The Foundation and Pattern Choice for the Sustainable Development of Chinese Financial Trust Industry

Since it was resumed in 1979, China＇s financial trust industry has experienced five major improvement and rectification. With the implementation and promulgation of ＂one law and two regulations＂ and the establishment of China＇s Trust Industry Association, financial trust industry is developing into a relatively good stage. In view of practice and regular patterns of its development, we have to set up ideas of sustainable development so as to prevent the financial trust industry from involving in a circle of ＂development-- reorganization---development again--reorganization again＂. At present, the premise to realize financial trust industry＇s sustainable development is to fully understand the unique comparative advantage of financial trust industry and establish scientific market function.     

Demographic Impact on Financial Markets

This paper contains information that is not to be shared, copied, disclosed or otherwise compromised without the consent of the authors. Demographics have major impact on economy and financial markets. Because work ability and consumption pattern of different age groups are law of nature, population and its structure represent a more fundamental force beyond politics and other economics. When birth rate, mortality rate and life span are constant in time, the change of generations is smoothed out, and no demographic impact can be felt. On the other hand, if there is a burst in birth rate, like the ＂Baby Boomers＂, strong ＂demographic wave＂ will manifest itself in the economy as well as politics. Such moves are driven by the law of nature and cannot be stopped by other forces. Therefore, in order to understand financial markets, one has to study economics with the perspective of demographics.     

Structural Restriction in the Development of China＇s Financial Industry

After China‘s accession to the WTO, the main problem China now faces in its financial development is how to enhance international competitiveness while safeguarding financial security. Since reform and opening up, the development of China‘s financial industry has featured extensive quantitative expansion, but without sufficient consideration given to increased risk. This has led to serious defects in the financial structure, which has hampered the financial industry from further development and from improving its international competitiveness. All these have had unfavorable impacts on financial stability and security.Therefore, in developing China ‘s financial industry, the stubborn pursuit of growth in quantity is inadvisable. What is needed is to change this way of thinking and to promote reform and development of the financial industry with emphasis on structure improvement,and to seek a way of development that can raise international competitiveness, while at the same time ensuring financial security.     

Financial Development, Economic Growth and Adaptive Efficiency： A Comparison between China and Pakistan

The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China＇s financial development and growth can be explained through a dynamic criterion of adaptive efficiency, rather than through allocative efficiency. Using the framework of an autoregressive distributed lag model, the present paper tests the hypothesis that the GDP growth rate is dependent on financial development along with other variables in China and Pakistan. The hypothesis cannot be rejected in both cases. However, the results show that economic growth has a negative relationship with credit to the private sector in China. We conclude that financial development is a source of China＇s high growth rate and that the banking system is still under an evolutionary process, involving the pursuit of social objectives instead of the sole objective of profit maximization. Our results provide some implications for other developing countries like Pakistan.     

Research on Financial Risk Identification and Assessment in Merger ＆ Acquisition

Merger ＆ acquisition （M＆A） is a business activity full of high risk that exists in each process. There are different kinds of risks, whatever they are, they will influence the financial risk through the M＆A cost unexceptionally, so financial risk is one of the most important factors in M＆A activity. At present, there are different kinds of def＇mitions of financial risk in M＆A. This paper defines the concept of the financial risk in M＆A, and then, it analyzes some factors, such as uncertainty and information asymmetry. Finally, it puts forward the identification factors of financial risk in M＆A and establishes a fitzzy assessment model to measure financial risk in M＆A.     

Modalities of Microfinance Delivery in Asia and Latin America： Lessons for China

I. Introduction Microfinance, the provision of small size loans and other financial services to low income households, is often seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and vulnerable. There is extensive experience in microfinanceprovision in both Asia and Latin America, but as yet relatively little use of the approach in China. In Section, this paper assesses different approaches to microfinance delivery using a simple threefold distincti…     

China： Unscathed through the Global Financial Tsunami

This paper investigates the reasons behind the resilience of China＇s economy to the global financial tsunami. China ＇s economy is lowly leveraged in its banking, household, public and external sectors and, therefore, is less plagued by the global deleveraging than most developed economies. Chinese domestic sectors have improved significantly over the past decade, giving them larger capacity to cope with external shocks than during the Asian financial crisis a decade ago. Contrary to the conventional wisdom that China＇s economic growth is highly dependent on exports, we find that the main growth engine for China is domestic demand. Destocking, rather than falling exports, was the main cause of the sharp economic slowdown in China in late 2008 and early 2009. Therefore, the global economic slowdown should have limited impact on China＇s economy. We forecast a sustained eeonomic recovery in China in 2009-2011, with real GDP growth exceeding 10 percent in 2010.     

