RMB Internationalization and Its Implications for Financial and Monetary Cooperation in East Asia

This paper emphasizes the importance of the denomination of financial assets rather than trade invoicing as a long-term determinant of an international currency. China needs to liberalize and open its financial system and make the RMB fully convertible, and to adopt a moreflexible exchange rate system to speed up its currency internationalization, for which China could follow either a global or regional approach. The global approach is a riskier and more unpredictable strategy because it would demand a scope and timeframe of financial liberalization that is likely to be beyond China＇s institutional capacity over the coming decade. There are two options that could be taken in following the regional approach. One is creating an ASEAN＋ New 3 （the Chinese Mainland, Hong Kong, and Taiwan） RMB bloc and the other is liberalizing China＇s financial industries and internationalizing the RMB by playing a leading role in East Asia＇s economic integration within the framework of ASEAN＋ 3, This paper concludes that the latter is a more realistic and effective approach for China.     

Cultural industry development and multiple group participation in Taiwan

Based on the unique historical site culture assets, series of culture activities and constructions are held by Taiwan municipal government positively in recent years to raise local strength. Though the city landscape of Taiwan is far away from the traditional one, the comparison and analysis of foundation of cultural industry and the situation of cultural participation should be carried on to find out the real issues in Taiwan＇s cultural industry and cultural marketing so as to strengthen the ability of local development. This study finds out the resources of culture administration and the social participation in hope for clearing up the matters of Taiwan＇s cultural industry development, avoiding type Ⅲ errors, and giving suggestions.     

The Influence of the Technical Barriers to Trade against China＇s Exports

TBT is one kind of the non-tariff barriers, which has its special characteristics. More and more countries have imposed technical barriers on China＇s exports in order to protect their domestic industries. In the process of melting into the international economy, China should deal with TBT more actively not only by counter-attacking them with the aid of the legitimate weapon, but also by establishing China＇s own technical standard system in full use of its rationality.     

Exporting National Champions： China＇s Outward Foreign Direct Investment Finance in Comparative Perspective

We examine the extent to which Chinese development banks have financed the globalization of China＇s ＂national champion ＂firms： specifically, through outward foreign direct investment （OFDI）. We create a database of Chinese fnance for OFDI and compare our results to the existing literature and available data on Japan, Korea and other Asian nations. We estimate the total value of China＇s OFDI finance from 2002 to 2012 at US$14Obn. As a percentage of total OFDI, China＇s lending is roughly three times higher than Japan ＇s, the previous global leader in OFDl finance. We identify two major reasons for China＇s high （31 percent） ratio of OFDl lending to total OFDI. First, China has a greater incentive to give OFDI loans than Japan or Korea ever did because its borrowers are statelowned so it can more easily channel funds to targeted areas. Second, China has a greater capacity to give OFDI loans because it has significantly higher savings and foreign exchange reserves than Japan and Korea.     

China＇s Trade Acceleration and the Deepening of an East Asian Regional Production Network

China＇s recent surge in trade has been associated with its deepening but contrasting trade relations with its two groups of key trading partners. On the one hand, China＇ s trade surpluses with the USA and the EU have risen rapidly, reaching US$144bn and US$91bn in 2006, respectively. On the other hand, China is importing heavily from its Asian neighbors. This diverging pattern of trade relations between China and its main trading partners reflects the continuous expansion and intensification of a complex cross-border production network in Asia, particularly for consumer electronics. In the process of deepening manufacturing sharing, China serves as an essential export platform for firms headquartered in the more advanced economies. These firms export intermediate goods from the relatively more advanced Asian economies to their affiliates in China where these inputs are assembled and then shipped to key export markets, including primarily the USA and the EU. One apparent outcome of the growing processing and assembly trade is the increased interdependency among Asian economies, which are now more dependent on each other than ever. It has also led to substantial structural changes and technological upgrading in China＇ s traded goods.     

The Profound and Extensive Chinese Tea Culture

Anyone who knows a little bit about Chinese culture usually knows about Chinese tea culture.Chinese tea culture has a history of more than 4,000 years and still emerges fresh and vigorous from the test of history. Chinese tea culture has played an important and indispensable role in Chinese culture. The extensiveness and profoundness of Chinese tea culture is unpanelled. Its importance to Chinese people is noticeable. Tea has surprising functions： it can not only refresh the body but also the mind. Tea is prevalent in and out of China and is loved by people throughout the world.     

On the Relation among Language Culture and Colors

Language, color and culture have close links with each other. Although it seems that they do not relate with each other at all at first glance. In general, culture consists of everything in the world, so human beings and language they created are parts of culture, more precisely, are two important ones. There are many different kinds of colors. Color is closely related to people＇ s life. In human language, the color words are frequently used, and endowed with plentiful emotion and cultural connotation. In both Chinese and English, the words of different colors are abundant. We should pay attention to not only their own basic meaning but also the deeper symbolic meaning. Due to the respective cultural background and tradition, people＇ s feeling and expression to the color are not the same, so the symbolic meaning of color can produce great difference between Chinese and western culture. This paper is to make a contrastive study of some major difference in color words.     

