Impact of openness, economic policy reform and regional shocks on trade and growth of Thailand： An econometric study

Thailand has currently enhanced and promoted intensive trade and investment liberalization and implemented long-term growth policy according with current regional economic integration, WTO obligations and globalization. Nevertheless, several recent internal and external factors e.g. the massive SARS and avian flu outbreaks, the Indian Ocean tsunami devastation, the Asia financial crisis and domestic policy reforms （ICSEAD, 2006） have also impeded this policy. While the issues are important for Thailand and developing countries in Asia, only limited research has been undertaken to investigate them. The paper conducts a substantive quantitative study to contribute to these trade and development policy issues. A new econometric modelling policy method, namely the generalized gravity theory （Tran Van Hoa, 2004） is used to develop a simple flexible simultaneous-equation econometric model of Thailand＇s openness model with its seven major trade partners （ASEAN-4, Australia, the USA, the EU, China, Japan and India）. Using data from the ICSEAD, the World Development Indicators and the Bank of Thailand databases, the paper reveals efficient and reliable empirical findings on trade-growth causality, trade determination including the impact of shocks and policy reform on trade and growth between Thailand and its major trade partners over the past two decades. The paper also provides evidence on the linkages between trade in goods, FDI and services and regional economic integration for more credible policy implications.     

China and the EU as Global Actors:Challenges and Opportunities for Joint Cooperation

This paper examines the level of cooperation which China and the EU undertake on global issues,especially with regard to the future roles of international organizations such as the UN,the IMF,the World Bank,the G20,the form and practice of multilateralism,the prospects and direction of a multipolar/core world,and whether the two tend to be partners rather than competitors on issues of climate change and energy policy.It applies the approach of international security cooperation and relies primarily on documentary evidence(e.g.,communiqués on global or regional governance aspects,issued at EU-China summits or separately by each).This paper argues that the"misunderstanding"on principles between the EU and China is at odds with the growing economic interdependencies between the two sides.The EU and China,two of the pillars in the emerging multipolar order,have fundamentally opposed attitudes to key aspects of global politics,such as sovereignty and multilateralism,and these differences are bound to create further tensions in the development of global governance regimes in the future.The originality of this paper lies in that it moves beyond the traditional form of investigating on how each China and the EU perceive each other in cooperation terms by focusing instead on the level of cooperation both partners pursue with regard to multilateralism and within the activities of international organizations.     

China＇s adjustment of climate change policies： what lessons can be learned from the US？

From the US New Energy Plan, personnel appointment, and diplomatic activities, etc., we can see that US is now on the way to returning to the negotiation table and undertaking the leadership in addressing climate change. What US has done puts tremendous challenges on China, which emits large amount of greenhouse gas into the atmosphere. However, different from US, China is undergoing rapid development, and huge energy consumption is unavoidable. China has to make a balance between developing economy and addressing climate change. This paper focuses on the US climate change policies and its greenhouse gas emissions, and its influences on China climate change policy. China greenhouse gas emissions and relative policies are also analyzed to see what situation China is in, and what challenges that China is facing. Consequently, combing China＇s local situation, we propose several solutions for China to address climate change, i.e. moving towards a low carbon economy, struggling for emitting more, enhancing China-US cooperation, and implementing different climate change policies based on local situation. Meanwhile, the achievements that China has made are also introduced.     

China introduces the 24-hour rule

Recently, international movement measures that may be causing tension between the of cargo had been the subject of increasing border control needs for security and the needs for trade facilitations. On the one hand customs authorities are charged with the responsibility for policing a country＇s borders, and consequently they need to have in place measures to ensure that only legitimate trade takes place and that this trade does not present security concerns. On the other hand we have the requirements of traders, who benefit from an environment of trade facilitation with speedy and efficient movement of cargo across international borders, with minimal bureaucratic intervention. This paper focuses on and provides early discussion and comments on the possible ramifications of the introduction of the 24-hour rule in China, effective for all exports and imports of sea freight container traffic since January 1, 2009. The new rules will have significant impact on the logistics flows of exporters and importers alike. Specifically, the reporting requirements timelines are likely to result in increased costs in cargo processing at wharves that traders will have to bear; place added pressure on storage facilities at wharves, or at container depots; and may additionally increase the amount of inventory buffer because of the timing of the data reporting requirements. The paper concludes that security needs have prevailed over trade facilitation considerations and that traders should urgently implement a review of existing practices to ensure they comply with the China Customs requirements, whilst simultaneously minimizing cost increases.     

