Improving Financial Services of China＇s Central Bank

On August 29,Deputy Governor of People＇s Bank of China,Mr. Su Ning,held a press conference at State Council Information Office,and answered questions from media.The press conference mainly focused on the progress the central bank has made in improving financial services,which raised a lot of concern from public.At the conference, Mr.Su Ning fully illustrated that China has achieved great progress in the recent years, and would perform better in future.[第一段]     

Study on the China＇s Countermeasure against Foreign Anti-dumping

根据WTO数据统计,中国已经连续17年成为遭遇反倾销调查最多的国家,提起反倾销的国家也从主要的发达国家扩散到发展中国家,案件涉及的产品种类也在不断增加,中国面临的反倾销形势变得异常严峻。这其中,既有全球经济增速缓慢等外部原因,也有国内企业无序竞争等内部原因。政府、行业、企业必须联合起来,各尽其能,共同应对国外反倾销。     

Bank Credit, Currency Channel and Asset Price： Choice of Monetary Policy Intermediary Tools

在全球经济复苏脚步放慢、国内经济环境日趋复杂的形势下,分析我国宏观经济的驱动因素、判别宏观经济变量之间内在联系的重要性凸显。本文基于我国2001年1月-2011年12月的宏观经济金融月度数据,通过构建向量自回归模型,从内生影响的信贷投放、货币供应、资产价格等角度出发,利用脉冲响应函数和方差分解方法研究我国经济增长和物价水平的影响因素及各变量对经济增长和物价水平的贡献程度。实证结果表明,信贷渠道、货币渠道、资产价格渠道对经济增长和物价水平都会产生影响,但资产价格对我国宏观经济的影响越来越重要,当局可以考虑未来把资产价格作为货币政策的中介工具,合理调控资产价格,降低通货膨胀预期,促进我国经济平稳健康向前发展。     

银行理财产品对货币政策的影响及对策

近年来,银行理财产品发展迅速,对货币政策的影响日益明显。要建立健全银行理财产品统计信息制度,完善货币政策工具,改变货币政策中介目标。     

Can Ecological Product Win Consumers in China？ A Study on the Effect of Product Attributes and Consumers＇ Face Consciousness on Ecological Product Preference

This research explores what product attributes consumers value and how consumer face consciousness influences ecological product preference. Study I shows that environmental attribute enhances product preference to a greater extent when consumers value gentleness-related attributes more than strength-related attributes. However, when the strength-related attributes are valued, the benefit of environmental attribute is attenuated, and sometimes even leads to greater preference for non-ecological products. Study lI reveals that Chinese consumers with high face consciousness show a significant difference between explicit and implicit preferences for ecological products. In other words, these consumers believe in only their own preference for ecological products. In contrast, Chinese consumers with low face consciousness show no difference between explicit and implicit preferences, i.e., they believe that other people prefer ecological products as much as they do.     

Product Characteristics and the Effectiveness of Dow’s Countermeasure for Predatory Pricing

Predatory pricing theoretically occurs when a firm cuts its price below cost with the intention of driving competitors out of the market so that the predatory firm can then act as a monopolist. Herbert H. Dow, founder of the Dow Chemical Company, saw his company face such a predator, the German Bromkonvention, in the American market for bromine in the early 20^th century. Dow responded with an ingenious gambit – he secretly purchased the low cost German bromine and then repackaged and resold it on the European market at a profit. This case has been offered as evidence that predatory pricing is unlikely to exist in the real world, since the prey can simply do what Dow did. This paper explores the product and market attributes that must be present in order for the Dow Gambit, or variations of it, to be used as a successful countermeasure for predatory pricing. We examine product and market attributes in 15 other well-known cases of predatory pricing to gain some empirical insight. In only two of these were the product and market characteristics as favorable for the prey to employ the Dow Gambit as they were toward Dow himself. We conclude that the Dow Gambit can only be employed in a narrow set of circumstances     

The Olympics＇ Impacts on China＇s Foreign Trade

The Beijing Olympics will have a lasting effect on China, especially on its politics and diplo macy, but the Olympics will only have limited and indirect influence on its foreign trade in my view.     

The Export-Import Bank of China：A Bridge Linking China and the World

The Bank currently is rated by Moody＇s Investors Service and Standard ＆ Poor＇s. The ratings on the Bank are the same as those assigned to the People＇s Republic of China.     

Strong Renminbi Policy ＆ the Coming of Age of China＇s Outward FDI

This, we believe, will be the year of Beijing＇s strong renminbi policy. Despite concerns about exports, we believe Beijing will keep the CNY pegged against a strong dollar. Combined with cheaper commodity prices and the pressing need of many overseas commodity firms to deleverage, this will create the perfect opportunity for China＇s firms to significantly ramp up their outward foreign direct investment （FDI）. China＇s outward FDI flows are focussed on three sectors： energy, raw materials, and agricultural land. The beginning of 2009 has seen a flurry of deals in which Chinese investors have secured ownership or long-term supply contracts to such things.     