China＇s Export-led Growth Strategy： An International Comparison

A pressing challenge for China is determining where to accommodate millions of migrant workers displaced by the closing of many export-oriented factories. The current global financial crisis＂ has exposed the fragility of the export-led growth strategy China has adopted over the past 30years. Is there a better alternative for providing non-agricultural jobs than the sweatshops of cheap export production？ In the present paper, international experience is reviewed to shed light on China＇s situation. Using pooled regression models, we analyze data from the World Bank for 209 economies. We investigate the experience of other economies to answer the following questions： What is the common process of expanding the nonagricultural economy？ How is that process affected by the level of the real exchange rate？ Is export production a common way of absorbing surplus rural labor？ Finally, what are the ways that domestic demand and service employment can be expanded？     

The Relationship Between Government Policy and Financial Performance： A Study on the SMEs in Iraq

The study examined the relationship between government policies and financial performance in small and medium enterprises （SMEs） in Iraq. The study aimed at establishing the relationship between government policies and financial performance of SMEs. In the Republic of Iraq, it is estimated that 99% of the business entities are SMEs. They also contribute to GDP and provide employment. Notwithstanding the recognition of the important roles SMEs play in Iraq, their development is largely constrained by a number of factors, such as the existence of laws, regulations, and rules that impede the development of the sector. The study provided some relevant recommendations to policy makers, development agencies, entrepreneurs, and SME managers to ascertain the appropriate strategy to improve the SME sector in Iraq.     

Effects of Rural Medical Financial Assistance in China

This paper presents research results from the evaluation of the Medical Financial Assistance (MFA) program,supported by the World Bank,to extremely poor rural residents. It is found that MFA can help to improve the ability of the poor to make use of medical services,and especially their ability to receive services from township clinics. The present study also shows that adoption of the MFA mechanism helps to reduce the impact of disease on the economies of poor families,and prevents the poor afflicted with serious illnesses from being marginalized. However,as the beneficiaries often suffer from serious,complicated and lasting illnesses,the financial assistance is often insignificant in relation to medical expenses. Furthermore,the MFA plays no significant role in restoring a patient's income-earning ability.     

Fostering the Asian Bond Market：Challenges and Options Faced by China

I. IntroductionAfter the 1997 Asian financial crisis, a consensus has formed among governmentsand enterprises of Asian countries that strengthening regional financial and currencycooperation in Asia is of vital importance to withstand financial crisis. One of thecauses of the vulnerability of the Asian financial system is its lack of a mature regionalbond market. It is well known that the savings rate in Asia is high. But most savingsare deposited in local financial institutions, funneled t…     

Impact of the Global Financial Crisis on China： Empirical Evidence and Policy Implications

This paper applies a structural vector autoregression analysis to quantify the impact of the global financial crisis on China. It is found that the impact is indeed sizeable： a 1-percent decline in economic growth in the USA, the EU and Japan is likely to lead to a0. 73-percent decline in growth in China. The article discusses whether the current measures of fiscal stimulus are adequate to offset the sharp decline in external demand Although there is little doubt that the massive fiscal stimulus will largely offset the significant shortfalls in external demand, the current growth pattern in China will be increasingly unsustainable in the long term. China ＂s reform cycles suggest that external shocks are often opportunities for structural reforms. Therefore, the crisis could also be a catulyst for rebalancing China ＇s economic structure so as to return the economy to a sustainable path.     

Financial Intermediation Development and Economic Growth： Does the Chinese Counterexample Exist？

In terms of the degree-of-freedom of bank loan decision-making, the ratio of loans of private enterprises and individuals to total loans is used to measure the development of China ＇s financial intermediation. Applying generalized method of moments estimation developed for dynamic panel data models, the present paper finds that the effect of financial intermediation development on economic growth is positive and statistieally significant when controlling for other variables, such as human capital foreign direct investment, securitization and foreign trade. The empirical results indicate that the concept of the so-called Chinese counterexample in financial development is questionable. Financial system reforms, including encouraging banks to operate independently, reducing or eliminating mandatory loans, and maldngfinancial decision-making more market-oriented, are important for China＇s economic growth.     