Possibility of a Middle Income Trap in China： Assessment in Terms of the Literature on Innovation,Big Business and Inequality

This paper discusses the possibility of China falling into the so-called middle income trap in terms of three checkpoints： innovation capability, world-class big businesses, and inequality. Based on these criteria, our conclusions are as follows： First, China has increasingly become innovative and thus differs from other middle income countries. Second, China has many successful big businesses, a number disproportionate to its size. Thus, China differs from other middle income countries with few world-class big businesses, and the only qualification is that those big businesses are mostly non- manufacturing firms focused on such areas as finance, energy, and trading. Third, China faces great uncertainty in terms of inequality. Although several signs show that the Kuznets curve will come to represent China, as noted by the gradual reduction of surplus labor and rising wage rates starting in the coastal provinces, the Chinese are now facing new sources of inequality in China, such as wealth （including financial and real estate assets） and non-economic factors （including corruption）.     

Soybean Production ＆Trade in China-Implicated Impacts of GMO Regulation on Soybean Market

This paper provides an overview of the economic analysis, policy debate, and methodological issues on soybean production, import and export, and impacts of GMO regulation on soybean foreign trade of China, Thepaper analyzes China‘s soybean production capability, and discovers that the present yield of China‘s soybean plant system cannot satisfy the domestic demand. The paper also provides the method to solve such matters by using the result of a modftTed Cobb.Douglas model, in the third section of this paper, the impacts of GMOregulation on soybean trade and market in China are analyzed, fn this section, we provide a methodological issue to analyze the impacts of such regulation on trade. The paper then explains the implicated result induced by such regulations.     

Combating Corruption in China: The Role of the State and Other Agencies in Comparative Perspective

This paper is the first to compare China’s current anticorruption approach with those of both post-communist and other Sinic states/regions.Its principal purpose is to compare anti-corruption in China with the situation in countries that constitute appropriate comparators—either systemically(post-communist transition states)or culturally(predominantly Sinic states/regions)—and suggest ways in which China could usefully learn from these comparators.A comparative public policy evaluative approach forms the core of the analysis.The study uses publicly available survey data,both perceptual and experiential,for drawing inferences about the corruption levels in China and the other states analyzed.A neo-Weberian approach to system legitimacy and delegitimation is employed in analyzing the potential dangers of a radical anti-corruption approach,while Giddensian structuration theory is used to emphasize the interplay between structure and agency in anti-corruption.The findings and value of this research are primarily practical,in that it highlights potential lessons China could learn from Singapore and the Hong Kong SAR while also identifying the principal obstacles to the adoption of such measures.In particular,the establishment of a single and independent anti-corruption agency would almost certainly have a positive impact on the reduction of corruption levels.But this is politically difficult,since such a body could be perceived as constituting a threat to the Communist Party.Moreover,all comparisons betweenstates are limited,since some features are unique to a given country.     

CONTENTS

Confucian Ethic and the Cultural Logic in Economic Development
ZHANG Jie （China Financial Policy Research Center, Renmin University of China, Beijing, 100872, China）
Abstract： Opinions differ in academic field regarding the relationship between Confucian ethic and economic develop- ment. The research done in the paper suggests that Confucian ethic originated from the practical demand of guaranteeing the smooth operation of family organization. Afterwards, it served as a coordinator between government and individuals, thus bringing about the institutional compromise bet,~een family and bureaucracy which constituted the foundation of market system unique to China. Institutional equilibrium between government and other market forces will be the key el- ement in the successful development of market economy, which, as can be predicted, will have everything to do with Confucian ethic. In the paper, the author holds that Confucianism features internal conflicts on macro-versus micro-lev- els. On the macro-level, it has set a very high threshold for wealth and morals while on the micro-level little attention has been paid to how to create wealth. Thus it is rational and justified for the foregone reform to have put priority on ab- sorbing the merits of the western system which is based on protestant ethic so as to increase wealth accumulation. How- ever, such a process is lack of stability and tolerance and is prone to deviation of wealth from morality. This is where Confucianism steps in to function as a corrector. The paper concludes that the long separation of wealth accumulation from its own cultural tradition has become the biggest obstacle to future growth. In the face of intensifying conflicts in economic society, the only correct choice is to retrieve tradition and have the economic reform rooted in its own cultural soil. Key Words： Confucian Ethic; Institutional Compromise; Endogenous Market Function; Economic Development; Cultural Logic     

The Impact of Agricultural Import Tariff on Economic Growth： Evidence From Mercosur Countries

This research paper attempts to determine the relationship between agricultural import tariff and economic growth of Mercosur countries over the period 1996-2007 using regression analysis as well as evaluates the gains and losses from the group＇s trade policy over the same period. The introductory part of this paper focuses on the dynamics of changes in economic growth, trade, and import tariff of these countries over the last two decades. The results of the performed regression analysis of panel data suggest that trade liberalization has a quantitatively significant positive effect on growth. By using the coefficient estimates on tariff, the authors perform a quantitative evaluation of gains and losses from trade policy, for which tariff measures to trade （imports） are used as a proxy.     

