A study of contract legal issues in Chinese carbon market

Clean Development Mechanism （CDM） has given birth to an international carbon trading market prosperity, which provides developing countries with valuable opportunities to address climate change issues together with economic development and environmental improvement to achieve the sustainable goal. China, as the biggest carbon market, has caught worldwide attention. However, most studies of CDM focus on economics and environmental science, few on its legal problems. Transaction activities are the essence of market mechanism. To protect the benefits of market participators and regulate the market orders, the Contract Law takes this important role along with development of market mechanism. Therefore, this paper only focuses on the carbon market in China, with the assessment of the risks in the CDM development first. The involved contracts will be identified and analyzed to point out the major contract legal issues in Chinese carbon market. In the meantime, this paper further discusses that measurements at both private level and governmental level should be taken to protect and realize the utility and equality of contract in the carbon market.     

A study of legal attributes of carbon emission rights in carbon trading

Clean Development Mechanism （CDM） has given birth to an international carbon trading market prosperity, which provides developing countries with valuable opportunity to address climate change issues right along with economic development and environmental improvement to achieve sustainable development. However, most studies of CDM focus on economics, and few on its legal problems. CDM involves too many aspects. And the clear legal attribute of trading object is the basis of progress of the transaction and also the start point of legal protection. Therefore, this paper in accordance with the inherent principle of property rights economics, and environmental economics in CDM, only discusses CDM carbon emission right legal interpretation and its attribution. The paper recommends that in order to ensure and promote the carbon emission right trading, carbon emission right should be attributed into the system of real rights to be regulated by Real Right Law. In this way, carbon emission right can gain exclusive power of possession and use, which can achieve a clear right definition of environmental goods in line with Coase＇s theory to protect Chinese profit in carbon trading market and promote the development of the carbon trading market further.     

Regulation Issues for the Internet Market

Regulation of Internet market attracts more and more scholars and governments＇ attention as the Internet＇s commercial potential is displayed worldwide. Key characteristics of Internet market prove there are also market failures in Internet market, so regulation is an avoidable issue for the Internet market. Policy approaches relating to competition, intellectual property, and information privacy are three key areas of regulation that the paper emphasizes. The paper also analyzes the current regulation practices carried by some developed countries and calls for countries to cooperate and coordinate thus build a legal and fair environment for the Internet market.     

Status and prospect of the Chinese trading scheme for carbon credits

Given the arduous progress in the international talk on climate change mitigation,there is still uncertainty in the continuation of the Clean Development Mechanism(CDM) after 2012.However,a number of countries have regarded market mechanisms as an important approach towards climate change.China’s 12 th Five-year Plan on National Economic and Social Development clearly states that China will set up and improve the system for statistical accounting of greenhouse gas emission and will gradually establish an emission trading scheme.It is expected that in the following couple of years China will develop its own policies on carbon trading and gradually establish its domestic emission trading market.The construction of China carbon market is to be promoted in a voluntary-to-mandatory and regional-to-national manner.China will firstly standardize and promote the trading of voluntary emission reductions,and will then encourage pilot provinces and cities as well as some key industries to implement a policy on emission allowance trading while at the same time facilitating the construction of infrastructural facilities for carbon market operation including climate change legislation and setting up a system for the measurement and verification of carbon emissions.China will also carry out international or bilateral cooperation with foreign carbon trading schemes based on the progress of international negotiation so as to set up a unified domestic carbon market that is linked to international carbon trading schemes.     

