Abstrat:By clarifying officially published statistics on labor market and employment combined with micro survey data, this paper tries to depict the employment growth and structural change in rural and urban China and to break the myths believed by domestic and international scholars such as "zero growth of employment" and "unchangeable rural surplus labor pool". The paper provides exact statistics about Chinas labor market that previous studies fail to do so, explaining how labor market develops, employment in both rural and urban areas increases and its structure diversifies, urban unemployment alleviates and number of rural surplus laborers reduces, as a result of economic growth, reform and opening-up. By examining demographic transition process in China, the paper also predicts the emerging trend of labor shortage, suggests a coming Lewisian turning point and reveals its policy implications to Chinas sustainable growth.

Abstrat:The characteristic of economic growth is varying in different development periods. At present,the styles of economic growth in China is still based on extensive growth and restrict its further development.It is a neccesary selection for China to go through the transition from the extensive style to the intensive one, but the transitions are not easy for a series contractions exist. From the view of reality,the ways of transitions between the economic growth styles are both innovation of science and technology and of social system.

Abstrat:On the basis of differentiating compulsive nurturing and spontaneous nurturing, while standing on Chinas rural areas, this paper constructs a model on the interactive behavior between government and industry-funded enterprises from the particular perspective of the behavioral agents. Furthermore, centering on the transfer of rural redundant labor force, we also probe into the mechanism and pattern of industry nurturing agriculture and their harmonious development. Several proposals are raised, combining with an empirical case.

Abstrat:This paper investigates the nature and characteristics of the governance structure of Chinas local governments, which is termed as "promotion tournament model", and tries to link this model with Chinas growth miracle and many social and economic problems associated with the miracle. We argue that promotion tournaments, as an incentive system governing Chinese local officials, are a critical source of China miraculous growth, but in the meantime, due to its internal limitations, it is also the root of many profound and pressing problems challenging Chinas policy makers.

Abstrat:Comparative Price Level is the index for measuring the warp of GDP between the rate and the Purchasing Power Parity PPP. The closer to one the comparative price level is, the larger the warp will be. This paper explores the reasons why the warp exists between the two methods. Seven reasons induced by the rate were summarized, such as the division of the market, trade barrier and so on. At the same time, nine reasons induced by the difference of the price level were given, including pricing system and economical scale. Furthermore, these reasons were summarized as six factors: economic freedom, GDP per capital, growth of the economy, house consumption per capital, the openness degree of the economy, exchange rate arrangement. These factors are regarded as independent variables, and comparative price level is the dependent variable. With data of 88 countries from 2000 to 2003, the rationality of these independent variables was checked. Finally, the research describes the development trace of comparative price level by calculation of it under corresponding development level. As a result, the trend of comparative price level was concluded for developing countries.

Abstrat:While achieving remarkable achievements in safeguarding financial stability supported by decisive reform and opening-up measures, Chinese government now faces new daunting challenges in fending off risks related to national comprehensive liabilities. Part of traditional liabilities such as non-performing assets of banking sector manifest themselves in new forms, while new memberssuch as social security expense, potential losses resulting from the pro-cyclical effect of Basel II, and foreign exchange assets losses given depreciation of US dollars began to unfold across the economy. As the economy becomes more market-oriented and complex, and as its rising integration into the global economy, national comprehensive liabilities make it more vulnerable to macroeconomic shocks. Therefore, the resolution of these liabilities has important implications for financial stability. Beyond shouldering the necessary expenses for social development and safety, the government would make more headway on adopting market-oriented approaches to maintain strong momentum in economic growth, which would continue to serve as a strong foundation for financial stability.

Abstrat:We suppose that the difference of energy intensity between the Western region and the Eastern region in China is the function of the difference of per capita GDP between the two regions. Then we model the relationship between the two variables together with other regression variables and estimate the coefficients by panel data of 30 provinces from 1995 to 2002. Our findings are as follows. Firstly, the difference of per capita GDP tends to convergence between the Western region and the Eastern region. The difference of energy intensity between the two regions, as a whole, also tends to convergence with the convergence of per capita GDP although the convergence speed of the energy intensity is slower than the convergence speed of per capita GDP. Secondly, it is different that the energy intensity of individual province in the Western region shows convergence or divergence. The policy implication of this paper is that the government should encourage and guide different provinces to cooperate by taking advantage of their own energy endowment and the difference of energy intensity when the government makes the strategy of regional economic development. As a result, regional economic growth can be based on saving energy, regional balance and sustainability.

