Policy and politics behind Shanghai’s Free Trade Zone Program

China launched the Shanghai Free Trade Zone (FTZ) Program on September 29, 2013 in a bid to reduce administrative interventions, ease restrictions on investments, further open up its financial system, and internationalize its currency to booster shipping, logistics, and commerce. This article aims to present a background of the Shanghai FTZ and some reflections on it. China’s economic reconstruction has made a major impact on its port cities. Competitions between ports are gradually evolving into competitions between supply chains, with ports no longer considered as isolated links in the transport chain but rather as integral links in the supply chain. Ports are transitioning into fourth-generation ports with the establishment of logistics and value-added activities, which are developed in conjunction with local industrial and service businesses. In this trend, China’s port cities can provide a wide range of value-added services and become centers of commodity flow, capital flow, and information flow. Specifically, the combined effects of driving the development of peripheral industries and actively coordinating the activities of relevant parties help regulate the operations of the entire supply chain to obtain potential value-added benefits. The implementation of the Shanghai FTZ will not only stimulate trade but will also bring increased shipping and finance opportunities to the city. With free trade as the new direction and focus of the country’s economic initiatives, the Shanghai FTZ will hopefully lay the groundwork for a new round of reforms and restructuring of the Chinese economy.     

欧美金融衍生品监管改革进展及对我国的启示

2008年金融危机让各国认识到高杠杆金融衍生品的风险以及加强监管的必要性。危机后,欧美地区加强了对金融衍生品的监管,在规范市场方面取得了重要突破,对于金融衍生品市场处于起步阶段的中国具有一定借鉴意义。     

Aid dependence,sustainability and technical assistance Designing a monitoring and evaluation system in Tanzania David Hirschmann

This article demonstrates how aid dependence operates in very concrete terms in the process of consultancy and technical assistance. It draws on the author's experiences in preparing a monitoring and evaluation system for Tanzania's Local Government Reform Program. It illustrates how a comprehensive system of aid dependence, such as prevails in Tanzania, has meant that concern with local ownership, institutional development, affordability and sustainability appeared to find limited support among Tanzanian professionals and in-country donors. The article illustrates how the contradiction between the critically poor data collection system, which seems to demand realism and low cost as priorities and the comprehensive nature of foreign aid operates in four M&E design issues, namely institution building, ambition of performance indicators, pressures for rapid computerization and participatory methods. Finally the article draws a few concluding thoughts about the experience and its relationship to the debates on aid dependency and local ownership.     

深化城镇住房制度综合配套改革的总体构想（上）

改革开放以来,中国城镇住房及房地产发展取得了举世瞩目的成就,但近年来也出现了较为严重的问题。本文运用“制度、行为与绩效”（ICP）的研究框架,首先分析了住房问题产生的机制性原因,即住房发展目标偏颇与制度无序导致住房相关主体的行为扭曲,进而导致住房市场的失衡。借鉴国际经验,本文对城镇住房的发展定位、总体制度体系、核心制度与配套制度等目标模式进行了系统的修正性设计。最后,本文对深化城镇住房制度综合配套改革的路线图与时间表提出了对策建议。     

基于公共产品的视角论我国西部农村医疗改革

由于过度市场化的医疗改革,使我国西部农村医疗卫生产品长期供给不足,存在较大供需缺口,不能满足农村基本医疗卫生需求。本文论证了农村医疗卫生的公共产品属性及相应政府责任,基于政府提供医疗卫生产品的视角,提出了增加我国西部农村医疗卫生产品的思路与改革路径。     

国有企业的扩张行为:动机及效应

文章通过建立国企的效用最大化的目标函数,揭示其包含了来自市场激励和政府激励的多元化目标,其中规模最大化是效用最大化的最近似的可量化目标,其能够包括并同时满足国企追求的其它效用目标。本文表明了国企持续超常的规模扩张是建立在长期高额负债率和利润率显著低下的基础上,证实了国企不仅缺乏融资约束,也缺乏市场竞争约束。由于这两个基本约束的软化,导致企业过度膨胀,超过了正常合理水平。由于规模庞大且层级结构复杂,还会加剧了企业的难以监控的"黑箱"行为。这种机制可能诱发腐败,还导致一系列不良效应,包括产能过剩,僵尸企业,垄断势力强化,企业成本剧增等等。对于市场约束的缺位,合理的解决路径是加强市场约束,而不是加强行政约束。改革的选择方向是,实行分类改革,对于面向市场的企业,需要在利益相关者之间通过合理契约来实现市场激励和约束。     

Stakeholder incentives and reforms in China's state-owned enterprises: A common-property theory

We argue that state-owned enterprise reform has failed in China, because incentive mechanisms that confront the key stakeholders did not elicit efficient behavior. Although incentive mechanisms were intended to elicit more effort, incentives became de facto improper because of a number of developments. This paper analyzes alternative sharing or incentive systems and highlights the interdependency among property rights, incentives, and enforcement. A common-property model is put forward to analyze recent reforms and to show that alternative property right assignments have complex and diverse configurations of positive and negative externalities. Incentive mechanisms that favor more equal distribution are the most inefficient, whereas those that differentiate among heterogeneous stakeholders based on effective, rather than actual, effort are more promising. An ideal arrangement that combines equal sharing and proportional effort is proposed.     

美国金融监管改革的新框架与新趋势

针对金融危机中暴露的监管缺陷,美国正在进行"大萧条"以来最为全面的金融监管改革.本文在宏观和微观审慎监管相结合的框架下介绍了美国金融监管改革的主要内容,分析了围绕改革的主要争论,并对国际金融监管改革趋势进行总结比较,认为美国这次金融监管改革将从监管标准、方法、模式和理念等方面重构美国金融监管体系,有利于形成更加稳定有序的金融市场新秩序,防范金融危机重演.     

继续推进改革、开放和创新 开创珠三角发展新局面——《珠江三角洲地区改革发展规划纲要》(2008～2020年)之解读

自《珠江三角洲地区改革发展规划纲要》(2008～2020年)发布以来,珠江三角洲地区发展问题成为社会各界热议的焦点。从人文地理学视角,对《纲要》进行深入解读。第一,珠江三角洲地区发展步入深水港时期,机遇和挑战并存,《纲要》对于珠江三角洲地区未来发展是一种及时的强心剂。第二,改革和开放是解决目前珠江三角洲地区面临诸多问题的关键,是开拓珠江三角洲未来的最主要凭借。第三,从珠江三角洲地区产业发展情况看,区域发展观的树立是构建现代产业体系的核心要务。第四,在分析完全市场条件下的经济一体化发展策略利弊基础上,提出政府引导型发展模式。其核心思想在于政府部门要尽力规避完全市场条件下一体化策略的诸多弊端,要把发展权力下放到基层,让其拥有地方发展自主权,以增进地方经济与社会文化的多样性。     

Regret theory and policy reform ∗

This paper offers an explanation of policy reforms undertaken in times of an economic crisis. Our explanation does not depend either on conflicts of interests between different socio-economic groups, or on the informational imperfection about the effectiveness of the current policy regime. The single decision maker in our model experiences regrets when the uncertain reform outcome is worse than the status quo. We show that an economic crisis which reduces the status-quo income makes the regret-experiencing decision maker more eager to undertake reforms in times of an economic crisis, despite the higher utility costs of adjustments.