The Way of the Social and Economic Development of China An Attempt of Historical and Synthetic Representation

The issue of social and economic development is an important part of theoretical and empirical research of the contemporary economy. China is an example of an economy which in a short period of time achieved success within this scope. Therefore it seems to be justified to draw the reader＇s attention to the factors and determinants which may be regarded as the key ones for the economy of China, both in the period of 1949-1978, namely, in the period of real socialism, and in the period after 1978, so-called ＂socialist market economy＂ to date. On the basis of an analysis of Polish and foreign reference sources and source materials, the author tried to trace both similarities and differences in China＇s economic development over those two periods, first of all paying attention to the Chinese authorities＇ pragmatism of governing in the other period, accompanied by limiting ideological influences. Maintaining the socialist system, in that period China worked out its own, specific principles, and rules of internal activities and activities in the international arena, which enabled to it the creation of a model, especially for developing countries, the system of economic planning and programming, its constant modernization during the implementation of economic tasks, with the consideration given to changing conditionings in the world economy. It was pointed out that with maintaining the laboriousness of the Chinese and their loyalty to authority, they make up China＇s economic power. The aim of the article is to pay special attention to the circumstances, phenomena, conditionings, and factors which occurred on the way to the social and economic development of China, which enabled it to achieve the economic success in a relatively short period of time. This success can be expressed by such indicators as for instance the poverty rate, the unemployment rate, gross domestic product, the value of export, and the value of foreign direct investment as well as other factors.     

Market Transition and Income Inequality in Urban China： Evidence from Shapley Value Decomposition

China＇s market-oriented reform is expected to strengthen the role of the market in allocating resources, which raises concerns over the impact of market transformation on income distribution and earnings inequality in the past decades. This paper decomposes the sources of inequality based on the newly developed Shapley value approach and examines the contributions of the market, along with other nonmarket factors, to total inequality. Using the China Health and Nutrition Survey data over the period 1989-2009, we find that the income gap between laborers with a higher level of education and those with a lower level has widened since the transformational reforms of the economy. Our results suggest that the largest contribution of changes in income inequality can be attributed to the increase in returns to education, while the relative contributions of the household registration （hukou） system, type of sector ownership, geographic location, and gender to inequality experienced a downward trend between 1989 and 2009. The authors argue that rising income inequality is the consequence of efficiency improvements and an imperfect economic system, and that the market is a decisive force in economic development as it releases competitive signals and creates incentive mechanisms for innovation. Creating a more efficient labor market and increasing investment in human capital, particularly equalizing educational opportunities and improving the quality of education in lagging rural and inland regions to disadvantaged groups, are significant for an equitable distribution of income and sustainable development in the long run.     

Empirical Examination of the Effects of Competition and Regulation on Public Universities and Colleges＇ Performance in China

Competition and regulation are indispensable entities for a university＇s improved performance. Using university rating as an index to performance, empirical analyses with the data from 145 public universities and colleges in China show that increased competition in the education service market is associated with higher university＇s （college＇s） performance. And increased competition in R＆D may make a quadratic effect on university＇s （college＇s） performance. University＇s performance improves when a university is directed as a branch of the central government because they enjoy some degree of management flexibility more than the local government controlled ones. A major implication of the study is the need to reform competition and regulation for improving universities and colleges＇ operating performance in China.     

Which Type of Urbanization Better Matches China＇s Factor Endowment： A Comparison of Population-Intensive Old Puxi and Land-Capital-Intensive New Pudong

Based on a comparative study of New-Pudong （East Shanghai） and Old-Puxi （West Shanghai） in their respective ability to absorb rural migrants, the very essence of urbanization, this paper finds that, constrained by the current hukou （household registration） system and land tenure system, although New-Pudong has emerged as one of the most modernized urban areas in the world, it did so under an urbanization model that is government-dominant and characterized by high land-intensity and capital-intensity. This model represents a serious mismatch in terms of China＇s factor endowment that is characterized with a large but relatively poor rural population. In sharp contrast, guided by the market mechanism under private land ownership and free migration, Old-Puxi emerged as an urbanization model that was very adaptable to China＇s factor endowment and stage of development. Therefore, as a model of endogenous urbanization, Old-Puxi is more efficient and inclusive, at the same time more sustainable economically and environmentally, and for this reason more applicable to China at a time when China needs to urbanize most of its rural population urgently to avoid the further worsening of the rural/urban divide and income disparity.     

