Secret in Exchange Rate ＆ Foreign Trade？

China＇s import and export growth in November has dropped drastically. Year-on-year export growth rate dropped from 19.2 percent to -2.2percent and the year-on-year import growth rate dropped from 15.6 percent to -17.9 percent. The trade surplus amounted to 40.09 billion U.S. dollars. This is the first time in China＇s exports monthly negative growth dating back to June 2001 （see Chart 1 ）.     

China＇s textile industry output rises 10%

According to customs statistics, in 2009, China＇s textile and apparel exports amounted to US$171.332 billion, down 9.65 percent year on year, the industry＇s exports hovered at a low level of about 11 percent in the first 10 months, export decline narrowed 1.56 percentage points in November, but the recovery rate was slow. Export decline mainly concentrated in small enterprises.     

Im/Ex in June, 2010： Exports Hit Record High

On July 10, 2010, General Administration of Customs of the People＇s Republic of China （GAC） released the profile of China foreign trade import and export in June and the first six months of this year. China＇s trade surplus fell by 42.5 percent in the first six months this year from a year earlier to US$55.3 billion. In the first half of 2010, exports rose 35.2 percent to US$705.09 billion while imports were up 52.7 percent to US$649.79 billion,     

Jia Xinguang： Structural Adjustment Urged to Curb Auto Overproduction：Interview with Jia Xinguang, Auto Expert of China National Radio

Since its WTO Accession in 2001, China＇s national auto industry has made remarkable progress, especially in terms of export. However, some problems still exist. Importantly, the issues of overproduction and chaotic market competition need to be addressed.     

China＇s import ＆ Export： 17.8%↑ in 2008

According to preliminarily statistics of Customs, China＇s total import and export in January through December in 2008 amounted to US$2561.63 billion, up by 17.8 percent on a year-on-year basis. Of which export was US$1428.55 billion and import US$1133.09 billion, up by 17.2 percent and 18.5 percent respectively. In December, total import and export in the nation reached US$183.33 billion, down by 11.1 percent. Of which export was US$111.16 billion and import US$72.18 billion, down by 2.8 percent and 21.3 percent respectively.     

China＇s Auto Exports： Gloomy Performance in Russia

In recent years, Russia has increasingly become a hot new destination for the fast-growing Chinese auto export. Relating data shows that, from 2006 to 2008, Russia has .consecutively remained China＇s biggest auto export country in terms of export value.     

英文摘要

The first Chinese duty- free zone was established 20 years ago, and the first export processing zone has now been operating for 10 years. As icons of special customs supervision zones in China, duty-free zones and export processing zones have contributed a lot to China＇s foreign trade. In 2009, the aggregate value of foreign trade in Chinese special customs supervision zones rose to USD 279.43billion, accounting for 12.66 percent of the country＇s annual foreign trade. These special zones brought about a trade surplus of USD 8.75 billion and created 1.21 million new job opportunities in that year.     

Im/Ex in May,2010：Exports Continued Recovery in May

On June 10, 2010, General Administration of Customs of the People＇s China （GAC） Republic of released the profile of China foreign trade import and export in May and the first five months of this year. China returned to a trade surplus in April on strong exports growth after posting its first monthly deficit in almost six years in March, and Chinas exports surged by 48.5 percent year on year in May, while the imports climbed 48.3 percent, the General Administration of Customs （GAC） announced.     

PC Market,Brighter in 2010？

Sharp reduction
Many Chinese PC producers＇ revenue has decreased greatly due to the influence of the crisis. Sales and profits witnessed a dramatically decrease in China＇s PC market. Lenovo, China＇s largest PC manufacturer, grew 17 percent in PC sales in the second quarter of 2008 in Greater China, declined by 8 percent from its first quarter, and the market share fell to 27.9 percent from 28.8 percent. Worse situation came across to other major PC producers. Founder, the second largest PC producer in China, decreased 11.36 percent year on year in PC sales volume. Similar decline happened to other peers in no exception.     

