
6 Liang, Zai, and Michael J. White.
1996. "Internal Migration in China, 1950-88." >i>Demography>/i>Â >b>33>/b>
(August): 375-84. ] [ 7
Liang, Zai, and Michael J. White. 1997. "Market Transition,
Government Policies, and Interprovincial Migration in China: 1983-1988."
>i>Economic Development and Cultural Change>/i>Â >b>45>/b>, no. 2:
321-39. ] [ 8
Lin, Justin, Gewei Wang, and Yaohui Zhao. 2004. "Regional
Inequality and Labor Transfers in China." >i>Economic Development and
Cultural Change>/i>Â >b>52>/b> (April): 587-603. ]
[ 9 Poncet, Sandra. 2006.
"Provincial Migration Dynamics in China: Borders, Costs and Economic
Motivations." >i>Regional Science and Urban Economics>/i>Â >b>36>/b>:
385-98. ] [ 10
Zhao, Yaohui. 1997. "Labor Migration and Returns to Rural
Education in China." >i>American Journal of Agricultural
Economics>/i>Â >b>79>/b> (November): 1278-87. ]
[ 11 Zhao, Yaohui. 1999a. "Labor
Migration and Earnings Differences: The Case of Rural China." >i>Economic
Development and Cultural Change>/i>Â >b>47>/b>, no. 4: 767-82.
] [ 12 Zhao, Yaohui.
1999b. "Leaving the Countryside: Rural-to-Urban Migration Decisions in
China." >i>American Economic Review>/i>Â >b>89>/b>, no. 2:
281-86. ] [ 13
Zhao, Yaohui. 2002. "Causes and Consequences of Return
Migration: Recent Evidence from China." >i>Journal of Comparative
Economics>/i>Â >b>30>/b>: 376-94. ] [
14 Zhao, Yaohui. 2003. "The Role of Migrant
Networks in Labor Migration: The Case of China." >i>Contemporary Economic
Policy>/i>Â >b>21>/b> (October): 500-11. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:4:p:7-28
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Author-Name: Erqian Zhu
Author-X-Name-First: Erqian
Author-X-Name-Last: Zhu
Author-Name: Sankar Mukhopadhyay
Author-X-Name-First: Sankar
Author-X-Name-Last: Mukhopadhyay
Title: Urban Poor in China
Abstract:
Since the late 1970s, many employees of state-owned enterprises have been
laid off, and more and more rural people have migrated to urban areas.
Many laid-off and migrant workers have become the urban poor. This paper
discusses the general situation of the urban poor in China by examining
how many there are, how poor they are, who they are, and what creates
their situation. Using data from a January 2007 survey on 1,641 relatively
low-income households in Changsha, the paper investigates features of
migrant workers and their city counterparts regarding income, employment,
social support, housing, most-needed government assistance, and reasons
for migration. Based on the empirical findings, the paper gives some
policy recommendations.
Journal: Chinese Economy
Pages: 44-62
Issue: 4
Volume: 42
Year: 2009
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N7122QX656077G33
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bao, Shuming, Ãrn B.
Bodvarsson, Jack W. Hou, and Yaohui Zhao. 2008. "The Deregulation of
People Flows in China: Did the Structure of Migration Change?" Paper
presented at a Chinese Economists Society conference, Tianjin, April
18-20. ] [ 2
Cai, Fang. 2006. "The Causes and Strategies of Chinese Urban
Poverty." Available at >a target="_blank"
href='http://economy.guoxue.com/article.php/8411/'>http://economy.guoxue.c
om/article.php/8411/>/a> ] [
3 Chen, Zhihong. 2006. "Measuring the
Poverty Lines for Urban Households in ChinaâAn Equivalence Scale
Method." >i>China Economic Review>/i>Â >b>17>/b>, no. 3: 239-52.
] [ 4 Ding, Sibao.
2006. "On China's Urban Poverty and Suggested Measures." >i>China Opening
Herald>/i>Â >b>2>/b>: 58-61. ] [
5 Hua, Yingfang. 2004. "Employment Safeguard
for Urban Poor Population." >i>Review of Economic Research>/i>Â >b>11>/b>:
4-20. ] [ 6
Hussain, A. 2003. "Urban Poverty in China: Measurement, Patterns
and Policies." International Labor Organization, Geneva. Available at >a
target="_blank"
href='http://www.ilo.org/public/english/protection/ses/info/publ/china.htm
'>www.ilo.org/public/english/protection/ses/info/publ/china.htm>/a> ] [ 7 Li,
Qiang. 2005. "Urban Poverty in China." >i>Journal of Fuzhou University
(Philosophy and Social Science)>/i>Â >b>1>/b>: 22-29.
] [ 8 Li, Ruilin. 2005.
"A Summary on Urban Poor in China." >i>Academic Exploration>/i>Â >b>6>/b>:
49-55. ] [ 9
Li, Ruilin, and Li Zhengsheng. 2006. "A Research on the Problem
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Lu, Zhigang, and Shunfeng Song. 2006. "The Statistical
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China>/i>Â >b>1>/b>: 90-96. ] [
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jkb/>/a> ] [ 15
Ministry of Civil Affairs of People's Republic of China (MCAC).
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cities). Available at >a target="_blank"
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] [ 16 Ministry of
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cn/data/2006/0303/article_341.htm>/a> ] [
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/dbs.mca.gov.cn/article/csdb/tjsj/20080400013464.shtml>/a>
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Statistics, Hunan Branch. 2007. >i>Tong ji bao gas>/i> (Statistical
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Statistics and Ministry of Labor and Social Security. 2005. >i>China Labor
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>http://news.xinhuanet.com/newscenter/2004-10/17/content_2100067.htm>/a>
BIBTEXT> ] [ 31
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Urban China." >i>Asian Economic Journal>/i>Â >b>17>/b>, no. 4:
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[ 33 Zhang, Kevin Honglin,
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Handle: RePEc:mes:chinec:v:42:y:2009:i:4:p:44-62
Template-Type: ReDIF-Article 1.0
Author-Name: Yu Song
Author-X-Name-First: Yu
Author-X-Name-Last: Song
Author-Name: Jianmin Zheng
Author-X-Name-First: Jianmin
Author-X-Name-Last: Zheng
Author-Name: Wenrong Qian
Author-X-Name-First: Wenrong
Author-X-Name-Last: Qian
Title: To Be, or Not to Be: Rural Women's Migration Decisions
Abstract:
This study seeks to identify the determinants of rural women's migration
decisions with a sample of 335 migrant women and 204 nonmigrant women in
sixteen cities of the Yangtze delta in 2006. We study these determinants
from two dimensions: individual factors and household factors. The
logistic model analysis reveals that education, especially the education
of their children, is the most significant determinant of rural women's
migration decision. It is suggested that the government should give
priority to the education of migrant women and their children.
Journal: Chinese Economy
Pages: 63-74
Issue: 4
Volume: 42
Year: 2009
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y5UT538426476870
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 All-China Women's
Federation and National Bureau of Statistics. 2001. "Reports of the Main
Data of the Second National Survey on Women's Social Status." September 4.
Available at >a target="_blank"
href='http://www.wsic.ac.cn/StaticData/Detail_Browse.aspx?InfoMainId=IM-62
09/'>www.wsic.ac.cn/StaticData/Detail_Browse.aspx?InfoMainId=IM-6209/>/a><
/BIBTEXT> ] [ 2
Bai, Nansheng, and Yupeng He. 2002. "Huixiang, haishi jincheng? Anhui
Sichuan ersheng nongcun waichu laodongli huiliu yanjiu" (Return or
migrate? A survey of returned migrants in Anhui and Sichuan). >i>Shehuixue
yanjiu>/i>>i>(Sociological Research)>/i>Â >b>3:>/b> 64-78.
] [ 3 China Central
Education Institute. 2004. "Research on the Left-behind Children in Rural
China." Research Team of Education Development Department. Available at >a
target="_blank"
href='http://www.lookinto.cn/survey/469/'>www.lookinto.cn/survey/469/>/a><
/BIBTEXT> ] [ 4
Davin, Delia. 2005. "Women and Migration in Contemporary China." >i>China
Report>/i>Â >b>41>/b>, no. 1: 29-38. ] [
5 Ford Foundation. 2002. "Labor Mobility
in China: A Review of Ford Foundation Grantmaking 1997-2001."
] [ 6 Gao, Xiaoxian.
1994. "Dangdai zhongguo nongcun laodongli zhuangyi yu nongye nüxinghua"
(Rural labor migration and agricultural feminization in China).
>i>Shehuixue yanjiu>/i>>i>(Sociological Research)>/i>Â >b>2>/b>:
83-90. ] [ 7
Hudson, Valerie M., and Andrea M. Den Boer. 2004. "China:
Migrants, Emigration, Economy." >i>Migration News>/i>Â >b>11>/b>, no. 3.
Available at >a target="_blank"
href='http://migration.ucdavis.edu/mn/more.php?id=3031_0_3_0/'>http://migr
ation.ucdavis.edu/mn/more.php?id=3031_0_3_0/>/a> ]
[ 8 Jacka, Tamara, and Arianne
M. Gaetano. 2004. "Introduction: Focusing on Migrant Women." In >i>On the
Move: Women in Rural-to-Urban Migration in Contemporary China>/i>, ed.
A.M. Gaetano and T. Jacka, pp. 1-38. New York: Columbia University
Press. ] [ 9
Jiang, Xiuhua. 2003. "Shehui zhuangxingqi noncun liudong funü
de fazhan yu xianzhi" (Development and restriction of female labor
migrants in transitional society). >i>Lilun xuekan>/i>>i>(Theory
Journal)>/i>Â >b>114>/b>, no. 2: 111-12. ] [
10 Jin, Yihong. 2001. "Chengshihua:
funü fazhan de youyi jiyu yu tiaozhan" (Urbanization: Another opportunity
and challenge facing women's development) >i>Funü yanjiu
luncong>/i>>i>(Collection of Women's Studies)>/i>Â >b>43>/b>, no. 6:
4-10. ] [ 11
Li, Haizheng, and Steven Zahniser. 2002. "The Determinants of
Temporary Rural-to-Urban Migration in China." >i>Urban
Studies>/i>Â >b>39>/b>, no. 12: 2219-35. ] [
12 Li, Qiang. 2003. "Yingxiang
Zhongguo chengxiang liudong renkou de tuili yu lali yinsu fenxi" (An
analysis of push and pull factors in the migration of rural workers in
China)." >i>Zhongguo shehui kexue>/i>>i>(Social Sciences in
China)>/i>Â >b>1>/b>: 125-36. ] [
13 Li, Shi. 2001. "Zhongguo nongcun nü
laodongli liudong xingwei de jingyan fenxi" (Empirical analysis of
migration behaviors of rural female labor in China). >i>Shanghai jingji
yanjiu>/i>>i>(Shanghai Economic Research)>/i>Â >b>1>/b>: 38-46.
] [ 14 Lin, Yifu.
2002. "Jiejue nongcun pinkun wenti xuyao you xinde zhanlue siwei: ping
shijie yinhang xinde huiji pingkun renkou de nongcun fazhan zhanlue"
(Needed new ideas on rural poverty reduction: a review of the World Bank's
new rural development strategy favoring impoverished population).
>i>Beijing daxue xuebao>/i> (>i>Journal of Beijing
University)>/i>Â >b>39>/b>, no. 5: 5-8. ] [
15 Luo, Yiyuan, and Dinghong Chai.
2004. "Ban liudong jiating zhong liushou funü de jiating he hunyin
zhuangkuang tanxi" (Exploration of family and marriage of non-migrant
rural women in households with migrating husbands). >i>Lilun yuekan>/i>
(>i>Monthly Journal of Theories)>/i>Â >b>3>/b>: 103-4.
] [ 16 Mao, Lei. 2005.
"Woguo liudong renkou yi chaoguo yidiansi yi, lifa weiquan kebu ronghuan"
(China's floating population is over 140 million, legislation to protect
their rights is urgent). >i>Zhongguo ribao>/i> (China Daily), July
27. ] [ 17
Roberts, K.D. 2001. "The Determinants of Job Choice by Rural
Labor Migrants in Shanghai." >i>China Economic Review>/i>Â >b>12>/b>:
15-39. ] [ 18
Song, Lina. 1999. "The Role of Women in Labor Migration." In
>i>Women of China: Economic and Social Transformation>/i>, ed. J. West,
M.H. Zhao, X.Q. Chang, and Y. Cheng, pp. 69-89. New York: Palgrave
Macmillan. ] [ 19
Su, Qun, and Hua Liu. 2003. "Nongcun nüxing laodongli liudong
de shizheng yanjiu" (Empirical study of labor mobility of rural women).
>i>Nongye jingji wenti>/i> (>i>Agriculture Economic Issues)>/i>Â >b>4>/b>:
39-43. ] [ 20
Tan, Shen. 2005. "Waichu he huixiang: nongcun liudong nüxing de
jingli" (Migrate to cities and return to the countryside: Experience of
rural migrant women). >i>Nongcun. Nongye. Nongmin>/i> (>i>Countryside.
Agriculture. Peasants)>/i>Â >b>10B>/b>: 8-11. ]
[ 21 Wan, Xiangdong, and Linping
Liu. 2007. "Zhusanjiao yu changsanjiao wailaigong bijiao yanjiu" (First
report on a comparison study of migrant workers in the Pearl delta and the
Yangtze delta). >i>Zhujiang jingji>/i> (>i>Pearl River
Economy)>/i>Â >b>4>/b>: 28-39. ] [
22 Wang, Dewen, and Fang Cai. 2003. "Ruhe
bimian chengxiang shouru chaju jinyibu kuoda" (How to avoid the widening
urban-rural income gap). >i>Nongyi jingji wenti>/i> (>i>Issues in
Agricultural Economy)>/i>Â >b>2>/b>: 13-18. ]
[ 23 Xinhua News Agency. 2004.
"Children's Education Becomes Top Concern for Migrant Workers." December
23. Available at >a target="_blank"
href='http://www.china.org.cn/english/Life/115735.htm'>www.china.org.cn/en
glish/Life/115735.htm>/a> ] [
24 Zhang, Heather Xiaoquan. 1999a. "Female
Migration and Urban Labor Markets in Tianjin." >i>Development and
Change>/i>Â >b>30>/b>: 21-41. ] [
25 Zhang, Heather Xiaoquan. 1999b.
"Understanding Changes in Women's Status in the Context of the Recent
Rural Reform." In >i>Women of China: Economic and Social
Transformation>/i>, ed. J. West, M.H. Zhao, X.Q. Chang, and Y. Cheng, pp.
45-66. New York: Palgrave Macmillan. ] [
26 Zhang, Shanyu, Lu Yu, and Jizuo Peng.
2005. "Dangdai Zhongguo nüxing renkou qianyi de fazhan jiqi jiegou
tezheng" (Development of contemporary female migration of China and its
structural characteristics). >i>Shichang yu renkou Fenxi>/i> (>i>Market
and Demographic Analysis)>/i>Â >b>11>/b>, no. 2: 13-19.
] [ 27 Zhang, Ye. 2002.
"Hope for China's Migrant Women Workers." >i>China Business Review>/i>
(May/June): 30-36. ] [ 28
Zhu, Nong. 2005. >i>Labor Mobility and "Sannong" Issues
in China.>/i> Wuhan: Wuhan University Press. ]
[ 29 Zhu, Xiujie. 2005. "Nongcun
nüxing renkou liudong de yuesu jizhi: shehui xingbie shijiao fenxi" (The
restrictive mechanism of rural women flow: A perspective of social
gender). >i>Nanfang renkou>/i> (>i>South China Population)>/i>Â >b>20>/b>,
no. 1: 18-24. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:4:p:63-74
Template-Type: ReDIF-Article 1.0
Author-Name: Yuk-shing Cheng
Author-X-Name-First: Yuk-shing
Author-X-Name-Last: Cheng
Title: Reforms of the Agricultural Bank of China
Abstract:
This paper investigates the evolution of the ABC, from its reestablishment
in 1979 as a state bank to the announcement of shareholding reform toward
the end of 2008. The ambivalence of the government in reforming the ABC
and the limitations of the reforms are studied. The concluding analysis
examines the meanings and implications of the reforms and discusses how
the ABC has been finding ways, by means of local experiments, to reconcile
policy and commercial objectives.
Journal: Chinese Economy
Pages: 79-97
Issue: 5
Volume: 42
Year: 2009
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=00Q626QT25568673
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Agricultural Bank of
China. 2006. >i>Annual Report of the Agricultural Bank of China.>/i>
Beijing. ] [ 2
Brandt, Loren, and Xiaodong Zhu. 2007. "China's Banking Sector
and Economic Growth." In >i>China's Financial Transition at a
Crossroads>/i>, ed. Charles W. Calomiris, pp. 86-136. New York: Columbia
University Press. ] [ 3
Chen, Xiwen, ed. 2004. >i>Studies of the Chinese
Government's System of Utilization and Management Funds Supporting Rural
Development.>/i> Shanxi: Shanxi jingji chubanshe. ]
[ 4 Cheng, Enjiang, and
Yuk-shing Cheng. 2003. "Banking Reform and the Separation of Policy and
Commercial Loans." In >i>Rural Financial Markets in China>/i>, ed.
Christopher Findlay, Andrew Watson, Enjiang Cheng, and Gang Zhu, pp.
46-62. Canberra: Asia Pacific Press. ] [
5 Cheng, Yuk-shing. 1996. "China's Grain
Marketing System Reform in 1994-1995: Empirical Evidence from a Rural
Household Survey." >i>China Economic Review>/i> 7, no. 2:
135-53. ] [ 6
Cheng, Yuk-shing. 2006. "China's Reforms of Rural Credit
CooperativesâProgress and Limitations." >i>Chinese Economy>/i> 39, no.
4: 25-40. ] [ 7
Cheng, Yuk-shing, and Shu-ki Tsang. 1994. "The Changing Grain
Marketing System in China." >i>China Quarterly>/i>, no. 140 (December):
1080-1124. ] [ 8
Guo, Tianyong. 2006. "Reform of Agricultural Bank: The Key Is to
Allocate the Management Powers to Lower Level Operating Units." >i>21st
Century Business Herald>/i>, May 29: 34. ] [
9 Li, Liming, and Renxion Zeng. 2007.
>i>1979-2006: China's Big Financial Changes.>/i> Shanghai: Shanghai renmin
chubanshe (in Chinese). ] [
10 Li, Yizhi, and Yanfang Li. 2004. >i>Rural
Public Finance and Finance.>/i> Beijing: Zhongguo jinrong chubanshe (in
Chinese). ] [ 11
Lu, Lei. 2006. "The Reform of Agricultural Bank Is the Most
Difficult in China's Financial Reform." >i>21st Century Business
Herald>/i>, May 29: 33. ] [
12 Ma, Guonan, and Ben S. C. Fung. 2002.
"China's Asset Management Corporations." BIS Working Papers, no. 115,
Basel, Switzerland. ] [
13 Wu, Chengji, ed. 2000. >i>Zhongguo Nongye
Yinhangshi>/i> (A History of the Agricultural Bank of China). Beijing:
Jingji kexue chubanshe. ] [
14 Zhang, Yun. 2004. "A Study of the
Rural-Related Credit Policies of the Agricultural Bank of China." In >i>A
Study of the Reforms of the Utilization and Management System of
Agricultural Funds of the Chinese Government>/i>, ed. Xiwen Chen. Shanxi:
Shanxi jingji chubanshe. ] [
15 Zhao, Yi. 2007. >i>Zhongguo nongcun
jinrong tizhi zhanluexing chonggou yanjiu>/i> (A Study of the Strategic
Restructuring of China's Rural Financial System). Beijing: Jingji kexue
chubanshe. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:5:p:79-97
Template-Type: ReDIF-Article 1.0
Author-Name: Charles C. L. Kwong
Author-X-Name-First: Charles C. L.
Author-X-Name-Last: Kwong
Author-Name: Wai-chung Lo
Author-X-Name-First: Wai-chung
Author-X-Name-Last: Lo
Title: China's Banking Reform After WTO Accession: Mission Completed or Problem Unsolved?
Abstract:
Journal: Chinese Economy
Pages: 3-7
Issue: 5
Volume: 42
Year: 2009
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C82HQV27203222W2
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:42:y:2009:i:5:p:3-7
Template-Type: ReDIF-Article 1.0
Author-Name: Charles C. L. Kwong
Author-X-Name-First: Charles C. L.
Author-X-Name-Last: Kwong
Title: From Commercialization to WTO Accession
Abstract:
Banking reform since China's accession to the World Trade Organization
(WTO) has accomplished unprecedented positive results, but its long-term
success rests on whether the state-owned commercial banks (SOCBs) can
continue to improve their asset quality and corporate governance. To reach
this end, the central government has to further diminish its influence on
the operation of SOCBs and allow the state banks to be governed by market
discipline. Current reforms may not be full-fledged enough to sustain
China's future economic development, reflected by the noticeable capital
constraints facing small and medium-size private enterprises, particularly
those in rural areas. The commercialization of specialized banks (SBs) in
1994, which paved the way to China's WTO accession, will be briefly
examined along with an evaluation of the effectiveness of China's post-WTO
banking reforms, concluding with a description of the challenges facing
China's banking sector.
Journal: Chinese Economy
Pages: 8-20
Issue: 5
Volume: 42
Year: 2009
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DMV7954823587M45
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Anderson, Jonathan.
2008. "China's New Banking System." In >i>China into the Future: Making
Sense of the World's Most Dynamic Economy>/i>, ed. John W. Hoffmann and
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Banking Sector: Ripe for the Next Stage." >i>Current Issues-China
Special.>/i> Frankfurt: Deutsche Bank Research. ]
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China's Rural Economy Heading For: A Brighter Future or Problems
Unsolved?" In >i>Challenges and Policy Programme of China's New
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] [ 15 Lo,
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16 Mehran, H., M. Quintyn, T. Nordmann, and
B. Laurens. 1996. >i>Monetary and Exchange System Reforms in China: An
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abusinessreview.com/public/0605/thomas.html>/a> ]
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href='http://www.cefc.com.hk/uk/pc/articles/art_ligne.php?num_art_ligne=50
01'>www.cefc.com.hk/uk/pc/articles/art_ligne.php?num_art_ligne=5001>/a> ] [ 24
World Bank. 1996. >i>The Chinese Economy: Fighting Inflation, Deepening
Reforms.>/i> Washington, DC. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:5:p:8-20
Template-Type: ReDIF-Article 1.0
Author-Name: Fred Gale
Author-X-Name-First: Fred
Author-X-Name-Last: Gale
Title: Financial Reforms Push Capital to the Countryside
Abstract:
In the past, rural finance was neglected. Now China has utilized its
abundant capital to recapitalize rural credit cooperatives, increase
financing for agricultural commodity procurement, and promote microlending
on an unprecedented scale. It has begun experiments in creating new
village banks, loan guarantee companies, and formalizing informal lenders.
Restructuring of institutions appears to have addressed some of the most
egregious problems that existed in earlier decades, but the basic
structure of the rural financial system is unchanged. The overarching
theme of reforms appears to be to push more capital into rural areas.
Journal: Chinese Economy
Pages: 58-78
Issue: 5
Volume: 42
Year: 2009
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=FH5867456Q154144
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Cheng, Enjiang, and
Zhong Xu. 2004. "Credit Outreach and the Agricultural Support on Lending
Programs." International Workshop on Household Credit in China, Beijing
University. Available at >a target="_blank"
href='http://www.virginia.edu/economics/papers/reynolds/Cheng%20Enjiang.do
c'>www.virginia.edu/economics/papers/reynolds/Cheng%20Enjiang.doc>/a> ] [ 2 China
Financial Almanac Compilation Department. 2007. >i>Almanac of China's
Finance and Banking.>/i> Beijing. ] [
3 Gale, Fred, and Robert Collender. 2005.
>i>New Directions in Agricultural Lending.>/i> USDA Outlook Report,
WRS0501. ] [ 4
He, Guangwen, and Pei Guo. 2003. "Rational Thoughts on the
Reform of Rural Policy Finance." Paper presented at the International
Workshop on Rural Financial Reform in China, Beijing, August
16-18. ] [ 5
Jiang, Dingzhi. 2007. "Tuijin Nongcun Jinrong Gaige yu
Chuangxin" (Advance Rural Financial Reform and Innovation). Speech
delivered at the China Rural Financial Work Forum, December 7.
] [ 6 Jiao, Jinpu,
Cheng Yi, and Yuzhen Wang. 2006. "Financial Levers Stimulate a Large
Country's AgricultureâComparative Research on China's Current Rural
Financial Situation." People's Bank of China research report, summarized
in "21 shiji jingji baodao" (21st Century Economic Report).
] [ 7 Li, Weiling.
2005. "New round of Reforms Stimulates Rural Credit Cooperative Vigor."
>i>International Finance Times>/i>, November 29. ]
[ 8 Li, Weiling. 2008.
"Nongxinshe Gaige Zai Guo Shizi Lukou" (Rural Credit Cooperative Reform
Again at a Crossroads). >i>International Finance Times>/i> (February
28). ] [ 9
National Bureau of Statistics. 2008. >i>China Statistical
Yearbook.>/i> Beijing: China Statistics Press. ]
[ 10 Organization for Economic
Cooperation and Development (OECD). 2004. >i>Rural Finance and Credit
Infrastructure in China.>/i> Paris. ] [
11 Ong, Lynette. 2006. "Another Bail-Out
Job." >i>China Economic Quarterly>/i> (Q1): 48-52. ]
[ 12 Ong, Lynette. 2007. "The
Political Economy of Credit in Rural China: The Rural Credit
Cooperatives." Ph.D. dissertation, Australian National
University. ] [ 13
People's Bank of China (PBOC), Rural Financial Services Research
Group. 2008. >i>Zhongguo nongcun jinrong fuwu baogao>/i> (China Rural
Financial Services Report). Available at >a target="_blank"
href='http://www.gov.cn/gzdt/2008-09/19/content_1100557.htm'>www.gov.cn/gz
dt/2008-09/19/content_1100557.htm>/a> ] [
14 Rawski, Thomas. 2002. "Will Investment
Behavior Constrain China's Growth?" >i>China Economic Review>/i> 13:
361-72. ] [ 15
Tan, Qiucheng. 2007. "Township and Village Debts." In
>i>Analysis and Forecast of China's Rural Economy 2006-07>/i>, Chinese
Academy of Social Sciences and National Bureau of Statistics, pp. 273-84.
Beijing: Social Sciences Academic Press. ] [
16 Tsai, Kellee S. 2006. "Testimony
before the U. S.-China Economic and Security Review Commission on China's
Financial System," August 22. Available at >a target="_blank"
href='http://www.uscc.gov/hearings/2006hearings/transcripts/aug_22/kellee_
tsai_posthear.pdf'>www.uscc.gov/hearings/2006hearings/transcripts/aug_22/k
ellee_tsai_posthear.pdf>/a> ] [
17 Liu, Lengleng, Siqun Yang, et al.). 2007.
>i>Zhongguo nongcun jinrong fazhan yanjiu>/i> (Research on China Rural
Financial Development). Beijing: Tsinghua University Press.
] [ 18 Xiao, Chunyang.
2006. "Guoyou liangshi qiye gaige âshi wuâ qijian chengxiao xianzhu"
(Notable Results from Reforms of State-owned Grain Enterprises During the
â10-5â Period.) In >i>Zhongguo liangshi shichang fazhan baogao>/i>
(2006 China Grain Market Development Report), ed. Jingmo Li, pp. 171-81.
Beijing: China Finance and Economics Publishing House.
] [ 19 Xie, Ping. 2003.
"Reforms of China's Rural Credit Cooperatives and Policy Options."
>i>China Economic Review>/i> 14: 434-42. ] [
20 Zhang, Licheng, and Ruilao Dong.
2007. "Reform of Fiscal Management System at County and Township Level."
In >i>Analysis and Forecast of China's Rural Economy 2006-07>/i>, ed.
Chinese Academy of Social Sciences and National Bureau of Statistics, pp.
256-72. Beijing: Social Sciences Academic Press. ]
[ 21 Zhang, Yuanhong. 2007.
"Agriculture, Rural Economy and National Economy." In >i>Analysis and
Forecast of China's Rural Economy 2006-07>/i>, ed. Chinese Academy of
Social Sciences and National Bureau of Statistics, pp. 53-70. Beijing:
Social Sciences Academic Press. ] [
22 Zhao, Wenxian. 2006. "Liangshi caiwu
guazhang wentide fenxi yu zongshu" (Overview and Analysis of Suspended
Financial Accounts for Grain). In >i>2006 Zhongguo liangshi shichang
fazhan baogao>/i> (2006 China Grain Market Development Report), ed. Jingmo
Li, pp. 217-29. Beijing: China Finance and Economics Publishing
House. ] [ 23
Zhu, Ling, Zhongyi Jiang, and Joachim von Braun. 1997. >i>Credit
Systems for the Rural Poor in China.>/i> Commack, NY: Nova
Science. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:5:p:58-78
Template-Type: ReDIF-Article 1.0
Author-Name: Wai-chung Lo
Author-X-Name-First: Wai-chung
Author-X-Name-Last: Lo
Author-Name: Michael C. M. Ng
Author-X-Name-First: Michael C. M.
Author-X-Name-Last: Ng
Title: Banking Reform and Corporate Governance
Abstract:
Recent developments and problems of corporate governance in Chinese banks
are reviewed. The central government has tried to improve corporate
governance, but China still has a "market economy with socialist
characteristics." Key industries, such as banking, are firmly controlled
by the state, and their leaders are appointed by the state. The China
Banking Regulatory Committee was established in 2003 to regulate and
monitor banks, but transparency remains elusive in the banking industry.
An effective system of corporate governance is necessary for the Chinese
banking industry to gauge the success of the banking reform and to inspire
market confidence.
Journal: Chinese Economy
Pages: 21-39
Issue: 5
Volume: 42
Year: 2009
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W85R16X336U6XL72
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Braendle, Udo, Tanja
Gasser, and Juergen Noll. 2005. "Corporate Governance in ChinaâIs
Economic Growth Potential Hindered by >i>Guanxi?" Business and Society
Review>/i> 110, no. 4: 389-405. ] [
2 Chartered Financial Analyst Institute.
2007. >i>China Corporate Governance Survey.>/i> Charlottesville, VA: CFA
Institute Center Publications. ] [
3 Firth, Michael, Oliver M. Rui, and Peter
M. Y. Fung. 2006. "Corporate Governance and CEO Compensation in China."
>i>Journal of Corporate Finance>/i> 12, no. 4: 693-714.
] [ 4 GarcÃa-Herrero,
Alicia, and Daniel Santabárbara GarcÃa. 2008. "Does the Chinese Banking
System Benefit from Foreign Investors?" Bank of Finland Transition
Economies Discussion Paper No. 11/2008. ] [
5 Gillette, Ann B., Thomas H. Noe, and
Michael J. Rebello. 2003. "Corporate Board Composition, Protocols, and
Voting Behavior: Experimental Evidence." >i>Journal of Finance>/i> 58, no.
5: 1997-2032. ] [ 6
Heidrick and Struggles International. 2006. "Benchmarking
Corporate Governance in China." Chicago. ] [
7 Lardy, Nicholas. 1998. >i>China's
Unfinished Economic Reform.>/i> Washington, DC: Brookings Institution
Press. ] [ 8
Levine, Ross. 2003. "The Corporate Governance of Banks: A
Concise Discussion of Concepts and Evidence." Discussion Paper, No. 3.
Global Corporate Governance Forum, Washington, DC. ]
[ 9 Lo, Wai-chung. 2001. "A
Retrospect on China's Banking Reform." >i>Chinese Economy>/i> 34, no. 1:
15-28. ] [ 10
McKinsey Report. 2002. >i>McKinsey Global Investor Opinion
Survey on Corporate Governance.>/i> July. ] [
11 Organization for Economic
Cooperation and Development. 2002. >i>China in the World Economy: Domestic
Policy Challenges.>/i> Paris. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:5:p:21-39
Template-Type: ReDIF-Article 1.0
Author-Name: Guibin Zhang
Author-X-Name-First: Guibin
Author-X-Name-Last: Zhang
Author-Name: Russell Smyth
Author-X-Name-First: Russell
Author-X-Name-Last: Smyth
Title: An Emerging Credit-Reporting System in China
Abstract:
A more complete credit-reporting system has to evolve in China in order to
better manage risk and reduce the amount of nonperforming loans. The
rationale for having a credit-reporting system is outlined through a
review of the literature on asymmetric information. A case study of a
private credit-reporting agency, established in 2000, is studied. This was
the first one in Chengdu and one of the earliest in China. In addition,
there is a discussion of the progress the People's Bank of China has made
in establishing a unified national credit-reporting system since 2004.
China has made much progress in this sphere and at present operates the
largest credit-reporting database in the world. There is, however, still
plenty of scope for improvement, including better cooperation between
public and private credit-reporting services, with a view to providing a
more streamlined product.
Journal: Chinese Economy
Pages: 40-57
Issue: 5
Volume: 42
Year: 2009
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X5867VN75L54338Q
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Akerlof, George A.
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Research, Asian Focus. ] [
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Pagano. 2003. "Public Credit Information: A European Perspective." In
>i>Credit-reporting Systems and the International Economy>/i>, ed.
Margaret Miller, pp. 81-114. Cambridge, MA: MIT Press.
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and Marco Pagano. 2005. "Role and Effects of Credit Information Sharing."
Working Paper No. 136, Centre for Studies in Economics and Finance,
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the Great Society: A Model of Credit Information Sharing." >i>Economics
and Politics>/i> 4: 117-36. ] [
13 Lardy, Nicholas. 1998. >i>China's
Unfinished Economic Revolution.>/i> Washington, DC: Brookings Institution
Press. ] [ 14
Li, Jianyun, Wanhua Qiu, and Shuguang Li. 2005. "Strategy and
Suggestion on the Development of the Credit-Reporting Industry in China."
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2003. "Credit-Reporting and Financing Constraints." World Bank Policy
Research Working Paper No. 3142. Washington, DC. ]
[ 16 Miller, Margaret. 2003.
"Credit-Reporting Systems Around the Globe." In >i>Credit-Reporting
Systems and the International Economy>/i>, ed. Margaret Miller, pp. 25-80.
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Incentives." >i>Review of Financial Studies>/i> 10: 205-236.
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Entrepreneurs in China.>/i> Ithaca: Cornell University Press.
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Sector Reform in the Transition to a Market Economy.>/i> Hamburg:
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Available at >a target="_blank"
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bc.gov.cn/zhengxinguanli/yanjiucankao/ppt3/13.doc>/a>
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Fourth Asian Academy of Management Conference, Fudan University,
Shanghai. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:5:p:40-57
Template-Type: ReDIF-Article 1.0
Author-Name: Zhongxiu Zhao
Author-X-Name-First: Zhongxiu
Author-X-Name-Last: Zhao
Author-Name: Zhi Lv
Author-X-Name-First: Zhi
Author-X-Name-Last: Lv
Title: Global Supply Chain and the Chinese Auto Industry
Abstract:
This paper presents the latest global trends of auto supply chains in the
demand-supply framework and their link to the Chinese auto industry. As
emerging players in the world market, Chinese auto enterprises have
experienced rapid growth for the past two decades. This has brought many
problems, including a severe bottleneck of auto supply chains in the
internationalization process. Some target-oriented macroand micro-policy
implications are provided for supply chain management in the further
development of Chinese auto supply chains.
Journal: Chinese Economy
Pages: 27-44
Issue: 6
Volume: 42
Year: 2009
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=04713TG340777033
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Buckley, P.J., J.
Clegg, and C. Wang. 2002. "The Impact of Inward FDI on the Performance of
Chinese Manufacturing Firms." >i>Journal of International Business
Studies>/i> 33, no. 4: 637-55. ] [
2 Fang Chun-ming. 2005. "Research on the
Present Situation and the Developing Strategy of Supply Chain Management
of Chinese Automobile Industry." >i>Logistics Technology>/i> 10:
103-5. ] [ 3
Holweg, M., and F.K. Pil. 2004. >i>The Second Century:
Reconnecting Customer and Value Chain Through Build-to-Order.>/i>
Cambridge, MA: MIT Press. ] [
4 Holweg, M., J. Luo, and N. Oliver. 2009.
"The Past, Present, and Future of China's Auto Industry: A Value Chain
Perspective." >i>International Journal of Technological Learning,
Innovations and Development>/i> 2, no. 1: 76-118. ]
[ 5 Humphrey, J., and O.
Memedovic. 2003. "The Global Auto Industry Value Chain: What Prospects for
Upgrading by Developing Countries?" Sectoral studies series. United
Nations Industrial Development Organization, Vienna. ]
[ 6 Kearney, A.T. 2004.
>i>The Changing Face of China: China as an Offshore Destination for IT and
Business Processing Outsourcing.>/i> Chicago. ]
[ 7 Kouvelis, P., and J.
Niederhoff. 2006. "On the Globalization of Operations and Supply Chain
Strategies: A Conceptual Framework and Its Application." In >i>Building
Supply Chains in Emerging Economies>/i>, ed. H. Lee and C.Y. Lee, 3-36.
New York: Springer. ] [ 8
McGunagle, D. 2006. "Romancing the Big DragonâThe
Impact of Foreign Entry into the Chinese Automobile Industry." Ph.D.
dissertation, Capella University. ] [
9 Noble, G. 2006. "The Emergence of the
Chinese and Indian Automobile Industries and Implications for Other
Developing Countries." Working Paper (May), Institute of Social Sciences,
University of Tokyo. ] [
10 Schwarz, Michael. 2008. "Trends in the
Auto IndustryâImplications on Supply Chain Management." White Paper for
Cisco Internet Business Solutions Group (February). ]
[ 11 Sturgeon, T.J., and R.K.
Lester. 2004. "The New Global Supply-Base: New Challenges for Local
Suppliers in East Asia." In >i>Global Production Networking and
Technological Change in East Asia>/i>, ed. Y. Shahid, A.M. Anjum, and K.
Nabeshima, 3-89. Washington, DC: World Bank and Oxford University
Press. ] [ 12
Sturgeon, T.J., J.V. Biesebroeck, and G. Gereffi. 2008. "Value
Chains, Networks and Clusters: Reframing the Global Auto Industry."
>i>Journal of Economic Geography>/i> 8: 297-321. ]
[ 13 Sutton, J. 2004. "The
Auto-Component Supply Chain in China and IndiaâA Benchmarking Study."
Working Paper (February), London School of Economics and Political
Science. ] [ 14
Veloso, F., and R. Kumar. 2002. "Auto Supply Chain: Global
Trends and Asian Perspectives." Working Paper Series No. 3, (January).
Asian Development Bank. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:6:p:27-44
Template-Type: ReDIF-Article 1.0
Author-Name: Changwen Zhao
Author-X-Name-First: Changwen
Author-X-Name-Last: Zhao
Author-Name: Jiang Du
Author-X-Name-First: Jiang
Author-X-Name-Last: Du
Title: Capital Formation and Economic Growth in Western China
Abstract:
Employing the Douglas production function, the effect of capital formation
on economic growth is investigated empirically in western China and
compared with the eastern and central regions. Regional inequality is
viewed to be closely related to capital formation, such as local-fiscal
expenditure, central-government investment, loans, equity financing,
foreign direct investment (FDI), and private investment. The west is
generally weaker in capital formation than the eastern and central
regions. Findings indicate that local-fiscal capital expenditure and
central-government investment have a significant positive effect on growth
in the central and western regions. Loans have no significant effect on
growth in any of the regions. Effects of equity financing are significant
for growth in the eastern and central regions, but not in the west. The
link between FDI and growth is stronger in the west than in central China,
but weaker than in the east.
Journal: Chinese Economy
Pages: 7-26
Issue: 6
Volume: 42
Year: 2009
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=120638M220534360
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bai Tao. 2004. "The
Current Situation and Financing Efficiency in Western China." >i>Financial
Review>/i> 5: 3-9 (in Chinese). ] [
2 Barro, R.J. 1990. "Government Spending in
a Simple Model of Endogenous Growth." >i>Journal of Political Economy>/i>
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Cao, Fengqi. 2003. >i>Development Strategy for the Chinese
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Causality Analysis Between Structural Change in Exports and Economic
Growth of China." >i>Value Engineering>/i> 8: 3-4 (in Chinese).
] [ 6 Du Jiang,
Jiang Yin, and TianWei Dong. 2004. "Empirical Study of FDI and Regional
Economic Development." >i>Journal of Sichuan University>/i> 2: 27-31 (in
Chinese). ] [ 7
Gang, Meng, and Derang Zhang. 2003. "Dynamic Empirical Analysis
of the Contribution Made by Fiscal Expenditure to Macroeconomic Growth."
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Robert C.A. 1987. "Simple Model of Capital Market Equilibrium with
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Growth of China.>/i> Beijing: People's Press of Beijing.
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and Fenghui Xue. 2004. "Financial Development and Economic Growth in
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Between Foreign Investment and Regional Economic Growth." >i>Journal of
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]
Handle: RePEc:mes:chinec:v:42:y:2009:i:6:p:7-26
Template-Type: ReDIF-Article 1.0
Author-Name: Chunfa Chen
Author-X-Name-First: Chunfa
Author-X-Name-Last: Chen
Author-Name: Kun Li
Author-X-Name-First: Kun
Author-X-Name-Last: Li
Author-Name: Yingkai Tang
Author-X-Name-First: Yingkai
Author-X-Name-Last: Tang
Title: Venture Capital and Mobilization Efficiency in China
Abstract:
This paper aims to analyze the mobilization efficiency of venture capital
(VC) in China. It has been found that the dearth of venture capitalists,
absence of appropriate exit channels, and lack of open, active, mature,
and stable equity-driven capital markets result in low mobilization
efficiency in China's VC markets. Therefore, government should take an
appropriate role to facilitate VC development by educating entrepreneurs,
providing a more favorable entrepreneurial environment, thereby reducing
time, financial and opportunity costs, encouraging private investment
funds to absorb the country's tremendous savings, and encouraging
institutional investors to further develop capital markets.
Journal: Chinese Economy
Pages: 45-65
Issue: 6
Volume: 42
Year: 2009
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=211110UR2M0L1271
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Asian Development Bank.
2003. >i>Asian Development Outlook.>/i> New York: Oxford University
Press. ] [ 2
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Venture Capital for Rural America." >i>Rural America>/i> 16, no. 1:
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Cheng, Siwei, ed. 2006. >i>China Venture Capital Yearbook.>/i>
Beijing: Democracy and Construction Publishing House.
] [ 4 Cheng, Siwei, ed.
2008. >i>China Venture Capital Yearbook.>/i> Beijing: Democracy and
Construction Publishing House. ] [
5 China Society for Finance and Banking.
2007. >i>Almanac of China's Finance and Banking.>/i> Beijing: China
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] [ 6 Etzkowitz, Henry.
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for Policy and Evaluation." Science Policy Institute, Working paper
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Etzkowitz, Henry, M. Gulbrandsen, and J. Levitt. 2001. >i>Public
Venture Capital.>/i> 2d ed. New York: Aspen. ]
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Overview of the VC Industry and Emerging Changes." Available at >a
target="_blank"
href='http://www.vcinstitute.org/materials/galante.html'>www.vcinstitute.o
rg/materials/galante.html>/a> ] [
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Revolution." >i>Journal of Economic Perspectives>/i> 15, no. 2:
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href='http://www.babson.edu/entrep/fer/babson2003/vii/vii-p3/vii-p3.html'>
www.babson.edu/entrep/fer/babson2003/vii/vii-p3/vii-p3.html>/a>
] [ 11 Jeng, L.A.,
and P.C. Wells. 2000. "The Determinants of VC Funding: Evidence Across
Countries." >i>Journal of Corporate Finance>/i> 6: 241-89.
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>i>Journal of Business>/i> 72: 285-318. ] [
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China, ed. 2008. >i>China Statistical Yearbook.>/i> Beijing: China
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National Venture Capital Association. 2000. >i>NVCA
Yearbook.>/i> New York: Thomson Reuters. ] [
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of Judgment and Decision Making.>/i> New York: McGraw-Hill.
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and D.E. Gumpert. 1985. "The Heart of Entrepreneurship." >i>Harvard
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Support for VC." Beijing Forum on SME Financing, May 14.
] [ 18 Wang, S., and Y.
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Beijing: Economy and Management Publishing House. ]
[ 19 Wang, S., and Y. Wang,
eds. 2008. >i>Venture Capital Development in China 2008.>/i> Beijing:
Economy and Management Publishing House. ] [
20 Willmott, H., D. Grimshaw, and S.
Vincent. 2002, "New Control Modes and Emergent Organizational Forms:
Private-Public Contracting in Public Administration." >i>Administrative
Theory and Praxis>/i> 23, no. 3: 407-30. ] [
21 Zhao, Changwen, S. Bao, and C.
Chen. 2006. "Public VC and its Private Strategies in China." In >i>Chinese
Economy After WTO Accession>/i>, ed. S. Bao, S. Lin, and C. Zhao, 155-80.
Aldershot, UK: Ashgate. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:6:p:45-65
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: Capital Markets, Industrial Development, and the Role of China in the World Economy
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 6
Volume: 42
Year: 2009
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G441R6574711W4VH
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:42:y:2009:i:6:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Shiteng Xu
Author-X-Name-First: Shiteng
Author-X-Name-Last: Xu
Author-Name: Yihong Tang
Author-X-Name-First: Yihong
Author-X-Name-Last: Tang
Title: European Union Antidumping Investigations Against China
Abstract:
The European Union (EU) has become China's largest trade partner. Although
China is the EU's second-largest trading partner and its largest source of
imports, trade frictions between them have been increasing dramatically.
In fact, China has become the major target of EU antidumping
investigations in recent years. This paper attempts to identify the main
features and determinants of EU antidumping investigations against China.
EU antidumping policies and rules will be studied, then, based on the
binomial probit, empirical analyses of factors behind the EU antidumping
charges during 1998-2006 will be conducted. Since China's accession to the
World Trade Organization (WTO) in 2001, EU antidumping charges against
China have risen significantly relative to its other trade partners. Many
more antidumping charges were made regarding the chemical and metal
industries than any other industries. Products or industries which have
previously been antidumping targets seem to have a greater chance of being
reinvestigated. Policy implications for the Chinese government indicate
(1) to control the amount of exports to the EU, (2) to adjust export
composition by upgrading industrial structure and enhancing global
competitiveness, and (3) to lobby EU member countries in antidumping
cases.
Journal: Chinese Economy
Pages: 66-80
Issue: 6
Volume: 42
Year: 2009
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J73228178T2672K2
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bown, Chad P. 2007.
"China's WTO Entry: Antidumping, Safeguards, and Dispute Settlement." NBER
Working Paper No. W13349. ] [
2 Evenett, Simon J., and Vermulst Edwin.
2005. "The Politicization of EC Anti-Dumping Policy: Member States, Their
Votes and the European Commission." >i>World Economy>/i> 28, no. 5:
707-17. ] [ 3
Feinberg, Robert. 1989. "Exchange Rate and Unfair Trade."
>i>Review of Economics and Statistics>/i> 71, no. 4: 704-7.
] [ 4 Feinberg, Robert.
2005. "U.S. Antidumping Enforcement and Macroeconomic Indicators
Revisited: Do Petitioners Learn?" >i>Review of World Economics>/i> 141,
no. 4: 612-22. ] [ 5
Greene, W.H. 2000. >i>Econometric Analysis.>/i> Upper Saddle
River, NJ: Prentice Hall. ] [
6 Hoogmartens, Jan. 2004. >i>EC Trade Law
Following China's Accession to the WTO.>/i> The Hague: Kluwer Law
International. ] [ 7
Jallab, Mustapha Sadni, Rene Sandretto, and Patrick Monnet
Gbakou. 2006. "Antidumping Procedures and Macroeconomic Factors: A
Comparison Between the United States and the European Union." >i>Global
Economy Journal>/i> 6, no. 3: Article 5. ] [
8 Knetter, Michael M., and Thomas J.
Prusa. 2003. "Macroeconomic Factors and Anti-Dumping Filings: Evidence
from Four Countries." >i>Journal of International Economics>/i> 61, no. 1:
1-17. ] [ 9
Lantz, Robert H. 1995. "The Search for Consistency: Treatment of
Nonmarket Economies in Transition Under United States Antidumping and
Countervailing Duty Laws." >i>American University Journal of International
Law and Policy>/i> 10, no. 3: 993-1073. ] [
10 Miller, John W. 2006. "Politics &
Economics: EU Levies Tariffs on China, Vietnam; Duties on Leather Footwear
Exacerbate Retailers' Rift With Shoemakers in Europe." >i>Wall Street
Journal>/i> (Eastern edition), October 5: A8. ]
[ 11 Wooldridge, J.M. 2002.
>i>Econometric Analysis of Cross Section and Panel Data.>/i> Cambridge:
MIT Press. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:6:p:66-80
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: Rise of Chinese Multinational Firms
Abstract:
Since 2003, China has been one of the most significant sources of outward
foreign direct investment (FDI) in the world. How did this happen? What
are the features of Chinese outward direct investment (ODI)? Are they
different from developed-country FDI? Why do Chinese firms go
multinational? What competitive advantages do Chinese firms have in going
multinational? The Chinese ODI boom is a result of China's rapid economic
growth and its "going-global" strategy. Chinese multinational firms are
similar to those in developed countries in many respects, but differ
largely in ownership structure. Their competitive advantages are derived
mainly from China's institutional organization and efficient management in
the production process. Four motivations of Chinese ODI are: to maintain
and expand international markets, to secure a supply of key resources, to
obtain firm assets from advanced economies, and to seek overseas
opportunities with an international vision.
Journal: Chinese Economy
Pages: 81-96
Issue: 6
Volume: 42
Year: 2009
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=TH70864904440208
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X-Bibl:
[ 1 Buckley, Peter J., L.
Jeremy Clegg, Adam R. Cross, Xin Liu, Hinrich Voss, and Ping Zhang. 2007.
"The Determinants of Chinese Outward Foreign Direct Investment."
>i>Journal of International Business Studies>/i> 38, no. 4:
499-518. ] [ 2
Cai, Kevin G. 1999. "Outward Foreign Direct Investment: A Novel
Dimension of China's Integration into the Regional and Global Economy."
>i>China Quarterly>/i>, no. 160: 856-80. ] [
3 Child, John, and Suzana B.
Rodrigues. 2005. "The Internationalization of Chinese Firms: A Case for
Theoretical Extension?" >i>Management and Organization Review>/i> 1, no.
3: 381-410. ] [ 4
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Multinational Enterprises.>/i> London: Allen and Unwin.
] [ 5 Dunning, John.
1981b. "Explaining Outward Direct Investment of Developing Countries: In
Support of the Eclectic Theory of International Production." In
>i>Multinationals from Developing Countries>/i>, ed. K. Krishna and M.
McLeod, 20-35. Lexington: Lexington Books. ]
[ 6 Lall, S. 1984. >i>The New
Multinationals.>/i> New York: Wiley. ] [
7 Makino, S., C.M. Lau, and R.S. Yeh.
2002. "Asset Exploitation Versus Asset Seeking: Implications for Location
Choice of Foreign Direct Investment from Newly Industrialized Economies."
>i>Journal of International Business Studies>/i> 33, no. 3:
403-21. ] [ 8
Ministry of Commerce. 2007. >i>2006 Statistical Bulletin of
China's Outward Foreign Direct Investment.>/i> Beijing.
] [ 9 Ministry of
Commerce. 2008. >i>2007 Statistical Bulletin of China's Outward Foreign
Direct Investment.>/i> Beijing. ] [
10 Nicolas, Françoise, and Stephen Thomsen.
2008. "The Rise of Chinese Firms in Europe: Motives, Strategies and
Implications." Paper presented at the annual conference of Asia-Pacific
Economic Association, Beijing, December 13-14. ]
[ 11 United Nations Conference on
Trade and Development (UNCTAD). 2006. >i>World Investment Report 2006: FDI
from Developing and Transition Economies: Implication for Development.>/i>
New York: United Nations. ] [
12 United Nations Conference on Trade and
Development (UNCTAD). 2008. >i>World Investment Report.>/i> New York:
United Nations. ] [ 13
Zhan, James X. 1995. "Transnationalization and Outward
Investment: The Case of Chinese Firms." >i>Transnational Corporations>/i>
4, no. 3: 67-100. ]
Handle: RePEc:mes:chinec:v:42:y:2009:i:6:p:81-96
Template-Type: ReDIF-Article 1.0
Author-Name: Chu-Shiu Li
Author-X-Name-First: Chu-Shiu
Author-X-Name-Last: Li
Author-Name: Chin-Ping Yu
Author-X-Name-First: Chin-Ping
Author-X-Name-Last: Yu
Title: Analysis of the Economic Relationship Between China and Taiwan
Abstract:
Most exports from Taiwan to China are raw materials for manufacturing
plants established by Taiwanese enterprises in China. The strong economic
relationship between China and Taiwan is built on both foreign direct
investments and exports. This study shows the mutual influences of various
macroeconomic variables on the relationship between China and Taiwan.
Journal: Chinese Economy
Pages: 26-43
Issue: 1
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=725037105942876T
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chen, Rui, and Jian
Wang, 2007. "Panel Data Analyses on FDI and China's Exports: 1995-2002."
>i>Data Science Journal>/i> 6, Supplement: 364-74. ]
[ 2 Chien, S.H. 2005.
"Taiwanese Firms' Foreign Direct Investment in China: Traditional
Industries vs. Electronic Industries." >i>Journal of the American Academy
of Business, Cambridge>/i> (March): 72-77. ]
[ 3 Enders, W. 2004. >i>Applied
Econometric Time Series.>/i> New York: John Wiley and Sons.
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"Are China's Trade Policies Effective?" >i>China and World Economy>/i> 1:
48-56. ] [ 6
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Heterogeneous Firms." >i>American Economic Review>/i> 94, no. 1:
300-316. ] [ 9
Johansen, S., and K. Juselius, 1990. "Maximum Likelihood
Estimation and Inference on Cointegration with Application to the Demand
for Money." >i>Oxford Bulletin of Economics and Statistics>/i> 2:
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the Pattern of Trade." >i>American Economic Review>/i> 70, no. 5:
950-59. ] [ 11
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in Time Series Regression." >i>Biometrika>/i> 75, no. 2: 335-46.
] [ 12 Ricardo, D.
1817. >i>On the Principles of Political Economy and Taxation.>/i> London:
John Murray. ] [ 13
Rob, R., and N. Vettas, 2003. "Foreign Direct Investment and
Exports with Growing Demand." >i>Review of Economic Studies>/i> 70, no. 3:
629-48. ] [ 14
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Autoregressive Moving Average Models with Unknown Order."
>i>Biometrica>/i> 71: 599-607. ] [
15 Serletis, A. 1992. "Export Growth and
Canadian Economic Development." >i>Journal of Development Economics>/i>
38: 133-45. ] [ 16
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17 Zhang, Kevin Honglin, and Shunfeng Song,
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18 Zhang, Qing, and B. Felmingham, 2001.
"The Relationship Between Inward Direct Foreign Investment and China's
Provincial Export Trade." >i>China Economic Review>/i> 12:
82-99. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:1:p:26-43
Template-Type: ReDIF-Article 1.0
Author-Name: Jeng-Ren Chiou
Author-X-Name-First: Jeng-Ren
Author-X-Name-Last: Chiou
Author-Name: Ming-Yuan Leon Li
Author-X-Name-First: Ming-Yuan Leon
Author-X-Name-Last: Li
Author-Name: Li Cheng
Author-X-Name-First: Li
Author-X-Name-Last: Cheng
Author-Name: Shih-Yuan Chang
Author-X-Name-First: Shih-Yuan
Author-X-Name-Last: Chang
Title: Pricing and Allocation Mechanisms in Underpricing of Chinese IPOs
Abstract:
This study tries to answer the question: Do changes in pricing and
allocation mechanisms significantly affect the Chinese initial public
offering (IPO) market? Four separate pricing and allocation mechanisms for
the Chinese IPO market, operating from 1995 to 2007, are examined. We find
that as these mechanisms evolved, the average and variance of IPO
underpricing in China became smaller. The results indicate that as the
Chinese IPO market has become more market-oriented, underpricing has
significantly decreased, and the market has become more stable.
Journal: Chinese Economy
Pages: 93-108
Issue: 1
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8X63M282487Q6LN3
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chan, K., J. Wang, and
K.C. Wei, 2004. "Underpricing and Long-Term Performance of IPOs in China."
>i>Journal of Corporate Finance>/i> 10, no 3: 409-30.
] [ 2 Chen, G., M.
Firth, and J.B. Kim, 2004. "IPO Underpricing in China's New Stock
Markets." >i>Journal of Multinational Financial Management>/i> 14, no. 3:
283-302. ] [ 3
Chi, J., and C. Padgett, 2005. "Short-Run Underpricing and Its
Characteristics in Chinese Initial Public Offering Market." >i>Research in
International Business and Finance>/i> 19, no. 1: 71-93.
] [ 4 Coakley, J., N.
Instefjord, and Z. Shen, 2007. "The Winner's Curse and Lottery-Allocated
IPOs in China." Working paper, University of Essex. ]
[ 5 Grinblatt, M., and C.Y.
Hwang, 1989. "Signalling and the Pricing of New Issues." >i>Journal of
Finance>/i> 44, no. 2: 393-420. ] [
6 Kim, J.B., I. Krinsky, and J. Lee, 1995.
"The Aftermarket Performance of Initial Public Offerings in Korea."
>i>Pacific-Basin Finance Journal>/i> 3, no. 4: 429-48.
] [ 7 Lee, P.J., S.L.
Taylor, and T.S. Walter, 1996. "Australian IPO Pricing in the Short and
Long Run." >i>Journal of Banking and Finance>/i> 20, no. 7:
1189-1210. ] [ 8
Ljungqvist, A.P. 1997. "Pricing Initial Public Offerings:
Further Evidence from Germany." >i>European Economic Review>/i> 41, no. 7:
1309-20. ] [ 9
Loughran, T., J.R. Ritter, and K. Rydqvist, 1994. "Initial
Public Offerings: International Insights." >i>Pacific-Basin Finance
Journal>/i> 2, nos. 2/3: 165-99. ] [
10 Ma, S. 2007. "Information Asymmetry and
Valuation Uncertainty, the Determination of China's IPO Allocation
Procedures." >i>Applied Financial Economics>/i> 17, no. 4:
271-84. ] [ 11
Ma, S., and R. Faff, 2007. "Market Condition and the Optimal IPO
Allocation Mechanism in China." >i>Pacific-Basin Finance Journal>/i> 15,
no. 2: 121-39. ] [ 12
Marisetty, V., and M.G. Subrahmanyam, 2006. "Group
Affiliation and the Performance of Initial Public Offerings in the Indian
Stock Market." NYU Faculty Digital Archive, available at >a
target="_blank"
href='http://archive.nyu.edu/bitstream/2451/27852/2/wpa08010.pdf'>http://a
rchive.nyu.edu/bitstream/2451/27852/2/wpa08010.pdf>/a>
] [ 13 McGuinness, P.
1992. "An Examination of the Underpricing of Initial Public Offerings in
Hong Kong: 1980-90." >i>Journal of Business Finance and Accounting>/i> 19,
no. 2: 165-86. ] [ 14
Reilly, F.K. 1977. "New Issues Revisited." >i>Financial
Management>/i> 6, no. 4: 28-42. ] [
15 Ritter, J.R., and I. Welch, 2002. "A
Review of IPO Activity, Pricing, and Allocations." >i>Journal of
Finance>/i> 57, no. 4: 1795-1828. ] [
16 Su, D. 2004. "Adverse-Selection Versus
Signaling: Evidence from the Pricing of Chinese IPOs." >i>Journal of
Economics and Business>/i> 56, no. 1: 1-19. ]
[ 17 Su, D., and B.M. Fleisher,
1998. "Risk, Return and Regulation in Chinese Stock Markets." >i>Journal
of Economics and Business>/i> 50, no. 3: 1-19. ]
[ 18 Su, D., and B.M. Fleisher,
1999. "An Empirical Investigation of Underpricing in Chinese IPOs."
>i>Pacific-Basin Finance Journal>/i> 7, no. 2: 173-202.
] [ 19 Tian, L., and
W.L. Megginson, 2007. "Extreme Underpricing: Determinants of Chinese IPO
Initial Returns." Working paper, Peking University. ]
[ 20 Ting, Y.U., and Y.K.
Tse, 2006. "An Empirical Examination of IPO Underpricing in the Chinese
A-Share Market." >i>China Economic Review>/i> 17, no. 4: 363-82.
] [ 21 Welch, I.
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22 Wethyavivorn, K., and Y. Koo-Smith, 1991.
"Initial Public Offers in Thailand, 1988-1989: Price and Return Patterns."
In >i>Pacific-Basin Capital Markets Research>/i>, vol. 2, ed. S.G. Rhee
and R. P. Chang, 379-94. Amsterdam: North-Holland. ]
[ 23 Yong, O., and Z. Isa,
2003. "Initial Performance of New Issues of Shares in Malaysia."
>i>Applied Economics>/i> 35, no. 8: 919-30. ]
[ 24 Yu, T., and Y.K. Tse, 2006.
"An Empirical Examination of IPO Underpricing in the Chinese A-Share
Market." >i>China Economic Review>/i> 17, no. 4: 363-82.
]
Handle: RePEc:mes:chinec:v:43:y:2010:i:1:p:93-108
Template-Type: ReDIF-Article 1.0
Author-Name: Shu-Quan He
Author-X-Name-First: Shu-Quan
Author-X-Name-Last: He
Title: Dynamics of Chinese Agricultural Trade Patterns
Abstract:
The dynamics of Chinese agricultural trade patterns are examined with a
focus on the differences between the periods before and after China's
accession to the World Trade Organization (WTO). The analyses are based on
the Revealed Symmetric Comparative Advantages (RSCA) index, a modified
Revealed Comparative Advantages (RCA) index. The discussion suggests that
trade patterns are more persistent during the post-WTO period than during
the pre-WTO period. It also indicates that the RSCA index distribution for
Chinese agriculture is shifting to two extremes predicted by trade
theories. However, the export shares of product categories are not in
accordance with their comparative advantage positions. To benefit from
trade liberalization in agriculture, China needs to adjust its
agricultural policies. Recent policies have provided Chinese agriculture
with a promising future, but much still has to be done.
Journal: Chinese Economy
Pages: 5-25
Issue: 1
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E0RR11H18R307R82
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Balassa, Bela, 1965.
"Trade Liberalization and âRevealedâ Comparative Advantage."
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Case of Chinese Manufacturers." >i>Caijing yanjiu>/i> (Finance and
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and G.A. Zarkin, 1986. "Mobility Indices in Continuous Time Markov
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Comparative Advantage and the Alternatives as Measures of International
Specialization." Danish Research Unit for Industrial Dynamics (DRUID)
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Xu, 2001. "Reevaluation on the Transformation of East Asian Economies
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1353-75. ] [ 16
Quah, D.T. 1996b. "Aggregate and Regional Disaggregate
Fluctuations." >i>Empirical Economics>/i> 21: 137-59.
] [ 17 Quah, D.T. 1997.
"Empirics for Economic Growth and Distribution: Stratification,
Polarization and Convergence Clubs." >i>Journal of Economic Growth>/i> 2,
no. 1: 137-59. ] [ 18
Shorrocks, A.F. 1978. "The Measurement of Mobility."
>i>Econometrica>/i> 46, no. 5: 1013-24. ] [
19 Sommers, P.S., and J. Conlisk, 1979.
"Eigenvalue Immobility Measures for Markov Chains." >i>Journal of
Mathematical Sociology>/i> 6: 253-76. ] [
20 Wang, Haigang, 2005. "The Movement of
Chinese National Income and Its Long-Term Impact on Equality." >i>Jingji
yanjiu>/i> (Economic Studies) 40, no. 1: 56-66 (in Chinese).
] [ 21 Wang, Lin,
2006. "Dynamic Analysis on Comparative Advantages of Chinese Agricultural
Products." >i>Beifang jingji>/i> (Northern Economy) 4: 42-45 (in
Chinese). ] [ 22
Yin, Heng, Shi Li, and Quheng Deng, 2006. "On Income Mobility in
China." >i>Jingji yanjiu>/i> (Economic Studies) 41, no. 1: 30-43 (in
Chinese). ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:1:p:5-25
Template-Type: ReDIF-Article 1.0
Author-Name: Zhanqi Yao
Author-X-Name-First: Zhanqi
Author-X-Name-Last: Yao
Title: Factor Reallocation Effect and Productivity in China's Economic Growth, 1985-2007
Abstract:
How to accurately calculate China's factor reallocation effect and
objectively assess its impact on economic and productivity growth is an
unsolved problem. This study has two objectives: to identify the trend of
productivity growth and to quantify the contribution of sectoral factor
reallocation to aggregate productivity growth rate since the 1980s. This
is accomplished by estimating a Cobb-Douglas production function and
decomposing aggregate productivity growth using official Chinese data.
Based on the panel data of six main sectors making up the entire economy
and fourteen individual industries constituting the entire manufacturing
sector, the results show that productivity, especially total factor
productivity, has been disappointing in recent years after rapid growth in
the early post-reform period. The factor reallocation effect is trivial in
the economic reform era, indicating growth potential in the
mid-industrialization stage. In the long run, therefore, policymakers must
adjust China's economic programs to foster sustained productivity growth
and to improve factor flows among economic sectors.
Journal: Chinese Economy
Pages: 44-70
Issue: 1
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P736P7L900715411
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Akkemik, K.A. 2005.
"Structural Change and its Impact on Productivity in Japan, Korea, and
Singapore (1970-2000)." >i>Forum of International Development Studies>/i>
28: 35-52. ] [ 2
Chenery, H.B., S. Robinson, and M. Syrquin, 1986.
>i>Industrialization and Growth: A Comparative Study.>/i> New York: Oxford
University Press. ] [ 3
Chow, G.C. 1993. "Capital Formation and Economic Growth in
China." >i>Quarterly Journal of Economics>/i> 108, no. 3:
809-42. ] [ 4
Chow, G.C., and K. Li, 2002. "China's Economic Growth:
1952-2010." >i>Economic Development and Cultural Change>/i> 51, no. 1
(October): 247-56. ] [ 5
Guo, K.S. 1992. "The Analysis of Resources Reallocation in
China." >i>Economic Research Journal>/i> 9: 30-45. ]
[ 6 Hausman, J.A. 1978.
"Specification Test in Econometrics." >i>Econometrica>/i> 46:
1251-71. ] [ 7
Holz, C.A. 2004. "China's Statistical System in Transition:
Challenges Data Problems, and Institutional Innovation." >i>Review of
Income and Wealth>/i> 50, no. 3: 381-409. ] [
8 Holz, C.A. 2006. "China's Reform
Period Economic Growth: How Reliable Are Angus Maddison's Estimates?"
>i>Review of Income and Wealth Series>/i> 52, no. 1: 85-119.
] [ 9 Holz, C.A., and
Y. Lin, 2001. "The 1997-1998 Break in Industrial Statistics Facts and
Appraisal." >i>China Economic Review>/i> 12: 303-16. ]
[ 10 Hu, Z.F., and M.S.
Khan, 1997. "Why Is China Growing So Fast?" IMF Staff Papers, no. 44:
103-31. ] [ 11
Li, S., and D. Lu, 2008. "China's Industrial Total Factor
Productivity Fluctuations: 1986-2005." >i>Journal of Quantitative and
Technical Economics>/i> 5: 43-54. ] [
12 Li, X., and X. Lu, 2007. "Structural
Changes and Productivity Growth in China's Manufacturing." >i>World
Economy>/i> 5: 52-64. ] [
13 Lu, D. 2002. "Sectoral Factor
Reallocation and Productivity Growth: Recent Trends in the Chinese
Economy." >i>Journal of Economics Development>/i> 27, no. 2:
95-111. ] [ 14
Maddison, A. 1998. >i>Chinese Economic Performances in the Long
Run.>/i> Paris: Development Centre of the OECD. ]
[ 15 National Bureau of
Statistics. 1991-2008. >i>China Statistical Yearbook.>/i> Beijing: China
Statistics Press. ] [ 16
National Bureau of Statistics. 1993-2008. >i>China
Industrial Economy Statistical Yearbook.>/i> Beijing: China Statistics
Press. ] [ 17
Organization for Economic Cooperation and Development (OECD).
2005. >i>Economic Surveys of China.>/i> Available at >a target="_blank"
href='http://www.oecd.org/document/21/0,3343,en_2649_34111_35331797_1_1_1_
1,00.html'>www.oecd.org/document/21/0,3343,en_2649_34111_35331797_1_1_1_1,
00.html>/a> ] [ 18
Ozyurt, S. 2007. "Total Factor Productivity Growth in Chinese
Industry: 1952-2000." University of Montpellier Working Papers. Available
at >a target="_blank"
href='http://www.lameta.univ-montp1.fr/Fr/Productions/Documents/DR2007-13.
pdf'>www.lameta.univ-montp1.fr/Fr/Productions/Documents/DR2007-13.pdf>/a><
/BIBTEXT> ] [ 19
Solow, R.M. 1957. "Technical Change and the Aggregate Production
Function." >i>Review of Economics and Statistics>/i> 31: 312-20.
] [ 20 Syrquin, M.
1986. "Productivity Growth and Factor Reallocation." In
>i>Industrialization and Growth>/i>, ed. H.B. Chenery, 309-351. Oxford:
Oxford University Press. ] [
21 Woo, W.T. 1998. "Chinese Economic Growth:
Sources and Prospects." In >i>The Chinese Economy>/i>, ed. M. Fouquin and
F. Lemoine, 1-38. London: Economica. ] [
22 World Bank. 1997. >i>China 2020:
Development Challenges in the New Century.>/i> Washington, DC.
] [ 23 Wu, Y. 2004.
>i>China's Economic Growth: A Miracle with Chinese Characteristics.>/i>
London and New York: Routledge Curzon. ] [
24 Yao, Z. 2008. "Effects of China's
Industrial Structure Adjustment, Object of Industry Optimization and
Policy Supporting System." >i>China Industrial Economics>/i> 5:
46-56. ] [ 25
Young, A. 2003. "Gold into Base Metals: Productivity Growth in
the People's Republic of China During the Reform Period." >i>Journal of
Political Economy>/i> 111, no. 6: 1220-61. ]
[ 26 Zheng, J., A. Hu, and A.
Bigsten, 2008. "Can China's Growth Be Sustained? A Productivity
Perspective." >i>China Economic Quarterly>/i> 7, no. 3 (April):
777-808. ] [ 27
Zheng, Y. 1998. "Productivity and China's Industrial Growth." In
>i>The Front Analysis of Productivity in China>/i>, ed. Jingwen Li and
Xueyi Zhong, 146-187. Beijing: Social Science Academic Press.
]
Handle: RePEc:mes:chinec:v:43:y:2010:i:1:p:44-70
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Trade, Economic Growth, and Financial Markets
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W32875287164P3P4
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:43:y:2010:i:1:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Jau-Lian Jeng
Author-X-Name-First: Jau-Lian
Author-X-Name-Last: Jeng
Author-Name: Qingfeng "Wilson" Liu
Author-X-Name-First: Qingfeng "Wilson"
Author-X-Name-Last: Liu
Title: Development of China's Real Estate Market
Abstract:
Over the past two decades, real estate has evolved from
government-controlled to a commercial product, emerging and developing
into an important component of China's financial markets. Although the
overall gross domestic product (GDP) and income levels have been growing
rapidly, the even-faster rising housing costs have exacerbated the problem
of housing affordability. Real estate development has become a key factor
in China's economic growth, as real estate has become an essential part of
the overall functioning of the economy. Recent signs following the global
financial crisis suggest that China's real estate market has bottomed and
may be on its way to a rebound. In the long run, this market offers
lucrative investment opportunities for domestic and foreign investors.
Journal: Chinese Economy
Pages: 71-92
Issue: 1
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y2578K7115035Q70
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Anderlini, J. 2009.
"Growing Signs of Chinese Recovery." >i>Financial Times>/i>, April 13.
Available at >a target="_blank"
href='http://www.ft.com/cms/s/0/93ebd99c-284d-11de-8dbf-00144feabdc0,dwp_u
uid=9c33700c-4c86-11da-89df-0000779e2340.html'>www.ft.com/cms/s/0/93ebd99c
-284d-11de-8dbf-00144feabdc0,dwp_uuid=9c33700c-4c86-11da-89df-0000779e2340
.html>/a> ] [ 2
Batson, A. 2009. "China Turns a Corner as Spending Takes Hold."
>i>Wall Street Journal>/i>, April 11, A1. ] [
3 Chan, K., H. Fung, and Q. Liu,
2007. >i>China's Capital Markets: Challenges from WTO Membership.>/i>
London: Edward Elgar. ] [
4 Cheng, H. 2009. "Institutions Forecast
Continued Recovery of the Real Estate Market." Financial Net, March 23.
Available at >a target="_blank"
href='http://www.caijing.com.cn/2009-03-23/110126956.html'>www.caijing.com
.cn/2009-03-23/110126956.html>/a> ] [
5 "China's Consumption to Hit Record Low."
2008. >i>Xinhua News>/i>, January 4. Available at >a target="_blank"
href='http://www.chinadaily.com.cn/china/2008-01/04/content_6372001.htm'>w
ww.chinadaily.com.cn/china/2008-01/04/content_6372001.htm>/a>
] [ 6 "Chinese
Consumption." 2007. >i>Economist>/i>, February 22. Available at >a
target="_blank"
href='http://www.economist.com/finance/displaystory.cfm?story_id=8746393'>
www.economist.com/finance/displaystory.cfm?story_id=8746393>/a>
] [ 7 "Experts:
China's Housing Prices Still Have Room for 50% Drop with the Bottom
Reached in Two Years." 2009. >i>Securities Times>/i>, April 9. Available
at >a target="_blank"
href='http://www.soufun.com/news/2009-04-09/2506970.htm'>www.soufun.com/ne
ws/2009-04-09/2506970.htm>/a> ] [
8 Feng, X. 2008. >i>China's Road to Good
Housing.>/i> Shanghai: Shanghai Far East Publishing House.
] [ 9 Focus Housing
Net. 2008. "Gloomy Real Estate Market in China with 40% Drop in Housing
Prices." Focus House Net, September 12. Available at >a target="_blank"
href='http://house.focus.cn/news/2008-09-12/531710.html'>http://house.focu
s.cn/news/2008-09-12/531710.html>/a> ] [
10 Fung, H., and Q. Liu, 2005. "China's
Financial Reform in Banking and Securities Markets." In >i>China and the
Challenge of Economic Globalization: The Impact of WTO Membership>/i>, ed.
Hung-gay Fung, Changhong Pei, and Kevin H. Zhang, 145-63. Armonk, NY: M.E.
Sharpe. ] [ 11
Fung, H., A. Huang, Q. Liu, and M. Shen, 2006. "The Development
of the Real Estate Industry in China." >i>Chinese Economy>/i> 39, no. 1:
84-102. ] [ 12
Hang, X.L., Y.T. Huang, and H. Lan, 2008. "A Housing Sale
Impasse for Foreign Institutions." >i>First Financial Daily>/i>, October
23. Available at >a target="_blank"
href='http://www.douban.com/group/topic/4461518/'>www.douban.com/group/top
ic/4461518/>/a> ] [ 13
Lu, A. 2007. "China's Rural Population Shrinks to 56% of
Total." Available at >a target="_blank"
href='http://news.xinhuanet.com/english/2007-10/22/content_6925292.htm'>ht
tp://news.xinhuanet.com/english/2007-10/22/content_6925292.htm>/a> ] [ 14 Lu, D.
2002. "RuralâUrban Income Disparity: Impact of Growth, Allocative
Efficiency, and Local Growth Welfare." >i>China Economic Review>/i> 13,
no. 4: 419-29. ] [ 15
Luo, Y. (ed.). 2007. >i>The Industrial Map of China Real
Estate.>/i> China Industrial Map Editorial Committee, the China Economic
Monitoring and Analysis Center of the National Bureau of Statistics, and
Shanghai Yiju Real Estate Research Institute. Beijing: Social Sciences
Academic Press. ] [ 16
"The New âDINKâ Family in China." 2006. >i>People's
Daily>/i>, October 11. Available at >a target="_blank"
href='http://english.peopledaily.com.cn/200610/11/eng20061011_310890.html'
>http://english.peopledaily.com.cn/200610/11/eng20061011_310890.html>/a>
BIBTEXT> ] [ 17
Pan, D. 2009. "An Analysis of the Housing Price Bubble in China's Large-
and Medium-Size Cities." >i>First Financial Daily>/i>, February 4.
Available at >a target="_blank"
href='http://www.cs.com.cn/pl/03/200902/t20090204_1740097.htm'>www.cs.com.
cn/pl/03/200902/t20090204_1740097.htm>/a> ] [
18 Sakashita, A., H. Park, and T.
Ichiki, 2006. "The Change of Agricultural Production System and Land
Problems in the Sunan Area of China: A Follow-up Research of Kaixiangong
Village." >i>Review of Agricultural Economics>/i> 62: 15-24.
] [ 19 "2009 Will See
the Policies Bottoming Out in the Development History of China's Real
Estate Market." 2009. >i>Jinan Times>/i>, April 7. Available at >a
target="_blank"
href='http://hb.qq.com/a/20090407/000095.htm'>http://hb.qq.com/a/20090407/
000095.htm>/a> ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:1:p:71-92
Template-Type: ReDIF-Article 1.0
Author-Name: Yuhua An
Author-X-Name-First: Yuhua
Author-X-Name-Last: An
Author-Name: Guolin Qiu
Author-X-Name-First: Guolin
Author-X-Name-Last: Qiu
Author-Name: Liqun Liu
Author-X-Name-First: Liqun
Author-X-Name-Last: Liu
Title: A Study of Real Estate Prices in Jilin Province
Abstract:
This study is based on data from the Jilin Construction Office's Almanac.
A hedonic model is used to investigate factors affecting real estate
prices in Jilin province. The model has better application potential than
traditional pricing analysis and thus is useful as a guide to future
planning policies.
Journal: Chinese Economy
Pages: 53-63
Issue: 2
Volume: 43
Year: 2010
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F3032110472T1322
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Court, A.T. 1939.
"Hedonic Price Indexes with Automotive Examples." >i>The Dynamics of
Automobile Demand>/i> 4: 99-117. ] [
2 Griliches, Z. 1977. "Estimating the
Returns to Schooling: Some Econometric Problems." >i>Econometrica>/i> 45,
no. 1: 1-22. ] [ 3
Rosen, S. 1974. "Hedonic Prices and Implicit Markets: Product
Differentiation in Pure Competition." >i>Journal of Political Economy>/i>
5: 34-55. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:2:p:53-63
Template-Type: ReDIF-Article 1.0
Author-Name: Xi Rao
Author-X-Name-First: Xi
Author-X-Name-Last: Rao
Author-Name: Yinggang Zhou
Author-X-Name-First: Yinggang
Author-X-Name-Last: Zhou
Title: China's Real Estate Market
Abstract:
Along with China's economic slowdown and policy tightening, the real
estate market has been experiencing a mid-term correction since late 2007.
This round of property sector downturn is cyclical rather than secular and
will last from two to two and a half years (September 2007-early 2010).
From a longer-term perspective, the factors for sustainable growth of the
housing market remain sound. These include relatively strong economic
growth, positive demographic trends, urbanization, and upgrades in living
standards.
Journal: Chinese Economy
Pages: 23-32
Issue: 2
Volume: 43
Year: 2010
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F42243X1147M150V
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Citigroup. 2008. "China
Property: 85,000 in China? A Look at Public Housing Development." Research
Report. ] [ 2
JPMorgan. 2006. "Property Opportunities in China: What, How and
Where?" Research Report. ] [
3 McKinsey. 2008. "Preparing for China's
Urban Billion." Research Report. ] [
4 Morgan Stanley. 2008. "China
EconomicsâOutlook for 2009: Getting Worse Before Getting Better."
Research Report. ] [ 5
UBS. 2006. "Exposing China's âUrban Legends.â" Research
Report. ] [ 6
UBS. 2008. "All About China's Property Sector Downturn."
Research Report. ] [ 7
Wachovia. 2007. "Increasing Urbanization Drives Demand for
Real Estate." Research Report. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:2:p:23-32
Template-Type: ReDIF-Article 1.0
Author-Name: Wai-kin Leung
Author-X-Name-First: Wai-kin
Author-X-Name-Last: Leung
Title: A Note on Real Estate Indexes in China
Abstract:
This paper focuses on the importance of a real estate index of information
flow in a real estate market. Real estate indexes in China suffer from
major methodology problems related to the unique characteristics of real
estate, which is heterogeneous and infrequently traded.
Journal: Chinese Economy
Pages: 64-69
Issue: 2
Volume: 43
Year: 2010
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F811605671V120U2
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X-Bibl:
Handle: RePEc:mes:chinec:v:43:y:2010:i:2:p:64-69
Template-Type: ReDIF-Article 1.0
Author-Name: Wai-kin Leung
Author-X-Name-First: Wai-kin
Author-X-Name-Last: Leung
Title: Real Estate Market Issues in China
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 43
Year: 2010
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F818W572R0776K21
File-Format: text/html
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X-Bibl:
Handle: RePEc:mes:chinec:v:43:y:2010:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Lin Wang
Author-X-Name-First: Lin
Author-X-Name-Last: Wang
Title: Impact of Urban Rapid Transit on Residential Property Values
Abstract:
Using Shanghai rapid transit line 8 as an example and hedonic price
models, this article explores the impact of urban rapid transit on house
prices. It is concluded that the urban rapid transit has a significant
incremental effect on prices of houses located within 1.5 km terms of a
station. However, each station has a different impact in both range and
intensity. In addition, house prices increase most rapidly in years when
the rapid transit system starts to build its operation and decrease
slightly in the middle of construction.
Journal: Chinese Economy
Pages: 33-52
Issue: 2
Volume: 43
Year: 2010
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F95R5541X5030515
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Allen, W.B., and R.R.
Mudge. 1974. "The impact of rapid transit on urban development: The case
of the Philadelphia-Lindenwold high speed line." Paper P-5246. Rand
Corporation. ] [ 2
Al-Mosaind, M.A.; K.J. Dueker; and J.G. Strathman. 1993. "Light
Rail Transit Stations and Property Values: A Hedonic Price Approach."
>i>Transportation Research Record>/i> 1400: 4-90. ]
[ 3 Alonso, W. 1964.
>i>Location and Land Use: Toward a General Theory of Land Rent>/i>.
Cambridge: Harvard University Press. ] [
4 Armstrong, R.J. 1994. "Impacts of
commuter Rail Service as reflected in singlefamily Residential Property
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Transportation Research Board. ] [
5 Bowes, D.R., and K.R. Ihlanfeldt. 2001.
"Identifying the Impacts of Rail Transit Stations on Residential Property
Values." >i>Journal of Urban Economics>/i> 50, no. 1: 1-25.
] [ 6 Cambridge
Systematics. 1998. "Economic Impact Analysis of Transit Investments:
Guidebook for Practioners." Report No. 35, Transit Cooperative Research
Program. Washington, DC: Transportation Research Board.
] [ 7 Cervero, R., and
M. Duncan. 2002. >i>Land Value Impacts of Rapid Transit Services in Los
Angeles County>/i>. Report prepared for National Association of Realtors
Urban Land Institute. ] [
8 Chau, K.W., and F.F. Ng. 1998. "The
effects of improvement in public transportation capacity on residential
price gradient in Hong Kong." >i>Journal of Property Valuation and
Investment>/i> 16, no. 4: 397-410. ] [
9 Coulson, N.E., and R.F.E. Engle. 1987.
"Transportation Costs and Price Gradient." >i>Journal of Urban
Economics>/i>, no. 21: 387-97. ] [
10 Damm, D.; S.R. Lerman; E. Lerner-Lam; and
J. Young. 1980. "Response of Urban Real Estate Values in Anticipation of
the Washington Metro." >i>Journal of Transport Economics and Policy>/i>
(September): 315-36. ] [
11 Dewees, D.N. 1976. "The Effect of a
Subway on Residential Property Values in Toronto." >i>Journal of Urban
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12 Ferguson, B.G.; M.A. Goldberg; and J.
Mark. 1988. "The Pre-service Impacts of the Vancouver Advanced Light Rail
Transit System on Single Family Property Values." In >i>Real Estate Market
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78-100. New York: Praeger. ] [
13 Gatzlaff, Dean H., and Marc T. Smith.
1993. "The Impact of the Miami Metrorail on the Value of Residences and
Station Locations." >i>Land Economics>/i> 69, no. 1: 54-66.
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Ghebreegziabiher, Debrezion; Eric Pels; and Piet Rietveld. 2006. "The
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] [ 17 He,
Jianhua, and Siqi Zheng. 2004. "Can the New-Built Metro Improve
Residential Property Values?" >i>Urban Development>/i>, no. 11:
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Knaap, G.J.; L.D. Hopkins; and K.P. Donaghy. 1998. "Do Plans
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D. Loutzenheiser; and M. Zhang. 1995. "Rail Transit Investments, Real
Estate Values, and Land Use Change: A Comparative Analysis of Five
California Rail Transit Systems." Research Report No. 48, Institute of
Urban and Regional Studies, University of California, Berkeley.
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Qinghuai; Lingyang Kong; and Wenbin Deng. 2007. "Impact of URT on Real
Estate Value: The Case of Beijing Line 13." >i>China Civil Engineering
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23 Lee, D.B. 1973. "Case Studies and Impacts
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McDonald, John F., and Clifford I. Osuji. 1995. "The Effect of
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1972. >i>Studies in the Structure of the Urban Economy>/i>. Baltimore:
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27 Muth, R.F. 1969. >i>Cities and
Housing>/i>. Chicago: University of Chicago Press. ]
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McCleskey. 1989. >i>Influence of Elevated Transit Stations on Neighborhood
House Values>/i>. Atlanta: Georgia Institute of Technology.
] [ 29 Nelson, A.C.
1999. "Transit Stations and Commercial Property Values: A Case Study with
Land-use Policy Implications." >i>Journal of Public Transportation>/i> 2,
no. 3: 77-93. ] [ 30
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]
Handle: RePEc:mes:chinec:v:43:y:2010:i:2:p:33-52
Template-Type: ReDIF-Article 1.0
Author-Name: Jie Chen
Author-X-Name-First: Jie
Author-X-Name-Last: Chen
Author-Name: Feng Guo
Author-X-Name-First: Feng
Author-X-Name-Last: Guo
Author-Name: Weitao Zhang
Author-X-Name-First: Weitao
Author-X-Name-Last: Zhang
Title: How Important Are Wealth Effects on China's Consumer Spending?
Abstract:
This paper investigates the impact of disposable income and assets on
consumer spending trends in China. By employing the vector error
correction model on the national quarterly data, we demonstrate that the
wealth effects arising from asset value changes are remarkable. There is
only one long-run cointegrating relationship among income, consumption,
and assets. The long-run consumption elasticity of assets is found to be
around 0.51. In addition, evidence shows that assets will restore the
equilibrium relationship in the long run when the system is disturbed by
external shock. Variance decomposition analysis indicates that assets
render a more lasting pronounced impact than income on consumption
variations in China.
Journal: Chinese Economy
Pages: 5-22
Issue: 2
Volume: 43
Year: 2010
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=FN8350R6Q1055740
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Campbell, J. 1987.
"Does Saving Anticipate Declining Labor Income? An Alternative Test of the
Permanent Income Hypothesis." >i>Econometrica>/i> 55: 1249-74.
] [ 2 Carroll, C.D.
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manuscript, Johns Hopkins University. ] [
3 Case, K.F., and J.M. Quigley. 2008.
"How Housing Booms Unwind-Income Effects, Wealth Effects, and Feedbacks
Through Financial Markets." >i>European Journal of Housing Policy>/i> 8:
161-180. ] [ 4
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Wealth Effects: The Stock Market versus the Housing Market." NBER Working
Paper No. 8606. ] [ 5
Case, K.F.; J.M. Quigley; and R.J. Shiller. 2005. "Comparing
Wealth Effects: The Stock Market versus the Housing Market." >i>B.E.
Journal of Macroeconomics>/i> 5: 1-32. ] [
6 Chen, J. 2006. "Re-Evaluating the
Association Between Housing Wealth and Aggregate Consumption: New Evidence
from Sweden." >i>Journal of Housing Economics>/i> 15: 321-48.
] [ 7 Engle, R.F.,
and C.W.J. Granger. 1987. "Cointegration and Error Correction:
Representation, Estimation, and Testing." >i>Econometrica>/i> 55:
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Franses P.H., and N. Haldrup. 1994. "The effects of additive
outliers on tests for unit roots and cointegration." >i>Journal of
Business and Economic Statistics>/i> 12: 471-78. ]
[ 9 Gallup Poll News Service.
2005. "Homeownership Soars in China: Commentary." March 1.
] [ 10 Gonzalo, J., and
S. Ng. 2001. "A systematic framework for analyzing the dynamic effects of
permanent and transitory shocks." >i>Journal of Economic Dynamics and
Control>/i> 25: 1527-46. ] [
11 Hylleberg S.; R.F. Engle; C.W.J. Granger;
and B.S. Yoo. 1990. "Seasonal integration and cointegration." >i>Journal
of Econometrics>/i> 44: 215-38. ] [
12 Johansen, S., and K. Juselius. 1990. "The
full information maximum likelihood procedure for inference on
cointegrationâWith application to the demand for money." >i>Oxford
Bulletin of Economics and Statistics>/i> 52: 169-210.
] [ 13 Kishor, N.K.
2007. "Does consumption respond more to housing wealth than to financial
market wealth? If so, why?" >i>Journal of Real Estate Financial
Economics>/i> 35: 427-48. ] [
14 Lacoviello, M. 2004. "Consumption, house
prices and collateral constraints: a structural econometric analysis."
>i>Journal of Housing Economics>/i> 13: 304-20. ]
[ 15 Lai, M., and Q. Bai. 2008.
"An empirical analysis of wealth effect on consumption in China."
>i>Shanghai Finance>/i> 8 (in Chinese). ] [
16 Lettau, M., and S. Ludvigson. 2001.
"Consumption, Aggregate Wealth, and Expected Stock Returns." >i>Journal of
Finance>/i> 56: 815-49. ] [
17 Lettau, M., and S. Ludvigson. 2004.
"Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth
Effect on Consumption." >i>American Economic Review>/i> 94:
276-99. ] [ 18
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prices, house prices, and consumption in OECD countries." IMF working
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analysis in linear multivariate models." >i>Economics Letters>/i> 58:
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Chinese). ] [ 22
Zang, X. 2001. >i>The analysis on the resident assets and
consumer choice behavior>/i>. Shanghai: Shanghai People's Publishing (in
Chinese). ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:2:p:5-22
Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Sin Lee
Author-X-Name-First: Jen-Sin
Author-X-Name-Last: Lee
Author-Name: Chin-Tai Kuo
Author-X-Name-First: Chin-Tai
Author-X-Name-Last: Kuo
Title: Momentum Effect and Market Conditions
Abstract:
The difference in firm-level momentum effects is investigated under
bullish and bearish market conditions for Chinese real estate stocks,
using panel data with a least-squares dummy variable. The results suggest
that the momentum effect has different patterns in different market
conditions for a shorter momentum horizon and that the momentum strategy
can be only implemented successfully in a bullish market.
Journal: Chinese Economy
Pages: 70-94
Issue: 2
Volume: 43
Year: 2010
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H75681V4185635H3
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Ahn, D.H.; J. Conrad;
and R.F. Dittmar. 2003. "Risk Adjustment and Trading Strategies."
>i>Review of Financial Studies>/i> 16, no. 2: 459-85.
] [ 2 Antoniou, A.;
H.Y.T. Lam; and K. Paudyal. 2007. "Profitability of Momentum Strategies in
International Markets: The Role of Business Cycle Variables and
Behavioural Biases." >i>Journal of Banking and Finance>/i> 31, no. 1:
955-72. ] [ 3
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>i>Journal of Financial Economics>/i> 82, no. 3: 387-415.
] [ 4 Baker, M., and
J.C. Stein. 2004. "Market Liquidity as a Sentiment Indicator." >i>Journal
of Financial Markets>/i> 7, no. 3: 271-99. ]
[ 5 Campbell, J.Y.; S.J.
Grossman; and J. Wang. 1994. "Trading Volume and Serial Correlation in
Stock Returns." >i>Quarterly Journal of Economics>/i> 108, no. 4:
905-39. ] [ 6
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[ 7 Chichernea, D., and S.L.
Slezak. 2008. "Is Idiosyncratic Risk a Source of Momentum?" Working paper
no. 1108234. Social Science Research Network, New York.
] [ 8 Chordia, T., and
L. Shivakumar. 2002. "Momentum, Business Cycle, and Timevarying Expected
Returns." >i>Journal of Finance>/i> 57, no. 2: 985-1019.
] [ 9 Chordia, T., and
L. Shivakumar. 2006. "Earnings and Price Momentum." >i>Journal of
Financial Economics>/i> 80, no. 3: 627-56. ]
[ 10 Chui, A.C.W.; S. Titman; and
K.C.J. Wei. 2000. "Momentum, Ownership Structure, and Financial Crises: An
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Section of Expected REIT Returns." >i>Real Estate Economics>/i> 31, no. 3:
451-79. ] [ 12
Chui, A.C.W.; S. Titman; and K.C.J. Wei. 2003b. "Intra-Industry
Momentum: The Case of REITs." >i>Journal of Financial Market>/i> 6, no. 3:
363-87. ] [ 13
Conrad, J., and G. Kaul. 1998. "An Anatomy of Trading
Strategies." >i>Review of Financial Studies>/i> 11, no. 3:
489-519. ] [ 14
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Individual Security Overreaction." >i>Review of Financial Studies>/i> 12,
no. 4: 901-35. ] [ 15
Cooper, M.J.; R.C. Gutierrez Jr.; and A. Hameed. 2004.
"Market conditions and Momentum." >i>Journal of Finance>/i> 59, no. 4:
1345-65. ] [ 16
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Overreact?" >i>Journal of Finance>/i> 40, no. 3: 793-805.
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Financial Liberalization and Volatility." >i>Journal of International
Money and Finance>/i> 22, no. 7: 925-55. ] [
18 Gervais, S.; R. Kaniel; and D.H.
Mingelgrin. 2001. "The High-Volume Return Premium." >i>Journal of
Finance>/i> 56, no. 3: 877-919. ] [
19 Grundy, B.D. and J.S. Martin. 2001.
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Momentum Investing." >i>Review of Financial Studies>/i> 14, no. 1:
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"Contrarian and Momentum Strategies in the China Stock Market: 1993-2000."
>i>Pacific Basin Finance Journal>/i> 10, no. 3: 243-65.
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V.N. 2007. >i>Active Value Investing: Making Money in Range-Bound
Markets>/i>. New York: John Wiley. ] [
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or Four-factor Models?" >i>Review of Securities and Future Markets>/i> 17,
no. 2: 101-46. ] [ 29
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Trading Volume." >i>Journal of Finance>/i> 55, no. 5: 2017-69.
] [ 30 Moskowitz,
T.J., and M. Grinblatt. 1999. "Do Industries Explain Momentum?" >i>Journal
of Finance>/i> 54, no. 4: 1249-90. ] [
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Sector Mutual Funds." >i>Financial Analysts Journal>/i> 56, no. 4:
37-49. ] [ 32
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Analyzing Bull and Bear Markets." >i>Journal of Applied Econometrics>/i>
18, no. 1: 23-46. ] [ 33
Sadka, R. 2006. "Momentum and Post-Earnings-Announcement
Drift Anomalies: The Role of Liquidity Risk." >i>Journal of Financial
Economics>/i> 80, no. 2: 309-49. ] [
34 Schiererck, D.; W. DeBond; and M. Weber.
1999. "Contrarian and Momentum Strategies in Germany." >i>Financial
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35 Scowcroft, A., and J. Sefton. 2005.
"Understanding Momentum." >i>Financial Analysis Journal>/i> 61, no. 2:
64-82. ] [ 36
Stevenson, S. 2002. "Momentum Effects and Mean Reversion in Real
Estate Securities." >i>Journal of Real Estate Research>/i> 23, nos. 1/2:
47-64. ] [ 37
Zhang, G., and H.G. Fung. 2006. "On the Imbalance Between the
Real Estate Market and the Stock Markets in China." >i>Chinese Economy>/i>
39, no. 2: 26-39. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:2:p:70-94
Template-Type: ReDIF-Article 1.0
Author-Name: Ruhua Cao
Author-X-Name-First: Ruhua
Author-X-Name-Last: Cao
Author-Name: Weihang Wang
Author-X-Name-First: Weihang
Author-X-Name-Last: Wang
Author-Name: Jinjian Shen
Author-X-Name-First: Jinjian
Author-X-Name-Last: Shen
Title: Reconstruction of Rural Mutual Assistance Funding Cooperatives
Abstract:
Agriculture is the fundamental industry and economic lifeline of a country
with one-quarter of the world's population. Reform in the rural financial
service system is a key step in a drive to construct a new type of
countryside. It is crucial to establish and develop mutual funding
cooperative organizations composed of farmers. Governments at all levels,
particularly the financial sectors, should give adequate attention and
support to this issue. They should fully promote the building of rural
mutual assistance funding cooperatives and guide them to improve their
internal management in the start-up period. Local governments should
supervise these cooperatives in capital adequacy and risk status of
assets, with regulatory measures to ensure that the cooperatives develop
along a healthy track.
Journal: Chinese Economy
Pages: 59-67
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=712P31P563726V73
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chen, Zhilong. 2006.
"Calling for Grass-Roots Bankers." >i>Xinhua Daily>/i>, October
17. ] [ 2
Dai, Xianglong. 2001. >i>Lingdao ganbu jinrong zhishi duben>/i>
(Readings on Financial Knowledge for Leading Cadres). Beijing: Financial
Press (in Chinese). ] [ 3
He, Guangwen. 2003. "The Rational Thinking of Rural
Financial Reform." University of Hong Kong Chinese Research Service
Database. ] [ 4
Kong, Xiangyi. 2002. >i>The Central Bank Theory.>/i> 2d ed.
Beijing: Chinese Financial Press. ] [
5 Li, Yong. 2004. "The Rural Financial
Reform Path." >i>Shanghai Financial News>/i>, April 8.
] [ 6 Liu, Baoping, and
Shiming Jiang. 2006. >i>The Auditorium of China's Economy.>/i> 1st and 2d
series. Beijing: Liaoning People's Publishing House. ]
[ 7 Wu, Li. "Grass-Root
Bankers' Win." 2006. >i>Financial Times>/i>, October 21.
] [ 8 Yi, Gang. 2007.
"To Promote Rural Financial Reform to a New Level." >i>China's Financial
Magazine>/i>, October 21. ] [
9 Zhang, Jie. 2003. >i>China's Rural
Financial System: Structure, and Changes in Policy.>/i> Beijing: China
Renmin University Press. ] [
10 Zheng, Xianbing. 2002. >i>Bank-1000:
Essays for Foreign Financial Management.>/i> Beijing: Chinese Financial
Press. ] [ 11
Zhou, Xiaochuan. 2004. "The Central Bank's Role in the Reform of
Rural Credit Cooperatives." >i>21st Century Economic Report>/i>, August
23. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:59-67
Template-Type: ReDIF-Article 1.0
Author-Name: Yongsong Liao
Author-X-Name-First: Yongsong
Author-X-Name-Last: Liao
Title: China's Food Security
Abstract:
From 2006 to 2008, soaring global food prices impaired stability and
development in the developing world. China, the most populous country, was
able to provide sufficient food because of its domestic production.
China's experiences and lessons of avoiding food crises are important for
its future food policy and can serve as lessons for other emerging
economies. This paper shows that China's food sufficiency is in danger of
becoming lower than the target of 95 percent self-sufficiency. Based on
the analysis of the current situation, challenges to China's food market
can arise because of actions adopted by policymakers and inefficient
allocation of agricultural resources.
Journal: Chinese Economy
Pages: 103-108
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=840748627M075442
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Brown, R. Lester. 1995.
>i>Who Will Feed China?>/i> New York: Norton. ]
[ 2 Food and Agricultural
Organization (FAO). 2008. >i>Initiative on Soaring Food Prices.>/i>
Available at >a target="_blank"
href='http://www.fao.org/worldfoodsituation/isfp/en'>www.fao.org/worldfood
situation/isfp/en>/a> ] [
3 Liao, Yongsong; Charlotte de Fraiture; and
Mark Giodano. 2008. "Trade and the Global Water System: Lessons from China
and the WTO." >i>Global Governance>/i> 14: 503-21. ]
[ 4 Xinhua News Agency. 2008.
"The Outlines of National Food Security Development Plan in the
Middle-Long Term" (2008-2020). Available at >a target="_blank"
href='http://www.xinhuanet.com'>www.xinhuanet.com>/a>
] [ 5 Ye, Zhenbang.
2009. "Report on the Annual Meeting of Nationwide Grain Administration
Bureau Director." Available at >a target="_blank"
href='http://www.chinagrain.gov.cn/n16/index.html'>www.chinagrain.gov.cn/n
16/index.html>/a> ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:103-108
Template-Type: ReDIF-Article 1.0
Author-Name: Hongwen Zhao
Author-X-Name-First: Hongwen
Author-X-Name-Last: Zhao
Author-Name: Xingyuan Feng
Author-X-Name-First: Xingyuan
Author-X-Name-Last: Feng
Title: Health-Care Reform in China
Abstract:
The Chinese government first introduced principles of health-care
development for the nation in 1952. During the next thirty years, life
expectancy increased by ten years. This paper provides an introduction to
health development and different phases of health-care reforms in China.
The first round of health-care reform began in the early 1980s, focused on
holding hospitals fiscally accountable. The second round, aimed at
balancing social and economic benefits, started in 1996. The third round
began in 2007 and called for reducing individual medicalcare burdens.
Journal: Chinese Economy
Pages: 31-36
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E00T622647121K74
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Ministry of Health
(MOH). 2008. >i>Chinese Health Statistical Digest.>/i> Beijing: China
Statistics Press. ] [ 2
National Bureau of Statistics. 2008. >i>Chinese Statistical
Yearbook.>/i> Beijing: China Statistics Press. ]
[ 3 World Bank. 1997.
>i>Financing Health Care: Issues and Options for China.>/i> Washington,
DC: International Bank for Reconstruction and Development/World
Bank. ] [ 4
Zhao, H. 2005. "Governing the Healthcare Market: Regulatory
Challenges and Options in the Transitional China." Ph.D. diss., La Trobe
University, School of Public Health. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:31-36
Template-Type: ReDIF-Article 1.0
Author-Name: Rongchun Jiang
Author-X-Name-First: Rongchun
Author-X-Name-Last: Jiang
Author-Name: Yonghong Chen
Author-X-Name-First: Yonghong
Author-X-Name-Last: Chen
Title: China's Service-Outsourcing Industry
Abstract:
In light of increasing economic globalization, service outsourcing
provides good opportunities for developing countries. At present, this
industry in China is relatively backward but is developing fast. In order
to speed up the development of outsourcing industries, China's central and
local governments have released policies on this issue that encompass
infrastructure construction, manpower training, certification, tax
incentives, and financial subsidies.
Journal: Chinese Economy
Pages: 37-46
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E70344H0J2411V15
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bearpoint Management
and Technology Inc. 2007. "Report on Development Strategy of China's
Service Outsourcing Industry." June (in Chinese). ]
[ 2 Feenstra, Robert C., and
Gordon H. Hanson. 2005. "Ownership and Control in Outsourcing to China:
Estimating the Property-Rights Theory of the Firm." >i>Quarterly Journal
of Economics>/i> 120, no. 2: 729-61. ] [
3 Jiang, Rongchun. 2006. "Wave of Global
Service Outsourcing: Theory, Empirical Analysis and China's Strategy."
Ph.D. dissertation, Graduate School of Chinese Academy of Social Sciences
(in Chinese). ] [ 4
Jiang, Xiaojuan. 2008. >i>Service Globalization and Service
Outsourcing: The Status, Trends, and Theoretical Analysis.>/i> Beijing:
People's Press (in Chinese). ] [
5 World Trade Organization. 2005.
"Offshoring Services: Recent Developments and Prospects." >i>World Trade
Report:>/i> 265-301. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:37-46
Template-Type: ReDIF-Article 1.0
Author-Name: Mingtai Fan
Author-X-Name-First: Mingtai
Author-X-Name-Last: Fan
Title: Quantifying the Impact of Trade Liberalization
Abstract:
China joined the World Trade Organization (WTO) in 2001 and has since
taken major steps to promote trade liberalization. It participates in free
trade agreements (FTAs) with ASEAN, New Zealand, and Costa Rica and is
negotiating with Australia for a comprehensive Sino-Australian FTA. The
economic impact of FTAs can be quantified by applying economic models for
trade policy analysis. Quantitative economic modeling for trade policy
analysis over the past twelve years is briefly examined using four
examples. The focus is on the infrastructural challenges in quantitative
economic modeling for trade policy analysis in which Chinese policymakers
seem most interested, namely disaggregated, consistent, and timely data,
robust parameterization, policy timelines, and relevance.
Journal: Chinese Economy
Pages: 68-76
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F701H78477147133
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Australian Department
of Foreign Affairs and Trade, and Chinese Ministry of Commerce. 2005.
"Australia-China Free Trade Agreement Joint Feasibility Study." Available
at >a target="_blank"
href='http://www.dfat.gov.au/GEO/china/fta/feasibility_full.pdf'>www.dfat.
gov.au/GEO/china/fta/feasibility_full.pdf>/a> ]
[ 2 Chinese Ministry of Commerce,
and Costa Rica COMEX. 2008. "China-Costa Rica Free Trade Agreement Joint
Feasibility Study." Available at >a target="_blank"
href='http://fta.mofcom.gov.cn/costarica/yanjiubaogao_en.doc'>http://fta.m
ofcom.gov.cn/costarica/yanjiubaogao_en.doc>/a> ]
[ 3 Fan, M. 2008. "Research on
Issues of Participating Regional FTAs." National Social Sciences Fund
project no. 05BJY078. Paper presented at the EU-China Workshop on Trade
Policy Modeling, Beijing, November 27. ] [
4 Fan, M. 2007. "An Assessment of the
Potential Impact of Improving China's Trade Balance." Research Report to
the Chinese Ministry of Commerce. ] [
5 Fan, M., and Y. Zheng. 2000a. "The Impact
of China's Trade Liberalization for WTO Accession: A CGE Analysis." Paper
presented at the Third International Conference on Global Economic
Analysis, Australia, June. Available at >a target="_blank"
href='http://www.monash.edu.au/policy/conf/42Fan.pdf'>www.monash.edu.au/po
licy/conf/42Fan.pdf>/a> ] [
6 Fan, M., and Y. Zheng. 2000b. "Assessing
the Impact of Trade Liberalization for APEC on Chinese Economy in a CGE
Modeling Framework." >i>Journal of World Economy>/i> 260 (April):
16-26. ] [ 7
Fung, H. G., and Jian Zhang. 2007. "Assessment of the China-Hong
Kong Closer Economic Partnership Agreement." >i>Chinese Economy>/i> 40,
no. 2 (March/April): 36-50. ] [
8 Kee, H.L; A. Nicita; and M. Olarreaga.
2008. "Import Demand Elasticities and Trade Distortions." >i>Review of
Economics and Statistics>/i> 90, no. 4: 666-82. ]
[ 9 Koopman, R.; H. Arce; E.
Balistreri; and A. Fox. 2003. "Large Scale CGE Modeling at the United
States International Trade Commission." Paper presented at the
International Agricultural Trade Policy Dialogue, Beijing, September
28-29. Available at >a target="_blank"
href='http://www.gtap.agecon.purdue.edu/resources/download/979.pdf'>www.gt
ap.agecon.purdue.edu/resources/download/979.pdf>/a> ]
[ 10 Mai, Y.; P. Adams; M.
Fan; R. Li; and Z. Zheng. 2005. "Modeling the Potential Benefits of an
Australia-China Free Trade Agreement." Independent report to the Australia
Department of Foreign Affairs and Trade and China Ministry of Commerce.
Available at >a target="_blank"
href='http://www.dfat.gov.au/geo/china/fta/modelling_benefits.doc'>www.dfa
t.gov.au/geo/china/fta/modelling_benefits.doc>/a> ]
[ 11 Srinivasan, T.N, and J.
Whalley, eds. 1986. >i>General Equilibrium Trade Policy Modeling.>/i>
Cambridge, MA: MIT Press. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:68-76
Template-Type: ReDIF-Article 1.0
Author-Name: Jiguang Wang
Author-X-Name-First: Jiguang
Author-X-Name-Last: Wang
Title: Sustainable Development, Poverty Reduction, and Infrastructure in Western China
Abstract:
This article assesses a poverty-reduction project in the city of
Chongqing. The goal of the case study analysis of the Chongqing
Comprehensive Poverty Alleviation Project (CCPAP) was to lay a foundation
of institutional design for post-management and to help local governments
in project areas to implement and sustain more effective strategies for
development.
Journal: Chinese Economy
Pages: 6-30
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W50640L838433331
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Ali, Ifzal, and Emesto
M. Pernia. 2003. "Infrastructure and Poverty ReductionâWhat Is the
Connection?" ERD Policy Brief Series No. 13. Asia Development Bank:
Economics and Research Department. ] [
2 Asian Development Bank (ADB). 1999.
>i>Fighting Poverty in Asia and the Pacific: The Poverty Strategy.>/i>
Manila. ] [ 3
Australian Agency for International Development (AusAID). 2000.
