Abstract:One of the serious obstacles in China is economic reform is the lack of an efficient and sustainable pension system.After an investigation of international experience in this regard,this paper carried out an analysis of the influence of Chinas pension reform and its transition cost and a comparison of the alternatives of repayment for the implicit pension debt and transaction cost based on the model of countalbe general equilibrium.The simulation,as a result of a study of the impact of reform alternatives on the sustainability of pension system and the economic growth as a whole,shows that the reform of Chinas pension system is fully promising although it shoulders heavy responsibilties.

Abstract:This paper gives not only an identification of the unsymmetry types appeared during the economic fluctuation,but also made an analysis of the caues of their formation with the help of the econometric methodology such as the model of time series after a random decomposition of some major macroeconomic variable series and an analysis of their relativity have been performed.A variety of empirical test for unsymmetry and the long tail character of business cycles,and an econometric analysis of the upheaval and relation among some major macroeconomic variable series have been done.The important derivatives of this paper can be served as an important typical fact to describe Chinas economic fluctuation and can be used to further analyze and judge the trend of Chinas economic operation,examine and correct the relevant economic theory.This paper holds that unsymmetry of Chinas business cycles is mainly derived from unsymmetry of the investment in fixed assets,fiscal and monetary policy.By contrast,the factors such as the price level and demand maintain a relatively clear stability.We also conducted a concrete analysis of the effectiveness,direction and time lag of the macroeconomic policy through an analysis of unsymmetry of the business cycles and the relativity among the cyclic components of economic variables.

Abstract:There is a relatively large difference between the real economy and the stock market in recent years in China.This phenomenon is contrary to the traditional theory such as wealth effect and Q effect.This paper holds that the traditional viewpoint is in fact a partial equilibrium analysis without consideration given to the influence of the money market.Thus,this paper introduces a simple general equilibrium model with the purpose of analyzing comprehensively the impact of the stock market on the real aggregate economy based on the study of the impact of the stock market on the money demand.Moreover,this paper focus on the reason why Chinas stock market plays a limited or lagging role in the real economy and put forward some relevant policy proposals.

Abstract:This paper gives an economic explanation to the fundamental strategic transformation of the state owned enterprises which takes place since the foundation of the Peoples Republic of China with the analytical system composed of the transition cost,risk and time variables.This explanation is set out after the relation of the basic strategy of Port theory to the economic contracts has been defined based on the traditional concept and the theory of contract economics and transition cost economics,as well as on the time variable.In our study we found economic support for strategic choice of the enterprises after a detailed discussion about the risk concept with an appropriate amplification.This logic support is also derived form the concept of transition cost and time variable on the basis of contract classification.