The Transition of Thoughts on Grain Control in the Qing Dynasty:A Survey of the Great Debate on the Ever-Normal Granary and Grain Prices in 1748

The ever-normal granary system was an official granary management system in ancient China.Throughout its existence,the system functioned as a major means of adjusting the price of grain and provided disaster relief.Few studies on the system touches upon the relationship between grain price fluctuation and the development of the grain market,or the ever-normal granary system and its related economic school of thoughts.Starting with the development of the grain market and the relationship between the price of grain and grain reserves,and through a systematic review of the debate on the ever-normal granary system and grain prices among high-level officials of the Qing government in the 13th year of Emperor Qianlong’s reign(1748),this paper analyzes the historical process and reasons for the change in thoughts on the ever-normal granary system and discusses the historical path of how economic phenomenon gave rise to the clash of economic thoughts that influenced the evolution of this economic institution.     

Mixed Market Competition in a Quality Differentiated Duopoly Model An Approach to Banking Sector

This paper attempts to develop a theoretical framework to investigate the competitive implications of quality choices of financial institutions whereby they charge prices to consumers based on their willingness to pay for the service qualities in the mixed market scenario under vertical product differentiation model. Initially, it analyzes benchmark equilibrium solutions of monopoly and duopoly to establish the degree of quality differentiation between two private banks in an uncover market configuration. Further, it estimates the quality differentiation between private and public banks, and examines the interaction between two market structures keeping public bank as both leader and follower, and then measures the social welfare from different prospectives. The explicit operation of two stages Nash equilibrium game forecasted that public banks＇ monopoly seems to be still better than a private banking, and it is socially optimal. The outcome demonstrates a significant importance of vertical quality differentiation for policy implication in banking industry and provides an insight on the reasons of particular co-existence of public and private banking services in the specified location. In this context, it is concluded that the presence of public banks in banking industries is a crucial condition for obtaining the higher range of social welfare.     

From Less or No Waste Manufacturing and Cleaner Production to Recycle Economy —— A Review on the Theoretical Research and Practice of Ecological Enterprises in China

Based on systematical research on the conception evolution of ecological enterprise, theoretical and practical development of constructing ecological enterprise, the paper makes conclusion that ecological enterprises are developing into a new stage in which governments are launching some pilot projects about constructing ecological enterprises. And after that, governments should make policies to spread construction of ecological enterprises, to construct ecological enterprises in legal system and conforming to the standard as soon as possibly. 5o that, the basic units of ecological economy that fit to the conditions of China will be set up.     

A model of deep ecotourism development and its empirical study

Ecotourism requires the harmony of all factors involved in tourism system for a multilateral benefit. Based on such cognition, a concept of deep ecotourism development is put forward which includes two connotations： on the one hand, it should give prominence to the display of the eco-culture of the tourist destination and tourists＇ eco-experience, in which way the development behavior on the tourist destination and the tourists＇ behavior will be regulated; on the other hand, it implies the deep harmony among tourist entrepreneurs and tourists, the local governments and the local residents, as well as tourist activities and the ecological environment in the tourism development for the multilateral benefit of every element involved and sustainable tourism development. The common sense is that the degrees in a certain tourism destination will differ and that consequently four levels of ecotourism are divided - very shallow ecotourism, shallow ecotourism, deep ecotourism and very deep ecotourism. To move shallow ecotourism toward deep one, two models of ＂four subjects and two wings＂ and ＂connecting the two wings＂ of deep ecotourism development system are introduced to make ecotourism industry favorable to the display of eco-culture and the sustainable development of the destination community. With the two models, a case study of ecotourism development in Louguantai National Forest Park was made as a demonstration. The ultimate purpose is to build an ideal new Shangri-La.     

A research of green taxation policy for promoting energy saving and emission reduction

It＇s been proved by theory and practice that taxation policy is one of the important means of realizing energy saving and emission reduction. The green taxation system in the Western countries has got better effects in energy saving and environmental protection. In the recent years, China has in succession released some taxation policies promoting energy saving and emission reduction, but still has a huge gap to meet the real needs of energy saving and emission reduction. By analyzing China＇s status quo of the polices of energy saving and emission reduction and drawing upon experiences of the developed countries about green taxation, this paper presents how to perfect ideas of China＇s energy saving and emission reduction taxation policies： adjusting taxes relevant to green taxation in the current taxation system, such as resource tax, consumer tax, and so on; collecting new environmental tax; perfecting the preferential taxation policies for the energy saving and environmental protection industries.     