>i>Project Design Documentary of CCPAP.>/i> ]
[ 4 Australian Agency for
International Development (AusAID). 2004. >i>Mid Term
Review.>/i> ] [ 5
Australian Agency for International Development (AusAID). 2005.
>i>Activity Completion Report.>/i> ] [
6 Australian Agency for International
Development (AusAID). 2001-5. >i>Annual Plan of CCPAP.>/i>
] [ 7 AusAID and
MOFTEC. 2001. >i>Memorandum of Understanding.>/i> ]
[ 8 Hendricks, Larry. 2003.
"Designing Microfinance from an Ex-Strategy Perspective." >i>Journal of
Microfinance>/i> 5, no. 1: 77-88. ] [
9 United Kingdom Government Department for
International Development (DFID). 2002. "Making the Connections:
Infrastructure for Poverty Reduction." London. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:6-30
Template-Type: ReDIF-Article 1.0
Author-Name: Jinjian Shen
Author-X-Name-First: Jinjian
Author-X-Name-Last: Shen
Title: Harmonious Economic Development During the Global Financial Crisis
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W64R29543757L360
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Xuewen Tan
Author-X-Name-First: Xuewen
Author-X-Name-Last: Tan
Title: New-Town Policy and Development in China
Abstract:
This paper discusses the role of new towns in China in balancing regional
development. A framework of excessive city size is formulated based on
typical urban economics. In line with the theory of public goods, the
new-town policy is a component part of urbanization policy. New towns are
supposed to disperse the overcrowded populations of large cities,
improving their welfare, and appear to be a regional public good. Data
show that new towns in China have helped reduce regional disparities by
promoting urbanized migration of the rural population. The new towns of
China ultimately failed to meet their goals.
Journal: Chinese Economy
Pages: 47-58
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XU55X258LL061811
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X-Bibl:
[ 1 Buton, J. K. 1976.
>i>Urban Economics: Theory and Policy.>/i> London: Macmillan.
] [ 2 Cai, Fang.
1990. >i>The Dual Economy and Labor Transfer in China.>/i> Beijing: China
Renmin University Press. ] [
3 Cao, Hongtao, and Chuanheng Chu. 1990.
>i>Urban Construction of Modern China.>/i> Beijing: China Social Science
Press. ] [ 4
Friedman, Lee S. 1984. >i>Microeconomic Policy Analysis.>/i> New
York: McGraw-Hill. ] [ 5
Howard, Ebenezer. 1985. >i>Garden Cities of Tomorrow.>/i>
Sussex: Attic Books. ] [
6 Tan, Xuewen. 2006a. "Studies on the
Excessive Size of Large Cities." Ph.D. dissertation, Graduate School of
Chinese Academy of Social Sciences. ] [
7 Tan, Xuewen. 2006b. "The Excessive Size
of Large Cities and Satellite-Town Policies." >i>China Rural Survey>/i>,
no. 6: 40-49. ] [ 8
Tan, Xuewen. 2006c. "The Satellite-Town Policies in Beijing and
Their Implication on New-Town Policies." Project report sponsored by the
Beijing Municipal Government. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:47-58
Template-Type: ReDIF-Article 1.0
Author-Name: Zhaoxia Li
Author-X-Name-First: Zhaoxia
Author-X-Name-Last: Li
Title: China's Corporate Governance
Abstract:
This paper studies a case of corporate governance in the Mingxing Electric
Power Company (MXEP). The corporate governance failure was not caused by
lack of autonomy inside the company, but lack of sufficient checks and
balances at the top management level. The internal disciplinary mechanism
of the two-board system proved not to be effective. The constraining
mechanism on the manager's discretionary power had been relatively
neglected during the course of reform. Decreasing government intervention
has made managerial discretion the major agency problem of corporate
governance in China.
Journal: Chinese Economy
Pages: 77-102
Issue: 3
Volume: 43
Year: 2010
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y67TW0G685G64W4N
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Allen, Franklin; Jun
Qian; and Meijun Qian. 2002. "Law, Finance, and Economic Growth in China."
Wharton School. ] [ 2
Aoki, Masahiko, and Hugh Patrick. 2001. >i>The Japanese Main
Bank SystemâIts Relevance for Developing and Transforming Economies.>/i>
Oxford: Oxford University Press. ] [
3 Ayyagari, Demirguc-kunt and Maksimovic.
2008. "Formal Versus Informal Finance: Evidence from China." World Bank
Policy Research Paper, No. 4465. ] [
4 Berle, Adolf; A. Gardiner; and C. Means.
1991. >i>The Modern Corporation and Private Property.>/i> Piscataway, NJ:
Transaction Publishers. ] [
5 CFA Institute. 2007. "China's Corporate
Governance Survey." Available at >a target="_blank"
href='http://www.cfainstitute.org/aboutus/press/release/07releases/2007040
3_01.html'>www.cfainstitute.org/aboutus/press/release/07releases/20070403_
01.html>/a> ] [ 6
>i>China Daily.>/i> 2004. "SOE Reform Heads in a Right
Direction." September 30: 11. ] [
7 Clarke, Donald C. 2003. "Corporate
Governance in China: An Overview." >i>China Economic Review>/i> 14:
494-507. ] [ 8
Jones, Carol A. G. 1994. "Capitalism, Globalization and Rule of
Law: An Alternative Trajectory of Legal Change in China." >i>Social and
Legal Studies>/i> 3, no. 2 (June). ] [
9 La Porta, Rafael; Florencio
Lopez-de-Silanes; Andrei Shleifer; and Robert W. Vishny. 1998. "Law and
Finance." >i>Journal of Political Economy>/i> 106, no. 6
(December). ] [ 10
Li, Wei-an, and Wen Sun. 2007. "An Empirical Study on
Accumulation Effect of Board Governance upon Corporate Performance: The
Evidence from China Listed Companies." >i>China Industrial Economics>/i>,
no. 12. ] [ 11
Lv, Jun; Zhaoxia Li; and Jie Hu. 2008. "An Empirical Study on
Check-and-Balancing Mechanisms of China's Listed Companies: From the
Perspective of Corporate Governance." >i>Journal of Quantitative and
Technical Economics>/i>, no. 9. ] [
12 Opper, Sonja, and Sylvia Schwaag-Serger.
2008. "Institutional Analysis of Legal Change: The Case of Corporate
Governance in China." >i>Journal of Law and Policy>/i> 26: 245.
] [ 13 Pistor,
Katharina, and Chenggang Xu. 2005. "Governing Stock Markets in Transition
EconomiesâLessons from China." >i>American Law and Economic Review>/i>
7, no. 1: 184-210. ] [ 14
Shleifer, Andrei, and Robert Vishny. 1994. "Politicians
and Firms." >i>Quarterly Journal of Economics>/i> 109: 995,
1019. ] [ 15
Tenev, Stoyan; Chunlin Zhang; and Loup Brefort. 2002. "Corporate
Governance and Enterprise Reform in China: Building the Institutions of
Modern Market." World Bank. ] [
16 Wang, Weiguo. 2002. "The Bad-Assets of
Banks and Corporate Rescue in China." Available at >a target="_blank"
href='http://www3.nccu.edu.tw/~ctung/Documents/W-A-c-4.doc'>www3.nccu.edu.
tw/~ctung/Documents/W-A-c-4.doc>/a> ] [
17 World Bank. 1997. "The State in a
Changing World." In >i>World Development Report.>/i> ]
[ 18 World Bank. 1999-2000.
"Entering the 21st Century." In >i>World Development Report.>/i>
] [ 19 Zhang,
Chunlin. 1997. "SOE Reform and State Financing." >i>Journal of Economic
Study>/i> (Journal of Jingji Yanjiu), no. 4. ]
[ 20 Zhang, Weiying. 2000.
"China's SOE Reform: A Corporate Governance Perspective." >i>Economic
Research Journal>/i> (June). ] [
21 Zhao, Zhenyu; Zhishu Yang; and Chong-en
Bai. 2007. "An Analysis and Empirical Tests for the Factors Influencing
the Changes of the Top Management in China's Listed Companies." >i>Journal
of Financial Studies>/i>, no. 8. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:3:p:77-102
Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Xingzhi
Author-X-Name-First: Xiao
Author-X-Name-Last: Xingzhi
Author-Name: Qi Yingfei
Author-X-Name-First: Qi
Author-X-Name-Last: Yingfei
Author-Name: Li Hongjuan
Author-X-Name-First: Li
Author-X-Name-Last: Hongjuan
Title: Empirical Study of Coal Mine Safety Regulation in China
Abstract:
This article uses a VAR model to empirically test Chinese coal mine safety
regulations based on a theoretical analysis of their outcomes. The results
show that the mine safety regulations are effective over the long term,
represented by the long-term drop in casualty rates per million tons of
coal. This is offset in the short term by the adverse behavior of coal
miners, meaning that regulatory institutions must make trade-offs between
long-term and short-term effects. The empirical analysis also finds that
increases in coal output will lower the casualty rate per million tons of
coal in the short term, but increase it in the long term. Based on these
empirical results, the paper offers policy recommendations for improving
China's coal mine safety regulations.
Journal: Chinese Economy
Pages: 73-92
Issue: 4
Volume: 43
Year: 2010
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8044V11V3M6TV037
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X-Bibl:
[ 1 Cheng Qizhi. 2002. "A
Property Rights Analysis of Internality and Externality and Their
Government Regulation" (Neibuxing yu waibuxing jiqi zhengfu guanzhi de
chanquan fenxi). >i>Management World>/i> (Guanli shijie), no.
12. ] [ 2
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Enforcement Work? A Panel Analysis of OSHA Enforcement." >i>Law and
Society Review>/i> 27, no. 1: 177-213. ] [
3 Klick, Jonathan, and Thomas Stratmann.
2003. "Offsetting Behavior in the Workplace." Working Paper, School of
Law, George Mason University. ] [
4 Liu Qiongzhi. 2006. "Coal Mine Accident
Game Analysis and Selection of Government Regulatory Policies" (Meikuang
anquan shigu boyi fenxi yu zhengfu guanzhi zhengce xuanze). >i>Economic
Review>/i> (Jingji pinglun), no. 5. ] [
5 Peltzman, Sam. 1975. "The Effects of
Automobiles Safety Regulation." >i>Journal of Political Economy>/i> 83,
no. 4: 677-725. ] [ 6
Pesaran, H. Hashem, and Yongcheol Shin. 1998. "Generalized
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Letters>/i> 58, no. 1: 17-29. ] [
7 Scholz, John T., and Wayne B. Gray. 1990.
"OSHA Enforcement and Workplace Injuries: A Behavioral Approach to Risk
Assessment." >i>Journal of Risk and Uncertainty>/i> 3: 283-305.
] [ 8 Scholz, John
T., and Wayne B. Gray. 1997. "Can Government Facilitate Cooperation? An
Informational Model of OSHA Enforcement." >i>American Journal of Political
Science>/i> 41: 693-717. ] [
9 Stern, J., and J. S. Cubbin. 2003.
"Regulatory Effectiveness: The Impact of Regulation and Regulatory
Governance Arrangements on Electricity OutcomesâA Review Paper." London
Business School Regulation Initiative Working Paper. ]
[ 10 Stern, J., and S.
Holder. 1999. "Regulatory Governance: Criteria for Assessing the
Performance of Regulatory Systems. An Application to Infrastructure
Industries in the Developing Countries of Asia." >i>Utilities Policy>/i>
8: 33-50. ] [ 11
Viscusi, Kip. 1979. "The Impact of Occupation Safety and Health
Regulation, 1973-1983." >i>Bell Journal of Economics>/i> 10, no. 1:
117-40. ] [ 12
Viscusi, Kip. 1986. "Reforming OSHA Regulation of Workplace
Risks." In >i>Regulatory Reform: What Actually Happened>/i>, ed. Leonard
W. Weiss and Michael W. Klass, 234-68. Boston: Little, Brown.
] [ 13 Viscusi, Kip.
1992. >i>Fatal Tradeoffs: Public and Private Responsibilities for
Risk.>/i> New York: Oxford University Press. ]
[ 14 Weil, D. 1996. "If OSHA Is
So Bad, Why Is Compliance So Good?" >i>RAND Journal of Economics>/i> 27,
no. 3: 618-40. ] [ 15
Xiao Xingzhi and Sun Yang. 2006. "Coal Mine Safety
Regulations: Theoretical Motives, Designing Standards, and Supplementing
the System" (Meikuang anquan guizhi lilun dongyin, biaozhun sheji yu zhidu
buchong). >i>Industrial Economics Research>/i> (Chanye jingji yanjiu), no.
4. ] [ 16
Zhao Hongguang and Wang Aiguo. 2005. "A Brief Analysis of
Current Causes of China's Coal Mine Accidents" (Dangqian woguo meikuang
anquan shigu yuanyin qianxi). >i>Coal Economic Research>/i> (Meitan jingji
yanjiu), no. 1. ] [ 17
Zhong, Xiaohan. 2007. "Coal Mine Safety and Coal Production:
A Preliminary Study" (Meikuang anquan yu meitan chanliang: Chubu yanjiu).
Tsinghua University National Center for Economic Research, Working Paper
No. 200701. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:4:p:73-92
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Regulations and Development in Industrial Sectors and Income Inequality
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 43
Year: 2010
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E0777264828V324W
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X-Bibl:
Handle: RePEc:mes:chinec:v:43:y:2010:i:4:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Jiang Feitao
Author-X-Name-First: Jiang
Author-X-Name-Last: Feitao
Author-Name: Chen Weigang
Author-X-Name-First: Chen
Author-X-Name-Last: Weigang
Author-Name: Huang Jianbai
Author-X-Name-First: Huang
Author-X-Name-Last: Jianbai
Title: Limitations and Negative Results of Investment Regulation Policies
Abstract:
This article systematically studies investment regulation policies adopted
after 1994 to prevent overcapacity in the Chinese iron and steel industry.
Theoretical analysis shows that these policies have three major
limitations: they cannot fundamentally govern overcapacity; they cannot be
used by policymakers to make accurate predictions or formulate acceptable
investment plans; they may disturb the market process and lead to negative
policy results. Reviews of policy predictions show that there has always
been a large difference between iron and steel industry policy forecasts
and plans for investment regulation and market realities. A
Hodrick-Prescott filter analysis of the effects of these policies on
fixed-asset investment in the industry further reveals that the policies
obstruct self-adjustment of fixed-asset investment in the market, leading
to negative policy results. Policies of these types should be adopted with
great caution.
Journal: Chinese Economy
Pages: 30-48
Issue: 4
Volume: 43
Year: 2010
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F1333464GH26X40P
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X-Bibl:
[ 1 Cao Jianhai. 2000.
>i>On Excessive Competition>/i> (Guodu jingzheng lun). Beijing: Zhongguo
renmin daxue chubanshe. ] [
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>i>Journal of Economic Literature>/i> 6, no. 4. ]
[ 3 Gao Qingju. 2006. "A Few
Views on the Survival and Development of China's Iron and Steel Industry"
(Guanyu woguo gangtie gongye shengcun fazhan de jidian kanfa). >i>China
Steel Focus>/i> (Yejin guanli), no. 9. ] [
4 Gilbert, R. J. 1989. "Mobility
Barriers and the Value of Incumbency." In >i>Handbook of Industrial
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7 Jiang Xiaojuan. 1999. >i>Growth,
Performance, and Changes in Industrial Organization during Systemic
Transitions: An Empirical Study of Several Chinese Industries>/i> (Tizhi
zhuangui zhong de zengzhang, jixiao yu chanye zuzhi bianhuaâDui Zhongguo
ruogan hangye de shizheng yanjiu). Shanghai: Shanghai renmin
chubanshe. ] [ 8
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Economics, Social Order and Public Policy>/i> (Zhidu jingji xue: shehui
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jian jingzheng de defang zhengfu jingji xingwei fenxiâYi "Tieben
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tizhi bijiao), no. 1. ] [
12 Li, Wei. 2005. >i>Entry Replacement,
Market Selection and Developing Characteristics: A Study of Market Entry
Problems in China's Transitioning Economy>/i> (Jinru tidai, shichang
xuanze yu yanbian tezhengâZhongguo jingji tizhi zhuanxing zhong shichang
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21 Wang Tinghui. 2005b. >i>Study of
Micro-Regulation Theory: A Critique of Conventional Theory and
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[ 24 Yang Huixin. 2000.
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Steel and Iron Making: New Interpretation of Iron and Steel Overcapacity"
(Chunlian gangtieâGangtie channeng guosheng xinjie). >i>Securities
Guide>/i> (Zhengquan daokan), no. 9. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:4:p:30-48
Template-Type: ReDIF-Article 1.0
Author-Name: Yang Danhui
Author-X-Name-First: Yang
Author-X-Name-Last: Danhui
Title: Foreign Direct Investment and Development of High-Growth Industrial Sectors in China, 1998-2006
Abstract:
An investigation of the changes in scale, benefits, technical level,
export capacity, and organizational structure of China's high-growth
industrial sectors from 1998 to 2006 found that their strong industrial
development was realized under conditions of openness. Industry in China
has the highest degree of openness and greatest concentration of
international industrial transfers, and foreign-funded enterprises have
played an important role in strong industrial development. However,
technical characteristics and degree of openness vary from sector to
sector, resulting in major differences in scale, made, and influence of
FDI in China's high-growth industrial sectors.
Journal: Chinese Economy
Pages: 93-114
Issue: 4
Volume: 43
Year: 2010
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=QUPT835T8Q3V29L7
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Arita, T., and I. R.
Gordon. 2002. "Industrial Clusters, Transaction Costs and the
Institutional Determinants of MNE Location Behavior." >i>International
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Hard Drive Industry." >i>World Development>/i> 28, no. 2: 67-85.
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Xiaojuan. 2002. >i>China's Foreign Capital EconomyâContributions to
Growth, Structural Upgrading and Competitiveness>/i> (Zhongguo de waizi
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Opening Enters a New Stage: A More Balanced and Rational Integration with
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from Competition Between Local Firms and Foreign Affiliates." >i>Journal
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>i>Journal of Comparative Economics>/i> 30, no. 4: 579-602.
] [ 14 Lu Di. 2003.
"Foreign Investment and China's Economic DevelopmentâIndustrial and
Regional Analytical Evidence" (Waishang touzi yu Zhongguo jingji
fazhanâChanye he quyu fenxi zhengju). >i>Economic Research Journal>/i>
(Jingji yanjiu), no. 9. ] [
15 Lü, Zheng (ed.). 2006. >i>International
Industrial Transfers and the Development of Chinese Manufacturing>/i>
(Guoji chanye zhuanyi yu Zhongguo zhizaoye fazhan). Beijing: Jingji guanli
chubanshe. ] [ 16
Organization for Economic Cooperation and Development. 2002.
>i>Foreign Direct Investment For Development: Maximising Benefits and
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Investment and Technical Spillovers within Industrial Sectors" (Waishang
zhijie touzi yu hangye neibu de jishu yichu). >i>Journal of International
Trade>/i> (Guoji maoyi wenti), no. 2. ] [
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New Stage of Foreign Capital UsageâStrategic Thinking on Using Foreign
Capital During the âEleventh Five-Year Planâ Period" (Zhongguo jinru
liyong waizi de xin jieduanâ"Shiyi wu" shiqi liyong waizi de zhanlüe
sikao). >i>China Industrial Economics>/i> (Zhongguo gongye jingji), no.
1. ] [ 19
Shi, Yizheng. 2001. "Technological Capabilities and
International Production of Firms: The Case of Foreign Direct Investment
in China." >i>Journal of World Business>/i> 36, no. 2: 184-204.
] [ 20 Song Qun.
2005. "Recommendations on Planning the Upgrading of China's Industrial
Structure and International Industrial Transfers During the âEleventh
Five- Year Planâ Period" (âShiyi wuâ shiqi tongchou woguo chanye
jiegou shengji yu guoji chanye zhuanyi de jianyi). >i>Review of Economic
Research>/i> (Jingji yanjiu cankao), no. 52. ]
[ 21 State Council Development
Research Center Department of Industrial Economics. 2006. "Strategy and
Policy Study on China's Acceptance of International Industrial Transfers"
(Woguo chengjie guoji chanye zhuanyi de zhanlüe yu zhengce yanjiu). No.
5. ] [ 22
United Nations. 2001-2008. >i>World Investment Report
(2000-2007).>/i> New York and Geneva. ] [
23 Wang Hongling; Li Daokui; and Feng
Junxin. 2006. "FDI and Independence: An Empirical Study Based on Industry
Data" (FDI yu zizhu yanfa: Jiyu hangye shuju de jingyan yanjiu).
>i>Economic Research Journal>/i> (Jingji yanjiu), no. 2.
] [ 24 Wei Zuolei.
2006. "The Influence of FDI on the Three Evolutions of Industrial
Structure in China: Additional Views on the Phenomenon of the Low Ratio of
Added Value in China's Service Industry" (FDI dui woguo sanci chanye
jiegou yanbian de yingxiangâJianlun woguo fuwuye zengjiazhi bizhong
piandi xianxiang). >i>Economist>/i> (Jingji xuejia), no. 3.
] [ 25 Yang Danhui.
2004. >i>Global CompetitionâFDI and the International Competitiveness of
China's Industry>/i> (Quanqiu jingzhengâFDI yu Zhongguo chanye guoji
jingzhengli). Beijing: Zhongguo shehui kexue chubanshe.
] [ 26 Yang Danhui.
2008. >i>International Industrial Transfers and the Development of China's
High-Growth Sectors>/i> (Guoji chanye zhuanyi yu woguo gaozengzhang hangye
de fazhan). China Academy of Social Sciences Institute of Industrial
Economics Report, 8. ] [
27 Zhou, Dongsheng. 2002. "The Impact of FDI
on the Productivity of Domestic Firms: The Case of China."
>i>International Business Review>/i> 11, no. 4: 465-84.
] [ 28 Zhou Yan and Qi
Zhongying. 2005. "An Analysis of the Foreign Direct Investment Spillover
Effect Based on Industry Characteristics" (Jiyu hangye tezheng de waishang
zhijie touzi yichu xiaoying fenxi). >i>China Soft Science>/i> (Zhongguo
ruan kexue), no. 9. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:4:p:93-114
Template-Type: ReDIF-Article 1.0
Author-Name: Cao Jianhai
Author-X-Name-First: Cao
Author-X-Name-Last: Jianhai
Author-Name: Jiang Feitao
Author-X-Name-First: Jiang
Author-X-Name-Last: Feitao
Title: Market Failure or Institutional Weakness?
Abstract:
Studies of the mechanisms of redundant construction formation and
overcapacity commonly explain them in terms of market failure. Redundant
construction policies are used as the basis for administrative control of
investment and market access. This article reexamines major research that
follows this line and finds that it is fundamentally flawed. Investigation
shows that the main cause of enterprise overinvestment, overcapacity, and
redundant construction is improper microeconomic interference by local
governments under systemic distortions. This interference distorts
enterprise investment behavior through the effects of cost
externalization, investment subsidization, and risk externalization.
Hence, redundant construction cannot be controlled administratively. The
problem of redundant construction must be resolved through reforms of
land-property rights and the financial system that use market competition
to influence enterprise investment policies.
Journal: Chinese Economy
Pages: 6-29
Issue: 4
Volume: 43
Year: 2010
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XNH7210758303454
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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Handle: RePEc:mes:chinec:v:43:y:2010:i:4:p:6-29
Template-Type: ReDIF-Article 1.0
Author-Name: Liu Xueliang
Author-X-Name-First: Liu
Author-X-Name-Last: Xueliang
Title: Decomposition of China's Income Inequality, 1995-2006
Abstract:
This article uses relative entropy to give a simple demonstration of the
Theil index, commonly used to calculate and decompose income inequality. A
calculation and decomposition analysis of inequality in China from the
four aspects of urban-rural income inequality, urban-rural consumption
inequality, employers, and industries for the 1995-2006 time series. The
results concern the magnitude of the factors affecting Chinese income
inequality, the extent of the inequality, and long-term inequality.
Journal: Chinese Economy
Pages: 49-72
Issue: 4
Volume: 43
Year: 2010
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y1121362KN52J276
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Handle: RePEc:mes:chinec:v:43:y:2010:i:4:p:49-72
Template-Type: ReDIF-Article 1.0
Author-Name: Wai Cheong Shum
Author-X-Name-First: Wai Cheong
Author-X-Name-Last: Shum
Author-Name: Gordon Y.N. Tang
Author-X-Name-First: Gordon Y.N.
Author-X-Name-Last: Tang
Title: Risk-Return Characteristics
Abstract:
Brazil, Russia, India, and China (BRIC), the most rapidly developing
countries in the twenty-first century, are expected to become the four
dominant economies by the year 2050. This paper examines the risk and
return characteristics of their stock markets over the past few years. The
markets in Brazil, Russia, and China produce significantly positive mean
excess return. China and Brazil not only have the largest Sharpe ratio,
but also have the better fit to a conditional risk-return model in terms
of stock returns variations. In all markets, the systematic risk, beta, is
still the most important factor in explaining returns variations. Other
risk measures, including unsystematic risk, skewness, and kurtosis,
provide limited incremental explanatory power. However, while the
intercept coefficient in the regression model is not significantly
different from zero in Brazil, Russia, and India, the coefficient for
China is significantly positive, indicating that the Chinese stock market
generates positive abnormal risk-adjusted returns.
Journal: Chinese Economy
Pages: 15-31
Issue: 5
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=102P74108HM915T5
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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Handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:15-31
Template-Type: ReDIF-Article 1.0
Author-Name: Jing Chi
Author-X-Name-First: Jing
Author-X-Name-Last: Chi
Author-Name: Chunping Wang
Author-X-Name-First: Chunping
Author-X-Name-Last: Wang
Author-Name: Martin Young
Author-X-Name-First: Martin
Author-X-Name-Last: Young
Title: Long-Run Outperformance of Chinese Initial Public Offerings
Abstract:
The long-run performance of Chinese IPOs is investigated using 897 A-share
IPOs listed on the two Chinese stock exchanges from 1996 to 2002.
Significantly positive abnormal returns are found up to three years after
listing by using the cumulative abnormal return measure, the buy-and-hold
abnormal return measure, and the Fama-French three-factor model. Since the
series of reforms in 1999-2000, outperformance has shown clear signs of
decreasing. Cross-sectional analysis supports the view that the reasons
for the outperformance of IPOs are the privatized nature of the new issues
and the inequality of supply and demand. However, the uncertainty of the
reforms reducing state ownership has made investing in IPOs less
attractive in the long run.
Journal: Chinese Economy
Pages: 62-88
Issue: 5
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=22765512U3304006
File-Format: text/html
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Financial Economics>/i> 70: 183-222. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:62-88
Template-Type: ReDIF-Article 1.0
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Contemporary Chinese Financial Markets
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 5
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=87M5557T82634741
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
Handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Yuexiang Jiang
Author-X-Name-First: Yuexiang
Author-X-Name-Last: Jiang
Author-Name: Feng Guo
Author-X-Name-First: Feng
Author-X-Name-Last: Guo
Author-Name: Tianjian Lan
Author-X-Name-First: Tianjian
Author-X-Name-Last: Lan
Title: Pricing Efficiency of China's Exchange-Traded Fund Market
Abstract:
This study investigates the pricing efficiency of the Shanghai 50 ETF (SSE
50 ETF), the first exchange-traded fund (ETF) in China. The empirical
results demonstrate that ETF market prices and net asset values (NAV) are
cointegrated and there is unidirectional causality from price to NAV. The
conditional variance dynamics from the augmented Generated AutoRegressive
Conditional Heteroskedasticity (GARCH) framework show that ETF market
prices influence NAV volatility and therefore can be used as
price-discovery vehicles. The study also finds that the fund's prices did
not closely follow the NAV during the second half of 2007, when the
Chinese stock market experienced substantial volatility, reflecting sudden
increased market risks as well as potential arbitrage opportunities during
financial turbulences.
Journal: Chinese Economy
Pages: 32-49
Issue: 5
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HT5G683885261700
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Ackert, L.F., and Y.S.
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Lies Ahead for China's Banking Reform?â >i>Chinese Economy>/i> 42, no.
5: 8-20. ] [ 19
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of Exchange Traded Funds in Taiwan.â >i>Journal of Asset Management>/i>
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22 Wang J. 2006. âImpact of SSE 50 ETF
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Handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:32-49
Template-Type: ReDIF-Article 1.0
Author-Name: Chih-Hsiang Chang
Author-X-Name-First: Chih-Hsiang
Author-X-Name-Last: Chang
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Pikki Lai
Author-X-Name-First: Pikki
Author-X-Name-Last: Lai
Title: China-Focused Mutual Funds
Abstract:
This study examines the performance of China-focused mutual funds using
monthly returns for the five years from 2004 through 2008. A two-beta
model is used to examine the performance of the fund managers in two
aspects: (1) ability to select high-performance stocks, and (2) ability to
load up on high-beta stocks in an up market and to switch to low-beta
stocks in a down market. Eight of the ten mutual funds examined have a
positive and statistically significant Jensen's alpha, a measure of
superior return performance. The up-market betas are generally small and
statistically insignificant, while the down-market betas are large and
statistically significant. These results imply that mutual fund managers
do not utilize good market timing.
Journal: Chinese Economy
Pages: 5-14
Issue: 5
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q3736P23016U534R
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X-Bibl:
[ 1 Chan, K.C.; H. Fung;
and Q. Liu. 2007. âIntroduction: Development and Challenges of Chinese
Financial Markets.â In >i>China's Capital Market: Challenges from WTO
Membership>/i>, ed. K.C. Chan, H. Fung, and Q. Liu, 1-20. Cheltenham, UK:
Edward Elgar. ] [ 2
Dellva, W.L.; A.L. DeMaskey; and C.A. Smith. 2001.
âSelectivity and Market Timing Performance of Fidelity Sector Mutual
Funds.â >i>Financial Review>/i> 36, no. 1 (February): 39-54.
] [ 3 Fung, H., and
W.K. Leung. 2001. âChinese Liberalization: Implications for Corporate
Governance.â >i>Chinese Economy>/i> 34, no. 1 (January-February):
5-14. ] [ 4
Fung, H., and Q. Liu. 2007. âChina's Qualified Foreign
Institutional Investor and Qualified Domestic Institutional Investor
Programs.â In >i>China's Capital Market: Challenges from WTO
Membership>/i>, ed. K.C. Chan, H. Fung, and Q. Liu, 215-30. Cheltenham,
UK: Edward Elgar. ] [ 5
Fung, H.; E. Xu; and J. Yau. 2004. âDo Hedge Fund
Managers Display Skill?â >i>Journal of Alternative Investments>/i> 6,
no. 4 (Spring): 22-31. ] [
6 Kao, G.W.; L.T.W. Cheng; and K.C. Chan.
1998. âInternational Mutual Fund Performance in Up and Down Market
Conditions.â >i>Financial Review>/i> 33, no. 2 (May): 127-44.
] [ 7 Romacho,
J.C., and M.C. Cortez. 2006. âTiming and Selectivity in Portuguese
Mutual Fund Performance.â >i>Research in International Business and
Finance>/i> 20, no. 3 (September): 348-68. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:5-14
Template-Type: ReDIF-Article 1.0
Author-Name: Ying Sophie Huang
Author-X-Name-First: Ying Sophie
Author-X-Name-Last: Huang
Title: What Causes Speculative Fund Inflow to China?
Abstract:
The determinants of the massive overseas speculative fund inflow to China
in recent years are investigated. Results indicate that appreciation of
the Chinese currency is the primary underlying force for the influx of
funds. Speculative funds aim to earn a short-term profit due to the
relatively higher interest rate in China as opposed to that in the United
States. On the other hand, housing and stock markets do not directly cause
the inflow of speculative funds, even though the funds may appear to
target investment in these markets.
Journal: Chinese Economy
Pages: 50-61
Issue: 5
Volume: 43
Year: 2010
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R526625335U6167H
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X-Bibl:
[ 1 Chu, Y., and T.F. Sing.
2004. âInflation Hedging Characteristics of Chinese Real Estate
Market.â >i>Journal of Real Estate Portfolio Management>/i> 10:
145-54. ] [ 2
Engle, R.E., and C. Granger. 1987. âCointegration and
Error-Correction: Representation, Estimation, and Testing.â
>i>Econometrica>/i> 55: 251-76. ] [
3 Huang, Y., and F. Guo. 2007. âThe Role
of Oil Price Shocks on China's Real Exchange Rate.â >i>China Economic
Review>/i> 18: 403-16. ] [
4 Kim, E.H., and V. Singal. 2000. âStock
Market Openings: Experience of Emerging Economies.â >i>Journal of
Business>/i> 73: 25-66. ] [
5 Martin, M., and W. Morrison. 2008.
âChina's âHot Moneyâ Problems.â >i>Congressional Research Service
Reports>/i>, no. RS22921. ] [
6 Muroi, H. 2008. âIncreasing Difficulty
in China's Economic Management.â >i>JCER Staff Report>/i> (April
7). ] [ 7
Pesaran, H., and Y. Shin. 1998. âImpulse Response Analysis in
Linear Multivariate Models.â >i>Economics Letters>/i> 58:
165-93. ] [ 8
Prasad, E., and S. Wei. 2005. âChina's Approach to Capital
Inflows: Patterns and Possible Explanations. IMF Working Paper
05/79. ] [ 9
Zhang, G., and H.G. Fung. 2006. âOn the Imbalance Between the
Real Estate Market and the Stock Markets in China.â >i>Chinese
Economy>/i> 39: 26-39. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:5:p:50-61
Template-Type: ReDIF-Article 1.0
Author-Name: He Ying
Author-X-Name-First: He
Author-X-Name-Last: Ying
Author-Name: Wang Qing Ren
Author-X-Name-First: Wang Qing
Author-X-Name-Last: Ren
Title: Ups and Downs of the Shanghai Securities Market
Abstract:
The Chinese securities market has experienced an unusual history of
development. Since the launch of China's reform policy, the securities
market has played an increasingly significant role in China's economic
development. Shanghai, China's most dynamic city, is a key financial
center. Like other emerging markets, the Shanghai securities market has
its own uncertainty, increased even more by the current financial crisis.
Nevertheless, Shanghai's securities market will have a better tomorrow
after going through the financial crisis.
Journal: Chinese Economy
Pages: 76-93
Issue: 6
Volume: 43
Year: 2010
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=05113126537X4150
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X-Bibl:
[ 1 Chu, Minwei; He ying;
and Zhu Deling. 2009. >i>2009 Blue Book for the Construction of the
Shanghai International Financial Center.>/i> Shanghai: Shanghai People's
Publishing House. ] [ 2
Shanghai Stock Exchange. 2008. >i>180 Index Quarterly
Bulletin.>/i> Shanghai Stock Exchange. ] [
3 Shanghai Stock Exchange. 2008.
>i>Monthly Statistics.>/i> Shanghai Stock Exchange. ]
[ 4 Shanghai Stock Exchange.
2008. >i>Statistics Annual.>/i> Shanghai Stock Exchange.
] [ 5 Shanghai Stock
Exchange. 2009. >i>Fact Book.>/i> Shanghai Stock Exchange.
]
Handle: RePEc:mes:chinec:v:43:y:2010:i:6:p:76-93
Template-Type: ReDIF-Article 1.0
Author-Name: Dominick Salvatore
Author-X-Name-First: Dominick
Author-X-Name-Last: Salvatore
Title: China's Financial Markets in the Global Context
Abstract:
A well-functioning financial sector is crucial for a nation's growth and
development. During the past ten years China has made substantial progress
in developing and improving its financial markets, but additional major
improvements are still needed in areas identified in this article. These
improvements will permit China's rapid growth to continue unabated, reduce
the structural imbalance in the world economy, and may help to avoid
another global financial and economic crisis.
Journal: Chinese Economy
Pages: 8-21
Issue: 6
Volume: 43
Year: 2010
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6G75XL0401915V85
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X-Bibl:
[ 1 Salvatore, D., and F.
Campano. 2010. "The Asian Financial Crisis and Warning IndicatorsâThen
and Now." >i>East Asia Law Review>/i> (March). ]
[ 2 World Bank. 2009.
>i>Transforming the Rebound into Recovery.>/i> November. Washington, DC:
World Bank. ] [ 3
World Economic Forum. 2009. >i>The Financial Development
Report.>/i> Geneva: World Economic Forum. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:6:p:8-21
Template-Type: ReDIF-Article 1.0
Author-Name: Vivian Xiaowei Kong
Author-X-Name-First: Vivian Xiaowei
Author-X-Name-Last: Kong
Author-Name: Junxi Zhang
Author-X-Name-First: Junxi
Author-X-Name-Last: Zhang
Title: The Effect of Managerial Education and Firm-Ownership Structure
Abstract:
The interacting and feedback effects between human capital and performance
in Chinese publicly listed companies are studied. Specifically, managerial
education attainment is examined to see if it helps to improve firm
performance. The effect and efficiency of managerial human capital within
different firm-ownership structures is investigated. It is found that a
manager's educational level generates a positive effect on the firm's
operating and market performance, consistent with classic human capital
theory. In addition, research suggests that dominant state control can be
detrimental to the contribution margin of managerial human capital. The
existence of powerful large minority shareholders, however, exerts a
positive effect. Other institutional aspects of the Chinese transitional
economy and their potential impacts on managerial education effect are
also discussed based on empirical findings.
Journal: Chinese Economy
Pages: 34-53
Issue: 6
Volume: 43
Year: 2010
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=724GV6747881V004
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X-Bibl:
[ 1 Bai, C.; Q. Liu; J. Lu;
F. Song; and J. Zhang. 2004. "Corporate Governance and Market Valuation in
China." >i>Journal of Comparative Economics>/i> 32, no. 4:
519-616. ] [ 2
Barker, V., and G. Mueller. 2002. "CEO Characteristics and Firm
R&D Spending." >i>Management Science>/i>, no. 48: 782-801.
] [ 3 Becker, G. 1962.
"Investments in Human Capital: A Theoretical Analysis." >i>Journal of
Political Economy>/i> 70: 9-14. ] [
4 Bolton, P., and C. Xu. 1999. "Ownership
and Managerial Competition: Employee, Customer, and Outside Ownership."
Center for International Development at Harvard University, working paper
no. 20. ] [ 5
Fleming, M. 1970. "Inter-firm Differences in Productivity and
Their Relation to Occupational Structure and Size of Firm." >i>Manchester
School>/i> 38, no. 3: 223-45. ] [
6 Foster, P. J. 1987. "The Contribution of
Education to Development." >i>Economics of Education Research and
Studies>/i>: 93-100. ] [
7 Gort, M., and S. H. Lee. 2003. "Managerial
Efficiency, Organizational Capital and Productivity." Economic Studies
03-08, U. S. Census Working Paper no. 20, Center for International
Development, Harvard University. ] [
8 Hitt, M., and B. Tyler. 1991. "Strategic
Decision Models: Integrating Different Perspectives." >i>Strategic
Management Journal>/i>, no. 12: 327-51. ] [
9 Kremer, M., and J. Thomson. 1998.
"Why Isn't Convergence Instantaneous? Young Workers, Old Workers, and
Gradual Adjustment." >i>Journal of Economic Growth>/i> 3: 5-28.
] [ 10 McMahon, W.
1987. "Consumption and Other Benefits of Education." In >i>Economics of
Education: Research and Studies>/i>, ed. G. Psacharopoulos, 129-33.
Oxford: Pergamon Press. ] [
11 Mincer, J. 1974. >i>Schooling,
Experience, and Earnings.>/i> New York: NBER Press. ]
[ 12 Prescott, E. C., and M.
Visscher. 1980. "Organization Capital." >i>Journal of Political
Economy>/i> 88, no. 3: 446-61. ] [
13 Psacharopoulos, G., and R. Layard. 1979.
"Human Capital and Earnings: British Evidence and a Critique." >i>Review
of Economic Studies>/i> 56, no. 3: 485-503. ]
[ 14 Schultz, W. T. 1961.
"Investment in Human Capital." >i>American Economic Review>/i> 51, no. 1:
1-17. ] [ 15
Stevens, M. 1993. "Some Issues in the Economics of Training."
Ph.D. diss. (microfilm), Nuffield College, Oxford University.
] [ 16 Tyler, B., and
H. Steensma. 1998. "The Effects of Executives' Experiences and Perceptions
on Their Assessment of Potential Technological Alliances." >i>Strategic
Management Journal>/i>, no. 19: 939-65. ] [
17 Wally, S., and J. Baum. 1994.
"Personal and Structural Determinants of the Space of Strategic Decision
Making." >i>Academy of Management Journal>/i>, no. 37: 932-56.
] [ 18 Welch, F.
1970. "Education in Production." >i>Journal of Political Economy>/i> 78:
35-59. ] [ 19
Zhang, C.; S. Tenev; and L. Brefort. 2002. >i>Corporate
Governance and Enterprise Reform in China: Building the Institutions of
Modern Markets.>/i> Washington, DC: World Bank and International Finance
Corporation. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:6:p:34-53
Template-Type: ReDIF-Article 1.0
Author-Name: M. W. Luke Chan
Author-X-Name-First: M. W. Luke
Author-X-Name-Last: Chan
Title: Financial Markets of China: Issues and Perspectives
Abstract:
Journal: Chinese Economy
Pages: 4-7
Issue: 6
Volume: 43
Year: 2010
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M323362068732N42
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X-Bibl:
Handle: RePEc:mes:chinec:v:43:y:2010:i:6:p:4-7
Template-Type: ReDIF-Article 1.0
Author-Name: Shin-Huei Wang
Author-X-Name-First: Shin-Huei
Author-X-Name-Last: Wang
Author-Name: Cheng Hsiao
Author-X-Name-First: Cheng
Author-X-Name-Last: Hsiao
Title: The Role of China in Asian Monetary Integration
Abstract:
This article examines the financial linkage between the RMB and other
Asian currencies before and after the Asian financial crises in 1997 and
1998 to shed light on the role of China in Asian monetary integration. A
newly developed econometrics methodology is employed to test the
relationships among financial time series. Empirical test results indicate
that correlations between the RMB and other East Asian currencies were
higher after the 1997 Asian crisis than before the crisis.
Journal: Chinese Economy
Pages: 22-33
Issue: 6
Volume: 43
Year: 2010
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NG1646K66314W34G
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X-Bibl:
[ 1 Akaike, H. 1969. "Power
Spectrum Estimation Through Autoregressive Model Fitting." >i>Annals of
Institute of Statistics Mathematics>/i> 21: 407-19. ]
[ 2 Andrew, D. W. K. 1991.
"Heteroskedasticity and Autocorrelation Consistent Coverance Matrix
Estimation." >i>Econometrica>/i> 59, no. 3: 817-58. ]
[ 3 Baek, S., and C. Song.
2002. "Is Currency Union a Feasible Option in East Asia?" In >i>Currency
Union in East Asia>/i>, ed. H. G. Choo and Y. Wang, 107-46. Seoul: Korea
Institute for International Economic Policy. ]
[ 4 Bauer, D., and M. Wagner.
2008. "Autoregressive Approximations of Multiple Frequency >i>I>/i>(1)
Processes." Working paper, Economics Series, Institute for Advanced
Studies, Vienna. ] [ 5
Berk, K. N. 1974. "Consistent Autoregressive Spectral
Estimates." >i>Annals of Statistics>/i> 2: 489-502. ]
[ 6 Granger, C. W. J., and P.
Newbold. 1974. "Spurious Regression in Econometrics." >i>Journal of
Econometrics>/i> 2: 111-20. ] [
7 Haugh, L. D. 1976. "Checking the
Independence of Two Covariance Stationary Time Series: A Univariate
Residual Cross-Correlation Approach." >i>Journal of American Statistical
Association>/i> 71: 378-85. ] [
8 Hong, Y. 1996a. "Testing for Independence
Between Two Covariance Stationary Time Series." >i>Biometrika>/i> 83:
615-25. ] [ 9
Hong, Y. 1996b. "Consistent Testing for Serial Correlation of
Unknown Form." >i>Econometrica>/i> 64: 837-64. ]
[ 10 Lee, J. W.; Y. Park; and K.
Shin. 2004. "A Currency Union in East Asia." In >i>Monetary and Financial
Integration in East Asia>/i>, ed. Asian Development Bank, vol. 2, 139-75.
Hampshire, UK: Palgrave Macmillan. ] [
11 Meese, P., and K. Rogoff. 1983.
"Empirical Exchange Rate Models of the Seventies: Do They Fit Out of
Sample?" >i>Journal of International Economics>/i> 14: 3-24.
] [ 12 Moon, W.; Y.
Rhee; and D. Yoon. 2006. "Regional Currency Unit in Asia: Property and
Perspective." KIEP working paper no. 06-03, Korea Institute for
International Economic Policy, Seoul. ] [
13 Obstfeld, M., and A. M. Taylor. 2004.
>i>Global Capital Markets: Integration Crisis, and Growth.>/i> Cambridge:
Cambridge University Press. ] [
14 Oh, Y. 2009. "Monetary Integration With
or Without Capital Market Integration." >i>Asian Economic Papers>/i> 8:
30-43. ] [ 15
Perron, P., and S. Ng. 1996. "Useful Modifications to Some Unit
Root Tests with Dependent Errors and Their Local Asymptotic Properties."
>i>Review of Economic Studies>/i> 63: 435-63. ]
[ 16 Phillips, P. C. B. 1986.
"Understanding Spurious Regressions in Econometrics." >i>Journal of
Econometrics>/i> 33: 311-40. ] [
17 Phillips, P. C. B., and P. Perron. 1988.
"Testing for a Unit Root in a Time Series Regression." >i>Biometrika>/i>
75: 335-46. ] [ 18
Ray, B. K., and R. S. Tsay. 2000. "Long Range Dependence in
Daily Stock Volatilities." >i>Journal of Business and Economic
Statistics>/i> 18: 254-62. ] [
19 Tsay, W. J., and C. F. Chung. 2000. "The
Spurious Regression of Fractionally Integrated Processes." >i>Journal of
Econometrics>/i> 96: 155-82. ] [
20 Wang, Shin-Huei, and Cheng Hsiao. 2009a.
"Testing No Correlations Between Two Long Memory Processes." CORE
discussion paper. ] [ 21
Wang, Shin-Huei, and Cheng Hsiao. 2009b. "An Alternative
Test for Spurious Regression." Working paper. ]
[ 22 Williamson, J. 1999. "The
Case for a Common Basket Peg for East Asian Currencies," in >i>Exchange
Rate Policies in Emerging Asian Countries>/i>, ed. S. Collignon, J.
Pisani-Ferry, and Y. C. Park, 327-43. London: Routledge.
]
Handle: RePEc:mes:chinec:v:43:y:2010:i:6:p:22-33
Template-Type: ReDIF-Article 1.0
Author-Name: K. C. Chen
Author-X-Name-First: K. C.
Author-X-Name-Last: Chen
Author-Name: Xing-Hao Liao
Author-X-Name-First: Xing-Hao
Author-X-Name-Last: Liao
Title: Expiration Effects of Covered Warrants in China
Abstract:
This article examines empirically the impact of the expiration of covered
warrants on stock prices and trading volume in China. It shows that the
expiration of call warrants had a significantly negative price effect
during the last four days of the exercise period, whereas, the expiration
of put warrants exhibited no significant price effect. The trading
activities of call warrants have a more profound effect than their put
counterparts around the expiration day.
Journal: Chinese Economy
Pages: 54-75
Issue: 6
Volume: 43
Year: 2010
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P6017XN621224216
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X-Bibl:
[ 1 Bansal, K.; S. Pruitt;
and K. Wei. 1989. "An Empirical Reexamination of the Impacts of CBOE
Option Initiation on the Volatility and Trading Volumes of the Underlying
Equities: 1973-1986." >i>Financial Review>/i> 24: 19-29.
] [ 2 Brown, S., and J.
Warner. 1985. "Using Daily Stock Returns: The Case of Event Studies."
>i>Journal of Financial Economics>/i> 14: 3-31. ]
[ 3 Campbell, J.; S. Grossman;
and J. Wang. 1993. "Trading Volume and Serial Correlation in Stock
Returns." >i>Quarterly Journal of Economics>/i> 108: 905-39.
] [ 4 Chan, Y., and K.
C. J. Wei. 2001. "Price and Volume Effects Associated with Derivative
Warrant Issuance on the Stock Exchange of Hong Kong." >i>Journal of
Banking and Finance>/i> 25: 1401-26. ] [
5 Chen, K. C., and L. Wu. 2001.
"Introduction and Expiration Effects of Derivative Equity Warrants in Hong
Kong." >i>International Review of Financial Analysis>/i> 10:
37-52. ] [ 6
Conrad, J. 1989. "The Price Effect of Option Introduction."
>i>Journal of Finance>/i> 44: 487-98. ] [
7 Detemple, J., and P. Jorion. 1990.
"Option Listing and Stock Returns: An Empirical Analysis." >i>Journal of
Banking and Finance>/i> 14: 781-801. ] [
8 Fung, H. G.; G. Zhang; and L. Zhao.
2009. "China's Equity Warrants Market: An Overview and Analysis."
>i>Chinese Economy>/i> 42, no. 1: 86-97. ] [
9 Klemkosky, R. C. 1978. "The Impact
of Option Expirations on Stock Prices." >i>Journal of Financial and
Quantitative Analysis>/i> 13: 507-18. ] [
10 Li, Ling. 2006. "The Impact of Warrant
Introduction on the Behavior of Underlying Stocks' Price of Mainland of
China." >i>Technological Development of Enterprise>/i> 25, no. 11: 86-88
(in Chinese). ] [ 11
Luo, J.; C. Z. Luo; and C. G. Li. 2008. "Empirical Analysis on
the Impact of Warrants Issuance." >i>Journal of Sichuan University>/i>
(Social Science Edition) 154: 80-86 (in Chinese). ]
[ 12 Officer, D. T., and G. L.
Trennepohl. 1981. "Price Behavior of Corporate Equities Near Option
Expiration Dates." >i>Financial Management>/i> 10, no. 3: 75-80.
] [ 13 Pope, P.,
and P. Yadav. 1992. "The Impact of Option Expiration on Underlying Stocks:
The UK Evidence." >i>Journal of Business Finance and Accounting>/i> 19
(April): 329-44. ] [ 14
Shi, L. Y. 2008. "Empirical Analysis on the Price Impact of
Warrants Issuance." >i>Modern Economy>/i> 7, no. 7: 26-29 (in
Chinese). ] [ 15
Sorescu, S. 2000. "The Effect of Options on Stock Prices:
1973-1995." >i>Journal of Finance>/i> 55: 487-514. ]
[ 16 Xiong, W., and J. L. Yu.
2009. "The Chinese Warrants Bubbles." Working paper, National Bureau of
Economic Research. ]
Handle: RePEc:mes:chinec:v:43:y:2010:i:6:p:54-75
Template-Type: ReDIF-Article 1.0
Author-Name: Sakae Suga
Author-X-Name-First: Sakae
Author-X-Name-Last: Suga
Title: The Level of China's Industrial Technology
Abstract:
China is carrying on what is called socialist construction on a very large
scale, and the question I am going to discuss in this paper is: "What is
the goal of this socialist construction?"
Journal: Chinese Economy
Pages: 132-160
Issue: 3
Volume: 4
Year: 1971
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M24Q480WN1HV18LH
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Handle: RePEc:mes:chinec:v:4:y:1971:i:3:p:132-160
Template-Type: ReDIF-Article 1.0
Author-Name: Chiang Hung
Author-X-Name-First: Chiang
Author-X-Name-Last: Hung
Title: Seriously Grasp Class Struggle in the Economic Realm
Abstract:
At this moment a struggle for beating back the bourgeois attack in the
economic realm is unfolding. This struggle has a vital role to play in
consolidating the system of socialist ownership, strengthening the
proletarian dictatorship, resisting the onslaught of bourgeois sugar
coated bullets, and promoting the ideological revolutionization of man.
Journal: Chinese Economy
Pages: 194-200
Issue: 3
Volume: 4
Year: 1971
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N513V7583558N018
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Handle: RePEc:mes:chinec:v:4:y:1971:i:3:p:194-200
Template-Type: ReDIF-Article 1.0
Author-Name: Masumi Sato
Author-X-Name-First: Masumi
Author-X-Name-Last: Sato
Title: The Realities and Technological Trends of China'S Heavy and Chemical Industries
Abstract:
The theme of my discourse is "trends and technological levels of China's
heavy and chemical industries," and I propose to discuss, in short, the
present capabilities of China's major industries â or, in other words,
their overall level, including the technological one.
Journal: Chinese Economy
Pages: 161-193
Issue: 3
Volume: 4
Year: 1971
Month: 4
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W0216851W37PH236
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X-Bibl:
Handle: RePEc:mes:chinec:v:4:y:1971:i:3:p:161-193
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Author-Name: Erqian Zhu
Author-X-Name-First: Erqian
Author-X-Name-Last: Zhu
Author-Name: Zhuo Chen
Author-X-Name-First: Zhuo
Author-X-Name-Last: Chen
Title: Equal Work Opportunity but Unequal Income
Abstract:
Using data collected from a survey of 1,622 relatively low-income
households in Changsha in January 2007, this paper compares gender
disparities in employment and disposable income among the relatively poor
urban population in China. We found that although there is no difference
in the probability of either gender being employed, male respondents have
higher levels of disposable income than females. The Oaxaca-Blinder
decomposition technique was used to determine whether education and age
can explain part of the wage gap.
Journal: Chinese Economy
Pages: 39-45
Issue: 1
Volume: 44
Year: 2011
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=11361142578072M0
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X-Bibl:
[ 1 Bishop, John A.; Feijun
Luo; and Fang P. Wang. 2005. "Economic Transition, Gender Bias, and the
Distribution of Earnings in China." >i>Economics of Transition>/i> 13, no.
2: 239-59. ] [ 2
Blinder, A. S. 1973. "Wage Discrimination: Reduced Form and
Structural Estimates." >i>Journal of Human Resources>/i> 8, no. 4:
436-55. ] [ 3
Chen, Z., and S. T. Yen. 2005. "On Bias Correction in the
Multivariate Sample-Selection Model." >i>Applied Economics>/i> 37, no. 21:
2459-68. ] [ 4
Du, F., and X.-Y. Dong. 2007. "Why Do Women Have Longer
Unemployment Durations Than Men in Post-Restructuring Urban China?"
IZA/World Bank Conference Employment and Development, June 8-9, Bonn,
Germany. ] [ 5
Khan, A. R. 2005. "An Evaluation of World Bank Assistance to
China for Poverty Reduction in the 1990s." Working paper, Operations
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6 Klein, L. R., and W. Mak. 2007. "The
Sustainability of China's Economic Expansion Since 1978." Paper presented
at the Project LINK Spring Meeting, Beijing, China, May 14-17.
] [ 7 National
Bureau of Statistics of China (NBSC), Hunan Branch. 2007. >i>Statistical
Report.>/i> Available at >a target="_blank"
href='http://www.hntj.gov.cn'>www.hntj.gov.cn>/a> ]
[ 8 Neumark, D. 1988.
"Employers' Discriminatory Behavior and the Estimation of Wage
Discrimination." >i>Journal of Human Resources>/i> 23: 279-95.
] [ 9 Oaxaca, R.
1973. "Male-Female Wage Differentials in Urban Labor Markets."
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[ 10 UNDP (United Nations
Development Programme). 2007. >i>Human Development Report.>/i> New
York. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:1:p:39-45
Template-Type: ReDIF-Article 1.0
Author-Name: Zhihao Yu
Author-X-Name-First: Zhihao
Author-X-Name-Last: Yu
Title: Demographic Dynamics and Economic Take-Off
Abstract:
This article develops and tests a simple theory of demographic dynamics
and economic take-off. It shows that demographic change has a threshold
effect, and that China's population policies moved this threshold effect
(i.e., the timing of economic take-off) forward by more than a decade. The
impact of China's population-control policies on China's economic growth
may be twice as large as what is estimated by the traditional econometric
method.
Journal: Chinese Economy
Pages: 72-90
Issue: 1
Volume: 44
Year: 2011
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2H63464V5N620575
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Agostini, C. A., and P.
H. Brown. 2007. "Spatial Aspects of Inequality in Chile." >i>Revista de
Análisis Económico>/i> 22, no. 1: 3-31. ] [
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"Threshold Externalities in Economic Development." >i>Quarterly Journal of
Economics>/i> 105, no. 2: 501-26. ] [
3 Bloom, D. E., and J. G. Williamson. 1998.
"Demographic Transition and Economic Miracles in Emerging Asia." >i>World
Bank Economic Review>/i> 12, no. 3: 419-55. ]
[ 4 Brander, J. A., and S.
Dowrick. 1994. "The Role of Fertility and Population in Economic Growth:
Empirical Results from Aggregate Cross-National Data." >i>Journal of
Population Economics>/i> 7: 1-25. ] [
5 Feldstein, M. S., and C. Horioka. 1980.
"Domestic Savings and International Equity Flows." >i>Economic Journal>/i>
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Gallup, J. L.; J. D. Sachs; and A. Mellinger. 1999. "Geography
and Economic Development." Center for International Development, Harvard
University, Working Paper no. 1. ] [
7 Greenhalgh, S. 2003. "Science, Modernity,
and the Making of China's One-Child Policy." >i>Population and Development
Review>/i> 29, no. 2: 163-96. ] [
8 Hansen. B. E. 2000. "Sample Splitting and
Threshold Estimation." >i>Econometrica>/i> 68, no. 3: 575-604.
] [ 9 Haveman, R.,
and B. Wolfe. 1995. "The Determinants of Children's Attainment: A Review
of Methods and Findings." >i>Journal of Economic Literature>/i> 33, no. 4:
1829-78. ] [ 10
Higgins, M., and J. G. Williamson. 1997. "Age Structure Dynamics
in Asia and Dependence on Foreign Capital." >i>Population and Development
Review>/i> 23, no. 2: 261-93. ] [
11 Holz, C. A. 2006. "China's Reform Period
Economic Growth: How Reliable Are Angus Maddison's Estimates?" >i>Review
of Income and Wealth>/i> 52, no. 1: 85-119. ]
[ 12 Kelley, A. C., and R. M.
Schmidt. 1995. "Aggregate Population and Economic Growth Correlations: The
Role of Components of Demographic Change." >i>Demography>/i> 32:
543-55. ] [ 13
Knight, J., and L. Song. 1993. "The Spatial Contribution to
Income Inequality in Rural China." >i>Cambridge Journal of Economics>/i>
17, no. 2: 195-213. ] [
14 Leff, N. H. 1969. "Dependency Rates and
Saving Rates." >i>American Economic Review>/i> 59, no. 5:
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Li, H.; Jie Zhang; and Junsen Zhang. 2007. "Effects of Longevity
and Dependency Rates on Saving and Growth: Evidence from a Panel of Cross
Countries." >i>Journal of Development Economics>/i> 84, no. 1:
138-54. ] [ 16
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Transition." >i>Population and Development Review>/i> 32, no. 1:
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18 Wu, Y., and Q. Ye. 1998. >i>China's
Reform and Economic Growth.>/i> Canberra: Asia Pacific Press.
] [ 19 Yang, Z. H.
1996. >i>China Historical Population Data and the Relevant Studies.>/i>
Beijing: Reform Publisher (in Chinese). ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:1:p:72-90
Template-Type: ReDIF-Article 1.0
Author-Name: Sankar Mukhopadhyay
Author-X-Name-First: Sankar
Author-X-Name-Last: Mukhopadhyay
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Author-Name: Erqian Zhu
Author-X-Name-First: Erqian
Author-X-Name-Last: Zhu
Title: Employment and Earnings of Low-Income Residents in Urban China
Abstract:
A recent data set from the city of Changsha is used to estimate the impact
of social support programs on employment for low-income urban workers in
China. The Chinese urban household registration system >i>(hukou),>/i>
which determines whether an individual is eligible for social support
programs, allows us to identify the effect of social support programs
using an instrumental variable setting. It is found that the probability
of employment is reduced by about 35 percent for those who rely on social
support programs. The determinants of labor income for low-income workers
are also examined.
Journal: Chinese Economy
Pages: 6-17
Issue: 1
Volume: 44
Year: 2011
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8028567837608383
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bao, Shuming; Ãrn B.
Bodvarsson; Jack Hou; and Yaohui Zhao. 2008. "The Deregulation of People
Flows in China: Did the Structure of Migration Change?" Paper presented at
the Chinese Economist Society conference in Tianjin, China, April
18-20. ] [ 2
Eissa, Nada, and Hilary Hoynes. 1998. "The Earned Income Tax
Credit and the Labor Supply of Married Couples." National Bureau of
Economic Research Working Paper no. 6856, Cambridge. ]
[ 3 Eissa, Nada, and Jeffrey
Liebman. 1996. "Labor Supply Response to the Earned Income Tax Credit."
>i>Quarterly Journal of Economics>/i> 111: 605-37. ]
[ 4 Hackman, James J. 1979.
"Sample Selection Bias as a Specification Error." >i>Econometrica>/i> 47,
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Hoynes, H. 1997. "Work, Welfare, and Family Structure: What
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ed. A. Auerbach. Cambridge, MA: MIT Press. ]
[ 6 Hussain, Arthur. 2003.
>i>Urban Poverty in China: Measurement, Patterns and Policies.>/i> Geneva:
International Labor Organization. ] [
7 Knight, John, and Linda Yueh. 2004. "Job
Mobility of Residents and Migrants in Urban China." >i>Journal of
Comparative Economics>/i> 32: 637-60. ] [
8 Lin, Zifang. 2008. "Expanding Trend on
Unemployment Insurance Coverage." >i>Employment and Security>/i> 1: 66-67.
Available at >a target="_blank"
href='http://cn.qikan.com/Article/jybz/jybz200801/jybz20080116.html'>http:
//cn.qikan.com/Article/jybz/jybz200801/jybz20080116.html>/a>
] [ 9 Moffitt, Robert
A. 1992. "Incentive Effects of the U. S. Welfare System: A Review."
>i>Journal of Economic Literature>/i> 30: 1-61. ]
[ 10 Moffitt, Robert A. 2002.
"Welfare Programs and Labor Supply." In >i>Handbook of Public
Economics>/i>, ed. A. Auerbach and M. Feldstein, vol. 4, 2393-2430.
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11 Murray, Michael P. 2006. "Avoiding
Invalid Instruments and Coping with Weak Instruments." >i>Journal of
Economic Perspectives>/i> 20, no. 4: 111-32. ]
[ 12 National Bureau of
Statistics, Hunan Branch. 2007. >i>Statistical Report.>/i> Available at >a
target="_blank"
href='http://www.hntj.gov.cn'>www.hntj.gov.cn>/a> ]
[ 13 Puhani, Patrick A. 2000.
"The Heckman Correction for Sample Selection and Its Critique." >i>Journal
of Economic Surveys>/i> 14, no. 1: 53-68. ] [
14 Shi, Lin. 2008. "Expanding the
Coverage of Unemployment Insurance and Enhancing the Compensation for
Unemployed Workers." >i>Employment and Security>/i>, no. 1: 68. Available
at >a target="_blank"
href='http://cn.qikan.com/Article/jybz/jybz200801/jybz20080117.html'>http:
//cn.qikan.com/Article/jybz/jybz200801/jybz20080117.html>/a>
] [ 15 Sun, Sizhong.
2007. "Problems of Unemployment Insurance in China and Solutions."
>i>China Economist>/i>, no. 2: 63-64. Available at >a target="_blank"
href='http://www.ilib2.com/AISSN~1004-4914(2007)02-063-03.html'>http://www
.ilib2.com/AISSN~1004-4914(2007)02-063-03.html>/a> ]
[ 16 Townsend, Robert M. 1994.
"Risk and Insurance in Village India." >i>Econometrica>/i> 62, no. 3:
539-91. ] [ 17
Wang, Zhi. 2007. "Three Tough Breakthroughs of Unemployment
Insurance." June 8. Available at >a target="_blank"
href='http://www.ce.cn/xwzx/gnsz/gdxw/200706/08/t20070608_11651781.shtml'>
www.ce.cn/xwzx/gnsz/gdxw/200706/08/t20070608_11651781.shtml>/a>
]
Handle: RePEc:mes:chinec:v:44:y:2011:i:1:p:6-17
Template-Type: ReDIF-Article 1.0
Author-Name: Chengri Ding
Author-X-Name-First: Chengri
Author-X-Name-Last: Ding
Author-Name: Xingshuo Zhao
Author-X-Name-First: Xingshuo
Author-X-Name-Last: Zhao
Title: Assessment of Urban Spatial-Growth Patterns in China During Rapid Urbanization
Abstract:
The enormous success of the Chinese economy has caused remarkable urban
spatial expansion, resulting in new urban forms and reshaped city
profiles. This article assesses emerging urban spatial forms that are
prevalent and sizable enough to have a substantial impact on
transportation, the environment, and urban sustainability. Special
economic zones (SEZs), university towns, central business districts
(CBDs), and mixed land development in terms of urban agglomeration,
transportation, and land use externality are examined. It is concluded
that efficient gains would be significant if SEZs are integrated with each
other as well as with the city proper, university towns are developed to
accommodate no more than a couple of colleges, and CBDs are concentrated
with high-value activities. It is further concluded that mixed land use
may not be an appropriate policy instrument to promote smart growth in
Chinese cities because of the high degree of existing mixed land-use
patterns.
Journal: Chinese Economy
Pages: 46-71
Issue: 1
Volume: 44
Year: 2011
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H21251714676T731
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bertaud, A. 2003. "The
Spatial Organization of Cities: Deliberate Outcome or Unforeseen
Consequence." World Development Report, World Bank. ]
[ 2 Bertaud, A. 2004. "The
Spatial Organization of Cities: Deliberate Outcome or Unforeseen
Consequence?" Available at >a target="_blank"
href='http://alain-bertaud.com/images/AB_The_spatial_organization_of_citie
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on_of_cities_Version_3.pdf>/a> ] [
3 Cao, D. 2004. "China Cancels 4,800
Development Zones." >i>China Daily>/i> (August 24). Available at >a
target="_blank"
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tm'>www.chinadaily.com.cn/english/doc/2004-08/24/content_368120.htm>/a> ] [ 4
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Hall. 1996. "Productivity and the Density of Economic Activity."
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Spatial Development in the Land Policy Reform Era: Evidence from Beijing."
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[ 8 Ding, C. 2009. "Policy and
Planning Challenges to Promote Efficient Urban Spatial Development During
Rapid Transformation in China." >i>Sustainability>/i> 1, no. 3:
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2020âTechnical Report for the Revision of Beijing's Comprehensive Plan
2020." Working paper, Lincoln Institute of Land Policy.
] [ 10 Dupont, V. 2004.
"Urban Development and Population Redistribution in Delhi: Implications
for Categorizing Population." In >i>New Forms of Urbanization: Beyond the
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VT: Ashgate. ] [ 11
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Cities: Science-Based Diversity Specialization, and Localization
Competition." >i>European Economic Review>/i> 43: 409-29.
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2004. "Establishment Growth in Small Cities and Towns." >i>International
Regional Science Review>/i> 27, no. 2: 164-86. ]
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Transformation in Post-Mao China: Impacts of the Reform Era on China's
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14 Gordon, H., and P. Richardson. 1997.
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Centers: The Case of Chicago." >i>Urban Studies>/i> 31, no. 2:
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Dispersion, and the Spaces Between: For an Economic Geography of the
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[ 29 Prud'homme, R. 2000.
"Patterns and Prospects in China's Urbanization Strategy." Workshop on
China's Urbanization Strategy: Opportunities, Issues and Policy Options,
Beijing, May 8-10. ] [ 30
Richardson, H. W.; C. C. Bae; and M. Jun. 2002.
"Migration and the Urban System of South Korea." In >i>International
Handbook of Urban Systems: Studies of Urbanization and Migration in
Advanced and Developing Countries>/i>, ed. H. S. Geyer, 503-24.
Cheltenham, UK: Edward Elgar. ] [
31 Sedgley, Norman, and Bruce Elmslie. 2004.
"The Geographic Concentration of Knowledge: Scale, Agglomeration, and
Congestion in Innovation Across U. S. States." >i>International Regional
Science Review>/i> 27, no. 2: 111-37. ] [
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the American Dream: The Costs and Consequences of Suburban Sprawl."
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/report98>/a> ] [ 33
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34 Storper, M., and A. J. Venables.
2004. "Buzz: Face-to-Face Contact and the Urban Economy." >i>Journal of
Economic Geography>/i>, no. 4: 351-71. ] [
35 Victoria Transport Policy Institute.
2008. "Smart Growth: More Efficient Land Use Management." In >i>TDM
Encyclopedia.>/i> Available at >a target="_blank"
href='http://www.vtpi.org/tdm/tdm38.htm'>www.vtpi.org/tdm/tdm38.htm>/a> ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:1:p:46-71
Template-Type: ReDIF-Article 1.0
Author-Name: Jinlan Ni
Author-X-Name-First: Jinlan
Author-X-Name-Last: Ni
Author-Name: Guangxin Wang
Author-X-Name-First: Guangxin
Author-X-Name-Last: Wang
Author-Name: Xianguo Yao
Author-X-Name-First: Xianguo
Author-X-Name-Last: Yao
Title: Impact of Minimum Wages on Employment
Abstract:
This article examines the impact of the minimum wage on employment in
China using data from 2000 to 2005. The effect of the minimum wage on
employment levels was found to be mixed. Overall, minimum wages have no
significantly adverse effect on employment. In particular, the results in
the eastern region of China indicate few significant negative effects,
which is consistent with the minimum wage theory in the competitive
market. In contrast, the central and western regions experience few
significantly positive effects, which is consistent with the theory in the
monopsony model. The results are robust regardless of ownership
(non-state-owned enterprises, collectives, private enterprises, and other
types), industry type (manufacturing, wholesale and retail trade, hotel
and restaurant), and gender of workers. Low real minimum wages, weak
enforcement capabilities, and the buyer's labor marketâthe three factors
that may account for the effects of minimum wages on employment in
Chinaâare analyzed.
Journal: Chinese Economy
Pages: 18-38
Issue: 1
Volume: 44
Year: 2011
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q22Q5778Q3037L44
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Abowd, J. M.; F.
Kramarz; D. N. Margolis; and T. Philippon. 2000. "A Tale of Two Countries:
Minimum Wages and Employment in France and the United States." Mimeograph.
Paris. ] [ 2
Aaronson, Daniel, and Eric French. 2007. "Product Market
Evidence on the Employment Effects of the Minimum Wage." >i>Journal of
Labor Economics>/i> 25, no. 1: 167-200. ] [
3 Bell, L. 1997. "The Impact of Minimum
Wages in Mexico and Colombia." >i>Journal of Labor Economics>/i> 15, no.
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Brown, Charles; Curtis Gilroy; and Andrew Kohen. 1982. "The
Effect of the Minimum Wage in Employment and Unemployment." >i>Journal of
Economic Literature>/i> 20: 487-528. ] [
5 Brown, Charles; Curtis Gilroy; and
Andrew Kohen. 1983. "Time-Series Evidence of the Effect of the Minimum
Wage on Youth Employment and Unemployment." >i>Journal of Human
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6 Bureau of Labor. 2001-2006. >i>China Labor
Statistics Yearbook.>/i> Beijing: China Statistics Press.
] [ 7 Burkhauser,
Richard; Kenneth Couch; and David Wittenberg. 2000a. "A Reassessment of
the New Economics of the Minimum Wage Literature with Monthly Data from
the Current Population Survey." >i>Journal of Labor Economics>/i> 18, no.
4: 653-80. ] [ 8
Burkhauser, Richard; Kenneth Couch; and David Wittenberg. 2000b.
"Who Minimum Wage Increases Bite: An Analysis Using Monthly Data from the
SIPP and CPS." >i>Southern Economic Journal>/i> 67: 16-40.
] [ 9 Campolieti,
Michele; Tony Fang; and Morley Gunderson. 2005a. "How Minimum Wages Affect
Schooling-Employment Outcomes in Canada, 1993-1999." >i>Journal of Labor
Research>/i> 26, no. 3: 533-45. ] [
10 Campolieti, Michele; Tony Fang; and
Morley Gunderson. 2005b. "Minimum Wage Impacts on Youth Employment
Transitions." >i>Canadian Journal of Economics>/i> 38: 81-104.
] [ 11 Card, David.
1992a. "Do Minimum Wages Reduce Employment? A Case Study of California
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Card, David. 1992b. "Using Regional Variation in Wages to
Measure the Effects of the Federal Minimum Wage." >i>Industrial and Labor
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13 Card, David, and Alan B. Krueger. 1994.
"Minimum Wages and Employment: A Case Study of the Fast Food Industry in
New Jersey and Pennsylvania." >i>American Economic Review>/i> 84:
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Card, David, and Alan B. Krueger. 1995. >i>The New Economics of
the Minimum Wage.>/i> Princeton, NJ: Princeton University Press.
] [ 15 Card,
David, and Alan B. Krueger. 2000. "âMinimum Wages and Employment: A Case
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[ 16 Card, David; Laurence Katz;
and Alan B. Krueger. 1994. "Comment on David Neumark and William Wascher,
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Cheung, Steven N. S. 2006. "Chinese Mainland Should Learn from
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href='http://news.china.com/zh_cn/domestic/945/20060913/13623272.html'>htt
p://news.china.com/zh_cn/domestic/945/20060913/13623272.html>/a>
] [ 18 Cunningham,
James. 1981. "The Impact of Minimum Wages on Youth Employment, Hours of
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Currie, Janet, and Bruce C. Fallick. 1996. "The Minimum Wage and
the Employment of Youth: Evidence from the NLSY." >i>Journal of Human
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1999. "The Effects of Minimum Wages on Employment: Theory and Evidence
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] [ 21 Freeman,
Richard. 1982. "Economic Determinants of Geographic and Individual
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and Katherine Terrell. 1995. "The Nature of Minimum Wages and Their
Effectiveness as a Wage Floor in Costa Rica." >i>World Development>/i> 23:
1439-58. ] [ 23
Kang, J. 2006. "Low Wage Standard Can Only Attract Low-Grade
Industries." Available at >a target="_blank"
href='http://news3.xinhuanet.com/comments/2006-05/09/content_4524003.htm'>
http://news3.xinhuanet.com/comments/2006-05/09/content_4524003.htm>/a> ] [ 24
Katz, Lawrence, and Alan Krueger. 1992. "The Effect of the Minimum Wage in
the Fast-Food Industry." >i>Industrial and Labor Relations Review>/i> 46:
6-21. ] [ 25
Kawaguchi, Daiji, and Ken Yamada. 2007. "The Impact of the
Minimum Wage on Female Employment in Japan." >i>Contemporary Economic
Policy>/i> 25, no. 1: 107-18. ] [
26 Kong, Guangshan. 2006. "The Minimum Wage
System Is More Harmful to Low Skilled Workers." Forum of China Reform, May
16 (in Chinese). ] [ 27
Liu, Kaiming. 2006. "Government Should Institute
Enforcement Measures on the Minimum Wage." Available at >a target="_blank"
href='http://business.sohu.com/20060509/n243154402.shtml'>http://business.
sohu.com/20060509/n243154402.shtml>/a> ] [
28 Machin, Stephen, and Alan Manning.
1994. "The Effects of Minimum Wages on Wage Dispersion and Employment:
Evidence from the U. K. Wages Councils." >i>Industrial and Labor Relations
Review>/i> 47: 319-29. ] [
29 National Bureau of Statistics. 2001-2006.
>i>China Statistical Yearbook.>/i> Beijing: China Statistics
Press. ] [ 30
Neumark, David, and William Wascher. 1992. "Employment Effects
of Minimum and Subminimum Wages: Panel Data on State Minimum Wage Laws."
>i>Industrial and Labor Relations Review>/i> 46, no. 1: 55-81.
] [ 31 Neumark,
David, and William Wascher. 1998. "Is the Time-Series Evidence on Minimum
Wage Effects Contaminated by Publication Bias?" >i>Economic Inquiry>/i>
36, no. 3: 458-70. ] [ 32
Neumark, David, and William Wascher. 2000. "âMinimum
Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey
and Pennsylvaniaâ: Comment." >i>American Economic Review>/i> 90, no. 5:
1362-96. ] [ 33
Neumark, David, and William Wascher. 2001. "The Employment
Effects of Minimum Wages: Evidence from a Prespecified Research Design."
>i>Industrial Relations>/i> 40, no. 1: 121-44. ]
[ 34 Qiao, Xingsheng. 2006. "Why
Do We Need a Minimum Wage System?" Available at >a target="_blank"
href='http://job.sohu.com/article/20061028/n227846577.shtml'>http://job.so
hu.com/article/20061028/n227846577.shtml>/a> ]
[ 35 Rama, Martin. 2001. "The
Consequences of Doubling the Minimum Wage: The Case of Indonesia."
>i>Industrial and Labor Relations Review>/i> 54: 864-81.
] [ 36 Singell, Larry
D., Jr., and James R. Terborg. 2007. "Employment Effects of Two Northwest
Minimum Wage Initiatives." >i>Economic Inquiry>/i> 45, no. 1:
40-55. ] [ 37
Stigler, George. 1946. "The Economics of Minimum Wage
Legislation." >i>American Economic Review>/i> 36: 358-65.
] [ 38 Wang, Yijiang.
2004. "Government Intervention and the Interests of Labor." >i>Comparative
Studies>/i> 1, no. 14: 1-14 (in Chinese). ] [
39 Welch, Finis, and James
Cunningham. 1978. "Effects of Minimum Wages on the Level and Age
Composition of Youth Employment." >i>Review of Economics and
Statistics>/i> 60: 140-45. ] [
40 Wellington, Alison J. 1991. "Effects of
the Minimum Wage on the Employment Status of Youth." >i>Journal Human
Resources>/i> 26: 27-46. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:1:p:18-38
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Employment, Earnings, and Urban Growth in China
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 1
Volume: 44
Year: 2011
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y41544842Q5633J0
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:44:y:2011:i:1:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Richard Grabowski
Author-X-Name-First: Richard
Author-X-Name-Last: Grabowski
Title: China's Economic Takeoff
Abstract:
This article analyzes several similarities between the takeoffs to
sustained growth in China and in Japan. The takeoff period for Japan was
from 1868 to the late 1930s, while for China it has been from 1978 to the
present. Prior to takeoff both countries went through periods in which
economic policy was distorted due to revenue needs of the ruling elite.
The economic takeoffs in both countries were dependent on surges in
agricultural growth and rural-based manufacturing. These surges provided
opportunities for the ruling elites in both nations to diversify their
revenue sources via fiscal contracts and to provide the infrastructure
(physical and institutional) necessary for the transition to rapid growth.
Journal: Chinese Economy
Pages: 5-24
Issue: 2
Volume: 44
Year: 2011
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=3472861VN52431T7
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X-Bibl:
[ 1 Bates, R. H., and D.
Lien. 1985. "A Note on Taxation Development, and Representative
Government." >i>Politics and Society>/i> 14, no. 1: 53-70.
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"Land Taxation and Economic Development: The Model of Meiji Japan."
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>i>Sources of Chinese Economic Growth, 1978-1996.>/i> Oxford: Oxford
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Easterly, W. 2009. "The Anarchy of Success." >i>New York
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5 Francks, P. 1992. >i>Japanese Economic
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>i>Agricultural Development: An International Perspective.>/i> Baltimore:
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10 Hayami, Y., and S. Yamada. 1975.
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1966. >i>A General Theory of Tax Structure Change During Economic
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and T. Yui. 1975. >i>The Development of Japanese Business.>/i> London:
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Economic Development: A Case for Japan." Discussion paper F-12, University
of Tokyo. ] [ 15
Kawagoe, T. 1998. "Technical and Institutional Innovation in
Rice Marketing in Japan." In >i>Toward Rural-Based Development of Commerce
and Industry: Selected Expenses from East Asia>/i>, ed. Y. Hayami, 23-46.
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16 Levi, M. 1988. >i>Of Rule and
Revenue.>/i> Berkeley: University of California Press.
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"Tax Reforms in China and Russia." >i>Chinese Economy>/i> 42, no. 3:
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Rural Industrialization in the Context of the East Asian Miracle." China
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Li. 2003. >i>The China Miracle: Development Strategy and Economic
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2007. >i>Chinese Economic Performance in the Long-Term.>/i> Paris:
OECD. ] [ 23
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[ 29 Teranishi, J. 2005.
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>i>Power and Wealth in Rural China: The Political Economy of Institutional
Change.>/i> Cambridge: Cambridge University Press. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:2:p:5-24
Template-Type: ReDIF-Article 1.0
Author-Name: Jason Z. Yin
Author-X-Name-First: Jason Z.
Author-X-Name-Last: Yin
Author-Name: Sofia Vaschetto
Author-X-Name-First: Sofia
Author-X-Name-Last: Vaschetto
Title: China's Business Engagement in Africa
Abstract:
This article investigates China's business activities in Africa from the
viewpoint of strategy. After a historical review of Chinese-African
relations and identification of China's strategic objectives, we compare
China's engagement in Africa with that of Western powers during the
colonial and postcolonial eras. The analysis indicates that China's
differentiation strategy, based on noninterference, soft power, and
complementarity, has been largely successful in winning the trust of
African host nations and cultivating bankable relationships. Moreover,
China's well-coordinated trade, investment, and aid activities have been
instrumental in building the infrastructure for sustainable economic
growth in the region.
Journal: Chinese Economy
Pages: 43-57
Issue: 2
Volume: 44
Year: 2011
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=420G2964886T3Q88
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X-Bibl:
[ 1 Bello, W. 2007. "China
Eyes Africa: The New Imperialism?" >i>Multinational Monitor>/i> 28, no. 1.
Available at >a target="_blank"
href='http://www.multinationalmonitor.org/mm2007/012007/floegel.html'>www.
multinationalmonitor.org/mm2007/012007/floegel.html>/a>
] [ 2 Bereuter, D.
2009. "China's Trade and Soft Power Relationships with Asia and the United
States: Reason to Worry?" E. N. Thomason Forum on World Issues:
Encountering China. Available at >a target="_blank"
href='http://enthompson.unl.edu'>http://enthompson.unl.edu>/a>
] [ 3 Brautigam, D.
2009. >i>The Dragon's Gift: The Real Story of China in Africa.>/i> Oxford:
Oxford University Press. ] [
4 Brautigam, D., and A. Gaye. 2007. "Online
Debate: Is Chinese Investment Good for Africa?" Council on Foreign
Relations. Available at >a target="_blank"
href='http://www.cfr.org/publication/12622/is_chinese_investment_good_for_
africa.html'>www.cfr.org/publication/12622/is_chinese_investment_good_for_
africa.html>/a> ] [ 5
Broadman, H. G. 2008. "China and India Go to Africa: New
Deals in the Developing World." >i>Foreign Affairs>/i> 87, no. 2:
95. ] [ 6
Buckley, P.; L. J. Clegg; A. R. Cross; X. Liu; H. Voss; and P.
Zhang. 2007. "The Determinants of Chinese Outward Foreign Direct
Investment." >i>Journal of International Business Studies>/i> 38:
499-518. ] [ 7
Crilly, R. 2005. "Chinese Seek Resources, Profits in Africa."
>i>USA TODAY>/i> (June 21). Available at >a target="_blank"
href='http://www.usatoday.com/money/world/2005-06-21-africa-china-usat_x.h
tm'>www.usatoday.com/money/world/2005-06-21-africa-china-usat_x.htm>/a> ] [ 8
Crystals, F. J. 2009. "Chinese Investment in Africa." >i>Crystal &
Garsh>/i> (April 13). Available at >a target="_blank"
href='http://francisjcrystals.blogspot.com/2009/04/chinese-investment-in-a
frica.html'>http://francisjcrystals.blogspot.com/2009/04/chinese-investmen
t-in-africa.html>/a> ] [
9 El-Tablawy, T. 2009. "Chinese Premier
Pledges Funds, Aid to Africa." Available at >a target="_blank"
href='http://news.yahoo.com/s/ap/20091108/ap_on_re_mi_ea/ml_china_africa'>
http://news.yahoo.com/s/ap/20091108/ap_on_re_mi_ea/ml_china_africa>/a> ] [ 10
Fishman, T. C. 2006. >i>China Inc.: How the Rise of the Next Superpower
Challenges America and the World.>/i> New York: Scribner.
] [ 11 Kragelund, P.
2008. "The Return of Non-DAC Donors to Africa: New Prospects for African
Development?" >i>Development Policy Review>/i> 26, no. 5:
555-64. ] [ 12
Kurlantznick, J. 2007. >i>Charm Offensive: How China's Soft
Power Is Transforming the World.>/i> New Haven: Yale University
Press. ] [ 13
Liu, C. Z. 2007. "Lenovo: An Example of Globalization of Chinese
Enterprises." >i>Journal of International Business Studies>/i> 38:
573-77. ] [ 14
Lyman, P. N., and P. Dorff. 2007. >i>Beyond Humanitarianism:
What We Need to Know About Africa and Why It Matters.>/i> Washington, DC:
Council on Foreign Relations Press. ] [
15 Nye, J. 1990. >i>Bound to Lead: The
Challenging Nature of American Power.>/i> New York: Basic Books.
] [ 16 Pew
Research Center. 2007. "Global Unease with Major World Powers: 47-Nation
Pew Global Attitudes Survey." Pew Global Attitude Project. Available at >a
target="_blank"
href='http://www.pewglobal.org'>www.pewglobal.org>/a>
] [ 17 Perkins, D. H.
2007. "China's Soft Power." >i>Harvard International Review>/i> 29, no. 3:
82-83. ] [ 18
Reader, J. 1997. >i>Africa: A Biography of the Continent.>/i>
New York: Vintage Books. ] [
19 Sautman, B., and Yan Hairong. 2008. "The
Forest for the Tree: Trade, Investment and the China-in-Africa Discourse."
>i>Pacific Affairs>/i> 81, no. 1: 9. ] [
20 Shinn, D. H. 2007. "An Opportunistic
Ally." >i>Harvard International Review>/i> 29, no. 2: 52-56.
] [ 21 Thompson, D.
2004. "Economic Growth and Soft Power: China's Africa Strategy."
>i>Asia-Media: Media News Daily>/i> (December 7). ]
[ 22 Thompson, D. 2005,
June/July. "China's Emerging Interests in Africa: Opportunities and
Challenges for Africa and the United States." Available at >a
target="_blank"
href='http://csis.org/files/media/csis/pubs/051013_china_soft_pwr.pdf'>htt
p://csis.org/files/media/csis/pubs/051013_china_soft_pwr.pdf>/a>
] [ 23 Tull, D. M.
2006. "China's Engagement in Africa: Scope, Significance, and
Consequences." >i>Journal of Modern African Studies>/i> 44, no. 3:
459-79. ] [ 24
Wang, J-Y. 2007. "What Drives China's Growing Role in Africa?"
IMF Working paper no. 07/221, Washington, DC. ]
[ 25 Wang, J-Y., and A.
Bio-Tchane. 2008. "Africa's Burgeoning Ties with China." >i>Finance and
Development>/i> 45, no. 1. ] [
26 Zhang, K. H. 2009. "Rise of Chinese
Multinational Firms." >i>Chinese Economy>/i> 42, no. 6: 81-96.
]
Handle: RePEc:mes:chinec:v:44:y:2011:i:2:p:43-57
Template-Type: ReDIF-Article 1.0
Author-Name: Zhining Hu
Author-X-Name-First: Zhining
Author-X-Name-Last: Hu
Author-Name: Jianghuai Zheng
Author-X-Name-First: Jianghuai
Author-X-Name-Last: Zheng
Author-Name: Jialing Wang
Author-X-Name-First: Jialing
Author-X-Name-Last: Wang
Title: Impact of Industrial Linkages on Firm Performance in Development Zones
Abstract:
This article investigates the effect of industrial linkages on firm
performance in Chinese development zones, using Jiangsu province as a case
study. An ordered response model based on the dependent variable being
ordinal was developed. The empirical results reveal an insignificant
relationship between industrial linkages and firm performance. Our
interpretation of this finding mainly lies with the global and domestic
challenges that have changed the way participating firms operate and
organize in the development zones of Jiangsu. When many other economic
factors take precedence over industrial linkages in driving superior firm
performance, firms feel it less important to get closer to their suppliers
or customers, therefore weakening the impact of industrial linkages.
Although this article primarily focuses on development zones in Jiangsu
province, the findings and discussion will provide insights for other
development zones in China that may be, reviewing their development
strategies because most of them have similar development problems.
Journal: Chinese Economy
Pages: 78-105
Issue: 2
Volume: 44
Year: 2011
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5WHQ483526847X15
File-Format: text/html
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X-Bibl:
[ 1 Acemoglu, D.; P.
Aghion; C. Lelarge; J. Van Reenen; and F. Zilibotti. 2006. "Technology,
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and Collective Strategies in Small Firms: Environmental Effects and
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and J.-F. Thisse. 2002. >i>Economics of Agglomeration: Cities, Industrial
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12 Heij, C.; P. de Boer; P. Franses;
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in Business and Economics.>/i> New York: Oxford University
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2003. "Choice of Ownership Structure and Firm Performance: Evidence from
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15 Kato, T., and C. Long. 2004. "Executive
Compensation, Firm Performance, and Ownership Structure: An Empirical
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University. ] [ 16
Krugman, P. 1991. >i>Geography and Trade.>/i> Cambridge, MA: MIT
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Krugman, P. 1995. >i>Development, Geography, and Economic
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"Integration, Specialization, and Adjustment." >i>European Economic
Review>/i> 40, nos. 3-5: 959-67. ] [
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Performance? Evidence from US Public Firms." >i>International Journal of
the Economics of Business>/i> 16, no. 2: 189-203. ]
[ 20 Levy, B. 1991.
"Transaction Costs, the Size of Firms and Industrial Policy." >i>Journal
of Development Economics>/i> 34: 151-78. ] [
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M. Ismail. 2009. "Human Capital Development and Its Impact on Firm
Performance: Evidence from Developmental Economics." >i>Journal of
International Social Research>/i> 2, no. 8: 265-72. ]
[ 22 Marshall, A. 1890.
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[ 23 Mengistae, T. 2006.
"Competition and Entrepreneurs' Human Capital in Small Business Longevity
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Meyer-Stamer, J. 1999. "From Industrial Policy to Regional and
Local Location Policy: Experience from Santa Catarina/Brazil." >i>Bulletin
of Latin American Research>/i> 18, no. 4: 451-68. ]
[ 25 Miller, D. 1991. "Stale in
the Saddle: CEO Tenure and the Match Between Organization and
Environment." >i>Management Science>/i> 37, no. 1: 34-52.
] [ 26 Park, S. O.
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Parr, J. 1999. "Growth-Pole Strategies in Regional Economic
Planning: A Retrospective View. Part 1, Origins and Advocacy." >i>Urban
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28 Porter, M. 1990. >i>The Competitive
Advantages of Nation.>/i> Washington, DC: Free Press.
] [ 29 Powell, T. 1992.
"Organizational Alignment as Competitive Advantage." >i>Strategic
Management Journal>/i> 13, no. 2: 119-34. ] [
30 Rasiah, R. 1994. "Flexible
Production Systems and Local Machine-Tool Subcontracting: Electronics
Components Transnationals in Malaysia." >i>Cambridge Journal of
Economics>/i> 18: 279-98. ] [
31 Rong, X. 2004. "Research on China's Small
and Medium-Sized Enterprises' Cluster Development Model." >i>Chinese
Economy>/i> 37, no. 5: 7-18. ] [
32 Scott, A. 1987. "The Semiconductor
Industry in South-East Asia: Organization, Location and the International
Division of Labor." >i>Regional Studies>/i> 21, no. 2: 143-60.
] [ 33 Sonis, M.; G.
Hewings; and J. Guo. 2000. "A New Image of Classical Key Sector Analysis:
Minimum Information Decomposition of the Leontief Inverse." >i>Economic
Systems Research>/i> 12, no. 3: 401-23. ] [
34 Van Praag, M. 2003. "Business
Survival and Success of Young Small Business Owners." >i>Small Business
Economics>/i> 21: 1-17. ] [
35 Wong, S., and B. Tang. 2005. "Challenges
to the Sustainability of âDevelopment Zonesâ: A Case Study of
Guangzhou Development District, China." >i>Cities>/i> 22, no. 4:
303-16. ] [ 36
Zhao, Z., and K. H. Zhang. 2007. "China's Industrial
Competitiveness in the World." >i>Chinese Economy>/i> 40, no. 6:
6-23. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:2:p:78-105
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: China's Economic Growth, Industrial Sector, and Foreign Investment
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 44
Year: 2011
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J1766118222G0118
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:44:y:2011:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Sizhong Sun
Author-X-Name-First: Sizhong
Author-X-Name-Last: Sun
Title: Foreign Direct Investment and Technology Spillovers in China's Manufacturing Sector
Abstract:
This article explores the technology spillovers of foreign direct
investment (FDI) in China's manufacturing sector in 2003. Using a
simultaneous equation model estimated over a comprehensive firm-level data
set, we find that foreign direct investment in China generates significant
and positive technology spillovers to domestic firms, with a 1 percent
increase in foreign presence promoting labor productivity of domestic
firms by more than 5 percent. The substantial positive spillovers not only
justify, to some extent, China's FDI policy setting, but also indicate
that China is likely to continue to benefit from attracting more FDI
inflow in the future.
Journal: Chinese Economy
Pages: 25-42
Issue: 2
Volume: 44
Year: 2011
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K31N288401W1807T
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X-Bibl:
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Handle: RePEc:mes:chinec:v:44:y:2011:i:2:p:25-42
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Dong
Author-X-Name-First: Yan
Author-X-Name-Last: Dong
Author-Name: Kui-Wai Li
Author-X-Name-First: Kui-Wai
Author-X-Name-Last: Li
Author-Name: Dayong Zhang
Author-X-Name-First: Dayong
Author-X-Name-Last: Zhang
Title: Determinants of Chinese and American Outward Investment
Abstract:
The People's Republic of China can become an important and influential
player in the world through its overseas investments in developing
countries. This article examines and compares the determinants of Chinese
and American direct investment around the world. The cross-sectional
analysis is adopted for the years 2005 and 2006. Basic and improved
Sala-i-Martin extreme bound analyses are applied in searching for robust
determinants. The results suggest that distance, infrastructure
facilities, and energy reserves are important factors in attracting
investment from China and the United States. Institutional factors are not
robust determinants of China's outward direct investment, suggesting that
Chinese investors do not pay enough attention to institutional risks in
making investments.
Journal: Chinese Economy
Pages: 58-77
Issue: 2
Volume: 44
Year: 2011
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L5002P43713M4381
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Handle: RePEc:mes:chinec:v:44:y:2011:i:2:p:58-77
Template-Type: ReDIF-Article 1.0
Author-Name: Ricky W. F. Szeto
Author-X-Name-First: Ricky W. F.
Author-X-Name-Last: Szeto
Title: Economic and Business Development in China After the Financial Tsunami
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 3
Volume: 44
Year: 2011
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=575352N2121K2RJ8
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:44:y:2011:i:3:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Mark Ng
Author-X-Name-First: Mark
Author-X-Name-Last: Ng
Title: Economic Impact of the Photovoltaic Industry in China After the Financial Crisis of 2009
Abstract:
China's solar photovoltaic (PV) industry has developed rapidly in the past
decade and currently has the world's largest production capacity. However,
the Chinese domestic PV market accounts for less than 1 percent of
worldwide installation. This article highlights the uniqueness and major
benefits of PVs, discusses the impetus for the use of renewable energy,
compares national policies promoting the use of solar PV energy, and
examines the major barriers to the establishment of a domestic market. It
also discusses market changes and government policies since the financial
crisis in 2009 that have facilitated the development of the industry and
market. It concludes that the growth of the solar PV industry offers
social and economic benefits to the development of China.
Journal: Chinese Economy
Pages: 22-44
Issue: 3
Volume: 44
Year: 2011
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6147637117H2175X
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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"Wo guo guang fu chan ye fa zhan gai kuang ji si kao" (Major Thoughts on
the Development of Photovoltaic Industry of China). Paper presented at the
10th China Solar Conference and Exhibition in Changzhou, Jiangsu province,
September 19. ] [ 35
Zhao, Y. 2008. "2008 Report on Photovoltaic Industry
Development in China." In >i>Annual Report on China's New Energy
Industry>/i>, ed. L. Hejin and Z. Shaojin, 47-67. ]
[ 36 Zhao, Y.; S. Wang; W.
Wang; X. Li; Z. Liu; D. Qiu; S. Song; and R. Grant. 2007. >i>Report on the
Development of the Photovoltaic Industry in China (2006-2007).>/i> China
Renewable Energy Development Project. ] [
37 Zhao, Y.; D. Wu; and X. Li. 2006.
>i>The Status of Photovoltaic Industry and Market Development of
China.>/i> Available at >a target="_blank"
href='http://www.martinot.info/Zhao_et_al_GWREF2006.pdf'>www.martinot.info
/Zhao_et_al_GWREF2006.pdf>/a> ] [
38 Zhao, Z., and K. H. Zhang. 2007. "China's
Industrial Competitiveness in the World." >i>Chinese Economy>/i> 40, no.
6: 6-23. ] [ 39
Zheng, L.; Q. Huang; T. Lu; and W. Zhou. 2007. "The Process and
Problems of Industrialization and Urbanization in China." >i>Chinese
Economy>/i> 40, no. 1: 6-30. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:3:p:22-44
Template-Type: ReDIF-Article 1.0
Author-Name: Ricky W. F. Szeto
Author-X-Name-First: Ricky W. F.
Author-X-Name-Last: Szeto
Title: Sustainability of Conventional Sagacity Among Chinese Managers
Abstract:
Western capitalist ideas brought in by China's economic reforms may be
undermining the place of traditional Confucian values in China's business
dealings. This article examines whether the traditional folk wisdom and
mores handed down in Chinese families have any effect on ethical decisions
and behavior of Chinese managers in the aftermath of the financial tsunami
of 2008. A survey of practicing Chinese business managers found that
traditional Chinese values still have a hold on their ethical behavior and
thought. A model displays the formal influence of Chinese folk wisdom on
ideas of corporate social responsibility and corporate governance. The
findings should be of particular importance in inducing the Western world
to change its view of the Chinese approach to economic development and the
effectiveness of the Chinese mode of business operations in countering the
adverse effects of the financial tsunami.
Journal: Chinese Economy
Pages: 5-21
Issue: 3
Volume: 44
Year: 2011
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D0714912J2366144
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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www.phileconsociety.org/portals/0/eaea11/eaea-p01c-sung.pdf>/a>
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Capitalism in a Global Era: Toward Hybrid Capitalism.>/i> New York:
Routledge. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:3:p:5-21
Template-Type: ReDIF-Article 1.0
Author-Name: Thomas W. K. Yuen
Author-X-Name-First: Thomas W. K.
Author-X-Name-Last: Yuen
Author-Name: Mark Greene
Author-X-Name-First: Mark
Author-X-Name-Last: Greene
Title: Impact of the Recent Financial Crisis on Subjective Perceptions of the Economy
Abstract:
This article documents the impact of the recent financial crisis on
subjective well-being in three Chinese metropolitan areas in tandem with
public perceptions of the economy. Using e-mail and telephone calls, 1,255
respondents were interviewed in Hong Kong, 84 in Guangdong, and 69 in
Beijing. As an international financial center, more than 90 percent of
Hong Kong's economy relies on the service sector. Guangdong is the world's
industrial center with a large proportion of its economy dedicated to
industrial and manufacturing pursuits. Beijing is the political and
cultural capital of China. Some argue that China's economic restrictions
have served as a firewall against the harmful effects of the global
financial crisis. Comparing data from the three areas of focus, this
article found that Hong Kong and Guangdong exhibit similar patterns of
subjective perceptions about the economy in sharp contrast to those
observed in Beijing.
Journal: Chinese Economy
Pages: 45-58
Issue: 3
Volume: 44
Year: 2011
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=EU502732R18523U3
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Abeysekera, I. 2008.
"Intellectual Capital Disclosure Trends: Singapore and Sri Lanka."
>i>Journal of Intellectual Capital>/i> 9, no. 4: 723-37.
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Chen Y.; S. Q. Lin; Y. Wei; H. L. Gao; and Z. L. Wu. 2007.
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Menopausal Women in China." >i>Gynecological Endocrinology>/i> 23, no. 3:
166-72. ] [ 8
Chin G., and E. Helleiner. 2008. "China as a Creditor: A Rising
Financial Power?" >i>Journal of International Affairs>/i> 62, no. 1:
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13 Liao, P.S; Y. C. Fu; and C. C. Yi.
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>i>Chinese Economy>/i> 40, no. 1: 6-30. ] [
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"Development of Consumer Behavior Patterns Among Chinese Children."
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Economy>/i> 40, no. 4: 70-78. ] [
21 SinoCast China Business Daily News. 2009.
"Beijing CBD Buildings Rent Down Due to Economic Recession." >i>Daily
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22 Seneviratne, K. 2008. "The Global
Financial Crisis âDecolonizedâ Asians Minds." >i>Noticias
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41, no. 4: 54. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:3:p:45-58
Template-Type: ReDIF-Article 1.0
Author-Name: Shu-kam Lee
Author-X-Name-First: Shu-kam
Author-X-Name-Last: Lee
Author-Name: Kai-yin Woo
Author-X-Name-First: Kai-yin
Author-X-Name-Last: Woo
Author-Name: Raymond W. M. Yeung
Author-X-Name-First: Raymond W. M.
Author-X-Name-Last: Yeung
Title: Impact of the Financial Tsunami on the Convergence of the Consumer Price Index in China
Abstract:
This article adopts a time-varying parameter model to investigate whether
the economic downturn has affected convergence of the consumer price
index. The dynamic patterns of the intranational purchasing-power parity
coefficients in mainland China before and after the financial tsunami are
found to differ, indicating that the convergence has indeed been adversely
affected by the downturn.
Journal: Chinese Economy
Pages: 71-83
Issue: 3
Volume: 44
Year: 2011
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F76T5204G1380328
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Ahlstrom, D., and G. D.
Bruton. 2001. "Learning from Successful Local Private Firms in China:
Establishing Legitimacy." >i>Academy of Management Executive>/i> 15, no.
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"Distribution and Logistics Development in China: The Revolution Has
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16 Kim, C. J., and C. R. Nelson. 1999.
>i>State-Space Models with Regime Switching: Classical and Gibbs-Sampling
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20 Lee, S. K.; K. Y. Woo; and W. M.
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22 Li, S. T., and F. Zhai. 2002. "China's
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23 McKinnon, R. I. 1963. "Optimal Currency
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25 Poncet, S. 2005. "A Fragmented China:
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"How Far Will International Economic Integration Go?" >i>Journal of
Economic Perspectives>/i> 14, no. 1: 177-86. ]
[ 27 Woo, K. Y., and S. K. Lee.
2009. "Detecting Intra-National PPP Model in China: A Median-Unbiased
Estimation Approach." >i>Economic Modelling>/i> 26, no. 5:
1029-32. ] [ 28
Wright, P. C.; W. F. Szeto; and S. K. Lee. 2003. "Ethical
Perceptions in China: The Reality of Business Ethics in an International
Context." >i>Management Decision>/i> 41, no. 2: 180-89.
] [ 29 Xu, X. 2002.
"Have the Chinese Provinces Become Integrated Under Reform?" >i>China
Economic Review>/i> 13: 116-33. ] [
30 Yeung, H. W. 2000. "Local Politics and
Foreign Ventures in China's Transitional Economy: The Political Economy of
Singaporean Investments in China." >i>Political Geography>/i> 19, no. 7:
809-40. ] [ 31
Yin, X. 2003. "Regional Integration in China: Incentive,
Pattern, and Growth." Paper presented at the Hong Kong meeting on Economic
Demography, December 15-16, Hong Kong Institute of Economics and Business
Strategy. Available at >a target="_blank"
href='http://www.hiebs.hku.hk/events_updates/pdf/yinxiaopeng.pdf'>www.hieb
s.hku.hk/events_updates/pdf/yinxiaopeng.pdf>/a> ]
[ 32 Young, A. 2000. "The Razor's
Edge: Distortions and Incremental Reform in the People's Republic of
China." >i>Quarterly Journal of Economics>/i> 115, no. 4:
1091-135. ] [ 33
Zhou, M. 2009. "Beijing's Free-Trade Pledge Undermined."
>i>South China Morning Post>/i> (March 4). ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:3:p:71-83
Template-Type: ReDIF-Article 1.0
Author-Name: Lubanski Lam
Author-X-Name-First: Lubanski
Author-X-Name-Last: Lam
Title: Changes in Real Estate Investment in China After the Financial Tsunami
Abstract:
This article examines the measures taken by the Chinese government in the
real estate sector from 2005 to the first quarter of 2009 in order to get
a better understanding of related policy developments. A multivariate
regression analysis was performed to determine the effect of such
measures, especially credit control, on growing real estate development
investments after the financial tsunami. The results indicate that
adjusting the money supply in order to influence interest rates could be
more effective than long-term measures such as land supply or
administrative policies. Importantly, the study concludes that interest
rates are market measures that allow the economy to adjust more freely
without building up bubbles again, as opposed to mandatory and
interventionist government policies.
Journal: Chinese Economy
Pages: 59-70
Issue: 3
Volume: 44
Year: 2011
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X3770QU907Q63L11
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Fung, H. G.; A. G.
Huang; Q. W. Liu; and M. X. Shen. 2006. "The Development of the Real
Estate Industry in China." >i>Chinese Economy>/i> 39, no. 1:
84-102. ] [ 2
Gujarati, D. N., and D. Porter. 2009. >i>Basic Econometrics>/i>,
5th ed. New York: McGraw-Hill. ] [
3 Hui, E. C-M. 2004. "An Empirical Study of
the Effects of Land Supply and Lease Conditions on the Housing Market: A
Case of Hong Kong." >i>Journal of Property Management>/i> 22, no. 2:
127-54. ] [ 4
Kim, K-H, and H. S. Lee. 2000. "Real Estate Price Bubbles and
Price Forecasts in Korea." Proceedings of 5th AsRES Conference.
Beijing. ] [ 5
Kim, K-H, and S. H. Suh. 1993. "Speculation and Price Bubbles in
the Korean and Japanese Real Estate Markets." >i>Journal of Real Estate
Finance and Economics>/i> 6, no. 1: 73-87. ]
[ 6 Peng, R., and W. C. Wheaton.
1994. "Effects of Restrictive Land Supply on Housing in Hong Kong: An
Econometric Analysis." >i>Journal of Housing Research>/i> 5, no. 2:
263-91. ] [ 7
Shen, Y.; E. Hui; and H. Liu. 2005. "Housing Price Bubbles in
Beijing and Shanghai." >i>Management Decision>/i> 43, no. 4:
611-27. ] [ 8
Wu, C. 2008. "Government Support Continues But Outlook Remains
Uncertain." >i>Hong Kong/China Flash Looks, DBS Vickers Securities>/i>
(December 18): 1-2. ] [ 9
Ye, J.; D. Wu; and J. Wu. 2006. "A Study on the Chinese
Housing Policy During Social Transition Practice and Development."
>i>Housing Finance International>/i> 20, no. 3: 50-58.
] [ 10 Zhang, H. 2008.
"Effects of Urban Land Supply Policy on Real Estate in China: An
Econometric Analysis." >i>Journal of Real Estate Literature>/i> 16, no. 1:
55-67. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:3:p:59-70
Template-Type: ReDIF-Article 1.0
Author-Name: Che-cheong Poon
Author-X-Name-First: Che-cheong
Author-X-Name-Last: Poon
Author-Name: Fuk-kin Wong
Author-X-Name-First: Fuk-kin
Author-X-Name-Last: Wong
Title: China's Monetary Policy and Its Transmission Mechanisms Before and After the Financial Tsunami
Abstract:
Since 2000 the Chinese economy has consistently maintained its rapid
growth momentum. It has recently also experienced a high degree of
volatility that is mainly due to overheating and shock absorbed from the
2008 global financial tsunami. In light of the economic instability
derived from the financial tsunami, this article examines empirical
evidence regarding the effectiveness of China's monetary policy to dampen
the swing of economic cycles. Using the vector autoregression (VAR) model,
it concludes that a traditional Keynesian interest-rate channel was
China's major monetary transmission mechanism before the financial
tsunami, but afterward it changed to an asset-price channel.
Journal: Chinese Economy
Pages: 84-108
Issue: 3
Volume: 44
Year: 2011
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y3215V61W6438277
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Britton, E., and J.
Whitley. 1997. "Comparing the Monetary Transmission Mechanism in France,
Germany and the United Kingdom: Some Issues and Results." >i>Bank of
England Quarterly Bulletin>/i> 37, no. 2 (May). ]
[ 2 Chen, Ch.-Hs. 2002. "Interest
Rates, Savings and Income in the Chinese Economy." >i>Journal of Economic
Studies>/i> 29, no. 1. ] [
3 Dai, G. 2003. "Official's Elucidation on
China's Reform of Interest Rates Marketization." >i>People's Daily>/i>
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of China (PBC). 2004. >i>China Statistical Yearbook.>/i> Beijing: China
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Consumer Credit Sector Expansion and Monetary Transmission Mechanism: What
Should China's Central Bank Do?" >i>Journal of Chinese Political
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Between FDI and Economic Growth in China." >i>Chinese Economy>/i> 40, no.
