Emerging Impact of Chinese Commodity Futures Market on Domestic and Global Economy

In this paper we construct a set of indices that capture the special features of the Chinese commodity futures market for the period from January 2000 to December 2011 to analyze the general properties of China＇s commodity futures market. Using these indices we investigate the risk premiums of Chinese commodity futures and verify that the commodity futures can act as an effective diversification tool for Chinese asset management. It is found that the commodity futures can hedge both expected and unexpected inflation in China, and agricultural commodity futures are found to signal inflation 2 months beforehand. Finally, we explore the relationship between Chinese and US commodity futures markets in the years 2000 and 2010, and find that their interactions strengthen over time. Our research reveals an increasingly important role of the Chinese commodity futures market in both the domestic and the global economy. Some policy changes are suggested in response to this trend.     

Rise and Fall of the First Financial Futures Market in China： The Case of Chinese Government Bond Futures

This paper studies the rise and fall of the first financial futures market in China. We compare the characteristics in the Chinese Government bond futures market with those in the US T-bond futures market. They differ in market design and structure, market governance, margin requirements, position limits, delivery process, and the way in which the settlement price is calculated. Furthermore, with a unique dataset, we show that prior to maturities of government bond futures, traders began to accumulate significant amounts of long positions for several selected contracts without the intention to offset, forcing short position holders to either purchase deliverable bonds or offset futures at highly inflated prices, causing higher market volatility and price disequilibrium in both spot and futures markets. Arbitrage opportunity arises and the market eventually collapses. The lessons learned from the suspension of the Chinese Government bond futures market offer an invaluable learning experience.     

An Empirical Study on Momentum and Contrarian Effects in Chinese Futures Market

As Chinese futures market is on track of standardized development, its efficiency and related investors＇ strategy have drawn wide attention from scholars worldwide. This paper aims to provide an empirical study on momentum and contrarian effects in Chinese futures market. It investigates how efficient this market has been after decades of development and what investment strategy can be used to obtain significant positive excess return. The analysis is based on weekly and monthly trading data of the major commodity futures listed in three Chinese futures exchanges since January, 1999. By establishing a zero-cost investment trading strategy as testing method, this empirical study shows that contrarian effect is significant in both weekly frequency （short term） and monthly frequency （long term）, and that as the holding period extends, the contrarian effect disappears. It also concludes that the reverse effects in the short term and long term origin from three factors： defective information transfer system, mean reversion in the contrarian effect, and immaturity of investors＇ mentality.     

Refraining from Procedure Fee＇s Vicious Competition in Futures Market

Procedure fee＇s vicious competition among futures brokerage companies causes futures companies＇ short-term profit decreasing and capital quality coming down, which restricts development of futures trade. Combining conditions of Chinese futures market, some main reasons are analyzed and specific solutions are expounded in order that Chinese futures brokerage companies would be built as competitive modern financial ones.     

The Money Demand in China ——A Dynamic Adjustment Model

1. Introduction Since the Chinese economic reform started in 1978, its economy has gone through several episodes of high inflation and deflation. The determination of inflation has always been the debate of scholars as well as policy makers. The financial reform since 1984 made the People＇s Bank of China and the central bank rely more on the monetary aggregates as the policy instruments to control inflation. In January 1998, the Central Bank of China decided to completely replace the previous operational policy of controlling bank credit with the use of market based policy instruments. As the reform deepens, researchers speculate that the money market becomes relatively more efficient than before.     

Pricing to Market： Chinese Export Pricing to the USA after the Peg

In July 2005, the Chinese Government unpegged the RMB from the US dollar. As the RMB has followed a remarkably predictable appreciation over time, I examine the price of Chinese exports to the USA after unpegging the exchange rate. Results suggest that the Chinese industries with greater import market share were able to raise their prices after the removal of the pegged exchange rate regime; however, over time there is a significant deflationary trend. Chinese export prices tended to decrease under an unanticipated RMB appreciation; this effect was more pronounced for industries with more pricing flexibility. This suggests that Chinese exporters are consistently ＂pricing to market＂ and thus creating a significant foreign exchange policy implication. Specifically, a more flexible exchange rate regime will likely have little impact on the prices of Chinese exports to the USA but might increase the profit volatility of Chinese firms.     

