Why did China Benefit from a Joint Venture Policy？A Case Study of Shanghai

Mandatory joint venture requirements have played an important role in many developing countries' foreign investment policies. However,such policies have been criticized in some of the economic literatures on the grounds that they deter investment and lead to the development of inefficient industries. A significant amount of foreign direct investment in Shanghai has been in the form of joint ventures. Yet,by many measures,Shanghai has benefited enormously. This article argues that there are three reasons to explain Shanghai's successful use of the joint venture for its industrial development. First,local firms and industries have had the capability and willingness to learn from joint ventures and other foreign invested firms. Second,the joint venture policy has been more likely than not to have "crowded in" local investment rather than crowd it out. Third,investment authorities in Shanghai have had sufficient bureaucratic capacity and political insulation to prevent the joint venture policy from being manipulated by rent seekers.     

Robust Monetary Framework for China

I. Introduction China has made tremendous gains in terms of economic growth in the last 15 years, by inviting foreign direct investment and increasing manufacturing production and exports. The currency unification (devaluation of the official rate and unification of the official and market rates) in 1994 also contributed to the efficiency in the monetary and foreign exchange systems. China was not severely affected by the Asian currency crisis of 1997–1998, and instead China helped the regio…     

SUMMARY

The 3rd Shanghai International Industrial Exposition was held in Shanghai New International Exposition Center from November 22 to November 27, with a patronage by over 500 thousand visitors and a transaction volume of 31.26 billion RMB yuan, contributing to the great success of this Exposition featured by its theme of 'Informationization and Industrialization' , and displaying to the world a world-level large exposition heading towards its perfection. ?(r)Highlight Today' in this issue i…     

Home Market Effects of Foreign Trade in China＇s Manufacturing Sector： Analysis Using International Standard Industry Classification Panel Data

In this paper,we use 2002-2008 International Standard Industry Classification two-digit bilateral trade panel data for manufacturing industries in China and the OECD countries to test for the existence of home market effects.We find that significant home market effects exist in 8 out of 12 industries.These industries include the food,beverage and tobacco industry, wood products,the paper products and printing industry,chemical products,other nonmetallic mineral products,machinery and equipment,transport equipment,and miscellaneous products and waste resources recycling industry.Textile,clothing and leather manufacturing,oil refining and nuclear fuel manufacturing,rubber and plastics,and basic metals and fabricated metal products industries do not exhibit home market effects.Indeed, strong reverse home market effects occur for oil refining and nuclear fuel manufacturing and for the rubber and plastics industry.The empirical results reveal that certain industries benefit from new export opportunities due to the expansion of domestic demand in China.     

Economic sanctions and trade diversions in Sudan

The latest episode of the armed conflict between Northern and Southern Sudan erupted in 1983 and ended with the signing of the ＂Comprehensive Peace Agreement （CPA）＂ in 2005. The CPA allows for a referendum on independence for South Sudan in 2011. A similar scenario is possible for Darfur, where an armed conflict broke out in 2003 over demands for greater decentralization and development in the region. The peace agreement between the central government and the Eastern Sudan region continues to be fragile, and the risk of escalation of across the border spillovers of conflicts with Uganda and Chad persists. The U.S., EU, among other global players, is putting pressure on the Khartoum government to change its policies. Economic sanctions are among the tools used by the U.S. government while encouraging others follow suit. This paper investigates the response of the Sudanese economy to eliminating trade flows with the EU in the first phase and with East-Asian countries in the second. It discusses the changes in the macro-indicators, trade variables and welfare measures that would result. Moreover, it assesses the potential trade diversion and resource reallocation due to sanctions in each phase. To simulate these scenarios, detailed economic databases for Sudan, EU, East-Asian region, MENA, COMESA and the rest of the world are needed. For this purpose, GTAP Africa database and the standard GTAP model are employed. The 57 sectors of Africa database are aggregated to ten sectors including： grains and crops, livestock and meat products, mining and extraction, processed food, textiles and clothing, light manufacturing, heavy manufacturing, utilities and construction, transport and communication and other services. Moreover, the database regions are aggregated to six including Sudan, the EU, East Asia, MENA, COMESA and the Rest of the world. Results show that Sudanese trade reallocates to Asia in the first phase and to COMESA and MENA regions in the second. Sanctions exact a devastating toll on the Sudanese economy： GDP declines, trade shrinks and welfare deteriorates. The deterioration in the country＇s trade is mainly in the imports side, which justifies an improvement of the country＇s balance of trade, while welfare losses are derived by a deteriorated terms of trade and allocative efficiency.     