6: 68-82. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:3:p:84-108
Template-Type: ReDIF-Article 1.0
Author-Name: Kui-Wai Li
Author-X-Name-First: Kui-Wai
Author-X-Name-Last: Li
Title: Rising China in International Trade and the Progress of Economic Integration
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 4
Volume: 44
Year: 2011
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1675P884T32JK5N0
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Dong, Yan; K.-W. Li;
and D. Zhang. 2011. "Comparing the Determinants of Outward Investment from
China and the United States." >i>Chinese Economy>/i> 44, no. 2:
58-77. ] [ 2
Li, J.-W. 2009. "China's Total Factor Productivity Estimates by
Region, Investment Sources and Ownership." >i>Economic Systems>/i> 33:
213-30. ] [ 3
Li, K.-W., and S. Bender. 2007. "Productivity and Manufacture
Export Causality Among World Regions: 1989-1999." >i>International Trade
Journal>/i> 21, no. 2:121-59. ] [
4 Li, K.-W.; L. Yun; and G.C.S. Liu. 2009.
"Economic Performance of Human Capital in Post-Reform China." >i>Chinese
Economy>/i> 42, no. 1: 40-61. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:4:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Letizia Montinari
Author-X-Name-First: Letizia
Author-X-Name-Last: Montinari
Author-Name: Giorgio Prodi
Author-X-Name-First: Giorgio
Author-X-Name-Last: Prodi
Title: China's Impact on Intra-African Trade
Abstract:
The role of China as a trading partner of sub-Saharan Africa is assessed
using data on bilateral trade from the International Monetary Fund
(1999-2007) and a gravity model. Trade with China is found to affect the
intra-African market in different ways at different levels of China-Africa
exports. Interaction variables are used to disentangle two opposite
patterns: sub-Saharan Africa's exports to China have a negative effect on
intra-African trade at higher levels of the trade between China and
sub-Saharan Africa and a positive effect at lower levels. Oil-exporting
countries, China's biggest African trading partners, tend to isolate
themselves from the internal African market as their exports to China
increase. Conversely, a rise in exports to China from non-oil-exporting
countries increases intra-African trade, probably due to a wealth effect.
Intra-African market performance is briefly analyzed as a robustness check
on the data. The results are interesting, especially those concerning the
differences in trade determinants between oil-exporting and
non-oil-exporting sub-Saharan countries.
Journal: Chinese Economy
Pages: 75-91
Issue: 4
Volume: 44
Year: 2011
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7N60KR7037283565
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X-Bibl:
[ 1 Anderson, J.E. 1979. "A
Theoretical Foundation for the Gravity Equation." >i>American Economic
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6: 6-23. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:4:p:75-91
Template-Type: ReDIF-Article 1.0
Author-Name: Kun-Ming Chen
Author-X-Name-First: Kun-Ming
Author-X-Name-Last: Chen
Author-Name: Hsiu-Hua Rau
Author-X-Name-First: Hsiu-Hua
Author-X-Name-Last: Rau
Author-Name: Ru-Lin Chiu
Author-X-Name-First: Ru-Lin
Author-X-Name-Last: Chiu
Title: Determinants of China's Exports to the United States and Japan
Abstract:
Quarterly panel data on seventy-one industries from 1999 to 2007 are used
to estimate China's exports with a view to exploring the driving forces
behind China's remarkable export growth, particularly to the United States
and Japan. The results indicate that there are some similarities and
differences between the determinants of China's exports to these two
countries. For example, an appreciation in the real exchange rate of the
renminbi tends to have a significant negative impact on China's exports to
both countries. However, the impact is much greater on Sino-U.S. trade
than on Sino-Japanese trade due to China's higher dependence on Japan's
intermediate goods. Empirical evidence also reveals that differences in
income elasticities and economic growth rates might account for the more
rapid increase in China's exports to the United States than to Japan.
Journal: Chinese Economy
Pages: 19-41
Issue: 4
Volume: 44
Year: 2011
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=AK08702T66J2T750
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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[ 23 Rahman, M., and W.
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26 Xing, Y. 2007. "Foreign Direct Investment
and China's Bilateral Intra-industry Trade with Japan and the US."
>i>Journal of Asian Economics>/i> 18, no. 4: 685-700.
] [ 27 Zhang, K.H.
2007. "International Production Networks and Export Performance in
Developing Countries: Evidence from China." >i>Chinese Economy>/i> 40, no.
6: 83-96. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:4:p:19-41
Template-Type: ReDIF-Article 1.0
Author-Name: Kui-Wai Li
Author-X-Name-First: Kui-Wai
Author-X-Name-Last: Li
Author-Name: Tung Liu
Author-X-Name-First: Tung
Author-X-Name-Last: Liu
Author-Name: Hoi Kuan Lam
Author-X-Name-First: Hoi Kuan
Author-X-Name-Last: Lam
Author-Name: Liang Wang
Author-X-Name-First: Liang
Author-X-Name-Last: Wang
Title: Economic Integration of Mainland China and the Hong Kong SAR
Abstract:
Since 1997, when the political sovereignty of Hong Kong reverted to China,
the integration of the two economies has steadily increased. This article
examines the economic and institutional differences between mainland China
and Hong Kong, and considers the spillover benefits for the provinces
adjacent to Hong Kong. The economic and productivity growth of mainland
China and Hong Kong are decomposed into four attributes: input growth,
adjusted scale effect, technical progress, and efficiency growth. A
stochastic frontier model is used to estimate the growth attributes, and a
human capital variable is incorporated in the production function. The
empirical study compares the growth, productivity, and efficiency
performance of mainland China and Hong Kong.
Journal: Chinese Economy
Pages: 92-114
Issue: 4
Volume: 44
Year: 2011
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B753754G1726N551
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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Chu. 1968. "On Estimating the Industry Production Function." >i>American
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]
Handle: RePEc:mes:chinec:v:44:y:2011:i:4:p:92-114
Template-Type: ReDIF-Article 1.0
Author-Name: Donald J. S. Brean
Author-X-Name-First: Donald J. S.
Author-X-Name-Last: Brean
Title: Middle Kingdom
Abstract:
China's newfound place of power and influence on the world stage means
that it is now a formidable economic force and an emerging global
political influence. China has assumed a leading position in dealing with
the challenge of climate change. These three concernsâeconomics,
politics, and the future of the physical world as we know itâare
addressed from the perspective of the Western view of China's role. Each
of the three dimensions incorporates the idea of "balance" in the Taoist
sense of the word, encompassing thoughtful adjustment and harmony. At the
moment, there are identifiable straining imbalances in the world as a
whole, and China in particular, in economics, politics, and the pursuit of
a healthier planet. Some promising directions to restore order are
suggested.
Journal: Chinese Economy
Pages: 7-18
Issue: 4
Volume: 44
Year: 2011
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H6L42302T24L06R2
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bao, S.; O.B.
Bodvarsson; J.W. Hou; and Y. Zhao. 2009. "Migration in China from
1985-2000." >i>Chinese Economy>/i> 42, no. 4: 7-28. ]
[ 2 Li, J. 2007. "The rise of
the Renminbi in Asia: Cost-benefit Analysis and Road Map." >i>Chinese
Economy>/i> 40, no. 4: 29-43. ] [
3 Li, Y., and J. Yin. 2007. "High savings
and high investment during the labor transfer process and economic growth
in China." >i>Chinese Economy>/i> 40, no. 1: 61-91. ]
[ 4 Liang, Y. 2008. "Why are
China's exports special? The role of FDI, regional trade and government
policies." >i>Chinese Economy>/i> 41, no. 6: 99-118. ]
[ 5 Liu, T. 2008. "Impact of
regional trade agreement on Chinese foreign direct investment." >i>Chinese
Economy>/i> 41, no. 5: 68-102. ] [
6 Lu, H., and Sh. Song. 2006. "Rural
migrants' perceptions of public safety protections in urban China: the
case of Tianjin." >i>Chinese Economy>/i> 39, no. 3: 26-41.
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Chen. 2006. "Urbanization, urban-based policies, and urban-rural
inequality in China, 1987-2001." >i>Chinese Economy>/i> 39, no. 3:
42-63. ] [ 8
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problems of industrialization and urbanization in China: the status of the
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9 Stern, Nicholas. 2006. >i>Review on
the Economics of Climate Change>/i>. London School of Economics,
October. ] [ 10
Wang, Y. 2007. "On the relationship between overseas direct
investment and trade." >i>Chinese Economy>/i> 40, no. 4: 55-69.
] [ 11 Zhang, K.H.
2009. "Capital markets, industrial development, and the role of China in
the world economy." >i>Chinese Economy>/i> 42, no. 6: 3-6.
]
Handle: RePEc:mes:chinec:v:44:y:2011:i:4:p:7-18
Template-Type: ReDIF-Article 1.0
Author-Name: Bianka Dettmer
Author-X-Name-First: Bianka
Author-X-Name-Last: Dettmer
Author-Name: Fredrik Erixon
Author-X-Name-First: Fredrik
Author-X-Name-Last: Erixon
Author-Name: Andreas Freytag
Author-X-Name-First: Andreas
Author-X-Name-Last: Freytag
Author-Name: Pierre-Olivier Legault Tremblay
Author-X-Name-First: Pierre-Olivier Legault
Author-X-Name-Last: Tremblay
Title: Dynamics of Structural Change
Abstract:
Sino-European trade relations have affected Europe's bilateral comparative
advantages over time. The change in bilateral trade is compared to the
overall development of European trade to highlight the features of China's
structural change. China is shown to be increasingly specializing in
technology-intensive goods. The changes in the European Union's trade with
China are stronger than the changes in its overall trade pattern. Based on
technologically intensive production, focus is placed on China's
integration into the worldwide value-added chain since intra-industry
trade has become more prevalent in bilateral trade relations with China.
Consideration of research-intensive Schumpeter goods finds that trade
expansion between 1999 and 2008 was, to a great extent, of the
intra-industry type. This has important implications for labor market
adjustment costs in different industries.
Journal: Chinese Economy
Pages: 42-74
Issue: 4
Volume: 44
Year: 2011
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J62747GR47570558
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Handle: RePEc:mes:chinec:v:44:y:2011:i:4:p:42-74
Template-Type: ReDIF-Article 1.0
Author-Name: Richard C. K. Burdekin
Author-X-Name-First: Richard C. K.
Author-X-Name-Last: Burdekin
Author-Name: Ran Tao
Author-X-Name-First: Ran
Author-X-Name-Last: Tao
Title: An ABC Guide to Provincial Lending Patterns in China
Abstract:
Given its nonperforming loan ratio of over 20 percent in 2007 and its
concentration on poorer areas, the Agricultural Bank of China (ABC) seemed
an unlikely candidate for a successful initial public offering. The major
capital injection the bank received in November 2008 was preceded by signs
of a reduced proclivity to lend to loss-making state-owned enterprises
over the 1998-2007 sample period, however. Despite some evidence of
redistributive lending practices, ABC's prospects may not be any worse
than those of the other big state-owned banks that undertook IPOs from
2005 to 2006.
Journal: Chinese Economy
Pages: 34-54
Issue: 5
Volume: 44
Year: 2011
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=05U047077674H663
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Agricultural Bank of
China Web site. Available at >a target="_blank"
href='http://www.abchina.com'>www.abchina.com>/a> ]
[ 2 >i>Almanac of China's
Finance and Banking.>/i> various years. Beijing. ]
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5 Barth, J.R.; Zh. Zhou; D.W. Arner; B.F.C.
Hsu; and W. Wang. 2007. >i>Financial Restructuring and Reform in Post-WTO
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Burdekin, R.C.K., and E. Kochanowicz. 2008. "WTO Challenges
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7 Burdekin, R.C.K., and R. Tao. 2008.
"China's State-Owned Banks' Lending Practices, 1994-2005: Empirical Tests
and Policy Implications." >i>Open Economics Journal>/i> 1:
14-24. ] [ 8
Burdekin, R.C.K., and R. Tao. 2009. "The Evolution of
Bank-Lending Patterns in China: A Post-1994 Province-by-Province
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Commercialization to WTO Accession: What Lies Ahead for China's Banking
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Beijing: Social Sciences Academic Press (in Chinese).
]
Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:34-54
Template-Type: ReDIF-Article 1.0
Author-Name: Congsheng Wu
Author-X-Name-First: Congsheng
Author-X-Name-Last: Wu
Title: Economic Freedom, Economic Growth, and China
Abstract:
Cross-country data and the Index of Economic Freedom show that
improvements in economic freedom are associated positively with real gross
domestic product (GDP) growth, a finding at odds with the situation in
China. The Chinese economy grew about 10 percent per year during the
sample period, but its rapid economic growth was accompanied by a
relatively undeveloped legal and financial system, lack of economic
freedom, and a high level of corruption. China's rating for economic
freedom is regularly below the world average and has not improved over
time. Ranked only 124th in the 2008 Index of Economic Freedom, China seems
to be an exception to the rule in the realms of law, institutions,
economic freedom, and economic growth.
Journal: Chinese Economy
Pages: 104-119
Issue: 5
Volume: 44
Year: 2011
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=281P3T2719321083
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
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Political Economy of High and Low Growth." >i>Annual World Bank Conference
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Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:104-119
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Financial Markets and Sustainable Growth
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 5
Volume: 44
Year: 2011
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7122115584112110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Haifeng Guo
Author-X-Name-First: Haifeng
Author-X-Name-Last: Guo
Author-Name: Robert Brooks
Author-X-Name-First: Robert
Author-X-Name-Last: Brooks
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Underpricing of Chinese Initial Public Offerings
Abstract:
This article discusses the initial public offerings (IPO) market in China
and reviews the literature on IPO underpricing. A variety of reasons for
underpricing are examined, including information asymmetry, ex ante
uncertainty, signaling hypothesis, ownership dispersion, and market
feedback. Other features of the Chinese market, such as inequality of
supply and demand, allocation mechanisms, ownership structure, and market
sentiment, are also considered in explaining the high level of
underpricing in China.
Journal: Chinese Economy
Pages: 72-85
Issue: 5
Volume: 44
Year: 2011
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=970Q5565751745W7
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Cai, B.; C. Cai; and K.
Keasey. 2006. "Which Trades Move Prices in Emerging Markets? Evidence from
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ington.ufl.edu/ritter/pbritter.htm>/a> ] [
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Market Cycles: Bubbles or Sequential Learning?" >i>Journal of Finance>/i>
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32 Yu, T., and Y. Tse. 2006. "An Empirical
Examination of IPO Underpricing in the Chinese A-Share Market." >i>China
Economic Review>/i> 17: 363-82. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:72-85
Template-Type: ReDIF-Article 1.0
Author-Name: Zhong-guo Zhou
Author-X-Name-First: Zhong-guo
Author-X-Name-Last: Zhou
Author-Name: Janet Zhou
Author-X-Name-First: Janet
Author-X-Name-Last: Zhou
Title: Chinese IPO Market Cycles
Abstract:
A sample of 1,376 Chinese A-share initial public offerings (IPOs) from
1992 to 2005 is used to examine the relationship between monthly IPO
volume and average initial returns. The two series are highly auto- and
cross-correlated, with average initial returns leading IPO volume.
However, the unit root test and Granger causality test reject the
hypotheses that unit roots exist for both series and that there is a
direct causal relation between them. Further analysis reveals that monthly
IPO volume follows an AR(1) process, while average initial returns follow
an ARMA(1, 1) process. A VAR model with ARMA specification in residuals
finds that the lagged average initial returns have a positive impact on
IPO volume, implying that more firms file for IPOs after high average
initial returns in the Chinese IPO market. The lead-time is around six to
nine months.
Journal: Chinese Economy
Pages: 55-71
Issue: 5
Volume: 44
Year: 2011
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=GGU4057V635RN371
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:55-71
Template-Type: ReDIF-Article 1.0
Author-Name: Andrew H. Chen
Author-X-Name-First: Andrew H.
Author-X-Name-Last: Chen
Author-Name: Jennifer Warren
Author-X-Name-First: Jennifer
Author-X-Name-Last: Warren
Title: Sustainable Growth for China
Abstract:
The world's economic system and ecosystem have everything to gain by
teasing apart the issues related to infrastructure and climate change in
China. If China is to sustain its economic growth and improve its living
standards over the next several decades, huge sums of capital will be
needed to finance green infrastructure in energy and water. While
cooperative approaches between government and the private sector are
necessary, global capital markets can vet infrastructure projects and
technologies to finance green infrastructure. The BOT and PPP approaches
to financing infrastructure projects in China, based on "contract
finance," have serious shortcomings. A more modern approach, based on
"market finance," can raise the capital required for green infrastructure
projects without creating undesirable consequences.
Journal: Chinese Economy
Pages: 86-103
Issue: 5
Volume: 44
Year: 2011
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H65V71792747408V
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
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Future." >i>Far Eastern Economic Review>/i> (December).
] [ 26 Water and
Climate Coalition. 2010. "Water and Climate Change Towards COP-16."
Statement to the UNFCCC negotiations, Bonn, June. ]
[ 27 Zhang, Linxiu; Renfuo Luo;
Chengfang Liu; and Scott Rozelle. 2006. "Investing in Rural China."
>i>Chinese Economy>/i> 39, no. 4 (July/August): 57-84.
] [ 28 Zmarak, Sh.
2006. "Addressing China's Growing Water Shortages and Associated Social
and Environmental Consequences." Working Paper no. 3895 (April). World
Bank Policy Research. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:86-103
Template-Type: ReDIF-Article 1.0
Author-Name: Andrew H. Chen
Author-X-Name-First: Andrew H.
Author-X-Name-Last: Chen
Author-Name: Sumon C. Mazumdar
Author-X-Name-First: Sumon C.
Author-X-Name-Last: Mazumdar
Author-Name: Rahul Surana
Author-X-Name-First: Rahul
Author-X-Name-Last: Surana
Title: China's Corporate Bond Market Development
Abstract:
A review of recent developments in the Chinese bond market shows that
China's private debt market, an important source of financing to foster
economic growth, remains relatively small despite recent reforms.
Investors at an information disadvantage demand a risk premium to lend
money (i.e., buy bonds) and may ultimately refuse to do so (i.e., ration
credit). Possible regulatory reforms to mitigate this information lacuna
include suitable bankruptcy and insolvency rules, securities laws, rules
governing credit-rating agencies, and market measures (e.g., appropriately
regulated credit-derivative market and/or event-risk provisions in bond
indentures).
Journal: Chinese Economy
Pages: 6-33
Issue: 5
Volume: 44
Year: 2011
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P36694132874J821
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bicksler, J.L., and
A.H. Chen. 1992. "Pricing Corporate Debt with Event-Risk Provisions."
>i>International Review of Financial Analysis>/i> 1, no. 1:
51-63. ] [ 2
Bottelier, P. 2007. "China's Emerging Domestic Debt Markets."
>i>China Brief>/i> 7, no. 6 (April 13). ] [
3 Bottelier, P. 2008. "Is a Commercial
Corporate Bond Market in China Finally Emerging?" >i>China Brief>/i> 8,
no. 18 (September 22). ] [
4 Caballero, R.J. 2009. "Sudden Financial
Arrest." Mundell-Fleming Lecture presented at the Tenth Jacques Polak
Annual Research Conference, Washington, DC, November 5-6.
] [ 5 Caballero, R.J.,
and A. Simsek. 2009. "Complexity and Financial Panics." Mimeograph. MIT
(June). ] [ 6
Chinabond. 2009. >i>Annual Review of China's Bond Market.>/i>
Bond Information Department, China Government Securities Depository Trust
and Clearing Co. Ltd. ] [
7 Diamond, D.W. 1993. "Seniority and
Maturity of Debt Contracts." >i>Journal of Financial Economics>/i> 33, no.
3: 341-68. ] [ 8
Ghatak, M., and T. Guinnane. 1999. "The Economics of Lending
with Joint Liability: Theory and Practice." >i>Journal of Development
Economics>/i> 60: 195-228. ] [
9 Goodfriend, M. 2006. "Why a Corporate Bond
Market: Growth and Direct Finance." Bank for International Settlements
(BIS) Papers, no. 26 (February): 22-23. ] [
10 Greenspan, A. 1999. "Do Efficient
Financial Markets Mitigate Financial Crises?" Remarks Before the 1999
Financial Markets Conference of the Federal Reserve Bank of Atlanta, Sea
Island, Georgia (October 19). Available at >a target="_blank"
href='http://www.federalreserve.gov/boarddocs/speeches/1999/19991019.htm'>
www.federalreserve.gov/boarddocs/speeches/1999/19991019.htm>/a>
] [ 11 Guonan M.;
E. Remolona; and He Jianxiong. 2006. "Developing Corporate Bond Mar kets
in Asia: A Synopsis of the Kunming Discussions." Bank for International
Settlements (BIS) Papers, no. 26 (February): 1-10. ]
[ 12 Haldane, A.G. 2009.
"Rethinking the Financial Network." Speech delivered at the Financial
Student Association, Amsterdam. ] [
13 Harris, L. 2003. >i>Trading and
Exchanges.>/i> Oxford: Oxford University Press. ]
[ 14 KPMG. 2007. "Rise of China's
Capital Markets." KPMG International. ] [
15 Leland, H.E., and K.B. Toft. 1996.
"Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure
of Credit Spreads." >i>Journal of Finance>/i> 51, no. 3 (July):
987-1019. ] [ 16
Lo, W., and M.C.M. Ng. 2009. "Banking Reform and Corporate
Governance." >i>Chinese Economy>/i> 42, no. 5 (September/October):
21-39. ] [ 17
Merton, R. 1974. "On the Pricing of Corporate Debt: The Risk
Structure of Interest Rates." >i>Journal of Finance>/i> 29:
449-70. ] [ 18
Mu, H. 2006. "The Development of China's Bond Market." Bank for
International Settlements (BIS) Papers, no. 26 (February):
56-60. ] [ 19
Myers, S., and N. Majluf. 1984. "Corporate Financing and
Investment Decisions When Firms Have Information That Investors Do Not
Have." >i>Journal of Financial Economics>/i> 13, no. 2 (June):
187-221. ] [ 20
Sundaresan, S. 2006. "Developing Multiple Layers of Financial
Intermediation: The Complementary Roles of Corporate Bond Markets and
Banks." Bank for International Settlements (BIS) Papers, no. 26
(February): 24-30. ] [ 21
World Bank. 2009. Washington, DC: World Bank. Available
at >a target="_blank"
href='http://data.worldbank.org/indicator/cn.mkt.lcap.gd.zs'>http://data.w
orldbank.org/indicator/cn.mkt.lcap.gd.zs>/a> ]
[ 22 Zeng, L. 2009. "Chinese Bond
MarketsâAn Introduction." Working Paper, Standard & Poor's
(March). ] [ 23
Zhang, G., and R. Smyth. 2009. "An Emerging Credit-Reporting
System in China." >i>Chinese Economy>/i> 42, no. 5 (September/October):
40-57. ] [ 24
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Development in China and Europe and the Enlightenment." >i>Review of
European Studies>/i> 1, no. 1: 35-38. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:5:p:6-33
Template-Type: ReDIF-Article 1.0
Author-Name: Lih Ru Chen
Author-X-Name-First: Lih Ru
Author-X-Name-Last: Chen
Author-Name: Gene C. Lai
Author-X-Name-First: Gene C.
Author-X-Name-Last: Lai
Title: The Chinese Insurance Market and the WTO
Abstract:
An overview of the insurance market in China is provided, with a special
focus on issues associated with China's accession to the WTO. Despite the
rapid growth of China's insurance industry, its insurance market remains
relatively underdeveloped. After China's accession to the WTO, the average
efficiency of domestic insurers increased. Opening the market to foreign
insurers helped to make domestic insurance companies and the national
economy more efficient and improved social welfare.
Journal: Chinese Economy
Pages: 6-14
Issue: 6
Volume: 44
Year: 2011
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=77X211143007040Q
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Chen, B.; M.R. Powers;
and J. Qiu. 2009. "Life-insurance Efficiency in China: A Comparison of
Foreign and Domestic Firms." >i>China & World Economy>/i> 17, no. 6:
43-63. ] [ 2
China Insurance Regulatory Commission [CIRC]. 2009. "Summary of
the Insurance Industry in China." >i>China Insurance
Yearbook>/i>. ] [ 3
China Insurance Regulatory Commission [CIRC]. 2010. "2009 Year
End Results." Available at >a target="_blank"
href='http://www.circ.gov.cn/web/site0/tab61'>http://www.circ.gov.cn/web/s
ite0/tab61>/a> ] [ 4
D'Arcy, S.P., and H. Xia. 2003. "Insurance and China's Entry
into the WTO." >i>Risk Management & Insurance Review>/i> 6:
7-25. ] [ 5
Horssen, van, Rob. 2008. "Large Losses Do HappenâAlso in
China." >i>Insurance Issues Asia>/i> (June) [Shanghai: Cologne Reinsurance
Company plc]. Available at >a target="_blank"
href='http://www.genre.com/sharedfile/pdf/InsuranceIssuesAsia200806-en.pdf
'>http://www.genre.com/sharedfile/pdf/InsuranceIssuesAsia200806-en.pdf>/a>
] [ 6
Lai, G.C. 2002. "The Future Direction of the Chinese Insurance Industry
After China Enters the WTO." >i>China & World Economy>/i> 4:
50-58. ] [ 7
Leverty, J. Tyler; Y. Lin; and H. Zhou. 2009. "WTO and the
Chinese Insurance Industry." >i>Geneva Papers on Risk & Insurance>/i> 34,
no. 3: 440-65. ] [ 8
National Bureau of Statistics [NBS]. 2008. >i>Chinese
Statistical Yearbook>/i>. Beijing: China Statistics Press.
] [ 9 Salditt, F.; P.
Whiteford; and W. Adema. 2008. "Pension Reform in China." >i>International
Social Security Review>/i> 61, no. 3: 47-71. ]
[ 10 Shen, L. 2000. "China's
Insurance Market: Opportunity, Competition and Market Trends." >i>Geneva
Papers on Risk and Insurance: Issues and Practice>/i> 5: 335-55.
] [ 11 Skipper,
Harold D., Jr. 1997. "Foreign Insurers in Emerging Markets: Issues and
Concerns." >i>International Insurance Foundation Occasional Papers>/i>,
no. 1: 16-24. ] [ 12
Song, S. 2009. "Pension Systems and Reforms in China and
Russia." >i>Chinese Economy>/i> 42, no. 3: 9-23. ]
[ 13 Sun, Q. 2003. "The Impact
of WTO Accession on China's Insurance Industry." >i>Risk Management and
Insurance Review>/i> 6: 27-35. ] [
14 Swiss Re. 2009. "Emerging Markets: Robust
Growth Continued in Most Markets." >i>Sigma>/i>, no. 3.
] [ 15 Swiss Re. 2010.
"World Insurance in 2009." >i>Sigma>/i>, no. 2. ]
[ 16 Whalley, J. 2003.
"Liberalization in China's Key Service Sectors Following WTO Accession:
Some Scenarios and Issues of Measurement." NBER Working paper no.
W10143. ] [ 17
Yanli, Zhou. 2009. "An Introduction to the Development and
Regulation of Agricultural Insurance in China." >i>Geneva Papers>/i> 34:
78-84. ] [ 18
Yao, Sh.; Zh. Han; and G. Feng. 2007. "On Technical Efficiency
of China's Insurance Industry After WTO Accession." >i>China Economic
Review>/i> 18: 66-86. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:6:p:6-14
Template-Type: ReDIF-Article 1.0
Author-Name: Chwen-Chi Liu
Author-X-Name-First: Chwen-Chi
Author-X-Name-Last: Liu
Title: Insurance Markets in China
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 6
Volume: 44
Year: 2011
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7P8W733254P8456N
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:chinec:v:44:y:2011:i:6:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Minglai Zhu
Author-X-Name-First: Minglai
Author-X-Name-Last: Zhu
Author-Name: Chao Kui
Author-X-Name-First: Chao
Author-X-Name-Last: Kui
Author-Name: Yuzheng Fang
Author-X-Name-First: Yuzheng
Author-X-Name-Last: Fang
Title: Demand for Corporate Insurance in China
Abstract:
Corporate insurance was the dominant sector of the property insurance
market in China before 1989. However, in recent years the growth rate of
corporate insurance premiums has steadily slowed and the share of this
business line in total property insurance has decreased dramatically.
Factors having an impact on the demand for corporate insurance are
explored, using provincial-level panel data to extend the empirical
analyses in previous studies on this topic. The regression results show
that the loan ratio, the corporation tax ratio, and the proportion of
foreign-owned companies are significantly related to demand for corporate
insurance and are consistent with the predictions of theoretical economic
models. The effects of gross domestic product (GDP) and industrial
structure cannot be ignored. The findings provide valuable insights for
both insurers and regulators in China.
Journal: Chinese Economy
Pages: 15-29
Issue: 6
Volume: 44
Year: 2011
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=867557RVL1766288
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Beenstock, M.; G.
Dickinson; and S. Khajuria. 1988. "The Relationship Between
Property-Liability Insurance Premiums and Income: An International
Analysis." >i>Journal of Risk and Insurance>/i> 55, no. 2:
259-72. ] [ 2
Browne, M.J.; J. Chung; and E. Frees. 2000. "International
Property-Liability Insurance Consumption." >i>Journal of Risk and
Insurance>/i> 67, no. 1: 73-90. ] [
3 China Insurance Regulatory Commission.
Various years. >i>China Insurance Yearbook>/i>. Beijing: China Insurance
Yearbook Press. ] [ 4
Esho, N.; A. Kirievsky; D. Ward; and R. Zurbruegg. 2004. "Law
and the Determinants of Property-Casualty Insurance." >i>Journal of Risk
and Insurance>/i> 71, no. 2: 265-83. ] [
5 Hoyt, R., and H. Khang. 2000. "On the
Demand for Corporate Property Insurance." >i>Journal of Risk and
Insurance>/i> 67, no. 1: 91-107. ] [
6 Huang, J., and H. Wang. 2009. "Government
Protection and Corporate Risk Management in China." >i>Chinese Economy>/i>
42, no. 2: 7-29. ] [ 7
MacMinn, R., and J. Garven. 2000. "On Corporate Insurance."
In >i>Handbook of Insurance>/i>, ed. George Dionne, chap. 16. Boston:
Kluwer Academic. ] [ 8
Main, B. 2000. "Large Companies and Insurance Purchases:
Some Survey Evidence." >i>Geneva Papers on Risk and Insurance>/i> 25, no.
2: 235-50. ] [ 9
Mayers D., and C. Smith, 1982. "On the Corporate Demand for
Insurance." >i>Journal of Business>/i> 52, no. 2: 281-96.
] [ 10 Outreville, J.F.
1990. "The Economic Significance of Insurance Markets in Developing
Countries." >i>Journal of Risk and Insurance>/i> 57, no. 3:
487-98. ] [ 11
Regan, L., and Y. Hur. 2007. "On the Corporate Demand for
Insurance: The Case of Korean Nonfinancial Firms." >i>Journal of Risk and
Insurance>/i> 74, no. 4: 829-50. ] [
12 Yamori, N. 1999. "An Empirical
Investigation of the Japanese Corporate Demand for Insurance." >i>Journal
of Risk and Insurance>/i> 66, no. 2: 239-52. ]
[ 13 Zou, H., and M. Adams. 2006.
"The Corporate Purchase of Property Insurance: Chinese Evidence."
>i>Journal of Financial Intermediation>/i> 15, no. 2: 165-96.
] [ 14 Zou, H., and
M. Adams. 2008. "Debt Capacity, Cost of Debt, and Corporate Insurance."
>i>Journal of Financial and Quantitative Analysis>/i> 43, no. 2:
433-66. ] [ 15
Zou, H.; M. Adams; and M. Buckle. 2003. "Corporate Risks and
Property Insurance: Evidence from the People's Republic of China."
>i>Journal of Risk and Insurance>/i> 70, no. 2: 289-314.
]
Handle: RePEc:mes:chinec:v:44:y:2011:i:6:p:15-29
Template-Type: ReDIF-Article 1.0
Author-Name: Wenjiong He
Author-X-Name-First: Wenjiong
Author-X-Name-Last: He
Author-Name: Yixin Yang
Author-X-Name-First: Yixin
Author-X-Name-Last: Yang
Author-Name: Xiaoting Liu
Author-X-Name-First: Xiaoting
Author-X-Name-Last: Liu
Author-Name: Linrong Xu
Author-X-Name-First: Linrong
Author-X-Name-Last: Xu
Author-Name: Keang Fu
Author-X-Name-First: Keang
Author-X-Name-Last: Fu
Title: Vertically Balanced Rate of the Basic Medical Insurance System
Abstract:
The unbalanced age structure aspect of China's basic medical insurance
system increases payment risk and hampers sustainable and healthy
development. Combining the actuarial approaches of life insurance and
non-life insurance, the principle of long-term fund balance is applied to
establish a model with which to calculate the vertically balanced rate of
the basic medical insurance system. Analysis of data from City S indicates
that the vertically balanced rate is significantly higher than the current
premium rate. The vertically balanced rate increases when an older age is
used for starting premium payments; the vertically balanced rate is higher
for females than for males. As the investment return rate increases, the
vertically balanced rate decreases. The vertically balanced rate can be
used to adjust the whole-life premium rate, the minimum premium period,
the minimum age of participating in the system, continuing and
supplemental premiums, and benefit adjustments. It can also provide a
scientific basis for policy reform in reducing the aging insured
population in the medical insurance system, reduce pressure on the fund,
and maintain the balance of the insurance fund.
Journal: Chinese Economy
Pages: 30-43
Issue: 6
Volume: 44
Year: 2011
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P34V236244639723
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X-Bibl:
[ 1 Bao, X.; H.-G. Fung;
and X. Zhao. 2008. "Cost Sharing in the Urban Health Care Insurance System
in China." >i>Chinese Economy>/i> 41, no. 5: 6-21. ]
[ 2 Duan, J. 2009. "Surplus of
Medical Insurance Fund Should Not Be Too High." >i>China Sanitation
Talents>/i>, no. 7: 62-63. ] [
3 He, W. 2009. "Could the Insured Population
Become Younger?" >i>China Medical Insurance>/i>, no. 2: 33-36.
] [ 4 He, W.; L. Xu;
K. Fu; X. Liu; and Y. Yang. 2009. "Analysis on âStructure-Agingâ
Problem in Basic Medical Insurance and Its Solutions." >i>China
Demographic Science>/i>, no. 2: 74-83. ] [
5 Jin, Y. 2007. "Overrated Medical
Insurance Fund's Balance Rate Goes Against Fund Raising Principles."
>i>China Sanitation>/i>, no. 3: 52. ] [
6 Yang, Y., and X. Liu. 2009. "A Deeper
Understanding of Basic Medical Insurance Fund for Urban Workers." >i>China
Medical Insurance>/i>, no. 11: 25-27. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:6:p:30-43
Template-Type: ReDIF-Article 1.0
Author-Name: Tao Chen
Author-X-Name-First: Tao
Author-X-Name-Last: Chen
Author-Name: Shaodong Ma
Author-X-Name-First: Shaodong
Author-X-Name-Last: Ma
Author-Name: Xiaolan Ye
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Ye
Title: Disability Income Insurance and Pricing in Mainland China
Abstract:
Disability income insurance (DI) and its pricing in mainland China is
discussed with a focus on the current situation, market prospects, and the
pricing process. Our study concludes that (1) there is a bright future for
commercial DI, but current consumers are mainly urban residents with
above-average incomes; (2) by combining health service data and
experiences of the insured, one can calculate the premium rate by sex,
region, and occupation; and (3) the price of DI should be higher in rural
areas than in cities; the commercial DI premium rate is overpriced for
people under 45, and underpriced for people over 45.
Journal: Chinese Economy
Pages: 44-55
Issue: 6
Volume: 44
Year: 2011
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=PL57277Q6407MN6K
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File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Center for Health
Statistics and Information, MOH. 1999. >i>An analysis Report of National
Health Services Survey in China, 1998>/i>. 1st ed., pp. 56-62. Beijing:
Peking Union Medical College Press. ] [
2 Fabrizio, E. 2001. "Dangers of Using
International Experience for PricingâA Comparison of Australian and New
Zealand Individual Disability Income Experience." >i>Risk Insight>/i> 6,
no. 2: 1. ] [ 3
Liu, L. 2008. "Gender Difference of Health Status in the Aging
Population of Urban China." >i>Chinese Economy>/i> 41, no. 1:
58-71. ] [ 4
Macdonald, A.S.; H.R. Waters; and C.T. Wekwete. 2005a. "A Model
for Coronary Disease and Stroke with Applications to Critical Illness
Insurance Underwriting. I: The Model." >i>North American Actuarial
Journal>/i> 9, no. 1: 13-40. ] [
5 Macdonald, A.S.; H.R. Waters; and C.T.
Wekwete. 2005b. "A Model for Coronary Disease and Stroke with Applications
to Critical Illness Insurance Underwriting. II: Application." >i>North
American Actuarial Journal>/i> 9, no. 1: 41-56. ]
[ 6 Pitacco, E. 1995. "Actuarial
Models for Pricing Disability Benefits: Towards a Unifying Approach."
>i>Insurance: Mathematics and Economics>/i> 16: 39-62.
] [ 7 Taiwan Insurance
Institute. 2007. >i>Report on Annual Empirical Loss Rate of Taiwan
Individual Disability Income Insurance>/i>. Taipei. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:6:p:44-55
Template-Type: ReDIF-Article 1.0
Author-Name: Yue-hua Zhang
Author-X-Name-First: Yue-hua
Author-X-Name-Last: Zhang
Title: Agricultural Insurance System in Zhejiang Province
Abstract:
An experiment with policy-oriented agricultural insurance was conducted in
Zhejiang province from January 1, 2006 to December 31, 2008. This article
comprehensively evaluates and reflects on the operation of the
agricultural insurance system during the three-year experiment.
Journal: Chinese Economy
Pages: 73-84
Issue: 6
Volume: 44
Year: 2011
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q721V2Q1R4183874
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Gale, F. 2009.
"Financial Reforms Push Capital to the Countryside." >i>Chinese
Economy>/i> 42, no. 5: 58-78. ] [
2 Kellerhals, A. 2006. "Insurance in China:
Assessment of the Implementation of China's WTO Commitments." >i>China
Review>/i> 6, no. 2: 35-64. ] [
3 Knight, T.O., and K.H. Coble. 1997.
"Survey of U.S. Multiple Peril Crop Insurance Literature Since 1980."
>i>Review of Agricultural Economics>/i> 19: 128-56. ]
[ 4 Li, W. 2004. "Financial
Services Liberalization in China." >i>Chinese Economy>/i> 37, no. 1:
6-37. ] [ 5
Long, W., and X. Zhang. 2003. "Agricultural Insurance and Game
Theory Analysis." >i>Chinese Rural Economy>/i>, May: 76-79 (in
Chinese). ] [ 6
Sun, X., and F. Zhong. 2009. "Welfare Losses, Income
Distribution and the Compulsory Insurance: An Empirical Study of Different
Modes of Participation on Agricultural Insurance." >i>Management
World>/i>, no. 5: 80-88 (in Chinese). ] [
7 Tuo, G., and G.J. Wang. 2002.
>i>China's Agricultural Insurance and Rural Social Security System>/i>.
Beijing: Capital University of Economics Press (in Chinese).
] [ 8 Wright, B.D.,
and J.D. Hewitt. 1990. >i>All Risk Crop Insurance: Lessons from Theory and
Experience>/i>. Berkeley: Giannini Foundation, California Agricultural
Experiment Station. ] [ 9
Zhang, Y.; Q. Shi; and H. Gu. 2006. "Agricultural
Insurance for Farmers, National Impact of Welfare Economics and Empirical
Analysis." >i>Institutional Economics>/i> 12: 1-23 (in Chinese).
]
Handle: RePEc:mes:chinec:v:44:y:2011:i:6:p:73-84
Template-Type: ReDIF-Article 1.0
Author-Name: Jun-sheng Zhu
Author-X-Name-First: Jun-sheng
Author-X-Name-Last: Zhu
Title: Evaluation of an Insurance Scheme Based on the Weather Index
Abstract:
This article analyzes insurance schemes based on the weather index for
drought- and flood-related risks in rural China. It evaluates, both
technically and operationally, the accomplishments and challenges of a
weather index insurance pilot. The main lessons are summarized, followed
by a series of recommendations that include improving the availability,
accessibility, quality, and quantity of data, increasing government
support, utilizing existing networks as platforms for index insurance,
raising awareness and promoting creative marketing campaigns, developing a
strong legal and regulatory framework, exploring index insurance for
government to use in disaster management, and fostering participatory
mechanisms, coordination, and balance.
Journal: Chinese Economy
Pages: 56-72
Issue: 6
Volume: 44
Year: 2011
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YW71874367436004
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Balzer, N., and W.
Wang. 2009. "Concept Note on M&E Framework and Way Forward for the Weather
Index Based Insurance Scheme in Anhui Province, China."
Manuscript. ] [ 2
Dercon, S. 2004. "Growth and Shocks: Evidence from Rural
Ethiopia." >i>Journal of Development Economics>/i> 74: 309-29.
] [ 3 Gale, F. 2009.
"Financial Reforms Push Capital to the Countryside." >i>Chinese
Economy>/i> 42, no. 5: 58-78. ] [
4 Giné, X.; R. Townsend; and J. Vickery.
2006. "Patterns of Rainfall Insurance Participation in Rural India."
>i>World Bank Economic Review>/i> 22: 539-66. ]
[ 5 Hansen W.; M. Dilley; L.
Goddard; E. Ebrahimian; and P. Ericksen. 2004. "Climate Variability and
the Millennium Development Goal Hunger Target." IRI Technical Report
04-04. New York: International Research Institute for Climate and Society,
Columbia University. ] [
6 Hellmuth, E.; E. Osgood; U. Hess; A.
Moorhead; and H. Bhojwani (Eds.). 2009. >i>Index Insurance and Climate
Risk: Prospects for Development and Disaster Management>/i> [Climate and
Society, no. 2]. New York: International Research Institute for Climate
and Society, Columbia University. ] [
7 Hess, U.; K. Richter; and A. Stoppa. 2002.
"Weather Risk Management for Agriculture and Agribusiness in Developing
Countries." In >i>Climate Risk and the Weather Market, Financial Risk
Management with Weather Hedges>/i>, ed. Robert S. Dischel, 295-310.
London: Risk Books. ] [ 8
Siamwalla, A., and A. Valdes. 1986. "Should Crop
Insurance Be Subsidized?" In >i>Crop Insurance for Agricultural
Development: Issues and Experience>/i>, ed. P. Hazell, C. Pomareda, and A.
Valdes, 117-125. Baltimore: Johns Hopkins University Press.
] [ 9 Skees, R., and B.
Collier. 2008. "The Potential of Weather Index Insurance for Spurring a
Green Revolution in Africa." Lexington, KY: Watkins House. Available at >a
target="_blank"
href='http://www.globalagrisk.com'>http://www.globalagrisk.com>/a> ] [ 10 Skees,
R.; P. Hazell; and M. Miranda. 1999. >i>New Approaches to Crop Yield
Insurance in Developing Countries>/i>. Washington, DC: International Food
Policy Research Institute, Environment and Production Technology
Division. ] [ 11
Swiss Re. 2008a. >i>Setting Up Sustainable Agricultural
Insurance: The Example of China>/i>. Zurich: Swiss Reinsurance
Company. ] [ 12
Swiss Re. 2008b. >i>An Insurance Recipe for the Chinese Food and
Agricultural Industry>/i>. Zurich: Swiss Reinsurance Company.
] [ 13 UNDESA. 2007.
"Developing Index-Based Insurance for Agriculture in Developing
Countries." Innovation Briefs, no. 2. New York: United Nations, Department
of Economics and Social Affairs. ] [
14 World Bank. 2007. >i>World Development
Report 2008: Agriculture for Development>/i>. Washington, DC: World
Bank. ]
Handle: RePEc:mes:chinec:v:44:y:2011:i:6:p:56-72
Template-Type: ReDIF-Article 1.0
Author-Name: Teruhisu Sasaki
Author-X-Name-First: Teruhisu
Author-X-Name-Last: Sasaki
Title: Communist China's Export Capabilities and Japanese-Chinese Trade
Abstract:
Japanese-Chinese trade has been proceeding very smoothly this year.
According to data we have collected, the amount of trade between the two
countries shown in the customs statistics for the period of January to
June of this year has already reached $120 million. Barring unforeseen
major changes, the total amount of trade this year will surely reach the
$300 million level.
Journal: Chinese Economy
Pages: 213-254
Issue: 4
Volume: 4
Year: 1971
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HT325PJ430547313
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Handle: RePEc:mes:chinec:v:4:y:1971:i:4:p:213-254
Template-Type: ReDIF-Article 1.0
Author-Name: Joerg Bibow
Author-X-Name-First: Joerg
Author-X-Name-Last: Bibow
Title: How to Sustain the Chinese Economic Miracle
Abstract:
This article investigates China's role in creating global imbalances and argues that the call for a massive renminbi revaluation as a (supposed) panacea is misguided. Apart from acting as a growth leader in the global recovery by boosting domestic demand to offset the slump in exports, China has successfully completed the first stage of rebalancing its economy. The second stage will consist of further strengthening private consumption. This will be best supported by continued reliance on renminbi stability and capital account management.
Journal: Chinese Economy
Pages: 46-73
Issue: 1
Volume: 45
Year: 2012
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0V48623676L04145
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X-Bibl:
[ 1 Adams, J., et al. 2009. "China: From Poor Areas to Poor People: China's Evolving Poverty Reduction Agenda." Washington, DC: World Bank. ] [ 2 Anderlini, J. 2010a. "Chinese Banks Face State Loans Turmoil." FT.com. July 26. ] [ 3 Anderlini, J. 2010b. "Beijing Urges Banks to Strike Right Balance." FT.com. August 11. ] [ 4 Bagnai, A. 2009. "The Role of China in Global External Imbalances: Some Further Evidence." China Economic Review 20: 508-26. ] [ 5 Barboza, D. 2008. "China Unveils $586 Billion Stimulus Plan." New York Times. November 10. ] [ 6 Barnett, S., and R. Brooks. 2010. "China: Does Government Health and Education Spending Boost Consumption?" IMF Working Paper no. 10/16. ] [ 7 Batson, A. 2010a. "Chinas Property Market Freezes Up." Wall Street Journal. June 4. ] [ 8 Batson, A. 2010b. "China's Shifting Jobs Keep Migrants Closer to Home." Wall Street Journal. June 17. ] [ 9 Batson, A. 2010c. "China Says It Will Increase Yuan's Flexibility." Wall Street Journal. June 19. ] [ 10 Batson, A. 2010d. "IMF Sees China's Trade Surplus Ballooning." Wall Street Journal. July 29. ] [ 11 Batson, A., and J. Dean. 2010. "China Fuels Trade Tension with Policies, Report Says." Wall Street Journal. July 27. ] [ 12 Batson, A., and N. Shirouzu. 2010. "Chinese Workers Win Wave of Raises." Wall Street Journal. June 9. ] [ 13 Bernanke, B. S. 2005. "The Global Saving Glut and the U. S. Current Account Deficit; Remarks." March 10. Available at www.federalreserve.gov/board-docs/speeches/2005/200503102 ] [ 14 Bibow, J. 2008a. "The International Monetary (Non-)Order and the Global Capital Flows Paradox." Levy Economics Institute Working Paper no. 531. In Finance-Led Capitalism? ed. E. Hein, P. Spahn, T. Niechoj, and A. Truger, 219-48. Marburg: Metropolis. ] [ 15 Bibow, J. 2008b. "Insuring Against Private Capital Flows: Is It Worth the Premium? What Are the Alternatives?" International Journal of Political Economy 37, no. 4: 5-30. ] [ 16 Bibow, J. 2010a. "Suffocating Europe." Eurointelligence.com. June 25. ] [ 17 Bibow, J. 2010b. "Global Imbalances, the U. S. Dollar, and How the Crisis at the Core of Global Finance Spread to Self-Insuring Emerging Market Economies." Levy Economics Institute Working Paper no. 591. ] [ 18 Bibow, J. 2010c. "Germany Is Unfit for the Euro." Eurointelligence.com. April 21. ] [ 19 Brandt, L.; C. Hsieh; and X. Zhu. 2008. "Growth and Structural Transformation in China." In China's Great Economic Transformation, ed. L. Brandt and T. Rawshi, 569-632. Cambridge: Cambridge University Press. ] [ 20 Chen, S., and M. Ravallion. 2008. "China Is Poorer Than We Thought, but No Less Successful in the Fight Against Poverty." World Bank Policy Research Working Paper no. 4621. ] [ 21 Cookson, R. 2010. "Shanghai Market Feels Weight of Own Success." FT.com. May 6. ] [ 22 Davis, B., and A. Back. 2010. "IMF Sees Yuan as Undervalued." Wall Street Journal. July 27. ] [ 23 Dullien, S. 2005. "FDI in China: Trends and Macroeconomic Challenges." In China in a Globalizing World, ed. S. Dullien, 125-153. Geneva: UNCTAD. ] [ 24 Dyer, G. 2008. "Beijing Offers Just Quarter of Stimulus Funds." FT.com. November 14. ] [ 25 Dyer, G. 2010. "Wen Calls Bluff of Moaning Multinationals." FT.com. July 20. ] [ 26 Flassbeck, H. 2005. "China's Spectacular Growth Since the Mid-1990sMacroeconomic Conditions and Economic Policy Challenges." In China in a Globalizing World, ed. H. Flassbeck, 1-44. Geneva: UNCTAD. ] [ 27 Hook, L. 2010. "China Scraps Commodity Export Tax Rebates." FT.com. June 22. ] [ 28 Hu, X. 2010. "Three Characteristics of the Managed Floating Exchange Rate Regime." People's Bank of China. July 22. Available at www.pbc.gov.cn/english/detail.asp?col=6500&id=196 ] [ 29 International Monetary Fund (IMF). 2001. World Economic Outlook. ] [ 30 Hu, X. 2002. World Economic Outlook. ] [ 31 Hu, X. 2010. "Executive Board Concludes 2010 Article IV Consultations with China." Public Information Notice 10/100. July 27. ] [ 32 Kim, S.-Y., and L. Kuijs. 2007. "Raw Material Prices, Wages and Profitability in China's IndustryHow Was Profitability Maintained When Input Prices and Wages Increased So Fast?" World Bank Research Paper no. 8. ] [ 33 Liang, Y. 2007. "FDI, Competitive Menace, and the Evolution of Labor Practices in China." Chinese economy 40, no. 5: 21-51. ] [ 34 Liang, Y. 2008. "Why Are China's Exports Special?" Chinese Economy 41, no. 6: 99-118. ] 35 Liang, Y. 2012. "Development Finance: China's Banking System in Light of the Global Financial Crisis." Chinese Economy 45, no. 1: 8-27. [ 36 Liu, L. 2009. "Impact of the Global Financial Crisis on China: Empirical Evidence and Policy Implications." China & World Economy 17, no. 6: 1-23. ] [ 37 Ma, G., and R. N. McCauley. 2007. "Do China's Capital Controls Still Bind? Implications for Monetary Autonomy and Capital Liberalization." Bank for International Settlements Working Paper no. 233. ] [ 38 Ma, G., and W. Yi. 2010. "China's High Saving Rate: Myth and Reality." Bank for International Settlements Working Paper no. 312. ] [ 39 McKinnon, R. 2007. "Why China Should Keep Its Dollar Peg." International Finance 10: 43-70. ] [ 40 McMahon, D. 2010. "China Scrutinizes Loans to Local Governments." Wall Street Journal. July 29. ] [ 41 Mitchell, T., and K. Hille. 2010. "Chinese Wages Pose Questions for Exporters." FT.com. June 3. ] [ 42 Mitchell, T., and R. Kwong. 2010. "Chinese Labor Unrest Spreads." FT.com. June 9. ] [ 43 Naughton, B. 2009. "Understanding the Chinese Stimulus Package." China Leadership Monitor, no. 28 (Spring). ] [ 44 People's Bank of China. 2008. "China: The Evolution of Foreign Exchange Controls and the Consequences of Capital Flows." Bank for International Settlements Working Paper no. 44. ] [ 45 People's Bank of China. 2010. "Further Reform the RMB Exchange Rate Regime and Enhance the RMB Exchange Rate Flexibility." Available at www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 ] [ 46 Rodrik, D. 2010. "Making Room for China in the World Economy." Paper prepared for the ASSA Meetings, Atlanta. January. ] [ 47 Roubini, N. 2007. "Why China Should Abandon Its Dollar Peg." International Finance 10: 71-89. ] [ 48 Sheng, A. 2009. From Asian to Global Financial Crisis: An Asian Regulator's View of Unfettered Finance in the 1990s and 2000s. Cambridge: Cambridge University Press. ] [ 49 Sun, M. 2009. "China Unscathed Through the Global Financial Tsunami." China and the World Economy 17, no. 6: 25-42. ] [ 50 UNCTAD. 2009, 2010. Trade and Development Report. Geneva. ] [ 51 UNCTAD. 2010. World Investment Report. Geneva. ] [ 52 Wiesmann, G.; D. Schaefer; and R. Atkins. 2010. "German Exports Jump on Chinese Demand." FT.com. July 8. ] [ 53 Yu, Y. 2009, November 25. "China's Policy Response to the Global Financial Crisis." Richard Snape Lecture, Australian Government. ] [ 54 Yu, Y. 2010. "Asia: China's Policy Response to the Global Financial Crisis." Journal of Globalization and Development 1, no. 1: article 12. ] [ 55 Zhang, K. H. 2007. "International Production Networks and Export Performance in Developing Countries: Evidence from China." Chinese economy 40, no. 6: 83-96. ] [ 56 Zhang, K. H. 2009. "Rise of Chinese Multinational Firms." Chinese Economy 42, no. 6: 81-96. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:1:p:46-73
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: China's Short-Term and Long-Term Development After the 2007 Global Financial Crisis: Some Critical Reflections
Abstract:
Journal: Chinese Economy
Pages: 3-7
Issue: 1
Volume: 45
Year: 2012
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F819072322Q04531
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X-Bibl:
[ 1 Anderlini, J. 2009. "Downturn Causes 20M Job Losses in China." Financial Times. February 2. Available at www.ft.com ] [ 2 China Daily. 2010. "Growth Plan Mapped Out as Party Pledges Reforms." October 19. Available at www.chinadaily.com.cn/china/2010-10/19/content_11426073.htm ] [ 3 International Monetary Fund (IMF). 2010. "Recovery, Risk, and Rebalancing." World Economic Outlook. October. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:1:p:3-7
Template-Type: ReDIF-Article 1.0
Author-Name: Sara Hsu
Author-X-Name-First: Sara
Author-X-Name-Last: Hsu
Title: Role of Informal Finance in China's Continuing Economic Development
Abstract:
Informal finance is a very pro-growth institution in China and will continue to be an integral part of the economy in both the short and long run. Two paths that China's economy may take are examined, producing for domestic consumption and producing for international consumption. Analysis of the possible growth of different industries based on types of ownership and potential changes in consumption patterns finds that the path most conducive to increasing the number of informal financial transactions is one in which production is attuned mainly to domestic consumption.
Journal: Chinese Economy
Pages: 28-45
Issue: 1
Volume: 45
Year: 2012
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P114677X223H4465
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X-Bibl:
[ 1 Allen, F.; J. Qian; and M. Qian. 2005. "Law, Finance, and Economic Growth in China." Journal of Financial Economics 77: 57-116. ] [ 2 Berger, A. N.; I. Hasan; and M. Zhou. 2009. "Bank Ownership and Efficiency in China: What Will Happen in the World's Largest Nation?" Journal of Banking and Finance 33, no. 1: 113-30. ] [ 3 Boyreau-Debray, G. 2003. "Financial Intermediation and Growth: Chinese Style." World Bank Policy Research Working Paper no. 3027. ] [ 4 Chen, H. 2006. "Development of Financial Intermediation and Economic Growth: The Chinese Experience." China Economic Review 17, no. 4: 347-62. ] [ 5 Farrell, D.; U. A. Gersch; and E. Stephenson. 2006. "The Value of China's Emerging Middle Class." McKinsey Quarterly [Special edition]. ] [ 6 Fu, Qiang, and Jianjun Li. 2009. Informal Finance, Monetary Conditions, and Economic Movements. Chapter on Informal Finance in China, eds. Li and Hsu. New York: Oxford University Press. ] [ 7 Fu, Xiaoqing, and Shelagh Heffernan. 2009. "The Effects of Reform on China's Bank Structure and Performance." Journal of Banking and Finance 33, no. 1: 39-52. ] [ 8 Gao, Sh. 1999. Two Decades of Reform in China. London: World Scientific. ] [ 9 Gao, Sh., and M. E. Schaffer. 2000. "Financial Discipline in the Enterprise Sector in Transition Countries: How Does China Compare?" In The Chinese Economy Under Transition, ed. Cook, Yao, and Zhang. New York: St. Martin's Press. ] [ 10 Gale, F., and K. Huang. 2007. "Demand for Food Quantity and Quality in China." USDA Economic Research Report no. 32. ] [ 11 Gorton, G., and A. Winton. 1998. "Banking in Transition Economies: Does Efficiency Require Instability." Journal of Money, Credit and Banking 30, no. 3: 621-50. ] [ 12 Guariglia, A., and S. Poncet. 2008. "Could Financial Distortions Be No Impediment to Economic Growth After All? Evidence from China." Journal of Comparative Economics 36: 633-57. ] [ 13 Hsu, S. 2009. "Is Informal Finance Faster, Cheaper, Better than Formal Finance? A Study of Small and Medium Enterprises in Shanghai and Nanjing." In Informal Finance in China: American and Chinese Perspectives, ed. Jianjun Li and Sara Hsu, chap. 7. New York: Oxford University Press. ] [ 14 Jiang, Sh. 2009. "The Evolution of Informal Finance in China, and Its Prospects." In Informal Finance in China: American and Chinese Perspectives, ed. J. Li and S. Hsu, chap. 2. New York: Oxford University Press. ] [ 15 Jun, Zh.; G. Wan; and Y. Jin. 2007. "The Financial Deepening-Productivity Nexus in China: 1987-2001." Journal of Chinese Economic and Business Studies 5, no. 1: 37-49. ] [ 16 Langlois, J. 2001. "China's Financial System and the Private Sector." Financial Sector Reform in China Conference, Harvard University. September 11-13. ] [ 17 Li, J. 2006. The Survey of Underground Financing in China. Shanghai: Shanghai Renmin Press. ] [ 18 Li, J. 2009. "Informal Finance, Underground Finance, Illegal Finance and Economic Movement: A National Analysis." In Informal Finance in China: American and Chinese Perspectives, ed. J. Li and S. Hsu, chap. 3. New York: Oxford University Press. ] [ 19 Maswana, Jean-Claude. 2005. "Reconciling the Chinese Financial Development with Its Economic Growth: A Discursive Essay." MPRA Paper 7241, University Library of Munich, Germany. ] [ 20 Matthews, K.; X. Jiang; and J. Guo. 2009. "Nonperforming Loans and Productivity in Chinese Banks, 1997-2006." Chinese Economy 42, no. 2: 30-47. ] [ 21 McEwen, W.; X. Fang; Ch. Zhang; and R. Burkholder. 2006. "Inside the Mind of the Chinese Consumer." Harvard Business Review. Reprint R063D. ] [ 22 National Bureau of Statistics. 2006. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 23 Shirai, S. 2002. "Banks' Lending Behavior and Firms' Corporate Financing Pattern in the People's Republic of China." ADB Institute Research Paper no. 43. ] [ 24 UN Comtrade. 2006. United Nations Commodity Trade Statistics Database. UN Statistics Division. ] [ 25 Xinhua. 2009. "Chinese Premier: China to Expand Market Access for Private Investment." December 27. Available at http://news.xinhuanet.com/english/2009-12/27/content_12711418.htm ] [ 26 Xinhua. 2010. "China Gropes for Solutions to SME Financing Difficulties." January 4. Available at http://english.mofcom.gov.cn/aarticle/counselorsreport/europereport/201001/20100106721756.html ] [ 27 Yusuf, Sh. 1994. "China's Macroeconomic Performance and Management During Transition." Journal of Economic Perspectives 8, no. 2: 71-92. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:1:p:28-45
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Development Finance
Abstract:
The Chinese banking system remained resilient during the 2007 global financial crisis because of three factors: (1) capital-control policies have limited its exposure to international capital and credit markets; (2) it is focused on traditional banking rather than securitization activities; and (3) it is dominated by state-owned banks that avail themselves of public trust. Although China's state-owned banks are often criticized for lending primarily to state-owned enterprises, this article argues that through credit generation, Chinese banks help to produce a Schumpeterian-Keynesian credit-investment-income-creation process that has led to the country's decades of fast growth. Given that credit creation is not constrained by prior savings, lending to state-owned enterprises need not be reduced in order to increase lending to private enterprises. The article concludes by examining three main challenges facing Chinese banks.
Journal: Chinese Economy
Pages: 8-27
Issue: 1
Volume: 45
Year: 2012
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P41076KH48M1020H
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X-Bibl:
[ 1 Anderlini, J.; S. Tucker; and J. Hughes. 2010. "China Tells Banks to Halt Lending." Financial Times. January 20. ] [ 2 Anderlini, J. 2010a. "Audits Lay Bare Challenges That Lie Ahead for Chinese Banks." Financial Times. May 13. ] [ 3 Anderlini, J. 2010b. "Chinese Banks Face State Loans Turmoil." Financial Times, July 26. ] [ 4 Asian Development Bank (ADB). 2009. "Key Indicators for Asia and the Pacific 2009." Available at www.adb.org/statistics ] [ 5 The banker. 2009. "Top 1000 World Banks 2009." Available at www.thebanker.com ] [ 6 The banker. 2010. "Top 1000 World Banks 2010." Available at www.thebanker.com ] [ 7 Burkett, P., and A. Krishna Dutt. 1991. "Interest Rate Policy, Effective Demand, and Growth in LDCs." International Review of Applied Economics 52, no. 2: 127-53. ] [ 8 Cai, J., and A. Chen. 2008. "Mainland Lenders Ordered to Halt Interbank Deals with U. S. Firms." South China Morning Post [Hong Kong]. September 25. ] [ 9 China Government Web Portal. 2008. "Rural Banks Lend Hope to Country Businesses." January 8. Available at www.gov.cn ] [ 10 China Banking Regulatory Commission (CBRC). 2009. Annual Report 2008. Available at www.cbrc.gov.cn ] [ 11 China Banking Regulatory Commission (CBRC). 2010. Annual Report 2009. Available at www.cbrc.gov.cn ] [ 12 The China Post. 2011. "China Raises Banks' Required Reserve Ratio." January 15. Available at www.chinapost.com ] [ 13 Cookson, R. 2010. "AgBank on Course for Record $22.1 bn IPO." Financial Times, July 6. ] [ 14 Diaz-Alejandro, C. 1985. "Good-Bye Financial Repression, Hello Financial Crash." Journal of Development Economics 19, nos. 1-2: 1-24. ] [ 15 Fung, E. 2010. "UPDATE: China Raises Downpayment, Mortgage Rates for Home Buyers." Down Jones Newswires, April 16. Available at www.wsj.com ] [ 16 Garcia-Herrero, A.; S. Gavil; and D. Santabrbara. 2006. "China's Banking Reform: An Assessment of its Evolution and Possible Impact." CESifo Economic Studies 52, no. 2: 304-63. ] [ 17 Garcia-Herrero, A.; S. Gavil; and D. Santabrbara. 2007. "What Explains the Low Profitability of Chinese Banks?" Banco de Espana. Working Paper no. 0910. Available at SSRN: http://ssrn.com/abstract=1413123 ] [ 18 Grabel, I. 1995. "Speculation-Led Economic Development: A Post-Keynesian Interpretation of Financial Liberalization Programmes in the Third World." International Review of Applied Economics 9, no. 2: 127-49. ] [ 19 Herr, H. 2008. "Capital Control and Economic Development in China." In Financial Liberalization and Economic Performance in Emerging Countries, ed. P. Arestis and L. F. de Paula, 142-72. Hampshire, UK: Palgrave Macmillan. ] [ 20 Herr, H., and J. Priewe. 1999. "High Growth in ChinaTransition Without a Transition Crisis?" Intereconomics (November/December): 303-16. ] [ 21 International Finance Corporation. 2007. Reforming Collateral Law and Registries: International Best Practices and the Case of China. Washington, DC. ] [ 22 Kawai, M.; M. Lamberte; and D. Y. Yang. 2008. "Global Shocks, Capital Flows and Asian Regional Economic Cooperation." Asian Development Bank Institute, Tokyo. ] [ 23 Kregel, J. 2010. "No Going Back: Why We Cannot Restore Glass-Steagall's Segregation of Banking and Finance." Public Policy Brief no. 107. Annandale-on-Hudson, NY: Levy Economics Institute of Bard College. ] [ 24 Lardy, N. 2008. "Financial Repression in China." Policy Brief, no. 08-8. Peterson Institute for International Economics. ] [ 25 Li, K-W., and J. Ma. 2004. "The Economic Intricacies of Banking Reform in China." Chinese Economy 37, no. 4: 50-77. ] [ 26 Liang, Y. 2010. "China and the Global Financial Crisis: Assessing the Impacts and Policy Responses." China & World Economy 18, no. 3: 56-72. ] [ 27 National Bureau of Statistics (NBS). 2009. Chinese Statistical Yearbook. Available at www.nbs.gov.cn ] [ 28 Okazaki, K. 2007. "Banking System Reform in China: The Challenges of Moving toward a Market-Oriented Economy." Occasional Paper, Rand Corporation. Available at www.rand.org ] [ 29 Organization for Economic Cooperation and Development (OECD). 2010. OECD Economic Surveys: China. Paris: OECD. ] [ 30 People's Bank of China (PBC). 2010. Statistics. Available at www.pbc.gov ] [ 31 Rousseas, S. 1992. Post Keynesian Monetary Economics. Armonk, NY: M. E. Sharpe. ] [ 32 Sayuri, Sh. 2002. "Bank's Lending Behavior and Firm's Corporate Financing Pattern in the People's Republic of China." Asian Development Bank Research Paper no. 43. ] [ 33 Schumpeter, J. 1934/1983. The Theory of Economic Development. New York: Transaction. ] [ 34 Stiglitz, J., and A. Weiss. 1981. "Credit Rationing in Markets with Imperfect Information." American Economic Review 71, no. 3: 393-410. ] 35 Studart, R. 1995. Investment Finance in Economic Development. New York and London: Routledge. [ 36 Willis, H. P. 1921. American Banking. La Salle Extension University, Chicago. ] [ 37 Wolf, C. Jr.; K. C. Yeh; B. Zycher; N. Eberstadt; and S. Lee. 2003. Fault Lines in China's Economic Terrain. RAND. ] [ 38 World Bank. 2010a. "China Quarterly UpdateMarch 2010." Washington, DC: World Bank. ] [ 39 World Bank. 2010b. "World Development Indicators." Available at www.worldbank.org ] [ 40 Wu, D.; Z. Yang; and Sh. Ba. 2009. "Chinese Bankers Survey 2009; Executive Summary." China Banking Association and Price Waterhouse Coopers. ] [ 41 Yao, Sh., and Ch. Jiang. 2007. "The Effects of Governance Changes on Bank Efficiency in China: A Stochastic Distance Function Approach." Available at http://ssrn.com/abstract=980935 ] [ 42 Yu, Y. 2010. "China Needs Slower, Better Growth." Financial Times. August 5. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:1:p:8-27
Template-Type: ReDIF-Article 1.0
Author-Name: Minqi Li
Author-X-Name-First: Minqi
Author-X-Name-Last: Li
Title: Peak Energy, Climate Change, and Limits to China's Economic Growth
Abstract:
This article evaluates the prospects of energy supply and its impact on economic growth in China from now to 2100. After considering the prospects for coal, oil, and gas production, as well as the development potentials of nuclear energy, renewable energies, and energy efficiency, it concludes that China is likely to face irreversible declines of energy consumption and economic output after the mid-twenty-first century. moreover, the projected fossil fuel consumption implies levels of carbon dioxide emissions substantially more than what would be consistent with China's obligations to global climate stabilization.
Journal: Chinese Economy
Pages: 74-92
Issue: 1
Volume: 45
Year: 2012
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q1648427J7200452
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X-Bibl:
[ 1 Association for the Study of Peak Oil and Gas Ireland (ASPO). 2009. Newsletter 100. Available at www.aspo-ireland.org/contentFiles/newsletterPDFs/newsletter100_200904.pdf ] [ 2 Berman, A. 2009. "Lessons from the Barnett Shale Suggest Caution in Other Shale Plays." Available at www.aspousa.org/index.php/2009/08/lessons-from-the-barnett-shale-suggest-caution-in-other-shale-plays ] [ 3 British Petroleum. 2009. BP Statistical Review of World Energy. Available at www.bp.com/statisticalreview ] [ 4 Campbell, Colin J. 2005. Oil Crisis. Brentwood, Essex: Multi-Science Publishing Company. ] [ 5 Cui, M. (Ed.) 2008. Zhongguo Nengyuan Fazhan Baogao [Annual Report of China's Energy Development]. Beijing: Shehui Kexue Wenxian Chubanshe [Social Sciences Academic Press]. ] [ 6 Dittmar, M. 2009. "The Future of Nuclear Energy: Facts and Fiction." Available at http://europe.theoildrum.com/node/5929#more ] [ 7 Energy Information Administration (EIA). 2009a. International Data-Renewables. Available at www.eia.doe.gov/emeu/international ] [ 8 Energy Information Administration (EIA) 2009b. Cost and Performance Characteristics of New Central Station Electricity Generating Technologies. Available at www.eia.doe.gov/oiaf/aeo/assumption/pdf/electricity.pdf#page=3 ] [ 9 Energy Watch Group. 2006. Uranium Resources and Nuclear Energy. (December). Available at www.energywatchgroup.org/fleadmin/global/pdf/EWG_Uraniumreport_12-2006.pdf ] [ 10 Energy Watch Group. 2007. Coal: Resources and Future Production. (March). Available at www.energywatchgroup.org/fleadmin/global/pdf/EWG_Oilreport_10-2007.pdf ] [ 11 Green, C.; S. Baksi; and M. Dilmaghani. 2007. "Challenges to a Climate Stabilizing Energy Future." Energy Policy 35: 616-26. ] [ 12 Heinberg, R. 2004. The Party's Over: Oil, War and the Fate of Industrial Societies. Gabriola Island, B. C.: New Society. ] [ 13 International Energy Agency (IEA). 2008. Energy Technology Perspectives 2008. Available at www.iea.org ] [ 14 Intergovernmental Panel on Climate Change (IPCC). 2007a. A Report of Working Group I of the Intergovernmental Panel on Climate Change; Summary for Policymakers. Available at www.ipcc.ch ] [ 15 Intergovernmental Panel on Climate Change (IPCC) 2007b. A Report of Working Group III of the Intergovernmental Panel on Climate Change. Chapter 3 (Issues Related to Mitigation in the Long-Term Context). Available at www.ipcc.ch ] [ 16 Korpela, S. A. 2005. "Prediction of World Peak Oil Production." In The Final Energy Crisis, ed. A. McKillop and S. Newman, 11-28. London: Pluto Press. ] [ 17 Laherrere, J. 2004. "Future of Natural Gas Supply." Contribution to the Third International Workshop on Oil & Gas Depletion, Berlin. May 24-25. Available at www.hubbertpeak.com/laherrere/IIASA2004.pdf ] [ 18 Lightfoot, H. D., and C. Green. 2001. "Energy Efficiency Decline Implications for Stabilization of Atmospheric CO2 Content." Centre for Climate and Global Change Research, McGill University, Report no. 2001-7. Available at www.mcgill.ca/ccgcr ] [ 19 Lightfoot, H. D., and C. Green. 2002. "An Assessment of IPCC Working Group III Findings." In Climate Change 2001: Mitigation of the Potential Contribution of Renewable Energies to Atmospheric Carbon Dioxide Stabilization. Centre for Climate and Global Change Research, McGill University, Report no. 2002-5. Available at www.mcgill.ca/ccgcr ] [ 20 National Bureau of Statistics (NBS). 2000-2008. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 21 National Bureau of Statistics (NBS). 2000-2008. Statistical Communiqus of People's Republic of China. Available at www.stats.gov.cn ] [ 22 The Oil Drum. 2009a. "Saudi Arabia's Crude Oil Production Peaked in 2005." Posted by "ace" (March 3). Available at www.theoildrum.com/node/5154 ] [ 23 The Oil Drum. 2009b. "World Oil Production Forecast-Update November 2009." Posted by "ace" (November 23). Available at www.theoildrum.com/node/5979#more ] [ 24 Rutledge, D. 2007. "Hubbert's Peak, the Coal Question, and Climate Change." ASPO-USA Conference, Houston. October 19. Available at http://rutledge.caltech.edu ] [ 25 Spratt, D., and P. Sutton. 2008. Climate Code Red: the Case for A Sustainability Emergency. Friends of the Earth and Carbon Equity. Available at www.carbonequity.info ] [ 26 Tao, Z., and M. Li. 2007. "What Is the Limit of Chinese Coal SuppliesA STELLA Model of Hubbert Peak." Energy Policy 35, no. 6: 3145-54. ] [ 27 Trainer, T. 2007. Renewable Energy Cannot Sustain a Consumer Society. Dordrecht: Springer. ] [ 28 World Bank. 2009. World Development Indicators Online. Available at devdata.worldbank.org/dataonline ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:1:p:74-92
Template-Type: ReDIF-Article 1.0
Author-Name: Miao Jianchun
Author-X-Name-First: Miao
Author-X-Name-Last: Jianchun
Author-Name: Kevin Daly
Author-X-Name-First: Kevin
Author-X-Name-Last: Daly
Title: Evidence of Collateral, Asymmetric Information, Credit Risk, and Banking Regulations from Firms
Abstract:
This article examines the determinants of a firm's proportion of collateralized loans within the context of Chinese firms. In particular, focus is placed on the effect of a new bank regulatory system on the firm's proportion of collateralized loans. The study found that a firm's proportion of collateralized loans is positively related to its level of credit risk and asymmetric information, and that this in turn is increasingly and significantly a consequence of the new banking regulatory law and guidelines of 2004. The results suggest that the new banking regulatory system has changed the way in which banks structure loan contracts in China.
Journal: Chinese Economy
Pages: 21-37
Issue: 2
Volume: 45
Year: 2012
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=553133XQ155T2U22
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X-Bibl:
[ 1 Allen, L., and A. Saunders. 2004. "Incorporating Systemic Influences into Risk Measurements: A Survey of the Literature." Journal of Financial Services Research 26: 161-91. ] [ 2 Altman, E. I. 1968. "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy." Journal of Finance 23: 589-611. ] [ 3 Altman, E. I. 1971. "Railroad Bankruptcy Propensity." Journal of Finance 26: 333-45. ] [ 4 Altman, E. I. 1988. "Default Risk, Mortality Rates, and the Performance of Corporate Bonds." Research Foundation, Institute of Chartered Financial Analysts. Charlottesville, VA. ] [ 5 Altman, E. I., and A. Saunders. 1998. "Credit Risk Measurement: Developments over the Last 20 Years." Journal of Banking and Finance 21: 1721-42. ] [ 6 Berger, A. N., and G. F. Udell. 1995. "Relationship Lending and Lines of Credit in Small Firm Finance." Journal of Business 68: 351-81. ] [ 7 Berger, A. N., and G. F. Udell. 2002. "Small Business Credit Availability and Relationship Lending: The Importance of Bank Organization Structure." Economic Journal 112: 32-53. ] [ 8 Boot, A. W. A., and A. V. Thakor. 1994. "Moral Hazard and Secured Lending in an Infinitely Repeated Credit Market Game." International Economic Review 35: 899-920. ] [ 9 Boot, A. W. A., and A. V. Thakor. 2000. "Can Relationship Banking Survive Competition?" Journal of Finance 12, no. 2: 679-713. ] [ 10 Boot, A. W. A.; A. V. Thakor; and G. F. Udell. 1991. "Secured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results." Economic Journal 101: 458-72. ] [ 11 Carling, K. 2007. "Corporate Credit Risk Modeling and the Macro Economy." Journal of Banking and Finance 31, no. 3: 845-68. ] [ 12 China Banking Regulatory Commission. 2004. "Guidelines on Due Diligence in the Credit Extension Work of Commercial" [no. 19]. Available at www.cbrc.gov.cn ] [ 13 China Congress. 2004. Law of China Commercial Bank. Available at www.cbrc.gov.cn ] [ 14 Frydman, H.; E. I. Altman; and D. L. Kao. 1985. "Introducing Recursive Partitioning for Financial Classification: The Case of Financial Distress." Journal of Finance 40: 269-91. ] [ 15 Fu, Q. 2005. "Implication of Logistic Model in Listed Companies' Credit Risk Evaluation." Journal of Chongqing Jianzhu University 27: 114-22. ] [ 16 Huang, J., and H. Wang. 2009. "Government Protection and Corporate Risk Management in China." Chinese Economy 42, no. 2: 7-29. ] [ 17 Jimenez, G. 2004. "Collateral, Type of Lender and Relationship Banking as Determinants of Credit Risk." Journal of Banking and Finance 28, no. 5: 2191-22. ] [ 18 Jimenez, G. 2006. "Determinants of Collateral." Journal of Financial Economics 28, no. 81: 255-81. ] [ 19 John, R. G., and Q. Jia. 2008. "Corporate Misreporting and Bank Loan Contracting." Journal of Financial Economics 89, no. 2: 44-61. ] [ 20 Kwong, C. L. 2009. "From Commercialization to WTO Accession What Lies Ahead for China's Banking Reform." Chinese Economy 42, no. 5: 8-20. ] [ 21 Platt, H. D., and M. B. Platt. 1991. "A Linear Programming Approach to Bond Portfolio Selection." Economic Financial Computing 12, no. 2: 71-84. ] [ 22 Santomero, A., and J. Vinso. 1977. "Estimating the Probability of Failure for Firms in the Banking System." Journal of Banking and Finance 8, no. 2: 185-206. ] [ 23 Scherr, F., and M. Hulburt. 2001. "The Debt Maturity Structure of Small Firms." Financial Management 30, no. 1: 85-97. ] [ 24 Smith, C. W., and M. J. Barclay. 1995. "The Maturity Structure of Corporate Debt." Journal of Finance 50: 609-31. ] [ 25 Stohs, M., and H. Mauer. 1996. "The Determinants of Corporate Debt Maturity Structure." Journal of Business 69, no. 2: 279-312. ] [ 26 Wang, C. 1998. "Credit Risk Assessment in Commercial Banks and Its Test." Journal of Management Science in China 15: 69-72. ] [ 27 Wei, W. 2007. "Logist Model in Commercial Bank for Prediction of Credit Risk." Chinese Economist 11: 238-40. ] [ 28 Wilcox, J. W. 1973. "A Prediction of Business Failure Using Accounting Data." Journal of Accounting Research 2: 71-85. ] [ 29 Zhang, L. 2008. "The Analysis on Chinese Current Macroeconomy Situation." Macroeconomic Management 12, no. 3: 9-13. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:2:p:21-37
Template-Type: ReDIF-Article 1.0
Author-Name: Ka Zeng
Author-X-Name-First: Ka
Author-X-Name-Last: Zeng
Title: Trade Deflection, Retaliation, and Developing-Country Antidumping Initiation Against China
Abstract:
The proliferation of antidumping investigations directed at China in recent years raises the question of whether importing countries are motivated by retaliatory considerations in their filings against Chinese firms. This question is addressed through an empirical examination of the use of the antidumping instrument by developing countries. Empirical results suggest that China's actual and threatened retaliation against developing countries can generate both a retaliatory and a deterrent effect. They also suggest that the deflection of exports to developing countries has contributed to the rise in the latter's use of antidumping against Chinese firms.
Journal: Chinese Economy
Pages: 38-64
Issue: 2
Volume: 45
Year: 2012
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=726J04HP50Q27316
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X-Bibl:
[ 1 Aggarwal, A. 2004. "Macro Economic Determinants of Antidumping: A Comparative Analysis of Developed and Developing Countries." World Development 32, no. 6: 1043-57. ] [ 2 Bao, X., and L. D. Qiu. 2009. "Antidumping in China: Is It Retaliatory?" Available at www.sef.hku.hk/~larryqiu/Papers/China-antidumping.pdf ] [ 3 Barton, J. H.; J. Goldstein; T. E. Josling; and R. H. Steinberg. 2006. The Evolution of the Trade Regime. Princeton: Princeton University Press. ] [ 4 Blonigen, B. A. 2005. "The Effects of (CUSFTA and) NAFTA on Antidumping and Countervailing Duty Activity." World Bank Economic Review 19, no. 3: 407-24. ] [ 5 Blonigen, B. A., and C. P. Bown. 2003. "Antidumping and Retaliation Threats." Journal of International Economics 60, no. 2: 249-73. ] [ 6 Bown, C. P. 2008. "The WTO and Antidumping in Developing Countries." Economics and Politics 20, no. 2: 255-88. ] [ 7 Bown, C. P. 2009. "Protectionism Is on the Rise: Antidumping Import Investigations." In The Collapse of Global Trade, Murky Protectionism, and the Crisis: Recommendations for the G20, ed. R. Baldwin and S. Evenett, 55-57. London: CEPR and VoxEU. ] [ 8 Bown, C. P., and M. A. Crowley. 2007. "Trade Deflection and Trade Depression." Journal of International Economics 72, no. 1: 76-201. ] [ 9 Bown, C. P., and R. McCulloch. 2007. "U. S. Trade Policy Toward China: Discrimination and Its Implications." In Challenges to the Global Trading System: Adjustment to Globalization in the Asia Pacific Region, ed. S. La Croix and P. A. Petri, 58-82. Oxford: Routledge. ] [ 10 Brenton, P. 2001. "Anti-Dumping Policies in the EU and Trade Diversion." European Journal of Political Economy 17, no. 3: 593-607. ] [ 11 Busch, M. L.; R. Raciborski; and E. Reinhardt. 2008. "Does the Rule of Law Matter? The WTO and U. S. Antidumping Investigations." Manuscript. Available at http://userwww.service.emory.edu/~erein/research/antidumping.pdf ] [ 12 Deardorff, A. V., and R. M. Stern. 2005. "A Centennial of Anti-Dumping Legislation and ImplementationIntroduction and Overview." World Economy 28, no. 5: 633-40. ] [ 13 Feinberg, R. M. 1989. "Exchange Rates and Unfair Trade." Review of Economics and Statistics 71, no. 4: 704-7. ] [ 14 Feinberg, R. M., and K. M. Reynolds. 2006. "The Spread of Antidumping Regimes and the Role of Retaliation in Filings." Southern Economic Journal 72, no. 4: 877-90. ] [ 15 Global Antidumping Database: Part of the Temporary Trade Barriers Database. 2010. Available at http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/0,contentMDK:22574930~pagePK:64214825~piPK:64214943~theSitePK:469382,00.html ] [ 16 Grossman, G. M., and E. Helpman. 1994. "Protection for Sale." American Economic Review 84, no. 4: 833-50. ] [ 17 Hansen, W. L., and T. J. Prusa. 1997. "The Economics and Politics of Trade Policy: An Empirical Analysis of ITC Decision Making." Review of International Economics 5, no. 2: 230-47. ] [ 18 Hufbauer, G. C.; Y. Wong; and K. Sheth. 2006. US-China Trade Disputes: Rising Tide, Rising Stakes (Policy Analyses in International Economics). Washington, DC: Peterson Institute for International Economics. ] [ 19 International Monetary Fund. Various years. International Financial Statistics Yearbook. Washington, DC. ] [ 20 Knetter, M. M., and T. J. Prusa. 2003. "Macroeconomic Factors and Antidumping Filings: Evidence from Four Countries." Journal of International Economics 61, no. 1: 1-17. ] [ 21 Lardy, N. R. 2002. Integrating China into the Global Economy. Washington, DC: Brookings Institution Press. ] [ 22 Lavergne, R. P. 1983. The Political Economy of US Tariffs: An Empirical Analysis. New York: Academic Press. ] [ 23 Lindsay, B., and D. Ikenson. 2010. "Come Home to Roost: Proliferating Antidumping Laws and the Growing Threat to U. S. Exports." Trade Policy Analysis no. 14. Cato Institute. Available at www.freetrade.org/pubs/pas/tpa-014.pdf ] [ 24 Mah, J. S. 2000. "Antidumping Decisions and Macroeconomic Variables in the USA." Applied Economics 32, no. 13: 1701-9. ] [ 25 Marks, S. V., and J. McArthur. 1990. "Empirical Analyses of the Determinants of Protection: A Survey and Some New Results." In International Trade Policies: Gains from Exchange Between Economics and Political Science, ed. J. S. Odell and T. Willett, 105-39. Ann Arbor: University of Michigan Press. ] [ 26 Messerlin, P. 2004. "China in the World Trade Organization: Antidumping and Safeguards." World Bank Economic Review 18, no. 1: 105-30. ] [ 27 Miranda, J.; R. A. Torres; and M. Ruiz. 1998. "The International Use of Antidumping: 1987-1997." Journal of World Trade 32, no. 5: 5-71. ] [ 28 Moore, M. O., and M. Zanardi. 2006. "Does Antidumping Use Contribute to Trade Liberalization? An Empirical Analysis." Manuscript. Available at http://arno.uvt.nl/show.cgi?fid=53936 ] [ 29 Nicita, A., and M. Olarreaga. 2007. "Trade, Production, and Protection Database, 1976-2004." World Bank Economic Review 21, no. 1: 165-71. ] [ 30 Niels, G., and J. Francois. 2006. "Business Cycles, the Exchange Rate, and the Demand for Antidumping Protection in Mexico." Review of Development Economics 10, no. 3: 388-99. ] [ 31 Prusa, T. J. 1997. "The Trade Effects of U. S. Antidumping Actions." In The Effects of U. S. Trade Protection and Promotion Policies, ed. R. C. Feenstra, 191-213. Chicago: University of Chicago Press. ] [ 32 Prusa, T. J. 2001. "On the Spread and Impact of Anti-dumping." Canadian Journal of Economics 34, no. 3: 591-611. ] [ 33 Prusa, T. J., and S. Skeath. 2002. "The Economic and Strategic Motives for Antidumping Filings." Weltwirtschaftliches Archiv/Review of World Economics 138, no. 3: 389-413. ] [ 34 Prusa, T. J., and S. Skeath. 2004. "Modern Commercial Policy: Managed Trade or Retaliation?" In Handbook of International Trade. Volume II: Economic and Legal Analyses of Trade Policy and Institutions Handbook of International Economics, ed. E. K. Choi and J. Hartigan, 358-82. London: Blackwell. ] 35 Trefler, D. 1993. "Trade Liberalization and the Theory of Endogenous Protection: An Econometric Study of US Import Policy." Journal of Political Economy 101, no. 1: 138-60. [ 36 World Trade Organization. 2010. "Antidumping Initiations: By Exporting Country From: 01/01/95 To: 31/12/08." Available at www.wto.org/english/tratop_e/adp_e/ad_init_exp_country_e.xls ] [ 37 Xu, Shiteng, and Yihong Tang. 2009. "European Union Antidumping Investigations Against China: Characteristics and Determinants." Chinese Economy 42, no. 6: 66-80. ] [ 38 Yin, Jason Z. 2009. "Can Russia Learn from China in its Quest for WTO Entry?" Chinese Economy 42, no 3: 60-77. ] [ 39 Zeng, Kai, and Wei Liang. 2012. "U. S. Antidumping Actions Against China: The Impact of China's Entry into the World Trade Organization." Review of International Political Economy 17, no. 3: 562-88. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:2:p:38-64
Template-Type: ReDIF-Article 1.0
Author-Name: Juan Yang
Author-X-Name-First: Juan
Author-X-Name-Last: Yang
Author-Name: David Mayston
Author-X-Name-First: David
Author-X-Name-Last: Mayston
Title: Impact of Overeducation on Wages in China
Abstract:
The rapid expansion of China's higher education system in recent years has exceeded China's high rate of economic growth and produced a problem of overeducation and undereducation, defined respectively as whether graduates obtain jobs whose educational requirements are commensurate with their highest degree qualification on graduation. A pecking order model of employment offers is used to analyze the factors determining the overeducation of graduates across China. These include significant factors not found in other countries. The predictive hypothesis of a strong form of the pecking order model was tested under conditions of perfect wage flexibility dependent only on individual characteristics and not on the job obtained by the graduate. The hypothesis was rejected because the evidence showed that the Chinese labor market is imperfectly competitive due to the continued functioning of traditional bureaucratic norms. Instead, the analysis found that job level can have a significant effect on a graduate's wages, alongside other factors. The determinants of the probability of obtaining a higher-level job on graduation therefore remain important as factors influencing the graduate's expected wages, incentives, and risk of being overeducated for available employment.
Journal: Chinese Economy
Pages: 65-89
Issue: 2
Volume: 45
Year: 2012
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P44953842136K666
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X-Bibl:
[ 1 Aitchison, J., and J. Brown. 1963. Lognormal Distribution in Economics. Cambridge: Cambridge University Press. ] [ 2 Alba-Ramirez, A. 1993. "Mismatch in the Spanish Labor Market: Overeducation?" Journal of Human Resources 28, no. 2: 259-78. ] [ 3 Battu, H.; C. Belfield; and P. Sloane. 1999. "Overeducation Among Graduates: A Cohort View." Education Economics 7, no. 1: 21-38. ] [ 4 Bauer, T. 2002. "Educational Mismatch and Wages: A Panel Analysis." Economics of Education Review 21, no. 3: 221-29. ] [ 5 Becker, G. S. 1964, 1993. Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education. Chicago: University of Chicago Press. ] [ 6 Bresnahan, T.; E. Brynjolfsson; and L. Hitt. 2002. "Information Technology, Workplace Organisation and the Demand for Skilled Labor: Firm Level Evidence." Quarterly Journal of Economics 117, no. 1: 339-76. ] [ 7 Cameron, C., and P. Trivedi. 2005. Microeconometrics: Methods and Applications. Cambridge: Cambridge University Press. ] [ 8 Chen, X. Y.; L. K. Chen; and X. Chen. 2003. "Rates of Return to Schooling in Urban China: Changes in the 1990s." Peking University Education Review 2: 65-72 (in Chinese). ] [ 9 Davidson, R., and J. Mackinnon. 2004. Econometric Theory and Methods. Oxford: Oxford University Press. ] [ 10 Dmurger, S.; M. Fournier; S. Li; and Z. Wei. 2007. "Economic Liberalization with Rising Segmentation on China's Urban Labor Market." Asian Economic Papers 5, no. 3: 58-101. ] [ 11 Dolton, P., and M. Silles. 2001. "Over-Education in the Graduate Labour Market: Some Evidence from Alumni Data." Centre for the Economics of Education, Discussion Paper No. 9, London School of Economics and Political Science. ] [ 12 Dolton, P., and A. Vignoles. 2000. "Incidence and Effects of Overeducation in the UK Graduate Labour market." Economics of Education Review, 19, no. 2: 179-98. ] [ 13 Duncan, G., and S. Hoffman. 1981. "The Incidence and Wage Effects of Overeducation." Economics of Education Review 1, no. 1: 75-86. ] [ 14 Frenette, M. 2004. "The Overqualified Canadian Graduate: The Role of the Academic Program in the Incidence, Persistence and Economic Returns to Overqualification." Economics of Education Review 23, no. 1: 29-45. ] [ 15 Groot, W. 1996. "The Incidence of, and Returns to, Overeducation in the UK." Applied Economics 28, no. 10: 1345-50. ] [ 16 Hartog, J., and H. Oosterbeek. 1988. "Education, Allocation and Earnings in the Netherlands: Overschooling?" Economics of Education Review 7, no. 2: 185-94. ] [ 17 Heckman, J. 1979. "Sample Selection Bias as a Specification Error." Econometrica 47, no. 1: 153-61. ] [ 18 Lai, D. S. 1998. "Education, Labour Market and Income Distribution." Economic Research Journal 5: 42-50 (in Chinese). ] [ 19 Li, H. 2003. "Economic Transition and Returns to Education in China." Economics of Education Review 22, no. 3: 317-28. ] [ 20 Li, K.W; L. H. Yun; and G. C. Lui. 2009. "Economic Performance of Human Capital in Post-Reform China." Chinese Economy 42, no. 1: 40-61. ] [ 21 Li, S., and S. Ding. 2003. "Long-Term Change in Private Returns to Education in Urban China." Social Science in China 6: 58-72 (in Chinese). ] [ 22 Luo, C. L. 2007. "Return to Education and its Distribution in Urban China." Economic Research Journal 6: 119-31 (in Chinese). ] [ 23 Ma, X. Q., and X. H. Ding. 2005. "Risk of Chinese Urban Citizens' Individual Investment in Education: A Positivist Study." Educational Research 4: 25-32 (in Chinese). ] [ 24 Machin, S., and J. Van Reenen. 1998. "Technology and Changes in Skill Structure. Evidence from Seven OECD Countries." Quarterly Journal of Economics 113, no. 4: 1215-44. ] [ 25 Mincer, J. 1974. Schooling, Experience and Earnings. New York: Columbia University Press. ] [ 26 National Bureau of Statistics. 2010. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 27 Rumberger, R. 1987. "The Impact of Surplus Schooling on Productivity and Earnings." Journal of Human Resources 22, no. 1: 24-50. ] [ 28 Sattinger, M. 1993. "Assignment Models in the Distribution of Earnings." Journal of Economic Literature 31, no. 2: 831-80. ] [ 29 Sicherman, N. 1991. "'Overeducation' in the Labor Market." Journal of Labor Economics 9, no. 2: 101-22. ] [ 30 Simon, H. 1957. "The Compensation of Executives." Sociometry 20, no. 1: 32-35. ] [ 31 Vella, F. 1998. "Estimating Models with Sample Selection Bias: A Survey." Journal of Human Resources 33, no. 1: 127-69. ] [ 32 Verdugo, R., and N. Verdugo. 1989. "The Impact of Surplus Schooling on Earnings: Some Additional Findings." Journal of Human Resources 24, no. 4: 629-43. ] [ 33 Yang, J., and D. Mayston. 2009. "An Empirical Study on Educational Investment for All Levels of Higher Education in China." Frontiers of Economics in China 1: 46-61. ] [ 34 Zhang, P., and X. H. Liu. 2008. "Mechanisms for Learning by Doing, Low-Cost Competition, and Changes in Growth Paths." Chinese Economy 41, no. 4: 54-76. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:2:p:65-89
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Economic Growth, Banks, and Trade
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 45
Year: 2012
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V8V42388830MU4L3
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Handle: RePEc:mes:chinec:v:45:y:2012:i:2:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Xing Li
Author-X-Name-First: Xing
Author-X-Name-Last: Li
Author-Name: Zeguang Li
Author-X-Name-First: Zeguang
Author-X-Name-Last: Li
Author-Name: Man-wah Luke Chan
Author-X-Name-First: Man-wah Luke
Author-X-Name-Last: Chan
Title: Demographic Change, Savings, Investment, and Economic Growth
Abstract:
Few would doubt that China's demographic changes have had a significant impact on its economic growth, but little attention has been given to distinguishing specific structural indicators of this trend. This article investigates the growth effects of China's demographic changes in the realms of labor supply and human capital improvement on savings and investment. Using provincial panel data, the results show that China's demographic structure is in a transitional phase in which economic growth is fostered by the increasing savings and investment rates of its aging population. The issue of how to take advantage of this growing population sector for savings, investment, and economic growth has important policy implications.
Journal: Chinese Economy
Pages: 5-20
Issue: 2
Volume: 45
Year: 2012
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W085798276050629
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X-Bibl:
[ 1 Ando, A., and F. Modigliani. 1963. "The Life-Cycle Hypothesis of Saving: Aggregate Implications and Tests." American Economic Review 53, no. 1: 55-84. ] [ 2 Arellano, M., and S. Bond. 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations." Review of Economic Studies 58, no. 2: 277-97. ] [ 3 Arrow, K. J. 1962. "The Economic Implication of Learning by Doing." Review of Economic Studies 29, no. 3: 155-73. ] [ 4 Barro, R., and J. W. Lee. 1994. "Sources of Economic Growth." Carnegie-Rochester Conference Series on Public Policy 40, no. 1: 1-46. ] [ 5 Barro, R., and X. Sala-i-Martin. 2003. Economic Growth. Cambridge: MIT Press. ] [ 6 Bloom, D., and J. Williamson. 1998. "Demographic Transitions and Economic Miracles in Emerging Asia." World Bank Economic Review 12, no. 3: 419-55. ] [ 7 Bloom, D.; D. Canning; and J. Sevilla. 2001. "Economic Growth and the Demographic Transition." NBER Working Paper no. W8685. National Bureau of Economic Research. Available at www.nber.org/papers/w8685 ] [ 8 Bloom, D.; D. Canning; and J. Sevilla. 2002. "The Demographic Dividend: A New Perspective on the Economic Consequences of Population Change." Report no. MR-1274. Santa Monica: RAND Corp. ] [ 9 Blundell, R., and S. Bond. 1998. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models." Journal of Econometrics 87, no. 1: 115-43. ] [ 10 Bond, S.; A. Hoeffler; and O. Temple. 2001. "GMM Estimation of Empirical Growth Models." CEPR Discussion Paper no. 3048. Available at SSRN: http://ssrn.com/abstract=290522 ] [ 11 Cai, F. 2010. "Demographic Changes, Demographic Dividend and the Lewis Turning Point." Jingji Yanjiu (Economic Research Journal) 45, no. 4: 4-13 (in Chinese). ] [ 12 Cai, F.; M. Wang; and Y. Du. 2005. "China's Labor Market on Crossroad." China and World Economy 13, no. 1: 32-46. ] [ 13 Caselli, F.; G. Esquivel; and F. Lefort. 1996. "Reopening the Convergence Debate: A New Look at Cross-country Growth Empirics." Journal of Economic Growth 11, no. 3: 363-89. ] [ 14 Choudhry, M., and P. Elhorst. 2010. "Demographic Transition and Economic Growth in China, India and Pakistan." Economic Systems 34, no. 3: 218-36. ] [ 15 DeGregorio, Jose. 1992. "Economic Growth in Latin America." Journal of Development Economics 39, no. 1: 59-84. ] [ 16 Durlauf, S., and D. Quah. 1999. "The New Empirics of Economic Growth." In Handbook of Macroeconomics, ed. J. B. Taylor and M. Woodford, pp. 235-308. Amsterdam: North Holland. ] [ 17 Islam, N. 1995. "Growth Empirics: A Panel Data Approach." Quarterly Journal of Economics 110, no. 4: 1127-70. ] [ 18 Jappelli, T., and M. Pagano. 1994. "Saving, Growth, and Liquidity Constraints." Quarterly Journal of Economics 109, no. 1: 83-109. ] [ 19 Kaldor, N. 1956. "Alternative Theories of Distribution." Review of Economic Studies 23, no. 2: 83-100. ] [ 20 Leff, N. 1969. "Dependency Rates and Savings Rate." American Economic Review 59, no. 5: 886-96. ] [ 21 Leff, N. 1971. "Dependency Rates and Savings Rate: Reply." American Economic Review 61, no. 3: 476-80. ] [ 22 Li, H.; J. Zhang; and J. Zhang. 2007. "Effects of Longevity and Dependency Rates on Saving and Growth: Evidence from a Panel of Cross Countries." Journal of Development Economics 84, no. 1: 138-54. ] [ 23 Li, X.; Z. Li; and M. W. Luke Chan. 2010. "Demographic Change, Savings, Investment and Economic Growth: A Case from China." Working paper. De-Groote School of Business, McMaster University. ] [ 24 Li, Y., and J. Yin. 2005. "High Saving Rate, High Investment Rate and Chinese Economic Growth during Labor Transition." Jingji Yanjiu (Economic Research Journal) 40, no. 2: 2-15 (in Chinese). ] [ 25 Mankiw, N. G.; D. H. Romer; and D. H. Weil. 1992. "A Contribution to the Empirics of Economic Growth." Quarterly Journal of Economics 107, no. 2: 407-37. ] [ 26 Mason, A., and R. Lee. 2004. "Reform and Support Systems for the Elderly in Developing Countries: Capturing the Second Demographic Dividend." GENUS 62, no. 2: 11-35. ] [ 27 Modigliani, F., and L. Cao. 2004. "The Chinese Saving Puzzle and the Life-Cycle Hypothesis." Journal of Economic Literature 42, no. 1: 145-70. ] [ 28 National Bureau of Statistics (NBS). 1986-2007. China Population Statistics Yearbook. Beijing: China Statistics Press. ] [ 29 National Bureau of Statistics (NBS). 1999. Comprehensive Statistical Data and Materials on 50 Years of New China. Beijing: China Statistics Press. ] [ 30 Persson, J. 2002. "Demographics, Human Capital, and Economic Growth: A Study of United States 1930-2000." EIEF Working Paper no. 2004-7. Sweden. ] [ 31 Ram, R. 1984. "Dependency Rates and Savings: Reply." American Economic Review 74, no. 1: 234-37. ] [ 32 Samuelson, P., and F. Modigliani. 1966. "The Pasinetti Paradox in Neoclassical and More General Models." 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Handle: RePEc:mes:chinec:v:45:y:2012:i:2:p:5-20
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaochuan Zhu
Author-X-Name-First: Xiaochuan
Author-X-Name-Last: Zhu
Title: The Global Financial Crisis
Abstract:
This article examines the legal and regulatory changes occurring in China since the global financial crisis. An introduction and analysis of the economic stimulus plan of the Chinese government and the rapid policy shifts in prudential regulation are followed by a review of the law enforcement actions and congressional legislation undertaken in response to the crisis. some observations are offered on the ideology and role of the central government in legislation, law enforcement, and financial supervision. Finally, the challenge of flexible governance within the rule of law is examined.
Journal: Chinese Economy
Pages: 42-55
Issue: 3
Volume: 45
Year: 2012
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=54242P732T7083G8
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X-Bibl:
[ 1 American Chamber of Commerce in South China. 2011. "White Paper on Business Environment in China." Available at www.amcham-southchina.org/am-cham/static/publications/whitepaper.jsp ] [ 2 "Circular on Enforcement Issues Related to the Global Financial Crisis by the Supreme Court." 2009. Fafa, no. 34. ] [ 3 "Circular on Fees Abolishment by the CBRC, PBC and NDRC." 2011. Yinjianfa, no. 22. ] [ 4 "Circular on Further Deepening the Economic System Reforms in 2010 by the State Council." 2010. Guofa, no. 15. ] [ 5 "Circular on Further Regulating Real Estate Markets by the Office of State Council." 2011. Guobanfa, no. 1. ] [ 6 "Circular on Serving the Economic Development Stably by the Supreme People's Procuratorate." 2008. ] [ 7 "Circular on Strengthening the Management of Local Government-Controlled Financing Companies by the State Council." 2010. Guofa, no. 19. ] [ 8 Feng, H. 2009. "Government Should Publish Detailed Accounts." Securities Times (February 5): 5. ] [ 9 Ge, W. 2010. "Loan Volume Evasion and Monetary Policy Adjustment." Finance and Economics 9: 10-16. ] [ 10 Hu, X. 2011. "Hot Topics Before the Congressional and Consultative Meetings." Xinmin Night (March 2). Available at www.chinanews.com/estate/2011/03-02/2878923.shtml ] [ 11 Legislative Plan of the People's Congress Standing Committee. 2008. Available at www.npc.gov.cn/npc/xinwen/rdyw/wj/2008-04/23/content_1425392.htm ] [ 12 Legislative Plan of the People's Congress Standing Committee. 2009. Available at www.npc.gov.cn/npc/xinwen/syxw/2009-07/03/content_1509248.htm ] [ 13 Legislative Plan of the People's Congress Standing Committee. 2010. Available at www.npc.gov.cn/npc/xinwen/2010-07/06/content_1581057.htm ] [ 14 Liu, M. 2010. "Outlook on New Banking Reforms." China Banking Regulatory Commission Web page (December 17). Available at www.cbrc.gov.cn/chinese/home/jsp/docView.jsp?docID=20101217617B0548F94EA8B9FFDD5B297A56E400 ] [ 15 "Suggestions on Building a Rule-of-law Government by the State Council." 2010. Guofa, no. 33. ] [ 16 Third Five-Year Court Reform Guidelines (2009-2013) by the Supreme Court. Available at www.chinacourt.org/public/detail.php?id=350101 ] [ 17 Wang, X. 2010. "In Five to Ten Years, Financial Consumers May Become a Legal Term." Legal Daily (March 15): 6. ] [ 18 Wen, J. 2011. "Government Work Report Addressed on 5 March 2011." Xinhua Net (March 15). Available at http://news.xinhuanet.com/politics/2010-03/15/content_13174348.htm ] [ 19 Work Report of 2009 by the Supreme Court. 2009. Available at www.court.gov.cn/qwfb ] [ 20 Wu, J. 2009. "Breaking the Systemic Hurdle on Development." People's Daily (January 20). ] [ 21 Wu, X. 2009. "Understanding Easy Monetary Policies Properly." Chinese Congress 8: 28-29. ] [ 22 Xinhua. 2011. "Press Conference for Wen Jiabao at the Eleventh National People's Congress." Xinhua Net (March 14). Available at http://news.xinhua-net.com/politics/2011-03/14/c_121187130_3.htm ] [ 23 Xu, Y. 2011. "Legal System Is not Determined by Numbers." Procuratorial Daily (March 5): 1. ] [ 24 Yang, L., et al. 2009. Sixty Years' Finance in China. Beijing: China Finance and Economy Press. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:3:p:42-55
Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Blazey
Author-X-Name-First: Patricia
Author-X-Name-Last: Blazey
Title: Approaches to Increasing Desertification in Northern China
Abstract:
Desertification in Northern China, attributable to deforestation, urbanization, and drought, is causing increasingly severe sand and dust storms. About 30 percent of the land area of the People's Republic of China is affected, a factor that costs the Chinese government about Us$6.7 million a year. This article looks at the approaches taken by the Chinese government to reduce sandstorm activity and address the country's desertification. An assessment is made of both the costs of dealing with the problem and the government's approach to it during the global financial crisis.
