Abstrat:Having absorbing FDI in large scale for over 10 years, Chinas status in the global capital flow is changing. Firstly, the relative status as a host country declined, which is demonstrated by the fact that the proportion of FDI in the Gross Fixed Capital Formation and the rank as for the proportion of inflow FDI in all host countries declined both. Secondly, outward FDI grew rapidly. In the next 5 years, the accumulated outward FDI will amount to over 80 billion dollars and China will be one of the biggest sources in all developing countries. Thirdly, methods of utilizing overseas capital and technology have been diversified, which is proved by the fact that non-FDI foreign capital, FDI in M&A type and FDI into the service industry have all got larger proportion. The ability of utilizing global technologic resources has been enhanced. These changes have complicated the interactive relation of cross-border capital flow and domestic economy. To study problems on opening up with these new situations, we should consider synthetically the demand of goods and factors, request of interests as the host country and the source country and how to integrate into the global economy evenly in more balanced approach.

Abstrat:What role will the property tax play in the local public finance after the reform of property tax After empirical research, we found,if the reform is launched, most of the small and medium cities will gain, meanwhile the gap will appear. For the latter situation, issuing municipal bonds will be a good tool to deal with it. As long as the government does well, reform is feasible. The reform will greatly influence local public finance as well as local governments behavior, to change from production-oriented to service-oriented.

Abstrat:The success of China gradual reform is owed to the rising reform cost being paid by treasury or being transferred to state-owned banks. Unpaid reform cost is more important for the future of gradual reform. Empirical data show that restructuring of state-owned banks conduces to assess the unpaid reform cost. The actual bank restructuring doesnt pay for all reform cost, however, it takes the form of “deferred payment” and “implicit liabilities” which reflect the characteristic of the gradual reform so that reform cost is transferred again to the treasury department and the central bank. It is necessary and feasible for the central bank to be burdened with the cost, however, revaluating losses of the central bank caused by bank restructuring must be recognized and recorded, which the fiscal budget should reflect.

Abstrat:This paper studies the impact of a social security financed by state-owned share on long-run economic growth in a typical overlapping generations model. It is found that under this papers settings the social security system can promote the youngs contribution to capital accumulation, increase the equilibrium output and improve social welfare, however, a PAYG system is inferior to it. The result is helpful for Chinas ongoing social security reform.

Abstrat:Early when the theory of optimum currency areas was put forward, Mundell had pointed out that the sphere of optimum currency areas may lie across national boundaries or within a national boundary.This essay applies the theory of optimum currency areas, which is mostly applied to international economy to China, a very large country per se, and adopts VAR model and IRF, to verify that there exist manifest regional effects of monetary policy in the country.Lastly this essay puts forward the suggestion of accelerating the flow of production factors, narrowing the economic gaps among eastern, central and western regions, and smoothing the transmission mechanism of monetary policy in our country.

Abstrat:Value-added rate is a comprehensive index which measures input-output efficiency of an economy as a whole.Chinas value-added rate goes down all along, that shows Chinas economic growth quality is becoming worse.This paper defines contribution coefficient of intermediate input, and its relationship with value-added rate.By analyzing the changes of contribution coefficient of intermediate input, we can get that it is contribution coefficient of new-increased intermediate input goes down that leads to the total contribution coefficient of intermediate input, thus value-added rate, goes down.Following that this paper makes use of parameter-changed econometric model to measure the value and changes of contribution coefficient of both domestic and import intermediate input since open and reform, then explores some possible aspects of raising value-added rate.

Abstrat:This paper focuses on the measurement issues of household saving rate. We compare the current methodology used in China to measure saving rate with that used in the U.S. and find out significant and apparent differences in the concepts and scopes used in the measurement. Based upon these differences, we make an empirical study and recalibrate the household saving rates of the two countries. The results show that the average household saving rate of China in the period from 1992 to 2001 falls down from 29.32% to 22.69% and particularly Chinas saving rate is even lower than 20% in 2000 and 2001.Thus Chinese saving rate is not that extraordinarily high. Additionally, the huge gap between Chinas saving rate and U.S. shrinks by 9.73 percent on average and the actual difference between the two countries is merely 15.87 percent in a comparable sense. It demonstrates that the view commonly held by most scholars that there exists an abnormal difference between Chinas saving rate and the U.S. is controversial. But our results also show that household saving rates of both countries are suffering the same decreasing trend.

Abstrat:Management buyouts are generally looked as rational reactions to State-Owned Enterprises inefficiency. This paper applied a management buyouts hypothesis with distorted motivation and argued that management buyouts may be a big factor in causing performance deterioration of State-Owned Enterprises from middle of 1990s. The paper distinguished fictitious and actual deterioration and said that management would choose writing down SOEs book value instead of destroying their actual performance under low-level developed legal system and capital market, but SOEs actual performance would be damaged artificially when legal system and capital market were better structured.

Abstrat:This paper explores the direct growth effects of ownership and technology imports under the framework of neoclassical economic theory. The econometric analysis is based on panel data from a random sample of large and medium-enterprises in Shanghai, for the period 1998 to 2003. The results show that joint ventures are more productive than domestic enterprises. Intangible technology and high quality of human resource are the main source of their better performance, whereas tangible technology makes little contribution to TFP. For state-owned firms, technology imports have significantly raised the labor productivity and TFP, but such positive effect is significantly dependent on the technological human resource. In addition, there is no evidence supporting that introduction of foreign technology has enhanced the productivity in other domestic enterprises. According to the empirical results, we may draw the conclusion that joint ventures didnt have significant advantage in its tangible technology. In addition, widespread poor investment in absorptive process and R&D, together with inefficient mechanism of technological activities, impeded utilization of imported technology.

Abstrat:Using comprehensive data of Chinas manufacturing enterprises from 1998 to 2003 and indices developed by Ellison and Glaeser 1997, we analyzed recent development of industrial agglomeration and co-agglomeration in China. After comparing our results with the literature results of some developed countries, we concluded that China is still on the upside of the upside down U curve. We also noticed that both industrial agglomeration and co-agglomeration levels of China are lower than those of developed countries.

Abstrat:The regional development of Chinas manufacturing industry is not balanced in recent years, and what is the main reason for this By an analytic framework of economic geography, we revealed how transport costs and the labor mobility affect Chinas economy. Transport costs advantage leads the preferable location of manufacturing industry to coastal areas, and the restriction to labor mobility forms a no equilibrium situation. We also analyzed empirical data of regions to test this mechanism. If the situation continues to sustain, the industry structures of coast and hinterland tend to become widely divergent. Meanwhile, since the trend of agglomeration is endogenous; we argue that the policy to reduce regional imbalance should be something to accelerate this procedure but not to restrain it.