The Development of China＇s Electronics Industry： Causes and Constraints

The development of China‘s electronics industry can be attributed to supportive government policies, strong domestic market demand and the opportunities provided by the international transfer of technology in the electronic manufacturing sector. China‘s enterprises can only continue to develop through technological upgrading due to the lack of core technologies of their own. Since this process is still ongoing, China has not become a competitive country in the field of electronic technology. As a country in transition, government initiatives designed to encourage the development of the electronics industry have also undergone changes in line with economic institutional reform. Direct government intervention policies have been gradually replaced by indirect regulatory policies and the market is playing a more and more important role in the electronics industry.     

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.     

Internet and Strategy Management

Internet has furthered the enterprise＇s strategy management in the time of E-commerce, and the strategic target will be carried out and integrated by means of Internet. It gives the strategy management a new chance to develop, and is one of the important keys of success in the enterprise management today.     

Toward successful IC foundry venturing

The goal of this research is to analyze the evaluation criteria used by integrated circuit （IC） designers when selecting foundry service providers. With an MCDM model considering the aspects of technology, production, customer service and support, and manufacturing location, we interviewed managers and experts of Taiwan＇s IC design firms, using the AHP survey with 16 attributes, to determine the areas of top concern with respect to foundry evaluation criteria. In this study process technology has been found to be the most significant evaluation criterion in view of competitiveness in the customer market.     

Comparative Analysis of Capital Productivity in China＇s High-Tech Industries

While labor productivity is a topic of constant debate and has been studied extensively, far less attention has been devoted to the question of capital productivity. Productive use of physical capital is an important source of economic growth and investment return. This paper presents a comparative study of capital productivity in China‘s high-tech industry. Using a version of the perpetual inventory method (PIM), new estimates have been made of the physical capital stock by sector. Capital productivity in China‘s high-tech industry is higher than in total manufacturing, but the gap between them has been shrinking. Comparison with high-tech industries in the US., highlights that China‘s high-tech industries could play a more important role in the growth of manufacturing and the whole economy.     

英文信息(英文)

Financial Heads Gather in Shanghai for ADB Meetings The east China metropolis of Shanghai has once again drawn worldwide attention as senior executives of the world‘s financial giants gather for the 35th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB). Among the high-profile bankers and financiers are Stanley Fischer, vicechairman of CitiGroup; Stuart Gulliver. general manager of the Hong Kong and Shanghai Banking Corporation (HSBC); George Dallas. managing director of Stand...     

Development of Pudong Fifth Issue 2003 Abstract

By 2010, Pudong is going to be the first to achieve the objective of overall modernization and become a corefunctional district of Shanghai, a modernized socialist international metropolis. 'Cover Story' in this issue features'Build A Core Functional District Of International Metropolitan City Of Shanghai', focusing on the plans and Strategiesfor the further economic development of Pudong, as suggested by many of the representatives and members of the     

Development of Pudong Eighth lssue 2003 Abstract

The World Carnival, ranking equal as a super recreation name to Disney and Universal Studio, has concluded itstours in Paris, London, Kuala Lumpur, Dubai, and Hong Kong, bringing about a sensational effect of 'merry-makinghurricane' throughout the world. This recreation giant has now made its first appearance in Shanghai Pudong,China, which has contributed to a new wave of 'Carnival Fever'. The World Carnival in Pudong is sponsored jointlyby Chinese and foreign enterprises, known as being the largest in scale, the lengthiest in time and the highest inadmission. This great occasion is playing a positive role of 'a catalyzer', helping Shanghai, and Pudong in particular,to promote its cultural atmosphere, gather together people and improve its business environment. 'What Has CarnivalBrought to Shanghai?' is meant to discuss the impact and significance resulted from the first introduction of Carnival,the world-famous recreation name-brand, into Shanghai and into Pudong.     