Financial crisis and sustainable development of Chinese manufacturing industry

Sub-prime lending crisis has become an international financial crisis, which is evolving into an economic recession sweeping across the West. Financial crisis leads to the demand reduction in western countries, and as the largest manufacturing country, China must face overproduction. The role of China as ＂world factory＂ determines that financial crisis will severely attack Chinese manufacturing industry. The unsustainable development of Chinese manufacturing industry is mainly reflected in the following aspects： heavy dependence on export, low-level manufacturing link, lack of modern service industry and high-tech industry, weak independent innovative ability, unsustainable exploration of heavy-pollution resources, and lack of international famous brands. How to transform crisis to opportunities is an urgent research topic. Under the circumstance of financial crisis. Chinese manufacturing industry has more external drives to change the current situation. Therefore, financial crisis becomes not only an opportunity for Chinese manufacturing industry to improve itself based on the existing accumulation but also a chance for China to transform from ＂world factory＂ into a powerful nation of manufacturing industry in the world.     

Impact of International Trade,Remittances and Industrialization on the Economic Growth of Bangladesh

There are several important factors of growth and many endeavors have been made to apply these factors to explain the growth of different economies at different times. In this context, the objective of this paper is to examine the impact of international trade, remittances and industrialization on the economic growth of Bangladesh using annual data from the period of 1976 to 2010. This study uses the time series econometrics methodology, which covers tests for stationary, cointegration, and specification of the model. This study also focuses on finding causal relationship among export, import, remittances, and industrialization on the economic growth of Bangladesh by using Granger causality test. The result shows that the variables are cointegrated, implying a long-run causal relationship among export, import, remittances, and industrialization on the economic growth of Bangladesh.     

On China＇s Economy： A Tentative Research from a Dual Visual Angle

Most economists approach the economy of China from a single visual angle considering it as a special economic modality of transition economy. Based on the analysis from the single visual angle, the paper puts forward a dual visual angle treating China＇s economy as one of both transition and transformation features, and attempts to research it from this dual visual angle.     

The Accounting Reform in the Brussels-capital Region： New Tool for Financial Analysis

In the last 20 years, public administrations in Belgium have completely reformed their accounting systems. The new system consists in combining double-entry general accounting with budgetary accounting, which is traditional in the public sector. The accounting reform of 2003 marks a turning point in the history of accounting of the federal State and federated entities （regions and communities）. The Brussels-capital region is the first federated entity to embark on the adventure and implement the new accounting system in 2006. The aim of this article is to introduce the legislative framework and the different implementation steps of the accounting reform in the Brussels-capital region and to provide a financial analysis of the region. The objective is to see if the region has a good financial situation. To do this, this paper analyses the data from the balance sheet and the income statements from 2008 to 2011. On one hand, it analyzes the evolution of the region＇s different results; and on the other hand, it presents different financial ratios. It also analyzes the evolution of the regional debt. This paper concludes that, although expenses and the debt are increasing, the situation of the region is not worrying, because of good budgetary performances, sophisticated financial management, and law loans rates. Even if the results of the analysis don＇t have to be interpreted as the same way as for a private company, the annual accounts provide interesting information that can be used to improve public finance.     

Index system for assessing ecological stability of circular economy industrial chain of electronic industry and its empirical study

With the development of science and technology and the rapid growth of productive forees new and high technology industries have. For example, computer, mobile phone, etc. are increasingly popular, especially hi-tech products updating more and more quickly, which has initiated some problems： resources depletion, environmental pollution, ecosystems damage, etc. While people are enjoying convenient and comfortable life from hi-tech, they are worrying about quantities of e-wastes discharged.In order to reduce the amount and harm of e-wastes, this paper starts from the connotation of the ecological stability of circular economy electronics industry chain （CEEIC, for shorO, uses the food chain principle for reference to describe the links and connection of the electronics industry chain, and selects factors from the three link： production, consumption and recycle to construct indexes system based on their characteristics, with which a scientific evaluation is carried on for CEEIC by using fuzzy comprehensive evaluation.     

