Global Energy and Environmental Impacts of an Expanding China

I.Introduction Rapid economic growth in China and China’s economic size have important implications for energy use and environmental outcomes in China, regionally and globally. Although?2006 The Author Journal compilation ?2006 Institute of World Economics and Politics, Chinese Academy of Social Sciences most statistics related to China are impressive, those related to energy use and environmental problems are startling. China is currently the world’s third largest energy producer and …     

Foreign Direct Investment(FDI)in China’s Mobile Telecommunications Sector

Introduction Ten years after China’ s accession to the World Trade Organisation(WTO),the country has emerged as a world economic powerhouse.By the end of 2010,China’ s foreign exchange reserves hit a record US$2.85 trillion(Wang,14 January 2011) and FDI in China rose to a record $US105.7 billion(Bloomberg News, 18 January 2011).Furthermore,China overtook Germany in 2009 as the world’s largest exporter and likely surpassed Japan to be the world’s second largest economy(Bloomberg News,18 January 2011 ).     

China＇s Energy Strategy in the Twenty-first Century

I. Introduction As the biggest developing country, China’s energy consumption has increased substantially. China is now the second largest energy consumer in the world and its primary energy consumption accounts for 13.6 percent of the world total. In the global energy market, China seems to have an endless appetite for oil and gas. China depends on imports for more than 40 percent of its oil. According to an estimation by British Petroleum (BP, 2005), from 2000–2004, China’s oil consum…     

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…     

The Rise of China's Global Middle Class in an International Context

We estimate the size of the global middle class in China and 33 other countries and analyze China’s expanding middle class in an international context.The“ghbal middle class”is defined in terms of being neither poor nor rich in the developed world.China’s global middle class has grown rapidly and has been catching up with the middle class in developed countries.By 2018 China’s global middle class constituted 25 percent of China s population;in absolute size it was nearly double the size of the global middle class in the US and was similar in size to that of Europe.Cross-country analysis of the relationship between the middle-class share of the total population and GDP per capita reveals an inverted-U pattern.China is not an outlier from the cross-country pattern but the speed with which its middle-class has expanded is unusual.The only other countries with similarly large,rapid expansions of the middle class are transition economies.     

Growing Economic Interdependence of China and the Gulf Cooperation Council

The six nations of the Gulf Cooperation Council （GCC） have approximately 40percent of total proven oil reserves as well as 23 percent of the world＇s gas reserves. Although rising oil revenues have led to greater outward investment flows, there is also a growing need for significant expansion of the domestic energy sector＇s capacity. Meanwhile, China＇s sustained economic boom has resulted in China emerging as the world＇s second largest consumer and importer o foil, with close to 40percent of its import demand presently sourced from the GCC. This share will grow significantly in the future. Commercial relations between the GCC and China have to date been dominated by energy-related bilateral investment flows and China＇s oil imports. Although this will continue to be a central feature, trade and investment links in non-energy areas will further broaden and deepen the relationship. China ＇s relationship with the USA in terms of energy is also emerging as a major issue. Rather than being competitors, a mutual dependence on stable and secure supplies from the GCC highlights the need for a cooperative relationship.     

Prospect for China–Korea Economic Relations

I. Introduction The Chinese economy has undergone dramatic changes since the adoption of economic reform and the opening-up policy of 1978. In the past 26 years, China’s gross domestic product (GDP) growth rate has reached an average 9.3 percent per year and China’s currentGDP size, measured in comparable prices, is 10.3 times larger than it was in 1978. China’s GDP, measured with the official exchange rate, ranks sixth in the world and is second in terms of purchasing power parity, on…     

China's Large and Rising Net Foreign Asset Position

China＇s emergence as a major player in world trade is well known, but its growing role in global finance might have been underappreciated. China is the second largest creditor in the world today, with a net creditorposition of 30 percent of GDP in 2008. We test the importance of the growth differential, demographics, government debt, financial depth and the exchange rate in shaping China＇s net foreign asset position. Our empirical results highlight the sharp fall in the young-age dependence as one key driver behind China ＇s puzzlingly large net lender position and also confirm the neoclassical prediction that faster growth attracts more capital inflows. Looking ahead, our findings suggest that China will unlikely turn into a meaningful net debtor nation over the next two decades.     

Global Quota System and China＇s Textile and Clothing Industry

I. Introduction As a developing country, textile and clothing goods remain one of the most important sources of China’s exports since the opening up to the outside world and economic reform at the end of the 1970s. The contribution of textile and clothing exports to China’s total exports hit its record in the middle of the 1980s. In 1987, the share of these two types of goods in China’s total exports was 31.13 percent. From 1986 to 1995, their share in China’s exports was more than 30 pe…     

Asian Media Influence in the Global Context

Introduction： ＂Today the world we live in is a global village where no nation, group orculmre c aJn anonymous.＂ （qtd. in Jones ＆ Quach 5） With the fast d_evelo.pment of .distal me.＇a, Asian entertair~nentmedia is enjoyingwarmwelcome in the worldwide. Japan is considered as a manga superpower. ＂It has replaced the United states as the world＇s largest exporter of comics and animation.＂ （qtd. in Wong 42） Chinese blockl~usters receive success not only ＂wifin China, but in ＂the global box office. In addition, entertainment media in China and Japan have great impact on the development of intercultural dialogue, in terms of providing an open and respectful exchange platform for different cultural backgrounds with aims of developing deeper understanding of diverse perspectives and practices and diminishing barriers of intercultural communication.     

