The Export Market Pattern of China＇s Textiles and Apparel in Post-quota Regime

On the basis of studying the status of China＇s textiles and apparel export, including export quantity, markets, price and quality, this paper analyzes the export market pattern in five aspects： market space, the falling price and diminishing profit, the rising proportion of processing trade, the intense exporting competition, and the accelerating trade barriers in order to indicate the export market pattern of China＇s textiles and apparel in post-quota regime.     

An analysis on the relationship between RMB interest rate and exchange rate based on BEER model

The internal money market and international money market will mix together when the finance market is open. Researching on the relationship between interest rate and RMB exchange rate is so meaningful. Based on the reality of market-based reform in our country, the paper employs the BEER model to analyze the interest rate＇s influence to the RMB equilibrium exchange rate, and inspects the realistic performance of the interest rate and exchange rate mechanism. Then it seeks some effective measures to promote the interactive development of the interest rate and exchange rate markets.     

Discussion on the Suitability of Strategic Trade Policy in China

One theory of strategic trade policies is about the profit shifts theory by ＂harming others to benefit oneself＇. This strategic trade policy is that one country takes its losses to other countries as in ＂using neighbor＇s field as a drain＂. This kind of trade policy may suffer the resistance and vindictiveness of other countries. Under these terms of effective large-scale production, the unperfected market structure and the transition stages of its economic system, China can＇t adopt this strategic trade policy blindly.     

China＇s Import-exchange Rate Linkage： Evidence from the China-bound Exports of Japan and Korea

This paper examines how the China-bound exports of Japan and Korea are related to exchange rates, motivated by the fact that processing trade makes up a large proportion of China＇s trade, and that Japan and Korea are the leading source countries for processing imports. Because processing imports are inputs for exports, the link between such imports and China＇s exchange rates are ambiguous. We estimate export functions that include China＇s RMB real effective exchauge rates （REER） along with bilateral real exchange rates （B RER） using Johausen ＇s cointegration method aud find that the RMB REER significantly affects Japanese and Korean exports to China, even more so than BRER in most cases examined. These two exchange rates appear in the export equations with opposite signs. Subsequently, we use the estimated model to illustrate the importance of accounting for a concurrent change in B RER when analyzing the effects of a hypothetical RMB revaluation on China＇s trade balances despite the apparently weak imports-B RER linkage.     

Choosing an Appropriate Exchange Rate System for Developing Countries

The developing countries emerging market crisis during the second half of 1990s has had a major impact on changing the views of academicians, policy designers and developing countries＇ authorities with respect to exchange rate policies, particularly after the Asian Financial Crisis in 1997. Although the Asian Financial Crisis has brought enormous damage to those hit countries, it left very precious lessons for the developing countries. Countries have to make a decision under uncertainty - they must choose an exchange-rate system and associated monetary policy without full information on the consequences of that choice. They must weigh the arguments and the costs of errors from adopting different exchange rates. They must evaluate the alleged benefits of each system and the opportunities for achieving those benefits through alternative, substitute means. They must also evaluate methods of reducing the potential costs of each system. It is true that no single exchange rate regime can. be prescribed as best for all, nor is the best choice of exchange rate regime always clears for all places in all times, even in light of their specific circumstances. There are no simple, universal answers. But under most circumstances and for most developing countries, one system of flexible exchange rate is better than others.     

Industry-specific Real Effective Exchange Rate for China： 2000-2009

This paper measures the industry-specific real effective exchange rate （REER） for China by matching domestic and foreign industry-level price and trade data series. We find that after 2005 the REER appreciates more in the ＂chemical, plastics, rubber and fuels industry＂ and the ＂＇machinery and equipment industry,＂ but remains roughly constant or even depreciates in other industries. The nominal exchange rate generally accounts for over 50 percent of the aggregate real effective exchange rate JTuetuations, but this conclusion does not apply to three of nine industries. We apply the industry-specific REER to re-examine the relationship between the exchange rate and trade, and find that the industry-specific REER index performs better than the traditional aggregate REER index. We recommend that the Chinese Government officially adopt industry-specific exchange rates instead of using the aggregate effective exchange rates to evaluate the competitiveness of Chinese industries in the international market.     

