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.     

Analysis of South Korea’s Direct Investment in China

I.General Situation of South Korea’sDirect Investment in ChinaSouth Korea’s investment in China has increased dramatically since1992,when the twocountries formallyestablished diplomatic relations.According to China’s statistics,in1992,South Korea’s direct investment in China was only US$119million.By2002,it reachedUS$2.721billion–a26.78percent annual growth on average.This was much higher thantheaverageannual growth ofinvestmentby other countries in China,which stood at10.87 pe…     

Effectiveness and Effects of China’s Capital Controls

I. IntroductionNations at every stage of development and in every region of the world are more closelylinked through trade in goods and services, through flows of funds and investments ineach others’ economies than ever before. But in sharp contrast to more and more nationsloosening restrictions on international trade, controls over capital flows are still substantialnearly everywhere except in the most developed economies. This is certainly the case inChina, where restrictions on movements …     

Viability and the Development of China’s Capital Markets

I. Some Facts about Chinas Capital MarketsThe official stock markets of Mainland China were set up in Shanghai and Shenzhen respectivelyin1990 and 1991. The original intent was to improve the reform of Chinas SOEs. Theoretically,it was held that absence of owner is the main problem of SOEs; after being listed, the smallshareholders who buy stocks with their own money will care about the value of their assets, sothey will actively supervise the listed enterprises managers and thus the gov…     

The Comparative Analysis of Sino-US High and New Technology Industries Development

High and new technology industries play an increasingly important role in the national economic development. Based on the analysis of the US status qua of high and new technology industries （HNTI） and the key factors of developing HNTI, the paper comparatively analyzes the status qua of Chinese HNTI and its problems. Furthermore, it brings forward the countermeasures and suggestions on china＇s HNTI.     

An Empirical Analysis of Provincial Productivity in China (1979–2001)

This study estimates and analyzes provincial productivity growth in China for the period 1979–2001. The Malmquist Index approach allows us to decompose productivity growth into two components, technological progress and efficiency change. Considerable productivity growth was found for most of the data period, but it was accomplished mainly through technological progress rather than efficiency improvement. Although China's capital stock has accumulated at record speed in recent years, our findings show that TFP growth slowed down significantly during 1995–2001. The study thus raises serious questions about whether China's recent growth pattern is consistent with its comparative advantages, and whether its reliance on capital accumulation can be sustained in the long run.     

Determinants of Competitiveness： Observations in China＇s Textile and Apparel Industries

This paper attempts to explore key determinants of competitiveness in the textile and apparel industries, with special reference to Chinese Mainland. The authors conduct a survey that is designed to use productivity, supply-side and demand-side determinants to measure enterprises＇ competitiveness. The collected survey data is then analyzed using factor analysis to capture the related determining factors indicative of competitiveness at the enterprise level. The findings demonstrate that government policies and related industry infrastructure are the most important determinants of competitiveness in the textile and apparel industries, followed by domestic demand. This suggests that the improvement of industry infrastructure can foster industry performance, and that more resources should be endowed to enhance the domestic business competitiveness of local enterprises. The development of domestic demand will foster the competitiveness of the textile and apparel industries on a more sustainable basis.     

Analysis of the Changes in the Growth of Japan’s Direct Investment in and Trade with China

I. Relative Drop in the Proportion of Japan’s Direct Investment in ChinaCompared with the United States and the EU, Japan’s direct investment in China hasslowed down since 1999, with the relative real size of investment dropping. Table 1 shows that Japan’s direct investment in China was slightly more than that of the USA and much more than that of the EU before 1998. But in the ensuing five years from 1999 onward, the situation was reversed. The US direct investment in China rose …     

Effectiveness and Effects of China＇s Capital Controls

Reductions in barriers to global trade have not been accompanied by a widespread loosening of restrictions on international flows of capital, especially in China. This study shows that China has some of the most restrictive controls and uses them effectively to bias flows of cross-border capital heavily in favor of foreign direct investment (FDI) and limit flows of portfolio and bank assets and liabilities, as well as reducing capital flow volatility. China is now facing pressure to speed up its opening to all forms of cross border capital. But since China is still struggling to strengthen its domestic financial structure, capital account liberalization would expose it to considerable risks and potentially high costs.     

