Abstract:This paper provides a comparative study on cotton trade performance for 10 biggest countries and regions during a period of 20 years starting from 1978.Strong evidences show that Chinas cotton trade sells cheap and buys dearly,i.e.China usually takes a position as a net cotton exporter and exports more while the world market cotton price is relatively low and acts as a net importer and imports more while the price is high.This inefficient trade pattern is mainly caused by a mechanism through which the system of state monopoly and price intervention on cotton amplifies the fluctuation of domestic demand for and supply of cotton,leading to the unusual large fluctuation in cotton stocks and trade for China.A complete market reform for Chinas domestic cotton distribution system is therefore a critical condition to improve the efficiency in its cotton trade sector.

Abstract:This paper discusses the main problems on Chinas gross domestic product GDP accounting:household dwellings services,subsidies,welfare services within enterprises,rural industrial and agricultural statistics,and measures their effects on GDP in quantity.The results show that although these problems have some effects on the structure of Chinas GDP,but their effects on the aggregate of Chinas GDP are small.Therefore,the aggregate of Chinas GDP reflects its real cconomic growth.

Abstract:This paper is based on the data of the third national census of China in 1995.More than 20 industries with the competition characteristics,including 170000 enterprises from 50000 enterprises as a whole are selected to measure and compare their efficiency.In the main analysis the production function model and OLS methods were adopted to measure the impacts of the ownership and the subordinated relations on the enterprise efficiency.In the comparison of different types of ownership it was found that the private enterprises have highest efficiency,sino foreign joint venture, foreign funded cooperative and solely foreign owned enterprises are the second with regard to efficiency,share holding and collective enterprises occupies the third place, and the state owned enterprises are the lowest in this respect.It was also found through the comparison of different types of subordinated relations that the non state owned enterprises with a lower hierarchy are more efficienct than the state owned enterprises with a higher hierarchy,as a result, the latter has lost their scale advantages.Therefore,the traditional hierarchy system plays the negative roles in the development of the enterprises in China.

Abstract:The root cause of state owned enterprises high debt ratio is the inherent flaws in their governance structure.A simple debt to equity swap can have some positive effects on Chinas current deflationary macro economy,but it will make the corporate governance more weak.Only when the debt to equity swap is accompanied by strategic withdrawal of the state economy from the enterprises can such negative effects be avoided,and the corporate governance problem be settled once and for all.So the debt to equity swap should not be used as a way to release state owned enterprises from interest burden,but as a way for the state economy to withdraw from the enterprises. ce and the uncertainty caused by whether the risk can be shared by outside investors should also be considered.In the end,some policy prescriptions have been suggested.