Whether entering WTO influences U.S. bidders＇ wealth？——Some evidence from U.S. bidders＇ taking over BRIC＇s target firms

With the ever-increasing economic integration of nations, cultural homogenization and relaxation of foreign ownership regulations by many countries, international acquisition has become an important tool for finns＇ globalization. Being important emerging markets, BRIC countries （Brazil, Russia, China ＆ India） are providing international acquirers, many unique opportunities and challenges. Joining in the WTO opens access to the world markets, promotes competition in the domestic market, provides opportunities to settle trade issues and increases trust of the trade partners and investors to the emerging countries. The author tests the wealth effects （i.e how the market react） of U.S. bidding firms on their announcements for taking over BRIC firms. In Brazil and China, significantly positive market reactions are found after their entering WTO, which reflects the sound economic development with the further opening up. Things are different in India, which are most likely caused by the economic depression during 1990s. As the only BRIC country having not joined in WTO, taking over Russian fires lead to vague market reactions in U.S..     

Effectiveness of China＇s Monetary Policy and Reform of Its Foreign Exchange System

I. Introduction The background of this research is related to continued disputes between China and its trading partners, and to the resulting international pressure on China’s foreign exchange (Forex) system. As the fastest growing economy in the world, China’s foreign trade has expanded at a fantastic pace and its trade surplus with the rest of the world is huge and rising. This remarkable success has encountered increasing criticism, whether correct or not, from the countries that feel t…     

Competitive Neutrality of the OECD Consensus Myth or Reality

This research paper gives into context ongoing changes in the balance of forces in the international markets caused not only by the crisis and the need to restore market-neutral internationally agreed system for state participation in the support for exports based on real economic criteria. The aim of this research is to demonstrate the changes of the balance of forces in the international markets. This paper presented the statistical data relating to development of GDP, indebtedness or value of exports or imports that the present changes in international markets and open discussion about the topic problem. This article recalled the basic principles of insurance and export financing with state support and also are presented current problems of implementation rules of the CONSENSUS. Due to the fact that state support for exports is an important internationally respected system it is necessary to overcome some doubts and bring to the system real market neutrality. Therefore, we ask whether are respected in practice the agreed principles of international state aid exports and what problems currently international markets and fundamentally different countries are struggling. It can be said that the rules CONSENSUS OECD has contributed to the creation of fair market conditions in international markets, but it can be also monitored over time to some extent being away from the demands of market neutrality. In view of these facts it can be considered as the basis of the current situation primarily to ensure a truly market and competitive neutrality of state support for exports.     

Impact of Global Financial Crises on the Indonesian Economy： An Input-Output Analysis

The debt crisis in the European Union （EU） and the U.S. has significant potential impact on the economy of Indonesia. U.S. sub-prime mortgage crisis in 2008 has a strong impact on Indonesian economy, that Indonesia＇s gross domestic product （GDP） slowed down to below 5% during 2009. Until October 2012, Indonesia＇s export growth is starting to grow negatively on some sectors when the crises in the EU and the U.S. have started or overall grew by -6%. Although the slowdown does not occur in all sectors, the impact spreads to other sectors as the existence of industrial linkage among sectors. The objective of the study is to look at the impact on the sector level on various indicators such as GDP （value added） and employment. Input-output analysis will be used in the simulation. Indonesia input-output table of 2005 is applied as the data base. The simulation results show that if exports decline occurs in the U.S., the economic growth will be -0.20%. Meanwhile, if it occurs in the EU, the growth of GDP will be -0.24%. If some Asian countries face the fall of demand of Indonesian export, GDP growth declines by 0.61%. The fall of exports demand from some Asian countries, EU countries and the U.S. will cause the GDP growth by -1.06%. The crisis occurring in both the US and the EU has decreased export demand from those countries and region including some Asian countries. The impact to employment seemed to be minimal, only -0.47% of total labour force.     

The impact of foreign direct investment and trade on economic growth Taking China, Korea, Malaysia, Philippines ＆ Thailand for example

In this study the authors make efforts to survey the impact of foreign direct investment and trade on the economic growth of five East Asian countries, China, Korea, Malaysia, Philippines and Thailand. Using an augmented production function （APF） growth model, the authors apply panel data Method and data span is from1980 to 2006. The required data are extracted from World Development Indicator 2008. The result shows that a co-integration relationship between growth and its determinants in the APF model is supported. Firstly, the study shows that with the increasing the inflow of foreign direct investment, positive impact on growth in Thailand, Korea and China is proved. However, this impact is negative in Philippine and Malaysia. Also the impact of trade on economic growth has the same result with FDI impact in sign. Further, the impact of labor force on growth is not significant in these countries and the effect of gross fixed capital on growth is positive and has a very high impact on selected countries.     

