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1.
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.  相似文献   

2.
This paper focuses on a conventional debate regarding whether Chinese outward direct investors tend to invest in countries with high political risk. Using 2003 -2011 data from the World Bank, the Heritage Foundation and the KOF Swiss Economic Institute, we investigate China 's political risk distribution and political risk index (PRI). Our results indicate that China "s political risk index was ranked 48th among 153 economies in 2011, in the lower risk level of the PRI spectrum. In an international comparison of political risk distribution, the proportion of Chinese outward direct investment (ODI) among countries with high political risk is less than the world average. The Chinese ODI political risk index has significantly improved and remains lower than the world average. To improve Chinese ODI PRI, the Chinese Government should continue to implement differentiation strategies and to offer official development assistance to improve the investment environment in developing countries and reduce political risk.  相似文献   

3.
Since 2003, China's labor market has been facing two coexisting crises: a rural labor surplus and a severe shortage of migrant labor Using data from the 2000 China Health and Nutrition Survey questionnaire, which covers 288 villages in 36 counties, this paper attempts to find a solution to this dilemma. Specifically, a multinomial logit model, a Mincer- type model and a probit model are applied to examine the effect of educational level on the employment choices for rural laborers, and on the wages and the employment status of migrants. Based on the results of our analysis, we propose the implementation of policy aimed at increasing the educational level of rural dwellers, in conjunction with other policies to eliminate all artificial barriers, to facilitate the migration of rural laborers.  相似文献   

4.
I. Introduction Since the late 1990s, the debate on China’s current real estate cycle has aroused great attention. The People’s Bank of China, China’s central bank, initiated a series of macroeconomic management policies to prevent the real estate market from overheating. Since the real estate bubble in the early 1990s, the Chinese Government is conscious to attach great importance to the possible financial risks and corresponding shocks to China’s economy of the real estate market ove…  相似文献   

5.
In recent years, as cluster theory evolves and more countries and regions implement industrial stimulation policies rooted in cluster theory, empirical research on industry clusters has likewise gained momentum. With the spread of clusters and regions instituting cluster policies, cluster formation has come to be seen as a promising tool for regional development. However, compared with industrial clusters in general, rural development clusters exhibit a higher level of diversity, namely in the purposes behind their formation, the parties that participate in or operate them, and the conditions in which they are formed. In terms of China, there is a considerable degree of diversity in clusters related to agriculture and rural communities depending on the particular sub-sector, the leaders of the sector, the socioeconomic conditions of the particular region, and other factors. For this reason, rather than the clusters themselves, in this research, we focused on cluster initiatives (CI), i.e. the efforts to facilitate regional cluster growth and competitiveness. Firstly, we conducted a brief survey of previous studies of clusters. Secondly, we analyzed the effects of industrial clustering on rural economy in China econometrically. Thirdly, we examined the cases of vegetable cluster in Shanghai and the naturally colored cotton and hops cluster in the Xinjiang Uyghur Autonomous Region. By concluding the above-mentioned analysis, we finally explored the potential and outstanding issues for rural development using cluster initiatives models.  相似文献   

6.
The long-standing severe power shortage in China has provoked much debate on whether China should further promote market-oriented electricity reform. The present paper addresses this issue by analyzing the impacts of deregulation of the electricity generation sector and retailing activities on other sectors, the macroeconomy and electricity users. A countetfactual scenario analysis is used based on a simplified computable general equilibrium framework. We find that deregulation can significantly improve the efficiency of electricity production, increase employment and enhance household welfare. These nontrivial findings can help to resolve many controversies about governmental intervention during China's economic transition. Our findings have two implications relating to policy feasibility and applicability; that is, competition in the electricity retail market shouM be phased in, and the necessary arrangements for unemployment in incumbent firms shouM be considered.  相似文献   

7.
A significant gap remains between rural and urban students in the rate of admission to senior high school. One reason for this gap might be the high levels of tuition and fees for senior high school By reducing students' expectations of attending high school, high levels of tuition and fees could be reducing student aeademic performance in junior high schools. In this paper we evaluate the impacts of a senior high tuition relief program on the test scores of poor rural seventh grade students in China. We surveyed three counties in Shaanxi Province and exploited the fact that, while the counties are adjacent to one another and share similar characteristics, only one of the three implemented a tuition relief program. Using several alternative estimation strategies, including difference-in-differences, propensity score matching and difference-in-differences matching, we find that the tuition program has a statistically significant and positive impact on the mathematics scores of seventh grade students. More importantly, this program is shown to have a statistically significant and positive effect on the poorest students in the treatment group compared to their wealthier peers.  相似文献   