Journal: Chinese Economy
Pages: 88-101
Issue: 3
Volume: 45
Year: 2012
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7688602K2321331H
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X-Bibl:
[ 1 Asian Development Bank. 2005. "Regional Master Plan for the Prevention and Control of Dust and Sandstorms in Northeast Asia." (March) Volume 1. Available at www.unccd.int/publicinfo/publications/docs/dustsandstorms_northeast-asia.pdf ] [ 2 Chen, F. 2000 "Combating Desertification: Action Programme in China." AMBIO: A Journal of the Human Environment 29, no. 6: 359-61. ] [ 3 Chew, S. C. 2001. World Ecological Degradation. Lanham, MD: Altamira Press. ] [ 4 China Daily. 2010. "Sandstorm Source Is Back in Business." (April 7). ] [ 5 China National Committee for the Implementation of the UN Convention to Combat Desertification. 1966. "China National Action Program to Combat Desertification." (August). ] [ 6 Ci, L., and X. Yang. 2005. "National Capacity Needs Self Assessment for Global Environmental Management." Chinese Academy of Forestry, Zhang Kebin China National Training Center on Combating Desertification, Beijing Forestry University. Thematic Area of March 2005 UNCCD UNDP/GEF-CPR/03G31/A/1G/99. ] [ 7 Decree of the State Development and Reform Commission, the Ministry of Commerce of the People's Republic of China, no. 57. 2007. ] [ 8 Devex. 2012. "Ningxia Desertification Control and Ecological Protection Project in China to Be Approved 2012." Available at www.devex.com/en/projects/ningxia-desertification-control-and-ecological-protection-project-in-china ] [ 9 Food and Agriculture Organization of the United Nations. 2003. "Overview of Land Desertification Issues and Activities in the People's Republic of China." Available at www.fao.org/docrep/w75393/w7539e03.htm ] [ 10 Harris and Moure, -pllc. 2011. "China's 12th Year Plan: A Preliminary Look." China Law Blog, China Law for Business (March 3). Available at www.chinalaw-blog.com/2011/03/chinas_12th_five_year_plan_a_preliminary_look.html ] [ 11 International Development Association. 2001. "Restoring China's Loess Plateau." Available at http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/IDA/0,contentMDK:21258686~menuPK:3266877~pagePK:51236175~piPK:437394~theSitePK:73154,00.html ] [ 12 Jeremy, H. 2010. "Desertification Threatens 38 Percent of the World." Mongabay. com (February 10). Available at http://news.mongabay.com/2010/0210-hance_desertification.html ] [ 13 Li, F. 2008. "ABB Leader in Anti Desertification Effort." China Daily (May 18). ] [ 14 Lomar, B., and F. Gale. 2008. "Who Will Feed China?" Amber Wares 6, no. 3: 3. ] [ 15 McElwee, C. 2008. "China's Stimulus Package: Energy and the Environment." (November 19). Available at www.chinaenvironmentallaw.com/2008/11/19/chinas-stimulus-package-energy-the-environment ] [ 16 Mike Horn Pangaea Explore. 2010. "The Green Wall of China." (January 20). Available at http://pangaea-yep.com/blogs/entry/The-Green-Wall-of-China ] [ 17 Ministry of Commerce, People's Republic of China. 2005. Protection of Forests and Control of Desertification. (November 8). Available at http://english.mofcom.gov.cn/aarticle/topic/bizchina/politicsandsociety/200511/20051100738226.html ] [ 18 Ministry of Forestry. 1997. China's Forestry Yearbook. Beijing. ] [ 19 Morrison, M. 2007. "China's Economic Conditions." Issues Brief for Congress (CRS Report). (August 23): 3. ] [ 20 Non-Legally Binding Instruments of All Types of Forests. 2007. (April 28). Available at www.un.org/esa/forests/pdf/session_documents/unff7/UNFF7_NLBI_draft.pdf ] [ 21 Pala, M., and H. Vanhanen. 2000. World Forests from Deforestation to Transition. Dordrecht: Kluwer Academic. ] [ 22 Ratliff, E. 2003. "The Green Wall of China 2004." Wired. (April). Available at www.wired.com/wired/arcive/11.04/greenwall.html ] [ 23 Shanghai Daily. 2008. "Pollution Costs Equal 10% of China's GDP." (June 6). Available at www.chinadaily.com.cn/china/2006-06/06/content_609350.htm ] [ 24 State Forestry Administration, People's Republic of China. 2010. "Program Plan State Forestry Administration of PR of China." (January 14). Available at http://english.forestry.gov.cnweb/article.do?action=readnew&id=2010011411352561 ] [ 25 True Knowledge. 2011. "Population of Beijing." (April 15). Available at www.trueknowledge.com/q/what_is_the_population_of_beijing_2011 ] [ 26 United Nations Convention to Combat Desertification. 1994. Available at www.unccd.int/convention/ratif/doeif.php ] [ 27 Vajpeyi, D. K., and A. Ponomarenko. 2001. "Deforestation in China." In Deforestation environmental and sustainable DevelopmentA Comparative Analysis, ed. D. K. Vajpeyi, pp. 91-110. Westport, CT: Praeger. ] [ 28 Wang, Q. 2010. "Warning over Desertification." China Daily (November 23). Available at www.chinadaily.com.cn/cndy/2010-11/23/content11592648.htm ] [ 29 Wang, Q. 2011. "First Batch of Sandstorms to Last till Monday." China Daily (March 19). ] [ 30 Wang, Sh. 2006. "Coping Strategies with Desertification in China." PowerPoint presentation. (October). China Meteorological Administration. New Delhi, India. Available at www.wamis.org/agm/meetings/worisk06/S5-Wang_WORISK.pdf ] [ 31 Watts, J. 2011 "China Makes Gain in Battle Against Desertification but Has Long Fight Ahead." Guardian (January 4). ] [ 32 Wenfa, X.; D. Guangcui; and Zh. Sheang. 2010. "China's Strategy and Financing for Forestry Sustainable Development." United Nations Forum on Forests, Ad Hoc Expert Group on Forest Financing. (August 16). ] [ 33 Yin, P. 2010. "Miracles in a Desert." Beijing Review (September 28). ] [ 34 Zhang, P.; G. Shao; G. Zhao; D. C. LeMaster; G. R. Parker; J. B. Dunning Jr.; and Q. Li. 2000. "China's Forest Policy for the 21st Century." Science 288, no. 5474 (June 23): 2135-36. ] [ 35 Zhong, Y. 2000. "Deforestation and Forest Transition Theory and Evidence in China." In World Forests from Deforestation to Transition, ed. M. Palo and H. Vanhanen, 49. Dordrecht: Kluwer Academic. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:3:p:88-101
Template-Type: ReDIF-Article 1.0
Author-Name: Kay-Wah Chan
Author-X-Name-First: Kay-Wah
Author-X-Name-Last: Chan
Title: The Global Financial Crisis and Labor Law in China
Abstract:
In 2007, China adopted a series of new laws and regulations to strengthen the protection of workers' rights. Business enterprises raised concerns about a resulting rise in labor costs, a situation that seems to have been aggravated by the global financial crisis starting in 2008. An ensuing decline in export orders caused financial difficulties for many labor-intensive manufacturers. What policies and measures has China adopted in response, and why have they been adopted? Have the new labor laws and regulations been amended to reduce worker protections in order to ease legal and regulatory burden for business? What is the current situation?
Journal: Chinese Economy
Pages: 24-41
Issue: 3
Volume: 45
Year: 2012
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D5J07430314182J4
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 Bai, X.; Y. Cao; and Y. Zhang. 2011. "Labor Shortage in China Reflects Shifting Situation, Plus Changing Mindset of Migrants." Xinhua News (February 19). Available at http://news.xinhuanet.com/english2010/indepth/2011-02/19/c_13739584.htm ] [ 2 Cai, F., and K. W. Chan. 2009. "The Global Economic Crisis and Unemployment in China." Eurasian Geography and Economics 50, no. 5: 513-31. ] [ 3 Cai, F., and M. Wang. 2010. "Impact of the Financial Crisis on Employment and Suggested Counter-Measures." In The China Economy Yearbook, ed. Jiagui Chen, Shucheng Liu, and Tongsan Wang, Vol. 4, 187-211. Leiden and Boston: Brill. ] [ 4 Cai, F.; Y. Du; and M. Wang. 2010. "Zhongguo Ruhe Yingdui Jinrong Weiji: Jingji, Jiuye yu Shehui Baohu de Shijiao" (China's Response to the Financial Crisis: Economic, Employment and Social Protection Perspectives). In Zhongguo Renkou yu Laodong Wenti Baogao no. 11: Hou Jinrong Weji Shiqi de Laodongli Shichang Tiaozhan (Report on China's Population and Labor [no. 11]: Labor Market Challenges in the Post-Crisis Era), ed. F. Cai. Beijing: Social Sciences Academic Press. ] [ 5 Cai, F.; D. Wang; and H. Zhang. 2010. "Employment Effectiveness of China's Economic Stimulus Package." China & World Economy 18, no. 1: 33-16. ] [ 6 Chan, K. W. 2010a. "The Global Financial Crisis and Migrant Workers in China: There Is No Future as a Labourer; Returning to the Village Has No Meaning." International Journal of Urban and Regional Research 34, no. 3: 659-77. ] [ 7 Chan, K. W. 2010b. "A China Paradox: Migrant Labor Shortage Amidst Rural Labor Supply Abundance." Eurasian Geography and Economics 51, no. 4: 513-30. ] [ 8 Chan, K-W. 2011. "China's Labour Laws in Transition." In Law, Wealth and Power in China: Commercial Law Reforms in Context, ed. J. Garrick, 163-181. New York: Routledge. ] [ 9 Chen, X.; H. Wang; and C. Zheng. 2011. "Bosses Battle It Out for Workers." ] [ 10 China Daily (February 12). Available at www.chinadaily.com.cn/china/2011-02/12/content_11989479.htm ] [ 11 China Daily. 2008. "New Law Won't Raise Labor Cost." (October 30). Available at www.chinadaily.com.cn/bizchina/2008-10/30/content_7158225.htm ] [ 12 China Daily. 2010. "Legislature Proposes Narrowing the Gap in Wealth." (August 24). Available at www.chinadaily.com.cn/china/2010-08/24/content_11197587.htm ] [ 13 China Daily. 2011a. "China's 2010 FDI Hits $106b, Up 17%." (January 18). Available at www.chinadaily.com.cn/bizchina/2011-01/18/content_11873206.htm ] [ 14 China Daily. 2011b. "China Ups Minimum Wages." (January 26). Available at www.chinadaily.com.cn/china/2011-01/26/content_11921449.htm ] [ 15 China Daily. 2011c. "China Keeps Offering Tax Preparation to Small Firms." (February 15). Available at www.chinadaily.com.cn/china/2011-02/15content_12021244.htm ] [ 16 China Daily. 2011d. "New Economic Zone to Further Open Western Region." (March 4). Available at www.chinadaily.com.cn/china/2011-03/04/content_12119200.htm ] [ 17 Du, X. 2010. "Wage Hike Needed." China Central Television (June 3). Available at http://english.cntv.cn/program/china24/20100603/102772.shtml ] [ 18 Du, X. 2011. "10 Million Workers Needed for Coastal Region, Experts Say." Chinese Central Television (January 6). Available at http://english.cntv.cn/20110106/103315.shtml ] [ 19 Fu, J., and Z. Zhu. 2009. "We'll Use Labor Law to Save Jobs." China Daily (March 10): 5. ] [ 20 Guangzhou Daily. 2011. "Chang San Jiao Laowu Shichang Pubian Yuleng Qiye Zhaogong Shouzao Wanju" (Labor Market in the Yangtze Delta Generally Faces Cold Current: Enterprises That Are Recruiting First Receive Tactful Rejection). (February 18). Available at www.chinanews.com/cj/2011/02-18/2851990.shtml ] [ 21 Jia, D. 2009. "Yunnan Zhenxiong: Sida Cuoshi Tuijin Fanxiang Nongmingong Zaijiuye" (Zhenxiong County in Yunnan Province: Four Major Measures to Promote Re-employment of Returned Migrant Workers). Zhongguo Renshibao (May 4). Available at www.mohrss.gov.cn/Desktop.aspx?path=mohrss/mohrss/InfoView&gid=606259d5-6624-1102-ae19-ec64d062ea77&tid=Cms_Info ] [ 22 Lai, H., and S. S. Teng. 2007 "Growth and Widening Inequalities." In Interpreting China's Development, ed. G. Wang and J. Wong, 168-173. Singapore: World Scientific. ] [ 23 Lai, P. 2010. "External Demand Decline-Caused Industry Collapse in China." China & World Economy 18, no. 1: 47-62. ] [ 24 Lan, X. 2010. "Growing Strong: One Year Later, ChiNext, the Country's Growth Enterprise Board, Is Making Headway, But Still Faces Risks." Beijing Review 45. Available at www.bjreview.com.cn/business/txt/2010-11/08/content_310566.htm ] [ 25 Li, Joseph. "City's Toy Maker Collapses Amid Crisis." China Daily (Hong Kong Edition) (October 17). Available at www.chinadaily.com.cn/hkedition/2008-10/17/content_7113892.htm ] [ 26 Li, J., and T. Si. 2009. "China Sees First Hike in FDI in 11 Months." China Daily (September 16). Available at www.chinadaily.com.cn/bizchina/2009-09/16/content_8696571.htm ] [ 27 Li, P., and G. Chen. 2009. "Zhongguo Jinru Fazhan de Xin Chengzhang Jieduan: 2009-2010 Nian Zhingguo Shehui Fazhan Xingshi Fenxi yu Yuce" (China Steps into a New Stage of Growth: Analysis and Forecast, 2009-2010). In 2010 Nian Zhongguo Shehui Xingshi: Fenxi yu Yuce (Society of China: Analysis and Forecast 2010), ed. X. Ru, X. Lu, and P. Li, 1-15. Beijing: Social Sciences Academic Press. ] [ 28 Li, S.; Y. Tan; and J. Feng. 2009. "Guangdong Sheng Laodong Hetong Fa Shishi Yingxiang Diaoyan Baogao" (Survey Report on the Impact of Implementation of the Labor Contract Law in Guangdong Province). Hongguan jingji Yanjiu (Macroeconomics) 1: 36-42. ] [ 29 Liang, Y. 2010. "China and the Global Financial Crisis: Assessing the Impacts and Policy Responses." China & World Economy 18, no. 3: 56-72. ] [ 30 Liu, W.; C. W. Pannell; and H. Liu. 2009. "The Global Economic Crisis and China's Foreign Trade." Eurasian Geography and Economics 50, no. 5: 497-512. ] [ 31 Liu, Z-h. 2008. "Renli Ziyuan he Shehui Baozhangbu: Zanhuan Tiaozheng Qiye Zuidi Gongzi Biaozun" (The Ministry of Human Resources and Social Security: Temporarily Suspending the Adjustment of Enterprise Minimum Wage Standards). People's Daily (November 17). Available at http://politics.people.com.cn/GB/1027/8355127.html#> ] [ 32 McDonald, J. 2010. "China Setting Milestone as Economy Passes Japan's." ABC News (August 1). Available at http://abcnews.go.com/Business/wireStory?id=11298145 ] [ 33 Mo, R.; L. Zhao; and L. Chen. 2009. "2009 Nian: Guoji Jinrong Weiji Xia de Jiuye Xingshi he Zhengce" (The Employment Situation and Relevant Policies Under International Financial Crisis). In 2010 Nian Zhongguo Shehui Xing-shi: Fenxi yu Yuce (Society of China: Analysis and Forecast 2010), ed. X. Ru, X. Lu, and P. Li, 31-48. Beijing: Social Sciences Academic Press. ] [ 34 Pong, G-p. 2009. "Guangxi Zhichi Fanxiang Nongmingong Zizhu Chuangye" (Guangxi Supports Entrepreneurship Among Its Returned Migrant Workers). Renmin Ribao (People's Daily) (January 14). Available at www.mohrss.gov.cn/Desktop.aspx?path=mohrss/mohrss/InfoView&gid=312e9226-447e-4134-9f98-e4d5b60ff9bd&tid=Cms_Info ] [ 35 Qi, J. 2009. "Latest Signs on Road to Economic Recovery." China Daily (April 22). Available at www.chinadaily.com.cn/cndy/2009-04/22/content_7701581.htm ] [ 36 Qiao, J. 2009. "2009 Nian Zhongguo Zhigong Zhuangkuang he Laodong Guanxi" (Labor Conditions and Labor Relations in China, 2009). In 2010 Nian Zhongguo Shehui Xingshi: Fenxi yu Yuce (Society of China: Analysis and Forecast 2010), ed. X. Ru, X. Lu, and P. Li, 275-287. Beijing: Social Sciences Academic Press. ] [ 37 Ren, B. 2008. "Renli Ziyuan he Shehui Baozhangbu, Caizhengbu, Guojia Shuiwu Zongju Wuda Jucuo Jianqing Qiye Fudan Wending Jiuye Jushi" (Five Major Measures from the Ministry of Human Resources and Social Security, Ministry of Finance and State Administration of Taxation to Lighten Enterprises' Burden and Stabilize Employment Situation). Zhongguo Renshibao (December 22). Available at www.rensb.com/showarticle.php?articleID=10710 ] [ 38 Wang, B., and L. Wu. 2009. "Hunan Fanxiang Nongmingong Chuangye Dailai Baiwan Jiuye Gangwei" (Returned Migrant Workers in Hunan Set Up Their Own Businesses and Created Millions of Job Positions). Renminwang (January 19). Available at www.mohrss.gov.cn/Desktop.aspx?path=mohrss/mohrss/InfoView&gid=46014392-e8a0-4bec-8914-2a2aeeb86137&tid=Cms_Info ] [ 39 Wang, J. 2010. "Courts Struggling to Handle Labor Disputes." China Daily (September 15). Available at www.chinadaily.com.cn/bizchina/2010-09/15/content_11306359.htm ] [ 40 Wang, M. 2010. "Impact of the Global Economic Crisis on China's Migrant Workers: A Survey of 2,700 in 2009." Eurasian Geography and Economics 51, no. 2: 218-35. ] [ 41 Wang, Y. 2009. "Wuhuan Sijian Jiji Zhengce Xiaoying Tuxian" (Outstanding Effect of the Wu Huan Xi Jian Positive Policy). Zhongguo Laodong -Baozhang-bao (May 6). Available at www.mohrss.gov.cn/Desktop.aspx?path=mohrss/mohrss/InfoView&gid=2c81f45e-c898-4ebc-9b06-4ee5e1dd9721&tid=Cms_Info ] [ 42 Wu, J. 2008. "New Labor Law No Harm to Firms." China Daily (March 10). Available at www.chinadaily.com.cn/cndy/2008-3/10/content_6520849.htm ] [ 43 Wu, Y., and Y. Du. 2010. "Jinrong Weiji Dui Zhongxiao Qiye Jiuye de Ying-xiang" (The Impact of the Financial Crisis on the Employment of Small and Medium-Size Enterprises). In Zhongguo Renkou yu Laodong Wenti Baogao no. 11: Hou Jinrong Weji Shiqi de Laodongli Shichang -Tiazhan (Report on China's Population and Labor [no. 11]: Labor Market Challenges in the Post-Crisis Era), ed. F. Cai, 183-203. Beijing: Social Sciences Academic Press. ] [ 44 Wu, Z., and H. Zhang. 2010. "Nongcun Laodongli Waichu Jiuye de Tedian ji Bianhua" (The Characteristics of Migrant Workers' Employment and Its Changes). In Zhongguo Renkou yu Laodong Wenti Baogao no. 11: Hou Jinrong Weji Shiqi de Laodongli Shichang Tiaozhan (Report on China's Population and Labor [no. 11]: Labor Market Challenges in the Post-Crisis Era), ed. F. Cai, 12-22. Beijing: Social Sciences Academic Press. ] [ 45 Xie, J. 2010. "Minimum Wage to Be Increased as Economy Recovers." China Daily (January 26). Available at www.chinadaily.com.cn/china/2010-01/26/content_9380108.htm ] [ 46 Xiong, Q. 2009. "Foreign Investors Return to China as Economy Warms Up." China Central Television (December 8). Available at http://english.cctv.com/20091208/101131.shtml ] [ 47 Xiong, Q. 2010. "China Repositions Shenzhen's Role to Spearhead Future Reform." China Central Television (August 26). Available at http://english.cntv.cn/20100826/101212.shtml ] [ 48 Xu, M. 2009. "Woguo Jiuye Jushi Jiben Wending" (Employment Situation in China Is Basically Stable). Zhongguo Renshibao (September 10). Available at www.rensb.com/showarticle.php?articleID=12665 ] [ 49 Yang, N. 2011."Rising Salaries Drives Firms West." China Daily (March 7). Available at www.chinadaily.com.cn/cndy/2011-03/07/content_12125267.htm ] [ 50 Yang, X. 2009. "Guangdong Chutai Youhui Zhengce Guli Zhichi Nongmingong Chuangye" (Guangdong Province Adopted Favorable Policies to Encourage Migrant Workers' Entrepreneurship). Xinhua News (February 2). Available at http://news.xinhuanet.com/newscenter/2009-02/02/content_10752225.htm ] [ 51 Yao, S., and X. Chu. 2009. "Jilinsheng Shishi Sige Yipi Gongcheng Jiejue Nongmingong Jiuye Nanti" (Jilin Province Conducts the "Four Groups" Project to Resolve the Difficult Problem of Migrant Workers' Employment). Xinhuashe (February 5). Available at www.mohrss.gov.cn/Desktop.aspx?path=mohrss/mohrss/InfoView&gid=c7b58ae9-ce50-4b22-9dc2-8d5b9af82b84&tid=Cms_Info ] [ 52 Zhang, P. 2009a. "China to Support Dev't of SMEs." China Central Television (August 23). Available at http://english.cctv.com/program/newshour/20090823/102579.shtml ] [ 53 Zhang, P. 2009b. "China Launches Its NASDAQ-Style Market." China Central Television (October 23). Available at http://english.cctv.com/20091023/104351.shtml ] [ 54 Zhao, L. 2010. "Salary Increase Guidelines Seek to Narrow Income Gap." China Daily (July 13). Available at www.chinadaily.com.cn/china/2010-07/13/con-tent_10096661.htm ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:3:p:24-41
Template-Type: ReDIF-Article 1.0
Author-Name: Nolan Cormac Sharkey
Author-X-Name-First: Nolan Cormac
Author-X-Name-Last: Sharkey
Title: China's Tax Integrity in Context of the Emerging International Tax System
Abstract:
This article looks at the emergent systematic interconnectivity, or "ecosystem," of the world's multiple income tax regimes and how this integration can spread ineffectiveness and corruption from one state to another. Against this background, it is proposed that the bureaucratic deficiencies of China's income taxation may provoke a more important and negative impact on foreign taxation regimes than on China itself. It is also argued that the constraints of the prevailing norms of international taxation exacerbate the problem of corruption as China is pressed to impose concepts of integrity unsuited to its institutional context. Harmonization of tax cultures must accommodate China's distinctive environment.
Journal: Chinese Economy
Pages: 56-75
Issue: 3
Volume: 45
Year: 2012
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E37Q2K7887H2117L
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X-Bibl:
[ 1 Avi-Yonah, R. S. 2007. "Tax Competition, Tax Arbitrage and the International Tax Regime." Michigan Law Public Law and Legal Theory Working Papers, no. 73. ] [ 2 Bertalanffy, L. von. 1968. General systems Theory. New York: Braziller. ] [ 3 Cartier, C. L. 2001. Globalizing south China. Oxford and Malden, MA: Blackwell. ] [ 4 Green, R. A. 2002. "The Interaction of Tax and Non-Tax Treaties." Bulletin for International Fiscal Documentation 56, no. 6 (June): 254-57. ] [ 5 Picciotto, S. 1992. International Business Taxation. London: Weidenfeld & Nicolson. ] [ 6 Rosenbloom, D. H. 2007. "Cross Border Arbitrage: The Good, the Bad and the Ugly." TaxesTax magazine 85, no. 3. ] [ 7 Sharkey, N. 2005. "China's Income Tax Concept of Enterprise and the Concept of CompanyInteraction with the Australia-China Tax Treaty." Bulletin for International Fiscal Documentation 59, no. 2: 157-66. ] [ 8 Sharkey, N. 2009a. "The Impact of Social Institutions on Tax Design: Informal Entities and the Tax Unit." Australian Taxation Forum 24, no. 4: 487-500. ] [ 9 Sharkey, N. 2009b. "Informal Assets and Liabilities and the Definition of Taxable Income." Australian Taxation Forum 24, no. 4: 515-530. ] [ 10 Sharkey, N. 2010. "Social Institutions and Tax Design: Chinese Society and Income Tax." Ph.D. diss., University of New South Wales. ] [ 11 Tan, C. B. 2004. Chinese Overseas: Comparative Cultural Issues. Hong Kong: Hong Kong University Press. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:3:p:56-75
Template-Type: ReDIF-Article 1.0
Author-Name: Mary Ip
Author-X-Name-First: Mary
Author-X-Name-Last: Ip
Title: The Global Financial Crisis and Beyond: Legal Responses and Special Topics
Abstract:
Journal: Chinese Economy
Pages: 3-7
Issue: 3
Volume: 45
Year: 2012
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L15572762J227454
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Handle: RePEc:mes:chinec:v:45:y:2012:i:3:p:3-7
Template-Type: ReDIF-Article 1.0
Author-Name: Mary Ip
Author-X-Name-First: Mary
Author-X-Name-Last: Ip
Title: The Global Financial Crisis
Abstract:
In general, China's response to the global financial crisis was not very different from that of other countries: a stimulus package worth trillions of renminbi, aimed at encouraging domestic consumption. At the same time, China realized that containing the economic havoc would also require the adoption of new legal measures. Consequently, a series of rules and regulations was promulgated as part of the country's strategic response to the crisis. The objective of this article is to examine the role of law in promoting economic stability in China during the financial crisis. The discussion focuses on contract law and bankruptcy law. How well does the regulatory regime address the economic dislocation of the global downturn? To what extent has the administration of policy contributed to the revitalization of the Chinese economy?
Journal: Chinese Economy
Pages: 8-23
Issue: 3
Volume: 45
Year: 2012
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L65183736223477W
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X-Bibl:
[ 1 Altman, R. C. 2009. "The Great Crash, 2008A Geopolitical Setback for the West." Foreign Affairs 88, no. 1: 1-14. ] [ 2 Cao, S. Y. 2009a. "Bankruptcy Is HardNothing Surprising." Shanghai and Hong Kong Economy (May): 24. ] [ 3 Cao, S. Y. 2009b. "Chinese Bankruptcy Law Has Been Shelved During the Global Financial Crisis." Si Yuan Think Tank Online (May 14). Available at www.caosy.com/view.asp?id=92 ] [ 4 Cao, S. Y. 2010. "Latest News: Total Number of Enterprises Bankruptcy New Low Rate." Si Yuan Think Tank Online (January 14). Available at www.caosy.com/view.asp?id=118 ] [ 5 Cao, S. Z. 2009. "The Interpretation II of the Supreme People's Court of Several Issues Concerning the Application of the Contract Law of the People's Republic of ChinaUnderstanding and Application." Shenzhen Lawyers Association Online. Available at www.szlawyers.com/system_dntb/upload/%C8%F4%B8%C9%CE%CA%CC%E2%B5%C4%BD%E2%CA%CD%A3%A8%B6%FE%A3%A9%A1%B7%B5%C4%C0%ED%BD%E2%D3%EB%CA%CA%D3%C3.doc ] [ 6 China Daily. 2009. "Trials Climb as Economy Slows Down." (July 29). Available at www.chinadaily.com.cn/cndy/2009-07/29/content_8484272.htm ] [ 7 Clarke, D. 2008. "Politburo Proposes to Centralize Court Funding." (December 7). Available at http://lawprofessors.typepad.com/china_law_prof_blog/2008/12/politburo-propo.html ] [ 8 Cook, S., and W. Lam. 2009. "The Financial Crisis and China: Implications for Low Income Countries." Institute of Development Studies. Available at www.ids.ac.uk/index.cfm?objectid=C3B5CC41-B423-2546-A7FC8E2A7E4CB850 ] [ 9 Currency Trading Net. 2009. "Can China Avoid a Post-Olympic Economic Downturn?" (January 12). Available at www.currencytrading.net/2009/can-china-avoid-a-post-olympic-economic-downturn ] [ 10 Dan, H., and T. Hodgkins. 2007. "China's New Bankruptcy LawFirst Report from the Ground." China Law Blog (June 12). Available at www.chinalaw-blog.com/2007/06/chinas_new_bankruptcy_law-firs.html ] [ 11 Epoch Times. 2008. "Over 9,000 Factories to Close Down in Guangdong, China." (October 26). Available at www.theepochtimes.com/n2/china/9000-factories-close-guangdong-china-6231.html ] [ 12 Halliday, T. 2007. "The Making of China's Corporate Bankruptcy Law." Foundation of Law, Justice and Society. Available at www.fljs.org/uploads/documents/Halliday.pdf ] [ 13 Liu, G., and M. Li. 2009. "China Promulgates New Rules for Registration of Technology Import and Export Contracts." King & Wood (May). Available at www.kingandwood.com/article.aspx?id=China-Promulgates-New-Rules-for-Registration-of-Technology-Import-and-Export-ContractsBy&language=en ] [ 14 MWE China Law Firm. 2008. "Analysis of China's New Bankruptcy Law." (October). Available at www.mwechinalaw.com/documents/mwechinalaw1008.pdf ] [ 15 Naude, W. 2009. "The Financial Crisis of 2008 and the Developing Countries." Discussion Paper No. 2009/01, United Nations University. Available at -econ.tu.ac.th/achan/rangsun/ec460/ec460readings/GlobalIssues/GlobalFinancialCrisis2007-2009/AcademicWorksByInstitution/UNDP/Financial%20Crisis%20of%-202008%20and%20LDCs.pdf ] [ 16 Overholt, W. H. 2010. "China in the Global Financial Crisis: Rising Influence, Rising Challenge." Washington Quarterly (January): 21-34. ] [ 17 Peerenboom, R. 2007. "Courts as Legislators: Supreme People's Court Interpretations and Procedural Reforms." Foundation of Law, Justice and Society. Available at www.fljs.org ] [ 18 Sing Tao Daily. 2008. "Basic Court Funding Comes from Central Government BudgetShun from Local Dependency." (December 6). Available at www.singtao.com./china/news_details.asp?sid=455012 ] [ 19 Sing Tao Daily. 2009. "Mainland's Export Dropped 1.2% in November." (December 12). Available at www.singtao.com/yesterday/fin/1212d001.html ] [ 20 Xinhua Net. 2008. "Premier Wen Jiabao Presides Over State Council Executive Meeting, Decides on Ten Measures to Increase Domestic Demand." (November 9). Available at http://news.xinhuanet.com/newscenter/2008-11/09/content_10331258_1.htm ] [ 21 Yu, Y. D. 2010. "China's Response to the Global Financial Crisis." East Asia Forum Online. Available at www.eastasiaforum.org/2010/01/24/chinas-response-to-the-global-financial-crisis ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:3:p:8-23
Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Qinghua Wang
Author-X-Name-First: Jennifer Qinghua
Author-X-Name-Last: Wang
Title: Financing the Mining Industry in China
Abstract:
China's central government has historically taken the leading role in financing the country's mining industry. After 1998, a market-oriented financing system began to develop. Bank loans, corporate bonds, trusts, project financing, and finance leases have been employed to fund the Chinese mining industry. In addition, in recent years private equity investment and initial public offerings or new shares issued by companies on the stock exchange's primary market have been used frequently by mining enterprises. More private equity funds have emerged in the aftermath of the global finance crisis. The Tianjin Equity Exchange established a mining board to get financing for small and medium-size mining enterprises. Nevertheless, the stock market in China still does not provide enough financing opportunities for small and medium-size mining enterprises. This article suggests that the Growth Enterprises Market of the Shenzhen Stock Exchange should establish a mining exchange in order to support the sector's development more robustly.
Journal: Chinese Economy
Pages: 76-87
Issue: 3
Volume: 45
Year: 2012
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X4876N1866182J06
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X-Bibl:
[ 1 Deng Jianglan. "Using PE Funds to Promote the Chinese Mining Industry to Develop in High Speed." Available at www.custeel.com/gb2312/news/viewArticle.jsp?articleID=2348962 ] [ 2 Guo, X-k. 2009. "The Analysis on the Feasibility of the Financing Using Mining Production Rights as Mortgage and Risk Prevention." Shenzhen Finance 8. ] [ 3 Mapleleaf. 2011. "Outline of Canadian Share Market for Mining Industry." East-money Online (February 16). Available at http://blog.eastmoney.com/qb5918/blog_150732289.html ] [ 4 TMX. 2010. "Toronto Stock Exchange & TSX Venture ExchangeCapital Marketplace for China and Asia Companies." TMX (December 31). Available at www.tmx.com/en/pdf/china/ChinaSectorProfile-en.pdf ] [ 5 Xu, T. 2011. "Another Trust Project in Mining Industry Done by CITIC Trust." Securities Daily (February 15). ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:3:p:76-87
Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas S. P. Tay
Author-X-Name-First: Nicholas S. P.
Author-X-Name-Last: Tay
Author-Name: Dilip K. Das
Author-X-Name-First: Dilip K.
Author-X-Name-Last: Das
Author-Name: Lee Yao
Author-X-Name-First: Lee
Author-X-Name-Last: Yao
Author-Name: Pisun Xu
Author-X-Name-First: Pisun
Author-X-Name-Last: Xu
Title: Economic and Financial Drivers of Growth
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 4
Volume: 45
Year: 2012
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1877746XT5M54114
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Handle: RePEc:mes:chinec:v:45:y:2012:i:4:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Linda Yueh
Author-X-Name-First: Linda
Author-X-Name-Last: Yueh
Title: Legal Development, Financial Repression, and Entrepreneurship in a Marketizing Economy
Abstract:
The nature of entrepreneurship in a marketizing economy will be affected not only by personal and socioeconomic characteristics, but also by the extent of legal development and financial repression. Many developing countries have underdeveloped legal and credit systems that can impede self-employment. Since China is an economy characterized by legal and institutional imperfections as well as underdeveloped financial markets, its growing and important nonstate sector poses a puzzle. This article tests whether such institutional constraints have affected the development of entrepreneurship in China, with implications for other countries in the process of liberalization. After examining the impact of legal and financial development, improvements in the legal system are found to lead to greater entrepreneurship, while financial repression is not a significant factor. Legal protection increases protection of property rights that can promote self-employment, while start-up money is often obtained from informal avenues such that financial repression is not a deterrent for starting a business, though it may be more important in the later stages of business expansion.
Journal: Chinese Economy
Pages: 39-82
Issue: 4
Volume: 45
Year: 2012
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H750337377292956
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X-Bibl:
[ 1 Allen, F.; J. Qian; and M. Qian. 2005. "Law, Finance and Economic Growth in China." Journal of Financial Economics 77, no. 1: 57-116. ] [ 2 Baker, G.; R. Gibbons; and K. J. Murphy. 2002. "Relational Contracts and the Theory of the Firm." Quarterly Journal of Economics 117, no. 1: 39-84. ] [ 3 Banerjee, A., and E. Duflo. 2007. "What Is Middle Class About the Middle Classes Around the World?" CEPR Discussion Paper no. 6613. ] [ 4 Banerjee, A., and A. Newman. 1993. "Occupational Choice and the Process of Development." Journal of Political Economy 101, no. 2: 274-98. ] [ 5 Bian, Y. 1994. "Guanxi and the Allocation of Urban Jobs in China." China Quarterly 140: 971-99. ] [ 6 Blanchflower, D. G., and A. J. Oswald. 1998. "What Makes an Entrepreneur?" Journal of Labor Economics 16, no. 1: 26-60. ] [ 7 Bull, C. 1987. "The Existence of Self-Enforcing Implicit Contracts." Quarterly Journal of Economics 102, no. 1: 147-59. ] [ 8 Djankov, S.; Y. Qian; G. Roland; and E. Zhuravskaya. 2006. "Who Are China's Entrepreneurs?" American Economic Review Paper and Proceedings 96, no. 2: 348-52. ] [ 9 Djankov, S.; E. Miguel; Y. Qian; G. Roland; and E. Zhuravskaya. 2005. "Who Are Russia's Entrepreneurs?" Journal of the European Economic Association 3, nos. 2-3: 587-97. ] [ 10 Evans, D., and L. Leighton. 1989. "Some Empirical Aspects of Entrepreneurship." American Economic Review 79: 519-35. ] [ 11 Fan, G. 1994. "Incremental Change and Dual-Tack Transition: Understanding the Case of China." Economic Policy 19, supp.: 100-22. ] [ 12 Greene, W. H. 2003. Econometric Analysis. Upper Saddle River, NJ: Pearson. ] [ 13 Holtz-Eakin, D.; D. Joulfaian; and H. S. Rosen. 1994. "Entrepreneurial Decisions and Liquidity Constraints." Rand Journal of Economics 25, no. 2: 334-47. ] [ 14 Knight, J., and L. Yueh. 2004. "Job Mobility of Residents and Migrants in Urban China." Journal of Comparative Economics 32, no. 4: 637-60. ] [ 15 Levine, R. 1997. "Financial Development and Economic Growth: Views and Agenda." Journal of Economic Literature 35: 688-726. ] [ 16 Li, S., and H. Sato, eds. 2006. Unemployment, Inequality and Poverty in Urban China. London and New York: Routledge. ] [ 17 Lin, Y. F. 2007. "Developing Small and Medium-Sized Banks to Improve the Financial Structure." Working Paper. Peking University: China Center for Economic Research (in Chinese). ] [ 18 Lu, F. S., and Y. Yao. 2009. "The Effectiveness of the Law, Financial Development, and Economic Growth in an Economy of Financial Repression: Evidence from China." World Development 37, no. 4: 736-77. ] [ 19 Mohapatra, S.; S. Rozelle; and R. Goodhue. 2007. "The Rise of Self-Employment in Rural China: Development or Distress?" World Development 35, no. 1: 163-81. ] [ 20 National Bureau of Statistics. 1991-2006. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 21 Oi, J. C. 1999. Rural China Takes off: Institutional Foundations of Economic Reform. Berkeley: University of California Press. ] [ 22 Pei, M. X. 2001. "Does Legal Reform Protect Economic Transactions? Commercial Disputes in China." In Assessing the Value of Law in Transition Countries, ed. P. Murrell, 180-210. Ann Arbor: University of Michigan Press, 2001. ] [ 23 Portes, A. 1998. "Social Capital: Its Origins and Applications in Modern Sociology." Annual Review of Sociology 24: 1-24. ] [ 24 Rajan, Raghuram, and Luigi Zingales. 1998. "Financial Dependence and Growth." American Economic Review 88, no. 3: 559-86. ] [ 25 Rees, H., and A. Shah. 1986. "An Empirical Analysis of Self-Employment in the U. K." Journal of Applied Econometrics 1, no. 1: 95-108. ] [ 26 Shen, Y.; M. Shen; Z. Xu; and Y. Bai. 2009. "Bank Size and Small and Medium-Sized Enterprise (SME) Lending: Evidence from China." World Development 37, no. 4: 800-811. ] [ 27 Solinger, D. J. 1999. Contesting Citizenship in Urban China: Peasant Migrants, the State, and the Logic of the Market. Berkeley: University of California Press. ] [ 28 Wu, X. 2002. "Embracing the Market: Entry into Self-Employment in Transitional China, 1978-1996." William Davidson Working Paper no. 512. ] [ 29 Yueh, L. 2009. "Patent Laws and Innovation in China." International Review of Law and Economics 29, no. 4: 304-13. ] [ 30 Zhang, J.; L. Zhang; S. Rozelle; and S. Boucher. 2006. "Self-Employment with Chinese Characteristics: The Forgotten Engine of Rural China's Growth." Contemporary Economic Policy 24, no. 3: 446-58. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:4:p:39-82
Template-Type: ReDIF-Article 1.0
Author-Name: Dilip K. Das
Author-X-Name-First: Dilip K.
Author-X-Name-Last: Das
Title: The Chinese Economy
Abstract:
Instituting sequential market-oriented macroeconomic reforms and institutional upgrades has turned China into a dynamic market-oriented economy. Altering its economic system from a centrally planned nonmarket economy to a near market economy system had momentous results. With the help of reforms, the manufacturing sector, along with exports and investment, became a significant driver of economic growth. Ironically China liberalized and reformed its economy in an unorthodox manner and was slow to open its trade sector to the outside world. Financial sector reforms and developments also lagged. Growth of the private sector continued to face problems, and state-owned enterprises still have a notable presence. Policy mandarins in China are known not to have paid a great deal of attention to the conventional wisdom from Washington. They believed that China was sui generis and would achieve economic success by following its own idiosyncratic growth path.
Journal: Chinese Economy
Pages: 7-38
Issue: 4
Volume: 45
Year: 2012
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R37640324Q8J1680
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
X-Bibl:
[ 1 A. T. Kearney Global Management Consultants. 2010. Investing in a Rebound. Vienna, VA: Global Business Policy Council. ] [ 2 Australian. 2009. "A Battle of Words." May 2: 16. ] [ 3 Barrett, C. 2011. "China Drives Burberry Growth." Financial Times. January 19: 17 ] [ 4 Bernanke, B. S. 2006. "The Chinese Economy: Progress and Challenges." Paper presented at the Chinese Academy of Social Sciences, Beijing. December 15. ] [ 5 Branstetter, L., and N. Lardy. 2008. "China's Embrace of Globalization." In China's Great Economic Transformation, ed. L. Brandt and T. G. Rawski, 633-682 and 826-886. Cambridge: Cambridge University Press. ] [ 6 Chadha, R., and P. Husband. 2007. The Cult of the Luxury Brand. Hong Kong: NB Publishing. ] [ 7 Chaudhury, S., and M. Ravallion. 2007. "Partially Awakened Giants: Uneven Growth in China and India." In Dancing with Giants: China, India and the Global Economy, ed. L. A. Winters and S. Yusuf, 175-210. Washington, DC: World Bank. ] [ 8 Daily Telegraph. 2011. "Rolls-Royce Sets Record Car Sales in 2010." January 11. ] [ 9 Das, D. K. 2008. The Chinese Economic Renaissance: Apocalypse or Cornucopia? Houndmills, Basingstoke, Hants (UK): Palgrave Macmillan. ] [ 10 Das, D. K. 2011a. Asian Economy: Spearheading the Recovery from the Global Financial Crisis. London and New York: Routledge. ] [ 11 Das, D. K. 2011b. "China in the Domain of International Business." Human Systems Management 30, no. 1: 71-83. ] [ 12 Dean, J. M.; K. C. Fung; and Z. Wang. 2007. "Measuring the Vertical Special-ization in Chinese Trade." Working Paper no. 2007/01/A. Washington, DC: U. S. International Trade Commission. January. ] [ 13 Economist. 2010a. "The World's Biggest Economy: Dating Game." December 16: 40. ] [ 14 Economist. 2010b. "Jim O'Neill Looks at the Global Economy of 2036." November 22: 64. ] [ 15 Farrell, D.; U. A. Gersch; and E. Stephenson. 2006. "The Value of China's Emerging Middle Class." McKinsey Quarterly. Available at http://www.mckinseyquarterly.com/The_value_of_Chinas_emerging_middle_class_1798 ] [ 16 Golley, J., and L. Song. 2010. "Chinese Economic Reforms and Development." In China: The Next Twenty Years of Reform and Development, ed. R. Garnaut, J. Golley, and L. Song, 1-15. Canberra: The ANU Press. ] [ 17 Hale, G.; C. Long; and H. Miura. 2010. "Where to Find Productivity Spill-overs from FDI in China?" Working Paper no. 14/2010. June. Hong Kong: Hong Kong Institute for Monetary Research. ] [ 18 International Monetary Fund (IMF). 2010. Regional Economic Outlook: Asia Pacific. April. Washington, DC. ] [ 19 International Monetary Fund (IMF). 2011. World Economic Outlook: Update. January 25. Washington, DC. ] [ 20 Koresnikov-Jessop, S. 2010. "Swiss Makers Reward the Chinese Market." New York Times. March 17: 16. ] [ 21 KPMG. 2010. "Refined Strategies: Luxury Extends Its Reach Across China." August 13. Beijing. Available at www.kpmg.com/Ca/en/IssuesAndInsights/ArticlesPublications/Documents/Refined%20Strategies%20-%20Luxury%20extends%20its%20reach%20across%20China.pdf ] [ 22 Lardy, N. R. 2002. Integration of China in the Global Economy. Washington, DC: Brookings Institution Press. ] [ 23 Lardy, N. R. 2003. "Trade Liberalization and Its Role in Chinese Economic Growth." Paper presented at the International Monetary Fund conference on "A Tale of Two Giants: India and China" in New Delhi. November 14-16. ] [ 24 Lau, L.; Y. Qian; and G. Roland. 2000. "Reform Without Losers: An Interpretation of China's Dual-Track Approach." Journal of Political Economy 108, no. 1: 120-43. ] [ 25 Lin, J. Y., and Y. Wang. 2008. "China's Integration with the World." Policy Research Working Paper no. 4899. December. Washington, DC: World Bank. ] [ 26 Maddison, A. 2001. The World Economy: A Millennial Perspective. Paris: Organization for Economic Cooperation and Development. ] [ 27 Maddison, A. 2006. "Asia in the World Economy 1500-2030." Asian Pacific Economic Literature 20, no. 2: 1-37. ] [ 28 Marsh, P. 2010. "US Manufacturing Crown Slips." Financial Times. June 20: 14. ] [ 29 McKay, H., and L. Song. 2010. "China as a Global Manufacturing Power-house." China and the World Economy 18, no. 1: 1-32. ] [ 30 Murphy, K.; A. Shleifer; and R. Vishny. 1992. "The Transition to a Market Economy." Quarterly Journal of Economics 107, no. 2: 889-906. ] [ 31 National Bureau of Statistics. 2010. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 32 Naughton, B. 2007. The Chinese Economy: Transition and Growth. Cambridge: MIT Press. ] [ 33 Organization for Economic Cooperation and Development (OECD). 2010. China in the 2010s: Rebalancing Growth and Strengthening Social Safety Nets. March. Paris. ] [ 34 Ozawa, T. 2009. The Rise of Asia. Cheltenham, UK, and Northampton, MA: Edward Elgar. ] [ 35 Reuters. 2010. "China's 2010 FDI Inflows Will Reach $100 Billion." December 15. Available at www.reuters.com/article/idUSBJA00236120101215 ] [ 36 Rodrik, D. 2006. "What's So Special About China's Exports?" Working Paper no. 11947. January. Cambridge, MA: National Bureau of Economic Research. ] [ 37 Summers, L. 2007. "The Rise of Asia and the Global Economy." Research Monitor. Special Issue 4-5. ] [ 38 Tuan, C.; L. Ng; and B. Zhao. 2009. "China's Post-Economic Reform Growth: The Role of FDI and Productivity Process." Journal of Asian Economics 20, no. 2: 280-93. ] [ 39 United Nations Conference on Trade and Development (UNCTAD). 2010. World Investment Prospects Survey 2010-2012. September. Geneva and New York. ] [ 40 Vincelette, G. A.; A. Manoel; A. Hansson; and L. Kuijs. 2011. "China: Global Crisis Avoided, Robust Economic Growth Sustained." In The Great Recession and the Developing Countries: Economic Impact and Growth Prospects, ed. M. K. Nabli, 110-35. Washington, DC: World Bank. ] [ 41 Walter, C., and F. Howie. 2011. The Weakness Beneath China's Rise. Singapore: John Wiley & Sons (Asia) Pte. ] [ 42 World Bank (WB). 2009. From Poor Areas to Poor People: China's Evolving Poverty Reduction Agenda. March. Washington, DC. ] [ 43 World Bank (WB). 2010. World Development Indicators 2010. Washington, DC. ] [ 44 World Development Indicators (WDI). 2010. July. Washington, DC: World Bank. ] [ 45 World Investment Report (WIR). 2010. July. Geneva, and New York: UNCTAD. ] [ 46 World Trade Organization (WTO). 2010. International Trade Statistics. September. Geneva. ] [ 47 Yao, Y. 2009. The Disinterested Government. Research Paper no. 2009/33. May. Helsinki: World Institute for Development Economic Research. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:4:p:7-38
Template-Type: ReDIF-Article 1.0
Author-Name: Jidong Zhang
Author-X-Name-First: Jidong
Author-X-Name-Last: Zhang
Author-Name: Liyan Wang
Author-X-Name-First: Liyan
Author-X-Name-Last: Wang
Title: Regional Differences in the Economic Consequences of the New Accounting Standards
Abstract:
Beginning on January 1, 2007, all Chinese-listed companies were forced to implement the new set of accounting standards released by the Ministry of Finance in 2006. Using the first-quarter data for 2007 and then conducting robust tests with annual data, the authors found empirical support for their conclusions regarding the implementation and effects of accounting standards. Based on new institutional economics theory, they concluded that when the same accounting standards were implemented throughout China, the consequences were significantly different in various regions depending on the regional level of economic development and growth rate. The study's most important contribution is its enhancement of the understanding of International Financial Reporting Standards (IFRS) implementation around the world.
Journal: Chinese Economy
Pages: 3-25
Issue: 5
Volume: 45
Year: 2012
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K608033378G1GT71
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X-Bibl:
[ 1 Amir, E., and B. Lev. 1996. "Value Relevance of Non-Financial Information: The Wireless Communications Industry." Journal of Accounting and Economics 22: 3-30. ] [ 2 Ayers, B.C. 1998. "Deferred Tax Accounting Under SFAS No. 109: An Empirical Investigation of Its Incremental Value Relevance Relative to APB No. 11." Accounting Review 73: 195-212. ] [ 3 Barth, M. 1994. "Fair Value Accounting: Evidence from Investment Securities and Market Valuation of Banks." Accounting Review 69: 1-25. ] [ 4 Dhaliwal, D.; K.R. Subramanyam; and R. Trezevant. 1999. "Is Comprehensive Income Superior to Net Income as a Measure of Firm Performance?" Journal of Accounting and Economics 26: 43-67. ] [ 5 Holmstrom, B. 1979. "Moral Hazard and Observability." Bell Journal of Economics 10: 74-91. ] [ 6 Lambert, R.A., and D.F. Larcker. 1987. "An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts." Journal of Accounting Research 25: 85-125. ] [ 7 National Bureau of Statistics. 2006, 2007. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 8 North, D.C. 1990. Institutions, Institution Change, and Economic Performance. New York: Cambridge University Press. ] [ 9 Wang, X., and G. Fan. 2006. "The Variant Trends of Regional Difference in China and Influence Factors in 2004." Economic Research 1. ] [ 10 Xu, S., and S. Li. 2007. "The Variant Trends of Regional Difference in China in 2006." Economic Research 7. ] [ 11 Yao, L.J.; C. Liu; N. Hu; and L. Liu. 2011. "The Impact of IFRS on Accounting Quality in a Regulated Market: An Empirical Study of China." Journal of Accounting, Auditing and Finance 26, no. 4: 659-676. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:5:p:3-25
Template-Type: ReDIF-Article 1.0
Author-Name: Na Wang
Author-X-Name-First: Na
Author-X-Name-Last: Wang
Author-Name: Dong Li
Author-X-Name-First: Dong
Author-X-Name-Last: Li
Title: Impact of the Securities Transaction Tax on Stock Markets
Abstract:
This article investigates the effects of the securities transaction tax (STT) on market trading volume and return volatility using Chinese data. We found strong evidence to support a negative relationship between STT and market trading volume. The shrinking of the tax base casts doubt on the idea of using STT to increase government revenue. Furthermore, the impact of STT on market volatility is mixed. Examination of dually listed stocks in mainland China and Hong Kong further corroborates these findings.
Journal: Chinese Economy
Pages: 26-49
Issue: 5
Volume: 45
Year: 2012
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=KX1Q9426713M54Q1
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[ 1 Baltagi, B.; D. Li; and Q. Li. 2006. "Transaction Tax and Stock Market Behavior: Evidence from an Emerging Market." Empirical Economics 31, no. 2 (June): 393-408. ] [ 2 Campbell, J., and K. Froot. 1994. "International Experiences with Securities Transaction Taxes." In The Internationalization of Equity Markets, ed. J. Frankel, 277-308. Chicago: University of Chicago Press. ] [ 3 Card, D., and A. Krueger. 1994. "Minimum Wages and Employment: A Case Study of the Fast Food Industry in New Jersey and Pennsylvania." American Economic Review 84, no. 4 (September): 772-93. ] [ 4 Card, D., and A. Krueger. 2000. "Minimum Wages and Employment: A Case Study of the Fast Food Industry in New Jersey and Pennsylvania: Reply." American Economic Review 90, no. 5 (December): 1397-1420. ] [ 5 Erickson, M., and S. Wang. 2000. "The Effect of Transaction Structure on Price: Evidence from Subsidiary Sales." Journal of Accounting and Economics 30, no. 1 (August): 59-97. ] [ 6 Graham, R.; R. Michaely; and M. Roberts. 2003. "Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing Before and After Decimalization." Journal of Finance 58, no. 6 (December): 2611-36. ] [ 7 Hau, H. 2006. "The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse." Journal of the European Economic Association 4, no. 4 (June): 862-90. ] [ 8 Hu, S. 1998. "The Effects of the Stock Transaction Tax on the Stock MarketExperiences from Asian Markets." Pacific-Basin Finance Journal 6, nos. 3-4 (August): 347-64. ] [ 9 Jones, C., and P. Seguin. 1997. "Transaction Costs and Price Volatility: Evidence from Commission Deregulation." American Economic Review 84, no. 4 (September): 728-37. ] [ 10 Kupiec, H. 1996. "Noise Traders, Excess Volatility, and a Securities Transactions Tax." Journal of Financial Services Research 10, no. 2 (June): 115-29. ] [ 11 Li, D. 2008. "Transaction Taxes." In International Encyclopedia of the Social Sciences (2d ed.), ed. W.A. Darity, Jr., 427-28. New York: Macmillan. ] [ 12 Liu, S., and Z. Zhu. 2009. "Transaction Costs and Price Volatility: New Evidence from the Tokyo Stock Exchange." Journal of Financial Services Research 36, no. 1 (August): 65-83. ] [ 13 Porter, L.; S. Tse.; and R. Yaansah. 2001. "The Effect of Tax Rates and Transaction Costs on the Tax Trading Option: Evidence from Stock Splits." Journal of Account Audit and Finance 16, no. 1 (Autumn): 27-53. ] [ 14 Roll, R. 1989. "Price Volatility, International Market Links, and Their Implications for Regulatory Policies." Journal of Financial Services Research 3, nos. 2-3 (December): 211-46. ] [ 15 Saporta, V., and K. Kan. 1997. "The Effects of Stamp Duty on the Level and Volatility of UK Equity Prices." Working Paper. London: Bank of England. ] [ 16 Schwert, W., and J. Seguin. 1993. "Securities Transaction Taxes: An Overview of Costs, Benefits, and Unresolved Questions." Financial Analysts Journal 49, no. 5 (September-October): 27-35. ] [ 17 Stiglitz, J. 1989. "Using Tax Policy to Curb Speculative Short-Term Trading." Journal of Financial Services Research 3, nos. 2-3 (December): 101-15. ] [ 18 Su, D. 2003. Chinese Stock Markets: A Research Handbook. Singapore: World Scientific. ] [ 19 Summers, L., and V. Summers. 1989. "When Financial Markets Work Too Well: A Cautious Case for a Securities Transactions Tax." Journal of Financial Services Research 3, nos. 2-3 (December): 261-86. ] [ 20 Umlauf, S. 1993. "Transaction Taxes and the Behavior of the Swedish Stock Market." Journal of Financial Economics 33, no. 2 (April): 227-40. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:5:p:26-49
Template-Type: ReDIF-Article 1.0
Author-Name: Xiangjian Zhang
Author-X-Name-First: Xiangjian
Author-X-Name-Last: Zhang
Author-Name: Zongming Tang
Author-X-Name-First: Zongming
Author-X-Name-Last: Tang
Author-Name: Jun He
Author-X-Name-First: Jun
Author-X-Name-Last: He
Title: Impact of Macro and Firm-Specific Characteristics on Postprivatization Performance
Abstract:
This article investigates the performance of state-owned enterprises (SOEs) following share-issue privatization and examines how macro and firm-specific characteristics affect postprivatization performance. Our results show that the profitability of firms decreases after privatization but their output and operating efficiency increase. We found that postprivatization performance is affected by macro and micro factors. Specifically, economic growth, capital market development, institutional investors, centralized management, equity refinancing, and external audits are positively associated with postprivatization performance. However, market competition, control of large shareholders, central government control, ownership structure balance, and related-party transactions have a significantly negative impact on postprivatization performance. The findings of this article have political implications for the future direction of privatization of SOEs.
Journal: Chinese Economy
Pages: 50-91
Issue: 5
Volume: 45
Year: 2012
Month: 9
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L712V27H78W41U33
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X-Bibl:
[ 1 Adams, R.B.; H. Almeida; and D. Ferreira. 2005. "Powerful CEOs and Their Impact on Corporate Performance." Review of Financial Studies 18: 1403-32. ] [ 2 Allen, F.; J. Qian; and M. Qian. 2005. "Law, Finance, and Economic Growth in China." Journal of Financial Economics 77: 57-116. ] [ 3 Atanasov, V. 2005. "How Much Value Can Blockholders Tunnel? Evidence From the Bulgarian Mass Privatization Auctions." Journal of Financial Economics 76: 191-234. ] [ 4 Bhagat, S., and B. Bolton. 2008. "Corporate Governance and Firm Performance." Journal of Corporate Finance 14: 257-73. ] [ 5 Boubakri, N., and J. Cosset. 1998. "The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries." Journal of Finance 53: 1081-1110. ] [ 6 Boubakri, N.; J. Cosset; and O. Guedmani. 2005a. "Liberalization, Corporate Governance, and the Performance of Newly Privatized Firms." Journal of Corporate Finance 11: 767-90. ] [ 7 Boubakri, N.; J. Cosset; and O. Guedmani. 2005b. "Postprivatization Corporate Governance: The Role of Ownership Structure and Investor Protection." Journal of Financial Economics 76: 369-99. ] [ 8 Boubakri, N.; J. Cosset; and W. Saffar. 2008. "Political Connections of Newly Privatized Firms." Journal of Corporate Finance 14: 654-73. ] [ 9 Boycko, M.; A. Shleifer; and R. Vishny. 1996. "A Theory of Privatization." Economic Journal 106: 309-19. ] [ 10 Chernykh, L. 2008. "Ultimate Ownership and Control in Russia." Journal of Financial Economics 88: 169-92. ] [ 11 Cheung, Y.L.; P.R. Rau; and A. Stouraitis. 2006. "Tunneling, Propping, and Expropriation: Evidence From Connected Party Transactions in Hong Kong." Journal of Financial Economics 82: 343-86. ] [ 12 Claessens, S., and S. Djankov. 1999. "Enterprise Performance and Management Turnover in the Czech Republic." European Economic Review 43: 1115-24. ] [ 13 Claessens, S.; S. Djankov; J.P.H. Fan; and L.H.P. Lang. 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings." Journal of Finance 57: 2741-71. ] [ 14 Dahya, J.; O. Dimitrov; and J.J. McConnell. 2008. "Dominant Shareholders, Corporate Boards, and Corporate Value: A Cross-Country Analysis." Journal of Financial Economics 87: 73-100. ] [ 15 DeFond, M.L.; T.J. Wong; and S.H. Li. 1999. "The Impact of Improved Auditor Independence on Audit Market Concentration in China." Journal of Accounting and Economics 28: 269-305. ] [ 16 Djankov, S., and P. Murrell. 2002. "Enterprise Restructuring in Transition: a Quantitative Survey." Journal of Economic Literature 40: 739-92. ] [ 17 Dornbusch, R. 1992. "The Case of Trade Liberalization in Developing Countries." Journal of Economic Perspectives 6: 69-85. ] [ 18 D'Souza, J., and W. Megginson. 1999. "The Financial and Operating Performance of Privatized Firms During the 1990s." Journal of Finance 54: 1397-1438. ] [ 19 D'Souza, J.; W.L. Megginson; and R. Nash. 2005. "Effect of Institutional and Firm-Specific Characteristics on Post-Privatization Performance: Evidence from Developed Countries." Journal of Corporate Finance 11: 747-66. ] [ 20 Dyck, A., and L. Zingales. 2004. "Private Benefits of Control: An International Comparison." Journal of Finance 59: 537-601. ] [ 21 Fan, J.P.H., and T.J. Wong. 2002. "Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia." Journal of Accounting and Economics 33: 401-25. ] [ 22 Fan, G., and X. Wang. 2007. NERI Index of Marketization of China's Provinces 2007 Report. Beijing: Economic Science Press (in Chinese). ] [ 23 Frydman, R.; C. Gray; M. Hessel; and A. Rapaczynski. 1999. "When Does Privatization Work? The Impact of Private Ownership on Corporate Performance in Transition Economies." Quarterly Journal of Economics 114: 1153-91. ] [ 24 Gillan, S.L., and L.T. Starks. 2000. "Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors." Journal of Financial Economics 57: 275-305. ] [ 25 Goel, A.M., and A.V. Thakor. 2008. "Overconfidence, CEO Selection, and Corporate Governance." Journal of Finance 63: 2737-84. ] [ 26 Gompers, P.A.; J.L. Ishii; and A. Metrick. 2003. "Corporate Governance and Equity Prices." Quarterly Journal of Economics 118: 107-55. ] [ 27 La Porta, R.; F. Lopez de Silanes; C. Pop-Eleches; and A. Shleifer. 2004. "Judicial Checks and Balances." Journal of Political Economy 112: 445-70. ] [ 28 La Porta, R.; F. Lopez de Silanes; A. Shleifer; and R.W. Vishny. 1998. "Law and Finance." Journal of Political Economy 106: 1113-50. ] [ 29 La Porta, R.; F. Lopez de Silanes; A. Shleifer; and R.W. Vishny. 1999. "Corporate Ownership Around the World." Journal of Finance 44: 471-517. ] [ 30 La Porta, R.; F. Lopez de Silanes; A. Shleifer; and R.W. Vishny. 2000. "Investor Protection and Corporate Governance." Journal of Financial Economics 58: 3-27. ] [ 31 Lin, C., and D. Su. 2008. "Industrial Diversification, Partial Privatization and Firm Valuation: Evidence From Publicly Listed Firms in China." Journal of Corporate Finance 14: 405-17. ] [ 32 Lin, J.Y.; F. Cai; and Z. Li. 1998. "Competition, Policy Burdens, and State-Owned Enterprises Reform." American Economic Review 88: 422-27. ] [ 33 Liu, Q., and Z. Lu. 2007. "Corporate Governance and Earnings Management in the Chinese Listed Companies: A Tunneling Perspective." Journal of Corporate Finance 13: 881-906. ] [ 34 Megginson, W., and J. Netter. 2001. "From State to Market: A Survey of Empirical Studies on Privatization." Journal of Economic Literature 39: 321-89. ] [ 35 Pohl, G.; R. Andersen; and S. Djankov. 1997. "Privatization and Restructuring in Central and Eastern Europe: Evidence and Policy Options." Technical Paper no. 368. Washington, DC: World Bank. ] [ 36 Ramamurti, R. 2000. "A Multivariate Model of Privatization in Emerging Economies." Academy of Management Review 25: 525-50. ] [ 37 Rangan, S. 1998. "Earnings Management and the Performance of Seasoned Equity Offerings." Journal of Financial Economics 50: 101-22. ] [ 38 Ryan, L.V., and M. Schneider. 2002. "The Antecedents of Institutional Investor Activism." Academy of Management Review 27: 554-73. ] [ 39 Stulz, R.M. 2009. "Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization." Journal of Accounting Research 47: 349-90. ] [ 40 Sun, Q., and W.H.S. Tong. 2003. "China Share Issue Privatization: The Extent of Its Success." Journal of Financial Economics 70: 183-222. ] [ 41 Teoh, S.H.; I.T. Welch; and J. Wong. 1998. "Earnings Management and the Underperformance of Seasoned Equity Offerings." Journal of Financial Economics 50: 63-99. ] [ 42 Urza, F. 2009. "Too Few Dividends? Groups' Tunneling Through Chair and Board Compensation." Journal of Corporate Finance 15: 245-56. ] [ 43 World Bank. 1995. Bureaucrats in Business: The Economics and Politics of Government Ownership. New York: Oxford University Press. ] [ 44 Xiao, S. 2005. "Share Issue Privatization in China: Theory and Evidence." Working Paper, Department of Economics, Vanderbilt University. ] [ 45 Xu, X., and Y. Wang. 1997. "Ownership Structure, Corporate Governance, and Corporate Performance." Working Paper. Washington, DC: World Bank. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:5:p:50-91
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Monetary Theory, General Equilibrium Models, and Firm Behaviors
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 6
Volume: 45
Year: 2012
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P29H00J7X7LV4775
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Handle: RePEc:mes:chinec:v:45:y:2012:i:6:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Xinhua Liu
Author-X-Name-First: Xinhua
Author-X-Name-Last: Liu
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Lessons for China from the Crisis in Euroland
Abstract:
Most countries have suffered from the global financial crisis. Some eurozone countries—the so-called PIIGS—are now facing debt crises that could conceivably threaten the entire euro project, a situation that has spurred the Chinese government to worry about its high governmental deficit, inflation, and a speculative boom in real estate and equities—problems that could spill over to financial institutions. This article adopts the chartalist approach in arguing that China, as a monetarily sovereign economy, does not have the same problem as the eurozone countries, despite heavy debts from state-owned enterprises. China can solve its huge foreign reserves problem by floating its exchange rate with some capital flow constraints, but the proposed supranational monetary regime is neither desirable nor politically feasible. This does not mean that excessive nonsovereign debt or speculative bubbles are not problems. However, the biggest problems facing China are uneven development, high underemployment, mostly low-income jobs available in much of the country, tight labor markets, and modern development in the major cities. China needs to focus on developing domestic demand.
Journal: Chinese Economy
Pages: 6-25
Issue: 6
Volume: 45
Year: 2012
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=8580NK824037P821
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X-Bibl:
[ 1 Dai, D. H. 2010. "The Current Status of the China Holding of the U. S. Treasuries and Its Adjust Strategies." International Finance 4: 68-71 (in Chinese). ] [ 2 Finance Sina. 2010. "Local Government Debts Exceeds RMB 7 Trillion." May 21. Available at http://finance.sina.com.cn/china/dfjj/20100512/14217922073.shtml ] [ 3 Li, W. J. 2004. "Financial Services Liberalization in China." The Chinese Economy 37, no. 1: 6-37. ] [ 4 Liu, H. P. 2010. "The Euroland Crisis and Its Implication for China." Economist 9: 103-4 (in Chinese). ] [ 5 Minsky, H. P. 1964. "Longer Waves in Financial Relations: Financial Factors in the More Severe Depressions." American Economic Review 54, no. 3: 324-35. ] [ 6 National Bureau of Statistics. 1990-2010. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 7 Sardoni, C., and L. R. Wray. 2007. "Fixed and Flexible Exchange Rates and Currency Sovereignty." Levy Working Papers no. 1. Levy Economics Institute at Bard College. ] [ 8 Wray, L. R. 1998. Understanding Modern Money: The Key to Full Employment and Price Stability. UK: Edward Elgar. ] [ 9 Wu, Q. G., and L. H. Han. 2011. "The Analysis of Euroland Crisis and Its Implications." China State Finance 6: 67-69 (in Chinese). ] [ 10 Zhang, J. 2008. "The Dilemma of Whether to Maintain Marketization or Keep Financial Control." Management World 11 (in Chinese). ] [ 11 Zhou, X. C. 2009. "About Reform International Currency System." China State Finance 7: 8-9 (in Chinese). ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:6:p:6-25
Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Dan Xi
Author-X-Name-First: Dan
Author-X-Name-Last: Xi
Author-Name: Yongqing Wang
Author-X-Name-First: Yongqing
Author-X-Name-Last: Wang
Title: Economic and Monetary Uncertainty and the Demand for Money in China
Abstract:
Output uncertainty and monetary uncertainty are said to affect the quantity of money demanded in every country. Increases in both measures of uncertainty could induce people to allocate different proportions of their wealth between money and other financial or real assets. We test these hypotheses by using data from China. Empirical results show that both measures of uncertainty have short-run effects on the quantity of money demanded. However, short-run effects do not last into the long term. Similar results were found for the United States in previous research.
Journal: Chinese Economy
Pages: 26-37
Issue: 6
Volume: 45
Year: 2012
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G1Q18224J0418257
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X-Bibl:
[ 1 Arango, S., and M. I. Nadiri. 1981. "Demand for Money in Open Economies." Journal of Monetary Economics 7: 69-83. ] [ 2 Baharumshah, A. Z.; S. H. Mohd; and A. M. M. Masih. 2009. "The Stability of Money Demand in China: Evidence from the ARDL Model." Economic Systems 33: 231-44. ] [ 3 Bahmani-Oskooee, M. 1998. "Are Devaluations Contractionary in LDCs?" Journal of Economic Development 23: 131-44. ] [ 4 Bahmani-Oskooee, M., and A. Gelan. 2009. "How Stable Is the Demand for Money in African Countries?" Journal of Economic Studies 36: 216-35. ] [ 5 Bahmani-Oskooee, M., and S. W. Hegerty. 2007. "Exchange Rate Volatility and Trade Flows: A Review Article." Journal of Economic Studies 34: 211-55. ] [ 6 Bahmani-Oskooee, M., and M. Pourheydarian. 1990. "Exchange Rate Sensitivity of the Demand for Money and Effectiveness of Fiscal and Monetary Policies." Applied Economics 22: 1377-84. ] [ 7 Bahmani-Oskooee, M., and A. Tanku. 2008. "Black Market Exchange Rate vs. Official Rate in Testing the PPP: Which Rate Fosters the Adjustment Process?" Economics Letters 99: 40-43. ] [ 8 Bahmani-Oskooee, M., and Y. Wang. 2007. "How Stable Is the Demand for Money in China?" Journal of Economic Development 32, no. 1: 21-33. ] [ 9 Bahmani-Oskooee, M.; Z. Ardalani; and M. Bolhassani. 2010. "Exchange-Rate Volatility and U. S. Commodity Trade with the Rest of the World." International Review of Applied Economics 24: 511-32. ] [ 10 Bahmani-Oskooee, M.; C. Economidou; and G. G. Goswami. 2005. "How Sensitive Are Britain's Inpayments and Outpayments to the Value of the British Pound?" Journal of Economic Studies 32: 455-67. ] [ 11 Brown, R. L.; J. Durbin; and J. M. Evans. 1975. "Techniques for Testing the Constancy of Regression Relations Over Time." Journal of the Royal Statistical Society [Series B] 37: 149-63. ] [ 12 Chan, M. L.; W. Cheng; and R. Deaves. 1991. "Money Demand in China Revisited: Some New Empirical Evidence." Journal of Asian Economics 2, no. 1: 137-44. ] [ 13 Choi, W. G., and S. Oh. 2003. A Demand Function with Output Uncertainty, Monetary Uncertainty, and Financial Innovations." Journal of Money, Credit, and Banking 35, no. 5: 685-709. ] [ 14 De Vita, G., and K. S. Kyaw. 2008. "Determinants of Capital Flows to Developing Countries: A Structural VAR Analysis." Journal of Economic Studies 35: 304-22. ] [ 15 Feltenstein, A., and Z. Farhadian. 1987. "Fiscal Policy, Monetary Targets, and the Price Level in a Centrally Planned Economy: An Application to the Case of China." Journal of Money, Credit and Banking 19: 137-56. ] [ 16 Hafer, R. W., and A. M. Kutan. 1994. "Economic Reform and Long Run Money Demand in China: Implications for Monetary Policy." Southern Economic Journal 60, no. 4: 936-45. ] [ 17 Halicioglu, F. 2007. "The J-Curve Dynamics of Turkish Bilateral Trade: A Cointegration Approach." Journal of Economic Studies 34: 103-19. ] [ 18 Hsiao, Ch. 1981. "Autoregressive Modelling and Money-Income Causality Detection." Journal of Monetary Economics 7: 85-106. ] [ 19 Huang, C. 2000. "Economic Reforms and the Stability of Long-Run Demand for Money in China: Some Results from Co-Integration Tests." In The Chinese Economy Under Transition, ed. Sarah Cook, Shujie Yao, and Juzhong Zhuang, 276-96. New York: Palgrave Macmilan. ] [ 20 Huang, G. 1994. "Money Demand in China in the Reform Period: An Error Correction Model." Applied Economics 29: 713-19. ] [ 21 Lee, C., and M. Chien. 2008. "Stability of Money Demand Function Revisited in China." Applied Economics 40: 3185-97. ] [ 22 Ma, G. 1993. "Macroeconomic Disequilibrium, Structural Changes, and the Household Savings and Money Demand in China." Journal of Development Economics 41, no. 1: 115-36. ] [ 23 Mohammadi, H.; M. Cak; and D. Cak. 2008. "Wagner's Hypothesis: New Evidence from Turkey Using the Bounds Testing Approach." Journal of Economic Studies 35: 94-106. ] [ 24 Mundell, A. R. 1963. "Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates." Canadian Journal of Economics and Political Science 29 (November): 475-85. ] [ 25 Narayan, P. K.; S. Narayan; B. C. Prasad; and A. Prasad. 2007. "Export-Led Growth Hypothesis: Evidence from Papua New Guinea and Fiji." Journal of Economic Studies 34: 341-51. ] [ 26 Payne, J. E. 2008. "Inflation and Inflation Uncertainty: Evidence from the Caribbean Region." Journal of Economic Studies 35: 501-11. ] [ 27 Pesaran, M. H.; Y. Shin; and R. J. Smith. 2001. "Bounds Testing Approaches to the Analysis of Level Relationships." Journal of Applied Econometrics 16: 289-26. ] [ 28 Qin, D. 1994. "Money Demand in China: The Effect of Economic Reform." Journal of Asian Economics 5: 253-71. ] [ 29 Tang, T. C. 2007. "Money Demand Function for Southeast Asian Countries: An Empirical View from Expenditure Components." Journal of Economic Studies 34: 476-96. ] [ 30 Wong, K. N., and T. C. Tang. 2008. "The Effects of Exchange Rate Variablity on Malaysia's Disaggregated Electrical Exports." Journal of Economic Studies 35: 154-69. ] [ 31 Yi, G. 1993. "Towards Estimating the Demand for Money in China." Economics of Planning 26, no. 3: 243-70. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:6:p:26-37
Template-Type: ReDIF-Article 1.0
Author-Name: Yinhua Mai
Author-X-Name-First: Yinhua
Author-X-Name-Last: Mai
Author-Name: Xiujian Peng
Author-X-Name-First: Xiujian
Author-X-Name-Last: Peng
Title: Estimating China's Rural Labor Surplus
Abstract:
China's dramatic economic growth during the past three decades has been characterized by rapid industrialization fueled by a large pool of rural surplus labor in the agricultural sector. The large-scale movement of workers from the agricultural to the industrial and service sectors raises pertinent questions about sustainability: Is there still a pool of surplus workers in rural China? If there is, how large is it, and how long can it last? These questions are debated in China. The present study contributes to the discussion by providing a quantitative framework with which to estimate the size of the surplus labor pool under various scenarios. Applying a dynamic general equilibrium model of the Chinese economy, we present our estimates of the size of the rural labor surplus from 1997 to 2005 and forecast its size from 2006 to 2015. Two scenarios are presented: one is business-as-usual, the other an accelerated improvement of labor productivity in China's agricultural sector.
Journal: Chinese Economy
Pages: 38-59
Issue: 6
Volume: 45
Year: 2012
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1G238211511K1429
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[ 1 Cai, F. 2007. "The Myth of Surplus Labor Force in Rural China." China Population Science 2: 2-7. ] [ 2 Cai, F., and Y. Du. 2007. "China's Economic Development and Lewis Turning Point." In Reports on China's Population and Labor, no. 8, ed. F. Cai and M. Wang, 147-69. Beijing: Social Sciences Academic Press. ] [ 3 China Daily. 2006. "Rural Labor Shortage Beginning to Be Felt" (May 29). Available at chinadaily.com.cn ] [ 4 Dixon, P. B., and M. T. Rimmer. 2002. Dynamic General Equilibrium Modelling for Forecasting and Policy: A Practical Guide and Documentation of MONASH. Amsterdam: North-Holland. ] [ 5 Dixon, P. B.; B. R. Parmenter; J. Sutton; and D. P. Vincent. 1982. ORANI: A Multisectoral Model of the Australian Economy. Amsterdam: North-Holland. ] [ 6 Du, Y., and M. Wang. 2010. "A Discussion on Potential Bias and Implications of Lewis Turning Point." China Economic Journal 3, no. 2: 121-36. ] [ 7 Fleisher, B. M., and D. T. Yang. 2006. "Problems of China's Rural Labor Markets and Rural-Urban Migration." Chinese Economy 39, no. 3: 6-25. ] [ 8 Golley, J., and X. Meng. 2011. "Has China Run Out of Surplus Labor?" China Economic Review 22, no. 4: 555-72. ] [ 9 Guo, J. X. 2007. "The Estimation of Surplus Labor in Chinese Agriculture in 1996-2005: A Stochastic Frontier Approach." Nankai Economic Studies 4: 72-81 (in Chinese). ] [ 10 Knight, J.; Q. Heng; and S. Li. 2011. "The Puzzle of Migrant Labor Shortage and Rural Labor Surplus in China." China Economic Review 22, no. 4: 585-600. ] [ 11 Kwan, F. 2009. "Agricultural Labor and the Incidence of Surplus Labor: Experience from China during Reform." Journal of Chinese Economy and Business Studies 7, no. 3: 341-61. ] [ 12 Liu, J. 1997. "A Rural Household Model and Practical Research on Agricultural Surplus Labor." China Rural Economy 6: 15-22. ] [ 13 Mai, Y. 2006. "The Chinese Economy from 1997-2015: Developing a Baseline for the MC-HUGE Model." Centre of Policy Studies Working Paper no. G-161, Melbourne. ] [ 14 Mai, Y.; X. J. Peng; P. B. Dixon; and M. T. Rimmer. 2009. "The Effects of Facilitating the Flow of Rural Labor to Urban Employment in China." Centre of Policy Studies Working Paper no. G-188, Melbourne. ] [ 15 National Bureau of Statistics. 1997-2005a. China Rural Statistical Yearbook. Beijing: China Statistics Press. ] [ 16 National Bureau of Statistics. 1997-2005b. Labor Statistical Yearbook. Beijing: China Statistics Press. ] [ 17 National Bureau of Statistics. 1997-2005c. Cost and Revenue of Agricultural Products in China. Beijing: China Statistics Press. ] [ 18 Research Center for Rural Economy (RCRE). 2008. China Rural Labor Migration Report—Based on the Data of 2003-2007. Beijing: Ministry of Agriculture. ] [ 19 United Nations Population Division. 2008. World Population Prospects: The 2008 Revision. New York: UN Publications. ] [ 20 Wang, D. W. 2006. "Changes in the Relationship Between Labor Supply and Labor Demand and China's Economic Growth in the Low-Fertility Era." Working Paper no. 55. Beijing: Institute of Population and Labor Economics, CASS. ] [ 21 Wang, J., and S. Ding. 2005. "How Many Rural Surplus Laborers Does China Have?" China Social Science 5: 27-35. ] [ 22 Zhang, Z. 1995. "Estimation of Reasonable Quantity of China's Agricultural Labor." China Rural Economy 12. 10: 50-53. ] [ 23 Zhang, Z. 2005. "Statistical Analysis on the Quantity of Rural Migrant Workers—Discussion on the Shortage of Rural Migrant Workers." China Rural Economy 1: 17-25. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:6:p:38-59
Template-Type: ReDIF-Article 1.0
Author-Name: Elena Fernández-Rodríguez
Author-X-Name-First: Elena
Author-X-Name-Last: Fernández-Rodríguez
Author-Name: Antonio Martínez-Arias
Author-X-Name-First: Antonio
Author-X-Name-Last: Martínez-Arias
Title: Do Business Characteristics Determine an Effective Tax Rate?
Abstract:
This article conducts a comparative analysis of the tax burden for listed companies in China and the United States and studies the factors that determine the effective tax rate (ETR). Information from the financial statements of sample companies in the Datastream/Worldscope database is used to calculate the corporate tax burden in these two geographical areas. The application of panel data estimation procedures finds (1) that U.S. companies have significantly higher ETRs than Chinese companies, and (2) that the tax burden is determined by the characteristics of each company (size, capital structure, asset mix, profitability) and the tax policy of the government. The main contribution of this article is its finding of a nonlinear relationship between ETR and size, leverage, and capital intensity. The simultaneous consideration of two geographical areas is also a new approach.
Journal: Chinese Economy
Pages: 60-83
Issue: 6
Volume: 45
Year: 2012
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H878V5335301558R
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X-Bibl:
[ 1 Callihan, D. S. 1994. "Corporate Effective Tax Rates: A Synthesis of the Literature." Journal of Accounting Literature 13: 1-43. ] [ 2 Calvé, J. I.; G. Labatut; and R. Molina. 2005. "Variables económico-financieras que inciden sobre la presión fiscal soportada por las empresas de reducida dimension: Efectos de la Reforma Fiscal de 1995 en las empresas de la Comunidad Valenciana." Spanish Journal of Finance and Accounting 127: 875-97. ] [ 3 Chen, K-M.; H-H. Rau; and R-L. Chiu. 2011. "Determinants of China's Exports to the United States and Japan." Chinese Economy 44, no. 4: 19-41. ] [ 4 Chen, S.; X. Chen; T. Cheng; and T. J. Shevlin. 2010. "Are Family Firms More Tax Aggressive than Non-Family Firms?" Journal of Financial Economics 95: 41-61. ] [ 5 Collins, J. H., and D. A. Shackelford. 1995. "Corporate Domicile and Average Effective Tax Rates: The Cases of Canada, Japan, the United Kingdom and the United States." International Tax and Public Finance 2: 55-83. ] [ 6 Derashid, C., and H. Zhang. 2003. "Effective Tax Rates and the "Industrial Policy" Hypothesis: Evidence from Malaysia." Journal of International Accounting, Auditing, & Taxation 12: 45-62. ] [ 7 Dhaliwal, D.; R. Trezevant; and S. Wang. 1992. "Taxes, Investment-Related Tax Shields and Capital Structure." Journal of the American Taxation Association 14, no. 1: 1-21. ] [ 8 Dyreng, S.; M. Hanlon; and E. Maydew. 2008. "Long-Run Corporate Tax Avoidance." Accounting Review 83, no. 1: 61-82. ] [ 9 Feeny, S.; M. Gillman; and M. N. Harris. 2006. "Econometric Accounting of the Australian Corporate Tax Rates: A Firm Panel Example." Accounting Research Journal 19, no. 1: 64-73. ] [ 10 Fernández, E. 2004. "Los factores condicionantes de la presión fiscal empresarial española a partir de la información contable. Especial mención a las decisiones financieras." Spanish Journal of Finance and Accounting 120: 125-59. ] [ 11 Flath, D., and C. Knoeber. 1980. "Taxes, Failure Costs, and Optimal Industry Capital Structure: An Empirical Test." Journal of Finance 35: 99-107. ] [ 12 Gropp, R. E. 1997. "The Effect of Expected Effective Corporate Tax Rates on Incremental Financing Decisions." IMF Working Paper no. WP/97/46. April. Washington, DC: International Monetary Fund. ] [ 13 Gupta, S., and K. Newberry. 1997. "Determinants of the Variability in Corporate Effective Tax Rates: Evidence from Longitudinal Data." Journal of Accounting and Public Policy 16: 1-34. ] [ 14 Harris, M., and S. Feeny. 1999. "The Determinants of Corporate Effective Tax Rates: Evidence from Australia." Melbourne Institute Working Paper no. 21/99. Melbourne Institute of Applied Economic and Social Research. ] [ 15 Harris, M., and S. Feeny. 2000. "Habit Persistence in Effective Tax Rates: Evidence Using Australian Tax Entities." Working Paper no. 13/00. Melbourne Institute of Applied Economic and Social Research. ] [ 16 Harris, M., and S. Feeny. 2003. "Habit Persistence in Corporate Effective Tax Rates." Applied Economics 35: 951-58. ] [ 17 Hsiao, C. 1985. "Benefits and Limitations of Panel Data." Econometric Review 4: 121-74. ] [ 18 Hsiao, C., and J. Lightwood. 1994. "Análisis de especificación para datos de panel." Cuadernos Económicos de ICE 56: 6-27. ] [ 19 Janssen, B., and W. Buijink. 2000. "Determinants of the Variability of Corporate Effective Tax Rates (ETRs). Evidence for the Netherlands." Working Paper no. MARC-WP/3/2000-08, MARC. Universiteit Maastricht: Faculty of Economics and Business Administration. ] [ 20 Kim, K. A., and P. Limpaphayom. 1998. "Taxes and Firm Size in Pacific-Basin Emerging Economies." Journal of International Accounting, Auditing, & Taxation 7: 47-68. ] [ 21 KPMG. 2010. KPMG's Corporate and Indirect Tax Rate Survey 2010. Available at www.kpmg.com/ES/es/ActualidadyNovedades/ArticulosyPublicaciones/Paginas/KPMG-Corporate-and-Indirect-Tax-Survey-2010.aspx ] [ 22 Li, C-S., and C-P. Yu. 2010. "Analysis of the Economic Relationship Between China and Taiwan." The Chinese Economy 43, no. 1: 23-43. ] [ 23 Liu, X., and S. Cao. 2007. "Determinants of Corporate Effective Tax Rates. Evidence from Listed Companies in China." Chinese Economy 40, no. 6: 49-67. ] [ 24 Mills, L., and K. Newberry. 2005. "Firms' Off-Balance Sheet and Hybrid Debt Financing: Evidence from Their Book-Tax Reporting Differences." Journal of Accounting Research 43, no. 2: 251-82. ] [ 25 Mills, L.; M. M. Erickson; and E. L. Maydew. 1998. "Investments in Tax Planning." Journal of the American Taxation Association 20, no. 1: 1-20. ] [ 26 Mitchell, D. 2009. "Politicians Fiddle While America's Corporate Tax System Burns." Available at http://danieljmitchell.wordpress.com/2009/10/30/politicians-fiddle-while-americas-corporate-tax-system-burns ] [ 27 Modigliani, F., and M. Miller. 1963. "Taxes and the Cost of Capital: A Correction." American Economic Review (June): 433-43. ] [ 28 Molloy, K. H. 1998. "An Approach for Comparing U. S. and Japanese Effective Corporate Tax Rates." Journal International Accounting, Auditing, & Taxation 7, no. 1: 69-80. ] [ 29 Mundlak, Y. 1978. "On the Pooling of Time Series and Cross Section Data." Econometrica 46, no. 1: 69-85. ] [ 30 Nicodème, G. 2009. "Corporate Income Tax and Economics Distortions." Taxation Papers. European Commission. Available at http://ec.europa.eu/taxation_customs/resources/documents/taxation/gen_info/economic_analysis/tax_papers/taxation_paper_15_en.pdf ] [ 31 Omer, T. C.; K. Molloy; and D. Ziebart. 1991. "Measurement of Effective Corporate Tax Rates Using Financial Statement Information." Journal of American Taxation Association 13, no. 1: 57-72. ] [ 32 Omer, T. C.; K. Molloy; and D. Ziebart. 1993. "An Investigation of the Firm Size-Effective Tax Rate Relation in the 1980s." Journal of Accounting, Auditing and Finance 8, no. 2: 167-82. ] [ 33 Plesko, G. A. 2003. "An Evaluation of Alternative Measures of Corporate Tax Rates." Journal of Accounting and Economics 35: 201-26. ] [ 34 Porcano, T. M. 1986. "Corporate Tax Rates: Progressive, Proportional or Regressive." Journal of the American Taxation Association 7, no. 2: 17-31. ] [ 35 Richardson, G., and R. Lanis. 2007. "Determinants of the Variability in Corporate Effective Tax Rates and Tax Reform: Evidence from Australia." Journal of Accounting and Public Policy 26: 689-704. ] [ 36 Stickney, C. P., and V. E. McGee. 1982. "Effective Corporate Tax Rates. The Effect of Size, Capital Intensity, Leverage, and Other Factors." Journal of Accounting and Public Policy 1: 125-52. ] [ 37 U. S. Government Accountability Office (GAO). 2008. "Effective Tax Rates Are Cor-related with Where Income Is Reported." In Report to the Committee on Finance U. S. Senate (GAO-08-950). August. Washington, DC: U. S. GAO. Available at www.gao.gov/new.items/d08950.pdf ] [ 38 Wang, S. 1991. "The Relation Between Firm Size and Effective Tax Rates: A Test of Firms' Political Success." Accounting Review 66, no. 1: 158-69. ] [ 39 Watts, R., and J. Zimmerman. 1986. Positive Accounting Theory. Englewood Cliffs, NJ: Prentice-Hall. ] [ 40 Wilkie, P. J., and S. Limberg. 1993. "Measuring Explicit Tax (Dis)Advantage for Corporate Taxpayers: An Alternative to Average Effective Tax Rates." Journal of the American Taxation Association 15, no. 1: 46-71. ] [ 41 Zimmerman, J. L. 1983. "Taxes and Firm Size." Journal of Accounting and Economics 5, no. 2: 119-49. ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:6:p:60-83
Template-Type: ReDIF-Article 1.0
Author-Name: Bi-Huei Tsai
Author-X-Name-First: Bi-Huei
Author-X-Name-Last: Tsai
Title: Political Interference and Earnings Manipulation in Chinese Firms
Abstract:
Mainland China's economic system is in transition from a socialist system to a free economy. Chinese market standards tend to mirror those of developed countries, but unlike companies in developed markets, Chinese firms lack monitoring functions and are subject to strong political interference. The managers of firms with substantial state ownership are often designated by the state and are under strong pressure to comply with government requests for funds even when this is not in the company's interest. As this article illustrates, managers of Chinese listed firms offer rights issues to public shareholders and then transfer the proceeds to the state by distributing cash dividends. Firm income is often falsified in the financial statements issued before the rights-issue offering. During the three years prior to a rights issue, the gains from long-term investment, nonoperating income and revenue from related-party sales appear to be higher than would be expected. This implies that earnings are deliberately inflated before rights issues to meet profitability requirements set by the China Securities Regulatory Commission and implicates state ownership. Because the government has strong influence on the authorizing banks, firms with greater state ownership are less likely to manipulate earnings before rights issues.
Journal: Chinese Economy
Pages: 84-102
Issue: 6
Volume: 45
Year: 2012
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2V71WLU035250238
File-Format: text/html
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X-Bibl:
[ 1 Aharnoy, J.; J. Lee; and T. J. Wong. 1999. "Financial Packaging of IPO Firms in China." Journal of Accounting Research 38: 103-26. ] [ 2 Bae, K.-H.; J.-K. Kang; and J.-M. Kim. 2002. "Tunneling or Value-Added? Evidence from Mergers by Korean Business Groups." Journal of Finance 57: 2695-2740. ] [ 3 Blair, M. M. 1995. Ownership and Control: Rethinking Corporate Governance for the Twenty-first Century. Washington, DC: Brookings Institution. ] [ 4 Chen, C.-H., and H.-L. Wu. 2008. "Fiscal Structures and Regional Economic Growth: Evidence from China's Fiscal Contract System." Journal of Developing Areas 41, no. 2: 119-35. ] [ 5 Chen, C. J. P.; S. Chen; and X. Su. 2001. "Profitability Regulation, Earnings Management, and Modified Audit Opinions: Evidence from China." Auditing 20: 1-30. ] [ 6 Clarke, D. C. 2003. "Corporate Governance in China: An Overview." China Economic Review 14: 494-507. ] [ 7 Cremers, K. J. M.; V. B. Nair; and C. Wei. 2007. "Governance Mechanisms and Bond Prices." Review of Financial Studies 20, no. 5: 1359-88. ] [ 8 Dechow, P. M. 1994. "Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals." Journal of Accounting and Economics 18: 3-42. ] [ 9 Eisenberg, T.; S. Sundgren; and M. T. Wells. 1998. "Larger Board Size and Decreasing Firm Value in Small Firms." Journal of Financial Economics 48: 35-54. ] [ 10 Fama, E. F., and K. R. French. 1995. "Size and Book-to-Market Factors in Earnings and Returns." Journal of Finance 50: 131-55. ] [ 11 Fan, J. P. H.; T. J. Wong; and T. Zhang. 2007. "Politically-Connected CEOs Corporate Governance and Post-IPO Performance of China's Newly Partially Privatized Firms." Journal of Financial Economics 84: 330-57. ] [ 12 Fernandez, C., and R. Arrondo. 2005. "Alternative Internal Controls as Substitutes of the Board of Directors." Corporate Governance: An International Review 13, no. 6 (November): 856-66. ] [ 13 Firth, M.; P. L. L. Mo; and R. M. K. Wong. 2005. "Financial Statement Frauds and Auditor Sanctions: An Analysis of Enforcement Actions in China." Journal of Business Ethics 62: 367-81. ] [ 14 Fung, H.-G.; W. K. Leung; and J. Zhu. 2008. "Rights Issues in the Chinese Stock Market: Evidence of Earnings Management." Journal of International Financial Management and Accounting 19, no. 2: 133-59. ] [ 15 Haw, I.-M.; D. Qi; D. Wu; and W. Wu. 2005. "Market Consequences of Earnings Management in Response to Security Regulations in China." Contemporary Accounting Research 22: 95-140. ] [ 16 Hulpke, J., and C. Lau. 2008. "Business Ethics in China: A Human Resource Management Issue?" The Chinese Economy 41, no. 3: 58-67. ] [ 17 Hunag, L. J. and R. S. Snell. 2003. "Turnaround, Corruption and Mediocrity: Leadership and Governance in Three State Owned Enterprises in Mainland China." Journal of Business Ethics 43: 111-24. ] [ 18 Jeanneney S. G.; J. P. Hua; and Z. Liang. 2006. "Financial Development, Economic Efficiency, and Productivity Growth: Evidence from China." Developing Economics 44, no. 1 (March): 27-52. ] [ 19 Jensen, K. L., and J. L. Payne. 2003. "Management Trade-Offs of Internal Control and External Auditor Expertise." Auditing: A Journal of Practice & Theory 22, no. 2 (September): 99-119. ] [ 20 Jensen, M. C., and W. H. Meckling. 1976. "Theory of the Firm, Managerial Behavior, Agency Costs and Ownership Structure." Journal of Financial Economics 3: 305-60. ] [ 21 Jian, M., and T. J. Wong. 2004. "Earnings Management and Tunneling Through Related Party Transactions: Evidence from Chinese Corporate Groups." Working paper, Hong Kong University of Science and Technology. ] [ 22 Kimbro, M. B. 2005. "Managing Underpricing? The Case of Pre-IPO Discretionary Accruals in China." Journal of International Financial Management and Accounting 16, no. 3: 229-62. ] [ 23 Li, Z. 2010. "China's Corporate Governance The Mingxing Electric Power Company Scandal." The Chinese Economy 43, no. 3: 77-102. ] [ 24 Lo, W., and M. C. M. Ng. 2009. "Banking Reform and Corporate Governance." The Chinese Economy 42, no. 5: 21-39. ] [ 25 Mah, J. S. 2007. "Duty Drawback and Export Promotion in China." Journal of Developing Areas 40, no. 2: 133-40. ] [ 26 Mookerjee R., and Q. Yu. 1995. "Capital Market Reform on the Road to a Market-Oriented Economy: The Case of Stock Markets in China." Journal of Developing Areas 30, no. 1: 23-39. ] [ 27 Penman, S. H. 2006. Financial Statement Analysis and Security Valuation. 3rd ed. New York: McGraw-Hill. ] [ 28 Salvatore, D. 2010. "China's Financial Markets in the Global Context." The Chinese Economy 42, no. 6: 8-21. ] [ 29 Shi, P.-Y., and J.-X. Wang. 2007. "Analyzing the Factors that Influence CPA Audit Independence and the Relevant Improving Measures." Journal of Shandong Institute Commerce and Technology 7, no. 4 (August): 25-27 (in Chinese). ] [ 30 Shleifer, A., and R. W. Vishny. "Politicians and Firms." Quarterly Journal of Economics 109, no. 4 (November): 995-1025. ] [ 31 Tam, O. 2002. "Ethical Issues in the Evolution of Corporate Governance in China." Journal of Business Ethics 37, no. 3: 303-20. ] [ 32 Teoh, S. H.; I. Welch; and T. J. Wong. 1998a. "Earnings Management and the Long-Term Underperformance of Initial Public Stock Offerings." Journal of Finance 53: 1935-74. ] [ 33 Teoh, S. H.; I. Welch; and T. J. Wong. 1998b. "Earnings Management and the Post-Issue Underperformance in Rights Issues." Journal of Financial Economics 50: 63-99. ] [ 34 Teoh, S. H.; T. J. Wong; and G. R. Rao. 1998. "Are Accruals During Initial Public Offerings Opportunistic?" Review of Accounting Studies 3: 175-208. ] [ 35 Watanabe, M. 2002. "Holding Company Risk in China: A Final Step of State-Owned Enterprises Reform and an Emerging Problem of Corporate Governance." China Economic Review 13, no. 4: 373-81. ] [ 36 White, H. 1980. "A Heteroskedastic-Consistent Covariance Matrix Estimator and a Direct Test of Heteroskedasticity." Econometrica 48: 817-38. ] [ 37 Yang, Y. Z., and C. S. Zhong. 1998. "China's Textile and Clothing Exports in a Changing World Economy." Developing Economies 36, no. 1: 3-23. ] [ 38 Zhang, L.-Y. 2006. "Market Socialism Revisited: The Case of Chinese State-Owned Enterprises." Issues & Studies 42, no. 3 (September): 1-46. ] [ 39 Zheng, S.-Z. 2007. "Probe into Interior Control Environments in State-Owned Enterprises." Journal of Shanxi Finance and Tax College 9, no. 4 (August): 27-29 (in Chinese). ] [ 40 Zhu, H.; X.-J. He; and S. Chen. 2006. "Financial Development, Soft Budget Constraints and Firm Investment." Accounting Research 10: 64-70 (in Chinese). ]
Handle: RePEc:mes:chinec:v:45:y:2012:i:6:p:84-102
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: China's Agriculture, Urban System, Firm Competitiveness, and Inequality
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 1
Volume: 46
Year: 2013
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C3106306G5858010
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Handle: RePEc:mes:chinec:v:46:y:2013:i:1:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Xuchu Xu
Author-X-Name-First: Xuchu
Author-X-Name-Last: Xu
Author-Name: Ke Shao
Author-X-Name-First: Ke
Author-X-Name-Last: Shao
Author-Name: Qiao Liang
Author-X-Name-First: Qiao
Author-X-Name-Last: Liang
Author-Name: Hongdong Guo
Author-X-Name-First: Hongdong
Author-X-Name-Last: Guo
Author-Name: Jia Lu
Author-X-Name-First: Jia
Author-X-Name-Last: Lu
Author-Name: Zuhui Huang
Author-X-Name-First: Zuhui
Author-X-Name-Last: Huang
Title: Entry of Chinese Small Farmers into Big Markets
Abstract:
Over the past thirty years, reforms in China have pushed forward the integral development of the economy and opened up agriculture to modernization. Small farmers who obtained independent production and operating rights during the reform period must now confront the pressure of market competition. The "Investor-Owned Firm (IOF) + farmers" mode or leading-enterprises-led mode has pioneered agricultural industrialization in China. However, it has some limitations in terms of contract instability and its inability to ensure farmers' rights and interests. At the same time, cooperative organizations of small farmers have been legally accepted and supported by the government and are developing rapidly. In this article, we analyze the alternative modes of agricultural industrialization, especially the effectiveness and limitations of farmer cooperatives. We find that farmer cooperatives are going to play a more and more important role in the foreseeable future, while the leading-enterprises-led mode will also persist as a key contract form in agricultural industrialization.
Journal: Chinese Economy
Pages: 7-19
Issue: 1
Volume: 46
Year: 2013
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W16X21R4Q500R4U7
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X-Bibl:
[ 1 Andrea, H.; B. Stefanson; and M. Fulton. 1996. "New Generation Cooperatives and Cooperative Theory." Journal of Cooperatives 11: 13-28. ] [ 2 Cai, H., and D. Treisman. 2006. "Did Government Decentralization Cause China's Economic Miracle." Word Politics 58: 505-35. ] [ 3 Chaddad, F. R., and M. L. Cook. 2004. "Understanding New Cooperative Models: An Ownership-Control Rights Typology." Review of Agricultural Economics 26: 1-13. ] [ 4 Chai, X., and Y. Ye. 2006. "‘Cooperatives + Farmers’: Organizational Form Choices in Rural Institutional Changes." Academic Journal of Zhejiang University (Human and Social Science Edition) 4: 98-107. ] [ 5 Chen, J. 1996. "Some Points on Agricultural Industrialization." Zhejiang Academic Journal 5: 51-54. ] [ 6 Cheng, Y.-Sh. 2006. "China's Reform of Rural Credit Cooperatives: Progress and Limitations." Chinese Economy 39, no. 4: 25-40. ] [ 7 "Data China." 2008. 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Handle: RePEc:mes:chinec:v:46:y:2013:i:1:p:7-19
Template-Type: ReDIF-Article 1.0
Author-Name: Shi Zheng
Author-X-Name-First: Shi
Author-X-Name-Last: Zheng
Author-Name: Dayton Lambert
Author-X-Name-First: Dayton
Author-X-Name-Last: Lambert
Author-Name: Sishu Wang
Author-X-Name-First: Sishu
Author-X-Name-Last: Wang
Author-Name: Zhigang Wang
Author-X-Name-First: Zhigang
Author-X-Name-Last: Wang
Title: Effects of Agricultural Subsidy Policies on Comparative Advantage and Production Protection in China
Abstract:
China has recently implemented a series of agricultural policy reforms to expand its agricultural sector and increase farm income. Subsidies supporting agricultural sector growth are the favored policy even though they are known to exert a distorting effect on markets. Using a Policy Analysis Matrix (PAM) model, we estimated the extent to which subsidies have distorted domestic markets and whether they have positively influenced China's comparative advantages in crop production and increased farm income. Results suggest that the effective protection of soybean and corn production has not significantly enhanced comparative advantage with respect to these commodities, while the effective protection of production factors used to produce wheat increased comparative advantage in wheat production.
Journal: Chinese Economy
Pages: 20-37
Issue: 1
Volume: 46
Year: 2013
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5H346TW2Q56WM167
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X-Bibl:
[ 1 Ballard, C. L.; J. B. Shoven; and J. Whalley. 1985. "General Equilibrium Computations of the Marginal Welfare Costs of Taxes in the United States." American Economic Review 75: 128-38. ] [ 2 Beghin, J. 1994. "Prototype CGE Model for the Trade and Environment Program: Technical Specification." Paris: OECD Development Center. ] [ 3 Bergman, L. 1990. The Development of Computable General Equilibrium Modeling, General Equilibrium Modeling and Economics Policy Analysis. Oxford: Basil Blackwell. ] [ 4 Brean, D. 2011. "Middle Kingdom—China's Newfound Place on the World Stage." Chinese Economy 44, no. 4: 7-19. ] [ 5 Corden, W. M. 1974. Trade Policy and Economic Welfare. Oxford: Clarendon Press. ] [ 6 Fang, C., and J. C. Beghin. 2000. "Food Self-Sufficiency, Comparative Advantage and Agricultural Trade: A Policy Analysis Matrix for Chinese Agriculture." Working paper no. 99-WP223: 1-23. Center for Agricultural and Rural Development and Department of Economics, Iowa State University. ] [ 7 Fu, X. Z., and M. L. Hou. 2008. "Study of China's Current Food Subsidy Policy." Academic Exchange 9: 68-72. ] [ 8 Hertel, T. W. 1985. "Partial vs. General Equilibrium Analysis and Choice of Functional Form: Implications for Policy Modeling." Journal of Policy Modeling 7, no. 2: 281-303. ] [ 9 Huang, J. K., and N. H. Li. 2003. "An Analyzing and Predicting Model of Chinese Agricultural Policy: CAPSiM." Journal of Nanjing Agricultural University 2, no. 3: 30-41 (in Chinese). ] [ 10 Jorgenson, D., and P. Wilcoxen. 1990. "Global Change, Energy Prices and U. S. Economic Growth." Discussion paper no. 1511. Harvard Institute of Economic Research. ] [ 11 Lan, Q. X. 2004a. "Evidence Analysis of the Effect Produced by China's Agriculture Policy." Academic Research 2: 28-31 (in Chinese). ] [ 12 Lan, Q. X. 2004b. "The Comparative Advantage of Our Agriculture and the Application of the PAM Model." Zhejiang Social Sciences 5: 18-23 (in Chinese). ] [ 13 Mbiha, R.R; F. M. Turuka; A. E. Temu; N. S. Y. Mdoe; and M. E. Mlabiti. 1998. "Comparative Economic Advantage Analysis of Alternative Agricultural Production Options in Tanzania." Technical paper no. 102. Washington, DC: USAID. ] [ 14 Mohanty, S.; C. Fang; and J. Chandhary. 2002. "Assessing the Competitiveness of Indian Cotton Production: A Policy Analysis Matrix Approach." Food and Agricultural Policy Research Institute (FAPRI). ] [ 15 Mon, A. A.; T. Kyi; and D. Kyaw. 2002. "Comparative Advantage of Black Gram and Green Gram in Myanmar." Food and Agriculture Organization, Rome. ] [ 16 Monke, E. A., and S. R. Pearson. 1989. The Policy Analysis Matrix for Agricultural Development. Ithaca, NY: Cornell University Press. ] [ 17 National Bureau of Statistics (NBS). 1978-2009. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 18 Pearson, S. R. 1981. Rice in West Africa: Policy and Economies. Stanford, CA: Stanford University Press. ] [ 19 Scarf, H. 1967. "On the Computation of Equilibrium Price." In Ten Economic Studies in the Tradition of Irving Fisher, ed. W. J. Feller, 208-30. New York: Wiley. ] [ 20 Wang, X. 2010. "Analysis of China's Agricultural Subsidy Policy." Agricultural Technology and Equipment 4: 27-29 (in Chinese). ] [ 21 Wang, L., and L. Y. Ren. 2010. "Comparison, Reference and Countermeasures of Western and Eastern Countries' Food Policies." Rural Economy and Science-Technology 6: 15-17 (in Chinese). ] [ 22 Wang, Y. X., and Y. Y. Mu. 2009. "The Implementation and Adjustment of China's Agricultural Policy After Joining in the WTO." Chinese Agricultural Science Bulletin 6: 278-84 (in Chinese). ] [ 23 Wu, C. 2011. "Economic Freedom, Economic Growth, and China." Chinese Economy 44, no. 5: 104-20. ] [ 24 Xiao, G. A. 2005. "An Economic Approach to the Direct Subsidization Policy for Grains in China." Chinese Rural Economy 3: 12-17 (in Chinese). ] [ 25 Xiao, H. F.; R. F. Li; and J. Wang. 2005. "Farmers' Expectation and Assessment of Food's Direct Subsidy Policy: Based on a Survey Study in Henan and Liaoning." Chinese Rural Economy 3: 18-23, 43 (in Chinese). ] [ 26 Xu, C. P.; Q. H. Shi; and H. H. Wang. 2009. "The Impact of Rural Taxation Reform on Farm Household Income: Evidence from the Yangtze River Delta." The Chinese Economy 42, no. 4: 75-90. ] [ 27 Xu, Z. G.; F. N. Zhong; and L. B. Fu. 2000. "The Domestic Resource Costs and Comparative Advantages of Chinese Agricultural Products." Journal of Agritechnical Economics 4: 1-6 (in Chinese). ] [ 28 Yang, H. Q.; X. F. Wang; and Y. L. Zhang. 2009. "Discussion About China's Current Food Subsidy Policy." Seed Industry Guide 7: 9-11 (in Chinese). ] [ 29 Yu, A. Z. 2006. "Quantitative Analysis of Chinese Agricultural Policy Effect in Recent Years: Based on Policy Analysis Matrix Approach" (in Chinese). Institute of Agricultural Economics and Development, China. ] [ 30 Zhao, H. D. 2007. "Assessment of China's Agricultural Subsidy Policy's Effects." Theory Horizon 12: 76-78 (in Chinese). ]
Handle: RePEc:mes:chinec:v:46:y:2013:i:1:p:20-37
Template-Type: ReDIF-Article 1.0
Author-Name: Zhenpo Wang
Author-X-Name-First: Zhenpo
Author-X-Name-Last: Wang
Author-Name: Jiangnan Zhu
Author-X-Name-First: Jiangnan
Author-X-Name-Last: Zhu
Title: Evolution of China's City-Size Distribution
Abstract:
This article studies the evolution of China's city-size distribution, as measured by its nonagricultural population, from 1949 to 2008. The robustness of the findings was checked by means of time-series Gini coefficients, panel unit root tests for Gibrat's law, and analysis of distribution dynamics. Although China's city-size distribution presented different patterns of growth in the short run, it has shown an approximately parallel-growth model in the long run. This indicates that the parallel growth rule of city-size distribution also applies to developing countries, though it might work differently there. In countries with relatively mature and complete urban systems, parallel growth results from similar growth rates in all the cities. In developing countries experiencing rapid urbanization, parallel growth mainly results from the emergence and rise of a large number of new cities, offseting the fast growth rate of large cities. This demonstrates that government policy intended to affect city size may be misleading.
