Abstrat:Chinas government practiced a packed adjustment policies of exports during recent three years after the reform of RMB exchange regime since July 2005, it was available to restrain the China export growth speed, and appeared in some changes of export structure. However, these changes resulted in the "price shift", and has paid the costs of going down for export competitive strength and degrade of export structure, therefore, it was impossible to meet the goal of transferring export growth mode. In contrary, the upgrade of China export structure has been supported by the situation of high speed growth of export trade, especially the high speed growth of manufacture processing trade in coastal arrears during the period of the "10th Five Years Plan" in China. It was wrong for such argument, which can be helped for transferring export mode only to keep export growth speed decreased, in particularly to retrain manufacture processing export. The government must practice new relief policies to export including exchange rate of RMB in order to resume and build up competitive strength of Chinese export commodity in dealing with the challenge of international financial crisis in the coming days.

Abstrat:This paper investigates the degree of exchange rate pass-throughERPT to import and consumer prices in China with both the ratio of Chinas imports to GDP and the domestic prices of Chinas main trade partners are going up. Statistic results argue that the degree of ERPT is less than the degree of marginal cost add-up of exporters to some extent, and the econometric analyses reach the same conclusion. Besides, the ERPT to import prices is found to be high while the ERPT to CPI is low owing to some factors that obstruct the import prices pass-through channel to domestic CPI. But this situation is changed markedly since August 2005, so the more flexible exchange rate system is needed for China to absorb the price shock from aboard efficiently.

Abstrat:According to "Pollution Haven Effect", in order to evade strictly domestic environmental criterions, polluting industries in developed countries will be transferred to developing countries; alternative way is that developed countries increase imports of polluted products instead of producing by their own, both of which is due to the change of comparative advantages. Since 1990s, many scholars pay special attention on whether environmental regulations affect the pattern of global trade, but their conclusions are different. This paper, based on the HOV model and 95 and 42 countries data in 2005, focuses on empirical analysis which shows that: 1 according to the estimation based on the "environmental governance" index calculated by CIESIN, environmental regulation does not affect the comparative advantages of five types of pollution-intensive goods; 2 On the other hand, when the per capita income is considered as an endogenous indicator of environmental regulation, which will significantly promote the export of chemical products, iron and steel products and paper products. The appropriate level of regulation can promote a comparative advantage in pollution-intensive goods.

Abstrat:To analyze China industrial sustainable development constrained by energy and environment, this paper constructs the input and output panel data of Chinas 38 sub-industries, estimates their productivity and carries out the green growth accounting based on translog production function. This paper concludes that, as a whole, China industry has achieved the transformation from extensive to intensive growth, with the productivity to be the first driving force, that is necessary to sustainable development in the long run. In addition to technical progress, energy and capital have also been driving the industrial growth during the sample period, while labor and emission made less even negative contribution to it. Some heavy industries, however, are still characterized by extensive growth and must improve their energy-save and emission-abate technology to favor the sustainable development of overall Chinese industry.

Abstrat:We analyze empirically the convergence of per capita GDP as well as the convergence of energy intensity between China and the U.S., Japan, the U.K., Germany, France, Canada, Italy and Netherland. Our findings are as follows: Firstly, There are two convergences between China and the eight advanced countries, per capita GDP and energy intensity. That is, 1% decrease of the difference of per capita GDP can result in 1.55% smaller difference of energy intensity between the concerned countries. Secondly, the energy intensity decrease with the improvement economic structure, higher energy price, technology progress and more fixed asset investment and a slight increase, however, with higher FDI. Thirdly, the difference of energy intensity decrease with the narrower difference of fixed asset investment, energy price, technology progress and a slight increase, however, with the smaller difference of FDI. The economic structure, however, can not pass the t-test in our difference regression. Fourthly, in terms of the concerning countries, the economic mechanism that the decrease of difference of per capita GDP can lead to smaller energy intensity difference is that the difference of determinants of economic growth such as investment, technology progress and price competitive mechanism can impact the difference of energy intensity significantly.

Abstrat:This paper, based on the literature on the trend-cycle decomposition, also in accordance with the data feature of Chinese GDP, applies Beveridge and Nelsons decomposition technique to decompose the GDP as the sum of the determinant trend, stochastic trend and business cycle. The decomposition results show there are robust determinant trend and cumulative negative stochastic trend, as well eight cycles in the GDP, in which, the maximum cycle fluctuation is about 0.58%, but the minimum is about -0.37%, and the averaged cycle persistence is 7.3 quarters. The results also show the ninth cycle has begun in 2008. The limiting value of the ratio of the variances is 20%, which implies the stochastic impact, not only brought negative effect to economic growth but also had obvious persistence effect for Chinese economic fluctuation. Therefore, the huge stochastic impact we suffered in 2008 may force Chinese economy go to deeper and more persistent in this new cycle. From this view, China should implement anti-cycle economic policy of stimulating economic growth against the stochastic impact, to weaken the economic fluctuation.