China''''s Auto Exports Soar: Independent Brands Get Heated in the Overseas Market

In recent years,Chinese independent auto manufacturers have demonstrated their strong competitive ability in overseas markets, and attracted people's attention as the export market has heated up. According to the most recent figures, Chinese auto exports have increased continuously over the last three years, especially in 2006 as the export numer rose to 343,500 increasing by 97.2 percent when compared with the same period last year, and the export value was 3.1 billion US dollars, an increase of 97.8 percent, over the previous year.     

我国有利于穷人的经济增长问题研究

本文以“贫困增长曲线”为理论基础,实证分析了1978-2006年来我国的经济增长是否是有利于穷人的经济增长。研充结果表明：1978-2006年间,无论对于城镇地区还是农村地区,经济增长都不是有利于穷人的经济增长;只有1978-1985年间对于城镇地区而言,经济增长才是有利于穷人的。之所以会出现这样的结果,主要原因是在经济增长的同时,我国收入分配不平等的程度不断加深,从而部分抵消了经济增长的减贫效果,使得穷人从经济增长中的获益少于非穷人。     

Asset specificity and behavioral uncertainty as moderators of the sales growth — Employment growth relationship in emerging ventures

Sales growth and employment growth are the two most widely used growth indicators for new ventures; yet, sales growth and employment growth are not interchangeable measures of new venture growth. Rather, they are related, but somewhat independent constructs that respond differently to a variety of criteria. Most of the literature treats this as a methodological technicality. However, sales growth with or without accompanying employment growth has very different implications for managers and policy makers. A better understanding of what drives these different growth metrics has the potential to lead to better decision making. To improve that understanding we apply transaction cost economics reasoning to predict when sales growth will be or will not be accompanied by employment growth. Our results indicate that our predictions are borne out consistently in resource-constrained contexts but not in resource-munificent contexts.     

Explaining the Uneven Economic Performance of the EU Cohesion Countries: An Export-Led Growth Approach

This article explains the differences in growth rates between the cohesion countries of the EU: Ireland, Spain, Portugal and Greece. Employing a decomposition growth approach, it is found that the main driver of growth differences lies in productivity. The remarkably higher Irish growth rates in the 1990s are sourced to greater productivity growth resulting from higher investment in human capital and technology. The export-led growth approach reasonably predicts the growth rates and the prediction is more precise when differences in productivity growth are controlled for. Higher economic growth is explained by the higher income elasticity of exports relative to imports.     

The macroeconomics of commercial policy and the trade balance: A policy perspective

Given the continuing growth of foreign direct investment (FDI) in the United States, there is a growing interest in examining its impact on the rate of economic growth. The immense literature on economic growth in the United States is composed of studies that concentrate on measuring the domestic variables that affect U.S. economic growth. However, the impact of foreign direct investment on the economic growth of the United States has not received the attention that is deserves. The purpose of this study is: (1) to examine the determinants of economic growth in the United States over time, and (2) to see if there is any time-series support for the FDI-led growth hypothesis in the United States. To achieve these goals the study uses a model that is based on the postulates of de Mello. Employing a 40-year period of annual data, the model is estimated by using the Beach Mackinnon technique which corrects for autocorrelation. The estimation results suggest the following conclusions: 1. The major determinants of economic growth in the United States are total factor productivity growth, domestic investment growth, and foreign direct investment growth. 2. Causal relationships between foreign direct investment growth and economic growth is uni-directional, running from foreign direct investment to economic growth. 3. Causal relationships between foreign direct investment growth and total factor productivity growth is uni-directional, running from foreign direct investment to total factor productivity. These findings suggest that foreign direct investment growth has a significant impact on the United States economic growth. Additionally, foreign direct investment has a significant impact on total factor productivity in the United States, further contributing to the United States’ economic growth. This calls on the U.S. policy makers to devise policies that are conducive to increasing the amount of foreign direct investment in this country.     