Journal: Chinese Economy
Pages: 38-54
Issue: 1
Volume: 46
Year: 2013
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D922443358741088
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X-Bibl:
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Statistical Studies (Tongji yanjiu) 9: 26-32. ] [ 14 Im, K. S.; M. H. Pesaran; and Y. Shin. 2003. "Testing for Unit Roots in Heterogeneous Panels." Journal of Econometrics 115: 53-74. ] [ 15 Krugman, P. 1996. "Confronting the Mystery of Urban Hierarchy." Journal of the Japanese and International Economies 10: 399-418. ] [ 16 Levin, A.; C. F. Lin; and C. S. J. Chu. 2002. "Unit Root Tests in Panel Data: Asymptotic and Finite Sample Properties." Journal of Econometrics 108: 1-24. ] [ 17 Li, Q., and J. S. Racine. 2007. Nonparametric Econometrics Theory and Practice. Princeton, NJ: Princeton University Press. ] [ 18 Lu, M., and Z. Chen. 2006. "Urbanization, Urban-Biased Policies, and Urban-Rural Inequality in China, 1987-2001." Chinese Economy 39, no. 3: 42-63. ] [ 19 Madden, C. J. 1956. "Some Indicators of Stability in the Growth of Cities in the United States." Economic Development and Cultural Change 4: 236-252. ] [ 20 Mills, E. S., and B. W. Hamilton. 1989. Urban Economics. Glenview, IL: Pearson Scott Foresman. ] [ 21 National Bureau of Statistics (NBS). 1999. New Chinese Cities 50 Years (1949-1989). Beijing: Xinhua Press. ] [ 22 National Bureau of Statistics (NBS). 2000-2010. Chinese Urban Statistical Yearbooks 1999-2009. Beijing: Statistics Press. ] [ 23 National Bureau of Statistics (NBS). 2011. Chinese Statistical Yearbook. Beijing: China Statistics Press. ] [ 24 Quah, D. 1993. "Empirical Cross-Section Dynamics in Economic Growth." European Economic Review 37: 426-34. ] [ 25 Rosen, K. T., and M. Resnick. 1980. "The Size Distribution of Cities: An Examination of the Pareto Law and Primacy." Journal of Urban Economics 8: 165-86. ] [ 26 Sargan, J. D., and A. Bhargava. 1983. "Testing Residuals from Least Squares Regressions for Being Generated by the Gaussian Random Walk." Econometrica 51: 153-74. ] [ 27 Sharma, S. 2003. "Persistence and Stability in City Growth." Journal of Urban Economics 53: 300-320. ] [ 28 Simon, H. A. 1955. "On a Class of Skew Distribution Functions." Biometrika 42: 425-40. ] [ 29 Song, S., and K. H. Zhang. 2002. "Urbanization and City Size Distribution in China." Urban Studies 39, no. 12: 2317-27. ] [ 30 Soo, K. T. 2005. "Zipf's Law for Cities: A Cross-Country Investigation." Regional Science and Urban Economics 35: 239-63. ] [ 31 Sun, P. S. 1984. "Changes of Chinese Urban Population Scale." Acta Geographica Sinica 39, no. 4: 345-58. ] [ 32 Tiffen, M. 2003. "Transition in Sub-Saharan Africa: Agriculture, Urbanization and Income Growth." World Development 31, no. 8: 1343. ] [ 33 Wang, F. 2000. Sustainable Development of Chinese Urbanization. Beijing: Science Press. ] [ 34 Wang, J.; A. Koizumi; and X. Liu. 2008. "Advancing Sustainable Urban Development in China." Municipal Engineer 161, no. 1: 3-10. ] [ 35 Wang, R., and Y. Ye. 2004. "Eco-City Development in China." Ambio: A Journal of the Human Environment 33, no. 6: 341-42. ] [ 36 Xu, X. Q. 1982. "Evolution and Prediction of Chinese City-Township System." Journal of Sun Yansen University (Philosophy) 3: 40-49. ] [ 37 Xu, Z., and N. Zhu. 2008 "Urban Growth Determinants in China." Chinese Economy 41, no. 1: 7-35. ] [ 38 Zipf, G. K. 1949. Human Behavior and the Principle of Least Effort: An Introduction to Human Ecology. Cambridge, MA: Addison-Wesley. ] [ 39 Zhou, Y. B. 2009. "Urbanization, Rural-Urban Income Gap, and Overall Income Inequality in China-An Empirical Test of the Inverse U Hypothesis." China Economics Quarterly 8, no. 4: 1239-56. ] [ 40 Zhou, Y. X. 1986. "Review of Changes in Chinese City—Town Rank System and Their Provincial Geographical Type" (Woguo chengzhen dengji tixi biandong de huigu jiqi shengqu diyu leixing). Acta Geographica Sinica 2: 97-111. ]
Handle: RePEc:mes:chinec:v:46:y:2013:i:1:p:38-54
Template-Type: ReDIF-Article 1.0
Author-Name: Yanyan Gao
Author-X-Name-First: Yanyan
Author-X-Name-Last: Gao
Author-Name: Zhibiao Liu
Author-X-Name-First: Zhibiao
Author-X-Name-Last: Liu
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Author-Name: Jianghuai Zheng
Author-X-Name-First: Jianghuai
Author-X-Name-Last: Zheng
Title: Technological Capacity, Product Position, and Firm Competitiveness
Abstract:
Using firm-level data from a 2009 survey conducted in Suzhou city, Jiangsu province, this article examines the impact of technological capacity and value-chain position on a firm's product competitiveness. Technological capacity and product competitiveness are self-assessed relative to other firms and products in the same industry. Position on the value chain is measured relative to a firm's position as an original-brand manufacturer or not. Our empirical results show that competitiveness rises with a firm's technological capacity and its position on the global value chain. This finding is consistent with the theoretical prediction. The article also investigates the determinants of technological capacity and value-chain position, including the firm's size, research and development (R&D) spending, location dummies, educational level of technical and managerial personnel, wages of technical and managerial personnel, and enterprise ownership. Bootstrapping, probit, and linear probability regression models are employed. of technical and managerial personnel, and enterprise ownership. Bootstrapping, probit, and linear probability regression models are employed.
Journal: Chinese Economy
Pages: 55-74
Issue: 1
Volume: 46
Year: 2013
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DN52693528840W41
File-Format: text/html
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X-Bibl:
[ 1 Aghion, P.; N. Bloom; R. Blundell; R. Griffith; and P. Howitt. 2001. "Empirical Estimates of the Relationship Between Product Market Competition and Innovation." Working paper. London: University College. ] [ 2 An, T. L. 2003. "Technological Selection of Chinese Enterprises." Economic Research Journal 7: 16-48. ] [ 3 Arndt, S. W., and H. Kierzkowski. 2001. Fragmentation: New Production Patterns in the World Economy. Oxford: Oxford University Press. ] [ 4 Chernick, M. R. 2008. Bootstrap Methods: A Guide for Practitioners and Researchers, 2d ed. Hoboken, NJ: John Wiley. ] [ 5 DeFond, M. L., and C. W. Park. 1999. "The Effect of Competition on CEO Turnover." Journal of Accounting and Economics 27: 35-56. ] [ 6 Efron, B. 1982. The Jackknife, the Bootstrap, and Other Resampling Plans. Philadelphia: SIAM. ] [ 7 Efron, B., and R. Tibshirani. 1986. "Bootstrap Methods for Standard Errors, Confidence Intervals, and Other Measures of Statistical Accuracy." Statistical Science 1: 54-75. ] [ 8 Feenstra, R. C. 1998. "Integration of Trade and Disintegration of Production in the Global Economy." Journal of Economic Perspectives 4: 31-50. ] [ 9 Gereffi, G. 1999. "International Trade and Industrial Upgrading in the Apparel Commodity Chains." Journal of International Economics 48: 37-70. ] [ 10 Gereffi, G. 2001. "Beyond the Producer-Driven/Buyer-Driven Dichotomy—The Evolution of Global Value Chains in the Internet Era." IDS Bulletin 3: 30-40. ] [ 11 Hu, Zh.; J. Zheng; and J. Wang. 2011. "Impact of Industrial Linkages on Firm Performance in Development Zones: The Case of Jiangsu Province." Chinese Economy 44, no. 2: 78-105. ] [ 12 Javorcik, B. S., and M. Spatareanu. 2008. "Share or Not to Share: Does Local Participation Matter for Spillovers from Foreign Direction Investment?" Journal of Development Economics 85: 194-217. ] [ 13 Jiang, R., and L. R. Chen. 2007. "Empirical Analysis of Product Market Competition Governance Effect: A Perspective of CEO Alternation." Economic Science 2: 102-11. ] [ 14 Jin, B. 2001. "On Nature of Enterprises' Competitive Power." China Industrial Economy 10: 5-10. ] [ 15 Johansson, H., and L. Nilsson. 1997. "Export Processing Zones as Catalysts." World Development 25: 2115-28. ] [ 16 Joint Research Center for Changjiang Delta. 2008. Yearbook of Changjiang Delta Development. Beijing: Social Science Literature Press. ] [ 17 Lai, M. Y., Q. Bao; S. J. Peng; and X. Zhang. 2005. "An Essay on Absorptive Capability and Technology Spillover of Foreign Direct Investment." Economic Research Journal 8: 95-105. ] [ 18 Li, G. 2007. "New Perspective of Firm's Competitiveness Study: Firm Competition on Product Market and Element Market." China Industrial Economy 1: 61-67. ] [ 19 Liu, Z. B. 2007. "Promotion of Chinese Export-Oriented Economic Strategy in GVC." Economic Issues in China 1: 9-17. ] [ 20 Liu, Z. B., and F. X. Wu. 2006. "Integration of Trade and Disintegration of Production." Social Science in China 2: 80-92. ] [ 21 Liu Z. B.; F. X. Jiang; and E. P. Lu. 2003. "Capital Structure and Competition in Product Market." Economic Research Journal 7: 60-67. ] [ 22 Lu, F. 2004. "Intra Product Division: An Analytical Framework." Draft for Discussion Series of China Center for Economic Research (CCER), no. C2004005. ] [ 23 National Bureau of Statistics. 2008. 2008 China Statistical Yearbook. Beijing: China Statistics Press. ] [ 24 Parrino, R. 1997. "CEO Turnover and Outside Succession: A Cross-Sectional Analysis." Journal of Financial Economics 2: 165-97. ] [ 25 Ping, X. Q. 2007. "Analysis of FDI Spillover Effect on Chinese Firms." Journal of World Economy 8: 3-13. ] [ 26 Porter M. E. 2002. The Competitive Advantage of Nations. Beijing: Huaxia Press. ] [ 27 Raith, M. 2003. "Competition, Risk and Managerial Incentives." American Economic Review 93: 1425-36. ] [ 28 Schmidt, K. 1997. "Managerial Incentives and Product Market Competition." Review of Economic Studies 64: 191-213. ] [ 29 Simar, L., and P. Wilson. 2007. "Estimation and Inference in Two-Stage, Semi-Parametric Models of Production Processes." Journal of Econometrics 136: 31-64. ] [ 30 Sun, S. 2011. "Foreign Direct Investment and Technology Spillovers in China's Manufacturing Sector." The Chinese Economy 44, no. 2: 25-42. ] [ 31 Suzhou Statistics Bureau. 2008. Suzhou 2008 Statistical Yearbook. Beijing: China Statistics Press. ] [ 32 Wu Y. S. 2006, June 15. "A Comparison Between Nanjing Manufacturing Industry and That of Yangtze River Delta." http://msstat.org/stat/ShowArticle.asp?ArticleTD=2429 ] [ 33 Yuan C., and T. Lu. 2005. "FDI and Managerial Knowledge Spillover—Evidence from Entrepreneurs in China's Private Sector." Economic Research Journal 3: 69-70. ] [ 34 Zhang, H. 2006. "The Dynamics Model of Global Value Chain and Industry Development Strategy." China Industrial Economy 1: 40-48. ] [ 35 Zhao, Zh., and K. H. Zhang. 2007. "China's Industrial Competiveness in the World." Chinese Economy 40, no. 6: 6-23. ] [ 36 Zheng J. H.; Y. Y. Gao; and X. W. Hu. 2008. "Firm Concentration, Technology Promotion and Economic Performance." Economic Research Journal 5: 33-46. ] [ 37 Zhong, C. B. 2006. "Horizontal and Vertical Spillover of FDI in China's Electronic Industry." Journal of World Economy 11: 62-70. ]
Handle: RePEc:mes:chinec:v:46:y:2013:i:1:p:55-74
Template-Type: ReDIF-Article 1.0
Author-Name: Zhuo Chen
Author-X-Name-First: Zhuo
Author-X-Name-Last: Chen
Author-Name: Ming Lu
Author-X-Name-First: Ming
Author-X-Name-Last: Lu
Title: Income-Related Inequality in Self-Assessments of Health Status in Shanghai
Abstract:
This study applies the concentration-index methodology to adult respondents of a unique household survey recently conducted in Shanghai to quantify income-related inequality in self-assessed health status and its avoidable component. Clustered random sampling was used to produce a citywide representative sample. A continuous measure of latent health was generated based on the predicted values from an ordinal probit model with the categorical response of self-assessed health status as the dependent variable. The concentration index is estimated as 0.06 and the percentage of its avoidable component is roughly 72 percent. Hence there is room for social welfare programs to intervene and reduce income-related health inequalities in Shanghai.
Journal: Chinese Economy
Pages: 75-86
Issue: 1
Volume: 46
Year: 2013
Month: 1
Keywords:
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X-Bibl:
[ 1 Bao, X.; H.-G. Fung; and X. Zhao. 2008. "Cost Sharing in the Urban Health Care Insurance System in China." Chinese Economy 41, no. 5: 6-21. ] [ 2 Chen, Z. 2007. CONCINDC: Stata Module to Calculate Concentration Index with Both Individual and Grouped Data. Statistical Software Components. Boston College, Department of Economics. ] [ 3 Chen, Z., and K. Roy. 2009. "Calculating Concentration Index with Repetitive Values of Indicators of Economic Welfare." Journal of Health Economics 28, no. 1: 169-75. ] [ 4 Chen, Z.; D. B. Eastwood; and S. T. Yen. 2007. "A Decade's Story of Childhood Malnutrition Inequality in China: Where You Live Does Matter." China Economic Review 18, no. 2: 139-54. ] [ 5 Chen, Z.; S. T. Yen; and D. B. Eastwood. 2010. "Changing Health Inequality in China: The Role of Relative Income." In Investing in Human Capital for Economic Development in China, ed. G. G. Liu, S. Zhang, and Z. Zhang, 261-76 [chap. 15]. Singapore: World Scientific Press. ] [ 6 Kakwani, N. C.; A. Wagstaff; and E. van Doorslaer. 1997. "Socioeconomic Inequalities in Health: Measurement, Computation, and Statistical Inference." Journal of Econometrics 77, no. 1: 87-103. ] [ 7 Keppel, K.; E. Pamuk; J. Lynch; O. Carter-Pokras; I. Kim; V. Mays; J. Pearcy; V. Schoenbach; and J. S. Weissman. 2005. "Methodological Issues in Measuring Health Disparities." Vital Health Statistics 2, no. 141: 1-16. ] [ 8 Koolman, X., and E. van Doorslaer. 2004. "On the Interpretation of a Concentration Index of Inequality." Health Economics 13, no. 7: 649-56. ] [ 9 Li, H., and G. H. Chang. 2008. "Disparity in Health Resource Allocation Between Rural and Urban Areas in China: Is It Getting Worse?" The Chinese Economy 41, no. 6: 45-55. ] [ 10 Li, J.; K. Zhang; and L. Tian. 2006. "Multiple Facets of China's Health Inequality." Lancet 367, no. 9520: 1397. ] [ 11 Lindelow, M., and A. Wagstaff. 2005. "Health Shocks in China: Are the Poor and Uninsured Less Protected?" World Bank working paper no. WPS 3740. ] [ 12 Liu, L. 2008. "Gender Difference of Health Status in the Aging Population of Urban China." The Chinese Economy 41, no. 1: 58-71. ] [ 13 Qian, J. 2010. "Regional Inequality in Healthcare in China." East Asian Policy 2, no. 4: 86-95. ] [ 14 Shanghai Statistical Yearbook. 2005. Beijing: China Statistics Press. ] [ 15 van Doorslaer, E., and A. M. Jones. 2003. "Inequalities in Self-Reported Health: Validation of A New Approach to Measurement." Journal of Health Economics 22, no. 1: 61-87. ] [ 16 van Doorslaer, E.; A. Wagstaff; H. Bleichrodt; S. Calonge; U. G. Gerdtham; M. Gerfin; J. Geurts; L. Gross; U. Hakkinen; R. E. Leu; O. O'Donnell; C. Propper; F. Puffer; M. Rodriguez; G. Sundberg; and O. Winkelhake. 1997. "Income-Related Inequalities in Health: Some International Comparisons." Journal of Health Economics 16, no. 1: 93-112. ] [ 17 Wagstaff, A., and E. van Doorslaer. 1994. "Measuring Inequalities in Health in the Presence of Multiple-Category Morbidity Indicators." Health Economics 3, no. 4: 281-91. ] [ 18 Wagstaff, A., and E. van Doorslaer. 2000. "Income Inequality and Health: What Does the Literature Tell Us?" Annual Review of Public Health 21, no. 1: 543-67. ] [ 19 Wagstaff, A.; E. van Doorslaer; and P. Paci. 1989. "Equity in the Finance and Delivery of Health Care: Some Tentative Cross-Country Comparisons." Oxford Review of Economic Policy 5, no. 1: 89-112. ] [ 20 Wang, H.; T. Xu; and J. Xu. 2007. "Factors Contributing to High Costs and Inequality in China's Health Care System." Journal of the American Medical Association 298, no. 16: 1928-30. ] [ 21 Xu, K. T. 2006. "State-Level Variations in Income-Related Inequality in Health and Health Achievement in the U. S." Social Science & Medicine 63, no. 2: 457-64. ] [ 22 Zhang, Q., and Y. Wang. 2007. "Using Concentration Index to Study Changes in Socio-Economic Inequality of Overweight among U. S. Adolescents Between 1971 and 2002." International Journal of Epidemiology 36, no. 4: 916-25. ] [ 23 Zhao, Z. 2005. "Health Determinants in Urban China." Institute for the Study of Labor (IZA). IZA discussion paper no. 1835. ] [ 24 Zhao, Z. 2006. "Income Inequality, Unequal Health Care Access, and Mortality in China." Population and Development Review 32, no. 3: 461-83. ] [ 25 Zhao, H., and X. Feng. 2010. "Health-Care Reform in China." Chinese Economy 42, no. 3: 31-36. ]
Handle: RePEc:mes:chinec:v:46:y:2013:i:1:p:75-86
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: New Markets, New Developments, New Challenges
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 2
Volume: 46
Year: 2013
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H947662317686862
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Handle: RePEc:mes:chinec:v:46:y:2013:i:2:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Derrick Tzau
Author-X-Name-First: Derrick
Author-X-Name-Last: Tzau
Author-Name: Jot Yau
Author-X-Name-First: Jot
Author-X-Name-Last: Yau
Title: Offshore Renminbi-Denominated Bonds
Abstract:
China, the second-largest economy in the world after the United States, has started the process of internationalizing its currency, the renminbi (RMB), to make it a global reserve currency. To this end, an offshore market for RMB-denominated bonds (dim sum bonds) has been established in Hong Kong to promote the use of the RMB in investments outside China. This market has grown rapidly to over RMB186.8 billion with 329 issues in less than five years. It is likely that the dim sum bond market will continue to grow because of China's efforts to internationalize its currency as a national policy.
Journal: Chinese Economy
Pages: 6-28
Issue: 2
Volume: 46
Year: 2013
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=26R086W5013T0774
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Handle: RePEc:mes:chinec:v:46:y:2013:i:2:p:6-28
Template-Type: ReDIF-Article 1.0
Author-Name: Marilyne Huchet-Bourdon
Author-X-Name-First: Marilyne
Author-X-Name-Last: Huchet-Bourdon
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Title: Exchange Rate Uncertainty and Trade Flows Between the United States and China
Abstract:
This article assesses the impact of the RMB-dollar exchange rate and volatility on U.S. agricultural exports to and imports from China. Two measures of volatility are employed: one based on the moving standard deviation of the real RMB-dollar rate, the other a GARCH-based measure which yields more significant results. We find that exchange rate volatility has a significantly positive long-run effect only on export earnings of the nonagricultural sector. On the other hand, depreciation of the dollar has an expected long-run effect on the import value of the nonagricultural sector and on export earnings of the agricultural sector. No matter which model we consider, the level of economic activity in both countries seems to be the major long-run determinant of trade flows in both directions.
Journal: Chinese Economy
Pages: 29-53
Issue: 2
Volume: 46
Year: 2013
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V4534U6361U12343
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Handle: RePEc:mes:chinec:v:46:y:2013:i:2:p:29-53
Template-Type: ReDIF-Article 1.0
Author-Name: Gene Chang
Author-X-Name-First: Gene
Author-X-Name-Last: Chang
Author-Name: Changliu Jiang
Author-X-Name-First: Changliu
Author-X-Name-Last: Jiang
Author-Name: Kathryn Chang
Author-X-Name-First: Kathryn
Author-X-Name-Last: Chang
Author-Name: Bhuiyan Alam
Author-X-Name-First: Bhuiyan
Author-X-Name-Last: Alam
Title: Land Prices and Intracountry Industrial Relocation in China
Abstract:
This article investigates the major role of high land prices in the current massive intracountry industrial relocation from coastal to inland areas in China. A conceptual model is developed to explore the causalities of urban expansion, land prices, and coastal-to-inland business relocation. It demonstrates that relocation is mainly driven by high land prices resulting from urban expansion. Research is based on in-depth field studies of several representative relocated firms in the Yangtze Delta area. The findings derived from the case studies support the theoretical model and empirically validate the hypothesis.
Journal: Chinese Economy
Pages: 54-73
Issue: 2
Volume: 46
Year: 2013
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5573HN1322712210
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Handle: RePEc:mes:chinec:v:46:y:2013:i:2:p:54-73
Template-Type: ReDIF-Article 1.0
Author-Name: Penelope B. Prime
Author-X-Name-First: Penelope B.
Author-X-Name-Last: Prime
Author-Name: Li Qi
Author-X-Name-First: Li
Author-X-Name-Last: Qi
Title: Determinants of Firm Leverage
Abstract:
Using a large survey sample of manufacturing firms between 2003 and 2006, the majority of them not listed on either stock exchange, we studied financing behavior in China and tested a series of hypotheses about the determinants of firm leverage as derived from the pecking-order theory. Overall our results show that the theory well explains private firm financing where the amount of leverage is negatively related to profits, liquidity, and age, and positively related to firm size and average leverage ratio. However, different ownership types and firms located in different market environments do not have the same determinants of leverage, and their financing behavior is not well explained by the pecking-order theory. This suggests that China's economic and financial reforms have not yet been completed.
Journal: Chinese Economy
Pages: 74-106
Issue: 2
Volume: 46
Year: 2013
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X4K21X1546R6401K
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Handle: RePEc:mes:chinec:v:46:y:2013:i:2:p:74-106
Template-Type: ReDIF-Article 1.0
Author-Name: Pi-Chi Han
Author-X-Name-First: Pi-Chi
Author-X-Name-Last: Han
Title: Confucian Leadership and the Rising Chinese Economy
Abstract:
Since the 1990s, China's burgeoning economy has drawn worldwide attention. Much economic research has focused on the formative role of Confucianism in the development of Chinese culture and its ongoing influence in motivating Chinese leaders past and present. Analysis of Confucianism illuminates its relationship to the rising Chinese economy. The discussion in this article conceptualizes the Confucian notion of leadership, proposes that the culture of Confucian leadership is a primary reason for the impressive growth of the Chinese economy, and offers Confucian-based suggestions for the further development of the knowledge base of leaders worldwide.
Journal: Chinese Economy
Pages: 107-127
Issue: 2
Volume: 46
Year: 2013
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=020983044334H670
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Handle: RePEc:mes:chinec:v:46:y:2013:i:2:p:107-127
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Inequality Among Cities, Business Cycles, and the Copper Futures Market
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 3
Volume: 46
Year: 2013
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E3U0R12H50G5G4H7
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Handle: RePEc:mes:chinec:v:46:y:2013:i:3:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Yinghua Jin
Author-X-Name-First: Yinghua
Author-X-Name-Last: Jin
Author-Name: Leng Ling
Author-X-Name-First: Leng
Author-X-Name-Last: Ling
Author-Name: Hongfeng Peng
Author-X-Name-First: Hongfeng
Author-X-Name-Last: Peng
Author-Name: Pingping Song
Author-X-Name-First: Pingping
Author-X-Name-Last: Song
Title: Fiscal Decentralization and Horizontal Fiscal Inequality in China
Abstract:
If fiscal decentralization reform and unbalanced economic growth increase horizontal fiscal inequality across China, this may deteriorate public services in underfunded regions and slow down economic growth and urbanization in the long run. Our study investigated the inequality of fiscal expenditures in metropolitan areas in China during the period 1999-2008. Although fiscal inequality increased before 2001, we found that a decreasing pattern was evident afterward. We also found that while revenue inequality was highly correlated with observed disparities in expenditures, inequality of transfers from central and provincial governments also contributed, although to a smaller extent. Guangdong, one of the most developed provinces in China, surprisingly had the highest level of intraprovincial fiscal inequality.
Journal: Chinese Economy
Pages: 6-22
Issue: 3
Volume: 46
Year: 2013
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=083434884J3N3014
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Handle: RePEc:mes:chinec:v:46:y:2013:i:3:p:6-22
Template-Type: ReDIF-Article 1.0
Author-Name: Xue Zhai
Author-X-Name-First: Xue
Author-X-Name-Last: Zhai
Author-Name: Zhongyuan Geng
Author-X-Name-First: Zhongyuan
Author-X-Name-Last: Geng
Author-Name: Xue Zhang
Author-X-Name-First: Xue
Author-X-Name-Last: Zhang
Title: Two-Stage Dynamic Test of The Determinants of the Long-Run Decline of China's Monetary Velocity
Abstract:
The Engle-Granger two-step method is used to test the determinants of the long-run decline of China's monetary velocity based on two stages (1978-1992 and 1993-2008). High growth of household savings and economic monetization have significant effects on monetary velocity, but interest rates and inflation rates do not. Foreign exchange reserves did not significantly affect monetary velocity in the period 1978-1992, but were significant from 1993 to 2008. The high growth in household savings, economic monetization, and amount of foreign exchange reserves had a greater effect in the second period than the first, earlier period. This was most likely due to the rapid increase in household precautionary savings, the quick monetization of factor markets, and the growing effect of funds outstanding for foreign exchange on the monetary base since 1993. The long-term decline of monetary velocity reflects a number of underlying problems. Steps must be taken to guarantee the long-term health and financial development of the Chinese economy.
Journal: Chinese Economy
Pages: 23-40
Issue: 3
Volume: 46
Year: 2013
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=7M47735771366X81
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Handle: RePEc:mes:chinec:v:46:y:2013:i:3:p:23-40
Template-Type: ReDIF-Article 1.0
Author-Name: Ying Fang
Author-X-Name-First: Ying
Author-X-Name-Last: Fang
Author-Name: Li Qi
Author-X-Name-First: Li
Author-X-Name-Last: Qi
Author-Name: Zhongjian Lin
Author-X-Name-First: Zhongjian
Author-X-Name-Last: Lin
Title: China's Internal Borders
Abstract:
We measured the business-cycle correlations of the real gross domestic product (GDP) growth rates of two cities to capture the degree of segmentation across China's provincial and regional borders. This type of segmentation can be caused by local protectionism as well as other economic and geographic factors. After controlling the other factors, we zeroed in on the administrative border effect that is due to local protectionism. We found that the interprovincial administrative border effect rose and then gradually declined in the period between 1991 and 2007. Its increase coincided with the introduction of the Tax-Sharing System reform, which started in 1994. Our analysis shows that China's reform path did not create a persistent provincial "administrative border effect" that would debilitate market forces.
Journal: Chinese Economy
Pages: 41-60
Issue: 3
Volume: 46
Year: 2013
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P31U0202HJ441760
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Handle: RePEc:mes:chinec:v:46:y:2013:i:3:p:41-60
Template-Type: ReDIF-Article 1.0
Author-Name: Zehai Li
Author-X-Name-First: Zehai
Author-X-Name-Last: Li
Author-Name: Lawrence Huiyan Zhang
Author-X-Name-First: Lawrence Huiyan
Author-X-Name-Last: Zhang
Title: An Empirical Study of International Linkages of the Shanghai Copper Futures Market
Abstract:
This article analyzes the causal relationships of copper futures on the Shanghai Futures Exchange, the London Metal Exchange, the Chicago Mercantile Exchange and the Multi Commodity Exchange of India. The structural vector autoregression model is used to reflect on both short-run and long-run impacts on these four futures markets. There are two main conclusions. First, the Chicago Mercantile Exchange and the Multi Commodity Exchange of India have a relatively weaker influence on the international copper markets, more like the shadow markets of the London Metal Exchage. Second, the price impact of Shanghai Futures Exchange copper on London Metal Exchange copper has been increasing since 2007, while the impact of London Metal Exchange copper on Shanghai Futures Exchange copper has been decreasing.
Journal: Chinese Economy
Pages: 61-74
Issue: 3
Volume: 46
Year: 2013
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G7026763323550R2
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Handle: RePEc:mes:chinec:v:46:y:2013:i:3:p:61-74
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: The Integration of China's Economy with the World
Abstract:
Journal: Chinese Economy
Pages: 3-5
Issue: 4
Volume: 46
Year: 2013
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B7KU1625R7J90J71
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Handle: RePEc:mes:chinec:v:46:y:2013:i:4:p:3-5
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Jr-Ya Wu
Author-X-Name-First: Jr-Ya
Author-X-Name-Last: Wu
Author-Name: Jot Yau
Author-X-Name-First: Jot
Author-X-Name-Last: Yau
Title: Recent Policy Changes Toward the Internationalization of the Renminbi
Abstract:
This article reviews the ongoing internationalization of the Chinese RMB and some policy changes related to capital flows across China. In particular, it discusses several recent economic reforms, including the Wenzhou experiment, the growth of cross-border banking, and the new currency zone in the Pearl River Delta region. It also considers the challenges facing Singapore, London, and Taipei as offshore RMB markets and the development of the dim sum bond markets in Hong Kong.
Journal: Chinese Economy
Pages: 6-24
Issue: 4
Volume: 46
Year: 2013
Month: 7
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U603UR56K20268U7
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Handle: RePEc:mes:chinec:v:46:y:2013:i:4:p:6-24
Template-Type: ReDIF-Article 1.0
Author-Name: Kuei-Chih Lee
Author-X-Name-First: Kuei-Chih
Author-X-Name-Last: Lee
Author-Name: Ching-Chung Lin
Author-X-Name-First: Ching-Chung
Author-X-Name-Last: Lin
Author-Name: Tung Liang Liao
Author-X-Name-First: Tung Liang
Author-X-Name-Last: Liao
Title: The Effect of Structural Change on Information Flow Between the U.S. and Chinese Agricultural Futures Markets
Abstract:
This article examines the effect of structural change on the flow of information between the agricultural futures markets of the United States and China after 2002. Structural changes are found for futures price series in exchanges in both countries—specifically, the Chicago Board of Trade, the New York Board of Trade, the Dalian Commodity Exchange, and the Zhengzhou Commodity Exchange. The structural change generally occurred during the 2007-8 financial crisis. The two cotton futures markets are integrated, as are the two soybean futures markets, indicating that a long-run equilibrium relationship exists in their respective related markets. However, the Chicago and Dalian corn futures markets were not integrated after the structural change. The Chinese corn and soybean markets are found to play a leading role in transmitting information to the U.S. markets, a result that confirms the importance of China as a major producer and consumer of a range of international agricultural commodities. The results for cotton futures indicate that the New York market does not dominate the Zhengzhou market in informational efficiency. Both markets are efficient at incorporating information on a daily basis.
Journal: Chinese Economy
Pages: 25-48
Issue: 4
Volume: 46
Year: 2013
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:4:p:25-48
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Author-Name: Ya-Ling Huang
Author-X-Name-First: Ya-Ling
Author-X-Name-Last: Huang
Title: Forecasting the Demand for Tourism in China by Applying the Skew-t Distribution Model
Abstract:
This study investigates the demand for tourism in China using ARMA models with a normal distribution and with a skew-t distribution (referred to as ARMA-N and ARMA-skew-t distribution models). The empirical sample was selected with a view to discussing and comparing the ability of these models to accurately forecast the out-of-sample demand for tourism in China. The results indicate that the ARMA-skew-t distribution model is superior to the ARMA-N model in terms of forecasting the demand for tourism in China from the five countries considered in the study, based on mean squared errors (MSE) and mean absolute errors (MAE) tests. The Diebold-Mariano (DM) test further confirms that in all cases the ARMA-skew-t distribution model is more accurate in forecasting tourism demand in China than the ARMA-N model. These findings demonstrate the significant impact of both skewness and tail-thickness on the conditional distribution of returns.
Journal: Chinese Economy
Pages: 49-62
Issue: 4
Volume: 46
Year: 2013
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:4:p:49-62
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Author-Name: Ming-Cheng Wu
Author-X-Name-First: Ming-Cheng
Author-X-Name-Last: Wu
Author-Name: Szu-Lang Liao
Author-X-Name-First: Szu-Lang
Author-X-Name-Last: Liao
Author-Name: Yi-Ting Huang
Author-X-Name-First: Yi-Ting
Author-X-Name-Last: Huang
Title: Determinants of the Adoption of Executive Stock Options in China
Abstract:
This study examines the factors that determine the adoption of stock option plans by Chinese listed firms. The results show that adoption of executive stock option plans is positively related to return on assets, market-to-book ratio, and chief executive officer duality structures, but negatively related to debt ratio and state ownership. In addition, the adoption of a stock option plan results in significantly positive cumulative abnormal returns during the three-day period following the adoption announcement date.
Journal: Chinese Economy
Pages: 63-84
Issue: 4
Volume: 46
Year: 2013
Month: 7
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:4:p:63-84
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Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Financial Markets and Institutional Analysis
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 5
Volume: 46
Year: 2013
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:5:p:3-4
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Author-Name: Hongfei Tang
Author-X-Name-First: Hongfei
Author-X-Name-Last: Tang
Author-Name: Xiaoqing Eleanor Xu
Author-X-Name-First: Xiaoqing Eleanor
Author-X-Name-Last: Xu
Title: Tracking Performance of the United States-Listed China Real Estate ETF
Abstract:
This article examines the tracking performance of the United States-listed Guggenheim China Real Estate Exchange-Traded Fund (NYSE ticker: TAO) relative to its underlying benchmark index (Alphashare China Real Estate Index, ACNRET) and the actual China Home Price Index (CHPI). The daily return of the TAO fund is found to be mainly driven by the U.S. market return and severely underexposed to the return on its underlying index. Examination of the behaviors and sources of the TAO fund's daily return deviation revealed the dominance of market return deviation due to nonsynchronous trading and a moderate level of NAV deviation due to the expense ratio. The nonsynchronous trading-related tracking error does not generate significant return deviation for longer holding periods, leading to a dramatically improved tracking performance. However, investors who intend to use the TAO fund to gain exposure to China's real estate market should be mindful of the fact that the TAO fund's market return or NAV return exposure to the actual China real estate market (as measured by CHPI) is extremely limited due to the lack of representation of the underlying index.
Journal: Chinese Economy
Pages: 5-35
Issue: 5
Volume: 46
Year: 2013
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:5:p:5-35
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Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Qingfeng "Wilson" Liu
Author-X-Name-First: Qingfeng "Wilson"
Author-X-Name-Last: Liu
Title: What Makes a Successful Futures Contract?
Abstract:
China's stock index futures contract, known as the Hushen 300 Index futures, was launched just over three years ago on April 16, 2010. It has developed into one of China's most successful futures contracts in terms of trading volume, despite the declining underlying stock market. This study investigates the root causes of its success. The most important contributing factors are the difficulty in margin trading and short selling of the underlying stock market index, the continual loosening of regulations, and the improved futures contract's price-discovery functions. Although the spot market seems to have led the price-discovery process over the entire period, there have recently been significant improvements in the futures market's price-discovery functions and cross-market information flows.
Journal: Chinese Economy
Pages: 36-49
Issue: 5
Volume: 46
Year: 2013
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:5:p:36-49
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Author-Name: Yang Liu
Author-X-Name-First: Yang
Author-X-Name-Last: Liu
Title: Job and Worker Reallocation in China
Abstract:
This study sheds light on the dynamic of China's urban labor market during the period 1991-2009, focusing on job creation, job destruction, worker inflows, and worker outflows. We used worker-related data for all industries, including reallocations between firms and within firms. We found that job creation has been quite active for two decades and coincides with the business cycle, as in most other countries. China's economic growth has been accompanied by the active creation of efficient jobs and large-scale destruction of inefficient jobs, which helps to explain the coexistence of high economic growth and low employment growth. The economic revolution has also resulted in a high level of between-sector reallocation. The characteristics of worker flows in the main ownership-based sectors differ greatly.
Journal: Chinese Economy
Pages: 50-68
Issue: 5
Volume: 46
Year: 2013
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:5:p:50-68
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Author-Name: Qiang Yan
Author-X-Name-First: Qiang
Author-X-Name-Last: Yan
Title: Advancing Frontiers and the Economic Take-Off in China and the United States
Abstract:
This article compares the economic take-offs in China and the United States from a macro and historical perspective by applying institutional analysis. It finds that exploration and promotion of the economic frontier were crucial drivers of economic growth and shaped social transitions in both countries, although the connotation of "frontier" varied over time and changed across national boundaries. The study also illustrates how the government in each country played an important role in driving the frontier expansion and economic growth.
Journal: Chinese Economy
Pages: 69-85
Issue: 5
Volume: 46
Year: 2013
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:5:p:69-85
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Author-Name: Min Ju
Author-X-Name-First: Min
Author-X-Name-Last: Ju
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Haim Mano
Author-X-Name-First: Haim
Author-X-Name-Last: Mano
Title: Firm Capabilities and Performance
Abstract:
This study focuses on the performance implications of firm capabilities in China's emerging economy. Specifically, we investigated the effects of marketing, technological, and production capabilities on firm performance from the institutional perspective with the traditional resource-based view. Using four-year longitudinal data of both local private firms and foreign wholly owned subsidiaries in China, we found that firm capabilities demonstrated differential effects on financial performance and market performance for local and foreign firms. Moreover, the performance impact of firm capabilities was moderated by the institutional environment.
Journal: Chinese Economy
Pages: 86-104
Issue: 5
Volume: 46
Year: 2013
Month: 9
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:5:p:86-104
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Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: Corporate Finance, Trade in Services, and the Exchange Rate
Abstract:
Journal: Chinese Economy
Pages: 3-6
Issue: 6
Volume: 46
Year: 2013
Month: 11
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=082TH43003721H86
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Handle: RePEc:mes:chinec:v:46:y:2013:i:6:p:3-6
Template-Type: ReDIF-Article 1.0
Author-Name: Yihong Tang
Author-X-Name-First: Yihong
Author-X-Name-Last: Tang
Author-Name: Yan Zhang
Author-X-Name-First: Yan
Author-X-Name-Last: Zhang
Author-Name: Christopher Findlay
Author-X-Name-First: Christopher
Author-X-Name-Last: Findlay
Title: What Explains China's Rising Trade in Services?
Abstract:
From 1982 to 2009, China's exports, imports, and foreign direct investment in services have seen incredibly rapid growth. A high proportion of its trade in services is intra-industry trade, but China has no comparative advantage in most service sectors. What, then, drives the growth of trade in services? Does the law of comparative advantage still work? This article considers the features of traded services and derives a modified gravity model based on a theoretical foundation. Using a database of the bilateral trade in services between China and its main trading partners in the modified gravity model, we find that the law of comparative advantage does apply to China's services trade. China has comparative advantages in relatively low-end service tasks, which are less productive, use relatively low-skilled labor, and are less knowledge- and capital-intensive. Liberalization of trade in services, trade in goods, and China's large home market drive the growth and lead to a high level of intra-industry trade in services.
Journal: Chinese Economy
Pages: 7-31
Issue: 6
Volume: 46
Year: 2013
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:6:p:7-31
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Author-Name: Yingkai Tang
Author-X-Name-First: Yingkai
Author-X-Name-Last: Tang
Author-Name: Shuanghong Ye
Author-X-Name-First: Shuanghong
Author-X-Name-Last: Ye
Author-Name: Jing Zhou
Author-X-Name-First: Jing
Author-X-Name-Last: Zhou
Title: Political Connections, Legal Environment, and Corporate Valuation in Chinese Public Family Firms
Abstract:
Using a uniquely selected family-firm data set, we show that Chinese family firms are, on average, more valuable than nonfamily firms, and that their superior performance can be explained in part by their political connections. Chinese family firms in which the chairperson or CEO is politically active have substantially higher corporate valuations than other family firms. Our findings support the view that the rapid growth of China's private sector is driven by certain alternative mechanisms. As we demonstrate, in an emerging economy, political connections can be a mechanism for responding to the legal system's failure to adequately protect private property rights.
Journal: Chinese Economy
Pages: 32-49
Issue: 6
Volume: 46
Year: 2013
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:6:p:32-49
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Author-Name: Qilin Cao
Author-X-Name-First: Qilin
Author-X-Name-Last: Cao
Author-Name: Yingkai Tang
Author-X-Name-First: Yingkai
Author-X-Name-Last: Tang
Author-Name: Na Yuan
Author-X-Name-First: Na
Author-X-Name-Last: Yuan
Title: Venture Capital Certification and IPO Underpricing
Abstract:
Using data from companies listed on the Growth Enterprise Market (GEM) from 2009 to 2010, this article investigates the effect of venture capital firms on initial public offering (IPO) underpricing. The empirical results suggest that venture capital firms have a limited and weak role in certification due to the special environment of such firms in their early stages. China's venture capital firms conform to the general trends of the Western capital market but, at the same time, have some characteristics typical of newly emerging markets. As in the early stages of Western venture capitalism, China's venture capital firms are still in the process of maturing as a result of their grandstanding and profit motivations and do not have a major role in certifying start-ups. Nonetheless, the place of private venture capital firms in China's newly emerging capital markets has grown significantly. Their investment management models and strategies are consistent with modern market laws and are playing an increasingly active role in certification.
Journal: Chinese Economy
Pages: 50-66
Issue: 6
Volume: 46
Year: 2013
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:6:p:50-66
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Author-Name: Anhua Yang
Author-X-Name-First: Anhua
Author-X-Name-Last: Yang
Author-Name: Kun Li
Author-X-Name-First: Kun
Author-X-Name-Last: Li
Author-Name: Guangbin Bai
Author-X-Name-First: Guangbin
Author-X-Name-Last: Bai
Title: Market Efficiency of Collective Bonds for Small- and Medium-Sized Enterprises in China
Abstract:
Collective bonds are innovative financial instruments issued in some of China's high-tech development zones to solve the financing dilemma of small- and medium-sized enterprises (SMEs). This article creates a credit model with which to analyze the operating mechanism and inherent laws of collective bonds and to answer the following questions from the point of view of quantification: Can SME collective bonds improve financing efficiency? How do they improve financing efficiency? What are the extent and requirements of improved financing efficiency? The article provides a theoretical basis for the development of SME collective bonds in China
Journal: Chinese Economy
Pages: 67-79
Issue: 6
Volume: 46
Year: 2013
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:6:p:67-79
Template-Type: ReDIF-Article 1.0
Author-Name: Kan Yue
Author-X-Name-First: Kan
Author-X-Name-Last: Yue
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: How Much Does China's Exchange Rate Affect the U.S. Trade Deficit?
Abstract:
American politicians claim that the Chinese exchange rate with the U.S. dollar is a major cause of the huge U.S. trade deficit. This article examines the issue by asking the following questions: How has the United States been able to run a growing trade deficit with the world since the late 1970s? Is the Chinese currency or exchange rate the cause of the large U.S.-China trade deficit? What factors are behind the huge U.S.-China deficit? Theoretical and empirical analyses suggest that the U.S. trade deficit is a result of the unique position of the U.S. dollar as the reserve unit of currency in the international monetary system. The deficit cannot be attributed to the Chinese exchange rate, because it does not fall (in fact it rises) as the Chinese currency appreciates. The factors causing the deficit include relocation of exports to China from elsewhere in Asia, measurement differences, overcounting Chinese exports to the United States while undercounting U.S. exports to China, American consumption without saving, and U.S. restriction of high-tech exports to China. The resulting policy implication is that the U.S. trade deficit would not be reduced very much by a change in the Chinese exchange rate unaccompanied by efforts in regard to the other factors.
Journal: Chinese Economy
Pages: 80-93
Issue: 6
Volume: 46
Year: 2013
Month: 11
Keywords:
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Handle: RePEc:mes:chinec:v:46:y:2013:i:6:p:80-93
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Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Investment Funds and Related Topics
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 1
Volume: 47
Year: 2014
Month: 1
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W732276333080414
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Handle: RePEc:mes:chinec:v:47:y:2014:i:1:p:3-4
Template-Type: ReDIF-Article 1.0
Author-Name: Jingjing Yang
Author-X-Name-First: Jingjing
Author-X-Name-Last: Yang
Author-Name: Jing Chi
Author-X-Name-First: Jing
Author-X-Name-Last: Chi
Author-Name: Martin Young
Author-X-Name-First: Martin
Author-X-Name-Last: Young
Title: Mutual Fund Investment Strategies and Preferences
Abstract:
This article classifies Chinese mutual funds based on their past investment behavior, using factor and cluster analyses. The empirical results show that the majority of Chinese mutual funds are quasi-indexers (58.58%) which follow a buy-and-hold investment strategy; next are transient mutual funds (31.27%) and dedicated mutual funds (3.38). The results also show that mutual funds generally hold shares of large firms that offer low market risk, low liquidity, and good operating and stock performance. The preferences of quasi-index funds dominate the results. Transient mutual funds focus on good operating performance and growth opportunities. Dedicated funds invest heavily in small, highly liquid listed firms. All types of mutual funds in China prefer to hold state-controlled listed firms rather than privately controlled ones.
Journal: Chinese Economy
Pages: 5-37
Issue: 1
Volume: 47
Year: 2014
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:1:p:5-37
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Author-Name: Jen-Sin Lee
Author-X-Name-First: Jen-Sin
Author-X-Name-Last: Lee
Author-Name: Pi-Hsia Yen
Author-X-Name-First: Pi-Hsia
Author-X-Name-Last: Yen
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Investor Sentiment and Investment Behavior in the Chinese Mutual Fund Market
Abstract:
This article studies investor sentiment and its relation to the investment behavior of mutual fund investors in China. Using a panel threshold model, we found that investment behavior varies across investor sentiments, especially in a volatile as opposed to a stable period. The study demonstrates that mutual fund investors (1) prefer to purchase mutual fund units when mutual funds have gains during a volatile period; (2) prefer to redeem mutual funds units when the funds have gains during a stable period; (3) prefer to purchase mutual funds units when the funds have losses during a stable period; and (4) prefer to redeem mutual funds units when the funds have losses during a stable period.
Journal: Chinese Economy
Pages: 38-52
Issue: 1
Volume: 47
Year: 2014
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:1:p:38-52
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Author-Name: Wai-Cheong Shum
Author-X-Name-First: Wai-Cheong
Author-X-Name-Last: Shum
Author-Name: Andy C. N. Kan
Author-X-Name-First: Andy C. N.
Author-X-Name-Last: Kan
Author-Name: Tao Chen
Author-X-Name-First: Tao
Author-X-Name-Last: Chen
Title: Does Warrant Trading Matter in Tracking Errors of China-Focused Exchange-Traded Funds?
Abstract:
This article examines the impact of warrant trading on tracking errors in China-focused exchange-traded funds (ETFs) listed in Hong Kong. We followed Shin and Soydemir (2010) in adopting average absolute differences, standard errors from regression analysis, and standard deviation of return differences to measure the tracking errors before and after first-time warrant issuance. Our results indicate that tracking errors in China-focused ETFs are amplified after first-time warrant listing, implying that derivative products encourage speculative investment in the underlying assets. We used control-sample ETFs to verify further that our results were not driven by differences between the underlying assets.
Journal: Chinese Economy
Pages: 53-66
Issue: 1
Volume: 47
Year: 2014
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:1:p:53-66
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Author-Name: Tao Chen
Author-X-Name-First: Tao
Author-X-Name-Last: Chen
Author-Name: Wally C. W. Yau
Author-X-Name-First: Wally C. W.
Author-X-Name-Last: Yau
Title: Herding on Ending Digits in Security Trading
Abstract:
This article complements prior literature by distinguishing between buys and sells, and taking a new approach in testing for herding on ending digits. Using a sample of nearly 100 million stock trades, it provides strong evidence in favor of herding on ending digits, particularly in round numbers. Our investigation of what drives investor herding behavior over ending digits finds that the herding effect has a weak but positive association with past returns over a longer horizon. This finding implies that investor preference for round numbers is not only a result of price clustering, but also a consequence of momentum trading.
Journal: Chinese Economy
Pages: 67-102
Issue: 1
Volume: 47
Year: 2014
Month: 1
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:1:p:67-102
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Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Real Estate and Related Markets
Abstract:
Journal: Chinese Economy
Pages: 3-4
Issue: 2
Volume: 47
Year: 2014
Month: 3
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=44581114X1545874
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Handle: RePEc:mes:chinec:v:47:y:2014:i:2:p:3-4
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Author-Name: Richard C. K. Burdekin
Author-X-Name-First: Richard C. K.
Author-X-Name-Last: Burdekin
Author-Name: Ran Tao
Author-X-Name-First: Ran
Author-X-Name-Last: Tao
Title: Chinese Real Estate Market Performance
Abstract:
The 2009 surge in bank lending in China was accompanied by allegations that substantial funds had been funneled into the nation's stock and property markets. Using data from 1999 to 2011, possible linkages between lending activity, real estate prices, stock prices, and inflation are examined. We find empirical support for the claim that housing prices responded to increases in liquidity and lending rates, along with evidence of codetermination of stock prices and housing prices. House price inflation also appears to consistently affect the overall inflation rate in China, based on both causality testing and VAR estimation.
Journal: Chinese Economy
Pages: 5-26
Issue: 2
Volume: 47
Year: 2014
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:2:p:5-26
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Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Author-Name: Chih-Hsiang Chang
Author-X-Name-First: Chih-Hsiang
Author-X-Name-Last: Chang
Title: Analysis of Bond, Real Estate, and Stock Market Returns in China
Abstract:
A broad analysis of the stock, bond, and real estate markets in China was conducted to investigate the policy effectiveness of using the lending rate to dampen China's real estate sector. Several important findings emerged: (1) as asset classes, the three markets do not exhibit similar patterns of volatility and return; (2) there are significant price transmission effects from the stock and real estate markets to the bond market and from the stock market to the real estate market; and (3) raising the lending rate is an effective tool to dampen the real estate market.
Journal: Chinese Economy
Pages: 27-40
Issue: 2
Volume: 47
Year: 2014
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:2:p:27-40
Template-Type: ReDIF-Article 1.0
Author-Name: Qiaoyuan Lin
Author-X-Name-First: Qiaoyuan
Author-X-Name-Last: Lin
Author-Name: Marian Rizov
Author-X-Name-First: Marian
Author-X-Name-Last: Rizov
Author-Name: Marie Wong
Author-X-Name-First: Marie
Author-X-Name-Last: Wong
Title: Residential Electricity Pricing in China
Abstract:
This article evaluates the new residential pricing system for electricity in China by examining price and income elasticity of demand by household type. We used prereform annual panel data for 29 provinces from 1998 to 2011, applying feasible generalized least squares models. The price and income elasticities for household sectors are -0.412, and 1.476 at the national level, -0.300 and 1.550 in urban areas, and -0.522 and 1.093 in rural areas. With regional effects, the price and income elasticities are -0.146 and 1.286 for urban households in coastal provinces and -0.772 and 1.259 for urban households in inland provinces. The empirical results reveal that there is important heterogeneity in the responsiveness to electricity price changes by household income level and location.
Journal: Chinese Economy
Pages: 41-74
Issue: 2
Volume: 47
Year: 2014
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:2:p:41-74
Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Ruixin Zhang
Author-X-Name-First: Ruixin
Author-X-Name-Last: Zhang
Title: Dynamics of the China-United Kingdom Commodity Trade
Abstract:
The S-curve phenomenon postulates that while past values of the trade balance and current exchange rates are negatively correlated, future values of the trade balance and current exchange rates are positively correlated. We investigated this pattern between China and the United Kingdom. When we use the bilateral trade flows between the two countries, we find no support for the S-curve. However, when we disaggregate the bilateral trade data by industry and construct the S-curve for 47 industries that trade between the two countries, we find support for the S-curve in 12 cases. These 12 industries, which conduct 30 percent of the trade (including the largest industry), could benefit from currency depreciation.
Journal: Chinese Economy
Pages: 75-93
Issue: 2
Volume: 47
Year: 2014
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:2:p:75-93
Template-Type: ReDIF-Article 1.0
Author-Name: Zhong-guo Zhou
Author-X-Name-First: Zhong-guo
Author-X-Name-Last: Zhou
Title: Opening-Price Performance of Initial Public Offerings in China
Abstract:
In studying the opening-price performance of Chinese initial public offerings (IPOs), we found that more than 95 percent of the first-day return is earned by initial subscribers who sell the shares at the market open. Purchasing at the market open on the first trading day, investors earn 4.21 percent if they sell the shares at the market close on the same day (the median is 0.97 percent). If they sell the shares at the market close after a month (on the twenty-first trading day), they earn -3.41 percent (the median is -5.19 percent). This pattern is consistent over time and across the market, firms, and offer-specific characteristics, with a few exceptions for IPOs initiated during favorable stock market conditions and in certain industries. The overall results are consistent with the asymmetric information hypothesis that outside investors possess better information about the market demand for new shares and the opening price is an efficient indicator of the closing prices on the first and twenty-first trading days. Our results have policy implications.
Journal: Chinese Economy
Pages: 94-109
Issue: 2
Volume: 47
Year: 2014
Month: 3
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:2:p:94-109
Template-Type: ReDIF-Article 1.0
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: Is China Becoming the Core of Regional Trade and Market Integration in the Asia-Pacific?
Abstract:
Journal: Chinese Economy
Pages: 3-7
Issue: 3
Volume: 47
Year: 2014
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V488P8M1G62614R2
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Handle: RePEc:mes:chinec:v:47:y:2014:i:3:p:3-7
Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Jen Hsieh
Author-X-Name-First: Wen-Jen
Author-X-Name-Last: Hsieh
Author-Name: Jun-Jen Huang
Author-X-Name-First: Jun-Jen
Author-X-Name-Last: Huang
Author-Name: Ching-Lin Wei
Author-X-Name-First: Ching-Lin
Author-X-Name-Last: Wei
Title: Is There a Bilateral Trade-Off Between Foreign Direct Investment and Trade?
Abstract:
Larger inflows of foreign direct investment (FDI) induce a high volume of trade because supply chains set up by multinational enterprises intensify trade networks across nations. Several empirical studies have uncovered complementary relationships between trade and FDI among East Asia nations, but do not consider the dynamic transition of the Chinese economy and the role of the trilateral free-trade agreement (FTA). This article studies the feedback effects of FDI on trade among China, South Korea, and Japan from 1994 to 2010. Our empirical models capture the dynamic transition of trade and FDI between China and Korea or Japan and can also be used to predict the impact of the trilateral agreement on the network of trade and FDI among these countries. Our results indicate that the Trilateral Agreement could generate longterm positive reciprocal benefits from China to Japan and Korea.
Journal: Chinese Economy
Pages: 8-22
Issue: 3
Volume: 47
Year: 2014
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:3:p:8-22
Template-Type: ReDIF-Article 1.0
Author-Name: Wan-Ping Tai
Author-X-Name-First: Wan-Ping
Author-X-Name-Last: Tai
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: Trade Relations Between China and Southeast
Abstract:
This study explores the trade relationships between China and the ASEAN countries from a political and economic perspective. Historical background, current economic and development status, and trade progress for China and the ASEAN countries are reviewed. China's main strategies for establishing trade connections or ties with ASEAN countries are analyzed. Finally, variables are proposed that will foster the emergence of further trade development in an effort to convert the region's atmosphere of "China threat" to "China opportunity."
Journal: Chinese Economy
Pages: 23-39
Issue: 3
Volume: 47
Year: 2014
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=6V813U7357048405
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Handle: RePEc:mes:chinec:v:47:y:2014:i:3:p:23-39
Template-Type: ReDIF-Article 1.0
Author-Name: Chen-Yuan Tung
Author-X-Name-First: Chen-Yuan
Author-X-Name-Last: Tung
Author-Name: Jason Yeh
Author-X-Name-First: Jason
Author-X-Name-Last: Yeh
Title: Development of a Cross-Strait Economic Cooperation Framework Agreement
Abstract:
President Ma Ying-Jeou's strategy to engage Taiwan in regional market integration calls for the use of the cross-strait Economic Cooperation Framework Agreement (ECFA) with China as a pathway to join the East Asian economic integration. This article reviews the ECFA and discusses its potential outlook. Some enhancements are proposed that may help Taiwan strategize its foreign negotiations.
Journal: Chinese Economy
Pages: 40-56
Issue: 3
Volume: 47
Year: 2014
Month: 5
Keywords:
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Handle: RePEc:mes:chinec:v:47:y:2014:i:3:p:40-56
Template-Type: ReDIF-Article 1.0
Author-Name: Edward I-hsin Chen
Author-X-Name-First: Edward I-hsin
Author-X-Name-Last: Chen
Title: U.S.-China Trade Relations and Economic Distrust
Abstract:
This article explores U.S.-China trade relations and economic distrust. Generally speaking, the U.S.-China trade relationship has tilted in favor of China since the 1980s. There is long-term distrust between the United States and China on intellectual property rights, renminbi exchange rates, the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP), rare earth metals, and state-owned enterprises (SOEs). Given this economic distrust, the United States and China have engaged in limited cooperation and coordination on issues where their national interests are identical or partially identical, but are likely to compete with each other more than ever before on other matters. Areas of cooperation include clean energy, climate change, and China's huge holdings of U.S. treasury bonds; areas of competition include intellectual property rights, intellectual property theft, currency exchange rates, and investment access to one another's markets.
Journal: Chinese Economy
Pages: 57-69
Issue: 3
Volume: 47
Year: 2014
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D183874V7J87674X
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Handle: RePEc:mes:chinec:v:47:y:2014:i:3:p:57-69
Template-Type: ReDIF-Article 1.0
Author-Name: Jing-Yun Hsu
Author-X-Name-First: Jing-Yun
Author-X-Name-Last: Hsu
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: Development of China-Russia Relations (1949-2011)
Abstract:
Since 1996, China and Russia have been united in what both call a "strategic partnership." Although the relationship is currently strong, the future is quite uncertain, because the relationship has never been as solid as it seemed, nor as dangerous. Some scholars strongly doubt the strategic nature of the China-Russia partnership and take a gloomy view of the future of this bilateral relationship, but it would be dangerous to conclude that the Sino-Russian strategic partnership is purely tactical, impulsive, and baseless. This article provides a roughly chronological historical overview of China's bilateral relations with Russia from 1949 to 2011, discusses the major foreign and domestic elements of China's current relations with Russia, offers case studies of incidents that illustrate these elements, and indicates the likely trajectory of China's future bilateral relations with Russia and the kind of foreign development pattern that will unfold.
Journal: Chinese Economy
Pages: 70-87
Issue: 3
Volume: 47
Year: 2014
Month: 5
Keywords:
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M2U541Q12K481562
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Handle: RePEc:mes:chinec:v:47:y:2014:i:3:p:70-87
Template-Type: ReDIF-Article 1.0
Author-Name: Gene C. Lai
Author-X-Name-First: Gene C.
Author-X-Name-Last: Lai
Title: The Chinese Insurance Industry
Journal: The Chinese Economy
Pages: 1-2
Issue: 1
Volume: 49
Year: 2016
Month: 1
X-DOI: 10.1080/10971475.2016.1114400
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1114400
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Handle: RePEc:mes:chinec:v:49:y:2016:i:1:p:1-2
Template-Type: ReDIF-Article 1.0
Author-Name: Erin P. Lu
Author-X-Name-First: Erin P.
Author-X-Name-Last: Lu
Title: Does Better Governance Lead to Fewer Punishments: Evidence from Property-Liability Insurers in China
Abstract:
This article uses a sample of property-liability insurers in China to investigate whether the so-called better governance, characterized by independent directors on the board and the separation of chief executive officer (CEO) and chairman of the board (COB), leads to fewer punishments (for insurer misbehavior) from the insurance regulators. We find weak evidence that independent directors help curb insurer misbehavior and counterbalance CEO influence. The separation of CEO and COB also helps reduce the number of punishments. In general, our findings support the regulators’ suggestions on inclusion of more independent directors and separation of CEO and COB.
Journal: The Chinese Economy
Pages: 3-13
Issue: 1
Volume: 49
Year: 2016
Month: 1
X-DOI: 10.1080/10971475.2016.1114402
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1114402
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Handle: RePEc:mes:chinec:v:49:y:2016:i:1:p:3-13
Template-Type: ReDIF-Article 1.0
Author-Name: Chia-Ling Ho
Author-X-Name-First: Chia-Ling
Author-X-Name-Last: Ho
Title: Ownership Structure and Reinsurance Decisions: Evidence from the Property Casualty Insurance Industry in China
Abstract:
This study examines the impact of ownership structure on reinsurance decisions in the Chinese property casualty insurance industry. The evidence shows that foreign insurers have higher reinsurance demand than domestic insurers. Specifically, foreign insurers are more likely to purchase volunteer reinsurance. More important, foreign insurers are associated with a higher percentage of facultative reinsurance ratios than domestic insurers. We also find that the insurer’s return on assets (ROA) is positively related to reinsurance demand, whereas firm size and tax shield are negatively related to reinsurance demand. Implementing the compulsory (statutory) reinsurance ratio in the Chinese insurance market before 2006 was inefficient. Finally, the regulation of compulsory reinsurance ratios affected the reinsurance demand before 2006. Insurers purchased more reinsurance before 2006 than after 2006 because of compulsory reinsurance. The overall results of this study indicate that ownership structure (foreign versus domestic ownership) and other characteristics of firms significantly affect the demand for reinsurance.
Journal: The Chinese Economy
Pages: 14-31
Issue: 1
Volume: 49
Year: 2016
Month: 1
X-DOI: 10.1080/10971475.2016.1114403
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1114403
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Handle: RePEc:mes:chinec:v:49:y:2016:i:1:p:14-31
Template-Type: ReDIF-Article 1.0
Author-Name: Emily J. Huang
Author-X-Name-First: Emily J.
Author-X-Name-Last: Huang
Author-Name: Erin P. Lu
Author-X-Name-First: Erin P.
Author-X-Name-Last: Lu
Author-Name: Glenda W. Kao
Author-X-Name-First: Glenda W.
Author-X-Name-Last: Kao
Title: Investment Regulation, Portfolio Allocation, and Investment Yield in the U.S. and China Insurance Industry
Abstract:
This article presents the comparisons of three aspects of insurer investments in the United States and China. For investment regulation, we summarize the allocation limits specified in the U.S. Investments of Insurers Model Act and update China’s regulation to the 2014 version. For investment allocation, we show the year-by-year allocations to various investable assets from 2005 to 2013 of U.S. and Chinese insurance industries. Finally, for investment performance, we calculate yearly investment returns and discuss the rationale that contributed to the return fluctuation.
Journal: The Chinese Economy
Pages: 32-44
Issue: 1
Volume: 49
Year: 2016
Month: 1
X-DOI: 10.1080/10971475.2016.1114404
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1114404
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Handle: RePEc:mes:chinec:v:49:y:2016:i:1:p:32-44
Template-Type: ReDIF-Article 1.0
Author-Name: Guochen Pan
Author-X-Name-First: Guochen
Author-X-Name-Last: Pan
Author-Name: Sen-Sung Chen
Author-X-Name-First: Sen-Sung
Author-X-Name-Last: Chen
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao
Author-X-Name-Last: Chang
Title: Are Insurance Premiums Stationary in China?
Abstract:
This study applies the sequential panel selection method (SPSM), proposed by Chortareas and Kapetanios (2009), to investigate the time-series properties of insurance premiums in China. This method can clearly identify how many and which series in a panel are stationary processes by classifying a whole panel into a group of stationary series and a group of nonstationary series. Time-series data of the total insurance premiums collected from 36 regions in China during the period from January 2006 to December 2011 are used. The empirical results from the SPSM and several other panel-based unit-root tests are compared, and the SPSM tests unequivocally indicate that insurance premiums are stationary for most of the 36 regions under study. Our test results have important economic and policy implications for China.
Journal: The Chinese Economy
Pages: 45-55
Issue: 1
Volume: 49
Year: 2016
Month: 1
X-DOI: 10.1080/10971475.2016.1114405
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1114405
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Handle: RePEc:mes:chinec:v:49:y:2016:i:1:p:45-55
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: New Markets and Current Economy
Journal: Chinese Economy
Pages: 85-86
Issue: 2
Volume: 48
Year: 2015
Month: 3
X-DOI: 10.1080/10971475.2015.993211
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993211
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Handle: RePEc:mes:chinec:v:48:y:2015:i:2:p:85-86
Template-Type: ReDIF-Article 1.0
Author-Name: Hamish Anderson
Author-X-Name-First: Hamish
Author-X-Name-Last: Anderson
Author-Name: Jing Chi
Author-X-Name-First: Jing
Author-X-Name-Last: Chi
Author-Name: Qing (Sophie) Wang
Author-X-Name-First: Qing (Sophie)
Author-X-Name-Last: Wang
Title: IPO Performance on China’s Newest Stock Market (ChiNext)
Abstract:
We study IPO underpricing and long-run performance of ChiNext, a newly-established Growth Enterprise Board in China. Using a sample of 281 ChiNext IPOs during October 2009–December 2011, we find the initial average market adjusted abnormal return (MAAR) is 33.5 percent. The average 12-month buy-and-hold abnormal return (BHAR) is −45.7 percent for those IPOs listed prior to 2011. Although the average MAARs of ChiNext is significantly higher than IPOs listed on the Main Board, it is not significantly different from the Small and Medium Enterprise (SME) Board IPOs during the sample period. However, the ChiNext average BHARs are significantly lower than those on both the SME and Main Boards. Regression findings support the information asymmetry hypothesis (high uncertainty of ChiNext IPOs) and the behavioral theory (market sentiment) on underpricing for ChiNext IPOs, and we find that ChiNext IPO underperformances are consistent with the significant deterioration of their operating performance after listing and investors’ speculative trading behavior on these new issues.
Journal: Chinese Economy
Pages: 87-113
Issue: 2
Volume: 48
Year: 2015
Month: 3
X-DOI: 10.1080/10971475.2015.993215
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993215
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Handle: RePEc:mes:chinec:v:48:y:2015:i:2:p:87-113
Template-Type: ReDIF-Article 1.0
Author-Name: Qi Deng
Author-X-Name-First: Qi
Author-X-Name-Last: Deng
Author-Name: Zhong-guo Zhou
Author-X-Name-First: Zhong-guo
Author-X-Name-Last: Zhou
Title: Offline Oversubscription, Issue Size, and Market Momentum: The Driving Forces for ChiNext IPOs’ Initial Underpricing
Abstract:
This paper reexamines the driving forces for the first day initial return for ChiNext IPOs. We start from screening 29 potential explanatory variables, 4 policy break dummies, and 2 intraday trading suspension dummies, using an OLS model with dimension reduction techniques to identify significant variables. We then apply a 2SLS procedure to remove endogeneity without losing any important information. With the variables identified from the 2SLS model, we further apply a GARCH-M model with an ARMA(1,1) adjustment in the residuals to correct possible autocorrelation in the regression residuals and cross-correlation between the initial return and its conditional return variance. We find that the model fits the data well. From a number of potential factors in pricing Chinese IPOs, we identify three factors that drive the initial underpricing of ChiNext IPOs: the pre-issue share allocation multiplier from institutional investors (offline oversubscription), issue size (size effect), and the listing day stock market condition (market momentum). We estimate the contribution to the initial underpricing from each of the significant variables.
Journal: Chinese Economy
Pages: 114-129
Issue: 2
Volume: 48
Year: 2015
Month: 3
X-DOI: 10.1080/10971475.2015.993217
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993217
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Handle: RePEc:mes:chinec:v:48:y:2015:i:2:p:114-129
Template-Type: ReDIF-Article 1.0
Author-Name: Feng Xiaoming
Author-X-Name-First: Feng
Author-X-Name-Last: Xiaoming
Title: China’s Charitable Foundations: Development and Policy-Related Issues
Abstract:
As an innovative form of social organization, the charitable foundation is a new phenomenon in the People’s Republic of China. Since 2004, when the new Regulations on Administration of Foundations were promulgated, the charitable foundation sector has experienced rapid growth. However, compared to its potential and the important role the foundation sector can play in China’s social development, a more favorable institutional and legal environment should be considered to boost the expansion of charitable foundations. Because government policies are vital in shaping the landscape of the civil sector in China, this article will focus on how government policies can help create a conducive legal and institutional environment for the expansion of private foundations. Specifically, administrative barriers and tax incentives are extensively discussed. In doing so, experiences from other countries, especially the United States, will be discussed to serve as a reference as well as a model of best practice.
Journal: Chinese Economy
Pages: 130-154
Issue: 2
Volume: 48
Year: 2015
Month: 3
X-DOI: 10.1080/10971475.2014.993221
File-URL: http://hdl.handle.net/10.1080/10971475.2014.993221
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Handle: RePEc:mes:chinec:v:48:y:2015:i:2:p:130-154
Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Urdinez
Author-X-Name-First: Francisco
Author-X-Name-Last: Urdinez
Author-Name: Gilmar Masiero
Author-X-Name-First: Gilmar
Author-X-Name-Last: Masiero
Title: China and the WTO: Will the Market Economy Status Make Any Difference after 2016?
Abstract:
China’s Protocol of Accession to the World Trade Organization, signed on December 2001, allowed other country members to consider China as a Non-Market Economy (NME) until the end of 2016. The aim of this article is to answer the following question: Can the Market Economy Status (MES) Recognition be measured in its compliance? The proxy used for that compliance was the number of antidumping investigations initiated per country. The expectation is that countries recognizing Chinese MES would initiate fewer antidumping investigations than countries still treating China as a NME. This would explain why the Chinese government has been campaigning vigorously since 2001 to gain MES among its economic partners. Using count-models, we demonstrate that MES had a positive impact in reducing the number of antidumping investigations against Chinese products.
Journal: Chinese Economy
Pages: 155-172
Issue: 2
Volume: 48
Year: 2015
Month: 3
X-DOI: 10.1080/10971475.2015.993228
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993228
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Handle: RePEc:mes:chinec:v:48:y:2015:i:2:p:155-172
Template-Type: ReDIF-Article 1.0
Author-Name: Lixin Sun
Author-X-Name-First: Lixin
Author-X-Name-Last: Sun
Title: Quantifying the Effects of Financialization and Leverage in China
Abstract:
This article attempts to examine the effects of financialization and leverage on China’s economic growth and income inequality. The empirical results suggest that the effects of the financialization indicators are ambiguous and weak; however, the leverage indicators do have negative impacts. We find that the ratio of nonfinancial private debt to GDP has significantly negative impact on China’s growth, whereas the effects of the ratio of public debt to GDP are insignificant. Moreover, at the disaggregated level of nonfinancial private debt, it is the higher nonfinancial corporate debt level rather than the household debt level that remarkably undermines China’s economic growth. In addition, we have identified important threshold levels for several indicators of financialization. Finally, we find that the rise in the household debt level could significantly reduce the income inequality, and the ratio of M2 to GDP is positively related with the income inequality in China.
Journal: The Chinese Economy
Pages: 209-226
Issue: 3
Volume: 51
Year: 2018
Month: 5
X-DOI: 10.1080/10971475.2017.1398363
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1398363
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Handle: RePEc:mes:chinec:v:51:y:2018:i:3:p:209-226
Template-Type: ReDIF-Article 1.0
Author-Name: Mario Arturo Ruiz Estrada
Author-X-Name-First: Mario Arturo Ruiz
Author-X-Name-Last: Estrada
Author-Name: Ibrahim Ndoma
Author-X-Name-First: Ibrahim
Author-X-Name-Last: Ndoma
Author-Name: Donghyun Park
Author-X-Name-First: Donghyun
Author-X-Name-Last: Park
Title: How Effective Is the BTUN-Diagram in the Evaluation of Territorial Unification Negotiations: The Case of China-Taiwan Territorial Unification
Abstract:
This article evaluates the effectiveness of the Box Territorial Unification Negotiation Diagram (BTUN-Diagram) in the evaluation of any territorial unification negotiation between two or more territories anywhere and anytime. We used the BTUN-Diagram to evaluate the possible unification of China and Taiwan as it provides a much deeper analysis and interpretation of what unification of the two territories entail. The BTUN-Diagram extends the study of territorial unification beyond the common economic implication of unification as observed in many studies by widening the scope of the study through a multidisciplinary approach. Given the huge gaps that exist in the China-Taiwan unification drawn from our analysis, we observed more divergence than convergence given the huge cost likely to be borne by a unifying party. We suggest very serious and purposeful negotiations could bring about trade-offs that may institute an equilibrium point in the territorial unification negotiation.
Journal: The Chinese Economy
Pages: 227-240
Issue: 3
Volume: 51
Year: 2018
Month: 5
X-DOI: 10.1080/10971475.2017.1398364
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1398364
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Handle: RePEc:mes:chinec:v:51:y:2018:i:3:p:227-240
Template-Type: ReDIF-Article 1.0
Author-Name: Haiwei Chen
Author-X-Name-First: Haiwei
Author-X-Name-Last: Chen
Title: Margin Policy in Futures Trading: The American System vs. the Chinese System
Abstract:
A model shows that the price-dependent Chinese margin system differs from the fixed-amount American margin system by altering the risk of underlying positions, resulting in a more elastic demand by long-term buyers but a more inelastic demand by long-term sellers, whereas demand by day traders is not affected. The simulation results show a reduction in price volatility when trading is switched to the Chinese floating system. Empirical evidence shows that futures price volatility in China is lower in general and on market-down days than that in the United States, both of which are consistent with the predictions of the model.
Journal: The Chinese Economy
Pages: 241-262
Issue: 3
Volume: 51
Year: 2018
Month: 5
X-DOI: 10.1080/10971475.2017.1398586
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1398586
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Handle: RePEc:mes:chinec:v:51:y:2018:i:3:p:241-262
Template-Type: ReDIF-Article 1.0
Author-Name: Frank Long
Author-X-Name-First: Frank
Author-X-Name-Last: Long
Author-Name: Yan He
Author-X-Name-First: Yan
Author-X-Name-Last: He
Title: Financial Effects of Private Vs. Government Stock Ownership: Evidence from Literature of Listed Chinese Companies
Abstract:
We collect evidence from the literature of listed Chinese companies about private vs. government stock ownership in seven financial areas. Based on a total of 106 financial effects examined, our study categorizes 39% as positive effects of private ownership, 25% as negative effects of private ownership, and 36% as mixed or ambiguous. Thus, private ownership seems to have an advantage over government ownership, but privatization per se in China seems not an absolute guarantee for effective corporate financial management.
Journal: The Chinese Economy
Pages: 263-289
Issue: 3
Volume: 51
Year: 2018
Month: 5
X-DOI: 10.1080/10971475.2017.1399099
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1399099
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Handle: RePEc:mes:chinec:v:51:y:2018:i:3:p:263-289
Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: Demystifying China’s Shantytown Renovation Program and Its Effect on Real Estate Price
Abstract:
From August 2017, Chinese authorities have indicated that the shantytown renovation program would gradually be scrutinized under stricter conditions due to the fact that this policy has enhanced the rocketing real estate prices in Chinese third-tier cities. However, based on monthly data from May 2015—December 2017, this study finds that a higher amount of pledge supplementary lendings, which provide the major funding for the shantytown renovation program, can significantly decelerate the growth of real estate prices in the third-tier cities. This finding has important implications for Chinese decision makers and investors as well.
Journal: The Chinese Economy
Pages: 249-262
Issue: 3
Volume: 52
Year: 2019
Month: 5
X-DOI: 10.1080/10971475.2018.1548141
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1548141
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Handle: RePEc:mes:chinec:v:52:y:2019:i:3:p:249-262
Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Tatchawan Kanitpong
Author-X-Name-First: Tatchawan
Author-X-Name-Last: Kanitpong
Title: Asymmetric Effects of Exchange Rate Changes on Thailand-China Commodity Trade: Evidence From 45 Industries
Abstract:
China is now Thailand’s largest trading partner and 15% of Thailand’s total trade with the world belongs to China. A previous study that assessed the asymmetric effects of the real baht-yuan rate on the bilateral trade balance between the two countries found that a real depreciation of the baht against Yuan has a worsening effect in the long run. We disaggregate the two countries’ trade by industry and consider trade balance of each of the 45 industries that trade between Thailand and China. When we estimated a linear model, we found no favorable effects of baht depreciation in any industry. However, when a nonlinear model was estimated, we found significant short-run cumulative or impact asymmetric effects in 27 industries and significant long-run asymmetric effects in 15 industries. Additional analysis revealed that four industries will benefit from baht depreciation and six will be hurt from baht appreciation, supporting a new definition of the asymmetric J-curve in a total of 10 industries.
Journal: The Chinese Economy
Pages: 203-231
Issue: 3
Volume: 52
Year: 2019
Month: 5
X-DOI: 10.1080/10971475.2018.1548142
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1548142
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Handle: RePEc:mes:chinec:v:52:y:2019:i:3:p:203-231
Template-Type: ReDIF-Article 1.0
Author-Name: Mayara T. Müller
Author-X-Name-First: Mayara T.
Author-X-Name-Last: Müller
Author-Name: Fernando Seabra
Author-X-Name-First: Fernando
Author-X-Name-Last: Seabra
Title: Partner Country Choices in China’s Free Trade Agreements
Abstract:
The objective of this article is to evaluate the role of the determinants of China’s free trade agreements (FTAs) partner choices. Although we note China’s heterogeneous trade behavior, we assume that there are common traits as key drivers in China’s trade policy. Empirical results based on a logit model show that traditional variables such as distance, a dummy for Asia, and the number of regional trade agreements held by the partner country are statistically significant. Besides, and most importantly, we find that the larger the share of the partner country in China’s commodity imports the higher the probability to hold an FTA with China.
Journal: The Chinese Economy
Pages: 263-278
Issue: 3
Volume: 52
Year: 2019
Month: 5
X-DOI: 10.1080/10971475.2018.1548143
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1548143
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Handle: RePEc:mes:chinec:v:52:y:2019:i:3:p:263-278
Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Hua Liu
Author-X-Name-First: Ming-Hua
Author-X-Name-Last: Liu
Author-Name: Dimitris Margaritis
Author-X-Name-First: Dimitris
Author-X-Name-Last: Margaritis
Author-Name: Yang Zhang
Author-X-Name-First: Yang
Author-X-Name-Last: Zhang
Title: The Global Financial Crisis and the Export-Led Economic Growth in China
Abstract:
The growing trade conflict with the United States has heightened concerns on the progress of China’s economic rebalancing and restructuring from export-led growth strategy to one propelled by domestic consumption. This article examines the role of exports in China’s economic growth in both the short run and the long run. Using an ARDL model and quarterly time series data from 1994 and 2018, we find evidence indicating heightened importance of exports in China’s GDP growth after the Global Financial Crisis, and our results suggest that the transition from an export-led growth strategy is proceeding far less smoothly than hoped.
Journal: The Chinese Economy
Pages: 232-248
Issue: 3
Volume: 52
Year: 2019
Month: 5
X-DOI: 10.1080/10971475.2018.1548144
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1548144
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Handle: RePEc:mes:chinec:v:52:y:2019:i:3:p:232-248
Template-Type: ReDIF-Article 1.0
Author-Name: Ehsan Rasoulinezhad
Author-X-Name-First: Ehsan
Author-X-Name-Last: Rasoulinezhad
Title: Analyzing Energy Export Patterns from the Commonwealth of Independent States to China: New Evidence from Gravity Trade Theory
Abstract:
The issue of energy trade is crucial for both the Commonwealth of independent States (CIS) region as a top energy exporter and for China as the top energy importer in the world. This study tries to investigate and analyze energy trade patterns running from the CIS to China by applying the panel-gravity trade equation over the period from 2001–2017. The major results revealed that the gravity theory fits the data well. In addition, the findings of this study suggested that the estimated coefficients across all three panel estimators (fixed effect, random effect, and FMOLS) are very similar. Further, the empirical results demonstrated that an increase in GDP and income accelerates the Chinese energy imports from the CIS. Our findings supported the H-O theory, where the difference in income showed a positive influence on the China -CIS energy trade volume. I also discovered the positive impact of the openness level. However, the results indicated that the trade-distance nexus is negative for energy export volume running from the CIS to China.
Journal: The Chinese Economy
Pages: 279-294
Issue: 3
Volume: 52
Year: 2019
Month: 5
X-DOI: 10.1080/10971475.2018.1548145
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1548145
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Handle: RePEc:mes:chinec:v:52:y:2019:i:3:p:279-294
Template-Type: ReDIF-Article 1.0
Author-Name: Priscilla Liang
Author-X-Name-First: Priscilla
Author-X-Name-Last: Liang
Author-Name: Thomas D. Willett
Author-X-Name-First: Thomas D.
Author-X-Name-Last: Willett
Title: Chinese Stocks during 2000–2013: Bubbles and Busts or Fundamentals?
Abstract:
Although the Chinese economy has weathered the recent global financial crisis well, Chinese financial markets performed poorly from late 2007 through the end of our sample period in 2013. This apparent disconnect between measured economic fundamentals and stock market performance has attracted considerable attention. However, it is important also to investigate whether this disconnect is only short-term with macroeconomic variables continuing to have important equilibrium relationships over the longer term. This article uses a multivariate cointegration and vector error correction model to test whether domestic macroeconomic fundamentals are important forces in explaining Chinese stock fluctuations. Test results show that economic factors in China have a long-term equilibrium relationship with stock market performance. Stock prices responded consistently negatively to changes in the real exchange rate during 2000–2013. After the Chinese stock market crashed in 2007, stock variations became more responsive to changes of economic fundamentals suggesting that there had been a bubble. Policy-driven factors, such as bank deposits and bank loans, had strong impacts on stock performance. Real economic factors, such as industrial production and exports, also became significant in explaining Chinese stock returns, but their economic impacts were smaller.
Journal: The Chinese Economy
Pages: 199-214
Issue: 3
Volume: 48
Year: 2015
Month: 5
X-DOI: 10.1080/10971475.2015.1031600
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1031600
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Handle: RePEc:mes:chinec:v:48:y:2015:i:3:p:199-214
Template-Type: ReDIF-Article 1.0
Author-Name: Yi Feng
Author-X-Name-First: Yi
Author-X-Name-Last: Feng
Author-Name: Wanjun Jiang
Author-X-Name-First: Wanjun
Author-X-Name-Last: Jiang
Author-Name: Zhijun Yu
Author-X-Name-First: Zhijun
Author-X-Name-Last: Yu
Title: Economic, Political and Resource-Based Models of Chinese Contracts in Africa: An Empirical Analysis
Abstract:
This paper studies the pattern and determinants of contractual projects by Chinese contractors in Africa. Contracts by Chinese in Africa are a dominant component of China’s economic relations with Africa. They exceed China’s foreign direct investment in Africa. While similar to direct investments, contracts are based on some different considerations and are, therefore, subject to different determinants from foreign investment. This work is the first empirical study conducted on China’s contracts overseas. It explores three models: economic, political, and resource based. Of the three, the resource-based model best explains the pattern and determinants of China’s contracts in Africa. The countries abundant in petroleum and minerals tend to have Chinese projects. In addition to natural resources, we also look into the effects on contracts of market size, economic growth, education, investment, inflation, economic openness, exchange rate, regime type, governance, and bilateral relations with China. Our finding indicates that China’s contractual projects are drawn to the African countries that are well endowed in natural resources.
Journal: The Chinese Economy
Pages: 215-234
Issue: 3
Volume: 48
Year: 2015
Month: 5
X-DOI: 10.1080/10971475.2015.1031608
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1031608
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Handle: RePEc:mes:chinec:v:48:y:2015:i:3:p:215-234
Template-Type: ReDIF-Article 1.0
Author-Name: Raghav Dhawan
Author-X-Name-First: Raghav
Author-X-Name-Last: Dhawan
Author-Name: Fan Yu
Author-X-Name-First: Fan
Author-X-Name-Last: Yu
Title: Are Credit Ratings Relevant in China’s Corporate Bond Market?
Abstract:
While China may imitate the United States in establishing and regulating its nascent credit rating industry, the reputation and influence of the rating agencies may take years to develop. This observation has led to suggestions that investors have largely discounted the opinions of Chinese credit rating agencies. Using post-2005 data, we find that credit spreads and bond ratings in China display a similar relation to that found in the United States. In particular, this relation remains significant after controlling for bond-level and firm-level characteristics. This suggests that investors indeed use credit ratings to determine the risk premiums on Chinese corporate bonds.
Journal: The Chinese Economy
Pages: 235-250
Issue: 3
Volume: 48
Year: 2015
Month: 5
X-DOI: 10.1080/10971475.2015.1031614
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1031614
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Handle: RePEc:mes:chinec:v:48:y:2015:i:3:p:235-250
Template-Type: ReDIF-Article 1.0
Author-Name: Richard C.K. Burdekin
Author-X-Name-First: Richard C.K.
Author-X-Name-Last: Burdekin
Author-Name: Tom D. Willett
Author-X-Name-First: Tom D.
Author-X-Name-Last: Willett
Title: China’s Financial Sector Development and Global Presence: Editors’ Introduction
Journal: The Chinese Economy
Pages: 173-175
Issue: 3
Volume: 48
Year: 2015
Month: 5
X-DOI: 10.1080/10971475.2015.995579
File-URL: http://hdl.handle.net/10.1080/10971475.2015.995579
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Handle: RePEc:mes:chinec:v:48:y:2015:i:3:p:173-175
Template-Type: ReDIF-Article 1.0
Author-Name: James R. Barth
Author-X-Name-First: James R.
Author-X-Name-Last: Barth
Author-Name: Michael Lea
Author-X-Name-First: Michael
Author-X-Name-Last: Lea
Author-Name: Tong Li
Author-X-Name-First: Tong
Author-X-Name-Last: Li
Title: China’s Policy Adjustments to Promote an Affordable and Stable Housing Market
Abstract:
This article examines China’s growth in home prices in order to assess whether the authorities have been able to achieve an affordable and stable housing market. It considers whether the home price declines which have occurred in some regions could trigger a financial crisis and assesses the changing real estate market, reviews policies that have been implemented, identifies potential risk factors, and considers policies based on the experiences of other countries with housing booms and busts.
Journal: The Chinese Economy
Pages: 176-198
Issue: 3
Volume: 48
Year: 2015
Month: 5
X-DOI: 10.1080/10971475.2015.995582
File-URL: http://hdl.handle.net/10.1080/10971475.2015.995582
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Handle: RePEc:mes:chinec:v:48:y:2015:i:3:p:176-198
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Monetary System and Financial Market
Journal: The Chinese Economy
Pages: 1-2
Issue: 1
Volume: 50
Year: 2017
Month: 1
X-DOI: 10.1080/10971475.2016.1211900
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1211900
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Handle: RePEc:mes:chinec:v:50:y:2017:i:1:p:1-2
Template-Type: ReDIF-Article 1.0
Author-Name: Wei Sun
Author-X-Name-First: Wei
Author-X-Name-Last: Sun
Title: Business Cycle Synchronization and Monetary Policy Coordination Between the U.S. and China: Evidence From a Structural VAR Model
Abstract:
This article studies the interactions between the U.S. and China’s economies in an integrated structural VAR model. We incorporate seven variables representing both the U.S. and China’s economies and use both short-run and long-run restrictions to identify the structural shocks and examine impacts of these shocks on outputs, prices, and monetary policies of the two countries. Using monthly data from 2000:1 to 2015:6, we find that China’s business cycles have become increasingly synchronized with the U.S. economy and China’s monetary policy coordinated with that of the United States, since China’s output, consumer price, and monetary policy all respond in a symmetric way to the U.S. macroeconomic shocks, but the same is not found for the United States to China’s. However, we do find that China exerts influence on the U.S. consumer price. Our results have important policy implications regarding the bilateral economic relations between China and the United States.
Journal: The Chinese Economy
Pages: 3-20
Issue: 1
Volume: 50
Year: 2017
Month: 1
X-DOI: 10.1080/10971475.2016.1211902
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1211902
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Handle: RePEc:mes:chinec:v:50:y:2017:i:1:p:3-20
Template-Type: ReDIF-Article 1.0
Author-Name: Danli Wang
Author-X-Name-First: Danli
Author-X-Name-Last: Wang
Author-Name: Terence Tai-Leung Chong
Author-X-Name-First: Terence Tai-Leung
Author-X-Name-Last: Chong
Title: Political Turnover and the Stock Performance of SOEs in China
Abstract:
This article analyzes the reasons behind the long-term underperformance of China’s stock market. We argue that the price growth of local state-owned enterprises (SOEs) is hindered by the control of state shares by local cadres who often sell the shares below market prices during their time in office. Our empirical analysis reveals that political turnover of the prefectural party secretary has a significantly negative impact on the selling of state-owned shares and the price growth of local state-owned enterprises, while there is no such impact on private enterprises and state-owned enterprises controlled by the central government.
Journal: The Chinese Economy
Pages: 21-33
Issue: 1
Volume: 50
Year: 2017
Month: 1
X-DOI: 10.1080/10971475.2016.1211903
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1211903
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Handle: RePEc:mes:chinec:v:50:y:2017:i:1:p:21-33
Template-Type: ReDIF-Article 1.0
Author-Name: Abdelkader Derbali
Author-X-Name-First: Abdelkader
Author-X-Name-Last: Derbali
Title: Systemic Risk in the Chinese Financial System: Measuring and Ranking
Abstract:
In this article, we try to analyze the systemic risk of the Chinese financial institutions following the subprime crisis of 2007. We use a sample of seventy Chinese financial institutions during the period from January 2, 2008 to June 30, 2015. We employ the SRISK as a measure of systemic risk. This measure is used to determine financial institutions activity default and its potential to become systemic in whole financial system. The SRISK measure indicates not only individual financial institutions vulnerability but also the default dependency structure between financial institutions and the Chinese financial market returns. Also, these measures can be moderately useful for identifying systematically important financial institutions. Besides, the empirical findings indicate that the systemic risk of the Chinese financial institutions is very important. The contribution of each financial institution to the risk of the whole financial system in China is very significant. We show that the dynamic conditional correlation between financial institutions and market return is the main factor of the systemic risk in China. The results of systemic risk decomposition show that the institution which has the higher level of debt contributes positively and extremely to systemic risk.
Journal: The Chinese Economy
Pages: 34-58
Issue: 1
Volume: 50
Year: 2017
Month: 1
X-DOI: 10.1080/10971475.2016.1211904
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1211904
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Handle: RePEc:mes:chinec:v:50:y:2017:i:1:p:34-58
Template-Type: ReDIF-Article 1.0
Author-Name: Lin Yu
Author-X-Name-First: Lin
Author-X-Name-Last: Yu
Title: Firm Attributes and Momentum Strategies in China
Abstract:
This study investigates the momentum and reversal phenomenon in China, based on the most up-to-date data. It shows that Chinese stock market experiences barely momentum effect, but the reversal effect is increasingly significant in the long horizon. Additionally, two risk proxies, size and research and development expense, are employed to explain momentum and reversal effect. It shows that the returns of large stocks are more likely to be persistent, while that of small firms are more likely to reverse. Moreover, R&D investment reduces reversal effect, especially for small firms.
Journal: The Chinese Economy
Pages: 59-77
Issue: 1
Volume: 50
Year: 2017
Month: 1
X-DOI: 10.1080/10971475.2016.1211905
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1211905
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Handle: RePEc:mes:chinec:v:50:y:2017:i:1:p:59-77
Template-Type: ReDIF-Article 1.0
Author-Name: Khurshid M. Kiani
Author-X-Name-First: Khurshid M.
Author-X-Name-Last: Kiani
Title: Financial Factors and Financial Crises: Evidence From Financial Statements of Mainland Chinese Firms
Abstract:
We work with financial factors in conjunction with the macro-financial variables of interest to study the behavior of these factors in terms of their relationship, importance, and significance with firm growth in China during and around the 1997 Asian financial crisis and the 2008 global financial crisis. Our results show that the financial factors portray identical behavior during the 1997 Asian financial crisis as well as during the 2008 global financial crisis. Toward the end of the each of these financial crises, firm size became more important and positively related to firm growth revealing that investors became more cautious about the safety of their investments rather than high returns. The results also show that variation in growth rates in economic activity is stronger than that of sales growth rates that are determined by the financial factors and the other macro-financial variables of interest. Thus, our results show that China is not expected to encounter a financial crisis of the form of the recent financial crises.
Journal: The Chinese Economy
Pages: 78-93
Issue: 1
Volume: 50
Year: 2017
Month: 1
X-DOI: 10.1080/10971475.2016.1211907
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1211907
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Handle: RePEc:mes:chinec:v:50:y:2017:i:1:p:78-93
Template-Type: ReDIF-Article 1.0
Author-Name: Chu-Hsiung Lin
Author-X-Name-First: Chu-Hsiung
Author-X-Name-Last: Lin
Title: Special Issue of the Chinese Economy Guest Editor’s Introduction—Real Sector and Financial Market
Journal: The Chinese Economy
Pages: 115-115
Issue: 2
Volume: 51
Year: 2018
Month: 3
X-DOI: 10.1080/10971475.2018.1445936
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1445936
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Handle: RePEc:mes:chinec:v:51:y:2018:i:2:p:115-115
Template-Type: ReDIF-Article 1.0
Author-Name: Gao Jing
Author-X-Name-First: Gao
Author-X-Name-Last: Jing
Author-Name: Liu Jing
Author-X-Name-First: Liu
Author-X-Name-Last: Jing
Title: Research on the Performance Evaluation of Public Welfare Fund Based on DEA - Tobit Model: Chongqing Example
Abstract:
Social transformation caused by the rapid development of the public welfare fund has become an important third party power of social governance. Chongqing city, is an example of a municipality directly under the central government and urban and rural reform pilot area and the public welfare fund has played an important role in resolving social contradictions and improving social governance capacity. Based on the Chongqing 27 public welfare fund 2013 annual assessment report data, using the DEA– Tobit two-stage method, we have evaluated the organization’s social performance and economic performance and its influencing factors. The results show that comprehensive technical efficiency of 27 fund average is 0.905, with 40.7% of organizations achieving the production frontier. For nonefficient organizations, Tobit regression results showed that the raise type, financial assets management, project innovation, and sustainability have a positive influence on the comprehensive technical efficiency (TE), pure technical efficiency (PTE) and scale efficiency (SE). Social donation has a positive effect on TE and PTE, and human resource management is an important factor of PTE. At last, we put forward policy suggestions from three aspects: human capital management, project innovation, and the organization operation standard.
Journal: The Chinese Economy
Pages: 116-129
Issue: 2
Volume: 51
Year: 2018
Month: 3
X-DOI: 10.1080/10971475.2018.1447783
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1447783
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Handle: RePEc:mes:chinec:v:51:y:2018:i:2:p:116-129
Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Shun Kao
Author-X-Name-First: Wei-Shun
Author-X-Name-Last: Kao
Author-Name: Tzu-Chuan Kao
Author-X-Name-First: Tzu-Chuan
Author-X-Name-Last: Kao
Author-Name: Chang-Cheng Changchien
Author-X-Name-First: Chang-Cheng
Author-X-Name-Last: Changchien
Author-Name: Li-Hsun Wang
Author-X-Name-First: Li-Hsun
Author-X-Name-Last: Wang
Author-Name: Kuei-Tzu Yeh
Author-X-Name-First: Kuei-Tzu
Author-X-Name-Last: Yeh
Title: Contagion in International Stock Markets After the Subprime Mortgage Crisis
Abstract:
The study focuses on utilizing a modified heteroskedasticity biased test for contagion based on cross-market correlation coefficients proposed by Forbes and Rigobon (2002) to find the evidence of contagion on 31 stock markets during the 2007 U.S. subprime mortgage turmoil. In contrast to the empirical results of Forbes and Rigobon (2002), which indicated that there was no contagion only interdependence during the 1997 Asian crisis, the 1994 Mexican peso devaluation, and the 1987 U.S. market crash, the empirical results demonstrate that the contagion occurred on emerging and East Asian stock markets during the 2007 U.S. subprime mortgage crisis. With extensions in the duration of the crisis, the contagion disappeared rapidly, and only the contagion occurred on the Brazilian stock market that lasted for six months.
Journal: The Chinese Economy
Pages: 130-153
Issue: 2
Volume: 51
Year: 2018
Month: 3
X-DOI: 10.1080/10971475.2018.1447822
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1447822
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Handle: RePEc:mes:chinec:v:51:y:2018:i:2:p:130-153
Template-Type: ReDIF-Article 1.0
Author-Name: Chieh-Hsuan Wang
Author-X-Name-First: Chieh-Hsuan
Author-X-Name-Last: Wang
Author-Name: Chien-Ping Chung
Author-X-Name-First: Chien-Ping
Author-X-Name-Last: Chung
Author-Name: Jen-Te Hwang
Author-X-Name-First: Jen-Te
Author-X-Name-Last: Hwang
Author-Name: Chia-yang Ning
Author-X-Name-First: Chia-yang
Author-X-Name-Last: Ning
Title: The Foreign Domestic Workers in Singapore, Hong Kong, and Taiwan: Should Minimum Wage Apply to Foreign Domestic Workers?
Abstract:
With the number of foreign domestic workers increasing in different countries around the world, governments have also begun to pay attention to issues related to the rights of foreign domestic workers. This article presents a comparison and analysis of foreign domestic workers employment policies, working conditions, and minimum wage in Singapore, Hong Kong, and Taiwan. We found foreign domestic workers in Asian countries lack access to regular forms of migration and safe migration channels; low wages; long working hours; exploitative working conditions; nonrecognition of domestic work under labor laws, and mistreatment in domestic work conditions. In addition, this article investigates from social welfare, economic, and legal perspectives, the feasibility of applying minimum wage to foreign domestic workers. The results show that foreign domestic workers’ wages should not be decoupled from the minimum wage, and foreign domestic workers should not be treated as a separate group of workers in minimum wage policy. Long-term care systems should incorporate the foreign domestic worker labor pool, which could provide the additional personnel necessary for the nation’s long-term care.
Journal: The Chinese Economy
Pages: 154-174
Issue: 2
Volume: 51
Year: 2018
Month: 3
X-DOI: 10.1080/10971475.2018.1447831
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1447831
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Handle: RePEc:mes:chinec:v:51:y:2018:i:2:p:154-174
Template-Type: ReDIF-Article 1.0
Author-Name: Huey-Ling Shiau
Author-X-Name-First: Huey-Ling
Author-X-Name-Last: Shiau
Author-Name: Yung-Ho Chang
Author-X-Name-First: Yung-Ho
Author-X-Name-Last: Chang
Author-Name: Yi-Jing Yang
Author-X-Name-First: Yi-Jing
Author-X-Name-Last: Yang
Title: The Cash Holdings and Corporate Investment Surrounding Financial Crisis: The Cases of China and Taiwan
Abstract:
The widely recognized 2007–2008 financial crisis has introduced observable shifts in cash holdings and corporate investment. We evaluate the effect of the financial crisis on cash holdings, corporate investment, and investment-cash flow sensitivity for China and Taiwan firms over the 2001–2014 period. We observe that in China and Taiwan firms increase equity financing and reduce capital expenditures to raise cash holdings after the crisis. The cash holdings for China firmsrises with operating earnings but declines with dividend payouts, and their working capital is upward overtime. On the contrary, the capital expenditures and working capital of the Taiwan firms becomes more conservative after the crisis. The empirical evidence suggests that corporate investment can be described by liquidity correlated to the state of the capital markets.
Journal: The Chinese Economy
Pages: 175-207
Issue: 2
Volume: 51
Year: 2018
Month: 3
X-DOI: 10.1080/10971475.2018.1447833
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1447833
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Handle: RePEc:mes:chinec:v:51:y:2018:i:2:p:175-207
Template-Type: ReDIF-Article 1.0
Author-Name: Farha Fatema
Author-X-Name-First: Farha
Author-X-Name-Last: Fatema
Author-Name: Mohammad Monirul Islam
Author-X-Name-First: Mohammad Monirul
Author-X-Name-Last: Islam
Author-Name: M. Shahidul Islam
Author-X-Name-First: M. Shahidul
Author-X-Name-Last: Islam
Title: Does Sectoral Composition of Trade Matter for Trade-Energy-Growth Nexus? A VAR/VEC Based Analysis for China in the Presence of Structural Change
Abstract:
This study identifies the differential effect of sectoral composition of trade on trade-energy consumption–economic growth nexus for China from 1992–2015. We divided trade into five broad sectors—high tech (HT), medium tech (MT), low tech (LT), primary products (PP), and resource-based products (RB)—based on technology intensity. VAR and VEC models are applied depending on time series properties and cointegration among the variables. The study finds that trade in different sectors has differential effects on growth and energy consumption. It is also evident that LT and PP trade do not have long-run cointegration with growth and energy consumption, whereas the opposite is true for MT, HT, and RB trade. Regarding growth-energy nexus, the study defends the conservation hypothesis for China. Growth and energy cause LT and PP trade in the short run only, whereas they only cause MT trade in the long run. Trade in HT, MT, and RB sectors strong cause growth but not energy consumption. This study inter alia suggests that to reduce energy consumption while maintaining higher economic growth China should provide greater focus on HT, MT, and RB sectors.
Journal: The Chinese Economy
Pages: 1-24
Issue: 1
Volume: 53
Year: 2020
Month: 1
X-DOI: 10.1080/10971475.2019.1617933
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617933
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Handle: RePEc:mes:chinec:v:53:y:2020:i:1:p:1-24
Template-Type: ReDIF-Article 1.0
Author-Name: Rose Neng Lai
Author-X-Name-First: Rose Neng
Author-X-Name-Last: Lai
Author-Name: Yang Zhang
Author-X-Name-First: Yang
Author-X-Name-Last: Zhang
Title: Spillover and Profitability of Intraday Herding on Cross-Listed Stocks
Abstract:
Companies are cross-listed on multiple exchanges in different countries to take advantage of different market features. Due to the difference in time zones, it is normally quite impossible to take advantage of instantaneous information spillover from market to market to generate abnormal returns. Situations can be different if the cross-listed firms are traded in markets within the same country and in the same time zone, but with different legislative regimes and levels of sophistication. Focusing on investors’ herd behavior and using hourly data, this article finds evidence of cross market information spillover in herding formation and abnormal returns in cross-listed stocks in China’s Shanghai, Shenzhen, and Hong Kong markets. More importantly, we find that investors can make excess returns upon observing herding by buying and holding Hong Kong’s small and median stocks in industrial sectors cross-listed in the Shenzhen market especially in the morning and the end of the trading day.
Journal: The Chinese Economy
Pages: 25-61
Issue: 1
Volume: 53
Year: 2020
Month: 1
X-DOI: 10.1080/10971475.2019.1625244
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1625244
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Handle: RePEc:mes:chinec:v:53:y:2020:i:1:p:25-61
Template-Type: ReDIF-Article 1.0
Author-Name: JingJing (Justine) Wang
Author-X-Name-First: JingJing (Justine)
Author-X-Name-Last: Wang
Author-Name: Pu Chen
Author-X-Name-First: Pu
Author-X-Name-Last: Chen
Author-Name: John S. Croucher
Author-X-Name-First: John S.
Author-X-Name-Last: Croucher
Author-Name: Piyush Tiwari
Author-X-Name-First: Piyush
Author-X-Name-Last: Tiwari
Title: Long-Term and Short-Term House Price Dynamics in China’s First Tier and Second Tier Main 13 Cities
Abstract:
This article identifies the main drivers and assesses housing bubbles in China’s first-tier and second-tier main 13 cities’ aggregated house prices for 2007Q2 through 2018Q4. The empirical analysis is conducted using robust econometric multiple frameworks, undertaken using the forms of OLS and VECM techniques. The outcomes suggest that house prices attain a long-run equilibrium every 7.14 quarters, with a short-term correction by their own macroeconomic forces including share performance, interest rate, and GDP. Our findings suggest the three macroeconomic drivers identified are effective to stabilize the housing markets. Governments could reduce large fluctuations on house prices and balance the countries’ housing market, share market, and economic growth via setting appropriate monetary policies. In addition, real estate businesses and construction industries and households could set accurate finance plans and budgets to improve their resilience to economic shocks.
Journal: The Chinese Economy
Pages: 62-81
Issue: 1
Volume: 53
Year: 2020
Month: 1
X-DOI: 10.1080/10971475.2019.1625517
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1625517
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Handle: RePEc:mes:chinec:v:53:y:2020:i:1:p:62-81
Template-Type: ReDIF-Article 1.0
Author-Name: Sahbi Farhani
Author-X-Name-First: Sahbi
Author-X-Name-Last: Farhani
Author-Name: Daniel Balsalobre-Lorente
Author-X-Name-First: Daniel
Author-X-Name-Last: Balsalobre-Lorente
Title: Comparing the Role of Coal to Other Energy Resources in the Environmental Kuznets Curve of Three Large Economies
Abstract:
This article aims to examine the dynamic relationship between coal, gas and oil consumption, economic growth and carbon dioxide (CO2) emissions in the three largest economies namely China, the United States and India, over the period of 1965–2017. In a novel attempt, we employ recent econometric techniques based on the inclusion of structural break(s) in unit root. We apply OLS, FMOLS, DOLS, and CCR econometric regression to validate the EKC hypothesis for three selected countries. We find that the United States and India exhibit a U-inverted EKC between CO2 emissions and economic growth. On the other side, China exhibits U-shaped EKC when we include as energy proxy coal and oil consumption. When we explore the connection between carbon emissions and economic growth considering gas consumption, we find a U-inverted EKC. These dissimilar behaviors confirm that the energy pattern of these countries exert a decisive impact over sustainable economic growth, enhancing previous literature that connects fossil sources, economic growth, and environmental degradation process. Our estimation results open up new insights for policy makers to control the level of coal consumption, to sustain economic growth and to mitigate CO2 emissions.
Journal: The Chinese Economy
Pages: 82-120
Issue: 1
Volume: 53
Year: 2020
Month: 1
X-DOI: 10.1080/10971475.2019.1625519
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1625519
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Handle: RePEc:mes:chinec:v:53:y:2020:i:1:p:82-120
Template-Type: ReDIF-Article 1.0
Author-Name: Yongqing Wang
Author-X-Name-First: Yongqing
Author-X-Name-Last: Wang
Title: Responsiveness of U.S.-China Trade Flows to Relative Prices and Nominal Exchange Rate
Abstract:
Most previous research did not find powerful evidence suggesting the depreciation of Chinese yuan had contributed significantly to the trade imbalances between the United States and China. In our current study, we employ quarterly data from 2005Q3 to 2018Q3 and an error correction model to examine the responsiveness of bilateral trade flows between the United States and China to relative prices and the nominal exchange rate under China’s managed floating exchange rate regime. To test for a possible structural break due to the financial crisis in 2008, we carry out Chow tests. But the results support no structural break. We find strong evidence that depreciation of Chinese currency yuan encourages U.S. imports from China and discourages U.S. exports to China. In addition, an increase in U.S. income will promote U.S. imports from China significantly, and a higher Chinese income will remarkably encourage U.S. exports to China. Finally, the bilateral trade flows between the United States and China respond differently to the relative prices and nominal exchange rate.
Journal: The Chinese Economy
Pages: 121-132
Issue: 1
Volume: 53
Year: 2020
Month: 1
X-DOI: 10.1080/10971475.2019.1625520
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1625520
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Handle: RePEc:mes:chinec:v:53:y:2020:i:1:p:121-132
Template-Type: ReDIF-Article 1.0
Author-Name: Charles C. L. Kwong
Author-X-Name-First: Charles C. L.
Author-X-Name-Last: Kwong
Author-Name: Teresa S. C. Poon
Author-X-Name-First: Teresa S. C.
Author-X-Name-Last: Poon
Title: On the Path to Liberalization: Emerging Issues of China’s Banking Reform After Global Financial Crisis
Journal: The Chinese Economy
Pages: 125-127
Issue: 2
Volume: 52
Year: 2019
Month: 3
X-DOI: 10.1080/10971475.2018.1544784
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1544784
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Handle: RePEc:mes:chinec:v:52:y:2019:i:2:p:125-127
Template-Type: ReDIF-Article 1.0
Author-Name: Rongzhu Ke
Author-X-Name-First: Rongzhu
Author-X-Name-Last: Ke
Author-Name: Min Ye
Author-X-Name-First: Min
Author-X-Name-Last: Ye
Title: The Practice of Rotating Saving and Credit Associations and Interest Rate Liberalization—A Case Study of Wenzhou
Abstract:
Rotating Saving and Credit Associations (ROSCA) is an important informal financial institution in developing economies. This article investigates the practice of ROSCA in Wenzhou as a case to explore how the interest rate is determined in a local credit market. We find that interest rates may vary across different purposes of credit demand (e.g., investment, insurance, or durable good consumption). The difference in credit demand may also drive participants to create alternative ROSCA and its implied interest rates are different accordingly. The case of ROSCA and its relationship with the local credit market may shed light on the financial market development and liberalization of interest rates during economic transition.
Journal: The Chinese Economy
Pages: 155-170
Issue: 2
Volume: 52
Year: 2019
Month: 3
X-DOI: 10.1080/10971475.2018.1545355
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1545355
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Handle: RePEc:mes:chinec:v:52:y:2019:i:2:p:155-170
Template-Type: ReDIF-Article 1.0
Author-Name: Eddie C. Cheung
Author-X-Name-First: Eddie C.
Author-X-Name-Last: Cheung
Author-Name: Michael C. Ng
Author-X-Name-First: Michael C.
Author-X-Name-Last: Ng
Author-Name: Yiu C. Ma
Author-X-Name-First: Yiu C.
Author-X-Name-Last: Ma
Title: The Multi-Faceted Effects of Partial Interest Rate Liberalization in China
Abstract:
In this article, we investigate the effect of removing the bank lending rate floor in 2013 on the market for loans in China. Given the backdrop of gradual liberalization of financial markets, we analyze data from 2008 to 2018 to gauge whether the interest rate on securities of different maturities have been materially affected by this act of partial liberalization. We find that this action has affected short-term repo (repurchase agreements) interest rates but not long-term interest rates. There is also evidence that the efficiency of lending markets has improved, but the health of the banking sector overall seems to have deteriorated, with lower capital but higher nonperforming loans.
Journal: The Chinese Economy
Pages: 171-191
Issue: 2
Volume: 52
Year: 2019
Month: 3
X-DOI: 10.1080/10971475.2018.1545359
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1545359
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Handle: RePEc:mes:chinec:v:52:y:2019:i:2:p:171-191
Template-Type: ReDIF-Article 1.0
Author-Name: Hsu Sara
Author-X-Name-First: Hsu
Author-X-Name-Last: Sara
Title: Feasibility of China’s Financial Reforms
Abstract:
Despite the diversity of China’s financial system and the reforms that have already occurred, the system is heavily bank-dominated, and the Big Four extend almost half of all loans in China. These banks often extend loans to state-owned enterprises and in recent years have had the largest proportion of nonperforming loans (NPLs). These large, state-owned banks have been shown to be less efficient than other types of banks (such as joint-stock or city-owned banks) in China. Although interest rate liberalization has marked a major step toward financial marketization, implicit government guarantees, inaccurate credit ratings, and segmented markets have prevented the free movement of interest rates in unleashing market forces. It is argued that deteriorating economic indicators forces the government to focus on ensuring sufficient liquidity in the economy. Hitting China’s ever-present growth target appears to be a priority that supersedes reform objectives in the financial sector.