Analysis of the Adjustment of China＇s Fiscal Policy in 2005

The prudent fiscal policy adopted in 2005 is the result of adopting a series of measures to strengthen macro control in recent years. The process of implementation will be gradual.During this period, pushing forward reforms is the main focus of all the measures. Tax reform, social security system reform and rural reform will need the most emphasis.     

Analysis of China’s Foreign Trade Growth and Discussion of Related Policies

I. Analysis of Factors in the Growth of Import and Export TradeAccording to Customsstatistics,China’s import and export tradereached US$620.8 billionin 2002,growing by 21.8 percent, with imports growing by 21.2 percentand exports by 22.4 percent. Such growth reached as high as 37.1 percent in 2003, with the total volumereachingUS$851.2 billion,withimportsgrowingby39.9percentandexportsby 34.6percent.In the firstthree quartersof 2004, the total value of import and export tradehit US$828.5…     

Viability and the Development of China＇s Capital Markets

The paper analyzes the abnormal phenomena in China‘s capital markets and provides a critical review of the existing hypotheses about the phenomena. The paper argues that thelack of “viability” among most of the listed SOEs is the primary cause of the problems in China‘s capital markets. The paper also applies a consistent framework to analyze the relationship among viability, SOEs and the capital markets, and makes some policy proposals for improving China‘s capital markets.     

Analysis of Christian Character in Uncle Tom’s Cabin

《汤姆叔叔的小屋》是美国著名小说家斯托夫人最著名的作品。本文从宗教圣经的角度分析《汤姆叔叔的小屋》中的各类人物形象,简单论述作者在整部小说中宣扬的宗教的思想,从基督教圣经的意向出发详细分析《汤姆叔叔的小屋》小说的各类人物形象,由于不同的性格和特点最后的命运不同,并说明作者是想通过宣扬圣经的思想来唤起沉迷于基督的奴隶,要有争取自由的勇气。     

Research on institutional innovation of Capital Market in China

The capital market is regarded as one of the important components in the system of market economy. And its position in the development of national economy is increasingly important. In recent years, with the expansion of reform and opening-up of China, not merely has the scale of the capital market has been enlarged obviously, but also there are qualitative leaps on its inbeing. However, there are still some questions, for example, the market structure is still unreasonable, surveiUance and management of market is not perfected. It must carry on the institutional innovation of capital market to develop and perfect the capital market further.     

A SCP Analysis of FDI in China

FDI in China has experienced cooperation and joint venture being dominant. Nowadays, there is the trend towards wholly foreign-owned and proprietary companies. Based on theories of industrial economics, this article not only makes an analysis of projects involving FDI, amount of FDI in use and its percentage in GDP, industrial concentration of FDI in use and FDI projects, but also probes into the contribution of FDI to employment and revenues. Analysis shows that foreign enterprises arc playing an ever increasingly important role in the export of high-tech products. However, sacrificing the market did not realize the expectation of gaining technology needed, super national treatment not only consumed huge resources which is not reclaimable, worsened eco-enviromnent but also decreased the competitiveness of domestic enterprises. To some extent, domestic enterprises blindly imitate, and lost gradually self-development and innovation. Thus, greatly improving original and integrative innovation capability and re-innovation capability based on digestion is the only way to defend our economic safety.     

Prospects and Analysis of FDI in China

I. The General Picture of FDI1. The amount of FDI used in practice and incontract all increased significantlyIn 2004, China approved the establishment of 43,661 foreign-funded enterprises, 6.29 percentmore than in 2003. The contractual amount of FDI was US$153.479 billion, 33.38 percentmore than in 2003 and the amount actually used reached US$60.63 billion, rising by 13.32percent. By the end of the year, the total number of foreign-funded enterprises in Chinacame to 508,938. The contra…