Anomaly in China＇s Dollar-RMB

Newly-established data on onshore deliverable US dollar-RMB forwards and the Shanghai lnterbank Offered Rate from Oetober 2006 to April 2009 reveal significant violations of covered interest rate parity. This paper explains the cause of this anomaly. Deviations in the forward market are caused by an increase in US dollar-to-RMB conversion restrictions. Given that Chinese monetary authorities want to prevent market participants from taking advantage of the predictable appreciation of the RMB, China＇s State Administration of Foreign Exchange has to tighten up the control on US dollar-to-RMB conversions. Under the tightened conversion restrictions, similar deviations will resurface in the forward market whenever hot money inflow increases. One way to avoid covered interest rate parity violations in the forward market is to decrease hot money inflow into China by maintaining a stable and credible exchange rate policy.     

University （undergraduate） logistics management education and training mode in China

In recent years, in order to meet the increasing needs of logistics-majored professionals, Chinese higher logistics management education （undergraduate） is developing rather fast and universities are recruiting a sharply increasing number of students for this program. Nevertheless, Chinese higher education mode has the problem of over-emphasizing on theories and knowledge teaching rather than students＇ practice experienceand all-around ability, which can hardly meet the market demand for high-quality logistics-majored professionals. As a result, a reform in the university logistics education and training mode should be placed on the agenda, which is very essential to improve university logistics education in China.     

A Late Comer＇s Internationalization Strategy for Chinese Firms： A Theoretical Study

The purpose of the paper is to discuss the internationalization strategy of Chinese finns from a latecomer＇s perspective. First, this paper reviews five existing conceptual frameworks of foreign market entry mode for the internationalization of finns from developed countries. Then, this paper integrates the different factors considering in existing frameworks to a comprehensive framework. With this modified framework and Chinese finns＇ unique characteristics, some propositions are presented about the path and features of Chinese finns＇ internationalization based on the comprehensive framework discussed from a latecomer＇s perspective. This paper also discusses that the future studies on Chinese finns＇ internationalization strategy should attempt to increase the congruence between the theoretical and operational level, to clarify concepts and variables of the frameworks and the relationships among those variables.     

Growth and Common Prosperity in China

This paper introduces a decomposition method that quantifies the contributions to common prosperity of labor market performance and social policies and extends the idea of shared prosperity to a new measure of inequity in opportunities.The resulting common prosperity indices and opportunity equality indices are then applied to five waves of the Chinese Household Income Project data from 1988 to 2018.This paper shows that the labor market performance and social policies have been improving over the last 30 years and have helped China move towards common prosperity for everyone.The indices developed in this paper allow us to quantify the extent of shared prosperity that a country has achieved and to carry out empirical studies on which policy is working and which is not.It can also help us identify the fundamental causes of inequality and aid us in achieving equality in opportunity among all members of society.     

中国的劳动力市场走向何方？

This paper explores the development of China‘s labor market by examining labor market integration, the scale and scope of labor migration, and wage determination. It finds that labor market development has made dramatic progress since the reform, especially since the 1990s.There are still some institutional harriers to labor market development. It reveals some policy implications on how to develop the labor market and improve labor market integration.     

Seeking for Balances between Deficits and Competitive Advantage： Looking into the American Financial Market and Policies in Advance after the Presidential Election

The American financial market plays a remarkable role as one of the global core markets, but many changes have taken place in recent years. The policy of White House becomes one of the variables deciding the direction of the market movement. After the Presidential Election, the financial market will move in the effect of anticipating the policies in next phase. For the uncertainty during the resuscitation, the financial policy is facing the problem that how to be an assistance in keeping the economic growth, and how to seek for balances in the contradiction between controlling deficit and maintaining competitive advantages. After the comprehensive analysis on American financial market, the possible result could be like this： interest rate will rise gradually again, exchange rate will fluctuate in perch, but the price of the assets in capital markets will show the difference according to the market framework. The analysis aiming at market and policy can impossibly be built on the base of the hypothetical close system. If no ideal adjustment emerges in American foreign policy in the future, the financial market will possibly turn into another disordered circle.     