Journal: The Chinese Economy
Pages: 192-202
Issue: 2
Volume: 52
Year: 2019
Month: 3
X-DOI: 10.1080/10971475.2018.1545360
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1545360
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Handle: RePEc:mes:chinec:v:52:y:2019:i:2:p:192-202
Template-Type: ReDIF-Article 1.0
Author-Name: Charles C. L. Kwong
Author-X-Name-First: Charles C. L.
Author-X-Name-Last: Kwong
Title: Commercial vs Policy Loans: A Policy Dilemma After Global Financial Crisis
Abstract:
China put forward fundamental reform in the banking sector in the mid-1990s to commercialize the state-owned specialized banks. This reflected the central government’s determination to enhance the efficiency of the state-owned commercial banks (SOCBs) by separating commercial lending from policy lending. Though the banking reform in the mid-1990s could not completely change the credit culture and fully commercialize the SOCBs, the operations of SOCBs and their nonstate counterparts have been more responsive to market signals and discipline. Nonetheless, in order to maintain a stable growth after the 2008 Global Financial Crisis (GFC), the central government initiated a 4-trillion yuan stimulus package which fostered the proliferation of local government financial platforms (LGFPs) and rapid credit expansion through shadow banking. Substantial amount of credits were channeled to projects of low returns and even created sizable excess capacity. Deteriorating credit quality heightens the risks in China’s banking sector. Though central leaders are certainly aware of the risks embedded in the banking sector, the GFC in 2008 and the trade war in 2018 prompted the Chinese government to focus more on macroeconomic stability and thus policy loans at both central and local levels will remain as important levers to stabilize the economy.
Journal: The Chinese Economy
Pages: 128-141
Issue: 2
Volume: 52
Year: 2019
Month: 3
X-DOI: 10.1080/10971475.2018.1545365
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1545365
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Handle: RePEc:mes:chinec:v:52:y:2019:i:2:p:128-141
Template-Type: ReDIF-Article 1.0
Author-Name: Yuk-shing Cheng
Author-X-Name-First: Yuk-shing
Author-X-Name-Last: Cheng
Author-Name: Kam-pui Tsang
Author-X-Name-First: Kam-pui
Author-X-Name-Last: Tsang
Author-Name: Man-kit Chung
Author-X-Name-First: Man-kit
Author-X-Name-Last: Chung
Title: State Ownership, Policy Missions and Commercial Operation – A Case Study of the Agricultural Bank of China
Abstract:
China has maintained government control over major banks through its holding of controlling shares, leading to concerns about their possible policy burdens. In the case of the Agricultural Bank of China (ABC), the explicit policy mission of serving the rural economy and farmers has been assigned along its public listing in stock markets. Although it has adopted strategies to redefine the scope of rural business and implemented organizational and regulatory reforms to reduce the costs of implementing the policy missions, the contradiction between policy and commercial objectives has not been reconciled.
Journal: The Chinese Economy
Pages: 142-154
Issue: 2
Volume: 52
Year: 2019
Month: 3
X-DOI: 10.1080/10971475.2018.1545366
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1545366
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Handle: RePEc:mes:chinec:v:52:y:2019:i:2:p:142-154
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Private-Public Sector Finance and Developmental Challenges
Journal: The Chinese Economy
Pages: 143-147
Issue: 3
Volume: 49
Year: 2016
Month: 5
X-DOI: 10.1080/10971475.2016.1159901
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1159901
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Handle: RePEc:mes:chinec:v:49:y:2016:i:3:p:143-147
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Shadow Banking in China: Implications for Financial Stability and Macroeconomic Rebalancing
Abstract:
Shadow banks have grown exponentially in China since 2008 and their impacts on financial stability and real economic growth are highly controversial. This article analyzes the trend, operations, and causes of the surge in shadow banking institutions and activities. In addition, the article investigates the financial and “real” impacts of the shadow banks. Regarding financial impacts, the article discusses the potential risks at the institutional and systemic levels. Given the interconnectedness between shadow banks and the formal banking sector, risks in the shadow banks can easily be transmitted to the major commercial banks. On the one hand, albeit the potential risks, the article finds that the Chinese banking sector is unlikely to encounter a crisis, given the current structure of the Chinese banking system and regulatory framework. On the other hand, despite much lauded “contributions” of shadow banks to the real economy, especially small- and medium-sized enterprises, the article argues that the benefits of shadow banks in financing real productive activities are highly limited.
Journal: The Chinese Economy
Pages: 148-160
Issue: 3
Volume: 49
Year: 2016
Month: 5
X-DOI: 10.1080/10971475.2016.1159903
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1159903
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Handle: RePEc:mes:chinec:v:49:y:2016:i:3:p:148-160
Template-Type: ReDIF-Article 1.0
Author-Name: Jianjun Li
Author-X-Name-First: Jianjun
Author-X-Name-Last: Li
Author-Name: Sara Hsu
Author-X-Name-First: Sara
Author-X-Name-Last: Hsu
Author-Name: Zhang Chen
Author-X-Name-First: Zhang
Author-X-Name-Last: Chen
Author-Name: Yang Chen
Author-X-Name-First: Yang
Author-X-Name-Last: Chen
Title: Risks of P2P Lending Platforms in China: Modeling Failure Using a Cox Hazard Model
Abstract:
P2P lending platforms in China have risen since 2006 but have already experienced problems with fraud and liquidity. In this article, we describe the P2P lending platforms and their associated risks, and discuss and analyze a dataset on failed and nonfailed P2P companies. We find that an increase in the registered capital results in a decrease in the hazard ratio, while an increase in the interest rate results in an increase in the hazard ratio. We discuss policy implications for the P2P lending sector, which can help to reduce risk in the sector while allowing innovation to arise.
Journal: The Chinese Economy
Pages: 161-172
Issue: 3
Volume: 49
Year: 2016
Month: 5
X-DOI: 10.1080/10971475.2016.1159904
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1159904
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Handle: RePEc:mes:chinec:v:49:y:2016:i:3:p:161-172
Template-Type: ReDIF-Article 1.0
Author-Name: Xinhua Liu
Author-X-Name-First: Xinhua
Author-X-Name-Last: Liu
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: A Sovereign Currency Approach to China’s Policy Options
Abstract:
This article examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic imbalances. We then analyze current monetary and fiscal policy formation and examine some policy recommendations that have been advanced to deal with current areas of concern. We next outline the sovereign currency approach and use it to analyze those concerns. We conclude with policy recommendations consistent with the policy space open to China.
Journal: The Chinese Economy
Pages: 173-198
Issue: 3
Volume: 49
Year: 2016
Month: 5
X-DOI: 10.1080/10971475.2016.1159905
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1159905
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Handle: RePEc:mes:chinec:v:49:y:2016:i:3:p:173-198
Template-Type: ReDIF-Article 1.0
Author-Name: Shujuan Li
Author-X-Name-First: Shujuan
Author-X-Name-Last: Li
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Competition Model and the Change of Local Governments’ Behavior—and Governance of China’s Local Government Debt
Abstract:
“Promotion tournament model” is used to explain the Chinese economic miracle. The key of the promotion tournament model is competition for economic growth which brings economic growth together with some societal problems. Competition for economic growth influences local governments’ behavior and is one of the reasons for the rapid rising of local debts. The article proposes a new competition model—competition for inhabitants’ satisfaction. It is a better choice under the system of political centralization with fiscal decentralization in China. It gives inhabitants the right to supervise the government officials while the central government has the power of appointment. Competition for inhabitants’ satisfaction changes the local governments’ investment and finance behaviors, which is meaningful to improve China’s local government debt governance.
Journal: The Chinese Economy
Pages: 199-212
Issue: 3
Volume: 49
Year: 2016
Month: 5
X-DOI: 10.1080/10971475.2016.1159906
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1159906
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Handle: RePEc:mes:chinec:v:49:y:2016:i:3:p:199-212
Template-Type: ReDIF-Article 1.0
Author-Name: Tabitha Knight
Author-X-Name-First: Tabitha
Author-X-Name-Last: Knight
Title: Women and the Chinese Labor Market: Recent Patterns and Future Possibilities
Abstract:
While many economists have advanced potential future growth strategies for the Chinese economy, none to our knowledge have done so with a specific consideration of the impacts these policies may have on women’s welfare measured in terms of labor market outcomes. In this article, we first discuss the relative status of women’s position in the Chinese labor force from the perspective of their employment levels, occupational segregation, and wages. We then calculate segregation indices and present and interpret recent employment data from the National Bureau of Statistics of China to consider how the labor market has evolved for women in the last decade. Interestingly, we find that occupational segregation by gender has in fact intensified since the onset of the radical reforms in China in the mid-1990s. Next, we contribute to the literature by evaluating potential growth policies for their impacts on women’s relative welfare in terms of labor market outcomes using our unique criteria for evaluation. We find that switching to a service-centered growth strategy could work to increase women’s relative welfare if implemented concurrently with additional policies aimed at reducing the otherwise potential negative implications for women’s relative welfare. Finally, we provide our own gender sensitive growth strategy suggestions which include our argument that an education-led growth strategy, for example, may have the largest positive impact on both the Chinese economy and women’s relative welfare.
Journal: The Chinese Economy
Pages: 213-227
Issue: 3
Volume: 49
Year: 2016
Month: 5
X-DOI: 10.1080/10971475.2016.1159907
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1159907
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Handle: RePEc:mes:chinec:v:49:y:2016:i:3:p:213-227
Template-Type: ReDIF-Article 1.0
Author-Name: Pattarin Adithipyangkul
Author-X-Name-First: Pattarin
Author-X-Name-Last: Adithipyangkul
Author-Name: T. Y. Leung
Author-X-Name-First: T. Y.
Author-X-Name-Last: Leung
Title: Gender diversity, institutional factors, and CEO compensation in China
Abstract:
Executive compensation has attracted public criticism and regulatory attention in various countries around the world. While previous research shows that a more powerful CEO receives greater compensation, less is known about how governance mechanisms and institutional forces mitigate or exacerbate CEO’s abuse of power to inflate CEO pay. This article examines the impacts of gender diversity in compensation committees, government regulation, and subnational culture (Confucianism and socialist ideology) on CEO compensation in China. The analyses show that while government regulation, Confucianism, and socialist ideology can reduce CEO compensation, the effectiveness of each mechanism appears to be context-specific. Different institutional forces can deter CEO power from different sources. Institutional environment can augment or limit CEO’s abuse of power to extract greater compensation from the company. We do not find gender diversity in compensation committees to be effective in restraining CEO compensation. Our results are robust to different measures of pay excessiveness (absolute and relative terms) and after controlling for endogeneity. This research suggests that practitioners should consider both CEO characteristics and institutional environment when they design a corporate governance system.
Journal: The Chinese Economy
Pages: 24-40
Issue: 1
Volume: 52
Year: 2019
Month: 1
X-DOI: 10.1080/10971475.2018.1523843
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1523843
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Handle: RePEc:mes:chinec:v:52:y:2019:i:1:p:24-40
Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: Chinese Asset Management Industry: Its Categories, Growth and Regulations
Abstract:
This study presents the most updated analysis on China’s asset management industry. First, this study introduces each category of the asset managers in China. Second, this study examines the factors that contribute to the growth of assets under management, which is the first of its kind. Finally, this study analyzes the implications of recent regulations and their effect on asset managers.
Journal: The Chinese Economy
Pages: 41-55
Issue: 1
Volume: 52
Year: 2019
Month: 1
X-DOI: 10.1080/10971475.2018.1523844
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1523844
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Handle: RePEc:mes:chinec:v:52:y:2019:i:1:p:41-55
Template-Type: ReDIF-Article 1.0
Author-Name: Chuang Wang
Author-X-Name-First: Chuang
Author-X-Name-Last: Wang
Author-Name: Evangelos Giouvris
Author-X-Name-First: Evangelos
Author-X-Name-Last: Giouvris
Title: Important Determinants of Foreign Company Performance in China: Big Data Analysis
Abstract:
Foreign market entry is important in market development. We examine entry timing/mode, investment, advertising, location, and interactive effects. Early entrants enjoy a high market share. The type of entry and initial investment also affect performance. Even though the effect of advertising on market share is significant, regardless of early/late entry, the effect is different, based on entry mode, investment, and industry. The effect of advertising is larger on owned subsidiaries. Nonmanufacturing firms benefit more from advertising compared to manufacturing firms. Multinationals in manufacturing industries investing in Middle/Northeast China perform better, while nonmanufacturing multinationals perform better in Eastern China.
Journal: The Chinese Economy
Pages: 56-82
Issue: 1
Volume: 52
Year: 2019
Month: 1
X-DOI: 10.1080/10971475.2018.1523859
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1523859
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Handle: RePEc:mes:chinec:v:52:y:2019:i:1:p:56-82
Template-Type: ReDIF-Article 1.0
Author-Name: Abdelkader Derbali
Author-X-Name-First: Abdelkader
Author-X-Name-Last: Derbali
Author-Name: Fathi Jouini
Author-X-Name-First: Fathi
Author-X-Name-Last: Jouini
Title: Analyzing the Dynamic Equicorrelation Between Shanghai Composite (SSEC) and Austral African Stock Market Indices
Abstract:
In this article, we employ the GARCH-DECO (1,1) to investigate empirically the dependence between Shanghai Composite (SSEC) and Austral African stock market indices. We utilize daily return indices over the period from January 4, 2006 to December 30, 2016. From the empirical findings, the conditional dependence between Shanghai Composite (SSEC) and Austral African stock market indices show the existence of high volatility and confirm the existence of a significantly time-varying variance in the conditional linkages between time series returns obtained after the estimation of the GARCH-DECO (1,1) model. Additionally, the conditional heteroscedasticity volatility prediction attains the maximum after the financial crisis of 2007, especially in 2008 and 2009. Our empirical results indicate the existence of high dependency between Shanghai Composite (SSEC) and Austral African stock market indices which prove the financialization of Chinese stock market and Austral African stock market indices. We also find some evidence on the leadership of China in the African region. We discuss implications for the financial integration literature.
Journal: The Chinese Economy
Pages: 83-106
Issue: 1
Volume: 52
Year: 2019
Month: 1
X-DOI: 10.1080/10971475.2018.1523862
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1523862
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Handle: RePEc:mes:chinec:v:52:y:2019:i:1:p:83-106
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Qingfeng “Wilson” Liu
Author-X-Name-First: Qingfeng “Wilson”
Author-X-Name-Last: Liu
Author-Name: Fan Zhang
Author-X-Name-First: Fan
Author-X-Name-Last: Zhang
Title: The Development of China’s Bond Market
Abstract:
This article analyzes China’s bond market, which covers the interbank market, exchange market, and bank counter market. We compare various types of bonds and discuss their latest trends, which to a large extent are driven by government policies, resulting in rapid growth in central government and local government bond issues. The recent launch of the “Bond Connect” trading platform for bond transactions between mainland China and Hong Kong and the emergence of many new bond types suggest that China’s bond market may provide more investment and growth opportunities for global investors.
Journal: The Chinese Economy
Pages: 107-123
Issue: 1
Volume: 52
Year: 2019
Month: 1
X-DOI: 10.1080/10971475.2018.1523982
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1523982
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Handle: RePEc:mes:chinec:v:52:y:2019:i:1:p:107-123
Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Wagner
Author-X-Name-First: Helmut
Author-X-Name-Last: Wagner
Title: On the (Non-)sustainability of China’s Development Strategies1
Abstract:
This article summarizes the main characteristics of the two major Chinese growth strategies since 1978, namely the Deng strategy (named after Deng Xiaoping) between 1978 and 2011 and the Xi strategy (named after Xi Jinping) since 2012. After a brief description of both strategies, it analyzes in depth whether the respective reforms of the two strategies have caused sustainable or unsustainable growth and economic development. Furthermore, it derives some implications concerning the danger of a Chinese middle-income trap and proposes some policy recommendations (also against the background of the Korean experience).
Journal: The Chinese Economy
Pages: 1-23
Issue: 1
Volume: 52
Year: 2019
Month: 1
X-DOI: 10.1080/10971475.2019.1580822
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1580822
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Handle: RePEc:mes:chinec:v:52:y:2019:i:1:p:1-23
Template-Type: ReDIF-Article 1.0
Author-Name: Woon Kan Yap
Author-X-Name-First: Woon Kan
Author-X-Name-Last: Yap
Author-Name: Fadzlan Sufian
Author-X-Name-First: Fadzlan
Author-X-Name-Last: Sufian
Title: Bank’s Profit Efficiency Under China Economic Structure Rebalancing: Empirical Evidence Using Index of Economic Freedom
Abstract:
This present study argues that economic freedom is a necessary antecedent to China’s structural economic rebalancing. Therefore, using an index of economic freedom, it seeks to examine the implications of economic rebalancing on banks’ profit efficiency following a freer Chinese economy. Our dataset includes an unbalanced panel of 514 annual observations from 138 commercial banks that operated from 2007 to 2013. This study found evidence that higher freedom index of government spending, which denotes contraction of government expenditure, will result in lower profit efficiency. However, on a more granular level, the reduction of efficiency does not apply to state-connected banks, which are seen to be more profit efficient. On the other hand, the reduction of profit efficiency that afflicts other commercial banks that are less connected to the state authority can be mitigated by the increased aggregate demand from the private sector, following greater fiscal freedom and trade freedom through cutback on the tax rates and lower trade barriers, respectively. In addition, save for state-owned commercial banks, lower monetary freedom is found to significantly increase profit efficiency across banks of all ownership types. This corroborates the fact that banks have more extensive capacity to anticipate inflation compared to depositors and thus, they are more likely to thrive in an inflationary environment.
Journal: The Chinese Economy
Pages: 20-44
Issue: 1
Volume: 51
Year: 2018
Month: 1
X-DOI: 10.1080/10971475.2017.1368878
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1368878
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Handle: RePEc:mes:chinec:v:51:y:2018:i:1:p:20-44
Template-Type: ReDIF-Article 1.0
Author-Name: Dongwei Wen
Author-X-Name-First: Dongwei
Author-X-Name-Last: Wen
Title: Domestic Value Added in China’s Exports to the World and Its Partners
Abstract:
This article uses the inter-country input-output tables with heterogeneous firms compiled by OECD (2015) to measure the ratio of domestic value added content in China’s exports (RDVAE) to the world and its major trading partners at the aggregate and sector level, respectively. Our empirical results indicate the following. (1) China’s RDVAE adjusted for processing trade is much lower than that computed without adjusting for processing trade; (2) The manufacture’s RDVAE for China to its major trading partners is typically lower than that for China’s major trading partners to China; and (3) The share of domestic value added generated by China’s exporting sector itself is declining, whereas that coming from the exporting sector’s upstream domestic suppliers is growing.
Journal: The Chinese Economy
Pages: 45-68
Issue: 1
Volume: 51
Year: 2018
Month: 1
X-DOI: 10.1080/10971475.2017.1368885
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1368885
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Handle: RePEc:mes:chinec:v:51:y:2018:i:1:p:45-68
Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Khain Wye
Author-X-Name-First: Chung-Khain
Author-X-Name-Last: Wye
Title: Incorporating Foreign Direct Investment and Trade into Energy-Employment Nexus: Evidence from China
Abstract:
Energy consumption in China has been rapidly increasing due to production and consumption, and the growth varies by regions. Chinese government has been trying to reduce energy intensity in production and energy use among households through several energy efficiency policies since 1980s. However, there has been concern over the employment impact of the change of production and consumption structure. Previous studies on the energy-employment nexus focused primarily on the energy-to-employment link, neglecting the possibility of the reverse. In addition, these studies investigated the direct link between the two, ignoring the channel through which one could affect another. This article seeks to fill up the gap by incorporating FDI and trade into the energy-employment nexus using panel cointegration and Granger causality methods. The major findings suggest that energy efficiency policy can be implemented in FDI-led and trade-led provinces located in the China’s coast without impeding the employment growth. However, performance of trade and FDI should be further enhanced in China’s hinterland to promote employment growth and energy efficiency. This study highlights the importance of devising energy policy and labor market policy alongside trade liberalization and foreign investment policies in China.
Journal: The Chinese Economy
Pages: 69-96
Issue: 1
Volume: 51
Year: 2018
Month: 1
X-DOI: 10.1080/10971475.2017.1368892
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1368892
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Handle: RePEc:mes:chinec:v:51:y:2018:i:1:p:69-96
Template-Type: ReDIF-Article 1.0
Author-Name: Junjie Wu
Author-X-Name-First: Junjie
Author-X-Name-Last: Wu
Title: The Coexistence and Interaction of Formal and Informal Lending in China— Discussion of the Wenzhou Case
Abstract:
Interest in China’s economy has typically been focused on its phenomenal growth. However, more recently there has been growing interest in emerging constraints on and vulnerabilities regarding that growth. A key focus has been concern with issues of shadow banking. This article discusses one aspect of China’s finance system, which has some crossover with shadow banking: informal lending to private enterprises (PE). This lending is characteristically unstable and exhibits a number of features that constrain private enterprises. Intrinsic to those constraints are issues of usury, bribery and rent-seeking (as an expression of power), all of which bear on the institutional context of ethics. This article discusses the case of Wenzhou, the most prominent city for private enterprises in China. The Wenzhou case is explored using a narrative form drawing on multiple sources including academic papers, regulation, newspapers, and social media. This is an increasingly recognized approach within mixed methods research and this article supplies important qualitative insight into the how and why questions regarding the Wenzhou case. The Wenzhou case is typical in terms of the coexistence and interaction of formal and informal lending in China. Finally, we highlight the limits of the recent reform process and current approach to resolving the problem of financing for PEs in China.
Journal: The Chinese Economy
Pages: 97-114
Issue: 1
Volume: 51
Year: 2018
Month: 1
X-DOI: 10.1080/10971475.2017.1368897
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1368897
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Handle: RePEc:mes:chinec:v:51:y:2018:i:1:p:97-114
Template-Type: ReDIF-Article 1.0
Author-Name: Wenjuan Ruan
Author-X-Name-First: Wenjuan
Author-X-Name-Last: Ruan
Author-Name: Erwei Xiang
Author-X-Name-First: Erwei
Author-X-Name-Last: Xiang
Author-Name: Shiguang Ma
Author-X-Name-First: Shiguang
Author-X-Name-Last: Ma
Title: Lending to Private Firms: Evidence from China on the Role of Firm Openness and Bribery
Abstract:
This article investigates the effects of firm openness and bribery on bank lending decisions. Using World Bank data covering 1,781 private firms, we do not find supportive evidence on the role of bribery in helping private firms to obtain bank credit. However, we find evidence that firm openness has a positive effect on helping private firms to obtain banking finance. This finding holds true only for large firms, manufacturing firms, and firms located in regions with good banking development. We also find that private firms with greater government assistance are more likely to obtain bank loans, and more credit overall.
Journal: The Chinese Economy
Pages: 1-19
Issue: 1
Volume: 51
Year: 2018
Month: 1
X-DOI: 10.1080/10971475.2017.1368905
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1368905
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Handle: RePEc:mes:chinec:v:51:y:2018:i:1:p:1-19
Template-Type: ReDIF-Article 1.0
Author-Name: Jinjian Shen
Author-X-Name-First: Jinjian
Author-X-Name-Last: Shen
Author-Name: Jing Linbo
Author-X-Name-First: Jing
Author-X-Name-Last: Linbo
Title: Transitional Changes in Foreign Trade, Domestic Commerce, and Green Economy in China
Journal: The Chinese Economy
Pages: 95-96
Issue: 2
Volume: 50
Year: 2017
Month: 3
X-DOI: 10.1080/10971475.2016.1227161
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1227161
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Handle: RePEc:mes:chinec:v:50:y:2017:i:2:p:95-96
Template-Type: ReDIF-Article 1.0
Author-Name: Jing Linbo
Author-X-Name-First: Jing
Author-X-Name-Last: Linbo
Title: The Development of the Strategic Trade Policy and Its Application in China
Abstract:
Strategic trade policy theory, first advocated in 1985, is an important part of the new trade theory. Strategic trade policy emphasizes the importance of public policy under the monopolistic competition, leaving some space for government to increase the national welfare. This article presents the background and the basic framework of the strategic trade policy, and discusses the development of the strategic trade theory internationally and for its application in China. It points out that strategic trade policy develops fast and it needs to integrate more characteristics of developing countries like China into consideration. The measure of the strategic trade policy should be improved in China. The effect of the strategic trade policy becomes more complicated than expected because nothing stands still. Regional trade agreements are the new hidden form of strategic trade policy for China and requires further research.
Journal: The Chinese Economy
Pages: 97-111
Issue: 2
Volume: 50
Year: 2017
Month: 3
X-DOI: 10.1080/10971475.2016.1227163
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1227163
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Handle: RePEc:mes:chinec:v:50:y:2017:i:2:p:97-111
Template-Type: ReDIF-Article 1.0
Author-Name: Ping-Hong Yuan
Author-X-Name-First: Ping-Hong
Author-X-Name-Last: Yuan
Title: Trade Strategy Adjustment of China After the Financial Crisis
Abstract:
After the financial crisis in 2008, the share of foreign trade in GDP fluctuates in China. The contribution of foreign trade to the growth of GDP is weaker than before. In order to sustain the economic development, China needs to adjust its trade strategy. Based on the demographic structure change and the formation of domestic market, this article puts forward domestic-market-dominated trade strategy (DMDTS) will offer a new direction for trade strategy adjustment of China. Based on the advantage analysis of DMDTS, this article offers the relative suggestions on how to implement such a strategy in China successfully.
Journal: The Chinese Economy
Pages: 112-118
Issue: 2
Volume: 50
Year: 2017
Month: 3
X-DOI: 10.1080/10971475.2016.1227171
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1227171
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Handle: RePEc:mes:chinec:v:50:y:2017:i:2:p:112-118
Template-Type: ReDIF-Article 1.0
Author-Name: Zhao Jingqiao
Author-X-Name-First: Zhao
Author-X-Name-Last: Jingqiao
Title: Study on China’s E-Commerce Service Industry: Current Situation, Problems and Prospects
Abstract:
In recent years, the e-commerce service industry in China was experiencing explosive growth and was playing a more and more important role in the modern service sector in China, which had contributed a lot to the economic growth and changed people’s life a great deal. However, the explosive growth caused several industrial problems, which might hinder the development of the industry. These problems were analyzed and countermeasures were given to overcome these growing pains. And finally, the author outlooks the future development of the e-commerce service industry in China.
Journal: The Chinese Economy
Pages: 119-127
Issue: 2
Volume: 50
Year: 2017
Month: 3
X-DOI: 10.1080/10971475.2016.1227181
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1227181
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Handle: RePEc:mes:chinec:v:50:y:2017:i:2:p:119-127
Template-Type: ReDIF-Article 1.0
Author-Name: Shucui Wang
Author-X-Name-First: Shucui
Author-X-Name-Last: Wang
Title: Improving China Department Stores Through Total Quality Management
Abstract:
Accompanying the many changes in circumstances, China department stores are eager to find the right way to improve their competitiveness. Department stores belong to the service industry and with a retail format, they should reexamine total quality management content which embodies the specialty of the retailers’ mix offers. First, the article proposes that the goods quality and the service quality should be equally managed and controlled and well-aimed at creating the most customer value for the target customers. Second, the article is trying to draft the retailer total quality management model based on the customer value and to present the special management significance. Finally, the article provides advice about how to improve the competitiveness of China department stores based on a total quality management model.
Journal: The Chinese Economy
Pages: 128-138
Issue: 2
Volume: 50
Year: 2017
Month: 3
X-DOI: 10.1080/10971475.2016.1227182
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1227182
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Handle: RePEc:mes:chinec:v:50:y:2017:i:2:p:128-138
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Challenges to China after Becoming an Upper-Middle Income Country
Journal: Chinese Economy
Pages: 1-4
Issue: 1
Volume: 48
Year: 2015
Month: 1
X-DOI: 10.1080/10971475.2015.993174
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993174
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Handle: RePEc:mes:chinec:v:48:y:2015:i:1:p:1-4
Template-Type: ReDIF-Article 1.0
Author-Name: Heng Liu
Author-X-Name-First: Heng
Author-X-Name-Last: Liu
Author-Name: Zhihong Zhao
Author-X-Name-First: Zhihong
Author-X-Name-Last: Zhao
Title: Empirical Analysis on the Marketization Process and the Urban Resident’s Income Gap in China
Abstract:
The debate on the relationship between China’s income gap and marketization is ongoing. The influences that different modes and aspects of the marketization process have on the income gap have been theoretically analyzed in this article. From the empirical aspect, the statistical yearbook data of various provinces are used to calculate the Gini coefficient of urban residents’ disposable incomes from 1997 to 2010, and then to investigate the effects of the marketization process and other factors on the income gap. The empirical results confirm the theoretical hypothesis: The overall effect of marketization is to narrow the income gap significantly. The empirical analysis also shows that the main reasons for China’s increasingly expanding income gap lie in the promotion of education and in insufficient employment opportunities. This indicates that the human capital of the employed and market risk have become crucial factors affecting China’s income distribution. The influence of the aging population structure transition, economic growth, and other factors impacting the income gap is investigated. Corresponding policy recommendations on how to narrow the income gap are proposed.
Journal: Chinese Economy
Pages: 5-21
Issue: 1
Volume: 48
Year: 2015
Month: 1
X-DOI: 10.1080/10971475.2015.993180
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993180
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Handle: RePEc:mes:chinec:v:48:y:2015:i:1:p:5-21
Template-Type: ReDIF-Article 1.0
Author-Name: Xuebing Dong
Author-X-Name-First: Xuebing
Author-X-Name-Last: Dong
Author-Name: Hui Zhu
Author-X-Name-First: Hui
Author-X-Name-Last: Zhu
Author-Name: Charlotte Q. Hu
Author-X-Name-First: Charlotte Q.
Author-X-Name-Last: Hu
Title: Protection of Intellectual Property Rights and Industrial Agglomeration: Evidence From the Creative Industries in China
Abstract:
Recently, creative industries have clustered in medium and large cities. Based on data from the provincial economic census, this article applies the method of exploratory spatial data analysis (ESDA) to investigate the spatial correlation of the creative economy in China, thereby, shedding light on spatial dependence patterns and spatial interactions. The empirical result shows that there is a spatial correlation and an obvious agglomeration effect. The protection of intellectual property rights (IPRs) has a positive effect on the agglomeration of creative industries. This result is robust against various estimation methods. Besides the protection of IPRs, many other elements influence the agglomeration of creative industries. We find that the real wage, which has been considered the most important determinant for industry agglomeration in the classical literature, has a positive but insignificant effect on the agglomeration of creative industries. The estimated coefficients for the level of marketization and cultural endowment are significant and positive.
Journal: Chinese Economy
Pages: 22-40
Issue: 1
Volume: 48
Year: 2015
Month: 1
X-DOI: 10.1080/10971475.2015.993181
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993181
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Handle: RePEc:mes:chinec:v:48:y:2015:i:1:p:22-40
Template-Type: ReDIF-Article 1.0
Author-Name: Pei Xu
Author-X-Name-First: Pei
Author-X-Name-Last: Xu
Author-Name: Zhigang Wang
Author-X-Name-First: Zhigang
Author-X-Name-Last: Wang
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Opinion Leadership and Chinese Consumers’ Attitudes Toward Pork with a Quality and Safety Label
Abstract:
Pork is the most preferred meat for the Chinese, representing 64 percent of the national animal protein consumption in 2011. Severe pork contaminations have caused the loss of 1,700 lives, weakened consumer confidence, and plagued China’s already inefficient pork supply system. This study examines Chinese consumers’ attitudes toward the government-issued Quality and Safety Certificate (the QS label). We applied a three-stage adoption framework and focused on the impact of self-perceived opinion leadership, pork-related health risk knowledge, consumption frequency, retailers visited, price concerns, and demographic factors related to the awareness, use, and valuation of the QS label. Results from a univariate profit model show that 1) opinion leadership status is the only factor that positively affects all three stages of adoption; 2) pork health risk knowledge only contributes to the second stage of how the label is used; 3) education and spouse participation in decision making positively affects the awareness of the label; and 4) frequent pork consumers tend to perceive the label as useful. The results suggest that, due to the increased awareness and improved acceptance of labeled pork by more knowledgeable consumers, private firms and the government stand to benefit from improvements in comprehensive pork safety control in China.
Journal: Chinese Economy
Pages: 41-56
Issue: 1
Volume: 48
Year: 2015
Month: 1
X-DOI: 10.1080/10971475.2015.993182
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993182
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Handle: RePEc:mes:chinec:v:48:y:2015:i:1:p:41-56
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Should China Implement Congestion Pricing?
Abstract:
Over the past two decades, China has experienced a dramatic increase in auto ownership and use, with the number of privately owned vehicles increasing more than 70 folds in twenty years, from 0.82 million in 1990 to 59.39 million in 2010. Urban roads in major Chinese cities have, thus, become much more congested. Congestion pricing, theoretically, helps to internalize traffic externalities and reduce congestion. Practically, it has been implemented in a number of countries. This article presents the economic theory of congestion pricing and discusses international practices of congestion pricing. Based on the theory and practices, the article proposes implications for China and argues that China should consider implementing congestion pricing to combat traffic congestion in major cities.
Journal: Chinese Economy
Pages: 57-67
Issue: 1
Volume: 48
Year: 2015
Month: 1
X-DOI: 10.1080/10971475.2015.993200
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993200
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Handle: RePEc:mes:chinec:v:48:y:2015:i:1:p:57-67
Template-Type: ReDIF-Article 1.0
Author-Name: Huibing Zhao
Author-X-Name-First: Huibing
Author-X-Name-Last: Zhao
Author-Name: Jiangnan Zhu
Author-X-Name-First: Jiangnan
Author-X-Name-Last: Zhu
Title: Social Impetus, Economic Roots, and Political Logic: China’s Transformation Through the Lens of American History
Abstract:
China is facing a crucial turning point in its sociopolitical development with the recent turnover of the leadership and the potential of further reform carried out by the new administration. To shed light on the future of China, this research compares the United States between 1789 and 1917 with China between 1949 and 2012. We examine the social impetus, economic roots, and political logic of the great transformations of the two countries. Through the lens of American history, we argue, first, that social discontent in the short run may push structural reform forward. Second, to transform the passive, piecemeal, and unpredictable reform into a proactive, systematic, and integral reform, we propose that China must build social consensus and a strong middle class.
Journal: Chinese Economy
Pages: 68-84
Issue: 1
Volume: 48
Year: 2015
Month: 1
X-DOI: 10.1080/10971475.2015.993206
File-URL: http://hdl.handle.net/10.1080/10971475.2015.993206
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Handle: RePEc:mes:chinec:v:48:y:2015:i:1:p:68-84
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Governance, Efficiency, and Development
Journal: The Chinese Economy
Pages: 57-59
Issue: 2
Volume: 49
Year: 2016
Month: 3
X-DOI: 10.1080/10971475.2016.1142822
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1142822
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Handle: RePEc:mes:chinec:v:49:y:2016:i:2:p:57-59
Template-Type: ReDIF-Article 1.0
Author-Name: Tingting Zhou
Author-X-Name-First: Tingting
Author-X-Name-Last: Zhou
Author-Name: Wei-an Li
Author-X-Name-First: Wei-an
Author-X-Name-Last: Li
Title: Board Governance and Managerial Risk Taking: Dynamic Analysis
Abstract:
The allocation of investment dollars between R&D (high-risk investments) and capital expenditure (low-risk investments), as a reflection of managers’ inclination to take risks, is an important issue in the field of corporate governance and corporate finance because of the different interests and responsibility orientations of key stakeholders. Based on the endogeneity of board governance and managerial risk taking, this article discusses the relationship between board governance and managerial risk taking using Instrumental Variables and Generalized Method of Moments. This article also discusses the effects of board governance on managerial risk taking in the long-term dynamic perspective. The results show that board governances have positive effects on managerial risk taking; that is, board governance would lead to higher investment in R&D expenditures and lower investment in capital expenditures, not only in the current year, but also over multiple years. This evidence suggests that effective board governance plays a significant role in promoting firm innovations.
Journal: The Chinese Economy
Pages: 60-80
Issue: 2
Volume: 49
Year: 2016
Month: 3
X-DOI: 10.1080/10971475.2016.1142823
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Handle: RePEc:mes:chinec:v:49:y:2016:i:2:p:60-80
Template-Type: ReDIF-Article 1.0
Author-Name: Jinlan Ni
Author-X-Name-First: Jinlan
Author-X-Name-Last: Ni
Author-Name: Mark E. Wohar
Author-X-Name-First: Mark E.
Author-X-Name-Last: Wohar
Author-Name: Beichen Wang
Author-X-Name-First: Beichen
Author-X-Name-Last: Wang
Title: Structural Breaks in Volatility: The Case of Chinese Stock Returns
Abstract:
This article tests for periodic breaks in the unconditional variance of stock return data on two Chinese stock return market indexes. Using the modified ICSS algorithm, we observe three breaks in the Shanghai Stock Exchange composite index and Shenzhen Stock Exchange composite index series. We document the policy changes related to the Chinese stock market and explain that the Chinese stock market is largely influenced by government policy.
Journal: The Chinese Economy
Pages: 81-93
Issue: 2
Volume: 49
Year: 2016
Month: 3
X-DOI: 10.1080/10971475.2016.1143302
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1143302
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Handle: RePEc:mes:chinec:v:49:y:2016:i:2:p:81-93
Template-Type: ReDIF-Article 1.0
Author-Name: Jia-Ting Wang
Author-X-Name-First: Jia-Ting
Author-X-Name-Last: Wang
Author-Name: Qing-Feng Cao
Author-X-Name-First: Qing-Feng
Author-X-Name-Last: Cao
Author-Name: Tian-Ye Chen
Author-X-Name-First: Tian-Ye
Author-X-Name-Last: Chen
Author-Name: Xuan Wang
Author-X-Name-First: Xuan
Author-X-Name-Last: Wang
Title: An Empirical Study on the Technical Efficiency of Foreign Direct Investment in China with Environmental Constraints
Abstract:
This article uses a slacks-based measure (SBM) model to evaluate the technical efficiency of foreign direct investment (FDI) in China’s thirty provinces with environmental constraints. Meanwhile, this article also employs the Charnes-Cooper-Rhodes (CCR) model to measure the technical efficiency of FDI without environmental constraints. By comparing these two results under different assumptions, we find the technical efficiency with environmental constraints in most provinces is lower than that without environmental constraints. In terms of technical efficiency, Central China is the highest, Eastern China comes second, and Western China is the lowest in both cases. Besides, the excess pollutant emission is the primary factor that results in the technical inefficiency of FDI.
Journal: The Chinese Economy
Pages: 94-104
Issue: 2
Volume: 49
Year: 2016
Month: 3
X-DOI: 10.1080/10971475.2016.1143304
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1143304
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Handle: RePEc:mes:chinec:v:49:y:2016:i:2:p:94-104
Template-Type: ReDIF-Article 1.0
Author-Name: Shi Zheng
Author-X-Name-First: Shi
Author-X-Name-Last: Zheng
Author-Name: Shengnan Huang
Author-X-Name-First: Shengnan
Author-X-Name-Last: Huang
Author-Name: Zhibin Wang
Author-X-Name-First: Zhibin
Author-X-Name-Last: Wang
Author-Name: Zhigang Wang
Author-X-Name-First: Zhigang
Author-X-Name-Last: Wang
Title: Giffen Paradox and Industrial Development: A Case Study of Family Service Industry in Beijing
Abstract:
Giffen Paradox is a phenomenon contrary to common economic theories. This paper explores Giffen Paradox in practice by seeking the existence in the home service industry, with an investigation of home service labor employment behavior of consumers in Beijing. By applying the Heckman Two-Stage Method, we analyzed the data collected and found that when home service prices rise, consumers with previous experience in home servant employment or extra working hours tend to increase employed labor hours, while other variables have limited influence. The study confirms the existence of Giffen Paradox in consumer behaviors and provides policy suggestions to promote home service industry in Beijing.
Journal: The Chinese Economy
Pages: 105-127
Issue: 2
Volume: 49
Year: 2016
Month: 3
X-DOI: 10.1080/10971475.2016.1143305
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1143305
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Handle: RePEc:mes:chinec:v:49:y:2016:i:2:p:105-127
Template-Type: ReDIF-Article 1.0
Author-Name: Peng Li
Author-X-Name-First: Peng
Author-X-Name-Last: Li
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: What Pushes Up China’s Urban Housing Price So High?
Abstract:
Since the housing reform in 1998, real housing prices in China’s urban areas have increased 60 percent, much faster than the growth rate of disposable income. Consequently, the price-income ratio rose from 7.11 in 1998 to 15.37 in 2012, indicating a dramatic decrease in housing affordability. This article first describes the skyrocketing of China’s urban housing prices. It then discusses factors that led to the soaring housing prices, including institutional, cultural, and economic factors. Finally, the article examines recent government housing policies and their effectiveness. The article argues that removing the local government’s double monopoly powers and replacing taxes and fees at transactions with property taxes during possession could better control China’s fast growing housing price.
Journal: The Chinese Economy
Pages: 128-141
Issue: 2
Volume: 49
Year: 2016
Month: 3
X-DOI: 10.1080/10971475.2016.1143306
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Handle: RePEc:mes:chinec:v:49:y:2016:i:2:p:128-141
Template-Type: ReDIF-Article 1.0
Author-Name: H. Holly Wang
Author-X-Name-First: H. Holly
Author-X-Name-Last: Wang
Author-Name: Michael Delgado
Author-X-Name-First: Michael
Author-X-Name-Last: Delgado
Author-Name: Shaosheng Jin
Author-X-Name-First: Shaosheng
Author-X-Name-Last: Jin
Title: The Special Issue on Chinese Food, Agricultural and Rural Economics
Journal: The Chinese Economy
Pages: 139-140
Issue: 3
Volume: 50
Year: 2017
Month: 5
X-DOI: 10.1080/10971475.2017.1297646
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1297646
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Handle: RePEc:mes:chinec:v:50:y:2017:i:3:p:139-140
Template-Type: ReDIF-Article 1.0
Author-Name: Pei Xu
Author-X-Name-First: Pei
Author-X-Name-Last: Xu
Author-Name: Yan Yang
Author-X-Name-First: Yan
Author-X-Name-Last: Yang
Author-Name: Todd Lone
Author-X-Name-First: Todd
Author-X-Name-Last: Lone
Title: Chinese Parents’ Safety Concerns and Willingness to Pay for Child Milk Beverages: A Case Study from Beijing
Abstract:
China’s burgeoning economic growth in the last two decades has not come without challenges, one of which has been significant food safety problems, especially food supplied to children. News about fake milk formula and tainted milk were recurrently publicized in the period 2003 to 2008, resulting in millions of frightened parents and plunging consumer confidence in domestically produced milk products. This study focuses on the factors affecting parents’ perceptions of and willingness to pay for milk-based beverages targeted toward children 3–6 years old. Using data gathered from 207 questionnaires completed in Beijing in October and December of 2013, this study discovered that child milk-based beverages are a common daily food for children: 71% of the surveyed parents reported that his/her child consumes the beverage at least once a day and 50% of the children consume it twice or more per day. The main reasons behind the high consumption rates include: 1) “my kid likes the taste” (73%); 2) “child milk beverages are safer than regular milk” (52%); and 3) “I think the milk beverage is nutritious” (43%). Almost all survey participants consider brand an important factor in changing purchase decisions (98%); the vast majority of parents (over 93%) consider brand and their child’s taste preference when making purchases. Conditional logit model results show that Chinese national branded products brought additional food safety assurance to parents and that Chinese parents seek lower priced milk-based beverages for their children. This study suggests that the government may react to the expanding demand for milk beverages by improving food safety standards and providing additional food safety information; both of which will contribute to a more informed consumption decision.
Journal: The Chinese Economy
Pages: 141-156
Issue: 3
Volume: 50
Year: 2017
Month: 5
X-DOI: 10.1080/10971475.2017.1297647
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1297647
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Handle: RePEc:mes:chinec:v:50:y:2017:i:3:p:141-156
Template-Type: ReDIF-Article 1.0
Author-Name: Wuyang Hu
Author-X-Name-First: Wuyang
Author-X-Name-Last: Hu
Author-Name: Ping Qing
Author-X-Name-First: Ping
Author-X-Name-Last: Qing
Author-Name: Linda Cox
Author-X-Name-First: Linda
Author-X-Name-Last: Cox
Title: Marketing of Hawai’i Food Products in China
Abstract:
This study describes an integrated strategy for exploring niche markets and assessing consumers’ response to imported food products in China. Using a case study of Hawai’i food products, the analysis illustrates an approach to bundling various food items in order to increase their appeal to consumers. These products are presented to consumers in the form of gift baskets. Chinese consumers’ preferences and willingness to pay and purchase the gift baskets are evaluated using a contingent rating survey. The results indicate that bundling increases profits for each individual product, including the basket. Consumers are receptive to the idea of paying a price premium for quality imported food items with decorative presentation. Implications of the current research on other food items, particularly food product bundling are discussed.
Journal: The Chinese Economy
Pages: 157-167
Issue: 3
Volume: 50
Year: 2017
Month: 5
X-DOI: 10.1080/10971475.2017.1297649
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1297649
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Handle: RePEc:mes:chinec:v:50:y:2017:i:3:p:157-167
Template-Type: ReDIF-Article 1.0
Author-Name: Jialu Liu Streeter
Author-X-Name-First: Jialu Liu
Author-X-Name-Last: Streeter
Title: Socioeconomic Factors Affecting Food Consumption and Nutrition in China: Empirical Evidence During the 1989–2009 Period
Abstract:
This article examines the socioeconomic determinants of food and macronutrient consumption, in light of the Chinese experience in the past two decades. A panel regression using data during the 1989–2009 period provides a long-term trajectory of dietary characteristics. Quantile regressions characterize factors associated with excessive or inadequate consumption levels. The empirical results suggest that first, the consumptions of animal foods, fresh fruit, and dairy products increase and that of cereals decreases in response to income growth. People with low consumption levels are more responsive to changes in income. Second, the better educated favor lower-calorie diets with more animal foods, fruit, and dairy but less cereals. Third, the rural-urban divide is large. While urban dwellers consume more animal foods, fresh fruit, and dairy products, their intakes of energy and carbohydrates are well below those of their rural counterparts. In addition, the article provides some insight into how China’s food consumption patterns differ from those of the United States.
Journal: The Chinese Economy
Pages: 168-192
Issue: 3
Volume: 50
Year: 2017
Month: 5
X-DOI: 10.1080/10971475.2017.1297653
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1297653
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Handle: RePEc:mes:chinec:v:50:y:2017:i:3:p:168-192
Template-Type: ReDIF-Article 1.0
Author-Name: Qiang Li
Author-X-Name-First: Qiang
Author-X-Name-Last: Li
Author-Name: Lian An
Author-X-Name-First: Lian
Author-X-Name-Last: An
Author-Name: Jingzhuo Tan
Author-X-Name-First: Jingzhuo
Author-X-Name-Last: Tan
Author-Name: Changde Zheng
Author-X-Name-First: Changde
Author-X-Name-Last: Zheng
Author-Name: Mengke Yang
Author-X-Name-First: Mengke
Author-X-Name-Last: Yang
Author-Name: Chiyuan Gong
Author-X-Name-First: Chiyuan
Author-X-Name-Last: Gong
Title: School Dropout, Ethnicity and Religion: Evidence from Western Rural China
Abstract:
This article studies the determinants of school dropout decisions for western rural China by using the original and unique survey of 6,000 families in western rural China. Special focus is given to the impact of religion on dropout decisions. We find that children from religious families are more likely to drop out of school than other children, especially for those practicing Tibetan Buddhism. In addition, we find that increase in a child’s age, being a boy, and being part of an ethnic minority will increase the dropout probability while an increase in the mother’s education will decrease the dropout probability. Family income and migration status do not have significant impact on the dropout decision in western rural China.
Journal: The Chinese Economy
Pages: 193-204
Issue: 3
Volume: 50
Year: 2017
Month: 5
X-DOI: 10.1080/10971475.2017.1297655
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1297655
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Handle: RePEc:mes:chinec:v:50:y:2017:i:3:p:193-204
Template-Type: ReDIF-Article 1.0
Author-Name: Zhuoying Zhang
Author-X-Name-First: Zhuoying
Author-X-Name-Last: Zhang
Author-Name: Hong Yang
Author-X-Name-First: Hong
Author-X-Name-Last: Yang
Author-Name: Minjun Shi
Author-X-Name-First: Minjun
Author-X-Name-Last: Shi
Title: Alleviating Water Scarcity in the North China Plain: The Role of Virtual Water and Real Water Transfer
Abstract:
The North China Plain is the scarcest water region in China. Its water security is closely related to interregional water movement, which can be realized by real water transfers and/or virtual water transfers. This study investigates the roles of virtual water trade and real water transfer using the Interregional Input-Output model. The results show that the region is receiving 19.4 billion m3/year of virtual water from the interregional trade, while exporting 16.4 billion m3/year of virtual water in the international trade. In balance, the region has a net virtual water gain of 3 billion m3/year from the outside. Its virtual water inflow is dominated by agricultural products from other provinces, totalling 16.6 billion m3/year, while its virtual water export is dominated by manufacturing sectors to other countries, totalling 11.7 billion m3/year. Both virtual water imports and real water transfers from the South to North Water Diversion Project are important water supplements for the region. The results of this study provide useful scientific references for the establishment of combating strategies to deal with water scarcity in the future.
Journal: The Chinese Economy
Pages: 205-219
Issue: 3
Volume: 50
Year: 2017
Month: 5
X-DOI: 10.1080/10971475.2017.1297656
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1297656
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Handle: RePEc:mes:chinec:v:50:y:2017:i:3:p:205-219
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Manufacturing Performance and Market Structure
Journal: The Chinese Economy
Pages: 397-398
Issue: 6
Volume: 48
Year: 2015
Month: 11
X-DOI: 10.1080/10971475.2015.1081804
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1081804
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Handle: RePEc:mes:chinec:v:48:y:2015:i:6:p:397-398
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin H. Zhang
Author-X-Name-First: Kevin H.
Author-X-Name-Last: Zhang
Title: Macro- and Micro-Drivers of Manufacturing Performance of China
Abstract:
China seems to emerge as a global industrial player in terms of manufacturing capacity and technology upgrading. Is China really an industrial power or merely a manufacturing giant? If it is truly a significant power, what accounts for China’s manufacturing success? First, we assess China’s manufacturing performance through global comparisons along three dimensions (manufacturing capacity, intensity, and quality). Then we analyze the main structural macro- and micro-drivers of manufacturing development in China, and finally we provide empirical estimations of the drivers. We find that China’s manufacturing success is real, primarily in terms of manufacturing capacity and intensity, but not yet in quality. The main drivers include China’s well-designed developmental strategy and industrial policy, large domestic and foreign investments, and increasingly improved infrastructures.
Journal: The Chinese Economy
Pages: 399-412
Issue: 6
Volume: 48
Year: 2015
Month: 11
X-DOI: 10.1080/10971475.2015.1081805
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1081805
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Handle: RePEc:mes:chinec:v:48:y:2015:i:6:p:399-412
Template-Type: ReDIF-Article 1.0
Author-Name: Paul Minard
Author-X-Name-First: Paul
Author-X-Name-Last: Minard
Title: Property Rights and Investment Among Chinese Firms: The Importance of Sunk Costs
Abstract:
Although numerous studies have demonstrated an association between property rights and economic performance, we lack a good understanding of the channels mediating this association. This article examines data from a World Bank survey of 12,400 Chinese industrial firms and presents evidence consistent with a “sunk cost mechanism” by which property rights affect firm investment levels, new fixed asset investment being more responsive to property rights security among firms with high sunk costs. This finding is robust to two proxies for sunk costs, and is as predicted by an options model of optimal investment.
Journal: The Chinese Economy
Pages: 413-429
Issue: 6
Volume: 48
Year: 2015
Month: 11
X-DOI: 10.1080/10971475.2015.1081806
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1081806
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Handle: RePEc:mes:chinec:v:48:y:2015:i:6:p:413-429
Template-Type: ReDIF-Article 1.0
Author-Name: Pattarin Adithipyangkul
Author-X-Name-First: Pattarin
Author-X-Name-Last: Adithipyangkul
Author-Name: Tak Yan Leung
Author-X-Name-First: Tak Yan
Author-X-Name-Last: Leung
Title: State Ownership, Legal Institution, and Independent Director Compensation: An Exploratory Study in China
Abstract:
This study examines the determinants of independent director compensation in China, with particular interest in the impact of state ownership and legal institutions. Controlling for the characteristics of directors, boards, and firms, we find independent director compensation is positively related to attributes of a director’s human and social capital such as education, effort, professional expertise, and connections (guanxi). We show that independent director pay is determined differently across ownership structures. Independent directors are paid less in companies owned by local government units, and independent directors in such companies are paid less in a region with more greatly developed legal institutions. This study contributes to the limited literature on independent director compensation by extending beyond the market economies to explore the determinants of independent director compensation in a transitional economy such as China. It also adds to the literature on legal institutions by examining the impact of legal development on compensation. Finally, this study informs the public of the current compensation practice, which will facilitate future policy making.
Journal: The Chinese Economy
Pages: 430-448
Issue: 6
Volume: 48
Year: 2015
Month: 11
X-DOI: 10.1080/10971475.2015.1081808
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1081808
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Handle: RePEc:mes:chinec:v:48:y:2015:i:6:p:430-448
Template-Type: ReDIF-Article 1.0
Author-Name: Hamish Anderson
Author-X-Name-First: Hamish
Author-X-Name-Last: Anderson
Author-Name: Andrew Dunstan
Author-X-Name-First: Andrew
Author-X-Name-Last: Dunstan
Author-Name: Ben R. Marshall
Author-X-Name-First: Ben R.
Author-X-Name-Last: Marshall
Title: Cultural Stock Price Clustering in the Chinese Equity Market
Abstract:
We use high-frequency data over a long period (1996–2009) to document the prevalence of cultural biases in the Chinese equity market where many Chinese see the numbers 8 and 4 as lucky and unlucky, respectively. We show that cultural clustering is pervasive across both exchanges and share classes but is declining over time. Cultural-driven order placement is more prevalent in higher-priced shares. The aversion to order prices ending in 4 is strong in bid orders but non-existent in ask orders, and the attraction to 8 is significantly greater in ask orders. Order prices also exhibit strategic placement to prioritize execution time.
Journal: The Chinese Economy
Pages: 449-467
Issue: 6
Volume: 48
Year: 2015
Month: 11
X-DOI: 10.1080/10971475.2015.1081810
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1081810
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Handle: RePEc:mes:chinec:v:48:y:2015:i:6:p:449-467
Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: EOV Editorial Board
Journal: The Chinese Economy
Pages: 468-468
Issue: 6
Volume: 48
Year: 2015
Month: 11
X-DOI: 10.1080/10971475.2015.1091254
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1091254
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Handle: RePEc:mes:chinec:v:48:y:2015:i:6:p:468-468
Template-Type: ReDIF-Article 1.0
Author-Name: Jaimie W. Lien
Author-X-Name-First: Jaimie W.
Author-X-Name-Last: Lien
Author-Name: Wei Wang
Author-X-Name-First: Wei
Author-X-Name-Last: Wang
Author-Name: Jie Zheng
Author-X-Name-First: Jie
Author-X-Name-Last: Zheng
Title: A Model of Capital Allocation, Education, and Job Choice in China
Abstract:
The narrowing wage gap between high- and low-skilled workers in the Chinese labor market in recent years is suggestive of government interventions which may have been implemented in the capital markets. We develop a game theoretic model between a continuum of heterogeneous workers and the government, where workers choose education levels, the government chooses its capital allocation strategy subject to a budget constraint, and the workers then make employment choices. The government is modeled as having a possible policy priority on particular industries or sectors. We characterize the existence and uniqueness conditions for equilibrium of the game and provide a closed form solution to the model for reasonable parameter values. We show that the wage ratio between high- and low-skilled workers decreases as government’s policy priority (or bias) toward low-skilled sectors increases, up to a threshold level of the policy bias. Beyond that threshold level, the wage gap between high- and low-skill workers is negative. Thus the shrinking wage gap can be explained by the government’s capital investment strategy which is driven by its policy priority bias. We derive comparative statics results and discuss policy implications.
Journal: The Chinese Economy
Pages: 307-326
Issue: 5
Volume: 49
Year: 2016
Month: 9
X-DOI: 10.1080/10971475.2016.1193384
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Handle: RePEc:mes:chinec:v:49:y:2016:i:5:p:307-326
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoya (Sara) Ding
Author-X-Name-First: Xiaoya (Sara)
Author-X-Name-Last: Ding
Author-Name: Meiying Wu
Author-X-Name-First: Meiying
Author-X-Name-Last: Wu
Author-Name: Ligang Zhong
Author-X-Name-First: Ligang
Author-X-Name-Last: Zhong
Title: The Effect of Access to Public Debt Market on Chinese Firms Leverage
Abstract:
Publicly traded firms in China rely heavily on equity financing and are constrained in debt financing. Gaining access to the public debt market substantially alleviates the constraint. The debt ratio of the firms that have access to the public debt market is approximately 14 percent higher than the firms without access. Everything else being equal, gaining access to the public debt market significantly increases the debt ratio by 3.44 percent, and this increase is concentrated in long-term debt. We further find that non-SOEs enjoy greater benefits from access to the public debt market than SOEs, as evidenced by an increase in their total debt ratio and long-term debt ratio. For SOEs, the increase in long-term debt is offset by the decrease in short-term debt, which results in no change in total debt ratio. Our findings suggest the importance of access to the public debt market for Chinese firms, especially for non-SOEs that do not have privileged access to capital as do the SOEs.
Journal: The Chinese Economy
Pages: 327-342
Issue: 5
Volume: 49
Year: 2016
Month: 9
X-DOI: 10.1080/10971475.2016.1193387
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Handle: RePEc:mes:chinec:v:49:y:2016:i:5:p:327-342
Template-Type: ReDIF-Article 1.0
Author-Name: Zhou Yang
Author-X-Name-First: Zhou
Author-X-Name-Last: Yang
Author-Name: Zhiqiang Ye
Author-X-Name-First: Zhiqiang
Author-X-Name-Last: Ye
Title: Domestic Market Integration in China: The Role of the Financial Sector
Abstract:
Market integration in China has attracted substantial public attention, but little is known about the role that the financial sector plays in this process. This article is the first to empirically examine the effect of financial sector development on spatial market integration in China. Moreover, it explores the differential impacts of financial sector development across regions. Surprisingly, our results show that the development of the financial sector undermines spatial market integration in China due to local protectionism and strategic behavior. Further, the effects of various factors on market integration differ between economically developed and undeveloped areas.
Journal: The Chinese Economy
Pages: 343-358
Issue: 5
Volume: 49
Year: 2016
Month: 9
X-DOI: 10.1080/10971475.2016.1193389
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Handle: RePEc:mes:chinec:v:49:y:2016:i:5:p:343-358
Template-Type: ReDIF-Article 1.0
Author-Name: Jingjing Ye
Author-X-Name-First: Jingjing
Author-X-Name-Last: Ye
Author-Name: Xiaokai Wu
Author-X-Name-First: Xiaokai
Author-X-Name-Last: Wu
Title: Location Preference in Migration Decision: Evidence from 2013 China Household Finance Survey
Abstract:
In the presence of rapid urbanization, labor flow from urban to urban areas has become more prevalent in contemporary China. Understanding the group of urban to urban migrants is a crucial step to develop an efficient policy for sustainable economic growth in the ensuing decades. This article investigates the individual migration decision and preference for metropolitan areas in urban China. Compared to eastern China residents, individuals from interior areas have a significantly higher propensity to migrate, even after controlling for the income and welfare level of their home provinces. However, urban interprovincial migrants have reduced their moving propensity to mega cities, such as Beijing and Shanghai, by 11 percent within the most recent five years. Our finding suggests that central China is experiencing a massive out-migration and is encountering a high risk of high-skill labor loss.
Journal: The Chinese Economy
Pages: 359-373
Issue: 5
Volume: 49
Year: 2016
Month: 9
X-DOI: 10.1080/10971475.2016.1193390
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1193390
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Handle: RePEc:mes:chinec:v:49:y:2016:i:5:p:359-373
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Dong
Author-X-Name-First: Yan
Author-X-Name-Last: Dong
Author-Name: Cijun Fan
Author-X-Name-First: Cijun
Author-X-Name-Last: Fan
Author-Name: Dayong Zhang
Author-X-Name-First: Dayong
Author-X-Name-Last: Zhang
Title: Does the Introduction of Stock Index Futures Destabilize the Spot Market? Some Cross-Country Evidence from Asia
Abstract:
The role of stock index futures (SIFs) in the stock market is very much under debate in the literature. This article studies the effect of the introduction of SIFs to the spot market in China and six other Asian markets. Based on the previous literature, we develop a hypothesis that in a bull market in which bubbles and noise traders are more likely to exist, the introduction of SIFs as an arbitrage instrument may cause price reversal and increase short-term volatility in the underlying market. We examine China and six other major stock markets in Asia to test this hypothesis. Pre- and post-launch standard volatility comparison, rolling windows estimation of volatility, and Markov Switching ARCH estimation are employed in our empirical analysis. Our results are found to support our hypothesis.
Journal: The Chinese Economy
Pages: 374-394
Issue: 5
Volume: 49
Year: 2016
Month: 9
X-DOI: 10.1080/10971475.2016.1193393
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1193393
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Handle: RePEc:mes:chinec:v:49:y:2016:i:5:p:374-394
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoya (Sara) Ding
Author-X-Name-First: Xiaoya (Sara)
Author-X-Name-Last: Ding
Author-Name: Nicholas S. P. Tay
Author-X-Name-First: Nicholas S. P.
Author-X-Name-Last: Tay
Title: Some Challenges to Economic Growth and Stability in China
Journal: The Chinese Economy
Pages: 301-306
Issue: 5
Volume: 49
Year: 2016
Month: 9
X-DOI: 10.1080/10971475.2016.1193394
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1193394
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Handle: RePEc:mes:chinec:v:49:y:2016:i:5:p:301-306
Template-Type: ReDIF-Article 1.0
Author-Name: Bin Wang
Author-X-Name-First: Bin
Author-X-Name-Last: Wang
Author-Name: Mary Ip
Author-X-Name-First: Mary
Author-X-Name-Last: Ip
Title: China (Shanghai) Pilot Free Trade Zone—An Appraisal
Journal: The Chinese Economy
Pages: 221-224
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321457
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321457
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:221-224
Template-Type: ReDIF-Article 1.0
Author-Name: Jiaxiang Hu
Author-X-Name-First: Jiaxiang
Author-X-Name-Last: Hu
Title: A Retrospective View on the First Three Years of China (Shanghai) Pilot Free Trade Zone
Abstract:
As a test ground for new policies, the China (Shanghai) Pilot Free Trade Zone (SPFTZ) has been authorized for three years by the Chinese top legislature to suspend the application of certain provisions of the three foreign investment laws. Different from all the previous SEZs which have received some incentive policies from the central government, the SPFTZ has not been offered any preferential treatment. Instead, it has been encouraged to experiment with new innovative measures in administration. During the first three years of piloting reforms, the SPFTZ shall expedite the functional transformation of the government through limiting the administrative power; expand the opening up of service sectors by releasing the limitations on market access; streamline the administrative regulation on foreign investment; develop the multinational corporation headquarter economy with more sophisticated facilities, and try to experiment with new trade forms. As such, experience hence gained shall serve nationwide with new ideas and approaches in the next round of economic reforms.
Journal: The Chinese Economy
Pages: 225-237
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321458
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:225-237
Template-Type: ReDIF-Article 1.0
Author-Name: Delei Peng
Author-X-Name-First: Delei
Author-X-Name-Last: Peng
Author-Name: Xiuyan Fei
Author-X-Name-First: Xiuyan
Author-X-Name-Last: Fei
Title: China’s Free Trade Zones: Regulatory Innovation, Legal Assessment and Economic Implication
Abstract:
This article analyzes the construction of China’s Free Trade Zones (FTZs) from legal and economic perspectives and analyzes its economic implication. It presents the regulatory innovation on the FTZs and explains the legitimacy of the establishment of the FTZs. A full legal assessment on the FTZs is made and the weak points there of are indicated. To establish a legal assessment mechanism for the FTZs is considered as necessary to maintain a sound and sustainable development of the FTZs. In addition, the positive effect of the FTZs on the Chinese economy is analyzed and has been proven.
Journal: The Chinese Economy
Pages: 238-248
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321886
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321886
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:238-248
Template-Type: ReDIF-Article 1.0
Author-Name: Qinhua Wang
Author-X-Name-First: Qinhua
Author-X-Name-Last: Wang
Title: The Management of Foreign Private Equity Funds Involves Foreign Investment and Foreign Exchange in the China (Shanghai) Pilot Free Trade Zone
Abstract:
China (Shanghai) Pilot Free Trade Zone’s management model of post-establishment national treatment to foreign investors is providing replicable and propagable experiences for the comprehensive deepening reform of China. Foreign private equity funds involve foreign investment and foreign exchange management and other systems which could be a representative sample of reform. However, even after the removal of previous unnecessary regulations, the reform of the post-establishment national treatment access is not absolute equality and fully liberalized for developing a concurrent regulation and ex-post regulation framework. Specifically, there is a need to simplify procedures in the stage of establishment and use the same barriers to entry with domestic capital, adopt the “negative list” management model in the part of investment; gradually promote the liberalization of foreign exchange, and monitor whether the flow of funds is real compliance, and also, make a national security review of fund acquisitions.
Journal: The Chinese Economy
Pages: 249-258
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321887
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321887
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:249-258
Template-Type: ReDIF-Article 1.0
Author-Name: Lina Shang
Author-X-Name-First: Lina
Author-X-Name-Last: Shang
Title: Intellectual Property Protection in China (Shanghai) Pilot Free Trade Zone-Judicial and Administrative Practice in Trademark Infringement of OEM
Abstract:
Trademark Infringement of Original Equipment Manufacturer (OEM) is an important issue in the China (Shanghai) Pilot Free Trade Zone. Such trademark infringement disputes arising from conflicts between the foreign client with foreign trademark rights and the domestic trademark owner with a similar trademark on the same or similar goods are arguable since the so-called “infringement” barely results in confusing or misleading the relevant people. However, court verdicts on this issue have been inconsistent. Furthermore, the customs department’s approach in determining infringement of OEM has been restricted by the narrow scope of interpretation of the relevant provision in the trademark law. Stemming from the differing approaches taken by the courts and the administrative authority, this article attempts to trace the root of the problems and suggest viable solutions.
Journal: The Chinese Economy
Pages: 259-265
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321889
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321889
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:259-265
Template-Type: ReDIF-Article 1.0
Author-Name: Bin Wang
Author-X-Name-First: Bin
Author-X-Name-Last: Wang
Title: Employment in China (Shanghai) Pilot Free Trade Zone
Abstract:
Employment is an important issue for the China (Shanghai) Pilot Free Trade Zone. In the China (Shanghai) Pilot Free Trade Zone the labor relation presents distinct international-oriented character and diverse employment forms. Correspondingly, in the China (Shanghai) Pilot Free Trade Zone some problems relating to the employment, especially the employment of foreigner staff, are challenged by the enterprises. This article tries to put forth some suggestions on how to resolve these problems.
Journal: The Chinese Economy
Pages: 266-273
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321892
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321892
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:266-273
Template-Type: ReDIF-Article 1.0
Author-Name: Bin Wang
Author-X-Name-First: Bin
Author-X-Name-Last: Wang
Title: Arbitration Within the China (Shanghai) Pilot Free Trade Zone
Abstract:
Arbitration, with its perceived benefits of economy in time and expenses, confidentiality, enforceability, neutrality, and liberty from national laws’ restraints, is the preferred choice for dispute within the SPFTZ. The establishment of the SPFTZ Arbitration Court and the promulgation of SPFTZ Arbitration Rules and the Opinions provide strong support of dispute settlement in the SPFTZ, and understanding the innovations and features of those rules will definitely help businessmen choose a better method to resolve the disputes and to the maximum extent to protect their property and rights.
Journal: The Chinese Economy
Pages: 274-282
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321893
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321893
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:274-282
Template-Type: ReDIF-Article 1.0
Author-Name: Tang Tang
Author-X-Name-First: Tang
Author-X-Name-Last: Tang
Author-Name: Junjie Wang
Author-X-Name-First: Junjie
Author-X-Name-Last: Wang
Title: A Study of the Anti-Monopoly Review Processes in the Shanghai Free Trade Pilot Zone
Abstract:
Since the China (Shanghai) Pilot Free Trade Zone was founded in September 2013, in order to strength the degree of openness and the development of the Chinese economy, Guangdong Province, Tianjin, and Fujian Province established a free trade zone one after the other in April 2015. With the development and expansion of the free trade zones, there is no doubt that trade liberalization will promote the economic growth of China effectively. However, an important question that needs to be asked is how to balance the role of policy for promoting trade and maintaining fair competition among enterprises by the Anti-Monopoly Law (Ruan, 2007). So the way to manage the correct equilibrium between the anti-monopoly laws and policy of a free trade zone becomes an important but challenging issue. In recent years, the Chinese government has paid more attention to the process of anti-monopoly review and specific laws on anti-monopoly have been promulgated in the free trade zone. It is highly pertinent for business operators to keep abreast of the development in this area. Thus the aim of this article is to discuss the procedure and implementation of anti-monopoly review in China, analyze the anti-monopoly review in the free trade zone, and how this impacts the economic development in the China (Shanghai) Pilot Free Trade Zone (SPFTZ).
Journal: The Chinese Economy
Pages: 283-290
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321895
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321895
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:283-290
Template-Type: ReDIF-Article 1.0
Author-Name: Wang Yang
Author-X-Name-First: Wang
Author-X-Name-Last: Yang
Title: Environmental Protection Review in the Free Trade Zone
Abstract:
One of the very important aspects of official review in the Free Trade Zone is Environmental Protection Review which included EIA reform, dangerous goods review during transportation, storage, and loading. Given China has responded seriously to this environment problem in the country lately, this article examines various measures taken by the government to fight again pollutions with particular reference to the case in the FTZ. A sample of Wang’s article begins with the introduction of the environmental effects on the economic development in the FTZ and the concrete content of environmental review in the FTZ including EIA reform on construction in the FTZ and the environmental requirement on import and export trade in the FTZ. Then, Wang explains the impact of environmental review and provides measures for enterprises facing the environmental review in the FTZ including building a conservation-minded and environmental friendly industry, and a cleaner production mechanism.
Journal: The Chinese Economy
Pages: 291-296
Issue: 4
Volume: 50
Year: 2017
Month: 7
X-DOI: 10.1080/10971475.2017.1321896
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1321896
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Handle: RePEc:mes:chinec:v:50:y:2017:i:4:p:291-296
Template-Type: ReDIF-Article 1.0
Author-Name: Jingyi Jia
Author-X-Name-First: Jingyi
Author-X-Name-Last: Jia
Title: Efficiency of Chinese Banks: A Survey and Suggested Directions for Future Research
Abstract:
This article reviews twenty research articles on Chinese bank efficiency. The methodologies on efficiency and the relationship between efficiency and its correlates are summarized and compared. The primary empirical results and the impact of regulation are categorized and discussed. The implications for future regulation enactments are clarified. We also point out several research remarks for future directions.
Journal: The Chinese Economy
Pages: 239-256
Issue: 4
Volume: 49
Year: 2016
Month: 7
X-DOI: 10.1080/10971475.2016.1179006
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1179006
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Handle: RePEc:mes:chinec:v:49:y:2016:i:4:p:239-256
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Author-Name: Glenn Ko
Author-X-Name-First: Glenn
Author-X-Name-Last: Ko
Author-Name: Teresa Ling
Author-X-Name-First: Teresa
Author-X-Name-Last: Ling
Author-Name: Jot Yau
Author-X-Name-First: Jot
Author-X-Name-Last: Yau
Title: The Offshore Renminbi Bonds: The Dim Sum and Formosa Bonds
Abstract:
This study updates and compares the Dim Sum and Formosa bond markets: two major offshore RMB bond markets. The majority of Dim Sum bonds are not rated with most tenor in a range of two to three years while most Formosa bonds are rated with a maturity of three to five years. We also discuss future challenges and opportunities facing these two markets.
Journal: The Chinese Economy
Pages: 287-299
Issue: 4
Volume: 49
Year: 2016
Month: 7
X-DOI: 10.1080/10971475.2016.1179007
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1179007
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Handle: RePEc:mes:chinec:v:49:y:2016:i:4:p:287-299
Template-Type: ReDIF-Article 1.0
Author-Name: Peng-hua Qiao
Author-X-Name-First: Peng-hua
Author-X-Name-Last: Qiao
Author-Name: Anna Fung
Author-X-Name-First: Anna
Author-X-Name-Last: Fung
Title: How Does CEO Power Affect Innovation Efficiency?
Abstract:
This study uses a stochastic frontier analysis to examine the effects of a chief executive officer’s (CEO’s) power with respect to technical innovation efficiency in Chinese small- and medium-size enterprises (SMEs) from 2007 to 2013. Our results indicate that CEO power (such as prestige, ownership, and structure) and compensation can improve the technical innovation efficiency of SMEs.
Journal: The Chinese Economy
Pages: 231-238
Issue: 4
Volume: 49
Year: 2016
Month: 7
X-DOI: 10.1080/10971475.2016.1179017
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1179017
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Handle: RePEc:mes:chinec:v:49:y:2016:i:4:p:231-238
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Firm Performance and Country Development Fund
Journal: The Chinese Economy
Pages: 229-230
Issue: 4
Volume: 49
Year: 2016
Month: 7
X-DOI: 10.1080/10971475.2016.1179018
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1179018
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Handle: RePEc:mes:chinec:v:49:y:2016:i:4:p:229-230
Template-Type: ReDIF-Article 1.0
Author-Name: Courage Mlambo
Author-X-Name-First: Courage
Author-X-Name-Last: Mlambo
Author-Name: Audrey Kushamba
Author-X-Name-First: Audrey
Author-X-Name-Last: Kushamba
Author-Name: More Blessing Simawu
Author-X-Name-First: More Blessing
Author-X-Name-Last: Simawu
Title: China-Africa Relations: What Lies Beneath?
Abstract:
China’s involvement in Africa has caused much debate. The increasing presence in Africa has drawn mixed reactions from the academic and media platforms. It has been argued that China is sapping Africa’s manufacturing potential and also extracting Africa’s resources without any significant benefits to Africa. Thus China is seen as a contributor to Africa’s underdevelopment and deindustrialization. However, some have seen China as Africa’s partner for development. They see China’s presence in Africa as beneficial to China and Africa. As a result, there is no settled opinion as to whether China’s increasing presence in Africa is sustainable to Africa or whether the relationship is unsustainable. Although the relations between China and Africa are widely covered in the media, empirically the area has been underresearched. This article, therefore, contributes to literature by surveying the major political and economic issues around the China-Africa relations. The article considers several issues relevant to the China-Africa relationship.
Journal: The Chinese Economy
Pages: 257-276
Issue: 4
Volume: 49
Year: 2016
Month: 7
X-DOI: 10.1080/10971475.2016.1179023
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1179023
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Handle: RePEc:mes:chinec:v:49:y:2016:i:4:p:257-276
Template-Type: ReDIF-Article 1.0
Author-Name: Chih-Ping Yu
Author-X-Name-First: Chih-Ping
Author-X-Name-Last: Yu
Title: Size and Growth of Mobile Phone Firms in Mainland China, Hong Kong, and Taiwan
Abstract:
Focusing on mobile phone firms in Mainland China, Hong Kong, and Taiwan, this study examined whether firm size is independent of firm growth and, specifically, whether Gibrat’s law exists in the contemporary mobile phone industry. This study empirically analyzed whether the growth process of the mobile phone industry, which centers on innovation and high technology, is random or is related to the stationary time-series properties and size of the mobile phone firms. Thus, we used the novel, advanced panel Seemingly Unrelated Regressions Augmented Dickey-Fuller (SURADF) test proposed by Breuer, McNown, and Wallace (2001) to examine the time-series properties and stability of the total assets of 10 mobile phone firms in each quarter of 2004 to 2012. The 10 firms are manufacturers based in Mainland China, Hong Kong, and Taiwan that are primarily involved in producing mobile phones or mobile phone components. This study performed five conventional panel unit root tests, with the results all significantly supporting Gibrat’s law (Gibrat, 1931). In other words, the results of the general unit root tests showed that the growth of the 10 mobile phone firms was independent of firm size, indicating a random growth process. However, using the panel SURADF test, which considers the effect of cross-sectional influence among panel members and the effect of individual members in panel data, yielded significantly different test results. Specifically, one-third of the firms in Mainland China and Hong Kong and four-sevenths of those in Taiwan did not support Gibrat’s law. In addition, when the panel data set included firms from different countries, the effect of horizontal competition on the growth of the firms was more significant.
Journal: The Chinese Economy
Pages: 277-286
Issue: 4
Volume: 49
Year: 2016
Month: 7
X-DOI: 10.1080/10971475.2016.1179028
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1179028
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Handle: RePEc:mes:chinec:v:49:y:2016:i:4:p:277-286
Template-Type: ReDIF-Article 1.0
Author-Name: Yuexing Lan
Author-X-Name-First: Yuexing
Author-X-Name-Last: Lan
Title: How Did Fiscal Policies Affect the Business Cycle Volatility in China?
Abstract:
This article presents an empirical study of the effect of fiscal divergence on the business cycle volatility at the provincial level in China. We use the model of Darvas, Rose, and Szapáry (2007) and Furceri (2009) to examine this relationship. We find that there is a positive and statistically significant relationship between the fiscal divergence and business cycle volatility across China. Our empirical results are robust with respect to the different measures of fiscal divergence and the different detrending methods. Results show that provinces with similar government budget positions tend to have smoother business cycles in China.
Journal: The Chinese Economy
Pages: 297-304
Issue: 5
Volume: 50
Year: 2017
Month: 9
X-DOI: 10.1080/10971475.2017.1345267
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1345267
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Handle: RePEc:mes:chinec:v:50:y:2017:i:5:p:297-304
Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong
Author-X-Name-First: Terence Tai-Leung
Author-X-Name-Last: Chong
Author-Name: Nasha Li
Author-X-Name-First: Nasha
Author-X-Name-Last: Li
Author-Name: Lin Zou
Author-X-Name-First: Lin
Author-X-Name-Last: Zou
Title: A New Approach to Modeling Sector Stock Returns in China
Abstract:
This article analyzes the relationship between excess stock returns and the macroeconomy of China. A factor-augmented regression is applied to a panel of 123 monthly Chinese macroeconomic time series. Eight fundamental macroeconomic factors are identified and used to examine the excess returns in industrial, commercial, real estate, and utilities sectors of the market. It is found that interest rate, output level, as well as property supply factors possess explanatory power for sector stock returns in China.
Journal: The Chinese Economy
Pages: 305-322
Issue: 5
Volume: 50
Year: 2017
Month: 9
X-DOI: 10.1080/10971475.2017.1345268
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1345268
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Handle: RePEc:mes:chinec:v:50:y:2017:i:5:p:305-322
Template-Type: ReDIF-Article 1.0
Author-Name: Yifan Yang
Author-X-Name-First: Yifan
Author-X-Name-Last: Yang
Author-Name: Weimin Zhou
Author-X-Name-First: Weimin
Author-X-Name-Last: Zhou
Title: Regional Disparities in China’s Basic Pension Insurance and Labor Migration
Abstract:
China’s basic pension insurance is an essential part of the Chinese social security system. This study is based on a dynamic panel data for 31 provinces in China using system-GMM estimation to analyze the relativity between expenditure level of basic pension insurance and labor migration along with other factors. Both the qualitative analysis and empirical study show how resident population proportion has a negative effect on the expenditure level, while the payment rate has a positive effect on the expenditure level periodically. Population aging structured by death rate has a negative effect on the expenditure level. Thus, implementing the proposed universal pension scheme should be based on the regional disparities in basic pension insurance measured by its expenditure level. Also, transfer payment mechanism should be shaped by labor mobility.
Journal: The Chinese Economy
Pages: 323-338
Issue: 5
Volume: 50
Year: 2017
Month: 9
X-DOI: 10.1080/10971475.2017.1345269
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1345269
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Handle: RePEc:mes:chinec:v:50:y:2017:i:5:p:323-338
Template-Type: ReDIF-Article 1.0
Author-Name: Ehsan Rasoulinezhad
Author-X-Name-First: Ehsan
Author-X-Name-Last: Rasoulinezhad
Author-Name: Wei Wei
Author-X-Name-First: Wei
Author-X-Name-Last: Wei
Title: China’s Trade with OPEC Member Countries: A Panel-Gravity Model Approach
Abstract:
This article is the first empirical attempt using a panel-gravity trade model to analyze the bilateral trade patterns between China and 13 OPEC member countries over the period 1998–2014. Our findings reveal that the gravity equation fits the data reasonably well. We confirm the existence of long-term relationships between the bilateral trade flows and the main components of gravity model-GDP, income (GDP per capita), the difference in income, exchange rate, the openness level, distance, and WTO membership—through the Fixed effects (FE), Random effects (RE), and the FMOLS approaches. The estimation results show that the trade pattern between China and OPEC member countries relies on the Heckscher-Ohlin (H-O) theory, thus being explained by difference in factor endowments such as energy resources and technology.
Journal: The Chinese Economy
Pages: 339-355
Issue: 5
Volume: 50
Year: 2017
Month: 9
X-DOI: 10.1080/10971475.2017.1345272
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1345272
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Handle: RePEc:mes:chinec:v:50:y:2017:i:5:p:339-355
Template-Type: ReDIF-Article 1.0
Author-Name: Yanting Wang
Author-X-Name-First: Yanting
Author-X-Name-Last: Wang
Author-Name: Lin Zhao
Author-X-Name-First: Lin
Author-X-Name-Last: Zhao
Title: Outward Foreign Direct Investment from China: Recent Trend and Development
Abstract:
Along with the economy transition and industry upgrading in China, the outward foreign direct investment (OFDI) activities by Chinese enterprises have been steadily increasing during recent years. This study investigates the current status and the underlying motivations for Chinese firms to enter foreign markets. We discuss relevant economic policies that drive the recent trend of OFDI from China. The efforts by the Chinese government to promote innovations and cross-border economic collaboration paved the way for more OFDI opportunities in the future.
Journal: The Chinese Economy
Pages: 356-365
Issue: 5
Volume: 50
Year: 2017
Month: 9
X-DOI: 10.1080/10971475.2017.1345274
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1345274
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Handle: RePEc:mes:chinec:v:50:y:2017:i:5:p:356-365
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Challenges in Technology, Aging, and Market Transparency
Journal: The Chinese Economy
Pages: 423-426
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1617942
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617942
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:423-426
Template-Type: ReDIF-Article 1.0
Author-Name: Hui Zhu
Author-X-Name-First: Hui
Author-X-Name-Last: Zhu
Author-Name: Dongwei Lou
Author-X-Name-First: Dongwei
Author-X-Name-Last: Lou
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Title: Openness, Technology Spillovers, and Resource Misallocations: Evidence from China
Abstract:
With an open economy and technology spillovers framework, this article develops a theoretical model that predicts resource misallocations and decomposes misallocations caused by markets forces and government interventions. Using panel data on 35 Chinese industrial sectors from 1993 to 2011, we conclude that trading with technology-leading countries worsens resource misallocations between industries and sectors, China’s inter-industrial factor allocations go against Kuznets’ theory that predicts production factors shift from less-efficient to more-efficient sectors, and the relative resource misallocation indices of the state-owned sector are higher than those of private sectors.
Journal: The Chinese Economy
Pages: 427-448
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1617948
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617948
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:427-448
Template-Type: ReDIF-Article 1.0
Author-Name: Jason Yin
Author-X-Name-First: Jason
Author-X-Name-Last: Yin
Author-Name: Miao Liu
Author-X-Name-First: Miao
Author-X-Name-Last: Liu
Title: Relating Vertical Specialization to Indigenous Technological Capability Growth: The Case of China
Abstract:
It remains a challenge to empirically verify whether the large scale of exports are results of China’s export-oriented growth strategy and participation in global vertical specialization (VS) and has this transformed its indigenous technological capability. In the current literature of export performance study, however, there is a methodological gap in quantifying the domestic contents of exports from total exports. Therefore, the domestic technological change cannot be clearly identified and analyzed. This article bridged the gap by employing a unique Input-Output model to derive the domestic contents from total exports and to analyze the nature of related technological change. Our data analysis of China’s exports of manufacturing products for 1992–2009 reveal: (1) China’s participation in the global vertical specialization in high-tech sector grew accelerated chronically; (2) the VS participation was more aggressive in high-tech than in the medium-tech, low-tech and resources-based sectors; and (3) the net domestic contents in China’s exports in high-tech sectors grew much faster than the other sectors. The findings indicate that China’s export-oriented growth strategy, instead of creating dependence on low-tech and resource-based exports, had led to a rapid growth in sophisticated high-tech manufacturing with its indigenous capability.
Journal: The Chinese Economy
Pages: 449-463
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1617951
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617951
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:449-463
Template-Type: ReDIF-Article 1.0
Author-Name: Ninghua Ye
Author-X-Name-First: Ninghua
Author-X-Name-Last: Ye
Author-Name: Yanling Wang
Author-X-Name-First: Yanling
Author-X-Name-Last: Wang
Title: A Push over Trade Barriers: Firms’ Access to External Finance and Their Sales Hierarchy
Abstract:
This article analyzes the effects of external finance on firms’ decision to choose a firm type with different sales combinations, in the presence of both domestic and international trade costs. It utilizes a World Bank survey of firms operating in China in the early 2000s with a multinomial logit method to inform the study. Based on firms’ sales destinations, we categorize firms in four exclusive types as Provincial Firms, Domestic Firms, Pure Exporters, and All Sellers to highlight domestic trade barriers across provincial borders and international trade barriers. We find that access to financial loans significantly raises firms’ odds to overcome domestic and international trade barriers by choosing a firm type with sales beyond their home provincial borders and/or overseas. The effects vary across firm ownership types of being SOEs, foreign affiliates and private firms, highlighting their inherent differences. The results indicate loans’ perceived importance, reflecting the inefficient loan allocations in China. Further, the results here help uncover the pervasiveness of China’s domestic trade barriers: access to external finance significantly increases the odds for firms to sell outside their home provinces even if they did not feel local protection and more for those if they did.
Journal: The Chinese Economy
Pages: 464-487
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1617952
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617952
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:464-487
Template-Type: ReDIF-Article 1.0
Author-Name: Shukai Li
Author-X-Name-First: Shukai
Author-X-Name-Last: Li
Author-Name: Donglan Zhang
Author-X-Name-First: Donglan
Author-X-Name-Last: Zhang
Author-Name: Zhuo Chen
Author-X-Name-First: Zhuo
Author-X-Name-Last: Chen
Title: Impact of the New Cooperative Medical Scheme on Individual Healthcare Utilization and Expenditure
Abstract:
Previous studies have evaluated the New Cooperative Medical Scheme (NCMS) but have reached no consensus about its impact on medical care utilization and expenditure. Building upon earlier literature, this article uses a simultaneous equation model to assess the impact of NCMS participation on utilization and out-of-pocket expenditure while addressing the potential bias caused by the endogeneity of insurance choice and the selection bias due to healthcare utilization. We use a national sample from the China Health and Retirement Longitudinal Study (CHARLS) 2011. In addition to the simultaneous equations model, a set of other estimation strategies are used for sensitivity analysis. The estimation results confirm that the interrelationship of the NCMS participation with outpatient service decisions are different from those with inpatient service decisions. Our finding indicates that the NCMS increases medical care utilization for outpatient care (p < 0.05), but has no significant impact (p > 0.05) on (i) inpatient utilization, (ii) inpatient out-of-pocket spending, or (iii) outpatient out-of-pocket spending.
Journal: The Chinese Economy
Pages: 488-504
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1617956
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617956
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:488-504
Template-Type: ReDIF-Article 1.0
Author-Name: Jack W. Hou
Author-X-Name-First: Jack W.
Author-X-Name-Last: Hou
Title: Unorthodox Proposals for China’s Extreme Aging Population
Abstract:
Toward the end of the previous century, the focus on economic growth and development has shifted from overpopulation as a burden of growth toward the issue of aging population. This is a global issue, but it is especially acute for China. First, for China, the aging population is not a mere natural economic consequence of increased wealth leading to declined fertility, it is the result of a deliberate policy: the one-child policy. Second, unlike its neighbors, China is poised to become old before it becomes rich. Finally, the sheer size of China makes many policies unfeasible in other countries and regions. This study explores the nature and causes of China’s aging population, the lackluster effects of the universal two-child policy, and the uniqueness of China’s aging. To combat the potential astronomical healthcare costs of the aging population, we propose an unorthodox Self-Motivated Health Maintenance healthcare philosophy. More important, we propose the establishment of a novel Elderly Residential and Social Community to provide quality care for the elderly and children, with cost control and community orientation as the goal.
Journal: The Chinese Economy
Pages: 505-526
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1617957
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617957
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:505-526
Template-Type: ReDIF-Article 1.0
Author-Name: Yifei Li
Author-X-Name-First: Yifei
Author-X-Name-Last: Li
Author-Name: Jihong Liu
Author-X-Name-First: Jihong
Author-X-Name-Last: Liu
Title: The Revolving Door, Accounting Financial Experts and Stock Synchronicity: Evidence from China
Abstract:
This article examines the effect of hiring accounting financial experts and affiliated management on the amount of firm-specific information capitalized into stock prices, as measured by stock price synchronicity, of Chinese-listed firms over the 2008–2011 period. Using manually collected data, we find the presence of accounting financial experts as top managers is associated with lower stock synchronicity, because the specialized skills possessed by accounting financial experts make top management more effective in executing and ensuring high-quality financial reporting, which facilitate the flow of credible firm-specific information to the market. In contrast, affiliated management impedes the capitalization of firm-specific information into stock prices, leading to a higher stock synchronicity. We show that the higher synchronicity effects are attributable to the impairment audit independence and financial reporting quality. Finally, our findings suggest that the relatively high synchronicity in China can be reduced by hiring top management with prior experience in financial accounting and by setting restrictions on revolving door appointment.
Journal: The Chinese Economy
Pages: 527-552
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1617959
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617959
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:527-552
Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: The Chinese Economy
Pages: 553-553
Issue: 6
Volume: 52
Year: 2019
Month: 11
X-DOI: 10.1080/10971475.2019.1677346
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1677346
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Handle: RePEc:mes:chinec:v:52:y:2019:i:6:p:553-553
Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Gay Fung
Author-X-Name-First: Hung-Gay
Author-X-Name-Last: Fung
Title: Economic Growth, Futures Markets, and Management Issues
Journal: The Chinese Economy
Pages: 251-252
Issue: 4
Volume: 48
Year: 2015
Month: 7
X-DOI: 10.1080/10971475.2015.1044408
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1044408
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Handle: RePEc:mes:chinec:v:48:y:2015:i:4:p:251-252
Template-Type: ReDIF-Article 1.0
Author-Name: Zhanqi Yao
Author-X-Name-First: Zhanqi
Author-X-Name-Last: Yao
Title: Productivity Growth and Industrial Structure Adjustment: An Analysis of China’s Provincial Panel Data
Abstract:
This study has two objectives. First, we calculate China’s total factor productivity in the overall economy and manufacturing sector by a variety of methods. Second, we quantify, respectively, the impact of capital transfer and labor mobility on the overall economic and industrial total factor productivity (TFP). We use the translog production function method and Cobb-Douglas (C-D) production function to calculate China’s industrial and overall economic TFP, and we test the structural-bonus hypothesis. The empirical results indicate that the TFP in both the overall economy and manufacturing sector has declined since 1993, especially after the financial crisis in 2008, although China, indeed, has experienced a high rate of productivity growth with the reform and opening policy. Considering the Verdoon effect, the structural-bonus hypothesis is not significant in China. The implication is that it is important to improve China’s productivity growth by allocating the cross-sectoral and cross-regional production factors and promoting their flows.
Journal: The Chinese Economy
Pages: 253-268
Issue: 4
Volume: 48
Year: 2015
Month: 7
X-DOI: 10.1080/10971475.2015.1044848
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1044848
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Handle: RePEc:mes:chinec:v:48:y:2015:i:4:p:253-268
Template-Type: ReDIF-Article 1.0
Author-Name: Ning Ding
Author-X-Name-First: Ning
Author-X-Name-Last: Ding
Title: Consumer Credits and Economic Growth in China
Abstract:
Consumption played a relatively less important role historically in China’s economic growth, which has been primarily driven by exports. As the Chinese government tries to stimulate domestic demand for economic growth outlined in the Third Plenary Session of the Eighteenth Communist Party of China (CPC) Central Committee, consumer credits have become increasingly important as China’s export-led growth slows down. This article describes the status of consumer credit and presents an empirical analysis of the relationship between consumer credit and economic growth.
Journal: The Chinese Economy
Pages: 269-278
Issue: 4
Volume: 48
Year: 2015
Month: 7
X-DOI: 10.1080/10971475.2015.1044849
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1044849
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Handle: RePEc:mes:chinec:v:48:y:2015:i:4:p:269-278
Template-Type: ReDIF-Article 1.0
Author-Name: Lin Zhao
Author-X-Name-First: Lin
Author-X-Name-Last: Zhao
Title: The Development and Challenges of China’s Futures Markets
Abstract:
The futures market in China started in the early 1990s as the economic reform deepened. After two decades of development, there are now four futures exchanges: Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange, and China Financial Futures Exchange. Product innovations and regulatory changes largely contribute to the rapid expansion of the market. Several futures contracts are now among the most active contracts in the world market. With development of its futures market and efforts to open up the market to investors overseas, China’s pricing power in the global commodity market has improved over time.
Journal: The Chinese Economy
Pages: 279-296
Issue: 4
Volume: 48
Year: 2015
Month: 7
X-DOI: 10.1080/10971475.2015.1044852
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1044852
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Handle: RePEc:mes:chinec:v:48:y:2015:i:4:p:279-296
Template-Type: ReDIF-Article 1.0
Author-Name: Yunlin Lu
Author-X-Name-First: Yunlin
Author-X-Name-Last: Lu
Author-Name: Yimo Shen
Author-X-Name-First: Yimo
Author-X-Name-Last: Shen
Author-Name: Lei Zhao
Author-X-Name-First: Lei
Author-X-Name-Last: Zhao
Title: Linking Psychological Contract Breach and Employee Outcomes in China: Does Leader-Member Exchange Make a Difference?
Abstract:
This study examines the moderating role of a leader-member exchange in the relationship between psychological contract breach (PCB) and employee outcomes in China. Results of this study show that (1) a psychological contract breach influences an employee’s turnover intention, organizational identification, and organizational citizenship behaviors; and (2) leader-member exchange can be a mediating variable to affect the relationship between psychological contract breach and organizational identification, organizational citizenship behavior, but cannot affect the relationship between psychological contract breach and turnover intentions in Chinese firms.
Journal: The Chinese Economy
Pages: 297-308
Issue: 4
Volume: 48
Year: 2015
Month: 7
X-DOI: 10.1080/10971475.2015.1044856
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1044856
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Handle: RePEc:mes:chinec:v:48:y:2015:i:4:p:297-308
Template-Type: ReDIF-Article 1.0
Author-Name: Xinquan Tu
Author-X-Name-First: Xinquan
Author-X-Name-Last: Tu
Author-Name: Kevin H. Zhang
Author-X-Name-First: Kevin H.
Author-X-Name-Last: Zhang
Title: International Monetary Systems and US Trade Deficits with China
Abstract:
Huge trade deficits seem to be a major reason for the current protectionist turn in the United States. Why does the United States run persistent trade deficits for years since 1976? What drives the large U.S.-China trade deficit? This article investigates the issue by analyzing the U.S. trade balance from 1948–2017. Three findings are as follows: (a) the deficit is closely related to the international monetary system started from 1973. Particularly, the persistent deficit since 1976 is an outcome of the U.S. dollar as international money and reserve currency; (b) the size of the U.S. trade deficit increases with the world trade and global economy; (c) countries with large economy and rapid economic growth tend to become the dominant source of the U.S. deficit, like Japan in the 1980s–1990s and China in the new century.
Journal: The Chinese Economy
Pages: 377-386
Issue: 5
Volume: 52
Year: 2019
Month: 9
X-DOI: 10.1080/10971475.2019.1617924
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617924
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Handle: RePEc:mes:chinec:v:52:y:2019:i:5:p:377-386
Template-Type: ReDIF-Article 1.0
Author-Name: Y. Ling Lo
Author-X-Name-First: Y. Ling
Author-X-Name-Last: Lo
Author-Name: Yanqiong Li
Author-X-Name-First: Yanqiong
Author-X-Name-Last: Li
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Contemporary Innovation in China
Abstract:
We discuss the development of contemporary innovations in China and how these innovations influence its economic success. Specifically, we present contemporary innovations of mobile payments, shared bicycles, WeChat, high-speed rail, and human-less hotels; we discuss how these innovations enhance the welfare of consumers, performance of firms, and economic growth. These innovations have helped to promote the Chinese economy by increasing its efficiency and reducing transaction costs. Thus, the fast economic growth in China is accompanied with improved quality of life among Chinese people.
Journal: The Chinese Economy
Pages: 387-399
Issue: 5
Volume: 52
Year: 2019
Month: 9
X-DOI: 10.1080/10971475.2019.1617925
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617925
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Handle: RePEc:mes:chinec:v:52:y:2019:i:5:p:387-399
Template-Type: ReDIF-Article 1.0
Author-Name: Jinhua Zhang
Author-X-Name-First: Jinhua
Author-X-Name-Last: Zhang
Author-Name: Junjie Wu
Author-X-Name-First: Junjie
Author-X-Name-Last: Wu
Author-Name: Justine Simpson
Author-X-Name-First: Justine
Author-X-Name-Last: Simpson
Author-Name: Clement Lamboi Arthur
Author-X-Name-First: Clement Lamboi
Author-X-Name-Last: Arthur
Title: Membership of Chinese Farmer Specialized Cooperatives and Direct Subsidies for Farmer Households: A Multi-Province Data Study
Abstract:
The introduction of direct subsidies to farming households and the development of farmer cooperatives has provided two important approaches to China’s twenty-first century food policy challenges. However, research undertaken largely separates and focuses on subsidies or cooperatives. This neglects their interaction and complementarities. This article seeks to rectify this omission using a survey from 35 farmer specialized cooperatives (FSCs) and 561 farming households in 16 provinces, based on a two-stage treatment effect model. The findings suggest FSCs have become important organizations that improve farmers’ net income. Moreover, usage of agricultural machinery and direct subsidies also result in higher net income, though they have little impact on farmers’ machinery investment. The results provide an evidence source that contributes to debate concerning government subsidy policy. Policy may act more like an income transfer program, since it has little impact on farmers’ investment in agriculture. The study also highlights that there are complementary effects between FSCs and direct subsidies, and that China’s cooperative policy integrated with direct subsidies could be progressive.
Journal: The Chinese Economy
Pages: 400-421
Issue: 5
Volume: 52
Year: 2019
Month: 9
X-DOI: 10.1080/10971475.2019.1617928
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1617928
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Handle: RePEc:mes:chinec:v:52:y:2019:i:5:p:400-421
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Introduction to Special Issue “Structural, Environmental and Financial Challenges in China”
Journal: The Chinese Economy
Pages: 367-369
Issue: 6
Volume: 50
Year: 2017
Month: 11
X-DOI: 10.1080/10971475.2017.1379932
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1379932
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Handle: RePEc:mes:chinec:v:50:y:2017:i:6:p:367-369
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Rebalancing, Deleveraging and Sustaining Growth in China
Abstract:
The Chinese economy is facing some critical challenges in the recent years. As it rebalances the economy away from investment and toward consumption, output growth has slowed down and the corporate sector struggles with falling profitability and increasing debt. On the other hand, the efforts to rein in credit expansion and deleverage have yielded limited success. This article analyzes China’s debt issue— the causes, patterns, and possible consequences of debt accumulation. Based on the analysis, this article provides a critical assessment of the current policy measures in dealing with rebalancing and deleveraging and proposes some alternative policy actions.
Journal: The Chinese Economy
Pages: 370-380
Issue: 6
Volume: 50
Year: 2017
Month: 11
X-DOI: 10.1080/10971475.2017.1379934
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1379934
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Handle: RePEc:mes:chinec:v:50:y:2017:i:6:p:370-380
Template-Type: ReDIF-Article 1.0
Author-Name: Minqi Li
Author-X-Name-First: Minqi
Author-X-Name-Last: Li
Title: Profit, Accumulation, and Crisis: Long-Term Movement of the Profit Rate in China, Japan, and the United States
Abstract:
China has emerged as the center of global capital accumulation. But, there have been few studies on the movement of the profit rate in the Chinese economy. This article measures China’s economy-wide profit rate and its contributing factors from 1980 to 2015. The measurement is based on the construction of China’s business sector capital stock series, estimation of China’s labor income share, and the profit share of economic output. The movement of China’s profit rate is compared with the long-term movement of the profit rate in the United States and Japan. A comparative analysis of the three largest economies in the world helps to illustrate important developments of the global capitalist economy over the late twentieth and the early twenty-first century. This article finds that China’s profit rate is approaching a level that historically was associated with major crises in the United States and Japan. The decline of the profit rate is likely to continue in the coming years.
Journal: The Chinese Economy
Pages: 381-404
Issue: 6
Volume: 50
Year: 2017
Month: 11
X-DOI: 10.1080/10971475.2017.1379935
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1379935
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Handle: RePEc:mes:chinec:v:50:y:2017:i:6:p:381-404
Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Jiang
Author-X-Name-First: Xiao
Author-X-Name-Last: Jiang
Author-Name: Haider A. Khan
Author-X-Name-First: Haider A.
Author-X-Name-Last: Khan
Title: Structural Change and Energy Use in China: A SAM-based CGE Analysis
Abstract:
This article presents a structuralist computable general equilibrium (CGE) model for China based on a three productive activities—agriculture, energy and industry—social accounting matrix. Four simulation exercises are conducted using this model: industrial investment demand increase, industrial wage increase, exchange rate depreciation, and government spending increase in industry. Our results show that structural change associated with raising industrial labor productivity and employment-share are likely to result in simultaneous intensification of per worker energy-use and a slight reduction of energy productivity in China. Industrial wage increase creates cost-push inflation and output contraction, and exchange rate devaluation is expansionary. Furthermore, when the industrial exports are insensitive to relative price changes, currency devaluation becomes contractionary and wage increase results in a slight contraction in real GDP due to the “forced saving” effect. The model illustrates some policy challenges China faces in its attempt to achieve “green growth” objectives with a high level of employment.
Journal: The Chinese Economy
Pages: 405-424
Issue: 6
Volume: 50
Year: 2017
Month: 11
X-DOI: 10.1080/10971475.2017.1380021
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1380021
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Handle: RePEc:mes:chinec:v:50:y:2017:i:6:p:405-424
Template-Type: ReDIF-Article 1.0
Author-Name: Ying Chen
Author-X-Name-First: Ying
Author-X-Name-Last: Chen
Author-Name: Zhun Xu
Author-X-Name-First: Zhun
Author-X-Name-Last: Xu
Title: Informal Employment and China’s Economic Development
Abstract:
We measure the size of informal employment using both labor market as well as energy consumption approaches. We find that the share of informal employment in total employment was increasingly most of the time between the mid-1990s and mid-2000s, and started steadily decreasing after that until now. This has two contradicting implications for the Chinese economy. On the one hand, it is good news for China’s progress in human development as the process of formalization often brings better income and welfare. On the other hand, for China’s capitalism this could be bad news since the labor costs are likely to continue increasing with a decline in the reserve army of labor.
Journal: The Chinese Economy
Pages: 425-433
Issue: 6
Volume: 50
Year: 2017
Month: 11
X-DOI: 10.1080/10971475.2017.1380115
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1380115
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Handle: RePEc:mes:chinec:v:50:y:2017:i:6:p:425-433
Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: The Chinese Economy
Pages: 434-434
Issue: 6
Volume: 50
Year: 2017
Month: 11
X-DOI: 10.1080/10971475.2017.1389155
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1389155
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Handle: RePEc:mes:chinec:v:50:y:2017:i:6:p:434-434
Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial Board EOV
Journal: The Chinese Economy
Pages: ebi-ebi
Issue: 6
Volume: 50
Year: 2017
Month: 11
X-DOI: 10.1080/10971475.2017.1409462
File-URL: http://hdl.handle.net/10.1080/10971475.2017.1409462
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Handle: RePEc:mes:chinec:v:50:y:2017:i:6:p:ebi-ebi
Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Chih Chao
Author-X-Name-First: Wen-Chih
Author-X-Name-Last: Chao
Title: The Political Economy of Cooperation in Renminbi (RMB) Internationalization Between China and the ASEAN States: Opportunity and Challenge
Abstract:
The main argument of this article is if the collaboration between China and ASEAN members on RMB internationalization can proceed smoothly? This study explored the opportunities and challenges of both parties in their cooperation on RMB internationalization. In the cooperating on internationalizing the RMB, China and ASEAN members have encountered opportunities that are both economic and political challenges. China’s substantial economic growth and its stable currency are positive factors for China to cooperate with ASEAN. Nevertheless, several potential restraining factors remain that must be handled by both parties Economically, the uncertainties include whether China opens its capital account, how the Chinese financial market is developed, and how the economic hegemony of using the USD as a medium of exchange in bilateral transactions can be changed to using the RMB. Politically, territorial disputes, ideological differences, and the rapid growth of China’s military power remain the potential obstacles to bilateral economic cooperation.
Journal: The Chinese Economy
Pages: 400-413
Issue: 6
Volume: 49
Year: 2016
Month: 11
X-DOI: 10.1080/10971475.2016.1207966
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1207966
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Handle: RePEc:mes:chinec:v:49:y:2016:i:6:p:400-413
Template-Type: ReDIF-Article 1.0
Author-Name: Michael C. Huang
Author-X-Name-First: Michael C.
Author-X-Name-Last: Huang
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of ECFA Impact Between China-Taiwan and the ASEAN States: Opportunity and Challenges
Abstract:
The Cross-strait Economic Cooperation Agreement (ECFA), signed on in 2010 between China and Taiwan, is the first regional preferential agreement for Taiwan, which is seen as a significant turning point in China-Taiwan relations and a landmark to promote Asia’s overall economic development. This article introduces the ECFA’s aim and discusses its implications for future economic relations between China and Taiwan while reviewing overall and specific statistics data of trades and investment flows. With the fourth anniversary of the enactment of the ECFA, the trade volume seems to increase, but the trends and components shows a further integration in the region, implying the post-ECFA trend sheds light on China and Taiwan’s solid cooperation on production networks of information, communication, and solar panel related products with ASEAN countries, as well as the RMB internationalization opportunity for the future AIIB framework for China.
Journal: The Chinese Economy
Pages: 429-441
Issue: 6
Volume: 49
Year: 2016
Month: 11
X-DOI: 10.1080/10971475.2016.1207968
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1207968
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Handle: RePEc:mes:chinec:v:49:y:2016:i:6:p:429-441
Template-Type: ReDIF-Article 1.0
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of Development Between China and the ASEAN States: Opportunity and Challenge
Journal: The Chinese Economy
Pages: 395-399
Issue: 6
Volume: 49
Year: 2016
Month: 11
X-DOI: 10.1080/10971475.2016.1207972
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1207972
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Handle: RePEc:mes:chinec:v:49:y:2016:i:6:p:395-399
Template-Type: ReDIF-Article 1.0
Author-Name: Mei-Jan Kung
Author-X-Name-First: Mei-Jan
Author-X-Name-Last: Kung
Author-Name: Ying-Zhen Li
Author-X-Name-First: Ying-Zhen
Author-X-Name-Last: Li
Author-Name: Wan-Ping Tai
Author-X-Name-First: Wan-Ping
Author-X-Name-Last: Tai
Title: The Political Economy Analysis of China–ASEAN in Service Industrial Cooperation and Open Policy
Abstract:
This study was divided into three parts. First, we compared and analyzed the competitiveness of trade in services and the degree of openness of the service sectors in China and THE five member states of the Association of Southeast Asian Nations (ASEAN), namely Singapore, Malaysia, the Philippines, Indonesia, and Thailand. Second, we empirically analyzed the panel data of the six countries. The empirical results indicated that China exhibited less competitiveness in trade in services and a lower degree of openness in the service sector compared with the other five countries. Furthermore, we determined that the competitiveness of trade in services was positively correlated with the openness of the service sector in the six countries. Third, we conclude by discussing and explaining the opening and collaboration of trade in services between China and ASEAN from political and economic perspectives.