Cultural Connotation of Black in English and Chinese

There is a close relationship between language and culture. Language is not only an important part of culture, but also a mirror of culture, which reflects the numerous and complicated cultural forms of a nation. Both English and Chinese have a large number of words expressed by the word black;nevertheless, great dif erences exist in the application of black, and the cultural connotations in both English and Chinese dif er. In order to communicate ef ectively and successful y across these two cultures, we should understand their cultural connotations accurately and use black properly.     

The Case for Stabilizing China＇s Exchange Rate： Setting the Stage for Fiscal Expansion

China＇s financial conundrum arises from two sources. First, its large saving （trade） surplus results in a currency mismatch because it is an immature creditor that cannot lend in its own currency. Instead, foreign currency claims （largely US dollars） build up within domestic financial institutions. Second, economists, both American and Chinese, mistakenly attribute the surpluses to an undervalued RMB. To placate the USA, the result was a gradual and predictable appreciation of the RMB against the dollar of 6 percent or more per year from July 2005 to July 2008. Together with the fall in US interest rates since mid-2007, this one- way bet in the foreign exchanges markets not only attracted hot money inflows but inhibited private capital outflows from financing China＇ s huge trade surplus. Therefore, the People＇s Bank of China had to intervene heavily to prevent the RMB from ratcheting upwards, and so became the country＇s sole international financial intermediary as official exchange reserves exploded Because of the currency mismatch, floating the RMB is neither feasible nor desirable, and a higher RMB would not reduce China＇ s trade surplus. Instead, monetary control and normal private-sector finance for the trade surplus require a return to a credibly fixed nominal RMB/USD rate similar to that which existed between 1995 and 2004. However, for any newly reset RMB/USD rate to be credible as a monetary anchor, foreign ＂China bashing＂ to get the RMB up must end. Then the stage would be set for fiscal expansion to both stimulate the economy and reduce its trade surplus.     

Study on Real Estate Investment Trusts and application in China

The Real Estate Investment Trusts （REITs） is a mature investment and financing tool in the real estate market abroad. RE1Ts is able to deploy resource, circulate necessary funds and disperse risk effectively. It is the feasible effective way and necessary choice during the real estate finance innovation. But there is a big gap between RE1Ts in China and the mature RE1Ts abroad. Because RE1Ts in China puts more attention on the financing function of the real estate. Besides, because the relevance law and the market environment are not perfect, REITs couldn＇t exploit its advantages very well in China. It needs to be developed in the practice. This paper starts with introducing the concept of REITs. Then the paper goes on to tell the types and characteristics of REITs aboard. It continues to study the experience of mature RE1Ts in the market and finds out disadvantages which China＇s RE1Ts have. Based on above research, the paper considers about the situation in China and states the mode of RE1Ts we should choose in China. At the same time, the paper points out the important problems we should deal with when we develop REITs in China.     

Colors and its Expressions between English and Chinese

Scientific research indicates that seven million kinds of colors can be found in the world. However, color expressions are only limited to seyeral hundreds in classification People＇s actual life is closely related to color. There are many color expressions which reflect different culture psychologiesand emotional colorings both in Chinese and English. Color is a kind of vis＇ual effect. Because the mankindhas the same physiological mechanism and vision nerotic the color words areno different in essence, theoretically. However, because of various language culture, historical background, religious belief, mode of thinking, aesthetic temperament and mterest etc. in different nationality, people＇s impression of color and expression are different, and the associative meaning produced by the color has nothing in common with each other. There are different and various color words and expressions in English and Chinese. Sometimes it is diffcuh to find equivalent expression in one lanmaae. This paper discusses the difference between EngLish and Chmase color works by means of contrast indicating that due to different language habits, historic background and traditional customs and so on. There for it is useful to study and know the differences and is inductiv to overcoming cultural bgrridrs and promoting the cross-cultural communication.     

Is China up to the Test？ A Review of Theories and Priorities for Education Investment for a Modern China

This paper reviews the key theories relating to the role of education in economic development and social change and how education, as a critical component of total factor productivity, contributes to sustained economic growth. It examines how China ＂s education policy reflects the country＇s unique dual economy. Focusing on the post-reform period, the paper contends that while progress has been made, there are risks to China＇s future growth prospects from failing to reap the benefits of sound education policy. It argues that if the Chinese education system is to continue to be a driver of rather than a drain on economic growth, and if China is to successfully manage its transition towards more inclusive, sustainable and equitable growth, reforms will be needed to improve the quality of education at all levels and to create an environment in which China＇s extensive human capital is duly recognized and respected. Crucially, the education system should be transformed to ensure it promotes a comprehensive range of human capabilities, including those that go beyond the part humans play in augmenting production possibilities.     

