Long-term health-related burden of adult congenital heart diseases in Hong Kong

Aims: This study aimed to examine the long-term clinical and economic burden of adults with congenital heart disease (ACHD) in Hong Kong.

Methods: It retrospectively analyzed 336 consecutive ACHD patients who attended the Adult Congenital Heart Clinic between January 1, 2009 and December 31, 2014. Direct medical costs and clinical outcomes over the 5 years were calculated and documented. The economic evaluation was from the hospital’s perspective.

Results: The median age of ACHD patients was 47 (31–62) years old, with female predominance (61.5%). Ventricular and atrial septal defects accounted for 70% and severe ACHD for 10% of the study cohort. The prevalence of arrhythmia and heart failure increased with the complexity of CHD. The total mean annual cost for managing each ACHD patient was USD 2,913. The annual cost of management of simple ACHD was USD 2,638 vs complex ACHD (USD 6,425) (p?=?0.013).

Conclusions: This study demonstrated severe ACHD patients accounted for higher cardiovascular morbidities in arrhythmias and heart failure with a higher cost of management.     

Domestic value added and employment generated by Chinese exports: A quantitative estimation

We develop an input–output methodology to estimate how Chinese exports affected the country's total domestic value added (DVA) and employment in the years 2002 and 2007. For every US$1000 dollar of Chinese exports in 2007 (2002), DVA and employment are estimated to be US$591 (US$466) and 0.096 (0.242) person-year, respectively. To implement these estimations, we use hitherto unpublished Chinese government data to construct several completely new datasets, including an input–output table with separate input–output and employment-output coefficients for processing exports, non-processing exports, and output for domestic use. We hypothesize that, in comparison with the export sector, China's domestic sector would be relatively autarkic due to China's history of central planning. We expect that exports would generate less DVA and employment than output for domestic use. Processing exports, which are highly dependent on imported inputs, would similarly generate less DVA and employment than non-processing exports. Our findings support these expectations. For both 2002 and 2007, the DVA and employment effects of domestic final demand were higher than those of non-processing exports, which were in turn higher than those of processing exports. However, with the progress of economic reforms, we found that the total DVAs of exports and domestic final demand have converged from 2002 to 2007.     

Comparison of Bank Profitability in China and the USA

This paper examines and compares the profitability of banks in the USA and China. The USA has the largest market‐based banking system and the financial system of China is still bank‐based. Our analysis indicates that in terms of profitability, banks in China outperformed those in the USA during our study period (2008–2014). Real estate loans had an adverse effect on US bank profitability during the financial crisis and no effect after the crisis but consistently improved the profitability of Chinese banks. Interest margins have no effect on US bank profitability but a consistently positive effect on Chinese banks, confirming that China is a traditional bank‐based economy. Interbank loans have a positive and significant effect on Chinese bank profitability, while interbank domestic loans have a negative effect on US bank profitability. Finally, size had a positive effect on US banks after the financial crisis period, confirming the scale economies of large US banks, but a negative effect on Chinese banks, indicating diseconomies of scale.     

The heritage of Chinese cities as seen through the gaze of zhonghua wenhua – ‘Chinese common knowledge’: Guilin as an exemplar

ABSTRACT

The pursuit of modernization in cities all over China has at one level resulted in the disappearance of much built heritage; yet at another level, millennia-old elements of urban traditions are as visibly present in contemporary cities as they were centuries ago. This visibility, however, is not always apparent to non-Chinese observers. To reach an understanding of this phenomenon, it is suggested that the normative ‘western’ approach to heritage with its focus on physical materialities, an orientation that explores in great detail the built fabric of monuments, buildings and sites and which embeds a definition of authenticity in how close to the original the current, existing manifestations are, needs to be put to one side. In Chinese history, the fundamental importance of incorporating cosmology into the entire being of towns and cities to ensure harmony between Heaven and Earth, as defined in the selection of their location in the landscape, cardinal orientation, spatial layout and the disposition of principal buildings – has been recorded in a template known as the ‘Zhou li’ or Rites of Zhou (circa 1035 BC). It was compiled by the Duke of Zhou, who is credited with transforming an abstract concept, the doctrine of the Mandate of Heaven (through which emperors ruled as ‘Sons of Heaven’ by divine right), into physical city planning and design. However, he was preceded by the ‘Three Sovereigns’ and ‘Five Sage Emperors’, including Huang-di (the Yellow Emperor, eulogized as ‘the Father of the Yellow Race’) who in Chinese historico-mythology received divine instructions that laid the basis for feng shui and Daoism and provided a context for the compilation of the Zhou li. While this template evolved over centuries, its four key tenets based around cosmology remained much the same and throughout imperial China it continued as the master guide for planning towns and cities. Despite attempts during the Cultural Revolution (1966–1976) to destroy the ‘Four Olds’ (Old Customs, Old Culture, Old Habits and Old Ideas), the essence of seeking harmony (integral to the belief system underpinning the Zhou li ) remains a predominant ideal in contemporary China, and some elements of the ancient template continue to be actively applied to the present day. Thus even though many Chinese cities may have ‘lost’ their built heritage as defined by western ‘authorities’ such as ICOMOS (International Council on Monuments and Sites, the technical body that advises United Nations Educational, Scientific and Cultural Organization on applications for World Heritage Site listing), their cosmological foundations remain and will often be as evident to Chinese observers today as when those cities were originally founded hundreds of years ago. The concept of ‘Chinese common knowledge’ is crucial to this comprehension. These varied historical and cultural traditions provide the setting to examine the origins of Guilin, a 2200-year-old city in Guangxi Province, which exhibits original aspects of its traditional heritage that are eminently visible in the twenty-first-century city to the Chinese gaze but are often out of sight from western observers who fail to recognize the Chinese tangibles and intangibles all around them.     

Fast, global, and entrepreneurial: supply chain management, Hong Kong style. An interview with Victor Fung. Interview by Joan Magretta

Li & Fung, Hong Kong's largest export trading company, has been an innovator in supply chain management--a topic of increasing importance to many senior executives. In this interview, chairman Victor Fung explains both the philosophy behind supply chain management and the specific practices that Li & Fung has developed to reduce costs and lead times, allowing its customers to buy "closer to the market." Li & Fung has been a pioneer in "dispersed manufacturing." It performs the higher-value-added tasks such as design and quality control in Hong Kong, and outsources the lower-value-added tasks to the best possible locations around the world. The result is something new: a truly global product. To produce a garment, for example, the company might purchase yarn from Korea that will be woven and dyed in Taiwan, then shipped to Thailand for final assembly, where it will be matched with zippers from a Japanese company. For every order, the goal is to customize the value chain to meet the customer's specific needs. To be run effectively, Victor Fung maintains, trading companies have to be small and entrepreneurial. He describes the organizational approaches that keep the company that way despite its growing size and geographic scope: its organization around small, customer-focused units; its incentives and compensation structure; and its use of venture capital as a vehicle for business development. As Asia's economic crisis continues, chairman Fung sees a new model of companies emerging--companies that are, like Li & Fung, narrowly focused and professionally managed.     

Large real exchange rate movements, firm dynamics, and productivity growth

Abstract.  This paper examines the influence of large real exchange rate movements on firm turnover and production scale, and the contribution of these decisions to productivity growth. Our theoretical model predicts that home currency appreciations cause firm closure and reduce surviving firms' exports while boosting domestic sales. The net effect on sales and productivity therefore depends on changes in domestic sales and exports. Taiwanese firm-level data are used to test these predictions. The results show that real currency appreciations lead to scale expansion of surviving firms which in turn raises productivity. Our findings suggest the existence of a significant scale effect.