Putting the Cart before the Horse？ Capital Account Liberalization and Exchange Rate Flexibility in China

I. Introduction and OverviewLike their counterparts in many other emerging market economies, Chinese policymakersare facing a complex set of questions related to the desirability and appropriate mode ofimplementing exchange rate flexibility and capital account liberalization. The Chineseauthorities have stated publicly that both exchange rate flexibility and capital accountconvertibility are their medium-term objectives, but they have resisted recent calls from theinternational community for …     

新西兰航空：诠释“舒适”新内涵

新西兰航空公司正在重新书写长程客舱产品的新篇章：改造成长沙发的经济舱座椅、就像在酒吧一样更为舒适的超级经济舱座椅、对航空公司备受赞誉的完全平躺式座椅的进一步改进、所有机门处的厨房、经济舱乘客的品酒环节等等。这些新的设计可以与十几年前第一批平躺式座椅所带来的影响相媲美,并有可能会在今后影响到全世界的客舱设计。     

China’s value-added tax reform,firm behavior and performance

China reformed value-added tax (VAT) by removing investment from the tax base in northeastern provinces in 2004, which is a “natural experiment” of its tax system. Using difference-in-differences method, this paper for the first time investigates the impact of VAT reform on China firms’ fixed asset investment, employment behavior, innovative activities, and productivity, and furthermore discusses the impact of firm behavior on industrial structural upgrade and employment with a firm-level panel data of large and medium-sized manufacturing enterprises in China. We find that VAT reform significantly promotes firms’ fixed asset investment, and increases firms’ capital-labor ratio and productivity; while enhancement of firms’ productivity is mainly achieved by means of substituting labor with capital, rather than independent technology innovation; meanwhile, VAT reform distinctly decreases employment. Our findings have essential policy implications on the extension of VAT reform in the entire China.     

What Is Its Purpose？-＂Advancing RMB Exchange Rate Formation Mechanism＂

Spokesperson from People＇s Bank of China said on June 19th, ＂further advance the reform in RMB exchange rate formation mechanism, and strengthen the flexibilitv of RMB exchange rate.＂ This is the first time for China central bank give a clear attitude on reform in RMB exchange rate, which attracts great attention for global market. Does strengthening the flexibilityof RMB exchange ratemean that RMB will appreciate again？ Why the central bank announces the news at this moment？ How to choose the time for the reform in RMB exchange rate formation mechanism？     

河北省农产品物流中政府的职能定位

本文分析了河北省当前农产品物流的现状,并针对需要解决的问题提出了地方政府应发挥的职能,主要在于:宏观把握,制定发展规划;投入资金,建设农产品物流的基础设施;加强行政指导和监管;推动农产品物流信息化建设;培养农产品物流人才,促进河北省农产品物流良性建设和发展等。     

纵向—体化行业内转让定价研究

1．绪论 转让价格可以用来对同一跨国公司集团内的两个子公司之间的资产交换或服务交易进行估价。当这些子公司注册于不同税率国家时,此跨国公司集团就有动机制定转让价格,将利润转移至低税国家。为了减轻这种动机,经济合作与发展组织（OECD）成员国审核跨国公司的转让价格,