应收账款质押在优化金融生态中的法律问题探析

《物权法》允许应收账款担保融资,增加了我国商业银行信贷业务品种,适应了经济发展的需求。对我国金融、经济的可持续发展具有重要意义,应收账款质押不仅能更好地满足企业,特别是中小企业的融资需要,还有利于改善信贷结构、增强银行竞争能力,繁荣整个金融市场。而健全的金融法律,能较好地保护应收账款当事人的合法权益,降低信贷风险,促进应收账款融资的发展。     

我国商业银行消费信贷业务存在的问题、成因及其风险管理研究

随着我国国民经济的快速发展,消费信贷的规模也是不断地得到扩大,而在这过程中,消费信贷的风险问题也逐渐地被暴露出来,其危害已经严重的影响到了消费借贷的发展。本文简单地探讨我国商业银行消费信贷业务的风险管理。     

Assessing Local Government Debt Risks in China: A Case Study of Local Government Financial Vehicles

Strong credit expansion in China after the recent global financial crisis has brought local government financial vehicles (LGFV) into the spotlight. Rapid growth of LGFV has triggered concern about local government indebtedness, banks' asset quality and, more broadly, China's medium‐term financial stability and sovereign risk. This paper constructs a unique firm‐level dataset to evaluate the country's local government debt. We find an uneven distribution of LGFV, which are concentrated in the coastal areas, and a deterioration of their debt repaying ability from 2010 to 2012. We use principal component analysis (PCA) along with multivariate discriminate analysis (MDA) to identify the credit risk of LGFV based on conventional financial variables as well as local governments' fiscal status. We also estimate the safe boundaries of debt bearing at the provincial government level. The estimations reveal more severe local government debt risks in the middle‐western provinces and higher risks associated with LGFV at the municipal and county levels. Although it is very unlikely that there will be a national debt crisis in China, the high risk of LGFV should be noted and effectively controlled by improving the fiscal transparency of local governments and reforming the fiscal system.     

绿色信贷推动产业结构优化升级的实证研究

近年来在绿色政策的引导扶持下,中国绿色金融实现迅速发展.影响绿色金融体系构建的因素甚多,绿色信贷始终占据至关重要的地位,是实现绿色发展、循环发展、低碳发展等高质量发展的主要推动力.选取2008—2019年31个省区市面板数据进行多元线性回归.实证结果表明,实施绿色信贷对于产业结构优化升级具有正向的推动作用.为促进绿色金融发展,助推产业结构优化,建议绿色政策以政府与银行业金融机构为着力点,对策措施聚焦于增加政府绿色金融支持、不断完善银行绿色信贷体系.     

商业银行金融支持、商业信用与异质性研发投资

伴随中国经济转型及外部竞争的加剧,创新变得越来越重要。由于研发投资的高风险性和信息不对称等特征导致创新型企业普遍难以获得所需的债务资本。相比于外部间接筹资,与商品交易直接相联系的以分期付款和预付定金等形式存在的商业信用便成为低成本、高效率的融资渠道之一。基于此,通过实证检验商业银行金融支持、商业信用与异质性的研发投资之间的关系,以期寻找化解资本危机的渠道。首先证实了上市公司自身产生的现金流是研发投资的重要资本来源之一。其次,金融发展能够显著加强研发支出规模,且金融发展程度越高,企业规模的影响越小。在单独考察商业银行金融支持与商业信用对研发投资的作用后,结果表明两者均为重要的资本来源。此外,金融支持与商业信用之间存在互补关系,但商业信用对异质性研发的支持力度存在差异。     

Financial Development, Economic Growth and Adaptive Efficiency： A Comparison between China and Pakistan

The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China＇s financial development and growth can be explained through a dynamic criterion of adaptive efficiency, rather than through allocative efficiency. Using the framework of an autoregressive distributed lag model, the present paper tests the hypothesis that the GDP growth rate is dependent on financial development along with other variables in China and Pakistan. The hypothesis cannot be rejected in both cases. However, the results show that economic growth has a negative relationship with credit to the private sector in China. We conclude that financial development is a source of China＇s high growth rate and that the banking system is still under an evolutionary process, involving the pursuit of social objectives instead of the sole objective of profit maximization. Our results provide some implications for other developing countries like Pakistan.     

论完善个人信用制度

个人信用对消费信贷的推广有着极其重要的作用。我国在消费信贷的实施过程中出现一些信用方面的缺陷,客观形势要求我国应完善个人信用制度,其基本内涵包括个人信用登记、个人信用评估、个人信用风险预警、个人信用风险管理以及个人信用奖惩。     

基于AHP和DEA的科创型中小企业信用评价研究

我国科创型中小企业普遍缺乏抵押性资产,融资难度大。为减少金融机构与企业之间的信息不对称,提高科创型中小企业的融资能力,构建一套科学、合理的信用指标评价体系显得尤为重要。综合考虑企业的信用状况和经营状况,利用AHP模型计算企业信用评价得分,运用DEA-BCC模型测算企业经济状况得分,综合两者结果构建象限分布图,用来综合评价企业的信用情况。     

The development strategy for china's travel service industry after china's WTO entry: Present status and future prospects

China's tourism market is growing in importance since China's accession to the World Trade Organization (WTO). It is likely that China's opening to the world market will lead to the further development of its travel service industry. Even though China will be confronted by some difficulties, its WTO commitment may have positive impacts on the travel service industry such as the development of technologies, introduction of advanced management strategies, improved industrial structure, and increased competition in the sector. This paper aims to explain the WTO‐related factors in China's travel service industry, analyzing and evaluating the sector's development strategy.     

China＇s Current Real Estate Cycle and Potential Financial Risks

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…