China＇s Current Real Estate Cycle and Potential Financial Risks

I. Introduction Since the late 1990s, the debate on China’s current real estate cycle has aroused great attention. The People’s Bank of China, China’s central bank, initiated a series of macroeconomic management policies to prevent the real estate market from overheating. Since the real estate bubble in the early 1990s, the Chinese Government is conscious to attach great importance to the possible financial risks and corresponding shocks to China’s economy of the real estate market ove…     

Rise and Fall of the First Financial Futures Market in China： The Case of Chinese Government Bond Futures

This paper studies the rise and fall of the first financial futures market in China. We compare the characteristics in the Chinese Government bond futures market with those in the US T-bond futures market. They differ in market design and structure, market governance, margin requirements, position limits, delivery process, and the way in which the settlement price is calculated. Furthermore, with a unique dataset, we show that prior to maturities of government bond futures, traders began to accumulate significant amounts of long positions for several selected contracts without the intention to offset, forcing short position holders to either purchase deliverable bonds or offset futures at highly inflated prices, causing higher market volatility and price disequilibrium in both spot and futures markets. Arbitrage opportunity arises and the market eventually collapses. The lessons learned from the suspension of the Chinese Government bond futures market offer an invaluable learning experience.     

Thoughts on the Reformation of the Enterprises＇ Financial Concept

Financial concept is the guiding ideology of all kinds of financial behaviors, and it is the foundation of enterprise financial culture. Now, Chinese enterprises have some low-efficiency, none - efficiency and even negative - efficiency financial behaviors. These block the enterprise from developing, and they are due to these none-rational financial concepts. To enhance firm＇s financial efficiency, and promote firm＇s sustainable development, we should set up scientific financial concepts. This paper discusses that scientific financial concepts should include： stakeholder benefits, trustworthy financial concept, green financial concept, risk management conceot and human -orientation, and so on.     

Is Financial Development Another Source of Comparative Advantage？ Evidence from China

Using panel data for 29 provinces in China during 1990-2004, the present paper attempts to explore a possible link between financial development and China＇s foreign trade. Three measures of comparative advantage in manufactured goods have been applied in our study, including Balassa＇s revealed comparative advantage, the net manufactured export index, and the Michaely index. We also use four indicators of financial development to identify the different functions of regional financial development, and to determine both size and efficiency features of financial institutions. The estimation results suggest that besides factor endowments, foreign firms and infrastructure, financial development has a quantitatively large and robust effect on China ＇ s manufactured goods trade. Therefore, further reform of China＇s financial system should be encouraged to fully exploit the comparative advantage of China＇s foreign trade.     

Has the Geek Financial Problem Triggered the Debt Problem in the Whole Eurozone？ An Analysis Based on Econophysics

The present paper analyzes the Greek financial problem shows the position of the Greek economy in 2009, the solution that has been chosen by the European Financial Authorities, the results of this process and finally, correlates the Greek financial problem with the Eurozone debt problem. More specifically taking into account the Greek financial macroeconomic data of 2008 and 2009, explains the measures that they have been taken to make the Greek General Government to be the zero deficit. Also examines the process of internal devaluation based on a price-income （P-Y） diagram and it is correlated with the thermodynamic one （Pressure （P）-Volume （V））. However, this process of internal devaluation emerged some important problems that the whole program to be in strong questioning by an important part of the Greek society. The paper shows the present macroeconomic position of Greece after three year austerity and analyzes the necessity of the structural reforms in Greek economy in order to make the public debt to be almost 120% at 2020. Furthermore, it has examined the financial problem of Eurozone concerning to the debt problem as well as and the source of this problem. It is proposed the solution of the inflation haircut that will take three years to make the average depth of Eurozone to be less than 70% and the Euro to remain the unique currency in the Eurozone. Finally, this work carried out calculations on macroeconomic data using methods from the field of non-linear dynamics.     

China and the Global Financial Crisis： Assessing the Impacts and Policy Responses

The present paper explores the role of China in the creation of the current global financial crisis and the impacts of the crisis on its economy. It argues against the view that the ＂saving glut＂ in China （along with other Asian emerging economies） played a significant causal role in the crisis. The global financial crisis did not engender much damage in China＇s financial structure, thanks to the relatively closed, bank-centered financial system. However, the impacts on the ＂real＂ side of the Chinese economy were hard felt. Growth and employment have fallen, largely due to the decline in exports and foreign direct investment. The crisis reveals the vulnerability of the export-dependent growth pattern. Policy responses of the Chinese Government, including monetary, fiscal and social policies, have helped to stem the downfall of the economy in the immediate term, but some of the policies have not addressed the structural problems of the Chinese economy and might well aggravate such problems over time. The present paper proposes a tentative reform blueprint to rebalance the economy and to sustain long-term growth.     

Probe into Methods of Teaching English Grammar

1 Definition of grammar People sometlmes descibe grammaras the "rules" of a language, to be accurate,grammar is the science dealing with thesystematic rules of a language,its forms,inflections,syntax,and the rules of usingthem correctly.It is summarized from lan-guage use and practice,and reflects thelogic of thinking in people's speech orwriting.