Journal: The Chinese Economy
Pages: 414-428
Issue: 6
Volume: 49
Year: 2016
Month: 11
X-DOI: 10.1080/10971475.2016.1207979
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1207979
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Handle: RePEc:mes:chinec:v:49:y:2016:i:6:p:414-428
Template-Type: ReDIF-Article 1.0
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of the GMS Development Between China and Southeast Asian Countries: Geo-Economy and Strategy Nexus
Abstract:
Following the rise of China, the importance of Greater Mekong Subregion (GMS) has been paid much attention by great powers in East Asia. Since 1992, the Asian Development Bank (ADB) has succeeded in engaging GMS economic cooperation by Japan’s dominance. As China emerged and rose in the new century, the GMS spatial development became China’s priority for economic extension by way of the “One Belt and One Road” (OBOD) policy and the settlement of the Asian Infrastructure Investment Bank (AIIB). Also, taking the GMS economic corridor as a stepping stone, China will easily be able to connect and integrate the Southeast Asian economy, which is full of political and economic implications. Moreover, it will examine the trade and economic cooperation between China and GMS five countries and their development opportunities. Lastly, through GMS cooperation mechanism and operation, some economic cooperation mechanisms and development strategic logics will be generally concluded.
Journal: The Chinese Economy
Pages: 442-455
Issue: 6
Volume: 49
Year: 2016
Month: 11
X-DOI: 10.1080/10971475.2016.1207983
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1207983
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Handle: RePEc:mes:chinec:v:49:y:2016:i:6:p:442-455
Template-Type: ReDIF-Article 1.0
Author-Name: Siyang Zhao
Author-X-Name-First: Siyang
Author-X-Name-Last: Zhao
Author-Name: Zhenjiang Zhang
Author-X-Name-First: Zhenjiang
Author-X-Name-Last: Zhang
Title: The Political Economy of Energy Resources Between China and ASEAN States: Opportunity and Challenge
Abstract:
This article deals with the energy resources cooperation between China and ASEAN countries from the perspective of political economy. The first part presents the foundations of the China-ASEAN energy cooperation, where economic comparative advantages exist between them. The second part briefly reviews the energy trade, investment, exploration, and transportation cooperation between China and each ASEAN country, and the regional and international institutions for ASEAN-China energy cooperation. The third part talks about challenges and problems including South China Sea disputes, perception of China’s rise, and some ASEAN countries domestic energy policies and instabilities. In the last part, some policy suggestions are put forth for promoting China-ASEAN energy cooperation.
Journal: The Chinese Economy
Pages: 456-466
Issue: 6
Volume: 49
Year: 2016
Month: 11
X-DOI: 10.1080/10971475.2016.1207987
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1207987
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Handle: RePEc:mes:chinec:v:49:y:2016:i:6:p:456-466
Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial Board EOV
Journal: The Chinese Economy
Pages: ebi-ebi
Issue: 6
Volume: 49
Year: 2016
Month: 11
X-DOI: 10.1080/10971475.2016.1238234
File-URL: http://hdl.handle.net/10.1080/10971475.2016.1238234
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Handle: RePEc:mes:chinec:v:49:y:2016:i:6:p:ebi-ebi
Template-Type: ReDIF-Article 1.0
Author-Name: Juan Yao
Author-X-Name-First: Juan
Author-X-Name-Last: Yao
Title: Financial Innovation and Chinese Economic Reform
Journal: The Chinese Economy
Pages: 309-311
Issue: 5
Volume: 48
Year: 2015
Month: 9
X-DOI: 10.1080/10971475.2015.1067080
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1067080
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Handle: RePEc:mes:chinec:v:48:y:2015:i:5:p:309-311
Template-Type: ReDIF-Article 1.0
Author-Name: Yanping Shi
Author-X-Name-First: Yanping
Author-X-Name-Last: Shi
Author-Name: Xiaolan Xu
Author-X-Name-First: Xiaolan
Author-X-Name-Last: Xu
Title: Leasing in China: An Overview
Abstract:
While it might have already been mature in developed economies, the leasing industry is still emerging and rising in China. The Chinese leasing market witnessed a double-digit growth in the last decade and still has potential to sustain this rapid growth in the next decade or beyond. This article aims to provide an overview of this ever-growing Chinese market, covering the leasing history, the importance to the Chinese economy and its on-going economic transition, and a comprehensive introduction to the recent market structure, performance, and legal infrastructures of the leasing industry. It is our view that although it has experienced a dramatic growth period, the Chinese leasing market still has a huge potential in that its market penetration ratio is still at a very low level, less than 5%. The article ends with a discussion of the opportunities and challenges for this market. Despite these challenges, the Chinese leasing industry is stepping into its golden era, as encouraged by the Chinese governments at both central and provincial level, to an unprecedented extent, together with the establishment of a corporate credit information system.
Journal: The Chinese Economy
Pages: 312-329
Issue: 5
Volume: 48
Year: 2015
Month: 9
X-DOI: 10.1080/10971475.2015.1067083
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1067083
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Handle: RePEc:mes:chinec:v:48:y:2015:i:5:p:312-329
Template-Type: ReDIF-Article 1.0
Author-Name: Yun Ling
Author-X-Name-First: Yun
Author-X-Name-Last: Ling
Author-Name: Juan Yao
Author-X-Name-First: Juan
Author-X-Name-Last: Yao
Author-Name: Weidi Liu
Author-X-Name-First: Weidi
Author-X-Name-Last: Liu
Title: Chinese Hedge Funds - Performance and Risk Exposures
Abstract:
This article examines the historical performance of hedge funds domiciled in China in the aspect of return characteristics and risk exposures. Using data from the Morningstar China hedge fund database, we find that these funds do not exhibit common features such as negative skewness and large kurtosis as proposed by the literature. Our results show that these funds have a significant exposure to market factors but little exposure to the other commonly known factors. In addition, our results suggest Chinese hedge funds are exposed mainly to the local equity market only. The study additionally finds no excess returns in Chinese hedge funds. The results of this research provide some insights into the characteristics of the hedge fund industry in China where the economic and regulatory conditions are distinct from other markets.
Journal: The Chinese Economy
Pages: 330-350
Issue: 5
Volume: 48
Year: 2015
Month: 9
X-DOI: 10.1080/10971475.2015.1067084
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1067084
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Handle: RePEc:mes:chinec:v:48:y:2015:i:5:p:330-350
Template-Type: ReDIF-Article 1.0
Author-Name: Jing Gao
Author-X-Name-First: Jing
Author-X-Name-Last: Gao
Author-Name: Ling Mei Cong
Author-X-Name-First: Ling Mei
Author-X-Name-Last: Cong
Author-Name: John Evans
Author-X-Name-First: John
Author-X-Name-Last: Evans
Title: Earnings Management, IPO Underpricing, and Post-Issue Stock Performance of Chinese SMEs
Abstract:
This article empirically examines the association between earnings management and initial public offering (IPO) performance (underpricing and post-issue stock performance) of Chinese small and medium enterprises (SMEs). The analysis is based on a sample of 464 IPOs listed on the Shenzhen Stock Exchange (SZSE) SME board during 2006–2010. Consistent with our expectations, this article finds that a higher level of total discretionary accruals prior to the IPO is associated with a higher level of underpricing and poorer long-term stock performance. However, when total discretionary accruals are decomposed into current and long-term accruals, the associations are insignificant. The results are robust with respect to several alternative measures of earnings management and stock performance. Statistics also show, on average, Chinese SMEs have positive 3-year long-term stock returns relative to various benchmarks, and only firms with income-increasing accruals suffer long-term underperformance. Findings from this article add important new evidence to the literature as Chinese SME IPOs tend to perform differently compared with main board firms, likely because of their unique features.
Journal: The Chinese Economy
Pages: 351-371
Issue: 5
Volume: 48
Year: 2015
Month: 9
X-DOI: 10.1080/10971475.2015.1067085
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1067085
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Handle: RePEc:mes:chinec:v:48:y:2015:i:5:p:351-371
Template-Type: ReDIF-Article 1.0
Author-Name: Fei Guo
Author-X-Name-First: Fei
Author-X-Name-Last: Guo
Author-Name: Shiguang Ma
Author-X-Name-First: Shiguang
Author-X-Name-Last: Ma
Title: Ownership Characteristics and Earnings Management in China
Abstract:
Chinese firms are characterized by multiple ownership and high ownership concentration. In this research, we conduct an intensive investigation into the determination of ownership characteristics in earnings management behaviors for Chinese domestic listed firms. Our results indicate that earnings management is determined by the motivations of different types of ownerships. In particular, when a state agency is the largest owner, firms are less likely to undertake earnings management, although the state ownership ratio is positively associated with earnings management. Tradable ownership and particularly concentrated tradable ownership reduce earnings management, while total ownership concentration fosters earnings management.
Journal: The Chinese Economy
Pages: 372-395
Issue: 5
Volume: 48
Year: 2015
Month: 9
X-DOI: 10.1080/10971475.2015.1067086
File-URL: http://hdl.handle.net/10.1080/10971475.2015.1067086
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Handle: RePEc:mes:chinec:v:48:y:2015:i:5:p:372-395
Template-Type: ReDIF-Article 1.0
Author-Name: Richard C. K. Burdekin
Author-X-Name-First: Richard C. K.
Author-X-Name-Last: Burdekin
Author-Name: Thomas D. Willett
Author-X-Name-First: Thomas D.
Author-X-Name-Last: Willett
Title: China’s Global Interdependence: International Reserves, Capital Inflows, Financial Market Transmission, and Exchange Rate Determination
Journal: The Chinese Economy
Pages: 295-299
Issue: 4
Volume: 52
Year: 2019
Month: 7
X-DOI: 10.1080/10971475.2018.1559021
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1559021
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Handle: RePEc:mes:chinec:v:52:y:2019:i:4:p:295-299
Template-Type: ReDIF-Article 1.0
Author-Name: Yanzhen Wang
Author-X-Name-First: Yanzhen
Author-X-Name-Last: Wang
Author-Name: Thomas D. Willett
Author-X-Name-First: Thomas D.
Author-X-Name-Last: Willett
Author-Name: Xiumin Li
Author-X-Name-First: Xiumin
Author-X-Name-Last: Li
Title: International Capital Flows and the Independence of China's Monetary Policy
Abstract:
This article estimates the quantitative relationship between international capital flows and China's monetary policy. A major innovation over most previous studies is taking into consideration the effects of changes in the reserve requirement ratio. Employing the method of the Federal Reserve Bank of St. Louis, this article translates the change in the reserve requirement ratio into the change in the monetary base, while the money multiplier remains unchanged. The change in the reserve requirement ratio is combined with the other monetary policies that directly affect the monetary base to construct an integrated measure of monetary policy. We then construct a modified offset and sterilization coefficients model. We find that the failure to take reserve requirement ratio changes into account leads to an underestimation of both the degree of sterilization and of capital mobility as measured by the offset coefficients. The results show that China's capital flows are quite limited, while China's monetary policy is able to almost completely sterilize monetary base fluctuations caused by international capital flows. Thus, we find that China has been able to maintain a great deal of domestic monetary policy independence despite a limited degree of exchange rate flexibility.
Journal: The Chinese Economy
Pages: 300-317
Issue: 4
Volume: 52
Year: 2019
Month: 7
X-DOI: 10.1080/10971475.2018.1559039
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1559039
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Handle: RePEc:mes:chinec:v:52:y:2019:i:4:p:300-317
Template-Type: ReDIF-Article 1.0
Author-Name: Sasidaran Gopalan
Author-X-Name-First: Sasidaran
Author-X-Name-Last: Gopalan
Author-Name: Ramkishen S. Rajan
Author-X-Name-First: Ramkishen S.
Author-X-Name-Last: Rajan
Author-Name: Luu Nguyen Trieu Duong
Author-X-Name-First: Luu Nguyen Trieu
Author-X-Name-Last: Duong
Title: Roads to Prosperity? Determinants of FDI in China and ASEAN
Abstract:
Foreign direct investment (FDI) inflows remain an important source of external financing for several countries in the Asian region including China and the Association of South East Asian Nations (ASEAN) bloc of economies. Greenfield FDI inflows particularly have facilitated the development of regional production networks and manufacturing supply chains in Asia. While it is well known that these economies have prioritized infrastructural development as a means of developing their manufacturing prowess, to what degree has the quality of physical infrastructure actually influenced FDI inflows coming into the region? By constructing a panel data for China as well as the ASEAN bloc for two decades from 1995 to 2016, we investigate the importance of infrastructure in determining Greenfield FDI inflows into these economies. Our results strongly suggest that roads emerge as the most robust determinant of Greenfield FDI inflows to China and ASEAN.
Journal: The Chinese Economy
Pages: 318-341
Issue: 4
Volume: 52
Year: 2019
Month: 7
X-DOI: 10.1080/10971475.2018.1559092
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1559092
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Handle: RePEc:mes:chinec:v:52:y:2019:i:4:p:318-341
Template-Type: ReDIF-Article 1.0
Author-Name: Yuan Tian
Author-X-Name-First: Yuan
Author-X-Name-Last: Tian
Author-Name: Eric J. Pentecost
Author-X-Name-First: Eric J.
Author-X-Name-Last: Pentecost
Title: The Changing Sources of Real Exchange Rate Fluctuations in China, 1995–2017: Twinning the Western Industrial Economies?
Abstract:
Relative real demand shocks are the most important source of real exchange rate fluctuations for most countries, including China, but prior to 2005 supply shocks were also large and highly significant. Whereas China’s pegged exchange rate policy rendered nominal (monetary) shocks unimportant, the shift to a more flexible exchange rate policy made nominal shocks a more important source of real exchange rate variability. Using a structural VAR model and quarterly data on China from 1995 to 2017, impulse response and variance decomposition analysis suggest that, although real relative demand shocks remain the main source of real exchange rate fluctuations, nominal shocks have become much more important in both absolute terms and relative to supply shocks. This suggests that, since adopting a managed floating exchange rate regime, the sources of China’s real exchange rate fluctuations have become similar to those of developed industrial countries. This stands in contrast to the fact that, despite being the world’s largest manufacturing economy, China is still classified as a developing country.
Journal: The Chinese Economy
Pages: 358-376
Issue: 4
Volume: 52
Year: 2019
Month: 7
X-DOI: 10.1080/10971475.2018.1559123
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1559123
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Handle: RePEc:mes:chinec:v:52:y:2019:i:4:p:358-376
Template-Type: ReDIF-Article 1.0
Author-Name: Richard C. K. Burdekin
Author-X-Name-First: Richard C. K.
Author-X-Name-Last: Burdekin
Author-Name: Junjie Zhang
Author-X-Name-First: Junjie
Author-X-Name-Last: Zhang
Title: Macroeconomic Drivers of Chinese ADRs: Home Country vs. US Effects
Abstract:
The potential connections between macroeconomic variables and the stock market becomes less straightforward for shares issued in one country but traded in another. Whereas past work has suggested that cross-listed stocks respond to country-specific sentiment factors in the location of trade, in this article we show how Chinese ADRs also generally respond more to U.S. macroeconomic developments than to home-country influences. Following the application of Markov-switching analysis, we find that Chinese macroeconomic effects become relatively more important during times of crisis, however. Particularly large responses to Chinese macroeconomic variables are seen in the case of a Chinese closed-end fund that trades in the United States, but invests directly in Shanghai A-shares.
Journal: The Chinese Economy
Pages: 342-357
Issue: 4
Volume: 52
Year: 2019
Month: 7
X-DOI: 10.1080/10971475.2018.1559127
File-URL: http://hdl.handle.net/10.1080/10971475.2018.1559127
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Handle: RePEc:mes:chinec:v:52:y:2019:i:4:p:342-357
Template-Type: ReDIF-Article 1.0
Author-Name: Zhong-qin Su
Author-X-Name-First: Zhong-qin
Author-X-Name-Last: Su
Author-Name: Yuyang Xu
Author-X-Name-First: Yuyang
Author-X-Name-Last: Xu
Title: The Information Role of Comment Letters: Evidence from Institutional Investors’ Informed Trading
Abstract:
We use a unique data set of 6,954 firm-year observations to investigate the information content of comment letters released by the Shenzhen Stock Exchange (SZSE). The information role appears to be negatively associated with institutional investors’ informed trading. The comment letters, which increase more media coverage, decrease the institutional investors’ informed trading. Our results are robust across alternative measures and the propensity score matching (PSM) method. The negative relationship is more pronounced in firms with low analysts’ coverage, non-big 4 auditors, non-SOEs, and transient institutional investors. Our results suggest that comment letters are able to decrease information asymmetry and the stock exchange can play an active regulatory role to improve the stock market.
Journal: The Chinese Economy
Pages: 133-157
Issue: 2
Volume: 53
Year: 2020
Month: 3
X-DOI: 10.1080/10971475.2019.1688002
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1688002
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Handle: RePEc:mes:chinec:v:53:y:2020:i:2:p:133-157
Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: China’s Policy Response to the China US Trade War: An Initial Assessment
Abstract:
The China US trade war had been looming since January 2018, effectively started on 6 July 2018, calmed down since December 2018 until April 2019, has now entered a second stage after the US decided to increase previous tariffs of 10% levied in US $200 billion worth of Chinese goods to 25% on 10 May 2019. This study reviews the policy response from the Chinese authorities during January 2018–April 2019 by looking at the fiscal stimulus, monetary stimulus and other institutional reforms. Finally, this study concludes that the Chinese government has changed its policy focus from the traditional demand-side economics such as the 2008–09, 2012 and 2015–16 stimulus to supply-side economics such as the 2018–19 stimulus.
Journal: The Chinese Economy
Pages: 158-176
Issue: 2
Volume: 53
Year: 2020
Month: 3
X-DOI: 10.1080/10971475.2019.1688003
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1688003
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Handle: RePEc:mes:chinec:v:53:y:2020:i:2:p:158-176
Template-Type: ReDIF-Article 1.0
Author-Name: Chuang Wang
Author-X-Name-First: Chuang
Author-X-Name-Last: Wang
Author-Name: Evangelos Giouvris
Author-X-Name-First: Evangelos
Author-X-Name-Last: Giouvris
Title: The Impact of Foreign Bank Entry on Chinese Banks and Financial Liberalization: Recent Evidence
Abstract:
Opening the market to foreign investors is an action which the Chinese government will take under the pressure of economic globalization. However, the impact on domestic firms and market needs to be investigated. This study uses disaggregate measures (foreign exposure index) to analyze how the entry of foreign banks affects domestic banks and the financial markets unlike previous studies which tend to employ aggregate measures (foreign banks number and foreign bank assets share). The results show that the entry of foreign banks has a significantly positive impact on the performance of domestic banks, which is in favor of the process of domestic financial liberalization.
Journal: The Chinese Economy
Pages: 177-199
Issue: 2
Volume: 53
Year: 2020
Month: 3
X-DOI: 10.1080/10971475.2019.1688004
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1688004
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Handle: RePEc:mes:chinec:v:53:y:2020:i:2:p:177-199
Template-Type: ReDIF-Article 1.0
Author-Name: Zahid Khan
Author-X-Name-First: Zahid
Author-X-Name-Last: Khan
Author-Name: Guo Changgang
Author-X-Name-First: Guo
Author-X-Name-Last: Changgang
Author-Name: Muhammad Afzaal
Author-X-Name-First: Muhammad
Author-X-Name-Last: Afzaal
Title: China-Pakistan Economic Corridor at the Cross Intersection of China, Central Asia and South Asia: Opportunities for Regional Economic Growth
Abstract:
Pakistan’s geographical location is ideal for China-Pakistan Economic Corridor (CPEC) Project, and it formally recognizes as an iconic model of Belt and Road Initiative (BRI) plan. This corridor is laid at the cross intersection of three regions of economic growth include: China, Central Asian Republics and South Asia. It plays a vital role of inter-connectivity between these three regions, where three billions of inhabitants live, which is roughly half of the world population. The central argument of the paper is sternly conceptual and based on the subsequent arguments: foremost, the foundation of CPEC project is a green signal for the regional connectivity, mutual cooperation, economic growth and stability of the entire region of South and Central Asia. Secondly, the topographical position of Pakistan has an incredible potential for corridor development and manipulation process. Thirdly, due to the iconic model of belt and road initiative plan, the CPEC corridor has broad potential for regional economic growth because of shared boundaries and cross intersection position with China, CARs and South Asia. Finally, with the copious fruitful opportunities, this project facades somber challenges internally and outwardly. Hence, this study uses a positive-sum logic to analyze central argument and also discusses the policy inputs that may be prolific for regional growth and reforms of the project.
Journal: The Chinese Economy
Pages: 200-215
Issue: 2
Volume: 53
Year: 2020
Month: 3
X-DOI: 10.1080/10971475.2019.1688005
File-URL: http://hdl.handle.net/10.1080/10971475.2019.1688005
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Handle: RePEc:mes:chinec:v:53:y:2020:i:2:p:200-215
Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoya (Sara) Ding
Author-X-Name-First: Xiaoya (Sara)
Author-X-Name-Last: Ding
Author-Name: Ligang Zhong
Author-X-Name-First: Ligang
Author-X-Name-Last: Zhong
Title: Challenges and Opportunities in China’s Financial Markets
Journal: The Chinese Economy
Pages: 217-220
Issue: 3
Volume: 53
Year: 2020
Month: 5
X-DOI: 10.1080/10971475.2020.1720956
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1720956
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Handle: RePEc:mes:chinec:v:53:y:2020:i:3:p:217-220
Template-Type: ReDIF-Article 1.0
Author-Name: Hua Zhou
Author-X-Name-First: Hua
Author-X-Name-Last: Zhou
Author-Name: Wenjin Liu
Author-X-Name-First: Wenjin
Author-X-Name-Last: Liu
Author-Name: Liang Wang
Author-X-Name-First: Liang
Author-X-Name-Last: Wang
Title: Systemic Risk of China’s Financial System (2007–2018): A Comparison between ΔCoVaR, MES and SRISK across Banks, Insurance and Securities Firms
Abstract:
China’s stock market crash in 2015 aroused scholarly attention on financial systemic risk in China. Using data on China’s stock market from January 5, 2007 to September 28, 2018, this study calculated three different measures of systemic risk, i.e., temporal fluctuation of financial institutions’ contribution to systemic risk (CoVaR), sensitivity of financial institutions to systemic risk (MES) and long-run expected capital shortfall (SRISK), to assess the formation, occurrence, and consequences of systemic risk in China. The results show that ΔCoVaR and MES exhibited an abnormal rise during the outbreak of the 2008 global financial crisis and the 2015 domestic stock market crash, whereas SRISK showed a steady increase throughout the observation window, indicating China’s ever-growing SRISK despite the CoVaR and MES. More importantly, regardless of temporal fluctuation, (1) the vast majority of systemic risk comes from banks, followed by insurance firms, which is shown by the institutions’ ranking in terms of ΔCoVaR; (2) securities firms followed by insurance firms are exposed to more systemic risk as indicated by short-run expected equity loss (i.e., MES); and (3) banks accumulate more SRISK than any other financial institution. The findings suggest that, in the event of a severe Chinese financial crisis, likely banks will endure the greatest amount of capital shortfall, whereas securities firms will suffer more short-run loss proportionally and thus risk a higher probability of bankruptcy. We conclude with a comparison of systemic risk in financial systems between China and the USA and policy implications.
Journal: The Chinese Economy
Pages: 221-245
Issue: 3
Volume: 53
Year: 2020
Month: 5
X-DOI: 10.1080/10971475.2020.1720962
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1720962
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Handle: RePEc:mes:chinec:v:53:y:2020:i:3:p:221-245
Template-Type: ReDIF-Article 1.0
Author-Name: Lei Zhu
Author-X-Name-First: Lei
Author-X-Name-Last: Zhu
Author-Name: Huimin Li
Author-X-Name-First: Huimin
Author-X-Name-Last: Li
Author-Name: Dazhi Zheng
Author-X-Name-First: Dazhi
Author-X-Name-Last: Zheng
Title: Institutional Industry Herding in China
Abstract:
This paper examines the effect of institutional herding on future stock returns in China A-share market at both the market and industry level from 2003 to 2012. Using a unique institutional holding database, we test the herding effect at different time horizons. The results suggest that institutional herding has a significantly positive effect on future excess returns for A shares in the short, medium and long periods of time. In China A-share market, institutional herding is more significant on buy side than sell side due to short sell restrictions. At the industry level, manufacturing and construction sectors experience institutional herding effect at all time horizon. Financial industry is found to present significant institutional herding effect only in the long term. The institutional herding has a positive and significant impact on the medium-term and long-term excess stock returns in the rest of ten sectors.
Journal: The Chinese Economy
Pages: 246-264
Issue: 3
Volume: 53
Year: 2020
Month: 5
X-DOI: 10.1080/10971475.2020.1720963
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1720963
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Handle: RePEc:mes:chinec:v:53:y:2020:i:3:p:246-264
Template-Type: ReDIF-Article 1.0
Author-Name: Jun Chen
Author-X-Name-First: Jun
Author-X-Name-Last: Chen
Author-Name: Huimin Li
Author-X-Name-First: Huimin
Author-X-Name-Last: Li
Author-Name: Dazhi Zheng
Author-X-Name-First: Dazhi
Author-X-Name-Last: Zheng
Title: The Impact of Margin-Trading and Short-Selling on Stock Price Efficiency—Evidence from the Fifth-Round Ban Lift in the Chinese Stock Market
Abstract:
This article investigates how margin-trading and short-selling affect stock price efficiency in the Chinese stock market. Using a sample of 205 stocks that are allowed to do margin-trading/short-selling in China after the fifth-round ban lift in 2014, we conducted fixed-effect panel regressions with three proxies for stock price efficiency. The findings support that price efficiency for these stocks is much higher than those that are not. The stocks that are newly added to the list of margin-trading and short-selling also see their price efficiency improve after the event compared to before the event. During a bull market, short selling improves stock price efficiency possibly through increasing liquidity, less information asymmetry, and broader investor base. On the other hand, during a bear market, margin-trading improves efficiency possibly through only liquidity and ownership breadth channels.
Journal: The Chinese Economy
Pages: 265-284
Issue: 3
Volume: 53
Year: 2020
Month: 5
X-DOI: 10.1080/10971475.2020.1721017
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1721017
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Handle: RePEc:mes:chinec:v:53:y:2020:i:3:p:265-284
Template-Type: ReDIF-Article 1.0
Author-Name: Qin Shang
Author-X-Name-First: Qin
Author-X-Name-Last: Shang
Author-Name: Zhenzhong Ma
Author-X-Name-First: Zhenzhong
Author-X-Name-Last: Ma
Author-Name: Xueyang Wang
Author-X-Name-First: Xueyang
Author-X-Name-Last: Wang
Title: In Search of the Best Interest Rate for Group Lending: Toward a Win–Win Solution for SMEs and Commercial Banks in China
Abstract:
To better help resolve the dilemma of more demand for bank lending and increasing defaulted bank loans, this paper develops a pricing model on SMEs’ group lending practice using a gaming method. The optimization method and the game analysis are used to model the dynamical interest rates of group lending in order to maximize the profits for SMEs and to guarantee basic income for commercial banks. A simulated empirical analysis is used to obtain the optimal lending rate and expected profits, and the results provide support for the proposed model. The result of this study provides valuable insights on designing effective incentives to encourage commercial banks to provide funds to SMEs and to encourage SMEs to pay back the loans to commercial banks, and thus is able to help resolve the funding dilemma between commercial banks and small and medium enterprises in China.
Journal: The Chinese Economy
Pages: 285-299
Issue: 3
Volume: 53
Year: 2020
Month: 5
X-DOI: 10.1080/10971475.2020.1722359
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1722359
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Handle: RePEc:mes:chinec:v:53:y:2020:i:3:p:285-299
Template-Type: ReDIF-Article 1.0
Author-Name: Yanjie Shang
Author-X-Name-First: Yanjie
Author-X-Name-Last: Shang
Author-Name: Haiyun Yu
Author-X-Name-First: Haiyun
Author-X-Name-Last: Yu
Author-Name: Zhenzhong Ma
Author-X-Name-First: Zhenzhong
Author-X-Name-Last: Ma
Title: Venture Investors’ Monitoring and Product Innovation Performance in Serial Crowdfunding Projects: An Empirical Test
Abstract:
An increasing number of entrepreneurs have used crowdfunding to raise funds for their startups. While crowdfunding has attracted many entrepreneurs and investors, serial crowdfunding provides a new way to meet the financing needs of startups at different stages of development. Based on 281 serial crowdfunding projects that have raised funds in three key crowdfunding networks in China, this study investigates the impact of venture investors’ monitoring of crowdfunding projects on product innovation performance in the follow-up projects. The results show that venture investors’ monitoring of crowdfunding projects has a positive impact on product innovation in the follow-up projects, and the financing performance mediates the relationship between venture investors’ monitoring and product innovation. This result can help venture capital better understand the impact of crowdfunding projects on financing performance and further on product innovation in follow-up projects, which will have important practical implications. The findings of this study can also help increase the popularity crowdfunding as a new financing tool in China.
Journal: The Chinese Economy
Pages: 300-314
Issue: 3
Volume: 53
Year: 2020
Month: 5
X-DOI: 10.1080/10971475.2020.1721045
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1721045
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Handle: RePEc:mes:chinec:v:53:y:2020:i:3:p:300-314
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Public Financing, Credit and Debt in China
Journal: The Chinese Economy
Pages: 315-316
Issue: 4
Volume: 53
Year: 2020
Month: 7
X-DOI: 10.1080/10971475.2020.1729419
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1729419
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Handle: RePEc:mes:chinec:v:53:y:2020:i:4:p:315-316
Template-Type: ReDIF-Article 1.0
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: RMB Internationalization and Financing Belt-Road Initiative: An MMT Perspective
Abstract:
The Belt Road Initiative (BRI) is a global development plan that sets out to invest trillions of dollars in infrastructure within the coming decade in over 60 countries. Financing the BRI has come mainly from the Chinese government funded development banks, commercial banks and investment funds. BRI investment has done primarily in the US dollar, which is not a sovereign currency for the Chinese government. As China’s current account surplus narrowed and foreign exchange reserves shrank, the affordability of the BRI becomes questionable. From the Modern Money Theory’s perspective, it is much more desirable, or even necessary, to use the Chinese RMB as the main investment vehicle currency. However, despite the RMB internationalization efforts by the Chinese government in the recent years, especially after the 2008 Global Financial Crisis, RMB internationalization is still quite limited. Financing BRI presents a difficult dilemma for China because on the one hand, continuing with dollar investment requires much capital account and exchange rate management, which hinders RMB internationalization; on the other hand, RMB internationalization, which is desirable for BRI investment, requires more liberalization of the capital account and exchange rate regime. Based on the Modern Money Theory, this paper reveals some of the implications of the connections between RMB internationalization and BRI financing.
Journal: The Chinese Economy
Pages: 317-328
Issue: 4
Volume: 53
Year: 2020
Month: 7
X-DOI: 10.1080/10971475.2020.1728478
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1728478
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Handle: RePEc:mes:chinec:v:53:y:2020:i:4:p:317-328
Template-Type: ReDIF-Article 1.0
Author-Name: Lili Li
Author-X-Name-First: Lili
Author-X-Name-Last: Li
Author-Name: Hanyu Tan
Author-X-Name-First: Hanyu
Author-X-Name-Last: Tan
Author-Name: Hongmei Zhang
Author-X-Name-First: Hongmei
Author-X-Name-Last: Zhang
Title: Government Finance and Money Creation in China: An MMT Perspective
Abstract:
The traditional theory of money creation and supply has been widely questioned and criticized after the Global Financial Crisis in 2008. The existing empirical research on China’s money supply has been basically based on this traditional theoretical framework of “monetary base-money multiplier,” and ignored the important role of government finance in money creation. From the perspective of MMT, this paper investigates the evolution of the role of fiscal policy in China’s money creation, and analyzes the macroeconomic impact of the fiscal creation of money. In the past 70 years, China has experienced a planned economy regime, a fiscal dominance regime and a monetary dominance regime. And during this time the dominant mode of money creation has gradually shifted from fiscal creation to credit creation, to the extent that the old fiscal creation mode has been ignored or even disdained. However, the fiscal creation of money is still of great importance. Compared with credit creation, it helps to promote the development of real economy, reduce systemic financial risks and narrow the wealth gap. This article argues that China should increase the contribution of fiscal expansion to money creation and reduce the dependence of money growth on credit, so as to better achieve the three goals of stable growth, risk prevention and structural adjustment.
Journal: The Chinese Economy
Pages: 329-341
Issue: 4
Volume: 53
Year: 2020
Month: 7
X-DOI: 10.1080/10971475.2020.1728481
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1728481
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Handle: RePEc:mes:chinec:v:53:y:2020:i:4:p:329-341
Template-Type: ReDIF-Article 1.0
Author-Name: Shujuan Li
Author-X-Name-First: Shujuan
Author-X-Name-Last: Li
Author-Name: Peishen Cao
Author-X-Name-First: Peishen
Author-X-Name-Last: Cao
Title: Does Local Government Debt Promote China’s New Urbanization?
Abstract:
Local government debt played a vital role in China’s urbanization. But its influence on the new urbanization is not clear. Based on the definition of new urbanization, the paper focuses on the characteristics of local government debt and whether local government debt can meet the needs of new urbanization. The empirical research shows that local government debt promotes the urbanization rate, infrastructure supply and public products supply. But it is not conducive to the increase of urban residents’ income, which is the important component of new urbanization. The influence of local government debt on new urbanization is different at different stages of new urbanization. The suggestion is that local government should use local government debt, private capital and foreign capital reasonably considering regional and development stage characteristics, instead of debt only to accelerate the development of new urbanization.
Journal: The Chinese Economy
Pages: 342-354
Issue: 4
Volume: 53
Year: 2020
Month: 7
X-DOI: 10.1080/10971475.2020.1728482
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1728482
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Handle: RePEc:mes:chinec:v:53:y:2020:i:4:p:342-354
Template-Type: ReDIF-Article 1.0
Author-Name: Ting Zhang
Author-X-Name-First: Ting
Author-X-Name-Last: Zhang
Author-Name: Yifei Qin
Author-X-Name-First: Yifei
Author-X-Name-Last: Qin
Author-Name: Xiaojuan Ai
Author-X-Name-First: Xiaojuan
Author-X-Name-Last: Ai
Title: Research on the Measurement of the Safe Scale of Bonds in Central China
Abstract:
In the context of “the new normal”, the downward pressure on China’s economy has increased, and the gap between fiscal revenue and expenditure has become prominent. Government bonds have become one of the important financing tools for local governments. In the process of issuing bonds, how to determine the bonds’ scale and control risks has become a new problem for governments at all levels. The paper uses the improved KMV model to measure the safe scale of bonds in six provinces in central China, specifically Henan, Hunan, Hubei, Anhui, Shanxi, and Jiangxi province. In order to assess local government’s guaranteed fiscal revenue accurately, the paper adds central-to-local transfer payments to the general public budget revenue, and minus the provincial rigid expenditures and due debts. The empirical results show that the safe scale of bonds in central China is small, and there is no space for issuing new bonds in Hunan, Hubei and Henan province. Based on the results, this paper puts forward some policy suggestions, such as regulation of the scale of local government bonds and establishment of local government debt service reserve system.
Journal: The Chinese Economy
Pages: 355-362
Issue: 4
Volume: 53
Year: 2020
Month: 7
X-DOI: 10.1080/10971475.2020.1728488
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1728488
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Handle: RePEc:mes:chinec:v:53:y:2020:i:4:p:355-362
Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: Industrial Policy and Technology Innovation under the US Trade War against China
Abstract:
Industrial policy (IP) toward technology innovation (TI) is a focus of the US trade war against China. The US is forcing China to stop IP uses in promoting TI that directly threaten the US technology leaders, like its reaction to China’s plan of “Made in China 2025”. Does China have too many IP? Does the US use IP? What TI patterns affect IP? This paper develops the following points as conclusions: (a) Due to market failures, all countries implement IP in their economic development; (b) original innovation (OI) involves a lot of risks and uncertainties such that entrepreneurship rather than government plays a key role, while imitation innovation (II) is much less risky and uncertain so that more rooms are left for IP; (c) technology-leading countries like the US has to conduct OI to maintain their advantages, and catching-up countries like China do more II, thus more IP are adopted in China than the US; and (d) the US engaged substantially IP in the history and is deploying various IP to meet challenges from China; and (e) economic and political institutions matter.
Journal: The Chinese Economy
Pages: 363-373
Issue: 5
Volume: 53
Year: 2020
Month: 9
X-DOI: 10.1080/10971475.2020.1730553
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1730553
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Handle: RePEc:mes:chinec:v:53:y:2020:i:5:p:363-373
Template-Type: ReDIF-Article 1.0
Author-Name: Hameed Khan
Author-X-Name-First: Hameed
Author-X-Name-Last: Khan
Author-Name: Umair Khan
Author-X-Name-First: Umair
Author-X-Name-Last: Khan
Author-Name: Muhammad Asif Khan
Author-X-Name-First: Muhammad Asif
Author-X-Name-Last: Khan
Title: Causal Nexus between Economic Complexity and FDI: Empirical Evidence from Time Series Analysis
Abstract:
The rapid economic emergence of China is credited to be its products and economic complexity. Foreign direct investment, with its better-embedded knowhow and technology, is one of the main drivers for the higher economic complexity of China. By applying the ARDL and VECM approaches; this study confirms the long-run bidirectional and short-run unidirectional causal relationship between economic complexity and foreign direct investment. Besides, we include additional control variables such as institutional quality, information & communication technology, trade openness, per capita GDP, domestic investment, and human capital, which are found robust in our analysis.
Journal: The Chinese Economy
Pages: 374-394
Issue: 5
Volume: 53
Year: 2020
Month: 9
X-DOI: 10.1080/10971475.2020.1730554
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1730554
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Handle: RePEc:mes:chinec:v:53:y:2020:i:5:p:374-394
Template-Type: ReDIF-Article 1.0
Author-Name: Lubna Uzair
Author-X-Name-First: Lubna
Author-X-Name-Last: Uzair
Author-Name: Ahmad Nawaz
Author-X-Name-First: Ahmad
Author-X-Name-Last: Nawaz
Title: The Epoch of Free Trade Agreements in Pakistan and Predominance of China
Abstract:
The study empirically analyses the free trade agreements of Pakistan implicitly and China-Pakistan agreement explicitly by utilizing data of major trade partners of Pakistan from 1996 to 2018. For modeling the impact of trade agreements, gravity equation augmented with different variables, to accommodate zones of trade liberalization of Pakistan. To estimate the equation, feasible generalized least square used in a setting of panel data by controlling for country pair-specific and time-specific effects. Estimates of an extended gravity-based specification reflect that trade liberalization with Malaysia, and Sri Lanka is not as effective as with China and the trade agreement with China is only welfare-led. However, the imports from China are more responsive to free trade agreements as compare to export to China. The findings suggest the next round of negotiations for another phase of the agreement with consideration of the provision of market access to Pakistani exporters.
Journal: The Chinese Economy
Pages: 395-411
Issue: 5
Volume: 53
Year: 2020
Month: 9
X-DOI: 10.1080/10971475.2020.1730563
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1730563
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Handle: RePEc:mes:chinec:v:53:y:2020:i:5:p:395-411
Template-Type: ReDIF-Article 1.0
Author-Name: Chuang Wang
Author-X-Name-First: Chuang
Author-X-Name-Last: Wang
Author-Name: Evangelos Giouvris
Author-X-Name-First: Evangelos
Author-X-Name-Last: Giouvris
Title: Firm Survival between Manufacturing and Non-Manufacturing Industries: Cultural Distance, Country Risk, Entry Mode, Market Size, Firm Age and Location
Abstract:
Survival in a foreign market is not always the same as in the home market. This study examines interaction effects between cultural distance, country risk, entry mode, firm age, investment location and market size on firm survival. A distant culture is related to a lower survival rate but the greater the market size and the older the firm, the less severe the effect. Wholly owned subsidiaries have the highest survival rate. However, as market size and the age of the firm grow, the survival rate of equity joint ventures increases while that of wholly owned subsidiaries remains unaffected. Country risk is negatively related to survival rate. The negative impact of country risk in Eastern China is lower than any other region of China and manufacturing firms suffer less negative impact of country risk and cultural distance than non-manufacturing firms.
Journal: The Chinese Economy
Pages: 412-431
Issue: 5
Volume: 53
Year: 2020
Month: 9
X-DOI: 10.1080/10971475.2020.1730564
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1730564
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Handle: RePEc:mes:chinec:v:53:y:2020:i:5:p:412-431
Template-Type: ReDIF-Article 1.0
Author-Name: Wai-Ming Fong
Author-X-Name-First: Wai-Ming
Author-X-Name-Last: Fong
Author-Name: Ming Liu
Author-X-Name-First: Ming
Author-X-Name-Last: Liu
Author-Name: Xiaojian Yu
Author-X-Name-First: Xiaojian
Author-X-Name-Last: Yu
Title: A Loan-level Investigation of Chinese Credit Guarantee
Abstract:
Using a loan-level dataset on a big private-owned credit guarantor in Guangdong province, we study how the guarantor manages risk. In a typical bank-guarantor collaboration agreement, the bank may cherry-pick a borrower to co-sponsor the loan with the guarantor so as to share the default risk, the guarantee fee and the collateral. Borrowers with no bank co-sponsorship should be riskier than borrowers with bank co-sponsorship, so the guarantor may treat these two types of borrowers differently. We find that the borrowers with guarantor’s sole sponsorship pay higher guarantee fee, pledge more collateral, and are granted shorter loan maturity than the borrowers with bank co-sponsorship, and that the loan amount is not affected by the absence of bank’s co-sponsorship.
Journal: The Chinese Economy
Pages: 433-454
Issue: 6
Volume: 53
Year: 2020
Month: 11
X-DOI: 10.1080/10971475.2020.1792066
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1792066
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Handle: RePEc:mes:chinec:v:53:y:2020:i:6:p:433-454
Template-Type: ReDIF-Article 1.0
Author-Name: Yongqing Wang
Author-X-Name-First: Yongqing
Author-X-Name-Last: Wang
Title: Yuan’s Valuation under Managed Floating Exchange Rate Regime
Abstract:
To U.S. politicians, the undervaluation of the Chinese yuan is usually blamed for the tremendous trade deficit between the U.S. and China. This study examines the yuan’s valuation under the Managed Floating Exchange Rate regime through three methods. We compare the real effective exchange rate for U.S. and China; actual and PPP estimated bilateral exchange rates; and actual and a multi-currency basket approach for estimated exchange rates. Although the results are not the same when different methods are used, our results suggest that, since the beginning of the Managed Floating Exchange Rate regime, the Chinese yuan has been undervalued only for a few years. After that, the yuan is either overvalued or fluctuates moderately between overvaluation and undervaluation, depending on which method is used. Therefore, there is no evidence that the yuan has been undervalued all the time. More importantly, it seems the price of the yuan has been relatively fair in the last couple of years no matter which valuation method is used.
Journal: The Chinese Economy
Pages: 455-464
Issue: 6
Volume: 53
Year: 2020
Month: 11
X-DOI: 10.1080/10971475.2020.1792067
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1792067
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Handle: RePEc:mes:chinec:v:53:y:2020:i:6:p:455-464
Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Author-Name: Quan Sun
Author-X-Name-First: Quan
Author-X-Name-Last: Sun
Title: Online Consumption and Income Efficiency: Evidence from China
Abstract:
Online shopping has becomes more and more popular in China largely due to the convenience and competitive prices of online products and services. This paper discusses fours issues related to online shopping. Using data from the Chinese Household Financial Survey 2013 and 2015, we find that online shopping is a more common practice for higher income earners, youngsters, women, married couples, better educated citizens, urban residents, and smartphone users. Online consumption is affected by similar factors. We observe the concavity of income on household total consumption and money savings due to online shopping. We conclude that online shopping improves the income efficiency on household total consumption. Using smartphones does not promote total consumption, although it increases online consumption.
Journal: The Chinese Economy
Pages: 465-476
Issue: 6
Volume: 53
Year: 2020
Month: 11
X-DOI: 10.1080/10971475.2020.1792068
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1792068
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Handle: RePEc:mes:chinec:v:53:y:2020:i:6:p:465-476
Template-Type: ReDIF-Article 1.0
Author-Name: Zahid Khan
Author-X-Name-First: Zahid
Author-X-Name-Last: Khan
Author-Name: Guo Changgang
Author-X-Name-First: Guo
Author-X-Name-Last: Changgang
Author-Name: Muhammad Afzaal
Author-X-Name-First: Muhammad
Author-X-Name-Last: Afzaal
Author-Name: Riaz Ahmad
Author-X-Name-First: Riaz
Author-X-Name-Last: Ahmad
Author-Name: Samuel Aron Issack
Author-X-Name-First: Samuel
Author-X-Name-Last: Aron Issack
Title: Debunking Criticism on the China-Pakistan Economic Corridor
Abstract:
The China-Pakistan Economic Corridor (CPEC) is a pilot flagship project of China’s Belt and Road Initiative (BRI). Although this project has been received in a relatively positive manner by actors regionally and worldwide, it has also been subject to serious criticisms in domestic and international publications. These criticisms include the claims that Pakistan might become a colony or province of China, and that Pakistan is faced with a debt-trap as a result of Chinese loans. This article outlines these claims and proceeds to show that neither stands up to close scrutiny. Moreover, the article approach is alienated into two parts; first, looks at how the distinctive criticism propagated by critics whilst secondly, a critical approach is used to debunk all these criticism with the help of respondents’ reactions. Consequently, it may provide few policy recommendations.
Journal: The Chinese Economy
Pages: 477-487
Issue: 6
Volume: 53
Year: 2020
Month: 11
X-DOI: 10.1080/10971475.2020.1792065
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1792065
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Handle: RePEc:mes:chinec:v:53:y:2020:i:6:p:477-487
Template-Type: ReDIF-Article 1.0
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: Perception and Strategy of ASEAN’s States on China’s Footprints under Belt and Road Initiative (BRI): Perspectives of State-Society-Business with Balancing-Bandwagoning-Hedging Consideration
Abstract:
This special issue will propose that the changing relations among state-market-society in ASEAN’s states will play the crucial impact toward China’s Belt and Road Initiative (BRI). Under such circumstances, the changing state-market-society relations from internal and external impacts will reshape or modify their development strategy on China’s footprint in ASEAN by way of adopting balancing, bandwagoning, cooperating, or hedging consideration. The hedging strategical framework can be constructed and analyzed on each ASEAN’s country how to effectively deal with China’s economic and political involvement. It will be concerned that the hedging strategic framework is a combination of consideration on resisting, balancing, bandwagoning, and cooperating measures in order to efficiently and rationally deal with great powers like China, in different aspects and degrees. The application of general hedging framework is a kind of risk and benefit management strategy for ASEAN states toward China’s dominance on BRI that is smartly used by ASEAN states to pursue economic gains and to enjoy relative political autonomy at the same time.
Journal: The Chinese Economy
Pages: 1-8
Issue: 1
Volume: 54
Year: 2021
Month: 1
X-DOI: 10.1080/10971475.2020.1809813
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1809813
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Handle: RePEc:mes:chinec:v:54:y:2021:i:1:p:1-8
Template-Type: ReDIF-Article 1.0
Author-Name: Kok Fay Chin
Author-X-Name-First: Kok Fay
Author-X-Name-Last: Chin
Title: Malaysia’s Perception and Strategy toward China’s BRI Expansion: Continuity or Change?
Abstract:
The Belt and Road Initiative (BRI − also known as One Belt One Road (OBOR)−is undoubtedly one of People’s Republic of China’s (PRC) largest yet most controversial development program of its kind worldwide. In the light of the controversy, the paper aims to study Malaysia’s perception and strategy toward China’s BRI expansion since the Najib’s administration. Based on the political economy analysis of Malaysia’s response from Najib to Mahathir 2.0 administrations, the paper focuses on the interaction between state and non-state actors such as the corporations, political parties and non-government organizations (NGOs). Particular attention will be given to the question of what accounts for the continuity or change in Malaysia’s perception and strategy toward China’s BRI expansion during the two different administrations. Given the institutional setting that gives rise to concentration of political and economic power in the hand of prime minister in Malaysia, its leadership plays a vital role in shaping the outcome of China’s BRI expansion in the country.
Journal: The Chinese Economy
Pages: 9-19
Issue: 1
Volume: 54
Year: 2021
Month: 1
X-DOI: 10.1080/10971475.2020.1809814
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1809814
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Handle: RePEc:mes:chinec:v:54:y:2021:i:1:p:9-19
Template-Type: ReDIF-Article 1.0
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Author-Name: Kyaw Htet Aung
Author-X-Name-First: Kyaw Htet
Author-X-Name-Last: Aung
Title: Myanmar’s Perception and Strategy toward China’s BRI Expansion on Three Major Projects Development: Hedging Strategic Framework with State-Market-Society Analysis
Abstract:
After the political transition of Myanmar in 2011, Myanmar toward China’s engagement strategy has led the changes from the state-to-state relations into the multi-layered relations and even into open domestic and foreign connection. Myanmar’s foreign policy has also challenged the Beijing’s economic and political interests in Myanmar in terms of major economic projects such as the case of Myanmar’s Government one-sided suspension for Myit Sone Dam projects in Kachin State, Kyauk Phyu Deep Sea Port, New Yangon Development Project, and Special Economic Zones (SEZs) projects along the China-Myanmar Border. In this sense, it could be interesting to find the Myanmar’s hedging policy on China’s engagement and China’s responses to Myanmar’s development. Moreover, Myanmar has agreed the China-Myanmar Economic Corridor (CMEC) which is strategically important for China’s Belt and Road Initiative (BRI). Among the various China’s BRI projects in Myanmar, every case has the different characteristic, pattern, and situation, in terms of the different fundamental interaction relations among the state, market and society. Thus, this research paper seeks the three unique cases of BRI projects in Myanmar from the political economic hedging framework via the state-market-society perspective, such as the Kyauk Phyu Deep Sea Port Project (currently running), Myit Sone Done Projects (currently suspending), and the New Yangon Development Project (still negotiating). Three major projects in Myanmar stand for three different patterns of Myanmar’s state-market-society relations and their general hedging considerations.
Journal: The Chinese Economy
Pages: 20-34
Issue: 1
Volume: 54
Year: 2021
Month: 1
X-DOI: 10.1080/10971475.2020.1809815
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1809815
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Handle: RePEc:mes:chinec:v:54:y:2021:i:1:p:20-34
Template-Type: ReDIF-Article 1.0
Author-Name: Tirta Nugraha Mursitama
Author-X-Name-First: Tirta Nugraha
Author-X-Name-Last: Mursitama
Author-Name: Yi Ying
Author-X-Name-First: Yi
Author-X-Name-Last: Ying
Title: Indonesia’s Perception and Strategy toward China’s OBOR Expansion: Hedging with Balancing
Abstract:
Indonesia has an ambitious infrastructure improvement plan because President Joko Widodo prioritizes infrastructure development for maritime sector development planning. Based on the vision of the Global Maritime Fulcrum (GMF) of Indonesia, BRI is in line with national interests in the vision of GMF. BRI is related to three of the five pillars contained in the GMF vision, namely maritime connectivity, maritime economy, and maritime culture. This article discusses Indonesia's perceptions and strategies in the BRI framework, and how Indonesia and China balance each other so that cooperation between the two countries impacts on economic growth and prosperity for Indonesia. Finally, for the Global Maritime Fulcrum-Belt and Road Initiatives (GMF-BRI) to synergize and achieve the vision set by the governments of China and Indonesia, mutual economic cooperation is needed. President Joko Widodo has demonstrated his leadership and ability to navigate Indonesia by implementing a hedging strategy with a sense of balance rather than joining in with China via bandwagoning. He showed his firmness in inviting foreign investors, especially from China, but he has strong principles in maintaining the sovereignty and dignity of this country.
Journal: The Chinese Economy
Pages: 35-47
Issue: 1
Volume: 54
Year: 2021
Month: 1
X-DOI: 10.1080/10971475.2020.1809816
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1809816
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Handle: RePEc:mes:chinec:v:54:y:2021:i:1:p:35-47
Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Chih Chao
Author-X-Name-First: Wen-Chih
Author-X-Name-Last: Chao
Title: The Philippines’ Perception and Strategy for China’s Belt and Road Initiative Expansion: Hedging with Balancing
Abstract:
The Duterte administration has adopted a positive attitude toward China; however, Filipino people are cautious in cooperating with China because of Chinese behavior in the South China Sea dispute and the country’s increasing influence on the world economy and regional security. The Filipino business sector’s stance on this collaboration is closer to that of the government’s because the BRI is perceived as a good business opportunity. Although there are diverging stances toward China and the BRI among state, people, and businesses in Philippines, these differences have not influenced President Duterte’s decision to cooperate with China under the framework of the BRI. The Duterte administration shelved differences pertaining to the South China Sea dispute first and then participated in the Chinese government’s BRI. Philippines’ government has tried to combine China’s funding and technology with Philippines’ Build, Build, Build program to improve domestic infrastructure, expand export of agriculture products to China, and increase economic growth rate. The Duterte administration has thus expanded cooperation with China for benefits in terms of economy, trade, science and technology, agriculture, education, tourism, and infrastructure through the BRI. The implications of the above actions taken by Philippines’ government include promotion of Philippines’ economic and infrastructure developments and elimination of security threats from China without the United States’ support through cooperation with China by participation in the BRI. Hence, shelving the South China Sea dispute is a means of promoting cooperation between the Philippines and China. The Duterte administration hopes to neutralize the effects of the pro-United States foreign policy in the past by cooperating with China in favor of maximum national interest.
Journal: The Chinese Economy
Pages: 48-55
Issue: 1
Volume: 54
Year: 2021
Month: 1
X-DOI: 10.1080/10971475.2020.1809817
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1809817
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Handle: RePEc:mes:chinec:v:54:y:2021:i:1:p:48-55
Template-Type: ReDIF-Article 1.0
Author-Name: Van-Hoa Vu
Author-X-Name-First: Van-Hoa
Author-X-Name-Last: Vu
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Author-Name: Khac-Nghia Nguyen
Author-X-Name-First: Khac-Nghia
Author-X-Name-Last: Nguyen
Title: Vietnam’s Perceptions and Strategies toward China’s Belt and Road Initiative Expansion: Hedging with Resisting
Abstract:
China’s Belt and Road Initiative (BRI) which was launched by Xi Jinping in 2013 seemingly draws a great picture of mutual development with a lot of promises in term of financial and technological supports to infrastructure development projects in a large number of countries. Such promises sound good to many countries including Vietnam, a developing country who is in its capital thirst. However, Vietnam’s reaction to this Initiative in particular and to China’s strategic intentions in general is not easy to understand. Vietnam’s perceptions on the BRI have varied across many different social spectra. Based on those common understandings, Vietnam’s strategies toward China and its BRI are a mixture of seemingly contradictory policies which show either their supports (bandwagonig strategy) or denials (balancing strategy) or both simultaneously. However, it is in fact hedging strategy which is a flexible combination of both bandwagoning and balancing strategies is working comprehensively in various spheres.
Journal: The Chinese Economy
Pages: 56-68
Issue: 1
Volume: 54
Year: 2021
Month: 1
X-DOI: 10.1080/10971475.2020.1809818
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1809818
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Handle: RePEc:mes:chinec:v:54:y:2021:i:1:p:56-68
Template-Type: ReDIF-Article 1.0
Author-Name: Piratorn Punyaratabandhu
Author-X-Name-First: Piratorn
Author-X-Name-Last: Punyaratabandhu
Author-Name: Jiranuwat Swaspitchayaskun
Author-X-Name-First: Jiranuwat
Author-X-Name-Last: Swaspitchayaskun
Title: Thailand’s Perception and Strategy toward China’s BRI Expansion: Hedging with Cooperating
Abstract:
BRI is regarded as the New Silk Road of the 21st century, comprising Silk Road Economic Belt or “One Belt”. It is a land bridge, an economic corridor and Maritime Silk Road or “One Road” serving as maritime shipping route. If considering this path in terms of the impact on Thailand, it is obvious that both routes do not pass directly through Thailand, But their development have impacts on the economy and the security of Thailand, like a jigsaw that completes the communication network and those who may gain or lose benefits on these trade routes. Therefore, China is trying to drive mechanisms from multilateral cooperation in the form of state to state, negotiations at the official level, cooperation at operational level and coordination between the private sectors in order to have more involvement in trade, investment and transportation under BRI plan and its geo-politic and geo-economic strategies.This study aimed to investigate Thailand’s Perception and Strategy toward China’s BRI Expansion. The results revealed that although Thailand has already signed cooperation with China in various projects under the BRI framework, both in the development of transportation networks and preparation for driving the economy. Nevertheless, various projects and cooperation have not progressed much. Academics, civil servants and politicians in Thailand made negative comments against China’s BRI strategy and remarks of distrust of China connected with its past images, such as the lack of confidence in China's technology- mentioning its lack of safety. More importantly, they feared that China’s BRI was a plan to dominate Thailand.
Journal: The Chinese Economy
Pages: 69-77
Issue: 1
Volume: 54
Year: 2021
Month: 1
X-DOI: 10.1080/10971475.2020.1809819
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1809819
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Handle: RePEc:mes:chinec:v:54:y:2021:i:1:p:69-77
Template-Type: ReDIF-Article 1.0
Author-Name: Hui-Zheng Liu
Author-X-Name-First: Hui-Zheng
Author-X-Name-Last: Liu
Author-Name: Shi-Long Li
Author-X-Name-First: Shi-Long
Author-X-Name-Last: Li
Author-Name: Kevin H. Zhang
Author-X-Name-First: Kevin H.
Author-X-Name-Last: Zhang
Title: An Anatomy of China’s Export Boom: An Approach of Trade Margins#
Abstract:
Using export data with 6-digit HS categories for 1995-2018, we decompose China’s export growth into three margins: extensive (EM), price (PM), and quantity (QM). Our estimations suggest that over the 23-year period, QM is a main driving force of China’s export boom, accounting for 62% of total contributions, while PM and EM also make significant contributes (26% and 12%, respectively). Dynamic analyses based on four sub-periods suggest informative patterns of export upgrading due to external and internal shocks. In 1995-2001, PM and EM are overwhelming drivers, and QM is even negative. The trade liberalization as China’s entering World Trade Organization in 2001 seems to trigger a dominant role of QM in China’s explosive export growth in 2001-2013, with slight negative PM in the same two sub-periods. The contribution of EM is negligible in 2001-2008, and negative in 2008-2013 due to falling world demand as a result of the global financial crisis. In more recent years (2013-2018), China’s export growth depends more on PM (39% of contributions) and EM (33%), less on QM (28%), suggesting a significant export upgrading.
Journal: The Chinese Economy
Pages: 79-91
Issue: 2
Volume: 54
Year: 2020
Month: 10
X-DOI: 10.1080/10971475.2020.1830229
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1830229
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Handle: RePEc:mes:chinec:v:54:y:2020:i:2:p:79-91
Template-Type: ReDIF-Article 1.0
Author-Name: JingJing (Justine) Wang
Author-X-Name-First: JingJing (Justine)
Author-X-Name-Last: Wang
Author-Name: John S. Croucher
Author-X-Name-First: John S.
Author-X-Name-Last: Croucher
Title: Ripple Effects of House Prices of China’s Three key Regions Including First Tier and Second Tier Main 29 Cities
Abstract:
This paper identifies the ripple effects of house prices of China’s key three regions including first tier 5 cities (LOG(ALL5)), second tier top 8 cities (LOG(ALL8)) and second tier 16 cities (LOG(ALL16)) for 2010Q1 to 2019Q2 periods, together with the impulses from fixed assets investments toward China three key regions’ house prices covering period from 2010Q1 to 2019Q2. The empirical analysis is conducted using the robust econometric multiple frameworks, undertaken the forms of principal component method (PC), VAR and Generalized Impulse Response (GIR) techniques. Over the 20 quarters tested, strong evidences of ripple effects were found from Q1 to Q10. Stronger positive ripple effects were identified between two regions of second tier cities (LOG(ALL16) and LOG(ALL8)) versus first tier region (LOG(ALL5)) and second tier regions (LOG(ALL16) and LOG(ALL8)). This result suggests the first-tier cities in China have become less attractive to households and investors whereas second tier cities became more attractive due to their pristine nature and improved infrastructure. Furthermore, over the 20 quarters tested, a negative response was noticed on house price return of LOG(ALL5) toward LOG(FAINVEST) while house price returns of LOG(ALL8) and LOG(ALL16) toward impulses from LOG(FAINVEST) are positive. The result confirms our finding of stronger ripple effects of two regions of second tier cities due to improved infrastructure from fixed asset investments. This paper also assists readers who are interested in investing in China real estate markets. Policy makers could reference this research to set feasible housing policy with the aim to better housing market stability.
Journal: The Chinese Economy
Pages: 92-106
Issue: 2
Volume: 54
Year: 2020
Month: 10
X-DOI: 10.1080/10971475.2020.1830228
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1830228
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Handle: RePEc:mes:chinec:v:54:y:2020:i:2:p:92-106
Template-Type: ReDIF-Article 1.0
Author-Name: Junmin Wan
Author-X-Name-First: Junmin
Author-X-Name-Last: Wan
Title: US-China Trade War: Speculative Saving Perspective
Abstract:
The persistently remarkable bilateral imbalance of the current account has been argued to have triggered the US-China Trade War. Speculative saving can simultaneously explain both global and domestic imbalances by clarifying why the U.S. undersaves (overconsumes), while China oversaves (underconsumes), when facing a bubble. Speculative saving occurs when households predict a bubble. With(out) borrowing constraints, households over-(under-)save due to the expected net capital gain from the bubble, and the saving rate increases (decreases) with bubble growth but decreases (increases) with interest rates. Oversaving arises in a closed economy due to resource constraints, while undersaving can occur in the U.S. because the U.S. dollar can be financed by other countries, such as China. Hence, restraining the ongoing housing bubbles and increasing the interest rates in both countries, as well as replacing the U.S. dollar with a new world currency, would mitigate the imbalances and thus relax or end the tension arising due to the trade war.
Journal: The Chinese Economy
Pages: 107-123
Issue: 2
Volume: 54
Year: 2020
Month: 10
X-DOI: 10.1080/10971475.2020.1830230
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1830230
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Handle: RePEc:mes:chinec:v:54:y:2020:i:2:p:107-123
Template-Type: ReDIF-Article 1.0
Author-Name: Lin Zhao
Author-X-Name-First: Lin
Author-X-Name-Last: Zhao
Title: The Impact of Introducing Nighttime Trading Hours: Revisiting the Chinese Commodity Futures Market
Abstract:
Chinese futures exchanges began to implement nighttime trading hours in 2013. Years after, most Chinese commodity futures have adopted night trading session, and the Chinese market also has experienced fast development and become more accessible to foreign traders. Using daily data of commodity futures, we explore the influence of the nighttime trading policy on the price dynamics of the domestic Chinese futures market. Empirical results from this study suggest an improvement in the overall efficiency of Chinese commodity futures prices. In particular, the positive (negative) relationship between volatility and trading volume (open interest) becomes stronger after the launching of nighttime trading session.
Journal: The Chinese Economy
Pages: 124-144
Issue: 2
Volume: 54
Year: 2020
Month: 10
X-DOI: 10.1080/10971475.2020.1830227
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1830227
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Handle: RePEc:mes:chinec:v:54:y:2020:i:2:p:124-144
Template-Type: ReDIF-Article 1.0
Author-Name: Lu Shi
Author-X-Name-First: Lu
Author-X-Name-Last: Shi
Author-Name: Ellen Smit
Author-X-Name-First: Ellen
Author-X-Name-Last: Smit
Author-Name: Jeff Luck
Author-X-Name-First: Jeff
Author-X-Name-Last: Luck
Title: Panel Survey Estimation of the Impact of Urbanization in China: Does Level of Urbanization Affect Healthcare Expenditure, Utilization or Healthcare Seeking Behavior?
Abstract:
With its growing economy and changing society, China experienced a dramatic increase in urbanization during the past three decades. We explored the impacts of urbanization on healthcare utilization, healthcare expenditure and healthcare seeking behavior changes in China. Using a panel sample drawn from the China Health and Nutrition Survey, we estimated expenditures with a panel two-part model and a log transformation in the second part of the model. We estimated healthcare utilization and healthcare seeking behavior with generalized structural equation models and inpatient seeking behavior with a logit model. The sample contained 9,052 respondents who were over 18 years old. We found that increased urbanization would lead to increased total treatment cost and out-of-pocket cost. We also found that urbanization changed general healthcare seeking behavior, including physician visits, but not inpatient seeking behavior. Lastly, not only urbanization level, but also insurance had significant impacts on healthcare expenditure and utilization and healthcare seeking behaviors. These observations provide support for addressing healthcare policy as a component of societal development.
Journal: The Chinese Economy
Pages: 145-156
Issue: 3
Volume: 54
Year: 2021
Month: 5
X-DOI: 10.1080/10971475.2020.1848472
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1848472
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Handle: RePEc:mes:chinec:v:54:y:2021:i:3:p:145-156
Template-Type: ReDIF-Article 1.0
Author-Name: Kiki Choi
Author-X-Name-First: Kiki
Author-X-Name-Last: Choi
Author-Name: Ming-Hua Liu
Author-X-Name-First: Ming-Hua
Author-X-Name-Last: Liu
Author-Name: Yang Zhang
Author-X-Name-First: Yang
Author-X-Name-Last: Zhang
Title: The Relationship between Refined Retail Oil Prices and Crude Oil Prices: A Tale of Three Cities in the Greater Bay Area of China
Abstract:
This article investigates the long- and short-term relationships between refined retail oil prices and the international crude oil price in Shenzhen, Hong Kong, and Macao. Using an asymmetric error correction model (AECM), we find that, first, there is a long-term relationship between retail petrol and diesel prices and the crude oil prices for all three cities. Second, the results of the asymmetric adjustments show that the retail diesel prices in Hong Kong and both petrol and diesel prices in Macao are adjusted upward faster than downward. The results imply that these markets in Hong Kong and Macao are not competitive. However, there is no evidence of asymmetric price adjustment for Shenzhen.
Journal: The Chinese Economy
Pages: 157-175
Issue: 3
Volume: 54
Year: 2021
Month: 5
X-DOI: 10.1080/10971475.2020.1848471
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Handle: RePEc:mes:chinec:v:54:y:2021:i:3:p:157-175
Template-Type: ReDIF-Article 1.0
Author-Name: A. K. M. Mohsin
Author-X-Name-First: A. K. M.
Author-X-Name-Last: Mohsin
Author-Name: Hongzhen Lei
Author-X-Name-First: Hongzhen
Author-X-Name-Last: Lei
Author-Name: Hasanuzzaman Tushar
Author-X-Name-First: Hasanuzzaman
Author-X-Name-Last: Tushar
Author-Name: Syed Far Abid Hossain
Author-X-Name-First: Syed Far Abid
Author-X-Name-Last: Hossain
Author-Name: Mohammad Ebrahim Hossain
Author-X-Name-First: Mohammad Ebrahim
Author-X-Name-Last: Hossain
Author-Name: Afroja Hossain Sume
Author-X-Name-First: Afroja Hossain
Author-X-Name-Last: Sume
Title: Cultural and Institutional Distance of China’s Outward Foreign Direct Investment Toward the “Belt and Road” Countries
Abstract:
As China continues to expand its outward foreign direct investment (OFDI) in countries along the “Belt and Road,” Chinese investment enterprises face an increasingly complex external environment, in which the influence of institutional distance and cultural distance has become more prominent. According to China’s OFDI panel data of 94 countries from 2003 to 2017, especially the data of 61 countries along with the “Belt and Road,” this study demonstrates that institutional distance, in general, promotes China’s OFDI to countries along the “Belt and Road,” whereas cultural distance inhibits OFDI. Moreover, the inhibition effect of cultural distance is significantly more substantial than the promotion effect of institutional distance, indicating that cultural distance is more important than institutional distance. Also, the promotion and inhibition effects are generally consistent with each other in different periods, but they are different due to the imbalance of economic development among the countries. In the subdivision dimension, institutional distance like Control of Corruption, Voice, and Accountability, and cultural distance like Masculinity vs. Femininity, Uncertainty Avoidance, and long-term vs. short-term Orientation exert more significant influences on China’s OFDI than the other subdivision dimensions. Therefore, China should pay special attention to the investment effect of specific dimensions of institutional distance and cultural distance in promoting the “Belt and Road,” and continuously optimize the investment layout along the “Belt and Road” in the future.
Journal: The Chinese Economy
Pages: 176-194
Issue: 3
Volume: 54
Year: 2021
Month: 5
X-DOI: 10.1080/10971475.2020.1848468
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Handle: RePEc:mes:chinec:v:54:y:2021:i:3:p:176-194
Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Huseyin Karamelikli
Author-X-Name-First: Huseyin
Author-X-Name-Last: Karamelikli
Title: UK-China Trade and the J-Curve: Asymmetric Evidence from 68 Industries
Abstract:
Using monthly data over the period 2010M1-2018M12 we investigate the impact of the real yuna-pound rate on the trade balance of each of the 68 2-digit industries that trade between Britain and China. When a linear ARDL model was estimated, we found short-run symmetric effects in the trade balance of 45 industries that lasted into the long run only in 24 industries. Comparable numbers from the estimates of the nonlinear model were 64 and 39, respectively. The symmetric (asymmetric) J-curve effect received support in 17 (19) industries from the linear (nonlinear) model. Although the increase from the symmetric to asymmetric J-curve effect was not substantial, for the largest industry, i.e., industry coded 85 (Electrical machinery and equipment with 19.56% share of trade), while the symmetric J-curve was not supported, the asymmetric J-curve was. This highlights the significance of the nonlinear adjustment of the yuan-pound exchange rate.
Journal: The Chinese Economy
Pages: 195-216
Issue: 3
Volume: 54
Year: 2021
Month: 5
X-DOI: 10.1080/10971475.2020.1848470
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Handle: RePEc:mes:chinec:v:54:y:2021:i:3:p:195-216
Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Liu
Author-X-Name-First: Kerry
Author-X-Name-Last: Liu
Title: Chinese Financial Holding Companies: A Review
Abstract:
On 13 September 2020, the Peoples’ Bank of China issued The Trial Measure for the Supervision and Administration of Financial Holding Companies (FHCs), stipulating that firms that control two or more different types of financial institutions may need to establish FHCs. This emerging new type of organization has profound implications; however, serious research on Chinese FHCs is almost none. This study fills in this gap by conducting a comprehensive review on Chinese FHCs from three perspectives. First, from the perspective of macroeconomics and financial markets, this study reviews different types of FHCs and analyses the major source of risks on macroeconomic stability and macroprudential regulation. Second, from the perspective of regulation, based on this regulation document and other literature, this study explores Chinese authorities’ main regulatory objectives. Third, from the perspective of academics, this study also presents a future research agenda regarding Chinese FHCs.
Journal: The Chinese Economy
Pages: 217-231
Issue: 3
Volume: 54
Year: 2021
Month: 5
X-DOI: 10.1080/10971475.2020.1848469
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Handle: RePEc:mes:chinec:v:54:y:2021:i:3:p:217-231
Template-Type: ReDIF-Article 1.0
Author-Name: Poshan Yu
Author-X-Name-First: Poshan
Author-X-Name-Last: Yu
Author-Name: Zuozhang Chen
Author-X-Name-First: Zuozhang
Author-X-Name-Last: Chen
Author-Name: Yingzi Hu
Author-X-Name-First: Yingzi
Author-X-Name-Last: Hu
Title: The Impact of Belt and Road Initiative on Regional Financial Integration – Empirical Evidence from Bond and Money Markets in Belt and Road Countries
Abstract:
Belt and Road Initiative (BRI) proposed in 2013 has received wide research attention in recent years. However, rigorous quantitative studies on BRI’s impact on regional financial integration are scarce. This paper contributes to filling this research gap by adopting Adam et al. beta convergence and sigma convergence method. Two processes of financial integration are of primarily concern i.e. intraregional integration and the integration with the Chinese markets. Four regions are specifically investigated: Central and East Europe, Southeast Asia, Common Wealth Independent States and Africa. The findings indicate that: (1) BRI mainly influences the tendency of financial integration while the degree of integration was merely influenced. (2) Integration process in bond and money markets behave differently toward BRI with the tendency of bond market integration being stronger. (3) Four regions exhibited ununiformed response to BRI in terms of financial integration. This paper also discussed BRI and the values it brings to incorporate financial integration and sustainable development practices to the BRI regions. Examples of BRI projects prove the importance of BRI and regional sustainable economic development. To enhance the sustainability of BRI projects, this paper recommends further studies to examine the dynamics and interlinked relationships of the BRI regions.
Journal: The Chinese Economy
Pages: 286-308
Issue: 4
Volume: 54
Year: 2021
Month: 7
X-DOI: 10.1080/10971475.2020.1857061
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Handle: RePEc:mes:chinec:v:54:y:2021:i:4:p:286-308
Template-Type: ReDIF-Article 1.0
Author-Name: Yuwen Dai
Author-X-Name-First: Yuwen
Author-X-Name-Last: Dai
Title: Can ESG Investing Beat the Market and Improve Portfolio Diversification? Evidence from China
Abstract:
Over the past decade, ESG investment has become an important criterion for the Chinese economic activities, including its capital market where ESG integration in asset management has become a hot topic among investment professionals. In this paper, we study the case of ESG investing in China through examining the performance of equity indices that are selected by an ESG screening process and comparing their main risk-return characteristics against those of conventional equity market benchmark indices, in order to provide further understanding on how ESG plays a role in China’s capital market. Specifically, we address three key issues that are of particular concerns to most investors: (i) Can equity indices based on ESG screening outperform their market benchmarks? (ii) Can ESG equity indices be replicated by reference indices? and (iii) Can ESG equity indices improve portfolio diversification? Overall, we find that investing in ESG equity indices can increase risk-adjusted returns and improve portfolio diversification for the case of China.
Journal: The Chinese Economy
Pages: 272-285
Issue: 4
Volume: 54
Year: 2021
Month: 7
X-DOI: 10.1080/10971475.2020.1857063
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Handle: RePEc:mes:chinec:v:54:y:2021:i:4:p:272-285
Template-Type: ReDIF-Article 1.0
Author-Name: Subin Liengpunsakul
Author-X-Name-First: Subin
Author-X-Name-Last: Liengpunsakul
Title: Artificial Intelligence and Sustainable Development in China
Abstract:
This paper examines artificial intelligence (AI) and sustainable development in China. The Chinese government has developed ambitious policies for global leadership in the field of AI and sustainable development. While China has made progress in several areas of Sustainable Development Goals (SDGs), it is lagging behind in achieving the SDGs overall, and AI technologies can bolster its progress toward SDGs. Using the latest data of 193 countries around the world, the paper also analyzes the implication of AI on sustainable development both at the global and regional levels. Broadly, a strong positive relationship between the government AI readiness and progress toward SDGs is observed. When classifying the SDGs into four dimensions including economy, society, environment, and partnerships, government AI readiness is found to have a strong relationship with economy followed by the society dimension, whereas there are no clear relationships with the environment and partnerships dimensions. To fully harness and scale the power of AI to meet the SDGs, the Chinese policy maker should align the potential AI technologies to address its SDGs gap, and identify the priority or targeted areas and design appropriate business models and incentive structures for scaling viable solutions. AI technologies, when implemented strategically and properly, can accelerate China’s progress toward SDGs.
Journal: The Chinese Economy
Pages: 235-248
Issue: 4
Volume: 54
Year: 2021
Month: 7
X-DOI: 10.1080/10971475.2020.1857062
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Handle: RePEc:mes:chinec:v:54:y:2021:i:4:p:235-248
Template-Type: ReDIF-Article 1.0
Author-Name: Louis T. W. Cheng
Author-X-Name-First: Louis T. W.
Author-X-Name-Last: Cheng
Title: Special Issue on Sustainable Development and Capital Market in China
Journal: The Chinese Economy
Pages: 309-310
Issue: 4
Volume: 54
Year: 2021
Month: 7
X-DOI: 10.1080/10971475.2020.1741161
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1741161
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Handle: RePEc:mes:chinec:v:54:y:2021:i:4:p:309-310
Template-Type: ReDIF-Article 1.0
Author-Name: Sung Ko Li
Author-X-Name-First: Sung Ko
Author-X-Name-Last: Li
Author-Name: Chun Kei Tsang
Author-X-Name-First: Chun Kei
Author-X-Name-Last: Tsang
Author-Name: Shu Kam Lee
Author-X-Name-First: Shu Kam
Author-X-Name-Last: Lee
Title: Sustainable Development of the China Tourism Sector: Implications from Technical and Scale Efficiency Measurements
Abstract:
This paper investigates one of the key factors of sustainable development in the tourism sector: productive efficiency. A firm is technically inefficient when it can produce a higher output level with existing input quantities. Technical inefficiency can be reduced by stimulating the incentive of workers and employing suitable managers. On the other hand, scale inefficiency occurs when an enterprise is not producing in the constant returns to scale region. Such inefficiency can be lessened by reallocating resources to achieve an optimal production scale. Most previous empirical studies of efficiency analysis are based on the assumption of convex production sets. This paper points out that when this assumption does not hold, policies on resources allocation would be misled. To remedy this deficiency, this paper adopts a newly developed empirical frontier to model nonconvexity in the production set. It is found that, in the tourism sector, travel agents and hotels are technically efficient and scale inefficient. Consequently, a policy which leads to the merging of small firms to improve the efficiency of the market will best suit the sustainable development of the tourism sector. Our results are very different from those derived from the existing production frontiers in Data Envelopment Analysis.
Journal: The Chinese Economy
Pages: 262-271
Issue: 4
Volume: 54
Year: 2021
Month: 7
X-DOI: 10.1080/10971475.2020.1857060
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Handle: RePEc:mes:chinec:v:54:y:2021:i:4:p:262-271
Template-Type: ReDIF-Article 1.0
Author-Name: Louis T. W. Cheng
Author-X-Name-First: Louis T. W.
Author-X-Name-Last: Cheng
Title: Special Issue on Sustainable Development and Capital Market in China
Journal: The Chinese Economy
Pages: 233-234
Issue: 4
Volume: 54
Year: 2021
Month: 7
X-DOI: 10.1080/10971475.2020.1857059
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1857059
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Handle: RePEc:mes:chinec:v:54:y:2021:i:4:p:233-234
Template-Type: ReDIF-Article 1.0
Author-Name: Beini Liu
Author-X-Name-First: Beini
Author-X-Name-Last: Liu
Author-Name: Masato Abe
Author-X-Name-First: Masato
Author-X-Name-Last: Abe
Author-Name: Fei Xie
Author-X-Name-First: Fei
Author-X-Name-Last: Xie
Author-Name: Tientip Subhanij
Author-X-Name-First: Tientip
Author-X-Name-Last: Subhanij
Title: Asset-Backed Securitization of PPP Projects: The Case of China
Abstract:
Sustainable and robust infrastructure plays a critical role in a country’s economic growth and improving living standards. Public private partnership (PPP) is an efficient tool for financing infrastructure. PPP has gained attention globally as a way to access capital markets and enhance the implementation of infrastructure by boosting private sector participation. The higher efficiency and innovative technology that the private sector brings can fundamentally improve the performance of PPP infrastructure projects from an environmental, social, and governance (ESG) perspective. This paper extends the existing literature on China's experience in developing asset-backed securitization (ABS) of PPP projects. It aims to understand how ABS would encourage PPP investments through greater private sector involvement in infrastructure projects in developing countries. Conducting a qualitative case study in China, the paper elaborates on how ABS can facilitate the implementation of PPP for infrastructure in order to achieve sustainable economic development in China. It also analyzes the existing challenges in the implementation of PPP asset-backed securitization (PPP-ABS) and provides policy recommendations.
Journal: The Chinese Economy
Pages: 249-261
Issue: 4
Volume: 54
Year: 2021
Month: 7
X-DOI: 10.1080/10971475.2020.1857058
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Handle: RePEc:mes:chinec:v:54:y:2021:i:4:p:249-261
Template-Type: ReDIF-Article 1.0
Author-Name: Zhong-qin Su
Author-X-Name-First: Zhong-qin
Author-X-Name-Last: Su
Author-Name: Biwen Yang
Author-X-Name-First: Biwen
Author-X-Name-Last: Yang
Author-Name: Yuyang Xu
Author-X-Name-First: Yuyang
Author-X-Name-Last: Xu
Title: Early Life Suffering Experience from Great Famine on Firm Charity, Agency Costs, and Corporate Governance
Abstract:
This study examines the impact of directors’ famine experience on the corporate donation decision. We use a unique data set of 16,082 firm-year observations from Chinese listed firms to show that directors who experienced the Great Chinese Famine during 1959–1961 make more corporate donations, a result that supports the path dependency theory related to the effect of prior experiences on subsequent behaviors. The relationship between a director’s famine experiences and corporate charitable contributions is robust across different types of ownership and industry. We further show that these directors appear to consume fewer perquisites (i.e., lower agency costs), improve social responsibility, mitigate earnings management, and enhance internal control quality.
Journal: The Chinese Economy
Pages: 330-346
Issue: 5
Volume: 54
Year: 2021
Month: 9
X-DOI: 10.1080/10971475.2021.1875157
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1875157
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Handle: RePEc:mes:chinec:v:54:y:2021:i:5:p:330-346
Template-Type: ReDIF-Article 1.0
Author-Name: Kam C. Chan
Author-X-Name-First: Kam C.
Author-X-Name-Last: Chan
Title: Air Pollution, Regulatory Reforms, and Impacts on Corporate Policies: Selective Review with Recent Evidence from China
Abstract:
We review the new approaches of managing air pollution and the impact of air pollution on corporate activities in China. The Chinese government’s new approaches, such as ecological conservation redline, specialized environmental courts, environmental inspector program, and air pollution tournament, appear to be effective. Several studies suggest that local governments and firms engage in more environmental investments after these regulatory reforms. In terms of corporate activities, we report that air pollution matters. Specially, air pollution has adverse effect on firm activities such as innovation, cash management, among others. Therefore, managing air pollution (or perhaps all pollution) requires innovation approaches and it is not just good for the environment. In most cases, it brings good outcomes (for shareholders).
Journal: The Chinese Economy
Pages: 347-354
Issue: 5
Volume: 54
Year: 2021
Month: 9
X-DOI: 10.1080/10971475.2021.1875155
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1875155
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Handle: RePEc:mes:chinec:v:54:y:2021:i:5:p:347-354
Template-Type: ReDIF-Article 1.0
Author-Name: Keyou (Emma) Feng
Author-X-Name-First: Keyou (Emma)
Author-X-Name-Last: Feng
Author-Name: Chun-Yin (Anson) Lam
Author-X-Name-First: Chun-Yin (Anson)
Author-X-Name-Last: Lam
Title: An Overview of Circular Economy in China: How the Current Challenges Shape the Plans for the Future
Abstract:
Since the Circular Economy Promotion Law of People’s Republic of China came into force in 2009, the concept of circular economy (CE) has gained a rising attention from governments and researchers. Policy makers, companies and researchers have started to establish different sets of principles and strategies for adoption. This paper introduces the CE within China’s economy background and reviews the drivers to adopt and facilitate its CE. It integrates several current CE practices in China and conducts an analysis on the recycling rate from the government official reports that show China has made some progress in recycling industrial tangible waste and major renewable resources such as iron and steel with remaining challenges and barriers. Further analysis suggests that China requires a more systematic approach to promote CE by individuals, organizations and the nation.
Journal: The Chinese Economy
Pages: 355-371
Issue: 5
Volume: 54
Year: 2021
Month: 9
X-DOI: 10.1080/10971475.2021.1875156
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1875156
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Handle: RePEc:mes:chinec:v:54:y:2021:i:5:p:355-371
Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Wagner
Author-X-Name-First: Helmut
Author-X-Name-Last: Wagner
Title: China’s “Political-Economy Trilemma”: (How) Can it be Solved?
Abstract:
Trilemma situations, which have long been the subject of lively discussion in economics in many fields, indicate risks of instability and unsustainability. This article shows that China has also been facing a political-economy trilemma (and thus the ongoing danger of unsustainability of its development strategies) for 70 years now and has reacted differently to it in different eras. The article distinguishes three epochs: the Mao era (1949–1978), the Deng era (1979–2011), and the Xi era (2012–). It argues that in all three epochs basically the same main objectives were pursued (economic growth/convergence; stability; and the maintenance of a one-party communist rule system), but with different priorities and with different instruments. It is shown that the Mao- as well as the Deng-development strategies related to these goals ultimately failed due to increasing systemic imbalances. Now the question arises whether the Xi strategy, which relies on partly new instruments, namely the nationalism map, the BRI program and digital surveillance, will be better able to control the unsustainability threat hidden in the trilemma. In addition, the article discusses possible strategy alternatives to overcome the trilemma problem.
Journal: The Chinese Economy
Pages: 311-329
Issue: 5
Volume: 54
Year: 2021
Month: 9
X-DOI: 10.1080/10971475.2021.1875158
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1875158
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Handle: RePEc:mes:chinec:v:54:y:2021:i:5:p:311-329
Template-Type: ReDIF-Article 1.0
Author-Name: Zhenyi Li
Author-X-Name-First: Zhenyi
Author-X-Name-Last: Li
Author-Name: Huashu Wang
Author-X-Name-First: Huashu
Author-X-Name-Last: Wang
Title: Consumer Behavior and Wild Animal Consumption in China
Abstract:
China is one of the major countries with multitudinous consumers who eat wild animals. As the potential health interface between animal and human-being has been proved by the outbreak of the novel coronavirus (COVID-19) in 2020, this zoonosis has alarmed the public to pay more attention to wild animal consumption. It is imperative to study the factors that affect wild animal consumption in China, and find out what should be emphasized in the intervention of this behavior. Based on the consumer theory, binary logit model is employed to examine the factors that affect the consumer behavior in wild animal consumption, using the survey data from 390 respondents randomly collected through the online platform. The major factors that we examined include demographic characteristics, psychological factors, external factors, price and income level. We find out that the high-income level (annual income per capita is more than 100 thousand Yuan), low education level (primary education or below), consumption history (eating wild animals before), as well as the demonstration effect and the effect of the belief that eating wild animals supplements nutrition intake, have significantly positive effects on the odds of wild animal consumption in China. By contrary, raising consumers’ awareness of food safety would reduce the odds of wild animal consumption. The study also investigates the major reasons why the consumers give up eating wild animals. Awareness of food safety is the top reason stopping consumers from eating wild animals. Wildlife Protection Law and its enforcement haven’t effectively controlled wild animal consumption as expected. The study helps to explain consumer behavior of wild animal consumption in China and would contribute to improving current understanding of public responses to wild animal consumption.
Journal: The Chinese Economy
Pages: 389-401
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2021.1890357
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1890357
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:389-401
Template-Type: ReDIF-Article 1.0
Author-Name: Kaiqi Zhao
Author-X-Name-First: Kaiqi
Author-X-Name-Last: Zhao
Author-Name: Hongxu Shi
Author-X-Name-First: Hongxu
Author-X-Name-Last: Shi
Author-Name: Yu Yvette Zhang
Author-X-Name-First: Yu Yvette
Author-X-Name-Last: Zhang
Author-Name: Jiping Sheng
Author-X-Name-First: Jiping
Author-X-Name-Last: Sheng
Title: Fresh Produce E-Commerce and Online Shoppers’ Purchase Intention
Abstract:
The development of the Internet has provided many opportunities for electronic commerce, and many e-commerce companies like Alibaba have achieved great success. Fresh produce industry has also attempted to step into e-commerce during the past decade. It is important for e-commerce to understand customers’ demands in this new market in order to make profits. In this research we conducted a market survey to investigate the market situation of Chinese fresh produce e-commerce. Consumer attitudes and behaviors toward online shopping for fresh fruits were evaluated. A logit model was used to identify potential factors that may have impact on consumers’ purchase intention. Results show that women are more likely than men to shop online; other factors such as influence from friends, income, product quality, food labels, packaging, and payment security can also affect online shoppers’ purchase intention.
Journal: The Chinese Economy
Pages: 415-429
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2021.1890359
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1890359
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:415-429
Template-Type: ReDIF-Article 1.0
Author-Name: Qiujie Zheng
Author-X-Name-First: Qiujie
Author-X-Name-Last: Zheng
Author-Name: H. Holly Wang
Author-X-Name-First: H. Holly
Author-X-Name-Last: Wang
Title: Do Consumers View the Genetically Modified Food Labeling Systems Differently? “Contains GMO” Versus “Non-GMO” Labels
Abstract:
This article fills the gap in literature by studying consumers’ perceptions of the genetically modified (GM) food labeling systems in China, in terms of the comparison between the mandatory “Contains GMO” and the voluntary “non-GMO” labels. Using a recent survey, we find that the mandatory “Contains GMO” labeling system is considered more important relative to the voluntary “non-GMO” labeling system, and factors driving the perceptions of the two systems are different. Consumers who have more objective GM food knowledge, higher concerns about the GM foods’ health effects, lower intentions to buy GM foods, and higher income perceive both labeling systems as more important than their counterparts. Consumers who believe that they have eaten GM foods without being aware of it consider the mandatory “Contains GM” labeling more important, while consumers who believe GM foods unsafe and oppose GM technology consider the voluntary “non-GMO” labeling more important. The results support the mandatory GM labeling system.
Journal: The Chinese Economy
Pages: 376-388
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2021.1890356
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1890356
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:376-388
Template-Type: ReDIF-Article 1.0
Author-Name: Haiyan An
Author-X-Name-First: Haiyan
Author-X-Name-Last: An
Author-Name: Xiaoshu Sun
Author-X-Name-First: Xiaoshu
Author-X-Name-Last: Sun
Title: Impact of risk perception on migrant workers’ employment choice during the COVID-19 epidemic
Abstract:
As the Chinese government called for “targeted resumption of work and production in different regions and at different levels” after the novel coronavirus pneumonia (COVID-19) outbreak, rural migrant workers returning to work became an important factor for economic recovery and stabilizing labor supply. Based on data collected during the COVID-19 pandemic in 2020, this paper investigates farmers’ perception of risk in the epidemic situation and reveals the impact of farmers’ risk perception on working outside of their hometowns. The results show that: 1) farmers generally believe the risk of epidemics is higher in urban areas than in rural areas; and 2) farmers’ risk perceptions significantly influence their decisions of working outside of their hometowns. This paper provides important policy implications in labor supply and crisis management.
Journal: The Chinese Economy
Pages: 402-414
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2021.1890358
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1890358
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:402-414
Template-Type: ReDIF-Article 1.0
Author-Name: Yu Yvette Zhang
Author-X-Name-First: Yu Yvette
Author-X-Name-Last: Zhang
Author-Name: Qiujie Zheng
Author-X-Name-First: Qiujie
Author-X-Name-Last: Zheng
Author-Name: Huashu Wang
Author-X-Name-First: Huashu
Author-X-Name-Last: Wang
Title: Challenges and Opportunities Facing the Chinese Economy in the New Decade: Epidemics, Food, Labor, E-Commerce, and Trade
Abstract:
As the rest of the world struggled to cope with the COVID-19 pandemic, China was the only major world economy to report growth in 2020. However, challenges still lie ahead. This special issue collects six articles that discuss the challenges and opportunities facing the Chinese Economy, addressing issues in food safety and regulation, the impact of COVID-19 on consumer and labor markets, and new opportunities in E-commerce and trade. These articles provide insights that can be useful for businesses and policy makers to navigate the impact of COVID-19, and draw implications that can last well into the new decade.
Journal: The Chinese Economy
Pages: 373-375
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2021.1890355
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1890355
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:373-375
Template-Type: ReDIF-Article 1.0
Author-Name: Yunyang Xiao
Author-X-Name-First: Yunyang
Author-X-Name-Last: Xiao
Author-Name: H. Holly Wang
Author-X-Name-First: H. Holly
Author-X-Name-Last: Wang
Author-Name: Jun Li
Author-X-Name-First: Jun
Author-X-Name-Last: Li
Title: A New Market for Pet Food in China: Online Consumer Preferences and Consumption
Abstract:
The pet industry has grown tremendously in China, and pet food is a major product in the market. Although characteristics of pet food are important considerations for veterinarians and consumers, there has yet to be a holistic consumer study for Chinese pet food shopping behaviors. This study focuses on consumer stated preferences of online pet food and factors affecting their actual purchasing behavior. We have conducted a survey and explored factors affecting both consumers’ stated attribute preferences and factors affecting their consumption quantities. A total of 220 valid samples were collected online from pet owners with online shopping experiences in 2019. Our results reveal that younger, urban, higher educated, and married consumers with families tend to use more online channels to buy pet food. They care more about brand, ingredients, and retailer reputation, but not so much about imported products. We find little significant statistic difference between consumers’ online and offline shopping perspectives. This paper quantitatively investigates consumer pet food shopping behaviors, discovers recent trends in this line of research, and provides insight into the industry for future developing demand.
Journal: The Chinese Economy
Pages: 430-440
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2021.1890360
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1890360
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:430-440
Template-Type: ReDIF-Article 1.0
Author-Name: H. Holly Wang
Author-X-Name-First: H. Holly
Author-X-Name-Last: Wang
Author-Name: Yu Yvette Zhang
Author-X-Name-First: Yu Yvette
Author-X-Name-Last: Zhang
Author-Name: Qiujie Angie Zheng
Author-X-Name-First: Qiujie Angie
Author-X-Name-Last: Zheng
Author-Name: Huashu Wang
Author-X-Name-First: Huashu
Author-X-Name-Last: Wang
Title: The Chinese Economy Special Issue on Food and Health Economics: Epidemics, Risk, Behavior and Policy
Journal: The Chinese Economy
Pages: 450-450
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2020.1781365
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1781365
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:450-450
Template-Type: ReDIF-Article 1.0
Author-Name: Quan Li
Author-X-Name-First: Quan
Author-X-Name-Last: Li
Title: E-commerce, Free-Trade Zones, and the Linkage Effect to China’s Foreign Trade
Abstract:
With the rapid development of E-commerce, China’s foreign trade has been largely transformed. China now has the most online shoppers in the world, more than the US, United Kingdom, and Australia combined. The 21 nationwide free-trade zones (FTZs) and 109 import pilot zones for cross-border E-commerce (CBEC) across the country, which cover 30 provinces, autonomous regions and municipalities, have brought great transitions to trade patterns and the related factor proportions. Based on FTZ, Hainan Province began furtherly open pattern known as free-trade port (FTP) on June 1st, 2020. In this article, we apply the heterogeneous community effect model to study the linkage effect of CBEC and FTZs on China’s foreign trade, which creates higher demands, more value-added products, effective prices, and efficient labor market management by integrating domestic and foreign trade channels.
Journal: The Chinese Economy
Pages: 441-449
Issue: 6
Volume: 54
Year: 2021
Month: 11
X-DOI: 10.1080/10971475.2021.1890361
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1890361
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Handle: RePEc:mes:chinec:v:54:y:2021:i:6:p:441-449
Template-Type: ReDIF-Article 1.0
Author-Name: Murat Emikönel
Author-X-Name-First: Murat
Author-X-Name-Last: Emikönel
Title: The Impact of International Organizations on Chinese Trade as the Determiner of Trade: The Gravity Model Approach
Abstract:
The purpose of this study is to analyze the trade between China and 97 countries that have an important place in the bilateral trade of China in the period of 2008-2019 with the extended gravity model and to determine the determinants of trade. In the study, the potential impact of ASEAN and APEC member countries on Chinese trade was investigated, apart from the per capita incomes, populations and distances of the countries. In addition, the effect of energy imports required for industrial production on Chinese exports is also analyzed as another dummy variable for OPEC countries. Empirical results show that the GDP and population growth of dependent and independent countries are positively affected by trade, and as the distance increases, trade is negatively affected. The dummy coefficients of ASEAN, APEC and OPEC show that they are positive and statistically significant. Due to the fact that ASEAN and APEC consist of Asian countries and therefore are close to China, it has been observed that they are compatible with gravity model theory. The positive effect of OPEC member countries on Chinese exports was determined as importing the energy required for industrial production and converting intermediate goods into value-added products and exporting.
Journal: The Chinese Economy
Pages: 26-40
Issue: 1
Volume: 55
Year: 2022
Month: 1
X-DOI: 10.1080/10971475.2021.1892920
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1892920
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Handle: RePEc:mes:chinec:v:55:y:2022:i:1:p:26-40
Template-Type: ReDIF-Article 1.0
Author-Name: Kiril Tochkov
Author-X-Name-First: Kiril
Author-X-Name-Last: Tochkov
Title: Trade Efficiency, Cross-Border Integration, and Regional Barriers in Northeast China
Abstract:
The Northeast region has struggled to restructure and modernize its economy during China’s transformation into a global power, missing the opportunity to benefit from foreign trade and investment. This paper explores the trade patterns of the region’s three provinces vis-à-vis their main trading partners over the period 1992-2018. In particular, we quantify the barriers to trade employing a gravity model specification and trace changes across time and regions. Furthermore, we use a stochastic frontier approach to calculate a measure of the trade potential that serves as a benchmark in assessing the trade performance of Northeast China’s provinces. The results show that the region exhibits high trade costs that amount to ad-valorem tariffs ranging between 75% and 100%. The analysis also indicates that the region’s trade performance is only 40% to 55% of its potential level. The relatively high levels of inefficiency extend even to trade with the rest of China and have increased over time.
Journal: The Chinese Economy
Pages: 13-25
Issue: 1
Volume: 55
Year: 2022
Month: 1
X-DOI: 10.1080/10971475.2021.1892921
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1892921
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Handle: RePEc:mes:chinec:v:55:y:2022:i:1:p:13-25
Template-Type: ReDIF-Article 1.0
Author-Name: Junmin Wan
Author-X-Name-First: Junmin
Author-X-Name-Last: Wan
Title: Corporate Saving, Household Saving, and Gross National Savings: Analysis by Provincial Panel and Time Series Data in China
Abstract:
The current account imbalance between the U.S. and China is the principal cause of the ongoing trade friction. China’s domestic savings, which have exceeded domestic investment for many years, are flowing into the U.S. We sought to explain why China saved so much in terms of all of gross national, household, corporate, government, and other savings from 1952 to 2020. We prepared two sets of time-series data based on the SNA and deposits in domestic banks, and compared them. Over the 69 years (1952-2020), corporate saving was the largest source of domestic saving, except from 1988-2007. Household saving was determined by income growth, consumption habits, income distribution, social security payments, the desire to bequeath money, the one-child policy, and speculative saving. To explore corporate saving, we performed panel regression analysis by estimating provincial corporate saving by “certain-sized industries” from 2000 to 2010. All of the Tobin marginal Q, minimum wage growth, the private enterprise ratio, the corporate income tax rate, and population growth significantly impacted corporate saving.
Journal: The Chinese Economy
Pages: 1-12
Issue: 1
Volume: 55
Year: 2021
Month: 2
X-DOI: 10.1080/10971475.2021.1892918
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1892918
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Handle: RePEc:mes:chinec:v:55:y:2021:i:1:p:1-12
Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Huseyin Karamelikli
Author-X-Name-First: Huseyin
Author-X-Name-Last: Karamelikli
Title: Exchange Rate Volatility and Commodity Trade between U.K. and China: An Asymmetric Analysis
Abstract:
Our goal in this paper is to assess short-run and long-run effects of the real yuan-pound rate volatility on the U.K. exports to China and Chinese exports to the U.K. When a linear export model was estimated for each of the 70 industries, we found short-run effects on 43 (53) British (Chinese) exporting industries to China (the U.K.) and which lasted into the long run in 17 (28) British (Chinese) industries. However, when a nonlinear model was estimated, we found short-run asymmetric effects on 58 (67) British (Chinese) exporting industries that lasted into the long in 42 (52) British (Chinese) industries, mostly in an asymmetric manner. Our findings were industry specific but in general, while increased exchange rate volatility hurt British export to China in most industries, it actually boosted Chinese exports to the U.K., in most industries. On the other hand, decreased volatility boosted exports of some British industries, but it hurt exports of some Chinese exporting industries.
Journal: The Chinese Economy
Pages: 41-65
Issue: 1
Volume: 55
Year: 2022
Month: 1
X-DOI: 10.1080/10971475.2021.1892919
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1892919
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Handle: RePEc:mes:chinec:v:55:y:2022:i:1:p:41-65
Template-Type: ReDIF-Article 1.0
Author-Name: Junmin Wan
Author-X-Name-First: Junmin
Author-X-Name-Last: Wan
Author-Name: Qiqi Qiu
Author-X-Name-First: Qiqi
Author-X-Name-Last: Qiu
Title: Depreciation Rate by Industrial Sector and Profit after Tax in China
Abstract:
This study examines how asset values by industry sectors are affected by different depreciation methods. We theoretically show that estimating depreciation rate by the Perpetual Inventory Method (PIM) contains more information than the method by Depreciation Expense as Accounting Item (DEAI), which are equivalent under certain conditions. Using data of 37 industrial sectors in China from 2001 to 2016, we estimate depreciation rates by sectors using both PIM and DEAI methods, which enable us to estimate capital stock and capital efficiency by sectors. By the panel estimation, depreciation rates estimated by both PIM and DEAI methods significantly increase with the enterprise's profits after tax defined by that profits before tax minus tax. Our result is consistent with the prediction of the economic depreciation hypothesis, implying that tax shield of depreciation that raises corporate after-tax cash flows to the firm could improve corporate investments for replacement by scrapping the old equipment.
Journal: The Chinese Economy
Pages: 111-128
Issue: 2
Volume: 55
Year: 2022
Month: 3
X-DOI: 10.1080/10971475.2021.1930297
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1930297
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Handle: RePEc:mes:chinec:v:55:y:2022:i:2:p:111-128
Template-Type: ReDIF-Article 1.0
Author-Name: Hao Jiang
Author-X-Name-First: Hao
Author-X-Name-Last: Jiang
Author-Name: Shiguang Ma
Author-X-Name-First: Shiguang
Author-X-Name-Last: Ma
Author-Name: Aelee Jun
Author-X-Name-First: Aelee
Author-X-Name-Last: Jun
Title: Cash Dividend Behaviors around Private Placements in China: Interactions between Two Information-Releasing Events
Abstract:
We investigate the information role and the information interaction of cash dividends around equity private placements for China’s publicly listed firms from 2004 to 2019. Our results show that firms are more likely to allocate higher cash dividends when private placements are nearer, possibly to build a favorable information environment for subsequent equity refinancing. Using a propensity score matching (PSM) approach, the results show that firms usually do not increase cash dividends for the compensation of illiquidity in the lockup period following private placement. The persistently low cash dividends after the lockup period rule out the suspicion of tunneling (via excessive payouts) resulted by private placements. In the meantime, we find that private placements positively affect firm performance. This could be why managers find conveying information via dividends redundant. We also find that announcement returns for cash dividends paid by firms with private placements are higher compared to their peers.
Journal: The Chinese Economy
Pages: 129-155
Issue: 2
Volume: 55
Year: 2022
Month: 3
X-DOI: 10.1080/10971475.2021.1930294
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1930294
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Handle: RePEc:mes:chinec:v:55:y:2022:i:2:p:129-155
Template-Type: ReDIF-Article 1.0
Author-Name: Han Cheng
Author-X-Name-First: Han
Author-X-Name-Last: Cheng
Title: Will Financial Liberalization Help China to Invest More Efficiently? Evidence from China’s Saving and Investment from 1993 to 2017
Abstract:
China has enjoyed high saving and high investment ratios by international standards. However, mainstream economists argue that China suffers from inefficient investment due to excessive state interventions. The mainstream argument is in conflict with the observed high output-capital ratios and rates of return on capital in China before 2008. China’s investment efficiency has deteriorated since 2008 despite the progress of financial liberalization. In this essay, we used provincial-level panel data from 1993 to 2017 and the technique of General Method of Moments to examine how China’s saving and investment respond to output-capital ratio, gross profit share, and real interest rate. We find that output-capital ratio has positive effects on saving and investment in all three periods (1993–2000, 2001–2008, 2009–2017); gross profit share has positive effects on saving; but gross profit share has negative and significant impact on investment for the period 2009–2017. We find that real interest rate has significant and negative impact on China’s saving for the period 1993–2000, a result that is inconsistent with the neoclassical theory of saving. On the other hand, real interest rate has a significant and negative impact on investment and a significant and positive impact on saving for the period 2009–2017, consistent with what should happen in a liberalized financial market according to neoclassical economics. These findings suggest that China’s financial market may have become sufficiently liberalized to induce the “correct” behavior from businesses and households but the “correct” behavior has not yet led to improvement in China’s investment efficiency.
Journal: The Chinese Economy
Pages: 67-87
Issue: 2
Volume: 55
Year: 2022
Month: 3
X-DOI: 10.1080/10971475.2021.1930298
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1930298
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Handle: RePEc:mes:chinec:v:55:y:2022:i:2:p:67-87
Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Na Kong
Author-X-Name-First: Wei-Na
Author-X-Name-Last: Kong
Title: Economic Effect and Resolution Idea of the THAAD Political Conflict on South Korea’s Exports to China
Abstract:
South Korea deployed the Terminal High Altitude Area Defense (THAAD) antimissile system in response to North Korea’s nuclear test, leading to the Chinese government’s opposition to THAAD, citing national security concerns. Chinese consumers held a large-scale “boycott for Korean products” campaign in 2014. In the same year, the China–South Korea free trade agreement (FTA) was signed. This study compares the double-difference (DID) and triple-difference (DDD) models using the impact of the THAAD political conflict on South Korean exports. In the DID model, THAAD reduced South Korean exports, while in the DDD model, the FTA effectively alleviated the impact of THAAD. The net difference of the FTA’s impact on the commodities boycotted in response to the THAAD conflict exists because some boycotted commodities were promoted by the FTA while others were not. The effect of the THAAD event shock was significant only in the first two years, with minimal subsequent changes in growth. THAAD and FTA’s dynamic effects provide evidence of how political conflict can eventually influence popular opinion and how the trade policy plays a significant role in the national conflict resolution. Finally, the study provides additional evidence on the effect of non-tariff barriers triggered by THAAD on the service industry.
Journal: The Chinese Economy
Pages: 88-110
Issue: 2
Volume: 55
Year: 2022
Month: 3
X-DOI: 10.1080/10971475.2021.1930300
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1930300
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Handle: RePEc:mes:chinec:v:55:y:2022:i:2:p:88-110
Template-Type: ReDIF-Article 1.0
Author-Name: Rahil Irfan Ahmed
Author-X-Name-First: Rahil Irfan
Author-X-Name-Last: Ahmed
Author-Name: Guohao Zhao
Author-X-Name-First: Guohao
Author-X-Name-Last: Zhao
Author-Name: Umme Habiba
Author-X-Name-First: Umme
Author-X-Name-Last: Habiba
Title: Dynamics of Return Linkages and Asymmetric Volatility Spillovers among Asian Emerging Stock Markets
Abstract:
The purpose of this study to investigate the dynamics of return linkages and volatility spillovers between Asian emerging stock markets (China, Hong Kong, Japan, Malaysia, Pakistan, and South Korea). To achieve this task, we used bivariate EGARCH (1) model. We used daily closing stock prices from January 01, 2010, to December 31, 2018. The findings revealed that the own lagged spillovers are statistically significant in all cases at one percent level. Our findings also show that the asymmetric volatility spillovers are significant in all sampled stock markets except China. We find unidirectional volatility spillovers from the markets of China toward Hong Kong, Malaysia toward South Korea, Hong Kong toward South Korea, Pakistan toward Hong Kong, and Japan toward South Korea. Moreover, the volatility spillovers in the majority stock markets are significant and bidirectional. Therefore, these markets are interrelated, and the spillover effect should be taken into consideration by policymakers who are responsible for economic decision making as they can save the financial sector from unexpected financial shockwaves.
Journal: The Chinese Economy
Pages: 156-167
Issue: 2
Volume: 55
Year: 2022
Month: 3
X-DOI: 10.1080/10971475.2021.1930292
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1930292
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Handle: RePEc:mes:chinec:v:55:y:2022:i:2:p:156-167
Template-Type: ReDIF-Article 1.0
Author-Name: Julián D. Cortés
Author-X-Name-First: Julián D.
Author-X-Name-Last: Cortés
Author-Name: Xiaolei Lin
Author-X-Name-First: Xiaolei
Author-X-Name-Last: Lin
Author-Name: Xiaolei Xun
Author-X-Name-First: Xiaolei
Author-X-Name-Last: Xun
Title: Research on Innovation in Business and Management about China and Latin America: Bibliometric Insights Using Google Scholar, Dimensions and Microsoft Academic
Abstract:
Trade and investment between developing regions such as China and Latin America and the Caribbean (LAC) are growing prominently. However, insights on crucial factors such as innovation in business and management (iBM) about both regions have not been scrutinized. This study presents the research output, impact, and structure of iBM research published about China and LAC in a comparative framework using three bibliographic databases/search engines: Google Scholar, Dimensions, and Microsoft Academic. Findings showed (i) that iBM topics of both regions were framed within research and development management and technological development topics, (ii) significant differences in output and impact between regions, (iii) and also databases/search engines.