Abstrat:This paper builds an externality-based model with physical and R&D capitals, proving a linear property of the R&D function, deriving three measures of spillovers based on the differences between social and private rates of return. Chinas regional dataset supports a direction of spillovers from local economy to FDI. The estimates of three spillover measures are about 30%, 13% and 23%.

Abstrat:Family authority is one of the important factors being used to explain the family-owned firm FOF value. This paper takes all of the family agents in the family firm as analysis unit. Based on the panel data from Chinese listed FOFs, this paper tests family authority’s contribution and examines the effects of family authoritys allocation and authority concentration among family agents on FOF value, including accounting efficiency and marketing value. We find that, first, there exists a non-linear relationship between family authority and FOF value, low and high levels of family authority hinder FOF value, whereas moderate levels of family authority will lead to higher levels of family FOF value. Second, family ownership will contribute more to FOF value when management power is controlled by family agents than when it is controlled by non-family agents. Finally, if family ownership is concentrated in the hands of a few family agents, FOF value is enhanced; conversely, if family management power is concentrated, FOF efficiency is decreased.

Abstrat:Disease has been one of the top reasons accounting for impoverishment in rural China. Government subsidizes health care by establishing health care insurance. This paper is an empirical investigation to study the effectiveness of the price subsidies in reducing the financial burden caused by health care in rural China and estimate the fiscal cost of various reimbursement arrangements, using data from China Health and Nutrition Survey CHNS. We find that the reimbursement for inpatient care only has little effect on reducing the financial burden and the incidence of catastrophic expenditure. Expending the subsidy to outpatient care is a more effective policy.

Abstrat:Using a demand-identified bivariate probit model, this paper attempts to understand the rationale behind the low participation rate in the formal credit market by the rural households in Chinas poor area. Response to the questions on the willingness to borrowing from the survey data ensure the dependent variable in demand equation is observable, which results in an improvement of estimation efficiency. We found 1 the low households participation rate in the formal credit market can be attributed to the factors from both the supply and demand sides; 2 The wage incomes have a negative and significant effect on the rural households demand for formal credit; the ratio of non-farm income to total income has a positive and significant effect on the household access to formal credit, though its effect on the demand for credit is insignificant. The latter finding presents a challenge to the argument there is a high demand for formal credit for off farm production and investment in the poor areas of China. Regardless of the changes in the demand for formal credit, to increase the supply of credit alone is not expected to increase the real outreach and improve the welfare of rural households. The paper suggests that measures should be taken to improve the design of loan products so as to increase the real demand for credit.

Abstrat:Using CHNS data and the Heckman sample section model, we find a changing wage differential between the public sector and the nonpublic sector in China. From 1989 to 1997, wages in the public sector are 2.90% lower than the wages in the non-public sector. However, since 2000, wages in the public sector are 13.48% higher than ones in the non-public sector, and the gap is increasing over time. We also find that wages differ even within the public sector: wages in the government are 8.22% lower than wages in other jobs in the public sector. Furthermore, the wage returns in education and in experience are higher in the non-public sector than in the public sector. These newly found wage patterns are potentially useful in considering income redistribution in China.

Abstrat:We develop an economic theory of political transitions. Local governments can decide how to allocate resource, so some interest groups may want to capture local governments to acquire the resource, which will increase the inequality of social revenue and bring governments some cost such as unrest. Centre government can regulate the decision behavior of local government through three political institutes, i.e. Appointment, Limited Election and Election to maximize his benefit in different economic environments. Furthermore, governments choices may not be optimal in some situations. The greater the social income gap and the lower Government valuing private income, the more likely that governments accept accountability from civilians.

Abstrat:To what extent that the property tax influences the house prices is a controversial issue in real estate market in current China. This article is imbedded in housing characteristics and illustrates the impact of the property tax upon house prices through constructing consumer-developer model and investor-developer model respectively. The theoretical models document that the imposition of the property tax will cause the house price fall ceteris paribus. The paper employs the panel data of 30 provinces in China from 1996 through 2006 and conducts the empirical test upon its theoretical models. The empirical outcomes show that the property tax is effectively able to curb the inflated house prices in national and eastern China. However, the effect of property tax upon house prices is insignificant in middle and western China. In addition, the role of interest policy is more important than property tax policy. Accordingly, the policy-makers should take the regional disparities into account to implement the policies for interest rate and property tax to control the house prices.