Abstract:In the 1990s Chinas economy started on the base of a low growth rate which was produced during the rectification of the overheated economy in the late 1980s.The annual growth rate of GDP rose rapidly from 3 8 percentthe lowest point in 1990 to 14 2 percentthe highest point in 1992.Up to 1993 when the growth rate fell steadily to 7 1 percent in 1999,a continuous decrease was recorded for 7 years.Thanks to the expansionary policy which the Chinese government put into action in 1997 with the purpose to create modestly loose conditions based on the steady fall of the growth rate,the development of Chinas economy still remained in the high rank with regard to the speed in the world.This contributed a lot to the stabilization of the economy in East Asia and in the world.In the fature it will be a very attractive perspective,if Chinas economy at an average growth rate of 7—8 percent at the start of the 21st century could produce an effect better than that produced by the growth at a rate of about 10 percent in the past and provide more jobs.According to the medium and long term plan of economic development,Chinas GDP will be doubled in the first 10 years of the coming century.It means that the average growth rate will be 7 2 percent per year,This is a relatively realistic consideration.

Abstract:The seven successive cuts of interest rates are featured by “recovery adjustments” for the first three cuts and “regulatory adjustments” for the last four cuts.The first three cuts were made in parallel with the decline of prices,and the last four were made in response to the negative growth of prices appeared for the first time in October 1997 so as to easy money.This study was made by cross stage comparative analysis based on monthly statistics.The result of empirical study shows:1The elasticity of interest rate on household deposits and financial institution loans gets involved with deposit structure rather than the total amount;2The first factor affecting household deposit is the changes in stock market,the second is household income,and the third is interest rate.The first factor affecting financial institution loans is deposits of financial institutions and the second is fixed asset investment;3The seven downward adjustments can moderate the decline of the currency liquidity to some extent,but not large.

Abstract:The basic hypothesis of this paper is that the struggle for power within the firm is related to ownership strucutre.The underlying premise of the paper is that private control benefits attached to the managerial position induce firm members to contest for power while power seeking efforts hurt productive efforts.Ownership works through balancing control benefits with monetary incentives.This paper shows that increases in the insiders ownership of the firm can help mitigating the severity of power seeking through dampening the incentive for contestants with low ability to join the struggle for power.This paper sheds some lights on understanding the nature of struggle for power inside the firm in general and inside the SOEs of transitional economies in particular.The policy implications for alleviating internal struggle for power in the context of China are also examined.

Abstract:This paper compares Marxs and Norths different explanations about the origin and essence of social institution.At first,it examines the internal logical consistency of these two explanations respectively,then tests their consistency with relevant historical and archaeological facts.This comparison comes to the conclusion that Norths explanation,building up on the hypothesis of self interested human behavior,holding that institutions are the outcomes of individuals cost benefit calculation and free trading,and considering the essence of the institution as free contract,is lack of internal consistency and inconsistent with historical and archeologican facts.Marxs explanation starts from the productive practice of humankind,reduces the origin of social institutions to peoples relations in social production and the processes in which people build up social organizations, norms and rules that suits to their existing relations in production and uphold them, holds the essence of institution is the interest relations among different groups,strata and classes in the social system of labor division and coordination.Marxs explanation constitutes a theoretical system with rigorous internal consistency and strongly supported by historical and archaeological facts.