Journal: The Chinese Economy
Pages: 208-226
Issue: 3
Volume: 55
Year: 2022
Month: 5
X-DOI: 10.1080/10971475.2021.1958451
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1958451
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Handle: RePEc:mes:chinec:v:55:y:2022:i:3:p:208-226
Template-Type: ReDIF-Article 1.0
Author-Name: Yuwen Dai
Author-X-Name-First: Yuwen
Author-X-Name-Last: Dai
Title: China’s Infrastructure Investment to the Belt and Road: The Case of the China-Indochina Peninsula Economic Corridor
Abstract:
Inspired by China’s historical role as a central hub in the Silk Road, the Chinese government officially launched the Belt and Road Initiative (BRI) in 2013. The BRI aims at deepening regional economic cooperation on a transcontinental scale and investing in infrastructure that promotes regional connectivity over land and sea. In recent years, China’s outward foreign direct investment (OFDI) has increased tremendously. Empirical evidence suggests that Chinese OFDI is about 40 percent higher in BRI countries than non-BRI countries. Under the BRI framework, China is currently a global leader in the construction of transportation infrastructure. In this paper, we examine the case of the China-Indochina Peninsula Economic Corridor (CIPEC) and investigate the macroeconomic implication of the BRI by conducting empirical study on Chinese OFDI to the CIPEC, analyzing China’s infrastructure investment, and conducting case studies of BRI infrastructure projects in the region. Our findings draw implication for policymakers in BRI nations who intend to attract Chinese infrastructure investment to improve regional connectivity. The lessons learned from these BRI projects highlight the importance of institutional relationship, domestic politics, political stability, and policy uncertainty, which in turn shed light on future infrastructure projects between China and host countries under the BRI framework.
Journal: The Chinese Economy
Pages: 169-187
Issue: 3
Volume: 55
Year: 2022
Month: 5
X-DOI: 10.1080/10971475.2021.1958452
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1958452
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Handle: RePEc:mes:chinec:v:55:y:2022:i:3:p:169-187
Template-Type: ReDIF-Article 1.0
Author-Name: Abdelkader Derbali
Author-X-Name-First: Abdelkader
Author-X-Name-Last: Derbali
Author-Name: Kamel Naoui
Author-X-Name-First: Kamel
Author-X-Name-Last: Naoui
Author-Name: Mounir Ben Sassi
Author-X-Name-First: Mounir Ben
Author-X-Name-Last: Sassi
Author-Name: Mohamed Marouen Amiri
Author-X-Name-First: Mohamed Marouen
Author-X-Name-Last: Amiri
Title: Do COVID-19 Epidemic Explains the Dynamic Conditional Correlation between China’s Stock Market Index and International Stock Market Indices?
Abstract:
This study presents an important view to the predictive capacity of COVID-19 for the correlation between Chinese stock market and 9 international stock market in Asia, Europe, and North America regions. In this paper, we try to investigate the spillover impacts of China’s stock market on the selected stock markets using an econometric methodology based on DCC-GARCH models during the period from May 01, 2019 to May 30, 2020. Our results show a strong significant DCC among China’s stock market index and selected international stock market indices especially in the outbreak of COVID-19. We find that the results related to the degree of the persistence of volatility, are sensitive to the existence of the COVID-19 surprises into the DCC-GARCH (1) model. We remark that that COVID-19 has a short-term impact on international stock market indices volatilities. Finally, we can conclude that COVID-19 explain the spillover impacts of China’s stock market index on selected countries using DCC-GARCH models. This paper gives an important framework to the investors to choose their portfolios in the financial markets especially in the crisis period. This paper contributes to the literature on assessing the impact of COVID-19 confirmed cases surprises on the correlation between China’s stock market index and selected international stock market in Asia, Europe, and North America regions.
Journal: The Chinese Economy
Pages: 227-242
Issue: 3
Volume: 55
Year: 2022
Month: 5
X-DOI: 10.1080/10971475.2021.1958453
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1958453
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Handle: RePEc:mes:chinec:v:55:y:2022:i:3:p:227-242
Template-Type: ReDIF-Article 1.0
Author-Name: Gour Gobinda Goswami
Author-X-Name-First: Gour Gobinda
Author-X-Name-Last: Goswami
Author-Name: Nisit Panthamit
Author-X-Name-First: Nisit
Author-X-Name-Last: Panthamit
Title: Does Political Risk Matter for China's Trade with ASEAN and MENA Countries? A Belt Road Initiative Perspective
Abstract:
This study examines the role of political risk in deterring China's trade flow with her 132 trading partners with particular attention to the Association of Southeast Asian Nations (ASEAN) and the Middle East and North African (MENA) countries for 1984-2015 in the Belt Road Initiative (BRI) framework. Using twelve political risk indicators from International Country Risk Guide (ICRG), we use factor analysis to retrieve three underlying factors: 'Cultural Rigidity,' 'Governance Failure,' and 'Partners' Adverse Feeling.' After combining these factors into a dynamic system GMM Gravity equation, we examine their impact on China's trade flow. As we control for Gravity variables and these risk factors, BRI has been found effective for China with MENA countries, ASEAN10, and ASEAN10 + 3 (China, Japan, and South Korea) but detrimental to trade flow within the ASEAN10 + 6 (China, India, Japan, S Korea, Australia, and New Zealand) setup. Among the three factors, 'Partners' Adverse Feeling' is the most substantial deterrent, followed by 'Cultural Rigidities.' Most of the traditional Gravity coefficients like domestic and partner country's GDP, domestic and partner country's per capita GDP, distance, GATT membership of China and Partners, take their right sign and significance. 'Governance failure' has been found as a significant deterrent neither in ASEAN nor in MENA setup. Therefore, China should strive to improve cultural bottlenecks with her partner countries and improve upon the existing adverse perception in enhancing her trade flow with these countries.
Journal: The Chinese Economy
Pages: 188-207
Issue: 3
Volume: 55
Year: 2022
Month: 5
X-DOI: 10.1080/10971475.2021.1958454
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1958454
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Handle: RePEc:mes:chinec:v:55:y:2022:i:3:p:188-207
Template-Type: ReDIF-Article 1.0
Author-Name: Xianbai Ji
Author-X-Name-First: Xianbai
Author-X-Name-Last: Ji
Author-Name: Guanie Lim
Author-X-Name-First: Guanie
Author-X-Name-Last: Lim
Title: The Chinese Way of Reforming Global Economic Governance: An Analysis of China’s Rising Role in the Group of Twenty (G-20)
Abstract:
Since the Global Financial Crisis engulfed much of the world in 2008, the Group of Twenty (G-20) has emerged as the self-acclaimed “premium forum” for international economic cooperation and policy coordination. The ascendency of G-20, of which China is a part, indicates the world’s preference for a more inclusive and informal economic governance model, moving away from the relatively restrictive Group of Seven (G-7) and the legalized Bretton Woods settings. This article analyzes China’s participation and increasingly critical role in the G-20. China’s main priorities in relation to the G-20 evolved over time. The initial focuses on containing financial contagion and reforming Bretton Woods institutions were followed by attempts to resolve bilateral trade issues with the US and to fight the Coronavirus Disease 2019 (COVID-19) pandemic. China aspires to transform the G-20 from an ad hoc crisis management platform to one promoting proactive long-term global policy cooperation, partly in support of “a community with shared future for humanity” and the Belt and Road Initiative. However, public distrust of international economic interdependence, populist backlash against neoliberal globalization, as well as geopolitical, ideological, technological tussles between China and the West collectively present significant challenges to the G-20.
Journal: The Chinese Economy
Pages: 282-292
Issue: 4
Volume: 55
Year: 2022
Month: 7
X-DOI: 10.1080/10971475.2021.1972546
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1972546
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Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:282-292
Template-Type: ReDIF-Article 1.0
Author-Name: Wayne Tan
Author-X-Name-First: Wayne
Author-X-Name-Last: Tan
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of China’s Rising Role in the Regional Comprehensive Economic Partnership (RCEP): Strategies and Instruments of Chinese Way
Abstract:
After eight years of back-and-forth negotiations, the Regional Comprehensive Economic Partnership (RCEP) agreement, was signed in the end of 2020. This mega trade deal is a potential free trade agreement that originally poses challenges for the Trans-Pacific Partnership (TPP) led by US, because a rising China with its economic influence in regional trade threatens the current US hegemony, alienates countries in East Asia from the US, and likely strive to become the leader of RCEP. However, these diplomatic strategies are not truly in line with China’s long-term interests; on the contrary, this paper argues that China should use the platform of RCEP to act as a supporter and promoter. Playing the roles of supporter and promoter is surely wise since it assists the neighboring countries to make economic advantages with China in a more liberalized regional market, while pragmatically reminding the leaders in Beijing that China should address the South China Sea problem with ASEAN countries in a defensive manner. All these relative low profile strategies, based on ‘one political step back for two economic steps forward,’ may consider as Chinese approach or Chinese way in RCEP.
Journal: The Chinese Economy
Pages: 268-281
Issue: 4
Volume: 55
Year: 2022
Month: 7
X-DOI: 10.1080/10971475.2021.1972547
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1972547
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Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:268-281
Template-Type: ReDIF-Article 1.0
Author-Name: Linlin Wang
Author-X-Name-First: Linlin
Author-X-Name-Last: Wang
Author-Name: Yanting Zhang
Author-X-Name-First: Yanting
Author-X-Name-Last: Zhang
Author-Name: Hanting Xi
Author-X-Name-First: Hanting
Author-X-Name-Last: Xi
Title: The Political Economy of China’s Rising Role in the BRICS: Strategies and Instruments of the Chinese Way
Abstract:
It has been 20 years since the concept of “BRICS” was first proposed in 2001, which can be treated as Group 5 (G5) from the South. As being the world’s second largest economy and largest developing country, China’s leading role in the BRICS has been widely recognized for its strategy adjustment from the international community. It is also of great importance to study the change of China’s status among BRICS countries and to analyze the development reasons from a macro and longitudinal perspective of Chinese way policy. Basically, this article analyzes the formation and function of BRICS’ institution as well as China’s role in BRICS from the perspective of political economy. As China increases political and economic strength, the influence of China’s role serves as an engine for BRICS development, from participant to practitioner and to leader. Meanwhile, as the important role of BRICS countries in the world has increased, then it will lead to a new international situation of a rise in the East (from the South) and the decline in the West (from the North). Under all these political and economic changes, it gives China an opportunity to enhance South-South cooperation as well as South-North economic integration.
Journal: The Chinese Economy
Pages: 317-328
Issue: 4
Volume: 55
Year: 2022
Month: 7
X-DOI: 10.1080/10971475.2021.1972545
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1972545
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Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:317-328
Template-Type: ReDIF-Article 1.0
Author-Name: Pei-Shan Kao
Author-X-Name-First: Pei-Shan
Author-X-Name-Last: Kao
Title: The Political Economy of China’s Strategic Layout in Europe: A Case Study of the Belt and Road Initiative
Abstract:
Following with the rise of China’s economic power, it has been thinking about increasing its political power and influence in the world. Under this consideration, the “One Belt and One Road” (OBOR) initiative was proposed by Chinese President Xi Jinping in 2013 when he visited Kazakhstan in September and Indonesia in October, the two countries who represent landlocked and maritime nations. From China’s strategic perspective, by means of the OBOR initiative, China not only can promote its trade and economic growth with countries along the routes, but also can disseminate China’s values and soft power. This therefore can deeply connect China with Asia, Africa and Europe and greatly strengthen China’s position and influence on the global stage. However, not every country welcomes China’s grand strategy and its well-designed layout in the regions. Thus, this article wants to use Europe as the example to explore China’s strategic considerations and layout in Europe by the OBOR projects, and also the attitudes and responses of Europe to China. It will be concluded with some suggestions.
Journal: The Chinese Economy
Pages: 303-316
Issue: 4
Volume: 55
Year: 2022
Month: 7
X-DOI: 10.1080/10971475.2021.1972549
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1972549
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Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:303-316
Template-Type: ReDIF-Article 1.0
Author-Name: Van-Hoa Vu
Author-X-Name-First: Van-Hoa
Author-X-Name-Last: Vu
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Author-Name: Khac-Nghia Nguyen
Author-X-Name-First: Khac-Nghia
Author-X-Name-Last: Nguyen
Title: The Political Economy of China’s Rising Role in the Asia-Pacific Economic Cooperation (APEC): Strategies and Instruments of the Chinese Way
Abstract:
Established in 1989 as an economic forum, APEC has become an important regional organization contributing to the promotion of not only economic but also political and security cooperation among countries and territories in the region. Given the great role of APEC, China has actively participated in the forum and today has become a major player with so-called Chinese approaches. The paper points out China’s purposes and intentions with Chinese way, especially under the attack of Covid-19 that has led to strategic adjustments in APEC. Politically, with APEC as an arena, China aims to restore and expand its sphere of influence in the region, hedge against the US and challenge to change the global governance system. Economically, through APEC’s mechanism, China wants to promote trade liberalization and hence facilitate its domestic economic reforms to soon become the number one power in the world. Moreover, the paper also outlines opportunities and challenges that China would face in APEC. It will also concern China’s advantages and barricades on its political regime as a powerful central authoritarian state, China’s role and position in the dynamic economic region, its trade and territorial disputes with neighboring countries in APEC, and the questions of APEC’s effectiveness.
Journal: The Chinese Economy
Pages: 255-267
Issue: 4
Volume: 55
Year: 2022
Month: 7
X-DOI: 10.1080/10971475.2021.1972544
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1972544
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Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:255-267
Template-Type: ReDIF-Article 1.0
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of China’s Rising Role in Regional International Organizations: Are There Strategies and Policies of the Chinese Way Considered and Applied?
Abstract:
In order to build up a wielding core role in Asia-Pacific region, China with a high intention and purpose tries to approach her surrounding neighboring nations for closer economic alliance as well as provides an opportunity of “South-South cooperation” to gain geographic “win-win” performance and more amicable settlement. It further depicts that China plays an indispensable and irreplaceable role in regional institutionalized construction, which can be considered as the Chinese way for strategic application. Basically, there are three major Chinese approaches of development strategy utilized on regional economic activities in order to accelerate and ascend China’s role on regional and trans-regional international organizations. Those are: (1) to play a role of promoter as booster/accelerator, such as for BRICS and RCEP; (2) to manage a role of active participator as communicator/supporter, such as for APEC and G20, and (3) to act a role of initiator as creator and chieftain, such as for OBORI, SCO, and BAF.
Journal: The Chinese Economy
Pages: 243-254
Issue: 4
Volume: 55
Year: 2022
Month: 7
X-DOI: 10.1080/10971475.2021.1972550
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1972550
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Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:243-254
Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Chih Chao
Author-X-Name-First: Wen-Chih
Author-X-Name-Last: Chao
Title: The Political Economy of China’s Rising Role in the Shanghai Cooperation Organization (SCO): Leading with Balance
Abstract:
The Shanghai Cooperation Organization (SCO) has become the most important vehicle for Chinese cooperation with Central Asian member states and Russia. China seeks to play an active role and exert strong influence in the SCO for both economic reasons and strategic considerations. China aims to resolve territorial and border issues with Central Asian states, maintain stability in Xinjiang, develop the economy of western areas, and ensure energy security by playing a leading role in the SCO. Analyzing China’s role in the SCO and the related opportunities and challenges is the primary goal of this paper. The Chinese government uses economic cooperation to exert influence within the SCO. However, the Chinese government must still overcome numerous challenges, including reconciling mistrust and conflict among SCO member states, reducing Russian suspicion of Chinese intention, response to transformation of the SCO, and dilemmas regarding regional instability.
Journal: The Chinese Economy
Pages: 293-302
Issue: 4
Volume: 55
Year: 2022
Month: 7
X-DOI: 10.1080/10971475.2021.1972548
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1972548
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Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:293-302
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# input file: MCES_A_1857063_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220804T044749 git hash: 24b08f8188
Author-Name: Yuwen Dai
Author-X-Name-First: Yuwen
Author-X-Name-Last: Dai
Title: Can ESG Investing Beat the Market and Improve Portfolio Diversification? Evidence from China
Abstract:
Over the past decade, ESG investment has become an important criterion for the Chinese economic activities, including its capital market where ESG integration in asset management has become a hot topic among investment professionals. In this paper, we study the case of ESG investing in China through examining the performance of equity indices that are selected by an ESG screening process and comparing their main risk-return characteristics against those of conventional equity market benchmark indices, in order to provide further understanding on how ESG plays a role in China’s capital market. Specifically, we address three key issues that are of particular concerns to most investors: (i) Can equity indices based on ESG screening outperform their market benchmarks? (ii) Can ESG equity indices be replicated by reference indices? and (iii) Can ESG equity indices improve portfolio diversification? Overall, we find that investing in ESG equity indices can increase risk-adjusted returns and improve portfolio diversification for the case of China.
Journal: The Chinese Economy
Pages: 272-285
Issue: 4
Volume: 54
Year: 2020
Month: 12
X-DOI: 10.1080/10971475.2020.1857063
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1857063
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Handle: RePEc:mes:chinec:v:54:y:2020:i:4:p:272-285
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# input file: catalog-resolver7534519504200297275.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Zhuo Chen
Author-X-Name-First: Zhuo
Author-X-Name-Last: Chen
Author-Name: Qiulin Chen
Author-X-Name-First: Qiulin
Author-X-Name-Last: Chen
Author-Name: Min Hu
Author-X-Name-First: Min
Author-X-Name-Last: Hu
Title: Special Issue on Health and Healthcare in China
Journal: The Chinese Economy
Pages: 397-397
Issue: 5
Volume: 55
Year: 2022
Month: 9
X-DOI: 10.1080/10971475.2020.1772576
File-URL: http://hdl.handle.net/10.1080/10971475.2020.1772576
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Handle: RePEc:mes:chinec:v:55:y:2022:i:5:p:397-397
Template-Type: ReDIF-Article 1.0
# input file: catalog-resolver-2522807603788071408.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Zhuo Chen
Author-X-Name-First: Zhuo
Author-X-Name-Last: Chen
Author-Name: Qiulin Chen
Author-X-Name-First: Qiulin
Author-X-Name-Last: Chen
Author-Name: Min Hu
Author-X-Name-First: Min
Author-X-Name-Last: Hu
Title: Health and Healthcare in China: An Editorial Introduction
Journal: The Chinese Economy
Pages: 329-331
Issue: 5
Volume: 55
Year: 2022
Month: 9
X-DOI: 10.1080/10971475.2021.1996549
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1996549
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Handle: RePEc:mes:chinec:v:55:y:2022:i:5:p:329-331
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# input file: catalog-resolver-6824103565658290007.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Poshan Yu
Author-X-Name-First: Poshan
Author-X-Name-Last: Yu
Author-Name: Yingzi Hu
Author-X-Name-First: Yingzi
Author-X-Name-Last: Hu
Title: Stock Payment, State Ownership and Innovation Performance in China’s Pharmaceutical M&As
Abstract:
The Chinese pharmaceutical industry has seen rapid development, with industrial mergers and acquisitions (M&As) increasing over the recent years. However, the studies focused on the characteristics and identified limited impacts of these M&As. This paper then intends to fill the gap by analyzing 393 completed M&As deals in China’s pharmaceutical industry from 2004 to 2016 concerning 54 firms. This paper found that: (1) firms’ innovation performance is higher when the industrial M&As activities are intensive. (2) M&As activity improves firms’ innovation output while overly frequent M&As exert negative effects on innovation output. Stock payment is negatively associated with firms’ innovation output. (3) Firms’ innovation performance is statistically different between state-owned enterprises (SOEs) and non-SOEs. Firms’ innovation performance does not vary whether the acquisition was conducted by SOEs or non-SOEs. Apart from providing empirical evidence, this paper, in turn, proposes policy implications for further innovation development in the Chinese pharmaceutical industry.
Journal: The Chinese Economy
Pages: 380-396
Issue: 5
Volume: 55
Year: 2022
Month: 9
X-DOI: 10.1080/10971475.2021.1996554
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1996554
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Handle: RePEc:mes:chinec:v:55:y:2022:i:5:p:380-396
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# input file: catalog-resolver4832434961545404362.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Lefan Liu
Author-X-Name-First: Lefan
Author-X-Name-Last: Liu
Title: The Impacts of Depression and Chronic Diseases on the Health of Older Adults in China: Evidence in a System Equations Framework
Abstract:
Depression comorbid with chronic diseases is common, especially among the older adults. We examine the health of the older adults in China and its relationship with depression, alone or as a comorbidity with chronic diseases. The sample we study includes 10,307 individuals aged 45 or above from the 2011 national wave of the China Health and Retirement Longitudinal Study (CHARLS). Using factor analysis, we obtain three factors out of eight health measurements that capture multiple dimensions of health of an older adult, with which we construct health scores and use as outcome variables. The three factors obtained from the factor analysis can, respectively, be interpreted as ‘physical health’, ‘subjective health’ and ‘cognitive health’. We then apply a system equations approach to compare the disease effects. We find different chronic conditions are significantly associated with ‘physical health’ and ‘subjective health’ but not with ‘cognitive health’. While the key chronic diseases have similar adverse effects on the first two health factors (except for the respiratory diseases), depression impairs subjective and physical health scores to a greater degree than do any chronic diseases. Comorbid depression is significantly associated with a reduction in the physical health score of the older adults, particularly for those with depression and cardiovascular diseases. In light of the increasing burden of chronic diseases and the underfunding-undertreatment situation of depression, health insurance coverage for depression should be improved to provide a more integrated mental health system.
Journal: The Chinese Economy
Pages: 343-368
Issue: 5
Volume: 55
Year: 2022
Month: 9
X-DOI: 10.1080/10971475.2021.1996551
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1996551
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Handle: RePEc:mes:chinec:v:55:y:2022:i:5:p:343-368
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# input file: catalog-resolver-3676251904040301608.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Xiaolin Xu
Author-X-Name-First: Xiaolin
Author-X-Name-Last: Xu
Author-Name: Shenglan Tang
Author-X-Name-First: Shenglan
Author-X-Name-Last: Tang
Author-Name: Weixi Jiang
Author-X-Name-First: Weixi
Author-X-Name-Last: Jiang
Author-Name: Yaoguang Zhang
Author-X-Name-First: Yaoguang
Author-X-Name-Last: Zhang
Author-Name: Ling Xu
Author-X-Name-First: Ling
Author-X-Name-Last: Xu
Author-Name: Mark Jones
Author-X-Name-First: Mark
Author-X-Name-Last: Jones
Author-Name: Lijing L. Yan
Author-X-Name-First: Lijing L.
Author-X-Name-Last: Yan
Title: Health Services Use and Expenditures among Middle-Aged and Elderly Residents with Hypertension Comorbidity: A Longitudinal Study in Jiangsu Province, China
Abstract:
Hypertension is the most prevalent chronic condition in China and is associated with an increased risk of comorbidity. This study aims to investigate health services use and expenditures among community-dwelling residents with hypertension comorbidity. Data is from a 7-month follow-up study of 503 community-dwelling residents aged ≥45 years in Jiangsu Province, China. These participants were stratified into three categories based on their disease status at baseline (no chronic condition, hypertension, hypertension with one or more comorbidities), and followed up monthly to gather information on their health services use and expenditures (including self-medication, outpatient and inpatient services). We used generalized estimating equations to estimate the association between disease status and health services use. 58.1% of individuals with hypertension had a comorbidity. Compared with individuals without any condition, the fully adjusted odds ratio (OR) for those with hypertension comorbidity was 2.18 (95% confidence interval [95% CI] 1.57–3.03) in overall health services use. Rural residents with hypertension comorbidity had a greater odds of health services use compared with their urban counterparts (age and sex-adjusted OR 4.21, 95% CI 2.56–6.93). The median monthly expenditure for individuals with hypertension comorbidity was 172 Chinese Yuan (CNY), which was much higher than those with no condition and those with hypertension only (90 and 91 CNY, respectively). Comorbidity in individuals with hypertension is highly prevalent and associated with elevated health services use and expenditures. These findings emphasize the importance of secondary prevention and integrated care for comorbidity in the population with hypertension.
Journal: The Chinese Economy
Pages: 369-379
Issue: 5
Volume: 55
Year: 2022
Month: 9
X-DOI: 10.1080/10971475.2021.1996553
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1996553
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Handle: RePEc:mes:chinec:v:55:y:2022:i:5:p:369-379
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# input file: catalog-resolver4558803408916723782.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Yu Chen
Author-X-Name-First: Yu
Author-X-Name-Last: Chen
Author-Name: Marie Parker
Author-X-Name-First: Marie
Author-X-Name-Last: Parker
Author-Name: Xiaodong Zheng
Author-X-Name-First: Xiaodong
Author-X-Name-Last: Zheng
Author-Name: Xiangming Fang
Author-X-Name-First: Xiangming
Author-X-Name-Last: Fang
Title: Health Insurance Coverage of Migrant Workers in China
Abstract:
Migrant workers are an important component of China's labor market, playing a vital role in economic development and social stability. In the face of significant health risks related to their work, migrant workers remain largely under-represented in China’s health insurance system despite their eligibility to participate in several programs. To achieve China’s goal of universal healthcare coverage, migrant workers are targeting populations. The objective of this paper is to understand the factors associated with migrant workers’ participation in health insurance programs. This analysis draws from a survey of 3,342 migrant workers that was conducted by China Agricultural University in 2013. A multinomial logit model was performed to identify the determinants of migrant workers’ health insurance participation. Our findings suggest that the highest rates of un-insurance were observed for females, the elderly, those with lower levels of education, income, or lower self-reported health status, and migrant workers in the construction industry. They are the most vulnerable populations and susceptible to various health and occupational hazards. Besides the high enrollment rates of migrant workers in the New Rural Cooperative Medical Scheme, the scheme’s lack of portability needs a complete “Inter-province” balancing reimbursement networking platform to be built. Furthermore, establishing a multi-level medical security system that is accessible and affordable may serve the goal of improving health insurance participation among migrant workers.
Journal: The Chinese Economy
Pages: 332-342
Issue: 5
Volume: 55
Year: 2022
Month: 9
X-DOI: 10.1080/10971475.2021.1996550
File-URL: http://hdl.handle.net/10.1080/10971475.2021.1996550
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Handle: RePEc:mes:chinec:v:55:y:2022:i:5:p:332-342
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# input file: MCES_A_2022837_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Muhammad Aftab
Author-X-Name-First: Muhammad
Author-X-Name-Last: Aftab
Title: On the Impact of Policy Uncertainty on the Demand for Money in China: An Asymmetric Analysis
Abstract:
One previous study that estimated the demand for money in China, included output volatility and money supply volatility as two measures of uncertainty. The study found their effects to be transitory in the short-run but not in the long-run. We suspect that the lack of long-run effects could be due to both uncertainty measures being less comprehensive. When we replaced the two measures with a relatively more comprehensive measure known as policy uncertainty, we too found only short-run effects. However, when we separated increased uncertainty from declines and engaged in asymmetric analysis by estimating a nonlinear money demand function, we found that in the long run while increased uncertainty has a significant effect on the demand for money, decreased uncertainty does not. Our findings indicated that in China, as uncertainty increases people prefer to hold more cash.
Journal: The Chinese Economy
Pages: 399-409
Issue: 6
Volume: 55
Year: 2022
Month: 11
X-DOI: 10.1080/10971475.2021.2022837
File-URL: http://hdl.handle.net/10.1080/10971475.2021.2022837
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Handle: RePEc:mes:chinec:v:55:y:2022:i:6:p:399-409
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# input file: MCES_A_2022840_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Aadil Nakhoda
Author-X-Name-First: Aadil
Author-X-Name-Last: Nakhoda
Author-Name: Zhaohui Niu
Author-X-Name-First: Zhaohui
Author-X-Name-Last: Niu
Title: Do Chinese Technical NTMs Increase the Exports of Less Sophisticated Products to China?
Abstract:
Much evidence suggests that NTMs (non-tariff measures) have become a major instrument of trade policy. Compliance with NTMs entails significant costs on exporters who may be required to meet pre-determined standards set by the importing countries to prevent the import of substandard and dangerous products. We consider NTMs imposed by China on its imports as China not only dominates world trade but its trade policies influence global trading patterns. Our results suggest that NTMs do help increase imports of less sophisticated products into China, particularly if they are originating from low-income countries. Although, our OLS and IV estimations report similar results for products facing NTMs and not facing NTMs, the magnitude of the influence is higher for the products facing NTMs when we consider fixed effect estimations. We introduce an interaction variable defined by the income level of the trading partner. The interaction variable magnifies the influence of the level of export sophistication for products facing NTMs on imports into China, while that for products not facing NTMs become insignificant.
Journal: The Chinese Economy
Pages: 425-445
Issue: 6
Volume: 55
Year: 2022
Month: 11
X-DOI: 10.1080/10971475.2021.2022840
File-URL: http://hdl.handle.net/10.1080/10971475.2021.2022840
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Handle: RePEc:mes:chinec:v:55:y:2022:i:6:p:425-445
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# input file: MCES_A_2022841_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Yuwen Dai
Author-X-Name-First: Yuwen
Author-X-Name-Last: Dai
Title: Growth Shocks under Alternative Macro Regimes in a Developing Economy
Abstract:
A key challenge facing most developing economies today is how to simultaneously maintain monetary independence, exchange rate stability, and financial integration, subject to the constraints imposed by the impossible trinity. In this paper, we contribute to the literature by examining and comparing alternative macroeconomic policy choices for a developing economy with growth shocks. To that end, we introduce a three-sector “almost small” open economy macroeconomic model, and calibrate this model to proxy the China in 2005 when it made the transition from being an economy that was bounded by the impossible trinity. We design two alternative macroeconomic policy regimes and apply the calibrated model to analyze both the short-run and the long-run responses to several domestic and external growth shocks, which appeared important for a developing economy like China during its economic reform period in the 2000s. The model simulation shows that most growth shocks cause an expansion in the real GDP level. Moreover, greater flexibility in the exchange rate allows the central bank to conduct independent monetary policy, the benefit from which increases as financial capital becomes more internationally mobile. Our findings draw policy implication for those developing countries considering alternative macroeconomic policy regimes to achieve sustainable economic growth.
Journal: The Chinese Economy
Pages: 446-459
Issue: 6
Volume: 55
Year: 2022
Month: 11
X-DOI: 10.1080/10971475.2021.2022841
File-URL: http://hdl.handle.net/10.1080/10971475.2021.2022841
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# input file: MCES_A_2022838_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Kai-yin Woo
Author-X-Name-First: Kai-yin
Author-X-Name-Last: Woo
Author-Name: Shu-kam Lee
Author-X-Name-First: Shu-kam
Author-X-Name-Last: Lee
Author-Name: Paul Kwok-ching Shum
Author-X-Name-First: Paul Kwok-ching
Author-X-Name-Last: Shum
Title: Nonparametric Cointegration Tests for Price Convergence within the Greater Bay Area of China
Abstract:
The Chinese Government plans to create a world-class city cluster in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). The GBA is a very attractive destination for both national and international businesses to profit in trading and investment activities. To realize the anticipated profit potential, existence of purchasing power parity (PPP) is a necessary condition for a favorable prospect of closer economic cooperation and integration in the GBA city cluster. Research study that investigates the PPP relationships among the GBA cities is scarce. To fill this research gap, our study aims to examine validity of the PPP and the extent of goods market integration in the GBA. Since the functional form of the cointegrating relationship may not be exact or linear, we adopt the rank tests for analysis without prior knowledge and specification of the functional form. We also address the rank problems that occur in multivariate rank tests. Results of the rank tests confirm validity of the PPP relationships among the GBA cities with some empirical evidence of nonlinearity that clear the doubt concerning the potential barriers to goods market integration in the GBA. There are policy implications for the local and central authorities in justifying further integrated development programs.
Journal: The Chinese Economy
Pages: 410-424
Issue: 6
Volume: 55
Year: 2022
Month: 11
X-DOI: 10.1080/10971475.2021.2022838
File-URL: http://hdl.handle.net/10.1080/10971475.2021.2022838
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Handle: RePEc:mes:chinec:v:55:y:2022:i:6:p:410-424
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# input file: MCES_A_2022839_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220823T191300 git hash: 39867e6e2f
Author-Name: Nisit Panthamit
Author-X-Name-First: Nisit
Author-X-Name-Last: Panthamit
Author-Name: Chukiat Chaiboonsri
Author-X-Name-First: Chukiat
Author-X-Name-Last: Chaiboonsri
Author-Name: Chira Bureecam
Author-X-Name-First: Chira
Author-X-Name-Last: Bureecam
Title: Impact of China’s OFDI to the Greater Mekong Subregion (GMS)
Abstract:
The study aims to investigate the impact of China's outward foreign investment (OFDI) in Cambodia, Laos, Myanmar, Vietnam, and Thailand (CLMVT). The motivation behind this paper is to examine a pivotal role in determining the macroeconomic factors in these five hosting countries as the “neighboring model” of China. Using panel data for China's outward to her five neighboring countries in the Greater Mekong Subregion (GMS) for the period 2007–2019. This paper uses two different panel specifications models named correlation from classical statistics and Bayesian statistics where empirical results of this research qualify that China's OFDI is the main factor to have a positive influence on the macroeconomic factors in CLMVT.HighlightsThe GMS region is currently challenging the general FDI theory from the “neighboring model” of China’s going global” strategy using OFDI as a pioneer for success for the small developing country namely, CLMVT. Many studies showed that the implementation of the “Belt and Road” strategy will help China increase investment in countries along the route, which will further promote the implementation of the “on going” strategy since 2013.We use panel data for China's outward to her five neighboring countries in the Greater Mekong Subregion (GMS) for the period 2007–2019, measures the potential of China’s outward foreign direct investment by using two different panel specifications models named correlation from classical statistics and Bayesian statistics.This research implements the core concept of Bayes’ theorem. This theorem allows us to use a priori beliefs of probability to combine with evidence that it can be found (update every economic situation in CLMVT countries) then this method will have a new prediction of the posterior probability distribution. The posterior probability distribution will be received from the simulation algorithm once again. It would be calculated from the scope of every scenario that can be happening based on our belief in the future.The Bayesian correlation testing still confirms that the FDI inflow from China per GDP of CLMVT countries has the most play important role to drive the macroeconomic of these five countries’ economy.
Journal: The Chinese Economy
Pages: 460-476
Issue: 6
Volume: 55
Year: 2022
Month: 11
X-DOI: 10.1080/10971475.2021.2022839
File-URL: http://hdl.handle.net/10.1080/10971475.2021.2022839
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# input file: MCES_A_2058180_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Thi Huong Giang Vuong
Author-X-Name-First: Thi Huong Giang
Author-X-Name-Last: Vuong
Author-Name: Yang-Che Wu
Author-X-Name-First: Yang-Che
Author-X-Name-Last: Wu
Author-Name: Tzu-Ching Weng
Author-X-Name-First: Tzu-Ching
Author-X-Name-Last: Weng
Author-Name: Huu Manh Nguyen
Author-X-Name-First: Huu Manh
Author-X-Name-Last: Nguyen
Author-Name: Xuan Vinh Vo
Author-X-Name-First: Xuan Vinh
Author-X-Name-Last: Vo
Title: Capital Structure Choices and Stock Market Volatility: Evidence from Chinese Listed Firms
Abstract:
An essential issue of listed firms is adjusting their capital structure as stock market volatility increases. Our study examines this concern by using panel data of the Shanghai Stock Exchange for the period 2008–2018. We find that stock market volatility has immediate positive effects on both total market leverage and short-term market leverage but a negative influence on the long-term market leverage of Chinese listed firms. In this scenario, Chinese listed firms adjust their debt structure by using high bank debts and cutting trade credit due to lower debt costs. Further analyses confirm that the proportion of bank debts to total debts visibly increases while that of trade credit to total debts distinctly decreases. Furthermore, we implement robust tests regarding potential issues, such as sample selection, model selection, endogenous factors, and quantile regression to strengthen the robustness of the main findings. This study provides the first framework for investigating a link between the stock market volatility and capital structure decisions in a typical emerging market.
Journal: The Chinese Economy
Pages: 25-49
Issue: 1
Volume: 56
Year: 2023
Month: 1
X-DOI: 10.1080/10971475.2022.2058180
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2058180
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# input file: MCES_A_2058182_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Xinyao Li
Author-X-Name-First: Xinyao
Author-X-Name-Last: Li
Author-Name: Chung-Khain Wye
Author-X-Name-First: Chung-Khain
Author-X-Name-Last: Wye
Title: The Effect of Investment in Education on China’s Economic Growth: The Role of Financial Development
Abstract:
Earlier studies have focused on how education investment affects economic growth in different countries, namely developed and developing countries. The conclusions have been ambiguous and one of the dominant factors leading to such variation is the omission of financial development indicators. The present paper makes use of panel date from 2005 to 2019 on 31 provinces of China to examine how financial development can influence the relationship between education investment and economic growth. The findings show that financial development does not facilitate the impact of education investment on economic growth in wealthier regions. However, for poorer provinces with GDP per capita below the average, financial development as proxied by the ratio of total loans and total deposits in the financial system to GDP, respectively, can indeed enhance the effect of education investment on economic growth. Such enhancement is valid even when the proxies for education investment and financial development respectively pose negative effect on economic growth. Credit expansion and savings increase may facilitate government expenditure in education, which in turn promotes economic growth in relatively poor provinces to a greater degree than does the relatively wealthy provinces. Financial development strategy should be targeted to poorer provinces with below-average economic growth to facilitate growth-promoting educational financing.
Journal: The Chinese Economy
Pages: 69-87
Issue: 1
Volume: 56
Year: 2023
Month: 1
X-DOI: 10.1080/10971475.2022.2058182
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2058182
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# input file: MCES_A_2058183_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Haiwen Zhou
Author-X-Name-First: Haiwen
Author-X-Name-Last: Zhou
Title: State Capacity and Leadership: Why Did China Take off?
Abstract:
For a large economy trying to achieve industrialization, it needs to develop indigenous technological capacities to make growth sustainable. Industrialization can be challenging to achieve because it might be difficult to develop technologies without changing culture and political institutions which are useful to maintain ruling. Rulers in ancient China choose institutions to prevent internal rebellions. Industrialization was a new goal for the Qing government in the 19th century, and previous institutions were not designed to handle this issue. China’s high growth rates after 1978 resulted from internal reforms to increase efficiency and external openness to absorb foreign capital, knowledge, and technologies. China’s state capacity and leadership supported developing technological capacities in the catch-up process.
Journal: The Chinese Economy
Pages: 50-68
Issue: 1
Volume: 56
Year: 2023
Month: 1
X-DOI: 10.1080/10971475.2022.2058183
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2058183
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# input file: MCES_A_2058181_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Miaomiao Tao
Author-X-Name-First: Miaomiao
Author-X-Name-Last: Tao
Author-Name: Lim Thye Goh
Author-X-Name-First: Lim Thye
Author-X-Name-Last: Goh
Title: Effects of Carbon Trading Pilot on Carbon Emission Reduction: Evidence from China’s 283 Prefecture-Level Cities
Abstract:
Empirical evidence demonstrates that market-driven carbon trading scheme (ETS) is a crucial instrument for China to control environmental pollution. Based on the panel data of China’s 283 prefecture-level cities from 2006 to 2017, this research investigated the transmission mechanism, direct and indirect effects of ETS on carbon emission intensity (CEI) using difference-in-differences (DID) model, propensity-score-matched difference-in-differences (PSM-DID) model at national, regional, and local levels (cities with different industrial characteristics). The results demonstrated the mediating effects of total energy consumption, energy consumption structure, and industrial structure upgrading in the incentive role of ETS on CEI reduction. Moreover, ETS directly and effectively reduced CEI at the national level, while the spatial heterogenous effects were identified at regional and local levels, which emphasises the necessity and importance of unified carbon trading market establishment and classified governance.
Journal: The Chinese Economy
Pages: 1-24
Issue: 1
Volume: 56
Year: 2023
Month: 1
X-DOI: 10.1080/10971475.2022.2058181
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2058181
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# input file: MCES_A_2096808_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Qinchen Zhang
Author-X-Name-First: Qinchen
Author-X-Name-Last: Zhang
Title: Sectoral and Country-Origin Dynamics of FDI in China in 1997-2020
Abstract:
FDI flows in China have increased for decades, but the sectoral and country-origin distribution change over times. Chinese FDI inflows have experienced a shift from manufacturing to real estate and service sectors. A series of factors including labor cost increase, currency appreciation, overcapacity of production, domestic competition rise and US trade war cause negative effects on manufacturing FDI flows. However, rising purchasing power, consumer demand and market capacity create new opportunities for foreign business in China. The government makes efforts to nurture service trade as an engine of economic growth alongside trade in goods. Many incentive policies have been launched for numerous service industries. These are the push hand behind the rapid rise in service FDI. The neighboring countries or regions in Asia and free trade ports with taxation advantages contribute vast majority of the FDI in China. Hong Kong's status as the largest supplier of FDI to the mainland has become increasingly prominent over the past 20 years, partially due to so called “round-trip” FDI. Chinese economic diplomacy promotes regional integration in East and Southeast Asia, and creates conditions for the liberalization of intra-regional investment. Closer trade connections with European countries boost the EU investment in China over recent years. Our studies of FDI's structural changes in China can generate policy implications widely for the government, foreign companies and investors, as well as developing countries committed to FDI attraction.
Journal: The Chinese Economy
Pages: 89-103
Issue: 2
Volume: 56
Year: 2023
Month: 3
X-DOI: 10.1080/10971475.2022.2096808
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2096808
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# input file: MCES_A_2096809_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sho Komatsu
Author-X-Name-First: Sho
Author-X-Name-Last: Komatsu
Author-Name: Aya Suzuki
Author-X-Name-First: Aya
Author-X-Name-Last: Suzuki
Title: The Impact of Different Levels of Income Inequality on Subjective Well-Being in China: A Panel Data Analysis
Abstract:
Income inequality is one of the most serious issues globally and China is the representative examples of this issue. Income inequality remains high in China and may negatively affects subjective well-being. This study clarifies whether income inequality affects subjective well-being in China. Using five waves of the 2010-2018 data from China Family Panel Studies, a panel data analysis reveals the following: First, general income inequality measured by provincial Gini coefficients has a significant U-shaped impact. Second, between-group income inequality, measured as income ratio between urban hukou residents and migrants with rural hukou, has a significant U-shaped impact. Third, urban-rural income inequality measured by provincial urban to rural household per capita income ratio has an inverted-U-shaped impact. To address endogeneity problems of income inequality, this study adopts instrumental variable approach. For the further robustness checks of the validity of the instrumental variable used, this study adopts the recent Conley et al. (2012) bounds approach. Our results are robust after addressing endogeneity problem. One important policy implication stemming from our results is the need to adopt strategies that ensure a more inclusive society without hukou-related and urban–rural discrimination.
Journal: The Chinese Economy
Pages: 104-123
Issue: 2
Volume: 56
Year: 2023
Month: 3
X-DOI: 10.1080/10971475.2022.2096809
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2096809
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# input file: MCES_A_2096807_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Qianfei Shu
Author-X-Name-First: Qianfei
Author-X-Name-Last: Shu
Title: Agglomeration and Firm Financing: Evidence from High and New Technology Chinese Firms in the Pearl River Delta
Abstract:
Using firm-level panel data from 1998 to 2015 for high and new technology firms in the Pearl River Delta in China, I investigated the effect of policy-directed industrial agglomeration on firm financing (trade credit and bank loan). I find that small and young firms are more likely to utilize trade credit, while large and old-established firms tend to rely on bank loans. I also find that the agglomeration effect is more remarkable for foreign and private-owned firms both in trade credit and bank loans, while state-owned firms fail to benefit from the effect of industrial agglomeration. These findings suggest that in China, policy-oriented industrial agglomeration plays an important role in alleviating financial constraints. Additionally, endogeneity issue is addressed by using two-stage estimation with instrumental variable and system generalized method of moments (GMM) estimation.
Journal: The Chinese Economy
Pages: 124-146
Issue: 2
Volume: 56
Year: 2023
Month: 3
X-DOI: 10.1080/10971475.2022.2096807
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2096807
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# input file: MCES_A_2096810_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sérgio Edegar Girardi de Quadros
Author-X-Name-First: Sérgio Edegar Girardi
Author-X-Name-Last: de Quadros
Author-Name: André Filipe Zago de Azevedo
Author-X-Name-First: André Filipe Zago
Author-X-Name-Last: de Azevedo
Title: The Internationalization of Renminbi: The View of Brazilian Companies Regarding the Internationalization Process of Chinese Currency
Abstract:
China is the second largest global economy and Brazil’s largest trade partner. Ever since the financial crisis of 2008, there has been deliberate intention on the part of the Chinese government to internationalize its currency. This study aims to investigate the perception of Brazilian companies regarding the internationalization of renminbi and its impacts on trade with China. We performed a qualitative research through a theoretical sampling, selecting nine major companies presenting relevant trade with China. The research shows that, by adopting renminbi, companies can reap economic benefits such as increase in trade and reduction in transaction costs, for instance. Some barriers have also been identified, coinciding with the literature review, such as lack of liquidity, reliability and independence of the Chinese monetary authority and other issues related to cultural differences. The companies interviewed support certain initiatives, such as entering into swap agreement and the adoption, by the Brazilian Central Bank, of renminbi in its international reserves. Finally, this study proposes financial cooperation agreements with China, aiming at reducing barriers on employing the Chinese currency and increasing business deals between both countries.
Journal: The Chinese Economy
Pages: 147-162
Issue: 2
Volume: 56
Year: 2023
Month: 3
X-DOI: 10.1080/10971475.2022.2096810
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2096810
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Handle: RePEc:mes:chinec:v:56:y:2023:i:2:p:147-162
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# input file: MCES_A_2132699_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Adesola Ibironke
Author-X-Name-First: Adesola
Author-X-Name-Last: Ibironke
Title: The Volatilities of Chinese and American Trade with Africa: Which Country’s Trade Volatility is the Most Influential?
Abstract:
This paper examines the relative influence of the volatilities of Chinese and American trade with Africa, by exploring the volatilities, their comovements, and four potential international drivers that can increase or decrease the volatilities. The drivers considered are Euro Area’s trade with Africa; U.S. recessions; economic globalization; and fluctuations in China’s economy. The paper employs the dynamic conditional correlation (DCC-) generalized autoregressive conditional heteroscedasticity (GARCH) model and monthly data spanning 1970M1 to 2020M07. The results show that, without controlling for drivers, the volatilities of Chinese and American trade with Africa are quite high, with similar magnitudes and significant comovements. When drivers are controlled for, Euro Area’s trade does not influence the volatilities significantly. However, America’s recessions make Chinese trade volatility to become higher, while economic globalization makes it to become lower, relative to America’s trade volatility. These results imply that Chinese trade volatility is more influential than America’s trade volatility, due to two international drivers. Furthermore, fluctuations in China’s economy significantly influence the trade volatility of China itself and the trade volatility of the bigger economy, the U.S., which confirms China’s significant international influence. One of the key policy implications of these findings is that globalization does not necessarily increase trade volatility in all contexts. This paper provides new evidence that in the context of a single trade market, globalization is an antidote of trade volatility because it involves the availability of diverse markets across the global economy, which consequently reduces the panic of traders within the single market.
Journal: The Chinese Economy
Pages: 220-243
Issue: 3
Volume: 56
Year: 2023
Month: 5
X-DOI: 10.1080/10971475.2022.2132699
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2132699
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# input file: MCES_A_2132701_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Hang Hang Dong
Author-X-Name-First: Hang Hang
Author-X-Name-Last: Dong
Author-Name: Chen Chen Yong
Author-X-Name-First: Chen Chen
Author-X-Name-Last: Yong
Author-Name: Sook Lu Yong
Author-X-Name-First: Sook Lu
Author-X-Name-Last: Yong
Title: The Determinants of China’s Services Trade
Abstract:
This paper examines the determinants of services trade in China with a panel of 42 trading partners during the period of 2000–2014. Using augmented Gravity model, the estimated results from Poisson Pseudo Maximum Likelihood (PPML) show that the sectoral output of China and its trading partners, sharing of common borders, fixed telephone subscription in China, exchange rate, perception of lower corruption in partner countries contribute positively to services trade between China and its trading partners. On the contrary but not surprisingly, trade restrictiveness and distance between capitals of China and its trading partners are negatively associated with services trade between China and its counterparts. Greater availability and adoption of information and communication technology in partner countries, proxied by fixed telephone subscription, appear to have a negative (positive) effect on China’s services exports (imports). On the policy front, this paper suggests that the Chinese government should devise policies to deal with non-tariff trade restrictions and improve the country’s telecommunication infrastructure to address the services trade gaps with its trading partners.
Journal: The Chinese Economy
Pages: 182-193
Issue: 3
Volume: 56
Year: 2023
Month: 5
X-DOI: 10.1080/10971475.2022.2132701
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2132701
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# input file: MCES_A_2132700_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yuwen Dai
Author-X-Name-First: Yuwen
Author-X-Name-Last: Dai
Title: Business Cycle Synchronization and Multilateral Trade Integration in the BRICS
Abstract:
Two decades have passed since the acronym BRIC was coined in 2001. The cooperation within the BRIC was formalized in 2009, and the BRIC expanded into BRICS after South Africa joined in 2010. To deepen economic cooperation within the BRICS, the progress of regional economic integration will affect the degree of business cycle synchronization within the region, which in turn will have an impact on the direction and magnitude of macroeconomic interdependence and growth spillovers among the regional partners. In this paper, we find inconclusive evidence of cross-country business cycle synchronization and trade integration in the BRICS. To investigate their potential for further multilateral trade integration, we combine data on international trade linkages with network methods to examine the multilateral trade system in the BRICS as an interdependent complex network. We map the topology of the BRICS multilateral trade network, and assess the extent of their multilateral trade integration. The policy implication is that to promote BRICS regional economic integration, there are two possible paths forward: the formation of regional trade agreement (RTA), and the adoption of central bank digital currency (CBDC).
Journal: The Chinese Economy
Pages: 163-181
Issue: 3
Volume: 56
Year: 2023
Month: 5
X-DOI: 10.1080/10971475.2022.2132700
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2132700
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# input file: MCES_A_2132703_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Xin Jin
Author-X-Name-First: Xin
Author-X-Name-Last: Jin
Title: Effects of Trade Unions on Workers’ Job Satisfaction: Evidence from China
Abstract:
This study investigates the effect of trade unions on workers’ job satisfaction in China, based on panel data analyses that accommodate unobserved heterogeneity and the sorting problems—dissatisfied workers are more likely to be union members, and workplaces with poor working conditions are more likely to result in establishing unions. Based on data from the China Family Panel Studies, econometric models are estimated to evaluate the magnitude of the effect of the dynamic change in union membership status (union membership history) on job satisfaction. The results show that while unions effectively improve members’ job satisfaction and union effects vary by household registration type (urban versus rural hukou), unions fail to impress their members with the benefits they offer. The study offers several policy recommendations for rural hukou workers to benefit from union membership more effectively than they do now.
Journal: The Chinese Economy
Pages: 194-219
Issue: 3
Volume: 56
Year: 2023
Month: 5
X-DOI: 10.1080/10971475.2022.2132703
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2132703
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# input file: MCES_A_2136696_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Muhamad Iksan
Author-X-Name-First: Muhamad
Author-X-Name-Last: Iksan
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of Indonesia’s Development Strategy under China-USA Power Rivalry and Hegemonic Competition: A Middle Power with Its Hedging Strategy
Abstract:
In the new century, a growing power rivalry and contest between China and USA has significantly impacted the Asia-Pacific region. In turn, Indonesia has tried to avoid being caught in the middle between these two great powers. Among unanswered questions are how to respond to influences affecting politics and security and how to interact concerning economic cooperation and market integration. This article will explore how Indonesia tried to protect its own national interests amid this great-power competition by making strategic and timely policy choices from 2016 to 2022. We offer a new argument and interpretation for how a middle-sized power like Indonesia can flexibly and efficiently operate a hedging strategy toward US and China to promote its own security and development. Neoclassic realism will be applied to interpret a strategic triangle. As such, we explore Indonesia’s state leadership, domestic politics, political culture, and economic entity within the context of US-China power rivalry, closely in related to facing China’s Belt-and-Road initiative (BRI) as well as US’s Indo-Pacific Strategy with Indo-Pacific Economic Framework (IPEF).
Journal: The Chinese Economy
Pages: 304-320
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136696
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136696
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Author-Name: Wen-Chih Chao
Author-X-Name-First: Wen-Chih
Author-X-Name-Last: Chao
Title: The Political Economy of the Philippines and Its Development Strategy under China-USA Power Rivalry and Hegemonic Competition: Hedge with Balance
Abstract:
The competition between the United States and China has intensified since the Trump administration, and the two sides have clashed in the areas such as the economy, military, politics, technology, and human rights. This conflict presents countries in the Indo-Pacific region with the challenge of navigating foreign policy with these two hegemonic powers. The Philippines is one such country facing the challenge of maintaining a balanced relationship with the two countries as a major concern for a strategic triangle. The incumbent Philippine president must calculate the benefits and risks before formulating policies. Facing such a dilemma, former President Aquino chose to file a lawsuit with the International Arbitration Court and strengthen cooperation with the United States to defend the sovereignty of the Philippines in the SCS, whereas former President Duterte chose to shelve the sovereignty of the SCS and to cooperate with China under the framework of the BRI. However, President Duterte quickly changed his anti-United States stance in the climate of the ongoing conflict between the Philippines and China over islands and reefs in the SCS and then cooperated with the United States to reinstate the military cooperation agreement that he had suspended. Current President Marcos Jr. has adopted a more subtle approach. He declared that he would maintain economic cooperation with China and, at the same time, would strengthen bilateral cooperation with the United States, thereby attempting to maintain a balanced relationship with the two countries. In sum, the Philippines has adopted a dynamic balancing strategy to defend its national interests in the face of the strategic competition between the United States and China in the Indo-Pacific region.
Journal: The Chinese Economy
Pages: 292-303
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136694
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136694
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# input file: MCES_A_2136699_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jiranuwat Swaspitchayaskun
Author-X-Name-First: Jiranuwat
Author-X-Name-Last: Swaspitchayaskun
Author-Name: Siwat Surakitbovorn
Author-X-Name-First: Siwat
Author-X-Name-Last: Surakitbovorn
Title: Thailand and Its Development Strategies under USA-China Power Rivalry: The Difficulty of Balancing Influence and Hedging
Abstract:
The relations between the United States and China is currently changing into a more aggressive competition, with the US seeing China’s rise as a force that diminishes its role as a superpower reshaping the world order. With the current US-China relationship, Thailand is sandwiched in a dilemma of how to best balance the influence of the two superpowers and to hedge to avoid embarrassment or the possible effects of drawing too close to either one. Thailand has emphasized its policy of being neutral or as a “buffer state,” hedging between China and the US economically and politically – a policy it employed during the colonization of Indochina and the Second World War. Through this strategy, Thailand has been able to maintain a political and economic balance with the two superpowers as it did in the past and benefit from its role as an important geopolitical link of China and the United States. Nevertheless, Thailand faces the challenge of balancing influences as it invokes old policies to survive being torn apart in new rivalries.
Journal: The Chinese Economy
Pages: 330-338
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136699
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136699
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Author-Name: Pei-Shan Kao
Author-X-Name-First: Pei-Shan
Author-X-Name-Last: Kao
Title: The Political Economy of Singapore and Its Development Strategies under USA-China Power Rivalry: A Choice of Hedging Policies
Abstract:
Since the United States and China established diplomatic relations, this relationship has been encountered many difficulties; for example, the 1989 Tiananmen Square Incident, the 1999 US-led NATO bombing of the Chinese Embassy in Belgrade, the 2001 US-China aircraft collision in China’s Hainan Island, and China’s 15-year World Trade Organization accession negotiation process and its disputes later with the United States under the WTO, etc. Needless to say, the two great powers also have serious debates and arguments on the Taiwan issue. Under this long-term US-China strategic competition and conflict, Southeast Asian countries therefore have their views and considerations. They smartly have cooperated with China on trade and economic issues while are eagerly or kind of faithfully inclined toward the United States on political and militarily issues. This paper therefore wants to review first the neorealist assumptions on great powers’ relations, and then examine US-China strategic competition and rivalry in the Pacific. Also, it introduces Singapore’s domestic politics and foreign policy as well as its strategic hedging considerations and choices under US-China power rivalry and make a conclusion.
Journal: The Chinese Economy
Pages: 339-351
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136700
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136700
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# input file: MCES_A_2136692_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Guanie Lim
Author-X-Name-First: Guanie
Author-X-Name-Last: Lim
Author-Name: Chengwei Xu
Author-X-Name-First: Chengwei
Author-X-Name-Last: Xu
Title: The Political Economy of Japan’s Development Strategy under China-US Rivalry: The Crane, the Dragon, and the Bald Eagle
Abstract:
Much has been written on how an increasingly assertive China has sought to challenge the incumbent players in the global and regional arenas. Japan, as East Asia’s regional hegemon, is said to be throwing its weight behind the US because it has much to lose in an era of China rising. Nevertheless, how much of this resembles reality? This article seeks to unpack some commonly held assumptions, focusing on the political/security as well as economic choices facing Japan. It argues that the Japanese have seemingly forged a rather strong alignment with the US in the sphere of politics/security, often with an eye to limit the influence of China. However, the situation is less clear cut when it comes to opportunities and challenges in the economic realm. Indeed, in some of Japan’s most prominent industries, one observes complementarity effects and close interdependence with the Chinese economy. These findings illustrate that China-Japan competition is more complex than commonly portrayed, in addition to raising questions about the complicating effects that economic interdependence can have in a nation’s “strategic” policies.
Journal: The Chinese Economy
Pages: 281-291
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136692
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136692
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# input file: MCES_A_2136689_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of Asian States and Their Development Strategies under USA-China Power Rivalry: Conducting Hedging Strategy on Triangular Relation and Operation
Abstract:
Since 2020, the rising economic competition and political rivalries have become intensive and austere between the United States and China. The formation of new global economic and political orders have started to establish a new era gradually under a USA-China hegemonic contest. As a consequence, Asian states have been enforced and reluctant to face the escalating and reshaping regional orders amid the USA-China power rivalry in the new millennium. There are three important parts emphasized for this special issue. One, the research approach will be based on the integration of neoclassic realism and a strategic triangle. Two, the strategic choice of small states toward a China-USA power rivalry intends to apply balancing, bandwagoning, and hedging strategies. The last, involves conducting a research framework of small state’s responses and strategies on the basis of hedging governance.
Journal: The Chinese Economy
Pages: 245-255
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136689
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136689
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# input file: MCES_A_2136690_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Van-Hoa Vu
Author-X-Name-First: Van-Hoa
Author-X-Name-Last: Vu
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Author-Name: Khac-Nghia Nguyen
Author-X-Name-First: Khac-Nghia
Author-X-Name-Last: Nguyen
Title: The Political Economy of Vietnam and Its Development Strategy under China–USA Power Rivalry and Hegemonic Competition: Hedging for Survival
Abstract:
The US–China confrontation has been undertaking a great change ever since the end of the Cold War. The two superpowers are embarking in a comprehensive confrontation in various spheres: trade, investment, technology, security, ideology, and so on. In order to avoid being a political pawn in the game of great powers, Vietnam consistently conducts the policy of non-taking side and hedging strategy between China and the US, economically and politically. This strategy is a successful integrated combination of bandwagoning and balancing policies comprehensively. It has so far helped Vietnam to take advantages of its geo-politics for better economic development and at the same time to reduce negative influences and pressures from both powers on its national autonomy and independence.
Journal: The Chinese Economy
Pages: 256-270
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136690
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136690
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# input file: MCES_A_2136691_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wayne Tan
Author-X-Name-First: Wayne
Author-X-Name-Last: Tan
Author-Name: Jenn-Jaw Soong
Author-X-Name-First: Jenn-Jaw
Author-X-Name-Last: Soong
Title: The Political Economy of India and Its Strategic Choice under USA–China Power Rivalry and Hegemonic Competition: A Defensive Hedging Policy
Abstract:
This paper explores hedging in a theoretical thinking and applies it to the foreign policy of India in an era of growing USA–China power rivalry. In this regard, hedging is defined as insurance seeking strategy under situations with high uncertainty, where rational actors (both middle and small states) will try to avoid taking sides and to pursue room for autonomy in decision-making. While Washington and Beijing dislike middle and small countries’ hedging, they both overlook that it is the uncertainties stemming from their own behaviors that push middle and small states to hedge. As uncertainties deepen, most countries in Indo-Pacific region will prefer to use hedging policies to reduce their possible losses. For India, unless USA–China rivalry escalates into a direct military conflict, or unless Washington retreats its commitment to regional security in Indo-Pacific, then India will stop hedging and moving to bandwagoning with China; or if Beijing’s actions directly undermine India’s vital interests in security, then India’s hedging will be replaced by balancing against China. In short, hedging is a passive response, not an active choice; India’s hedging strategy is very likely to persist on making ambiguities in the USA–China–India strategic triangle and entanglement.
Journal: The Chinese Economy
Pages: 271-280
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136691
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136691
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# input file: MCES_A_2136697_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kok Fay Chin
Author-X-Name-First: Kok Fay
Author-X-Name-Last: Chin
Title: Malaysia in Changing Geopolitical Economy: Navigating Great Power Competition between China and the United States
Abstract:
The past two years have witnessed escalating geopolitical tensions occurring not only in the political but also economic domains especially technology and global supply chains, infrastructure connectivity, trade and finance. With tensions between the US and China escalating on many fronts, Southeast Asia has become a focal point of strategic rivalry again as Biden’s Indo-Pacific Strategy 2022 attempts to rebuild the US-led order in Asia to blunt China’s growing influence in the region. A series of economic initiatives following his Indo-Pacific strategy focuses on reconfiguring the semiconductor global supply chain. In this context, the paper aims to examine how Malaysia cope with the complex patterns of cooperation, competition and conflict arising from the current shifts in the global geopolitics and geoeconomics. The paper benefits from the insights from the international political economy research which explores how the Malaysian government strives to reconcile domestic and international imperatives in navigating the changing global geopolitical economy, which can be perceived as both a threat as well as an opportunity by the state and non-state actors in the country. The question of whether hedging is tenable is undoubtedly contingent upon the extent of big power rivalry. Given the greater uncertainty over the pernicious effects of rising regional polarization and retreat from economic globalization, Malaysia will continue to maintain strategic ambiguity as long as US-China rivalry has not (yet) escalated into outright military conflict. Nevertheless, the paper concludes that the space to hedge may be squeezed since small power like Malaysia may face harsher realities as it navigates the changing geopolitical economy landscape. Hence, the ASEAN solidarity and cohesion is crucial to ensure a more unified regional response to the escalating Sino-American strategic competition.
Journal: The Chinese Economy
Pages: 321-329
Issue: 4
Volume: 56
Year: 2023
Month: 7
X-DOI: 10.1080/10971475.2022.2136697
File-URL: http://hdl.handle.net/10.1080/10971475.2022.2136697
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# input file: MCES_A_2198466_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: The Editors
Title: Notice of Duplicate Publication: “Financial Factors and Financial Crises: Evidence from Financial Statements of Mainland Chinese Firms”
Journal: The Chinese Economy
Pages: I-I
Issue: 5
Volume: 56
Year: 2023
Month: 9
X-DOI: 10.1080/10971475.2023.2198466
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2198466
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# input file: MCES_A_2173396_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yiran Chen
Author-X-Name-First: Yiran
Author-X-Name-Last: Chen
Author-Name: Yidong Li
Author-X-Name-First: Yidong
Author-X-Name-Last: Li
Author-Name: George Lodorfos
Author-X-Name-First: George
Author-X-Name-Last: Lodorfos
Author-Name: Junjie Wu
Author-X-Name-First: Junjie
Author-X-Name-Last: Wu
Title: Impact of Structural Distortions on Resource Allocation in China: Evidence from an Innovative Empirical Model
Abstract:
This paper examines the impact of structural distortions on resource allocation among industries, regions (provinces), and ownerships in China, using data from 2003 to 2019. This paper innovatively develops an empirical model to measure multi-dimensional structural distortions and assesses the resource misallocation degrees regarding industries, regions, and ownerships. The results indicate that China’s most serious resource misallocation is related to industries, followed by regions and ownerships, and the most severe capital misallocation is associated with ownership, and labor misallocation exists in industries. The present study contributes to the literature by creating an innovative two-layer empirical model to address the limitations of Hsieh and Klenow’s model. The findings have identified which group (industry, region, and ownership) is excessive or insufficient in resource usage, and the results have profound policy and practical implications.
Journal: The Chinese Economy
Pages: 366-383
Issue: 5
Volume: 56
Year: 2023
Month: 9
X-DOI: 10.1080/10971475.2023.2173396
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2173396
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# input file: MCES_A_2173399_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kevin Honglin Zhang
Author-X-Name-First: Kevin Honglin
Author-X-Name-Last: Zhang
Title: U.S.-China Economic Links and Technological Decoupling
Abstract:
The US has been waging an economic decoupling from China, in which national security concerns replace economic logic and loss-loss game replaces win-win gains from globalization. The decoupling is generating profound ramifications for the world as well as the US and China. The article explores the following questions: what drives the US government to implement the decoupling? what rationales for technology separation as the core of the decoupling? and what are possible outcomes of the decoupling in the short run and long run? It argues that (a) the decoupling was motivated mainly by national security and geopolitical concerns that China’s rapid rise has come to be seen as the largest threat to the US hegemony; (b) the decoupling concentrates on high-tech industries because technology is critical for the US to maintain its global hegemony, and (c) it is highly uncertain for the US to achieve its policy goals and a complete decoupling could divide the world into two economic blocs that centered on them.
Journal: The Chinese Economy
Pages: 353-365
Issue: 5
Volume: 56
Year: 2023
Month: 9
X-DOI: 10.1080/10971475.2023.2173399
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2173399
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# input file: MCES_A_2173398_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ho Hoang Gia Bao
Author-X-Name-First: Ho Hoang Gia
Author-X-Name-Last: Bao
Author-Name: Thi Thu Hong Dinh
Author-X-Name-First: Thi Thu Hong
Author-X-Name-Last: Dinh
Author-Name: Hoang Phong Le
Author-X-Name-First: Hoang Phong
Author-X-Name-Last: Le
Title: A Nonlinear Industry-Level Analysis of China’s Trade Balances with the EU-28: Does the Utilization of the Vehicle Currency USD Matter?
Abstract:
As the USD is the globally dominant vehicle currency, the exchange rate USD/CNY can affect China’s trade balances with not only the US but also other partners. Nevertheless, most of the existing studies overlook its role when analyzing China’s trade balances with non-US partners. This common drawback conceals the possible effects of currency choice for invoicing the exported and imported merchandise. Moreover, the proportion of invoicing currencies can vary from industry to industry, which implies the distinctive patterns in China’s exchange rate-trade balance nexus at industry level. Motivated by the facts that China and the EU are now the largest trading partners of each other, and they substantially use the vehicle currency USD, this paper is the first to examine the nonlinear impacts of USD/CNY on China’s trade balances with the EU-28 at industry level, which minimizes aggregation bias and reveals more detailed and helpful findings for policy-makers. The empirical results indicate that the responses of China’s trade balances in each industry are contingent on the choice of invoicing currencies. And the depreciation of CNY against the vehicle currency USD cannot stimulate China’s trade balances.
Journal: The Chinese Economy
Pages: 384-398
Issue: 5
Volume: 56
Year: 2023
Month: 9
X-DOI: 10.1080/10971475.2023.2173398
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2173398
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# input file: MCES_A_2173397_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tsung Pao Wu
Author-X-Name-First: Tsung Pao
Author-X-Name-Last: Wu
Author-Name: Hung-Che Wu
Author-X-Name-First: Hung-Che
Author-X-Name-Last: Wu
Author-Name: George L. Ye
Author-X-Name-First: George L.
Author-X-Name-Last: Ye
Author-Name: Xingyuan Yao
Author-X-Name-First: Xingyuan
Author-X-Name-Last: Yao
Author-Name: Feng Chen
Author-X-Name-First: Feng
Author-X-Name-Last: Chen
Title: The Symmetric and Asymmetric in the Nexus Tourism and Economic Development in China
Abstract:
To account for potential asymmetries in the relationship, this study applies new bootstrap symmetric and asymmetric multivariate panel Granger causality test to examine the causal relationship between international tourism receipts (ITRs) and economic growth in China for the period from 1995 to 2019. The result supports evidence for the symmetric causality in Henan, showing significant one-way Granger causality from ITRs to real gross domestic product (RGDP). They also indicate that Hunan has significant one-way Granger causality from RGDP to ITRs. These results denote that the hidden tourism-led growth hypothesis is valid in Heilongjiang, Henan, Hubei and Jiangxi.
Journal: The Chinese Economy
Pages: 399-414
Issue: 5
Volume: 56
Year: 2023
Month: 9
X-DOI: 10.1080/10971475.2023.2173397
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2173397
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# input file: MCES_A_2200662_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yongqing Wang
Author-X-Name-First: Yongqing
Author-X-Name-Last: Wang
Title: Long-run Effects of Monetary Policy of China on Its Economic Growth
Abstract:
Despite considerable reforms of Chinese monetary policy, very few papers have empirically examined the long-run effects of monetary policy on China’s economic growth. Our purpose is to shed some light on it. We use money supply, real effective exchange rate, and real interest rate to describe monetary policy of China. We first apply the Granger causality test to annual data from 1980 to 2020 to examine the relationship between monetary policy and China’s economic growth measured by Chinese real GDP. Our results suggest both money supply and real effective exchange rate Ganger cause Chinese real GDP, while real interest does not. We then adopt the autoregressive distributed lag (ARDL) model without asymmetric effects and nonlinear ARDL with asymmetric effects of exchange rate to estimate the impact of monetary policy on China’s economic growth. Our long-run results indicate that expansion of money supply would promote Chinese real GDP growth. Both higher interest rate and depreciation would hinder China’s economic growth. There are asymmetric effects of exchange rate on growth. Finally, the CUSUM and CUSUMQ stability test results reveal that the relationship among money supply, real effective exchange rate, and real interest rate with Chinese real GDP is stable.
Journal: The Chinese Economy
Pages: 431-440
Issue: 6
Volume: 56
Year: 2023
Month: 11
X-DOI: 10.1080/10971475.2023.2200662
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2200662
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# input file: MCES_A_2213631_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Seamus Grimes
Author-X-Name-First: Seamus
Author-X-Name-Last: Grimes
Title: China’s Evolving Role in the Chemical Global Value Chain
Abstract:
This paper explores China’s integration into the chemical global value chain (GVC) in the past decade through the experience of foreign chemical companies. It examines how the intellectual monopoly of foreign companies help them to exercise control in the GVC, but over time how the challenges of co-evolving with local rival Chinese companies erode that advantage as they face the challenge of maintaining market share by learning to collaborate within a very different innovation environment. It explores these developments by contextualizing the presence of Chinese companies within particular segments of the GVC and through a longitudinal series of company interviews.
Journal: The Chinese Economy
Pages: 441-458
Issue: 6
Volume: 56
Year: 2023
Month: 11
X-DOI: 10.1080/10971475.2023.2213631
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Handle: RePEc:mes:chinec:v:56:y:2023:i:6:p:441-458
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# input file: MCES_A_2193118_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mohamad Zreik
Author-X-Name-First: Mohamad
Author-X-Name-Last: Zreik
Title: Analytical study on Foreign Direct Investment Divestment Inflows and Outflows in Developing Economies: Evidence of China
Abstract:
Multilateral organizations are taking attention toward foreign divestment; they are in practice to shift toward a large number of host countries from their home countries. In this paper, the significant role of FDI divestment in the development of the economy has been discussed. The role and contribution of FDI divestment in emerging economies have been discussed. The study employs qualitative descriptive analysis to address the determinants of FDI divestment operated by the emerging economies specifically in China. The study is based on economic reports, official documents, and data directly related to the subject of the study. The role and contribution of FDI divestment to develop a strong corporate sector are elaborated in this paper. Furthermore, the role of FDI divestment in reforming organizations and their sustainable growth with the support of evidence has been discussed. Issues regarding FDI divestment faced by different stakeholders have been explained in this research. Inflows and outflows of FDI divestment with cause and effect have been discussed in this paper. Additionally, this study examined the role of multilateral organizations to convince emerging economies by improving their divestment approach. In global strategy formulation FDI divestment consider as a significant aspect. It is observed, that this aspect of the strategy is still untouched in the field of international business and business academies. This study is specifically in the context of China with under consideration of other developed economies. This study investigates the encouraging factors for growing economies to formulate their divestment policies.
Journal: The Chinese Economy
Pages: 415-430
Issue: 6
Volume: 56
Year: 2023
Month: 11
X-DOI: 10.1080/10971475.2023.2193118
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2193118
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# input file: MCES_A_2227028_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Ke Lyu
Author-X-Name-First: Ke
Author-X-Name-Last: Lyu
Title: Social Capital and Self-Employment Dynamics in China
Abstract:
Opportunity-driven entrepreneurship can stimulate economic growth and foster technology innovation, while subsistence-driven self-employment can have the opposite effect. In China, a country with a typical relational society and a middle-income status, the nature of nonagricultural self-employment remains contentious. Examining the influence of social capital on entrepreneurial activities can provide insight into the nature of entrepreneurial activities in China, although this issue has received relatively little attention in the literature. To address this gap, this study employs multivariate discrete choice modeling on national representative samples from the China Family Panel Studies dataset to assess the relationship between social capital and entrepreneurship dynamics. The results indicate that relational, structural, and cognitive social capital all affect entrepreneurial dynamics, and these effects vary between urban and rural areas. Individuals who are less likely to be members of an organization, who are less conscientious, and who have low levels of trust and gift expenses are more likely to become self-employed. Conversely, people with high trust, strong conscientiousness, and low social status are more likely to exit self-employment. In addition, individuals with lower levels of human capital are more likely to both enter and exit self-employment. These findings suggest that self-employment tends to be subsistence-driven in China, which has implications for policymakers seeking to promote opportunity-driven entrepreneurial activities.
Journal: The Chinese Economy
Pages: 459-485
Issue: 6
Volume: 56
Year: 2023
Month: 11
X-DOI: 10.1080/10971475.2023.2227028
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2227028
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Handle: RePEc:mes:chinec:v:56:y:2023:i:6:p:459-485
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# input file: MCES_A_2234791_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Abdul Sattar
Author-X-Name-First: Abdul
Author-X-Name-Last: Sattar
Author-Name: Abida Hassan
Author-X-Name-First: Abida
Author-X-Name-Last: Hassan
Author-Name: Muhammad Noshab Hussain
Author-X-Name-First: Muhammad
Author-X-Name-Last: Noshab Hussain
Author-Name: Uzma Sakhi
Author-X-Name-First: Uzma
Author-X-Name-Last: Sakhi
Author-Name: Teme Temesgen Hordofa
Author-X-Name-First: Teme
Author-X-Name-Last: Temesgen Hordofa
Title: Does China’s Education and Cultural Diplomacy Promote Economic Growth in the Belt and Road Countries?
Abstract:
By employing panel data estimation for the period 2010–2019 we test the economic effects of China’s education and cultural diplomacy in 56 Belt and Road countries. For empirical analysis, we used pooled ordinary least squares (POLS). Our empirical finding shows that China’s education and cultural diplomacy has a positive and significant impact on trade and economic growth and these findings are robust to the estimation approaches. It is suggested that developing countries from the Belt and Road Initiative should establish collaborations with China to establish “University-Industry Linkages” to capture the knowledge economy and to boost trade, economic and social development. Moreover, the Government of China should also pay more attention to the economic effects of China’s education and cultural factors like Confucius Institutes and Universities in policy design.
Journal: The Chinese Economy
Pages: 18-32
Issue: 1
Volume: 57
Year: 2024
Month: 1
X-DOI: 10.1080/10971475.2023.2234791
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2234791
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# input file: MCES_A_2266966_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Qiujie Zheng
Author-X-Name-First: Qiujie
Author-X-Name-Last: Zheng
Author-Name: Weiyang Diao
Author-X-Name-First: Weiyang
Author-X-Name-Last: Diao
Author-Name: Yonggang Lu
Author-X-Name-First: Yonggang
Author-X-Name-Last: Lu
Author-Name: Yunfeng Wang
Author-X-Name-First: Yunfeng
Author-X-Name-Last: Wang
Author-Name: Guangqing Chi
Author-X-Name-First: Guangqing
Author-X-Name-Last: Chi
Title: Transfer or Surrender Rural Homestead Land? An Investigation of farmers’ Preferences in China
Abstract:
With rapid industrialization and urbanization in China, a large rural population has migrated to cities and left their rural homestead land (RHL) idled. Land use policy on RHL utilization is crucial to the efficient use of land resources. However, due to farmers’ limited knowledge of regulations and lack of participation in rural land governance, their preference is sometimes overlooked in the policy-making process. The purpose of this paper is to examine farmers’ preferences for the two primary RHL utilization programs, i.e., transfer and surrender. We conducted a farmer household survey of 405 households in rural areas in Changchun at Jilin Province, China in 2018 and estimated farmers’ willingness to participate in the mechanisms using a bivariate ordered probit model. Various options under the two mechanisms are also investigated. We find a positive correlation between rural households’ willingness to participate in these two mechanisms. This is the first comprehensive study taking into consideration the correlation and tradeoff in farmers’ choice between the two mechanisms. The results shed light on the heterogeneity of households’ needs and interests in RHL utilization, an important component to be considered in rural development policy-making decisions.
Journal: The Chinese Economy
Pages: 61-81
Issue: 1
Volume: 57
Year: 2024
Month: 1
X-DOI: 10.1080/10971475.2023.2266966
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2266966
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Handle: RePEc:mes:chinec:v:57:y:2024:i:1:p:61-81
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# input file: MCES_A_2266547_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Ni Lar
Author-X-Name-First: Ni
Author-X-Name-Last: Lar
Author-Name: Hiroyuki Taguchi
Author-X-Name-First: Hiroyuki
Author-X-Name-Last: Taguchi
Title: Premature Deindustrialization or Reindustrialization in China’s Latecomer Provinces
Abstract:
This study investigates whether latecomer provinces in China have experienced premature deindustrialization or reindustrialization by examining the positions of the provincial industry-income nexus using the latecomer index. The latecomer index facilitates the identification of the downward (premature deindustrialization) and upward (reindustrialization) positions of the nexus for latecomer provinces. The empirical analysis reveals that, for the nationwide level, the premature deindustrialization effect remains during the total sample period of 1992–2020 reflecting the initial regime prioritizing eastern coastal industrialization, whereas the pace of the premature deindustrialization is slowed down in the periods of 2002–2020 and 2009–2020 due to a series of industrial policies under the subsequent regime. At the regional level, the reindustrialization impact dominates the premature deindustrialization effect in the eastern and central regions, whereas this effect dominates the reindustrialization impact in the western region. The study identifies the existence of reindustrialization in China in the regional analysis, whereas extant literature on reindustrialization focuses only on European cases.
Journal: The Chinese Economy
Pages: 47-60
Issue: 1
Volume: 57
Year: 2024
Month: 1
X-DOI: 10.1080/10971475.2023.2266547
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2266547
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# input file: MCES_A_2266097_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Qiang Wu
Author-X-Name-First: Qiang
Author-X-Name-Last: Wu
Author-Name: Ying Chen
Author-X-Name-First: Ying
Author-X-Name-Last: Chen
Author-Name: Yayou Huang
Author-X-Name-First: Yayou
Author-X-Name-Last: Huang
Author-Name: Aoxue Wang
Author-X-Name-First: Aoxue
Author-X-Name-Last: Wang
Author-Name: Chunling Wang
Author-X-Name-First: Chunling
Author-X-Name-Last: Wang
Title: How Does International Education Exchange Affect China’s Exports? Evidence 54 Countries along the “Belt and Road” in 2007–2018
Abstract:
International educational exchanges have brought favorable conditions for bilateral economic and trade cooperation. Taking 54 countries along the “Belt and Road” as a sample, the article links the “Belt and Road” education exchange with China’s export and analyzes the internal logic mechanism of education exchange affecting China’s export. The study found that studying in China and opening Confucius Institutes significantly promoted China’s export to countries along the line. Among them, Confucius Institutes promote China’s export less than overseas education, and the trade creation effect of overseas education in China is significantly different in different types, regions, and economic development levels. Further research shows that education exchanges can promote China’s export by promoting human capital accumulation in trade partners and establishing internationally friendly relations. Because of this, the international community should actively carry out educational exchanges, enrich exchange forms, improve the level and quality of educational exchanges, and provide international talent support for trade cooperation while promoting the construction of friendly economic and trade relations.
Journal: The Chinese Economy
Pages: 33-46
Issue: 1
Volume: 57
Year: 2024
Month: 1
X-DOI: 10.1080/10971475.2023.2266097
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2266097
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# input file: MCES_A_2227030_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Gene H. Chang
Author-X-Name-First: Gene H.
Author-X-Name-Last: Chang
Author-Name: Ye Chen
Author-X-Name-First: Ye
Author-X-Name-Last: Chen
Author-Name: Kathryn J. Chang
Author-X-Name-First: Kathryn J.
Author-X-Name-Last: Chang
Title: Effective VAT Rates, Tax Efficiency and Burden: Are Some Industries over-Taxed in China?
Abstract:
Estimating effective VAT rates (EVATR) of industries to assess their tax burden and efficiency has drawn much interest in policy research; but the challenge is the lack of industrial Output VAT data. We develop a novel method to recover all VAT statistics at the industry level and endogenously solve EVATR from publicly available data by utilizing input-output relationship in a Computable General Equilibrium (CGE) structure. We apply the method to China’s data, estimate EVATR, and analyze implied tax efficiency and the tax burden of individual industries. Our study identifies true reasons for “VAT over-taxation” in some Chinese industries: China’s multiple-tier VAT rate system with unrefunded Input VAT and the accounting inconsistency between taxation and national accounts.
Journal: The Chinese Economy
Pages: 1-17
Issue: 1
Volume: 57
Year: 2024
Month: 1
X-DOI: 10.1080/10971475.2023.2227030
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2227030
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# input file: MCES_A_2266967_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Yanyan Gao
Author-X-Name-First: Yanyan
Author-X-Name-Last: Gao
Author-Name: Shunfeng Song
Author-X-Name-First: Shunfeng
Author-X-Name-Last: Song
Author-Name: Jun Sun
Author-X-Name-First: Jun
Author-X-Name-Last: Sun
Title: Do Backbone High-Speed Rails Widen the North-South Gap in China?
Abstract:
The economic disparity between southern and northern China has widened in the past decade. This article explores the roles of the north-south stretched backbone high-speed rails (HSRs) in the widened north-south economic gap in China. By constructing panel data of 283 cities between 2005 and 2016 and estimating the difference in GDP and per-capita GDP of northern and southern cities before and after the first north-south stretched HSR, we show that the north-south economic gap widened by about 8% as the opening of the Beijing-Shanghai HSR, the first north-south stretched HSR. Further channel analysis reveals that the north-south gaps in population, fixed asset investment, public expenditure, and the relative size of secondary industry to tertiary industry also widened. These results suggest that fast transportation improvement caused by long-distance backbone HSRs can contribute to accelerating the large-scale regional disparity.
Journal: The Chinese Economy
Pages: 83-101
Issue: 2
Volume: 57
Year: 2024
Month: 3
X-DOI: 10.1080/10971475.2023.2266967
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2266967
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Handle: RePEc:mes:chinec:v:57:y:2024:i:2:p:83-101
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# input file: MCES_A_2281211_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Fuqi Cui
Author-X-Name-First: Fuqi
Author-X-Name-Last: Cui
Author-Name: Xiang Gao
Author-X-Name-First: Xiang
Author-X-Name-Last: Gao
Author-Name: Zhan Wang
Author-X-Name-First: Zhan
Author-X-Name-Last: Wang
Title: The Crowding-Out Effect of ESG Practices on Social Welfare: Evidence from China
Abstract:
This paper analyzes the crowding-out effect of firms’ environmental, social, and governance (ESG) activities, arguing that ESG rating convergence among firms makes investors hesitant, driving down economic and social welfare growth. This is yet another adverse consequence of overcompetition in ESG practices in addition to greenwashing. We first build a model to show that, although ESG incentive policies can improve social welfare in the short run, they may reverse long-term social welfare growth, resulting in an ESG-paradox situation. Empirically, we use various proxies of provincial social welfare and the distribution of ESG score changes for China’s A-share companies and detect a significantly reduced impact on the social welfare growth of a Chinese province by either a lower standard deviation or skewness of annual ESG score growth calculated for all firms registered within that province. Overall, our findings reveal the complexity of formulating ESG incentive policies and suggest that firms should strike a strategic balance between their business operations and social responsibility when determining their optimal ESG input level.
Journal: The Chinese Economy
Pages: 102-122
Issue: 2
Volume: 57
Year: 2024
Month: 3
X-DOI: 10.1080/10971475.2023.2281211
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2281211
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# input file: MCES_A_2295638_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Huseyin Karamelikli
Author-X-Name-First: Huseyin
Author-X-Name-Last: Karamelikli
Author-Name: Serdar Ongan
Author-X-Name-First: Serdar
Author-X-Name-Last: Ongan
Author-Name: Ismet Gocer
Author-X-Name-First: Ismet
Author-X-Name-Last: Gocer
Author-Name: Mine Aysen Doyran
Author-X-Name-First: Mine Aysen
Author-X-Name-Last: Doyran
Title: Production-Driven and Non-Production-Driven Bilateral Trade Balance: Assessing Trade Deficits between the United States and China and the COVID-19 Epidemic
Abstract:
This study aims to look deeper into the long-standing phenomenon of the United States’ large trade deficits with China by examining both countries’ bilateral trading structures (character). In this investigation, we, for the first time, redefine the traditional bilateral trade balance (BTB) ratio based on economic impact content as production-driven BTB (Xpd) and non-production-driven BTB (Xnpd). This is done because, while the former undergoes an economic activity within the United States, the latter doesn’t. The traditional ratio, i.e. total export/total import, doesn’t technically allow such an investigation. Hence, the proposed methodology of this study, using these two new forms of BTBs, may provide new perspectives to this phenomenon for U.S. policymakers. The main empirical finding may make it imperative to analyze the US BTB with China using the methodology proposed because the independent variables of the study’s models have different effects on Xpd and Xnpd. For example, while real depreciation in the USD improves Xnpd for 13 industries, the same change in the USD improves Xpd for only seven. Additionally, this methodology allows U.S. policymakers to compare/review the US BTB based on economic impact contents through Xpd and Xnpd separately. Last, it can be interpreted that the United States benefits from decreasing trade-policy uncertainty in the United States.
Journal: The Chinese Economy
Pages: 147-165
Issue: 2
Volume: 57
Year: 2024
Month: 3
X-DOI: 10.1080/10971475.2023.2295638
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2295638
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# input file: MCES_A_2287300_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jinying Zhu
Author-X-Name-First: Jinying
Author-X-Name-Last: Zhu
Author-Name: Guanghao Wang
Author-X-Name-First: Guanghao
Author-X-Name-Last: Wang
Author-Name: Lim Thye Goh
Author-X-Name-First: Lim Thye
Author-X-Name-Last: Goh
Author-Name: Miaomiao Tao
Author-X-Name-First: Miaomiao
Author-X-Name-Last: Tao
Title: How Financial Development Mitigates Carbon Intensity: Insight from China’s 30 Provinces
Abstract:
Given the importance of financial development in promoting socioeconomic green transition, this study used a balanced panel data set spanning China’s 30 provinces from 1995 to 2018 to investigate how financial development has reduced carbon emission intensity from linear and nonlinear perspectives. First, the quantile regression results indicated that financial development (FD) significantly eradicated carbon emission intensity (CEI) across all quantiles with minor fluctuations in an influential degree. Second, FD significantly reduced CEI in nearby and local areas after implementing spatial econometric models. Third, using a spatial mediating effect model, FD's promoting effects on technological innovation and industrial structure advancement were two channels to help reduce CEI. Third, using a spatial mediating effect model, FD's promoting effects on technological innovation and industrial structure advancement were two channels to help reduce CEI. Finally, the nonlinear relationship between FD and the CEI was identified at the national level using a panel threshold model with spatial elements to recognize the mediating effects of technological innovation and industrial structure advancement. These findings emphasized the importance of continuing to refine and develop the financial mechanism and financial market, encouraging firm R&D investment, and vigorously upgrading and optimizing the industrial structure to reduce China’s carbon emissions reduction intensity.
Journal: The Chinese Economy
Pages: 123-146
Issue: 2
Volume: 57
Year: 2024
Month: 3
X-DOI: 10.1080/10971475.2023.2287300
File-URL: http://hdl.handle.net/10.1080/10971475.2023.2287300
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# input file: MCES_A_2319408_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: An MMT Informed Fiscal Reform for China
Abstract:
Employing the Modern Monetary Theory (MMT), this paper examines the current Chinese fiscal system and highlights its three characteristics. First, fiscal revenues are centralized at the central government while expenditures are decentralized at the local governments; second, fiscal spending focuses on public investment but is insufficient in providing social safety net and public services; and third, indirect tax accounts for a great majority of tax revenues, leading to limited progressivity of the tax system. These limitations have constrained the effectiveness of China’s fiscal policies and generated many perverse impacts. With the understanding that the central government has the monetary sovereignty and does not face financing constrained and that taxes are not to raise revenues for fiscal spending but to serve other purposes, the paper calls for fiscal reforms that realign fiscal resources and spending responsibilities between the central and local governments, increase fiscal spending on social security and public services, as well as broaden personal income tax to improve the distributive effect of taxation.
Journal: The Chinese Economy
Pages: 207-224
Issue: 3
Volume: 57
Year: 2024
Month: 5
X-DOI: 10.1080/10971475.2024.2319408
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2319408
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# input file: MCES_A_2319409_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Haider A. Khan
Author-X-Name-First: Haider A.
Author-X-Name-Last: Khan
Title: China’s Augmented National Innovation System (ANIS) and the Development of the Semiconductors Industry
Abstract:
I demonstrate that China is building an Augmented National innovation system or ANIS, with semiconductor industry and AI at the core. There are two dimensions along which China’s NIS has been augmented. One is to move toward a more egalitarian innovation system in accordance with the goal of creating a harmonious, moderately prosperous economy and society. And the other is to include the AI and semiconductor base for high technology for the 4th Industrial Revolution. The Chinese ANIS has important regional and geoeconomic implications for the future.
Journal: The Chinese Economy
Pages: 170-179
Issue: 3
Volume: 57
Year: 2024
Month: 5
X-DOI: 10.1080/10971475.2024.2319409
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2319409
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# input file: MCES_A_2319410_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Shujuan Li
Author-X-Name-First: Shujuan
Author-X-Name-Last: Li
Author-Name: Min Xi
Author-X-Name-First: Min
Author-X-Name-Last: Xi
Author-Name: Dongmei Li
Author-X-Name-First: Dongmei
Author-X-Name-Last: Li
Title: Research on the Impact of Sci-Tech Finance on Industrial TFP
Abstract:
The improvement of industrial Total Factor Productivity (TFP) is the basis for the high-quality development of China’s economy. Sci-tech finance affects industrial TFP through screening and allocation mechanism, governance mechanism, and integration mechanism. Based on provincial panel data from 2009 to 2016, this paper constructs a comprehensive index of regional Sci-tech finance and explores the impact of Sci-tech finance on industrial TFP from two perspectives: differences in financial development levels and transmission paths. The results show that Sci-tech finance has a significant role in promoting the industrial TFP, but this promotion needs to meet certain financial development conditions. In high-level financial development areas, the promotion effect is significant. It is not linear. The effect is a threshold effect with the diminishing marginal efficiency. Sci-tech finance mainly promotes industrial TFP through boosting the industry’s scientific and technological innovation capacity. Policies and channels of Sci-tech finance to support science and technology innovation are put forward.
Journal: The Chinese Economy
Pages: 180-192
Issue: 3
Volume: 57
Year: 2024
Month: 5
X-DOI: 10.1080/10971475.2024.2319410
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2319410
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# input file: MCES_A_2319411_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Yan Liang
Author-X-Name-First: Yan
Author-X-Name-Last: Liang
Title: Introduction to the Special Issue on Technological Development and Policy Making in China
Journal: The Chinese Economy
Pages: 167-169
Issue: 3
Volume: 57
Year: 2024
Month: 5
X-DOI: 10.1080/10971475.2024.2319411
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2319411
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# input file: MCES_A_2319412_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Sara Hsu
Author-X-Name-First: Sara
Author-X-Name-Last: Hsu
Author-Name: Zhihao Fan
Author-X-Name-First: Zhihao
Author-X-Name-Last: Fan
Title: Predicting Chinese Banking Policy incidence using a VAR model
Abstract:
In this exploratory research, we examine the effect of economic and noneconomic indicators on the creation of Chinese Banking and Insurance Regulatory Commission policies using a VAR model. We find that CBIRC policies are predicted by State Council construction policies and policies set by the State Administration of Foreign Exchange. This indicates that the CBIRC is inward-looking, observing what other regulators are doing rather than responding to changes in the real and financial economy. This may be a product of market distortions due to China’s unique blend of state-oriented and market-based institutions.
Journal: The Chinese Economy
Pages: 193-206
Issue: 3
Volume: 57
Year: 2024
Month: 5
X-DOI: 10.1080/10971475.2024.2319412
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2319412
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# input file: MCES_A_2350128_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: K. C. Fung
Author-X-Name-First: K. C.
Author-X-Name-Last: Fung
Author-Name: Yue Lin
Author-X-Name-First: Yue
Author-X-Name-Last: Lin
Author-Name: Le Xia
Author-X-Name-First: Le
Author-X-Name-Last: Xia
Title: Digital Trans-Pacific Silk Road and Phases of China-Latin American Connectivity: From Silver to AI
Abstract:
In this paper, we aim to document and analyze the long arc of connectivity between China and Latin America. First, using analytical international trade and economic tools, we provide a new economic perspective of the First Globalization–-the Ming and early Qing China’s economic and business links with Latin America and Europe. Second, due to U.S. government trade policies toward China in the 1990s, the Second China’s Globalization was ushered in with its entry to the World Trade Organization (WTO). During this second phase, China exchanged manufactured goods with minerals and resources from Latin America. Finally, the tough technology and trade stance by the Trump and Biden Administrations prompted China to intensify the third phase of China interaction with Latin America. For the 2020s and beyond, one important pillar of the Third China-Latin America-Europe Globalization is heightened efforts for China to increase its digital-AI, telecommunication and platform business presence and access into the Latin American markets. To enrich our analysis, we will provide Chinese-style digital-AI business and economic models to help illustrate our discussions. Throughout our paper, we want to point out that government policies were instrumental in bringing forth these Three Globalizations that involve China-Latin America-Europe.
Journal: The Chinese Economy
Pages: 340-358
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350128
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350128
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# input file: MCES_A_2350124_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Linda Yueh
Author-X-Name-First: Linda
Author-X-Name-Last: Yueh
Title: China’s Strategic Lending Policy: Implications for Latin America
Abstract:
China is quickly becoming the largest official lender in the world. For Latin America, China is overtaking multilateral lenders such as the World Bank as the biggest holder of debt in the region. When this is added to the trade relationship with Latin America that has grown rapidly in the twenty first century, initially driven by China’s demand for commodities, the linkage between the two now goes even deeper. It further means that a potential stop to Chinese funding due to a domestic financial crisis would have an even more widespread impact on Latin America. This paper analyses China’s overseas lending strategy and how it has deepened the relationship with Latin America. It then turns to the potential of a Chinese financial crisis and the significant implications for the Latin American region. The article concludes with policy recommendations.
Journal: The Chinese Economy
Pages: 276-288
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350124
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350124
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# input file: MCES_A_2350125_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Nathalie Aminian
Author-X-Name-First: Nathalie
Author-X-Name-Last: Aminian
Author-Name: Cuauhtémoc Calderon Villarreal
Author-X-Name-First: Cuauhtémoc
Author-X-Name-Last: Calderon Villarreal
Title: China-Mexico Economic Relationship in the Context of China’s Penetration in Latin America
Abstract:
China’s relationship with Latin America countries experienced a process of significant expansion over the past two decades. Even though Latin America was not considered as part of the BRI when it was first established, China designed its economic strategy toward the region by emphasizing investment, financial and industrial capacity cooperation, besides trade. Afterwards, China invited Latin American countries to participate in the BRI at the China–Community of Latin American and Caribbean States (CELAC) Ministerial Forum in Santiago in January 2018. Twenty-one Latin American and Caribbean (LAC) countries have signed up to the BRI. However, there are few LAC countries that have not done so, among them the region’s largest economies such as Brazil, Mexico and Colombia, although Brazil is with full AIIB membership. This paper focuses on the specific economic relations between China and Mexico, as far as Mexico is the less involved LA country into the BRI, and Mexico’s position toward China is more aligned with that of its North American partners than to the Latin American countries. This article analyzes the specific situation of Mexico, characterized by its deep integration and dependency on the US market and examines the current economic relations of China and Mexico, considering the impact of the United States–Mexico–Canada Agreement on the bilateral economic relations. The structure of bilateral trade between Mexico and China is also examined, using the Grubel-Lloyd Index (GLI).
Journal: The Chinese Economy
Pages: 289-304
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350125
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350125
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# input file: MCES_A_2350126_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Seungho Lee
Author-X-Name-First: Seungho
Author-X-Name-Last: Lee
Author-Name: Chong-Sup Kim
Author-X-Name-First: Chong-Sup
Author-X-Name-Last: Kim
Title: The Impact of China on the Trade-Promoting Effects of PTAs: The Case of Korea and Japan’s PTAs with Latin American Countries
Abstract:
The pursuit of Preferential Trade Agreements (PTAs) by numerous countries, aimed at promoting trade among member nations, is widely acknowledged. Nonetheless, policymakers often voice concerns regarding the potentially short-lived nature of PTAs’ trade-promoting effects. In light of this concern, we present empirical evidence that substantiates the transient nature of the trade-enhancing impacts associated with PTAs. We identify the expanding economic influence of China in the global trade sphere as a primary driver for this trend. These findings are reinforced by a compelling illustration within the context of the PTAs involving Korea and Japan with Latin American countries. Our case study suggests that the attenuation of the export-promoting effects of Korea and Japan’s PTAs with their Latin American counterparts can be attributed to the penetration of Chinese goods, the sustained reduction of Most Favored Nation (MFN) tariffs, and the proliferation of comprehensive PTAs within regional contexts.
Journal: The Chinese Economy
Pages: 305-317
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350126
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350126
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Handle: RePEc:mes:chinec:v:57:y:2024:i:4:p:305-317
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# input file: MCES_A_2350123_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Mitsuyo Ando
Author-X-Name-First: Mitsuyo
Author-X-Name-Last: Ando
Author-Name: Fukunari Kimura
Author-X-Name-First: Fukunari
Author-X-Name-Last: Kimura
Author-Name: Kenta Yamanouchi
Author-X-Name-First: Kenta
Author-X-Name-Last: Yamanouchi
Title: Factory Asia Meets Factory North America: How Far Does Latin America Get Involved in Machinery Production Networks?
Abstract:
International production networks in machinery industry have formed three large clusters, each of which is in East Asia, North America, and Europe. This paper investigates the recent evolvement of the connection between Factory Asia and Factory North America with highlighting the role of Latin American countries as a mediator. For this purpose, we utilized trade matrices and gravity equations to measure each country’s level of commitment to each bilateral machinery trade after controlling the size of the economies, distance, and others. Our major findings are threefold: first, Mexico is the only Latin American country that plays a connecting role between two Factories. Second, in 2010–2019, the linkage of exports to Mexico from not only China but also other East Asian countries is strengthened particularly in machinery parts and components. Third, export linkage of China with Mexico is further intensified in 2019–2021 particularly in machinery parts and components due to the US-China confrontation, the USMCA, and other factors.
Journal: The Chinese Economy
Pages: 246-275
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350123
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350123
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Handle: RePEc:mes:chinec:v:57:y:2024:i:4:p:246-275
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# input file: MCES_A_2350122_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Kailan Tian
Author-X-Name-First: Kailan
Author-X-Name-Last: Tian
Author-Name: Xikang Chen
Author-X-Name-First: Xikang
Author-X-Name-Last: Chen
Title: How Important are Sino-Latin American Trade for Economic Growth? A Trade in Value-Added Perspective
Abstract:
Sino-Latin American trade have increased substantially for decades. However, the increasing trade imbalances between China and several Latin American countries have yielded growing trade frictions. In this paper, we re-calculate the bilateral trade balance using the value-added content in trade and measure the contribution of Sino-Latin American trade to economic growth. The results show that gross trade statistics seriously overestimate the real bilateral trade imbalance, and China’s trade surplus with Mexico decreased by over 50%. The composition of Sino-Latin American trade suggests that most Latin American economies are complementary with Chinese economy. The South-South trade has been increasingly important for both China’s and Latin America’s economic development. We foresee an optimistic future of relations and continuously increasing trade between China and Latin America. Meanwhile, more efforts should be made to settle trade frictions and intensify Sino-Latin American relations.
Journal: The Chinese Economy
Pages: 233-245
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350122
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350122
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# input file: MCES_A_2350127_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Daniel Agramont Lechín
Author-X-Name-First: Daniel
Author-X-Name-Last: Agramont Lechín
Title: China and the Andean Community: Opportunities and Risks out of the Decoupling Process
Abstract:
Even if China and the United States (US) are not heading toward a redux of classic military, Cold war logic, they are locked in an economic confrontation that has quickly turned into a dispute over prospective economic supremacy and heavily driven by technological advances. While the first area of intervention was international trade, progressively, the protectionist policies both nations began to implement were directed toward a broader plan to secure a leading edge in the future of technological development. Then, technological decoupling might be a more accurate term to describe the key courses of action to be followed in the forthcoming hegemonic struggle. In this setting, the question arises, what are the risks and opportunities for China in its relation with the Andean Community (CAN)? The departing argument is that the economic tensions between the world’s largest economies will cause growing competition. On the one hand, this will provide CAN an opportunity to improve their participation in the global economy, but on the other hand, risks for China for securing resources. The results show that Andean Community (CAN) trade relations with both the US and China follow a typical centre-periphery model. Still, it is noteworthy that China’s imports from CAN are almost entirely basic goods, while the US purchases significant amounts of goods that make part of the region’s productive diversification efforts since the 1990s. Regarding the opportunities for CAN, through a novel methodology, it was found that there are effectively some added-value manufactures that can substitute trade between China and the US. They represent a huge opportunity for the Andean nations to shift away from primary export dependency to manufactured goods. Regarding risks for China, on the one hand, the largest competition is expected in minerals such as molybdenum and tungsten; and agricultural products such as buckwheat and fish fats. On the other hand, the US has the lead in current LAC exports, given that it exceeds China’s current purchases
Journal: The Chinese Economy
Pages: 318-339
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350127
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350127
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# input file: MCES_A_2350121_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: K. C. Fung
Author-X-Name-First: K. C.
Author-X-Name-Last: Fung
Author-Name: Nathalie Aminian
Author-X-Name-First: Nathalie
Author-X-Name-Last: Aminian
Author-Name: Fukunari Kimura
Author-X-Name-First: Fukunari
Author-X-Name-Last: Kimura
Author-Name: Daniel Agramont Lechin
Author-X-Name-First: Daniel
Author-X-Name-Last: Agramont Lechin
Title: Introduction to Special Issue “the Chinese Economy’s Comparisons and Links with Latin America”
Journal: The Chinese Economy
Pages: 225-232
Issue: 4
Volume: 57
Year: 2024
Month: 7
X-DOI: 10.1080/10971475.2024.2350121
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2350121
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Handle: RePEc:mes:chinec:v:57:y:2024:i:4:p:225-232
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# input file: MCES_A_2310328_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Thomas Barbiero
Author-X-Name-First: Thomas
Author-X-Name-Last: Barbiero
Author-Name: Haiwen Zhou
Author-X-Name-First: Haiwen
Author-X-Name-Last: Zhou
Title: Culture and Economic Development in Late Comers: Comparing China and India
Abstract:
China and India are both late comers to industrialization. Both adopted similar economic development strategies after World War II, but the per capita GDP diverged significantly in the last 40 years. While economic growth and development have many components, we explain the difference in economic performance by emphasizing the difference in state capacity in the two economies. A country’s state capacity is affected by culture and history. China established a unified language and culture two thousand years ago that enabled it to develop strong state capacity. With a strong state capacity, China made crucial investments in infrastructure and in key heavy industries and developed technological capabilities to help start and sustain growth. India, on the other hand, is a country segmented by religion, caste, and language which has hindered the development of effective state capacity, and thus complementary state investments to spur economic growth. Moreover, India has up to now relied more heavily on expansion of its service sector compared to China, which has hindered its exports, a crucial element that helped China’s economy. India’s future industrialization crucially depends on national integration and concomitant strengthening of state capacity.
Journal: The Chinese Economy
Pages: 379-394
Issue: 5
Volume: 57
Year: 2024
Month: 9
X-DOI: 10.1080/10971475.2024.2310328
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2310328
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# input file: MCES_A_2333124_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Weng Chi Lei
Author-X-Name-First: Weng Chi
Author-X-Name-Last: Lei
Author-Name: Xinru Wang
Author-X-Name-First: Xinru
Author-X-Name-Last: Wang
Title: Impacts of Central Bank Digital Currency on Regional Economic Integration: Evidence from the Greater Bay Area of China
Abstract:
An increasing number of countries have launched their central bank digital currencies (CBDC) in recent years, but the economic impacts of CBDC adoption are underexplored. To empirically assess how CBDC adoption influences regional economic integration, this paper investigates the Greater Bay Area, where China carried out one of its first digital renminbi pilot programs. The Greater Bay Area provides a good example because the growing acceptance of digital renminbi in the area can potentially mitigate transaction costs and risks due to the exchange rate volatility of the Chinese renminbi, Hong Kong dollar, and Macao pataca. CBDC adoption can lead to greater real and financial integrations by facilitating cross-border trade in goods and services. This paper evaluates deviations from uncovered interest rate parity, purchasing power parity, and real interest rate parity across Guangdong, Hong Kong, and Macao based on monthly interest rate and price data from January 2016 to December 2022. The time series have mean values near zero, which validate the parity conditions and indicate high degrees of financial, real, and economic integrations. The Markov regime-switching regression model identifies three regimes: (1) pre-Covid, (2) post-Covid, and (3) post-CBDC. The Covid-19 outbreak brought lower integration and stability, but the launch of the CBDC restored some of the pre-Covid integration and stability. Regimes 1 and 2 are persistent, and transitions from Regime 3 back to Regime 1 are probable. Hence, this study finds evidence that CBDC adoption improves regional economic integration in the short and long run.
Journal: The Chinese Economy
Pages: 415-428
Issue: 5
Volume: 57
Year: 2024
Month: 9
X-DOI: 10.1080/10971475.2024.2333124
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2333124
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# input file: MCES_A_2303793_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Chenyu Jin
Author-X-Name-First: Chenyu
Author-X-Name-Last: Jin
Author-Name: Cihangir Kan
Author-X-Name-First: Cihangir
Author-X-Name-Last: Kan
Title: Determinants of Chinese Exports of Metal Manufactures and Discussion on Export Potential During Pandemic: Based on Trade Gravity Model
Abstract:
The year 2020 was the beginning of the Covid-19 pandemic, and the turning point for the industries poorly affected by the unexpected conditions. This paper focused on the impact of a range of factors on China’s exports of metal manufacture in 2020, in particular the impact of the COVID-19 pandemic on it. Using cross-sectional data, the paper collected relevant data for 151 countries in 2020. We applied trade gravity model by considering important parameters impacting on China’s exports of metal manufacture such as GDP, distance, population, the total number of cases of COVID-19, employment rate, economic degrees of freedom, the political environment and the free trade agreement between China and other countries. Then, by collecting the data set for 2021, this paper compares the models for 2020 and 2021 with the aim of making a comparison of the impact of the pandemic on China’s exports of metal manufactures. We also do some analysis about the trend of the effect of COVID-19 in the future. The paper continues with calculation of China’s export potential for metal manufacture for its 151 partner countries including 54 of them are at the Trade Potential Untapped level, 38 at the Trade Potential Growing level and 59 at the Trade Potential Mature level based on gravity model. This paper also offers different detailed trade policies for the distinct levels of trade potential in the light of the impact of the COVID-19.
Journal: The Chinese Economy
Pages: 359-378
Issue: 5
Volume: 57
Year: 2024
Month: 9
X-DOI: 10.1080/10971475.2024.2303793
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2303793
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# input file: MCES_A_2321706_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Pat Yan Cheung
Author-X-Name-First: Pat Yan
Author-X-Name-Last: Cheung
Author-Name: Tak Yan Leung
Author-X-Name-First: Tak Yan
Author-X-Name-Last: Leung
Title: Do Political Connections Help or Harm Family Firms? An Audit Pricing Perspective
Abstract:
Past business ethics research highlights negative perceptions about corporate governance of family firms, and yet many auditors evaluate family businesses favorably and charge them lower audit fees; however, this inconsistency remains unexplained. Moreover, the impact of family firms’ political connections and board gender diversity on audit fees is still not clear. Based on the data from listed Chinese family firms, we address these important research gaps by using the local institutional environment in which the client operates as a moderator of the process by which auditors assess the implications of clients’ political connections. Political connections reduce audit fees when a client is located in a region with high-quality public administration. Female representation in audit committees positively moderates the relationship between political connections and audit fees, as female committee members react to their firms’ political connections by demanding higher levels of assurance from auditors. Female committee members also demand higher audit efforts for family firms managed by non–family-member CEOs.
Journal: The Chinese Economy
Pages: 395-414
Issue: 5
Volume: 57
Year: 2024
Month: 9
X-DOI: 10.1080/10971475.2024.2321706
File-URL: http://hdl.handle.net/10.1080/10971475.2024.2321706
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Handle: RePEc:mes:chinec:v:57:y:2024:i:5:p:395-414