The Evolutionary Game Model of Enterprise Competition Strategy Considering Market Share

In this paper, we analyze the limitation of rationality, and on basis of Cournot model, we give a Cournot model with double objectives considering market share （output）, and divide the enterprise competition into two stages： the first stage, the Cournot competition game with double objectives considering market share; the second stage, the evolutionary game based on Nash equilibrium strategy. In an indirect evolutionary approach, we obtain the Evolutionary Stable Strategy （ESS） of CE model, analyze and compare the different results of C model and CE model derived from different hypotheses. CE model is an extensive form of conventional Cournot model, whose structure and equilibrium result is helpful to give more effective explanation and forecast to actual situation. The study approach in this paper, to some extent, is generally applicable to other game models.     

Study on the Efficiency of Fund Allocation of Listed Companies in the Process of Industrial Structure Adjustment

Through the analysis of the accomplishment of trade fund allocation and industrial structure adjustment, we find there are big differences in the efficiency of using the trade fund of listed companies. It is very important to optimize the trade allocation of the fund. As to the efficiency of allocating the trade funds, the two indexes, trade competition and enterprises technology have the strong instructive meaning. And the trade assets with characters of resource monopoly and consumption particularity are used most effectively. While promoting the industrial structure adjustment of listed companies in the future, we should consider the competitive situation of the trade and the technological situations of enterprises in the companies＇ access and in the fund allocation sufficiently. This paper puts forward some countermeasures and suggestions to solve the problems of the unreasonable allocation of trade fund in companies coming into market, the low effect of the use of the whole fund in listed companies, etc.     

Does Foreign Direct Investment Affect the Growth of Local Firms？ The Case of China＇s Electrical and Electronics Industry

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.     

Corporate Governance of Enterprise Groups in China

Clear property right is the core of modem enterprise system, but it can＇t become all-powerful medicine to an enterprise because many enterprises with clear property rights in some countries can＇t avoid bankruptcy in market competition yet. Good corporate governance as a system arrangement will be good to the organization management operation. The research to the corporate governance of enterprise groups will be advantageous to corporate groups＇ standard operation. But the existing research is almost pointed to single enterprise not enterprise groups. The structural complexity of enterprise groups will increase the difficulty in corporate governance. The paper is based on and oversteps the traditional corporate governance theories to research the corporate governance of enterprise groups. We try to summarize the domestic and foreign correlation materials in order to provide the argument basis for the research to the corporate governance of enterprise groups.     

Development in China＇s Foreign Trade： 2003-2012

China＇s foreign trade has entered a new stage, marked by some profound changes since 2003. After 5 years ＇consecutive high growth, China＇s foreign trade experienced a significant slowdown in growth following the onset of the global financial crisis in 2008. The purpose of this article is to present a review of the development in China＇s foreign trade over the past l O years, and to explore important changes that have taken place during this period of time. A majorfinding of the presentpaper is that the traditional forces driving the high export growth in China, that is, low-cost labor, low-cost resources and low-cost money, have been disappearing. The policy implication is that over the next l O-15 years, the most important conditions for sustaining high export growth will be promoting the development and export of private enterprises in traditional heaw industries and high-technology industries, and relying on technological progress and high produc6vity to propel export expansion.     

Does Experience Facilitate Entry nto New Export Destinations？

Using a large panel dataset that covers 116 countries and 5013products over the period 1998-2010, this study evaluates the effects of export experience on the geographic expansion of China ＂s exports. The results suggest that past export experience in geographically close and culturally similar markets plays a crucial role in.facilitating new market entry, and the positive spillover effects are more pronounced for incumbent and successful products. The results also indicate that spillovers from export experience are market-specific and product- specific, and they are limited to within the same product class and the same market, with little cross-group effects. Finally, there is no strong evidence that export experience is more important for differentiated products than for homogeneous products, and the positive spillover effects are remarkable for both categories of products.     

International Accounting Firms in China— An Empirical Research on Competition and Cooperation

This article bases on game theory, analyzing the pattern of competition and cooperation of domestic accounting firms and international accounting firms in the view of asymmetric information game. The authors will use empirical research method to analyze equilibrium associating the auditing marketing situations, and give some points on Chinese accounting market development strategy in face of the world＇s challenges.     

Study on Chinese Trade Union Enterprises Management System Innovation

Although the reform of the system management of Chinese Trade Union Enterprises has made great progress, there are still many factors that are unsuitable for the rules of market economy and go against the long-term development of the Trade Union Enterprises. This paper proposes the innovation of the notion and theory and clarifies the target of the management of Chinese Trade Union Enterprises. Moreover,＇ for the system innovation of the trade union enterprises, the author gives suggestions on establishing and developing the artificial person management construction gradually, push forward the reform of the trade union enterprises, to establish the sound promotion and restriction mechanism, and cultivate the enterprisers of the trade union enterprises.     

China＇s Sovereign Wealth Fund： Weakness and Challenges

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.