8.
Using the 2006 wave of the Chinese General Social Survey, the present paper examines the effect of risk attitudes on the likelihood of entrepreneurship in China. Our results show that risk attitudes have a nonlinear effect on the likelihood of being entrepreneurs. Risk neutral people are most likely to be entrepreneurs, while both risk averse and risk seeking people prefer to work for wages. When we further divide entrepreneurs into necessity and opportunity entrepreneurs, we find only a marginal difference in risk attitudes between wage workers and necessity entrepreneurs, while less risk averse individuals tend to be opportunity entrepreneurs. Our results have important poliey implications for the government "s efforts to promote entrepreneurial activities.  相似文献   

9.
China's Sloping Land Conversion Program has been implemented since 2002. It aims to achieve goals of ecological recovery and poverty alleviation, by retiring steeply sloping land from crop production and freeing surplus agricultural labor for off-farm activities. Given the huge investment that has been poured into it, and its ecological and social impacts, this government-initiated program has attracted significant academic attention and triggered a flood of debate. Since 2004, the debate has concentrated on the sustainability of the program. Although targets have been overachieved in some provinces, concern has still emerged regarding the livelihood of farmers after subsidies stop. The present paper analyzes the implementation of the Sloping Land Conversion Program in Ningxia Autonomous Region, with a focus on the required social capital for sustained participation o f farmers and the development of off-farm economic activities.  相似文献   

10.
The main problem the oil industry facing in modem market economy is unreasonable price mechanism, the substance of which should be attributed to the fact that it is still short of a reasonable oil price forming mechanism. Therefore, the discussion on this aspect should be pushed forward. As the breakthrough point, on the basis of status research in quo and formation causes of China's oil price forming mechanism, we should analyze the necessity and imminence of China's oil price forming mechanism reform deeply. Then, with the perspective of development strategy of the oil industry, we put forward the reform measures of it.  相似文献   

11.
China: Unscathed through the Global Financial Tsunami   总被引:2,自引:2,他引:0  
This paper investigates the reasons behind the resilience of China's economy to the global financial tsunami. China 's economy is lowly leveraged in its banking, household, public and external sectors and, therefore, is less plagued by the global deleveraging than most developed economies. Chinese domestic sectors have improved significantly over the past decade, giving them larger capacity to cope with external shocks than during the Asian financial crisis a decade ago. Contrary to the conventional wisdom that China's economic growth is highly dependent on exports, we find that the main growth engine for China is domestic demand. Destocking, rather than falling exports, was the main cause of the sharp economic slowdown in China in late 2008 and early 2009. Therefore, the global economic slowdown should have limited impact on China's economy. We forecast a sustained eeonomic recovery in China in 2009-2011, with real GDP growth exceeding 10 percent in 2010.  相似文献   

12.
From the operating mechanism of venture capital, we can see that, the withdrawal mechanism of the venture capital plays a decisive role in the ultimate success or failure of the venture capital. One of the key issues affecting the development of China's venture capital industry is that the withdrawal mechanism is not sound. In referring to the foreign successful experience, we must fully analyze it by integrating with the actual situations of China. Currently, the capital market, property market, venture capital system and legal system of China are not perfect, and the improvement of the mechanism can not be done overnight. We can first choose to withdraw in a practical way in the current stage to gain the time to develop, and then continue to pave the way to create conditions, and finally establish a perfect venture capital withdrawal mechanism.  相似文献   

13.
The establishment of sovereign wealth funds in large developing countries has generated hot debate among participants in the international financial market. When accumulated foreign exchange reserves surpass a sufficient and an appropriate level, the costs, risks and impacts of holding reserves on the macroeconomy of a country need to be considered. The Chinese Government established China Investment Corporation ( CIC) in 2007 to diversify its investment of foreign reserves and to raise investment income. However, because of certain conflicts of interest and institution-design caveats, CIC possesses some internal weakness, including a vague orientation, mixed investment strategies and an inefficient bureaucratic style. Although the subprime crisis has softened certain regulations and lessened rejection by the USA of ClC potential investments, the increased volatility and uncertainty of the market means that CIC is facing some new challenges in terms of its investment decisions. Moreover, CIC is competing with other Chinese investment institutions for injections of funds from the Chinese Government.  相似文献   