China＇s Economy on the Track of high-Speed Development

In 2003, the tax revenues of China had topped the high point of RMB2,000 billion for the first time, which has increased by RMB300 billion compared with that of the year before.After going through SARS and serious natural disasters, China has made such an outstanding achievements, which indicates that Chinese economy has already entered into the track of high-speed coordinated development.     

The Foreign Trade Law of the People＇s Republic of China

Chapter Ⅰ General Principles
Article 1 This Law is formulated in order to broaden the opening to the outside world,develop the Foreign Trade, maintain the Foreign Trade order,protect the legitimate rights and interests of Foreign Trade Operators,and promote a healthy development of the socialist market economy.     

World Bank： The Value of China＇s Economy Has Surpassed That of the U.K.

According to the survey by World Bank, China has become the fourth largest economy in the world. According to the two countries＇ economic aggregate data released by China and the U. K., the value of china＇s economy has surpassed that of the U. K.     

The Effect of Board Characteristics on a Firm＇s Strategic Change

The purpose of this study is to identify the relationship between the characteristics of the board of directors and strategic change of a firm in the Chinese context. In this study, strategic change is defined as strategic deviation relative to industry norms and strategic variation relative to historical experiences. The size, independence and leadership structure of the board of directors are defined as the board characteristics. We then propose hypotheses on the effects of board characteristics on a firm＇s strategic change. This study takes strategic resource allocation profile as measure to calculate strategic deviation and strategic variation, and then empirically tests and verifies the hypotheses using data from Chinese publicly listed companies in the information technology industry from the year 2006 to 2010. We find that the size, independence and leadership structure of the board of directors significantly affect both strategic deviation and strategic variation. Therefore, we conclude that board characteristic affects a firm＇s strategic change. The conclusion of the study indicates that moderate reductions in the size of the board, increasing the proportion of independent directors and separating the roles of chairman and chief executive officer can facilitate promoting the process of strategic change for a firm in a dynamic environment. Through this study we re-examine the role and significance of the board of directors in strategic decision-making for a firm, and provide useful suggestions on how to form a board that can meet the needs for strategic change for a firm in a dynamic business environment.     

The Effect of China＇s Individual Income Tax on Income Distribution： Based on Different Perspectives and Data from Different Sources

本文以税前后收入份额差距、平均税率作为指标,分别从纳税人与收入的角度对2000—2009年间我国个人所得税的再分配效应与累进性进行了考察。基于公开统计数据的计算表明：就纳税人角度而言,个人所得税在收入分配方面发挥了明显的正效应,而且还呈现出不断加强的累进性。基于学者王小鲁测算的数据所进行的计算则表明：个人所得税的再分配效应与累进性相对较弱,且从收入角度来看,个人所得税反而表现出累退性。有关结论的差异提示,改善征管与统计状况是转向分类综合模式个税,加强个税再分配功能的必要条件。     

Review on China＇s Textile and Apparel Trade of 2007

1. Trends and Features of China＇s International Trade in Textile and Apparel in 2007.
The year 2007 has seen the total value of export and import of Chinese textile and apparel at US$190.0 billion, up 17.1%, accounting for 8.7% of the country＇s total trade of goods. Respectively, export and import stood at US$171.3 billion and US$18.6 billion, up 18.8% and 3.0%, accounting for 14.1% and 2.0% of the country＇s total export and import of goods. （Table 1）     

The Influence and Driving Factors of Foreign Trade on China＇s CO2 Emission

本文采用多边投入产出模型的贸易数据计算1997—2008年贸易内涵CO2量,结果显示,对外贸易不利于我国CO。减排量（BEET）目标的实现,但有利于降低我国的碳排放强度（PTT）。本文同时利用Divisia指数分解模型对上述结果进行了解释。各部门BEET的分解结果显示,规模效应是造成我国净内涵CO2增加的重要原因,而技术效应有利于我国环境质量（CO2减排量）的提高,但结构效应的作用并不明显。对各部门的PTT做Divisia指数分解结果表明,技术效应有利于降低我国污染强度,结构效应的影响并不统一,可以通过结构效应和技术效应的“交叉”作用,降低CO2排放强度。     

China’s Financial Transformation in the Context of Slowdown and Deleverage

China stands in a critical inflexion point, because its credit-fuel investment model has become obsolete. China’s current slowdown has revealed that its original growth drivers have been exhausted, whereas its debt accumulation has reached unsustainable highs. Hence, China is in urgent need of implementing an efficient deleveraging process at a time when slowdown and demographic pressure make such a process difficult. There is a danger that slowdown, deflation, and deleveraging will bounce negatively into each other. The deflationary tendencies, if uncontrolled, will propel China into a liquidity trap and threaten to draw the economic system to a halt.     

Regulations on Foreign Exchange System of the People＇s Republic of China

Issued in the Decree No.193 of the State Council on January 29i 1996, amended in accordance with the Decision of the State Council to Revise the Regulations on Foreign Exchange System of the People s Republic of China on January 14 1997 and revised and passed in the 20th execut ve meeting of the State Council on August 1, 2008.