Systemic risk of Chinese financial institutions and asset price bubbles

Although there has not been a large-scale systemic crisis in China, high-risk financial events have occurred continuously in recent years. This research thus creatively analyzes the determinants of systemic risk for Chinese financial institutions from the view of asset price bubbles. First, we identify bubbles in the China stock and real estate markets on the basis of the generalized sup Augmented Dickey-Fuller (GSADF) model and explain the reasons for bubble formations according to the stage of China's economic development and policies implementation. At this stage, considering the differences in economic development levels of different cities, the real estate bubbles in the first, second and third tier cities and the whole country were innovatively identified. Second, on the basis of the DCG-GARCH-CoVaR model to measure the systemic risk of listed financial institutions in China and to classify institutions, the results show that the main source of such risk is the banking sector. Furthermore, by constructing regression models, stock market bubbles and real estate bubbles both positively correlate with systemic risk throughout the sample period. Meanwhile, the impact of bubbles on the systemic risk of different types of financial institutions was taken into account so that regulators prioritized different types of institutions with different characteristics when faced with decisions. Finally, we provide macro-prudential policy advice to regulators in order to weaken the impact of bubbles on financial stability to avoid systemic crises.     

国土空间规划背景下市县生态保护重要性 评价实践探索——以武汉市江夏区为例

开展生态保护重要性评价，从空间上明确生态保 护的重要区域是生态保护政策落实的关键。“双评价”指南 中的生态保护重要性评价主要针对省级尺度，缺乏市县尺度 的修正和细化方法。以武汉市江夏区为例，探索了国土空间 规划背景下市县生态保护重要性评价方法：基于江夏区地域 特征，选择水土保持、水源涵养、生物多样性维护、水土流 失敏感性和内涝风险构建评价指标体系；从“物种”维度优 化生物多样性维护评价方法并利用InfoWorks ICM水动力 模型探索内涝风险评价方法；综合单项评价结果得到初判结 果；结合政策性生态保护线、自然保护地和重要自然要素修 正初判结果。结果表明：江夏区生态保护极重要、重要空 间面积分别为565和220km2 ，占区域总面积的34.2%和 13.3%。     

湖南省洞庭湖生态经济区生态保护与修复重点区域的识别研究

提高湖南省洞庭湖生态经济区的生态系统环境承载力，对于维护生态安全具有重要意义。选用空间形态学方法（MSPA）、生态系统服务重要性评价和电路理论模型，判别生态保护修复重点区域。研究表明：生态保护重点区域共识别生态源地17742.35km2，廊道121条，长579.73km；生态修复重点区域共识别夹点42个，障碍点29个，生态系统服务功能低值区面积4044.46km2；基于生态保护修复重点区域的生态现状，制定针对性生态保护修复策略，为研究区开展生态保护修复工作提供理论依据。