Rural community tourism in western Sichuan＇s Qiang nationality： a case study of Wulong Stockade

The importance of the local economy of the development of tourism resources in China＇s relatively underdeveloped minority areas is already common knowledge in academic and business circles. However it＇s necessary to research more on specific patterns of tourism development in these ethnic minority areas. This paper studies Wulong Stockade in Beichuan County in Sichuan Province and examines the distinctive experience of the local Qiang community about developing local tourism resources and the local funding of the development. It notes how the introduction of new re-afforestation laws of 1999 affected the traditional, agriculture-based economy and how a member of the communio： was a key motivator in initiating tourism as a new economic resource. It has also explored changes in the economic conditions of Qiang peasants since tourism began in Wulong Stockade, where local incomes have increased considerably. This paper focuses on a characteristic Qiang area in the mountains of western Sichuan, demonstrates the necessity and feasibility of community tourism development, and uggests that other ethnic minority mountain villages in rural areas draw lessons from Wulong Stockade＇s experience.     

Ecological footprint analysis on the traditional rice-fish agricultural area： a case study of Qingtian County, Zhejiang Province, China

Qingtian County of Zhejiang Province, China has maintained the traditional rice-fish agriculture for about 2,000 years and formed exceptional cultural heritage based on this kind of production mode, so it was ed by FAO as a pilot site for the rice-fish agricultural heritage systems in 2005. This research has applied the indicators of ecological footprint and biocapacity to monitor the environmental conditions of Qingtian County, aiming to find the impact that the traditional agricultural production mode and the local inhabitants lifestyle have placed on the local environmental conditions as well as the role they have played in maintaining ecological balance, cultural inheritance and regional sustainable development. Results show that Qingtian County is characterized by a nearly breakeven total ecological balance, as opposed to Zhejiang Province, the world and other agricultural regions. However, compared with another rice-fish agricultural region, Congjiang County which enjoys a considerable ecological reserve, Qingtian County has consumed a greater amount of environmental resources. Specifically, about half of the ecological footprint of Qingtian County can be attributed to the cropland （50.8%） while the CO2 area only accounts for 11.2%, which is dramatically different from that of the modern industrialized regions. And a vast of percentage of energy is caused by the combustion of fuelwood which not only requires the land to absorb the CO2 emission it has generated but also occupies the forest where it has been chopped.     

The Adoption of Virtual Banking in China： An Empirical Study

Virtual banking is broadly defined in this paper as the provision of banking services via means other than that of traditional physical branches. Currently, virtual banking exists in the forms of ATM, phone banking, home banking and Internet banking. Understanding people＇s adoption intention of virtual banking can help financial institutions formulate appropriate marketing strategies for new forms of banking. This paper examines the current trends in the Internet revolution that have set in motion in the Chinese banking sector, and reports on an empirical research carried out in China to study the customers＇ preference for virtual banking and the factors which they consider influence the adoption of virtual banking.     

Analysis on China Cotton Market

China is the world＇s largest cotton producer and consumer and its domestic cotton demand and supply have a great influence on the world market. This paper firstly gives a discussion on Chinese cotton market, especially from a viewpoint of history to study domestic market price fluctuation. The cotton market history from E R. China＇s setting up to present has been divided into four stages and characterized as different agricultural policies applications and economic periodicities. Concluding from the history, artificial influences may be the most important reason of market inequilibrium, up to now, market and artificial interruption, are also the key problem. Then it takes domestic cotton demand as a study object, trying to find what will be a statistic significant cotton demand in national level and it＇s underneath demand frame. Through a seres of analysis on the demand frame, problems have been clearly displayed, an open microeconomic circulation supports our study and six variables had been described by statistics. Therefore, we can analyze the cases of real cotton demand that includes supply and demand reactions in China with experience and estimations. Otherwise, international cotton market is greatly interacted with Chinese domestic market more and more today. Some necessary analysis, such as international cotton supply and demand, Chinese cotton stock policy and world price long run tendency, are very important factors for Chinese cotton development. Those may concern Chinese access to WTO, cotton trade quota and tariff, welfare comparison, etc., all have been discussed in the paper.     

The Evolution of the Use of Space：Lessons from Beijing

Specific changes in land use can, and often do, occur when any social economic system moves from one form to another. When traditional societies transit from traditional land uses to philosophically determined land uses, as in the case of the introduction of sooialism or the transition from system of planned economy to a market system, such changes seem concentrated and perhaps exacerbated. Certainly, such circumstances provide the opportunity to see the process of social philosophy and its impact upon land use in a telescoped fashion. The discovery and explanation of these elements might provide some insight into basic human behavior, and its relationship to social controt and how people organize space both with and without control. This paper presents the results of observations of changes in land use as they have occurred during the course of transitional economic development in Beijing, China for the past decade, it suggests three new generic categories that can be applied to any culture or society.