内生经济增长理论与财政政策的一般性研究

内生增长理论是现代经济增长理论中的一个核心内容。从长期经济增长所依赖的路径来看,人力资本和技术进步作为经济增长的内生因素,可以弥补因其他要素收益递减而带来经济增长停滞这一局面。如果经济增长率是由内生因素决定的,那么财政政策对经济增长的影响将再次成为人们关注的焦点。在国家财政政策干预下,以内生增长为动力,逐步形成有利于经济增长的物质资本投资向人力资本和技术进步等方面投资的转换机制。     

On the Autocorrelation of Growth Rates

This paper studies the serial autocorrelation of annual growth rates in employment for selected Austrian service industries over a 30-year period using quantile regression techniques. The autocorrelation of growth rates provides important information on firms growth processes. We find that the growth patterns of micro firms are strikingly different from the growth patterns of small, medium-sized and larger firms. First, we do find a positive dependency of growth on size for growing micro firms, while this relationship is negative for the other size groups. Second, growing micro firms are subject to negative autocorrelation of annual growth rates making sustained growth a very rate occurrence, while larger growing firms usually display a positive autocorrelation suggesting that high growth episodes of larger firms stretch over a longer time horizon. This indicates that the growth of micro firms in particular is characterized by a rather lumpy growth profile. Furthermore, we find that the autocorrelation patterns are asymmetric with regard to decline and growth.     

Growth Intentions and Board Composition in High‐Growth Firms

This paper examines the influence of board composition on growth intentions of high‐growth firms. We hypothesize that gender diversity and a high proportion of independent directors on the board will reduce a firm's growth intentions, whereas founder duality will increase a firm's growth intentions. Using survey data from 773 high‐growth Norwegian firms, we find that gender diversity has a negative effect on growth intentions. A high proportion of independent directors do not facilitate further growth in high‐growth firms. Furthermore, our results indicate that the founder's presence in the decision‐making group increases a firm's growth intentions.     

Innovative Behavior as a Moderator of Growth Intentions

Although several studies suggest that both growth intentions and innovative behavior have positive effects on firm growth, little is known about how innovative behavior interacts with the intentions and the growth. This study examines its role in this relationship. Longitudinal data composed of 232 observations show that the innovative behavior itself has a positive effect on firm growth. However, innovative behavior negatively moderates the effect of growth intentions on growth. Of the analyzed dimensions of such behavior, the launching of new products and services, in particular, impedes the chances of realizing the growth intentions. In conclusion, the identified moderating effect of innovative behavior gives a new insight into existing knowledge on the effect of growth intentions on firm growth.     

Are the Direct and Indirect Growth Effects of Remittances Significant?

Development economists believe that migrant workers’ remittances are an important source of funds for long‐run growth. Therefore, recent studies have investigated the growth effects of remittances but reached different conclusions. In these studies, the rate of growth of output is simply regressed on both remittances and the channels through which remittances affect growth. Thus, no distinction has been made between the indirect and direct growth effects of remittances. Such regressions may give unreliable estimates because the channels may also capture some growth effects of remittances, making the growth effects of remittances insignificant. In this study, we make a distinction between the indirect and direct growth effects of remittances. Our model is estimated with panel data of 40 high remittance recipient countries with the system generalized method of moment. We found that remittances have no direct growth effects but they have small indirect growth effects.     

Non-linear relationships between growth opportunities and debt: Evidence from quoted Portuguese companies

This paper analyses the relationship between growth opportunities and debt of quoted Portuguese companies using various panel estimators. The results show a cubic relationship between growth opportunities and debt. When companies' growth opportunities are low and high, the relationship between growth opportunities and debt is positive. For intermediate levels of growth opportunities, the results show the existence of a negative relationship between growth opportunities and debt. These results suggest that the relationship between companies' growth opportunities and debt is influenced by complex aspects in companies' capital structure decisions. The empirical results suggest that creditors recognize high growth opportunities when such opportunities exist, and debt is a way to discipline managers' actions in the presence of low investment opportunities. For intermediate levels of growth opportunities, the subinvestment problems seem to be relevant in explaining the relationship between growth opportunities and debt.