Abstrat:The article has its foothold on Chinese specific background of structural transition,and makes a systematic investigation on the origin and development of public finance.Then the author defines the denotation and connotation of this economic category on the basis of the above explanation.The analysis tells us that pubic finance is proposed as a concept with Chinese Characteristics in order to solve Chinas own problems,if we jump from the limitation of academic thinking and focus on the historic process of Chinas fiscal reform.Since the "Public Characteristics" is the inborn nature of public finance,the construction road of Chinese public finance,which is different from fiscal system arrangements in planned economy era and concentrates on the continuous expansion of its coverage,has been a process that makes the traditional fiscal operating system and mechanism,and traditional public finance back to the track of "Public Characteristics".Standing at a certain height of institutional change,grasping the basic requirements of public finance system according to public idea and rules,and transforming Chinese public finance discipline and drawing the blueprint of Chinese fiscal reform,all of the above are the special mission for our generation.

Abstrat:The Bashan Boat Conference reflected the special backgrounds of the turning point of Chinas restructure from a planned economy to market economy and the macroeconomic management task facing the economic overheating in a transitional and new market economy during 1984—85.The representatives of the conference came from Western countries,East Europe and China.It focused on the economic reform targets,transitional processes,macroeconomic conditions and policies.The paper then raises some viewpoints about Chinas further reform suggestion in line with the lessons of reform and opening-up in China for the three decades.

Abstrat:Based on the intertemporal optimizing model,using Johansen cointegrating technique,Granger causality test and VEC model,this paper investigates the causes of Chinas trade surplus from 1978 to 2006.Empirical test shows that in the long run,Chinas real capital stock and real user cost of capital are related to trade surplus positively and significantly.The consumers real wealth and governments real consumption expenditure in China are related to trade surplus negatively and significantly.Increasing quickly in the real capital stock and increasing slowly in the real wealth are the causes of Chinas trade surplus.However,the short-run relationship between the real capital stock and the real trade surplus is contrary to the long-run relation,and the short-run relationship between the consumers real wealth and the real trade surplus is also contrary to the long-run relationship.

Abstrat:This article has constructed a framework to analysis the relationship between national innovation investments,international knowledge spillover due to FDI and regional technological progress.We use the panel data sample in 1992—2006 from Chinas 29 provincesmunicipalities and autonomous regions to test the impact of Chinas regional R & D investments,international knowledge spillovers of FDI on its regional technological progress.It reveals that the local investments in science and technology are the most important factors to promote technological progress;for the structure and quality of Chinas current FDI,the knowledge spillover effects from FDI,especially through the FDI enterprises manufacturing activities,are not obvious;the local gains in its technology development from FDI depends on its economic and technological level.Based on the above conclusions we promote the corresponding policy recommendations for strategies of Chinas FDI attraction and regional economic development.

Abstrat:This paper presents a four-factor model of New Keynesian Phillips Curve,including the demand pull inflation,cost push inflation,inflation expectation,and inflation persistence.The new model extends Gordons1996 triangle model and Galí and Gertlers2000 hybrid model,and it is theoretically complete.This paper tests the new model by using Chinas data,in which the inflation expectation is based on the micro-survey data.The results show that the OLS estimates of the new model are more robust than GMM estimates.Among the four factors of inflation,the inflation expectation has the most significant effect on the inflation,followed by inflation persistence and the unit labor cost or the output gap,and the oil price shock has an insignificant effect.

Abstrat:The paper designs an optimal interest rate rule with a role of money by theoretical analysis based on the new Keynesian model and a money demand function.This rule indicates that if either the weight of money growth rate stability or interest rate coefficient of the money demand function is bigger,the responding coefficient of money growth rate is increasing,monetary policy becomes more aggressive.Then,we use both linear regression method and threshold regression method to make an empirical analysis on the reaction function with Chinas data,respectively.The results show that all coefficients of inflation,product gap and money growth rate are bigger than zero,which implies that when economic development deviates from either equilibrium state or central banks target,the interest rate rule could conduct that the central bank would take correct measures in order to make sure the stability of economic development.Moreover,we find that all coefficients in the regime of high money growth rate increase are bigger than those in the regime of low money growth rate increase.

Abstrat:In the spirit of the well-known Oaxaca-Blinder framework,a decomposition technique is developed for measuring contributions of various factors to poverty difference over time or across space.When applied to Chinese data,it is found that inland China is poorer than coastal China,mainly due to lower efficiency in resource utilization not to less endowment of resources.Also,trade became poverty-reducing in coastal China in the late 1990s but remained poverty-inducing in inland China.Policy implications are briefly discussed.

Abstrat:This paper investigates the relationship between consumption,income inequalities,age and population aging in rural China based on the life cycle model.Using 1988,1995 and 2002 three waves of rural household surveys in China Household Income Project,we apply analysis of variance and regression decomposition methods to decompose the consumption and income inequalities in rural China into three parts: cohort effect,age effect and population aging effect.The results show that consumption inequality is smaller than income inequality in rural areas,within cohort effect dominates other effects in every period,and population aging only plays a small role on the inequality increasing in rural China.

Abstrat:Using a unique urban household survey data in 2007 that is nationally representative,we examine returns to a tertiary degree in China,paying special attention to the difference between regular higher education and adult higher education.We found that for people with a Bachelors degree,the return is 0.17 lower for those who got the degree through adult education programs.Nevertheless,for those with an associates degree,the returns are similar.Our results suggest that adult higher education programs that offer Bachelors degrees need serious restructuring to position themselves in todays higher education system.

Abstrat:Based on the valuation regressions of Fama and French1998,this paper investigates the market value of cash holdings of listed corporate in China.We show that market value of cash holdings is less than book value wholly;furthermore,we show that ownership quality affects the value of cash holdings,and state ownership reduces the market value of cash holdings.This study supports the viewpoints that Chinese investor protection is poor,and agency problem of listed corporate is serious from value of cash holdings,our paper also provides evidence on the free cash flow hypothesis and tunneling in listed corporate of China.

Abstrat:Reputation theory is based on a repeated game by introducing adverse selection.Traditionally,it shows how the players achieve cooperative equilibrium in a non-cooperative game by building up individual reputations.However,when individual information cannot be transmitted,the public will form a judgment on the whole group formed by several individuals with the same title.Therefore,the traditional individual reputation does not work any more.Instead,collective reputation will affect the individuals benefits.This paper investigates the problem of collective reputation within a group which is made up of different types of individuals.We name such a case as inside adverse selection.By building up a theoretical model,we find that the difference between individual and collective interests might lead the effect of collective reputation weaker than that of traditional individual one.Moreover,although the group can find a way to encourage its members,the inconsistency between collective and social benefits will induce the overall inefficiency if the public dont update their beliefs sensitively.

Abstrat:Risk budgeting,which based on the risk allocation,is a new technique of portfolio management,and is still a new concept in China.Therefore,it is meaningful to discuss the topic of applying risk bugeting to the asset management for domestic institutional investors in this paper.We start research from the data of China yield curve,then analyse and find the main component of yield curve and other assets,building the multifactor model of assets allocation.Finally we discuss the strategic asset allocation under the framework of assets and liabilities.So we can provide the investors the decision reference with risk budgeting model of risk management in furture risk management practice.