Creativity and Innovation as Strategic Resources in International Business Markets

This study focuses on Medium-Sized Multinationals （MSMs） that belong to the sectors of mechanics and electronics, and that operate in dynamic international business markets. This work aims to investigate how international marketing strategies are based and maybe in some cases actually heavily dependent on the capacity to form and enhance skills in design, engineering, and production activities, and on the propensity to invest more resources in research and development （R＆D） activities as well as in activities that are more strictly speaking production based （manufacturing）. Undoubtedly, in a global and dynamic business, creative knowledge is one of the key resources that firms must possess in order to take up international strategies successfully. Creativity and innovation are strategic resources for all firms, including those of a medium size and even more for those that belong to the so-called ＂traditional sectors＂. This study also has the objective of examining the influence of the structure and composition of a technological MSMs international alliance portfolio in order to understand which forms of international collaboration are more opportunities for firms that aspire to increasing their know-how and taking up new and more sophisticated forms of exploratory innovation. The present work highlights the results of an empirical research that were carried out during the years 2000-2009. The research involved more than 80 firms of the mechanical and electronics department in the Marche region in Italy.     

PUDONG DEVELOPMENT SUMMARY

Local leaders unveiled the plate for thegovernment organs of Pudong NewAren. which, after tell years of itslarge- scale development as China'sunofficial special economic zone. hasbecome the 16 district of Shanghai.Yet, the establishment of the official local governmentbrings no change to its jurisdiction and preferentialpolicies granted by the Central Government and theMunicipal Government. As sworn by the elected governor,of the New Area. Mr. Hu Wei. Pudong will continueits efforts in b…     

Evolution of Financial Institutions in Post-1978 China： Interaction between the State and Market

I. IntroductionEconomy and finance have both seen rapid development in post-1978 China. After almost three decades of economic planning and isolation, political leaders decided then to let the economy move in a new direction by announcing a policy of “reform and opening-up”. Then and now, many people did and do believe that the new policy makes the economy increasingly and decisively based on the market. At the dawn of the 21st century, theChinese economy, by many indicators, stands out as…     

英文摘要

Shanghai business districts： everything is changing
With the development of economy, Shanghai＇s business districts are changing quickly. For the mature business districts, choosing ＂ depravation＂ or ＂eruption＂ is a realistic question. For the potential business districts, some can stand out and become the new business center;     

The impact of strategic sourcing and E-procurement on supply chain performance management

Major changes are currently taking place within purchasing functions of manufacturing firms. Purchasing is shifting its focus from daily procurement activities to long term, value-adding purchasing and supply chain initiatives. At the same time, it is responding to the challenges and opportunities of electronic procurement （E-procurement）, which refers to the utilization of the internet to buy and sell products and services. The responsibilities of purchasing have changed markedly over the last few decades, purchasing focused heavily on the transactional elements of the procurement process. Purchasing was accepted as a support function that provides for the sourcing needs of other departments. The development of materials management and introduction of new manufacturing technologies in the 1970s brought pre-and post-production flows closer together. The manufacturing-purchasing interface strengthened, creating a need to align the buying cycle with production requirements. Purchasing started to create a ＂culture＂ that could help it to attain a more proactive role in the company and start taking responsibility in product design and development activities. The research reported here was undertaken to understand the impact of purchasing on this thesis supply chain performance by （1） investigating current and emerging E-procurement practices, （2） identifying the critical elements of strategic sourcing, and （3） assessing the impact of strategic souring and E-procurement on fn＇m and supply management performance through empirical investigation.     

Overseas Investors Allowed to Set up Travel Agencies in China

China has authorized overseas investor to set up travel agencies with their own capital and to hold majority shares ofSino-foreign travel serviee operations at national tourist sites in Beijing,Shanghai,Guangzhou,Shenzjem and Xi'an,according to a provisional rule issued by the China National Tourism Administration and the Ministry of Commerce onJune 14.     

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.