Universal Industry

Logistics Sub-Council of CCPIT（China Council for the Promotion of International Trade）,established in January 5,2006,is the logistics sector branch of CCPIT,under the administration of CFLP （China Federation of Logistics ＆ Purchasing）and the operation guidance＇of CFLP and CCPIT.     

Links--Voice from foreign companies

Since the severe earthquake in Sichuan Province in China,many foreign companies took the part of relief work, Such as expressing their Condolence,donating the money and the materials.Some are as below：     

China＇s Central Bank Governor Warns Against Excessive Price, Investment Rises After Quake

China announced on May 28 it would start an anti-dumping investigation against imported cyclic dimethyl siloxane from the Republic of Korea （ROK） and Thailand.     

Zhe jiang Alephan Group Co.,LTD

Established in 1992,Zhejiang Alephan Group Co.,LTD is located in the world famous tourism city-Hangzhou,China,is a large-scale group company,consists of garments and textile manufacture and import ＆ export,restaurant,entertainment,tourism enterprises,arts crafts, agricultural products processing,biologic and ecological R＆D etc.     

Aviation

China Council for the Promotion of International Trade Aerospace Sub-council,established in 1994, is the sub-council of CCPIT in aerospace industry, and operates under the direct leadership and management of China Aerospace Science ＆ Industry Corp .     

WTO Analysis：What＇s in World Trade 2007？

World trade growth slid to 5.5 percent last year from 8.5 percent in 2006 and may grow even more slowly in 2008-at about 4.5 percent-as sharp economic deceleration in key developed countries is only partly offset by continuing strong growth in emerging economies,according to World Trade Organization economists.     

Import Tax Cuts to Relieve Pressure on Price Rises

The Iran-Europe Commercial Bank started its work in lran on May 29, the first of six foreign banks which are allowed to open in Iran.     

Chongqing Sino-Australia Waterproof Material Co,Ltd

China West International Holdings Limited is an Australian listed company.It specialized in industrial investments in construction materials,energy development,infrastructure,etc.At present, China West International Holdings Limited wholly controls Yuan Construction and sale of common ＇,Portland .cement, limestone mining, etc.,, also controls advanced technology companies. Wholly owns Chongqing Sino- Australia Waterproof Material Co., Ltd.     

Suffering China,Moving China

＂Why are my eyes filled with tears？ Because I love this land so much...＂is from a poem written by Ai Qing,a famous poet in 1930s＇ China.Whenever I read the news about the May 12 earthquake,I can＇t help thinking of these words.From May 12 to now,three weeks have past,but the impact felt by China and her people is far greater than the time that has passed.     

LETTERS

Dear editor, I am a Chinese teacher for foreigners.In my class,mainly teach those foreign students the Chinese language,but some of my students want to do trade business after studying,so i often recommend them some articles from the CHINA＇S FOREIGN TRADE to read. These articles are very helpful for them to know more about China＇s new policy and affairs in economy and trade,compensating for our teaching＇s insufficient aspect.     

When Facing Natural Disasters

China fast experienced a strong earthquake in 1976 in Tang Shan,Hebei Province.At the beginning of this year,severe snow storms struck more than half of China.What impact have these natural disasters left on China,especially the latest earthquake in Sichuan？ Let＇s do a comparison.     

Circular of the State Adminstration of Taxation on How to Deal with Related Issues after Cancellation of Several Previous Tax Preferential Policies on Foreign-invested Enterprises and Foreign Enterprises

Offices of the State Administration of Taxation of all provinces,autonomous regions,municipalities directly under the Central Government and cities specifically designated in the state plan,Local Taxation Bureau of Guangdong Province,Local Taxation Bureau of Hainan Province and Shenzhen Local Taxation Bureau,     

Chinese Cultural Week Opens in Spain

China＇s ambassador to Argentina and the president of the University of Buenos Aires signed an agreement here on May 21 to open the first Confucius Institute in Argentina.     

The Number to Be Rememcered

At the press time,it has been 13 days since the May-12 Wenchuan Earthquake,the hardest time for the whole nation.Ten thousands of people died,hundreds of thousands of houses collapsed to pieces,and millions of national fellows grieved,cried to river of tears.May the dead be peaceful in the heaven,and may the survived be strong on the rebuilt land.
Some memorable numbers are collected as follows.Let them live vivid in our memory.Let them switch into the power to urge us ahead.     