14.
Effect of Money Supply on Real Output and Price in China   总被引:2,自引:0,他引:2  
Over the past 30 years, China has achieved remarkable long-term economic growth. Using quarterly data, we study the effects of money supply on real output and inflation in China between 1993 and 2008. To this end, we use money supply shocks afler filtering out the expected component of the money supply. Our findings provide evidence supporting the asymmetric effect of positive and negative money supply shocks on real output and inflation in China. That is, real GDP growth in China responds to negative money supply shocks but not positive money supply shocks. In addition, inflation responds to positive money supply shocks but not negative money supply shocks. We conclude that the People's Bank of China' s policy of steady monetary growth appears to be appropriate. Our study offers important policy implications for China.  相似文献   

15.
The present paper analyzes the potential impacts of bio-ethanol expansion on agricultural production, food prices and farmers' incomes in different regions of China. The results show that increase in demand for feedstock to produce bio-ethanol will lead to large increase in the prices of agricultural products. The increase in prices will trigger a significant rise in the production of feedstock at the cost of lower rice and wheat production. The study also reveals that the impacts of bio-ethanol on farmers" incomes vary largely among regions and farmer groups. Given the expected expansion of bio-ethanol production in the future, and the limited land resources for feedstock production in China, the viability of different crops as feedstock for bio-ethanol requires careful analysis before a large-scale expansion of China's bio-ethanol program. Bio-ethanol production in China should be relying more on the second generation of bio-ethanol technologies (i.e. using celluloses to produce bio-ethanol), and China's government should increase research investment in this field.  相似文献   

16.
At present, the development of renewable energy relies mainly on government support. The government invests in a considerable number of projects to improve public welfare and to assist in poverty relief If China is to replace fossil fuels on a large scale with renewable energy sources, the production costs and prices of renewable energy must be brought down. All countries are facing the challenge of moving to a more secure and low-carbon energy system without weakening economic and social development. In this regard, China is facing an even greater challenge in terms of economic cost, as cheap coal remains the main energy form. Technical innovation and industrialization in the area of renewable energy is an important means of lowering cost. China is in for a period of high-speed development of its economy and the rising demand for energy is irreversible. If the technical progress and development speed of renewable energy lags behind the growth in demand, it will be difficult to realize the improvement of its energy structure.  相似文献   

17.
Does foreign direct investment(FDI) into developing countries affect the growth of local firms in host countries? Using a dataset of 38 sectors in China’s electrical and electronics industry,in this paper,we analyze whether FDI has a positive effect on local firms,with technology spillovers,added value and increasing total factor productivity,or a negative, market stealing,effect.Estimating the relationship between growth of local firms and investment of foreign firms,our results show that FDI is likely to have a negative impact on the growth of local firms in sectors with large disparities in technology and less experience in business.Therefore,local firms lacking in technology need to find markets with no competition from foreign firms or determine strategies to compensate technology disparities.  相似文献   

18.
The main objective of this paper is to estimate the economic capital for covering the external fraud risk within a financial institution. This is a kind of operational risk which is due to acts of a type intended to defraud, misappropriate property or circumvent the law, by a third party. From the methodological point of view, we apply the Loss Distribution Approach (LDA), based on the Internal Operational Loss Database (IOLD) provided by a Spanish Saving Bank. More specifically, we asses the potential impact of the severity distribution on the Capital at Risk (CAR). In absence of normality, we try to adjust the Lognormal, Weibull and Exponential functions when modelling the severity of losses. As a result, we find a high divergence in terms of capital charge depending on the statistical model selected. In consequence, in order to obtain a realistic model, we highlight the relevance of the goodness of fit between the empirical and the theoretical distribution.  相似文献   

19.
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.  相似文献   

20.
The present paper uses a two-step approach to estimate the pass-through effects of changes in international commodity prices and the RMB exchange rate on domestic consumer price inflation in China. We first estimate the pass-through effects of international commodity prices on producer prices and then estimate the pass-through effects of producer price inflation on consumer price inflation. We find that a l O-percent increase in international commodity prices would lead to China' s producer prices increasing by 1.2 percent 3 months later, which in turn would increase China' s domestic inflation by 0.24 percent over the same period. However, a 10-percent appreciation of the RMB exchange rate against the US dollar would help to reduce increases in producer prices by 4.4 percent over the following 3 months, which in turn would lead to a 0. 89-percent decline in consumer price inflation over the same period. Our findings suggest that appreciation of the RMB in an environment of rising global commodity prices and a weak US dollar could be an effective instrument to help contain inflation in China.  相似文献   

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