Abstrat:Using the data of listed firms in 2001 to 2003, this paper investigates the endogenous determination of corporate governance structure of listed firms ultimately controlled by Chinese local governments. Specifically, we explore how the degree of regional marketization and the central governments "seize big, drop small" and "strategic restructuring" of SOE reform strategies, based respectively on firm size and industry category, influence the ultimate controlling governments level, governments share ratio and governments shareholding method. We find that, in the regions with higher degree of marketization, listed firms are more likely to be ultimately controlled by low level local governments, and the local governments are more likely to control small ratio of shares. However, large firms and the firms in regulatory industries are more likely to be ultimately controlled by high level local governments, and the local governments are more likely to control a block ratio of their shares. The effects of marketization and industry category on governments shareholding method are not robust, and large firms are more likely than small firms to be indirectly controlled by local governments. The results together indicate that regional marketization and the central governments SOE reform strategy shape the corporate governance structure of listed firms ultimately controlled by Chinese local governments.

Abstrat:Since the determination of consideration in the split-share structure reform is significantly affected by the corporate governance principles and practice currently enforced, it, therefore, provides a new opportunity to test the effectiveness of the current corporate governance mechanisms. Based on the consideration determination as the unique corporate governance event in China capital market practice, this paper examines the effectiveness of corporate governance mechanisms of China s listed companies and thus presents the new evidence to evaluate the status of corporate governance in China. In this paper, we show that, among the current corporate governance mechanisms, the existence of active investors outside the controlling shareholder has significant effects on the consideration determination and then be effective in corporate governance practice while other corporate governance mechanisms such as issuing B or H shares, the board of directors and the role of debt in corporate governance still need to be improved.

Abstrat:Based on the SFA, this paper estimates and calculates X-profit efficiency, scale economy, scope economy and their dynamic changes for the commercial banks in China from 1990 to 2003 and, analyzes how and to which degree the macro factors, property rights institution and market structure affect their efficiency. The results of the empirical study show that both the growth rate of GDP and that of fixed assets investment and that of money supply M2 have positive effects on the X-profit efficiency of banks, while CPI and the efficiency situation viewed from the returns of all self-held capital of the state-owned and non-state-owned industrial enterprises above designed size as a whole have negative effects on the X-profit efficiency. Among all macro variables, the most important one seems to be the growth rate of the fixed assets investment. Against the same macro-economic background, the X-profit efficiency for the state-owned banks and that for the joint-stock ones have structural differences, on an ascending basis. Although both of them have the increasing scale efficiency, the scale efficiency for the state-owned ones is higher than that for the joint-stock ones in most of the years. In view of evolution, as the scale of these two types of banks improves, their scale efficiency is weakened and the difference between them is being converged gradually. Scope efficiency seems not to exist in the state-owned banks, but in the joint-stock ones, it does exist to a certain extent. With time, the scope efficiency is decreasing step by step. The key factor causing those differences seems to be the property rights institution, but market competition also plays an important role on the efficiency of commercial banks, both of which affect this efficiency complementarily instead of substitutionarily. At the end of the paper, some constructive countermeasures and suggestions to solve the problem are figured out.

Abstrat:While the relationship between bank government ownership and performance is a hot topic, there are very few papers focusing on the relationship between government ownership and bank prudential behavior. Based on portfolio allocation proxies, this paper studies the prudential difference of Chinas state-owned banks and joint-equity banks. Empirical results strongly support the hypothesis that better ownership leads to more prudential behavior. Meanwhile, state banks are getting more and more prudent due to bank system reform.

Abstrat:The essay devotes to constructing a set of measures to technology structure of exports and applies them to China at the product level during 1980 to 2003. The essay also gets some conclusions: during the reform era, the technology level of Chinas exports has been obviously increased, but has not converged to the level of world; the Chinas level of technology structure didnt improve significantly, but have different performances during different periods; the changing of technology structure of Chinas exports has unique characteristics.

Abstrat:The U.S. economy has become more stable after World WarⅡ.And since the mid-1980s, the reduction of U.S. business cycle volatility was also significant. The causes of stabilization are complicated, which have caused intense debate in the area of macroeconomics. This paper makes a literature survey on this topic and provides some policy suggestions for China.