中国梦 亚太梦

中国人民在同心共筑中国梦的征程上,不仅迎来民族复兴的曙光,更在和平发展的不懈追梦历程中,带动了亚太乃至世界的发展。2012年11月,习近平总书记在参观＂复兴之路＂展览时,第一次阐释了＂中国梦＂的概念,提出实现中华民族伟大复兴,就是中华民族近代以来最伟大的梦想。时隔2年,在APEC工商领导人峰会上,习近平主席发表题为＂谋求持久发展,共筑亚太梦想＂的主旨演讲,首次提出＂亚太梦想＂的中国主张,描绘了亚太发展新内涵,展望了亚太发展新愿景。     

融合创新互联 构建亚太新愿景——各经济体领导人在2014年APEC工商领导人峰会上

APEC工商领导人峰会是亚太各经济体政府与企业寻求合作发展的纽带,也是各成员领导人谈经论政的舞台。11月10日,APEC领导人会议周的CE0峰会迎来了各位嘉宾。下午2点50分,刚刚与国家主席习近平结束会晤的俄罗斯总统普京出现在了会场,发表主题为＂亚太对于俄罗斯的意义＂的演讲。他自始至终倚坐在台中央的沙发上,语气沉着有力。     

亚太新动力

2014年APEC领导人峰会于11月10～11日在北京召开。这是继2001年上海举办之后，APEC会议再度回到中国。 峰会前夕，包括中国、印度和新加坡等在内的21个国家财长和授权代表签署了《筹建亚投行备忘录》，筹建亚投行是中国国家主席习近平、国务院总理李克强2013年10月访问东南亚时先后提出的倡议，旨在以此满足亚洲地区基础设施融资的巨大需求，这一成果标志着这一中国倡议设立的亚洲区域新多边开发机构的筹建工作将进入新阶段。     

亚太自由贸易区的发展前景

在北京举行的亚太经合组织(APEC)第二十二次领导人非正式会议上,就推进区域经济一体化、启动亚太自由贸易区(FTAAP)进程达成共识,批准亚太经合组织《推动实现亚太自由贸易区路线图》,标志着这一全球最大规模的自贸区正式启动.     

北京APEC峰会是中国机遇新起点

日前，在亚太经合组织（APEC）第二十一次领导人非正式会议上，习近平宣布，中国将于明年秋天在北京举办亚太经合组织第二十二次领导人非正式会议。据报道，明年的会议场址将设在距离北京市中心50公里的雁栖湖。     

亚太自贸区法律框架构建路径研究

习近平主席在2014年APEC北京峰会上倡议“启动亚太自贸区建设”,这表明中国愿意引领和推动这项重要工作。面对“一带一路”倡议带动的中国新一轮对外开放以及亚太地区大国之间在经济一体化进程中的激烈博弈,亚太自贸区建设何去何从,是考验中国人智慧和能力的议题。如果选择TPP这一路径,等于将构建亚太自贸区的主导权拱手让给别人;如果与TPP分道扬镳另辟蹊径,会分化亚太地区,进而影响“一带一路”倡议的整体部署。一个务实的选择是以中国目前正在推动的“区域全面经济伙伴关系协定”(RCEP)为基础,结合中国韩国自由贸易协定建立中、日、韩自由贸易区,进而引导亚太自贸区法律制度向TPP等国际高标准靠拢,同时采取开放姿态,允许个别APEC成员暂时不加入亚太自贸区,也允许非APEC国家和地区加入亚太自贸区。     

当中国梦照进资本市场

在APEC北京峰会和G20布里斯班会议上,全球都在聚焦各国领导人如何引领经济复苏,中国又将如何发挥其建设性作用。会议期间,国家主席习近平提出了亚洲基础设施投资和互联互通,以及构建亚太自由贸易区等宏大构想,同时也再次详细阐述了中国经济新常态以及内涵,包括中国经济增长的资源消耗将更节约,收入分配将更合理,服务业和创新驱动将更突出等。中国正走在逐步实现中国梦的道路上,这会对中国资本市场的未来会产生怎样深远的影响？     

大事

亚太经合组织（APEC）第二十二次领导人非正式会议在北京举行 2014年11月10日～11日，APEC第二十二次领导人非正式会议在北京举行。习近平主席主持会议。各成员国领导入围绕“共建面向未来的亚太伙伴关系”主题深入交换意见，就“推动区域经济一体化”、“促进经济创新发展、改革与增长”、“加强全方位基础设施与互联互通建设”3项重点议题展开讨论，达成许多重要共识。会议发表了《北京纲领：构建融合、创新、互联的亚太——亚太经合组织领导人宣言》和《共建面向未来的亚太伙伴关系——亚太经合组织成立25周年声明》。     