The uniform enterprise income tax reform in China

In China, the income tax of enterprise is very different between foreign funded enterprises and other domestic enterprises. It is believed that this discrimination is harmful to the entire economy. So there is a reform in the tax system to build a uniform enterprise income tax. This is a significant reform in China＇s tax system, so every decision about this have to count the cost and the benefit carefully. The author has introduced the Computable General Equilibrium （CGE） to simulate this new tax system and value its benefit and cost. There are two different models in the paper; they are of different assumptions and for different purposes. Model I is a static CGE model and model II is a Ramsey Dynamic model. The static model is mainly used for comparative static approach to examine how the tax reform will change the endogenous variables. According to the results of the model, more goods will be produced by both of the DFEs and FIEs after the tax reform in the medium and low tax effective tax rate situations. If the nominal tax rates decrease 24.24% （from 33% to 25%）, the enterprise income tax will only reduce 19.36% and the total tax revenue will only reduce 1.911%. The dynamic model will concentrate on the costs and benefits during the transition. From the results of the model, a lower tax rate will increase the level of investment, capital stock, capital prices, wage rate and also the growth rates through transition. If the capital tax rates are changed gradually, the fluctuating of transition will be smoothed a little.     

中国非公有制林业制度创新框架

This article analyzes the form and the mechanism of non-public forestry＇s institution obstacles by classical economies, institution economics＇, legal economics and economic theories of modern forestry. Regarding the proprietary institution as the core, and cost-income as the main clewf-it defines the concept and eategory, of non-public forestry subsidy and compensation. And oecorrling to the relased control and efficiency principle of market econonf-this paper establishes a set of institution that accords with the development of non-public forestry, offers both theoretical supports and decision- making references to remove institution obstacles of nan-public forestry, and coordinates the policies of non-public forestry with those of the public-owned forestry.     

A critique of Porter＇s cost leadership and differentiation strategies

Porter identifies high market share with cost leadership, citing GM as a successful practitioner of this strategy. However, GM became a market share leader in the American automobile industry due to a strategy of market segmentation, differentiation and a broad scope shaped during the 1920s. Porter argues that cost leadership and differentiation offer an equally viable path to competitive success. Nevertheless, a differentiation strategy based on superior quality compared to competition is more profitable than cost leadership strategy. It can lead a business to become a market share leader, and consequently even a low-cost leader. Research indicates that differentiation and cost leadership can co-exist. However, Porter insists that each generic strategy requires a different culture and a totally different philosophy. The problem is that Porter＇s generic strategies are too broad. It is not his logic that is flawed, but his basic premise that prescribes cost leadership strategy as the only route to market share leadership, and presents a narrow view of differentiation with a unique product--sold at a premium price--on the one hand, and a ＂standard, or no-frills＂ product on the other. Mintzburg （1988） says Porter＇s cost leadership strategy should be called ＂price differentiation＂： a strategy that is based on a lower price than that of the competition. He suggests that business strategy has two dimensions： differentiation and scope. Thus, setting scope aside, competitive strategy has only one component： differentiation. So, the key question is not whether to differentiate, but how？ First, make customer-perceived quality as the foundation of competitive strategy because it is far more critical to long-term success than any other factor. Second, serve the middle class by competing in the mid-price segment, offering better quality than the competition at a somewhat higher price. It is this path that can lead to market share leadership--a strategy that can be both profitable--and sustainable.     

