What has caused China’s economic growth?

Economic growth is driven by numerous factors. However, traditional economic theory focuses on certain key reasons, while ignoring the impact of other factors. Since 1978, China has achieved unprecedented economic growth, but also faces low per capita GDP. To clarify the driving forces behind this situation, we used per capita GDP to represent China’s economic growth and performed total factor analysis based on 13 variables in 7 socioeconomic dimensions using panel data from 30 Chinese provinces over the 40 years since China opened to the west in 1978. We found similar determinants in different regressions. Internal trade, privatization and investment were the primary factors driving Chinese economic development. Surprisingly, we found that the contribution of foreign trade to economic growth (per capita GDP) was weak. Education had a much smaller contribution than science and technology. Using per capita income as the dependent variable to provide a robustness test, we found that China’s income distribution has not paralleled its economic development and the distribution of the benefits of GDP growth to citizens must be improved. China’s experience demonstrates that promoting economic growth requires coordinated development of many factors, and that different policy preferences should be adopted to meet different economic development conditions.     

《公路勘测设计》课程的教学设计

在课程教学设计中,针对教材恰当地进行整体设计和单元设计,并设置好实训项目,辅以四阶段教学法和项目教学法,有效地引导学生主动学习,就能有效地提高学生知识运用能力和岗位职业能力,使高职毕业生成为具有良好职业道德和内在素质,适应生产、建设、管理、服务第一线的高等技术应用性专门人才。     

A study on X party material flow: the theory and applications

A thorough study of X party material flow (XPMF), its theory and its applications is conducted in this research. The X material flow concept is an extension of the material flow (MF) theory. To further elucidate that XPMF is one type of MF service model with PMF (party, material, flow) fractal structure and the characteristics of XPMF, we develop the three-pyramid synergetic operational model of XPMF. Through the analysis of several cases, we believe that OIR (Objective relational grade, Information sharing grade, and Resource complementary grade) is the set of order parameters that control and determine the formation of XPMF new structure and its degree of being ordered. Therefore it reveals the mechanism of XPMF formation and evolution. We also provide the principles and the methods for XPMF control.     

Book Review

Unit-root testing strategies are unnecessarily complicated because they do not exploit prior knowledge of the growth status of the time series, they worry about unrealistic outcomes, and they double- or triple-test for unit roots. The authors provide a testing strategy that cuts through these complications and so facilitates teaching this dimension of the unit-root phenomenon. F tests are used as a vehicle for understanding, but t tests are recommended in the end, consistent with common practice.     

财政奖励政策对农村金融机构信贷行为的影响——基于涉农贷款增量奖励政策的实证研究

涉农贷款增量奖励政策是将财政政策与信贷政策有机结合,发挥财政资金杠杆作用,促进金融资源优化配置,建立财政促进金融支农的一项重要举措.本文利用新疆70个县的涉农贷款、农户贷款、奖励资金数据,分别构造了自回归分布滞后（ADL）模型和面板数据（Panel Data）模型,并对财政奖励政策的金融机构信贷行为影响效应进行了检验,然后通过农村金融需求问卷调查结果对金融机构信贷行为的影响进行了进一步验证.结果表明：第一,财政奖励政策对县域金融机构涉农贷款和农户贷款的发放存在正向激励作用,但多个县域个体并未表现出显著的激励效应;第二,财政资金奖励政策对农户和农村企业的信贷需求满足度均有明显影响,但对农村信贷资金价格并未表现出显著的影响.     

Trading frequency and event study test specification

We examine the effects of thin trading on the specification of event study tests. Simulations of upper and lower tail tests are reported with and without variance increases on the event date across levels of trading volume. The traditional standardized test is misspecified for thinly traded samples. If return variance is unlikely to increase, then Corrado's rank test provides the best specification and power. With variance increases, the rank test is misspecified. The Boehmer et al. standardized cross-sectional test (Event-study methodology under conditions of event-induced variance, Journal of Financial Economics 30, pp. 253–272) is properly specified, but not powerful, for upper-tailed tests. Lower-tailed alternative hypotheses can best be evaluated using the generalized sign test.     

船载卫通站天线控制单元引导计算异常的解决

某船载卫通站天线控制单元（ACU）在一次任务海域使用捷联惯导（SINS）作为数据源引导计算时出现了卫星捕获异常情况。针对该问题,从分析船载卫通站卫星捕获原理入手,详细比对了各类引导源的数据格式与异同点,结合以往工程经验进行问题排查定位,提出了相应的解决方案并完成了ACU软件的修改完善和测试验证。试验结果表明,采用所提方法,问题定位准确,解决方案简单有效、可行性强,可为类似问题的解决提供参考。