Capital structure： The Italian market perspective

This article first investigates the determinants of＂capital structure＂ and the extent to which financial structure policy contributes to the creation of shareholder value in Italian companies through a survey of 76 CFOs of Italian listed non-financial companies, and revealed that the key driver is the quest for financial flexibility, necessary to combine effectively capital structure policy with the other two levers of value creation, investment policy and payout policy. These three value creation drivers are autonomous, but this empirical study reveals a clear hierarchy that links liability policy （capital structure and payout） to asset policy （investments） leading companies to make sub-optimal financial structure decisions that may not minimize the weighted average cost of capital, though ensuring the financial flexibility necessary to activate their principal lever of value creation, investment policy, effectively and without excessive constraints. A major finding in a subsequent benchmarking exercise is that Italian ＂family capitalism＂ affects corporate governance and therefore capital structure decisions. This finding may not be restricted to the Italian market, but could apply to all countries in which ownership structures are centered on very few shareholders with weak financial market control and where banks often play a crucial role in the governance of companies.     

China’s State Share Reform and Exchange Traded Funds

I. Introduction The Chinese economy and the stock market have been plagued by the financial problems of the SOEs for a quite long time. When the SOEs run into financial difficulties, banks have been asked to lend “policy loans” to sustain their operations. Instead of letting SOEs bankrupt, government-owned banks have been playing the role of financier by allocating the valuable national resources to the unprofitable SOEs. According to the estimate, thetotal amount of the loans lent to …     

Putting the Cart before the Horse？ Capital Account Liberalization and Exchange Rate Flexibility in China

I. Introduction and OverviewLike their counterparts in many other emerging market economies, Chinese policymakersare facing a complex set of questions related to the desirability and appropriate mode ofimplementing exchange rate flexibility and capital account liberalization. The Chineseauthorities have stated publicly that both exchange rate flexibility and capital accountconvertibility are their medium-term objectives, but they have resisted recent calls from theinternational community for …     

Actuality Analysis of the Development of Industry Association in China and its Countermeasures

With China＇s entry into WTO and the globalization of the market economy, changing the old management mode of administration of Chinese employer＇s organization as soon as possible and building the function mode of modem market mechanism have already, become the urgent task of China＇s economic reform and development. Based on the current situation of the development of industry association in China, this paper lists the problems and difficulties faced in the development of employer＇s organization at present and puts forward corresponding countermeasures and suggestions by analyzing the problems.     

Chinese green GDP and green charges accounting in 1990s

How to evaluate and judge the process of social and economic development, and how to promote the social and economic development by means of the proper economic instruments, which are two key issues to realize sustainable development for any country and region in the world today. One basic analysis of Chinese sustainable development evaluation and policy choice is made on the basis of the integrated accounting of environment ＆ economy. The whole paper includes three sections： Section 1, methodology, in which framework of green input-output accounting （GIOA） for natural resources-economy-environment （LEI, 1997, 1999, 2000 and 2003） is introduced; Section 2, trial estimate of Chinese environmental adjusted GDP （Green GDP） and analysis of Chinese green charges are included; Section 3, conclusions and policy choice, in which some policy suggestions for Chinese sustainable development are given.     

Market Reaction to Corporate Social Responsibility Announcements： Evidence from China

This study uses an event study methodology to examine how the Chinese market reacts to announcements of involvement in corporate social responsibilitY （CSR） by Southern Weekend （a Chinese newspaper）for Chinese firms from 2008 to 2012. Our results show significant and pcsitive market reactions, supporting the instrumental stakeholder theory. We attribute the positive market response to social capital development and real growth options related to the CSR involvement by the Chinese firms.     

Online marketing and its strategy

Information networking is becoming the key driver of world market. The battlefield of business is evolving from traditional market to networking cyberspace. Confronted by the new networking market, the traditional marketing strategy is diminishing while online marketing concepts and strategies are developing to correspond with new economics： it becomes the main stream marketing mode in modem time. As the new marketing mode and strategy guide the business to target their markets, online marketing covers numerous aspects. The purpose of this article is to analyze the online marketing theory, according to its relevance and features. Several marketing approaches will be discussed based on the analyses of direct-response marketing, relationship marketing, online marketing, merging marketing and database marketing.     

2003年以来中国的宏观经济形势分析

The Chinese economy has emerged from deflation and entered a new stage of economic growth in late 2002 and early 2003. The sudden pick up of the economy has led to a worsening of structural imbalance and inflation is rising. The Chinese government has to find a fine trade-off between growth and inflation. While the central bank needs to tighten its monetary policy, the government may need to use a more expansionary fiscal policy to offset the contracting effect created by the tightened monetary policy. The structural imbalance and partial overheating remind us that China‘s economic reform still has a long way to go. The Chinese government must speed up its reform process. While the long-term prospect for China‘s economic rise is promising, it may be necessary for the Chinese people to prepare themselves for a harder time ahead.