The impact of environmental regulations on international competitiveness of textile industry in China

A greater focus of environmental protection is directed toward environmental regulations in China. This paper focuses on environmental regulations and their impact on textile industry. The academic circle does not reach a consensus on the relationship between environmental regulations and international competitiveness. Some hold the view that environmental regulations lower international competitiveness while others think that environmental regulations improve both environment and economic performance. This paper aims to analyze the impact of the environmental regulations on the international competitiveness of textile industry in China. This study starts with theories relative to this subject; the second part, based on the impact mechanism of environmental regulations on competitiveness, analyzes the environmental impact on textile from the perspective of cost and market. The conceptual exploration comes to the conclusion that environmental regulations make a negative impact on the international competitiveness on the cost side and improve it by means of innovation and product differentiation on market side; the third part gives time series evidence to examine the impact. In this part the Pearson Correlation Analysis is conducted based on the data of China＇s textile industry of the period from 1991 to 2005. It turns out to prove that the negative environmental impact on cost side exceeds the positive environmental impact on market side, namely, environmental regulations deteriorate the international competitiveness in textile industry as a whole during the inspected period.     

Return to Endogenous Financial System via Corporate Bonds

After 35 years＇ reform and development, China has established an ＂exogenous＂ financial system. This type of financial system was created outside of real economy rather than derived from its inherent demand. To improve the role of market mechanism in allocation of financial resources, China＇s financial system must be reformed to be endogenous in real economy, which means, expanding the financial options available to enterprises and households so that they can compete with financial institutions such as commercial banks in financial market. Corporate bonds, with their advantages in matching the supply and demand of funds, can play important role in cultivate the endogenous financial system com- bined with real economy.     

Contracts in the payments for ecosystem services： the case of bioprospecting

We examine the economics of royalties in bioprospecting contracts between a pharmaceutical and genetic resource supplier （local）, with an eve to understanding the relative advantages of indexing royalty, payments to gross revenue or net revenue. We show a risk-averse firm facing only production or only cost risks will index royalties to net revenue. When facing both types of risk the choice of royalty type depends on the relative magnitudes of the production and cost risk. In each case, the risk-averse firm chooses the royalty-type that shifts as much risk as possible to the local. Wheat the local is risk neutral the pharmaceutical＇s and local＇s preferences are compatible.If the local is risk averse and there is only one type of risk, it will prefer a gross revenue royalty, and shift as much risk as possible to the firm： here the local and firm preferences are compatible only ifthe firm is risk-neutral. Lastly we show if the firm sets the terms of the contract and both agents are risk averse, the.firm will not likely volunteer to implement the socially optimal royalty arrangement as it prefers to shift as much risk to the loeal, who now also prefers a more certain return, This last outcome is at the heart of the benefit sharing discussionand suggests if risk sharing and equity are a concern in benefit sharing, then the choice of rcyalty type can be an important part of negotiations between pharmaceuticals and locals for the phytochemical from nature for new drug discovery.     

A model of techno-economic evaluation for eco-industrial park project

An eco-industrial park or estate is a community of manufactaring and service businesses located together on a common property. The goat of ElP is to create a win-win harmonious development aspect of ecooomic development and environmental protection. This paper emphasizes that the external .effect of an EIP is its main characteristic of technoeconomic evaluation for eco-industrial park project. From the view of the property, rights, the EIP＇s product is typicalty public-private. The government should take some inca.rares for the quantitative analysis on ecological positive externalities of the enterprises in EIP, and also should adopt Coase＇s Theorem, which supports that the market transaction is the best way to deal with positive externalities （external economics or diseconoraics）, or Pigou＇s Theorem, which holds that the government anti-positive externalities programs are the best way to cope with positive externalities, to internalize the EIP＇s external effects, which is also a fundamental tool to encourage investors to actively invest in EIP projects, Furthermore. this paper thinks that the EIP ＇s income should be equal to the income of staple products of the private property, and that of its by-products of the public property. According to this principle, this paper has put forward three major indicators, net present value （NPV）, internal rate of renan （IRR）, and investment repayment period （IRP）, which are also extensively used indicators in ardinary project techno-economic evaluation model to evaluate EIP technoeconomic effects. Theoretically, the indicatory not only can be used in EIP project evaluation, but also can provide a quantitative measure toot for the government to support EIP＇s construction to the maximum. In the end. a case is analyzed.