Who is Going to Supply the Milk to China＇s South？

China＇s dairy industry has experienced rapid expansion in recent years, with an average annual growth rate of 23.8 percent from 2000 to 2006. However, there exists a serious geographical distribution imbalance in milk production and consumption. Approximately 85 percent of China＇s milk is produced in northern China, where 40 percent of the country＇s population reside. In contrast, only about 15 percent of the milk is produced in China＇s south, where 60percent of China＇s population reside. This has resulted in a significant gap between milk production and consumption in southern China and this gap is expected to rise. This paper considers China＇s milk demand and supply situation, analyzes the likely potential for China to expand its milk production and explores options for meeting milk demand-supply shortages. Policy and trade implications are discussed.     

More effective utilization of FDI by China

Emerged from 1950＇s, with the huge emergences of multinational enterprises, foreign direct investment is developing along with international trade, and both of them present two main motivations of the world economy. Used to be one of the most closed countries, China has now been an indispensable part of the international economy since its economic reform in 1978. Normally big countries receive large amount of foreign direct investment, and as a huge country, China receives the top amount of FDI recently. For China, how to attract more FDI is less important than how to utilize FDI efficiently. If China uses FDI more efficiently, FDI could contribute more to its economic reform and developments. However, the efficient use of FDI is not an easy task for China with such large volume. This paper discusses the current situation of international capital flow and FDI to China, and then analyzes the issues concerning FDI in China from several different perspectives like terms of trade,, technology spillover, dual economy, domestic investment, MNEs in China, and spatial distribution of FDI in China, etc.. Finally, the paper gives conclusion of the situation of FDI in China and suggestion for the policies of efficient usage of FDI in China.     

英文文摘

Budweiser-water and wine, circle for ever
In 2011, Chinese railway ministry（CRM for short） may have rough time because of its increasing severe debt burden. According to the statistics, in 2011 CRM needs to pay more than 180 billion yuan which is more than two times of 2009＇s. Even though its revenue is still keep raising, its debt and interest payment grow much faster, implying that deficit trendency is irreversible.     

The Anti-dumping Issue on Chinese Products and China＇s Countermeasures

With the development of China＇s economy, more and more commodities are exported to foreign countries. At the same time, Chinese enterprises are facing more and more anti-dumping issues from abroad. China＇s position on this issue is analyzed and the counten＇neasures are provided in this paper.     

The Study of Cross-cultural Management of International Hotel Groups in China

According to the theories of cultural difference and service marketing, this paper analyzes the cross-cultural management dilemmas of international hotel groups in China in two aspects--cultural character and service character. And then, proceeding from game theory, the paper analyzes and reaches a conclusion that carrying on cooperation and communication among various cultures is the key for international hotel groups in China to deal with the cross-cultural management dilemmas. On the basis of international hotel groups within China＇s own multifaceted culture character and practical consideration of hotel services, the paper discusses some reference manners for cross-cultural cooperation and communication, and strategies for international hotel groups in China. This is only supplied as a reference with international hotel groups making their own decisions.     

The professional social work in Chinese social transformation

Today＇s confusing conciseness exhibits the urgent needs for social transformation in China
In today＇s society, tremendous social problems emerging endlessly that vastly make bad influences to people＇s life. The problem of food safety, environment pollution, political corruption, increasing aging population, and academic plagiarism, all make the public doubts about this society＇s justice and equality. What on earth account for these problems？ Is it is the unsound social institution or the public＇s low-level morality？ Both of them are the problem makers. It can be said that individuals have lost themselves in this chaotic social environment. Especially for today＇s youths in China, they burden the responsibility of social development with their beautiful dreams, but usually become powerless in the hard ＂reality＂. So the China society really needed to be transformed under the quick economic developing tempo, otherwise it will out of sequence. Building the healthy social institution and improving the public＇ moral level are two basic methods to achieve the social transformation, which also are the purpose of social transformation. The social transformation aims at letting individuals     

China＇s Role in Global Climate Change Mitigation

China contributed a majority of the growth in global greenhouse gas emissions in the first 11 years of this century The trajectory of emissions has changed radically since then, as China has irrplemented its Cancun 2010 commitment to reduce the 2005 emissions intensity of economic activity by 40-45percent by 2020. The change in trajectory has been reinforced by China＇s new model of economic growth, with its greater emphasis on equity in income distribution, consumption and services. The large-scale deployment of low emissions technology in China is lowering the cost of transition to a low carbon economy all over the world. China ＇ s new emissions trajectory improves the opportunity For the international community to meet the 2℃ climate target. It is essential that the changes in China are brought to account in shaping global mitigation ambition.     

Financial Imbalance Index as a New Early Warning Indicator： Methods and Applications in the Chinese Economy

Based on the stylized facts of financial crises and systemic risk accumulation, this paper constructs a new financial imbalance index （FII） from the perspective of endogenous financial cycles and assesses its application in China＇s macro-financial analysis. The results show that the FII is not only an effective index to detect financial imbalances in China＇s economic cycles, but is also more accurate than and plays more of a leading role than conventional indicators, such as the consumer price index, the financial conditions index and the purchasing managers indicator. Empirical analysis shows that the FII can be used as an effective indicator to measure systemic financial risk, and can provide policy-makers and market participants with useful information to make appropriate decisions.