区域经济整合的中国机遇和考验

<正>在APEC第22次领导人非正式会议之后,亚太地区又举行了第9届东亚峰会和20国集团领导人峰会。这些分别在东亚的中国、东南亚的缅甸和澳洲(澳大利亚)举行的会议,涉及了亚太、欧洲、拉美等多个区域,形成了巨大的国际经济商贸圈。在"国际会议周"中,区域整合议题再次进入世人眼中。通过对外交议题的有效管理,中国在会议期间取得了全方位的外交成就,其中又以APEC期间通过的亚太自贸区路线图受到的重视最     

聚焦APEC北京峰会 引领亚太合作翱翔辽阔蓝天——2014年亚太经台组织会议达成丰硕成果

在成立25周年之后,APEC作为亚太大家庭最高层次的政策交流和规则协调平台,迎来了承前启后的重要历史时刻。寻找新的经济增长点和加强互信合作,是各成员经济体共同关注的焦点。时隔13年之后,APEC会议再次来到中国。燕山脚下,雁栖湖畔,领导人们讨论了什么议题,取得了哪些共识,又有怎样的意义？作为中国金融业唯一参会报道媒体,《中国金融家》记者奔赴现场,全程跟踪,传回了一线声音。     

SIGNIFICANT DEVELOPMENTS IN MOTOR INSURANCE IN THAILAND

ABSTRACT: The 1990s saw rapid economic growth in Thailand. Motor insurance grew enormously, becoming the biggest income earner for total general business (both for the whole industry and for many individual companies). Cash flow underwriting seemed to be the recipe for success in a competitive market.
The agency distribution system for motor insurance in Thailand is almost wholly controlled by finance companies and banks, which expect a high rate of commission. Their delay in paying over the premiums to the insurers created bad-debt problems after the 1997 economic crash, when the government closed many of these financing companies. This also meant an end to the motor insurance boom, with a decrease in premium income and a reduction in investment returns and assets, thus threatening solvency margins.
Earlier in the decade, in 1993, there was the introduction of compulsory third-party insurance, followed by the establishment by the government of provincial bureaus to help these third-party claimants. And in 2000, just in time for the next wave of economic growth, a new rating system has been introduced to bring sophistication to the basic process of evaluating and pricing different risks, though still within a government tariff system. Liberalization is coming, in stages, and the industry is making changes so as to be in a fit state to cope with the increased competition and opportunities that this liberalization will bring.
Like all setbacks, the crash of 1997 was an opportunity for Thai motor insurers to examine the fundamentals of their business and plan to increase their professionalism. Some are already well on the way to high-quality service, meeting ISO 9002 standards, and have begun Internet trading.     

LATEST DEVELOPMENTS IN LOCAL GOVERNMENT ACCOUNTING IN SPAIN

This paper provides an analysis of the present situation concerning local government accounting in Spain following recent reforms introduced in the early nineties. It presents a picture of the main features of Spanish local finance—budgeting and accounting, the measurement focus, and the basis of accounting—and analyses the financial reporting system adopted by Spanish municipalities. This is followed by a critical review of several weak points in the reform which in the author's view will encourage further developments.     

CHANGES IN POVERTY AND INEQUALITY IN DEVELOPING COUNTRIES

This paper presents new data on poverty, inequality, and growthin those developing countries of the world for which the requisitestatistics are available. Eco-nomic growth is found generallybut not always to reduce poverty. Growth, however, is foundto have very little to do with income inequality. Thus the "economiclaws" linking the rate of growth and the distribution of benefitsreceive only very tenuous empirical support here.      

在商海中培养,由市场中造就--建立面向市场的金融人才队伍的思考

"未来市场中的稀缺资源不再是资本,而是优秀的人才."美国企管界大师史考特·派瑞博士如是说. 金融改革除体制、机制等结构或政策性改革的重要性外,人的把这部分网点的得关注与探讨.竞争已不单单表现在金融产品、市场份额、服务质量等方面,更突出的表现在对人才资源争夺上.     

CORRELATED BEHAVIOR IN LIMIT ORDER CANCELLATIONS,COMOVEMENT IN ASSET RETURNS,AND COMMONALITY IN LIQUIDITY

We examine whether there is common behavior in limit order cancellation activity, that is, commonality in cancellation activity, on U.S. exchanges. We then examine whether this commonality in cancellation activity is associated with increased levels of return comovement and commonality in liquidity. We document strong evidence of limit order traders exhibiting exchange, industry, marketwide, and stock-level commonality with regard to cancellation activity, which is consistent with limit order traders exhibiting correlated trading behavior. We also find that this correlated behavior in cancellation activity is associated with increased levels of return comovement and commonality in liquidity.     

REGULARITIES IN THE VARIATION OF SKEWNESS IN ASSET RETURNS

This paper documents regularities in the comparative skewness characteristics across several classes of assets and over time. We find smaller capitalized stock indices are more negatively skewed than larger stock indices. Over time, the skewness of stock indices follows a business-cycle-related variation. Skewness is more negative during economic upturns and less negative, even positive, during downturns. Three alternative methods for testing the statistical significance of skewness and for making confidence interval estimates of skewness are presented. These include a bootstrap methodology and a test that allows for nonindependent observations.