浅析无线传感器网络的改进DV-Hop定位算法

节点定位技术在无线传感器网络中广为应用，为了精准定位，可按照距离参数分成测距算法和无需测距算法两大类。本文针对DV-Hop算法在坐标计算阶段中的不足，尤其对节点随机分布、网络拓扑动态变化的应用环境，提出相应改进方案。通过仿真比较改进方案的性能。     

燕京白碑传递新鲜的滋味

说起啤酒,大家并不陌生、是人们的夏季饮料,追溯历史、啤酒是人类最古老的酒精饮料,也是水和茶之后,世界上消耗量排名第三的饮品、受到全世界人们的喜爱。     

A NOTE ON THE DAI–SINGLETON CANONICAL REPRESENTATION OF AFFINE TERM STRUCTURE MODELS*

Dai and Singleton (2000) study a class of term structure models for interest rates that specify the short rate as an affine combination of the components of an N‐dimensional affine diffusion process. Observable quantities in such models are invariant under regular affine transformations of the underlying diffusion process. In their canonical form, the models in Dai and Singleton (2000) are based on diffusion processes with diagonal diffusion matrices. This motivates the following question: Can the diffusion matrix of an affine diffusion process always be diagonalized by means of a regular affine transformation? We show that if the state space of the diffusion is of the form for integers satisfying or , there exists a regular affine transformation of D onto itself that diagonalizes the diffusion matrix. So in this case, the Dai–Singleton canonical representation is exhaustive. On the other hand, we provide examples of affine diffusion processes with state space whose diffusion matrices cannot be diagonalized through regular affine transformation. This shows that for ), the assumption of diagonal diffusion matrices may impose unnecessary restrictions and result in an avoidable loss of generality.     

Small‐time,large‐time,and asymptotics for the Rough Heston model

We characterize the behavior of the Rough Heston model introduced by Jaisson and Rosenbaum (2016, Ann. Appl. Probab., 26, 2860–2882) in the small‐time, large‐time, and (i.e., ) limits. We show that the short‐maturity smile scales in qualitatively the same way as a general rough stochastic volatility model , and the rate function is equal to the Fenchel–Legendre transform of a simple transformation of the solution to the same Volterra integral equation (VIE) that appears in El Euch and Rosenbaum (2019, Math. Financ., 29, 3–38), but with the drift and mean reversion terms removed. The solution to this VIE satisfies a space–time scaling property which means we only need to solve this equation for the moment values of and so the rate function can be efficiently computed using an Adams scheme or a power series, and we compute a power series in the log‐moneyness variable for the asymptotic implied volatility which yields tractable expressions for the implied vol skew and convexity which is useful for calibration purposes. We later derive a formal saddle point approximation for call options in the Forde and Zhang (2017) large deviations regime which goes to higher order than previous works for rough models. Our higher‐order expansion captures the effect of both drift terms, and at leading order is of qualitatively the same form as the higher‐order expansion for a general model which appears in Friz et al. (2018, Math. Financ., 28, 962–988). The limiting asymptotic smile in the large‐maturity regime is obtained via a stability analysis of the fixed points of the VIE, and is the same as for the standard Heston model in Forde and Jacquier (2011, Finance Stoch., 15, 755–780). Finally, using Lévy's convergence theorem, we show that the log stock price tends weakly to a nonsymmetric random variable as (i.e., ) whose moment generating function (MGF) is also the solution to the Rough Heston VIE with , and we show that tends weakly to a nonsymmetric random variable as , which leads to a nonflat nonsymmetric asymptotic smile in the Edgeworth regime, where the log‐moneyness as , and we compute this asymptotic smile numerically. We also show that the third moment of the log stock price tends to a finite constant as (in contrast to the Rough Bergomi model discussed in Forde et al. (2020, Preprint) where the skew flattens or blows up) and the process converges on pathspace to a random tempered distribution which has the same law as the hyper‐rough Heston model, discussed in Jusselin and Rosenbaum (2020, Math. Finance, 30, 1309–1336) and Abi Jaber (2019, Ann. Appl. Probab., 29, 3155–3200).     

An Empirical Study of Factors Influencing E-Commerce Adoption/Non-Adoption in Slovakian SMEs

While the global emergence of e-commerce has led businesses to take advantage of the technologies available to them to enhance their use of e-commerce, small and medium-sized enterprises (SMEs) are known for not adopting information technology to create jobs. Due to the dearth of studies of SME adoption of technology in transitioning European countries such as Slovakia, (Saffu, Walker, and Mazurek 2012 Saffu, K., J. H. Walker, and M. Mazurek. 2012. Perceived strategic value and e-commerce adoption among SMEs in Slovakia. Journal of Internet Commerce 11 (1):1–23. doi:10.1080/15332861.2012.650986.[Taylor &; Francis Online] , [Google Scholar]), it is imperative to understand the factors that differentiate SME e-commerce adopters from non-adopters. Adoption and non-adoption factors of 230 Slovakian SMEs were empirically examined using logistic regression. Compatibility and Organizational Readiness, Decision and Operational Aids, and External Pressure were significant for discerning e-commerce adoption. Practical, policy, and research implications are presented. This study goes beyond the determinants of e-commerce adoption and contributes to the understanding of factors that distinguish between adopters and non-adopters of e-commerce for Slovakian SMEs.