Enormous Growth Potential for China＇s Consumer Lending

China＇s consumer lending has been expanding rapidly and shows strong growth potential due to economic growth and government policy, according to a recent report by Boston Consulting Group （BCG）.     

泛舟商海心系两岸——专访元丰国际有限公司董事长连元章

“晴湖似镜平,泼眼绿波明。鱼队行堪数,凫雏近不惊。”清人王搂描写的泛舟常州尚湖的一幕令人神往。然而,相比于宁静的尚湖,商海就多了几许波澜。波澜壮阔的商海,谁人勇立船头,踏浪弄潮,又可以气定神闲商海观澜？     

Testing for Cointegrating Rank Via Model Selection: Evidence From 165 Data Sets

The model selection approach has been proposed as an alternative to the popular tests for cointegration such as the residual-based augmented Dickey–Fuller test and the system-based trace test. Using information criteria, we conduct cointegration tests on 165 data sets used in published studies. The empirical results demonstrate the usefulness of the model selection approach for applied researchers. Electronic Supplementary Material  Supplementary material is available for this article at and is accessible for authorized users.     

中国小麦生产的技术进步模式研究

本文利用1990-2004年中国小麦生产的省区面板数据，估算这个时期的年均技术进步率，并利用特定的生产函数E—S模型测算小麦生产生物化学型技术进步指数和机械型技术进步指数，对比全国及小麦主产省份土地生产率和劳动生产率指数的变化。结果表明，该时期小麦生产呈现机械型技术进步为主的发展模式；技术进步和物质投入的增加是我国小麦单产持续增长的两大因素。未来为保证小麦单产的持续增长，必须加大对小麦生物化学型技术研发的投入，突破技术限制，为未来提供技术储备。     

Green Economy Underway in Guizhou

Southwestern Chinas Guizhou Province is attempting to become green economy and so far has made great progress. The Eco-Forum Global held in the provincial capital Guiyang during July 26-28 is Guizhou's exploration of green economy.     

Qinghai Boosts Halal Food Industry

Northwestern China's Qinghai Province is striving to develop its halal food industry,and make it go global. The sixth China (Qinghai) International Halal Food and Products Fair concluded on July 16.     

China's Consumption Market Sees Stable Growth

China's consumption market is maintaining stable growth.In November,the retail sails climbed to RMB 1.6 trillion,up 17.3 percent year on year.After deducting inflation,the actual growth rate was 12.8％,according to the National Bureau of Statistics (NBS).     

Quantile information share

This paper presents a new method to estimate Hasbrouck-type market information share in price discovery. The prevailing market information share is calculated on the basis of conditional mean. We propose a conditional quantile regression approach to obtain a new market information share measure, quantile information share, which varies across the combinations of different price quantiles. The method is illustrated with two data sets, one on the spot and futures markets in pricing S&P 500 equity index, and the other on price discovery for a cross-listed stock.     

二手房交易税调控效果及税收调控策略研究

文章分析了2005年以来新增二手房交易税金的调控效果,发现由于这些流转税易于转嫁、二手房供求失衡等原因,不但没有达到稳定房价的目的,反而增加了买房人的购房成本和纳税风险,通过缩小二手房市场总量抑制了二手房市场的健康发展,并引起房价上涨。因此,我国应将税收调控重点由流转环节向保有环节转变,将营业税和个税修改为针对非普通商品房征收,将税收调控与其他调控措施配合运用。