Abstrat:Chinas industry has experienced robust growth under persistent structural reform since 1978. By estimating the stochastic frontier function, we find that the averaged TFP growth has exceeded the quantitative growth of inputs since 1992, but the contribution of productivity to output growth declines after 2001. Using a decomposition technique, we then find that the effect of factor reallocation due to structural reform, sometimes referred to as structural bonus, has contributed to TFP growth substantially, but it too declines over time. Empirical analysis reveals that reforms in factor markets and industrial structure significantly account for the overall trend and the sectoral heterogeneity of structural bonus during the industrialization process.

Abstrat:On the basis of an analysis of the evolving regional competition patterns, this paper proposes a framework to understand the political economy behind the high growth in Chinas past three decades economic transition. We study how changing central-local fiscal relations and state-business relations reshaped the constraints faced by revenue-maximizing local governments in different periods of Chinas transition and how it conditioned the shift of local governments behavior from regional protectionist policies in the early period of reform to a ‘race to bottom’ style competition since the middle 1990s. It is argued that neither the theory of ‘Market-preserving Federalism with Chinese Characteristics’ nor the theory of ‘Tournament Competition of Political Careers’ can account for Chinas growth in transition. It is also argued that Chinas present ‘race to bottom’ style development model is not sustainable economically, socially and ecologically.

Abstrat:Based on the theory of Hicks factor-biased technical progress, this paper deduces a formula to decompose labor shares change. It is found that the change depends mainly on three factors: multiplier effect, capital deepening and the progress of labor-or capital- saving technology. With these findings, we use dynamic least squares DLS to estimate the elasticity of labor marginal output in Chinas labor-intensive and capital-intensive sectors, and then decompose their labor shares change during 1990—2006. The result shows that capital deepening will increase labor share, while multiplier effect whose value is between zero and one will contract this positive drive. And the key cause of a declining labor share in both sectors is labor-saving technical progress. In order to stabilize the labor share, we should understand that there is a limit to the long-term influence of capital deepening and pay more attention to the capital-saving technical progress and the development of labor-intensive industries.

Abstrat:Based on the panel data of enterprises survey in 2000—2004, we used the methods of DEA and Malmquist index to measure and decompose productivity of 1022 sample firms. We found the growth rate of productivity is decreased during the period, and it mainly caused by the stagnation of technical progress. We also found the firms productivity depend on push power of market demands very much, and it largely depend on the funds from State Banks. Our regression results confirmed the productivity of enterprises is very significant positive correlation to support by external raised funds. Otherwise, non-state enterprises, which have no enough supports by the banks or other securities in market, could not get enough room to promote productivity more rapidly than state firms. Therefore the growth rate of productivity would tend to be decreased.

Abstrat:Based on a general theoretical framework, this paper first considers the deterministic factors of inflation, finds that the inflation depends on the forecasts from both central bank and private sector. Then assuming the existence of asymmetric information, we find that the improvement of monetary policy transparency will not only decrease the inflation bias, but also diminish the degree of fluctuation of inflation. Based on Chinas data, the empirical result shows that the sacrifice ratio in the first period of improving transparency during disinflation episodes is significantly higher than that of transparency improved, which implies that the low sacrifice ratio during the late 1990s in China was highly due to the improvement of monetary policy transparency.

Abstrat:In this paper, we provide a theoretical model about non-linear effects of fiscal policy in China according to the general disequilibrium model of Barro-Grossman, and then we test the conclusions from theoretical analysis above with MSVAR model. The results show that effect of fiscal policy on economic growth in China is non-linear. In the regimes, such as 1953—1982, 1987—1990 and 1994—1995, the effect of fiscal policy is non-Keynesian, which is resulted from shortage economy and governments quantity restrictions; While in the regimes: 1983—1986, 1991—1993 and 1996—2004, the effect of fiscal policy is Keynesian, when our economy is suffering from inadequate effective demand. Finally, after retesting the reasons of non-linear effects from expectation views concluded in overseas literature, we find that initial fiscal conditions and magnitude of fiscal consolidations are not necessarily related to non-linear effects of fiscal policy.

Abstrat:The research related to assets and liabilities of PBC is involved with seigniorage which is the main source of income. So the measure of seigniorage is the starting point for discussion of many problems. The article discusses the opportunity cost seigniorage and monetary seigniorage at length, and measures seigniorage of PBC, and analyses uses of seigniorage of PBC. Moreover, the article analyses issues related to assets and liabilities of PBC.

Abstrat:In recent years, Chinese government has been focusing its labor market policy on formalizing the market. This paper evaluates the appropriateness of the focus by addressing two questions: should informally employed work force be converted into being formally employed How should the government regulate the formalization process On the one hand, return on education to an employee in informal labor market, which is flexible and efficient, is not lower than that in formal labor market. On the other hand, with a citys economic development, the significance of informal labor market tends to decrease accordingly. These facts suggest that formalizing labor market should not be the focus of the governments labor market policy and that the government should dedicate itself to sustaining its economic development, instead of forcing employers and employees to sign formal contracts.

Abstrat:This paper is inherited in the new classical dual economic theory. Linked with the regional economic theory and the theory of urban fittest demographic theory, we established a theoretical model in developing country with rural surplus labor to explain the interacted relationship among rural surplus labor migration, income disparity in urban and rural labors, and the economic efficiency. Also, we show the fluctuation of the income disparity. Finally, we take a practical study to the reality of China.

Abstrat:Based on three-Regional NEG model, this paper uses China’s provinces data for years 1985—2006 to estimate market potential function. The result shows that Chinas market demand potential has increased over time, while existing a downward trend from the west to the east. In addition to the geographical location and differences in economic structures, border variable has an important impact on market potential. Our further study found that border effect is negatively related to market integration which means internal market integration can promote the integration of external market.

Abstrat:This paper develops an investor protection enforcement index from the "Self-assessment and Improvement Plan" disclosed by 1184 listed companies in Chinas stock markets. Using firm-level data, we explore the impact of investor protection on the capital structure of listed companies. Our empirical evidences show that the investor protection is one of the important determinants of capital structure choice and there is significant negative correlation between investor protection and the debt ratio and debt-equity ratio. We find that investor protection and its enforcement can explain the difference of external financing behavior among Chinese listed companies. It is necessary to enhance the protection of shareholders rights, the full disclosure of information, and the enforcement of investor protection to lower the cost of equity and to improve our security market.

Abstrat:Technology supporting is important to sustainable development of province economy. It is necessary to choose appropriate development of technology and the accumulation degree of to-be-selected technology system in province economy. This paper analyses the inner relationship between technology choice, upgrade of industrial structure and economic growth through constructing model with 31 provinces’ panel data of China from 1991 to 2007, finds that technology choice and approximate capital deepening would promote upgrading of industrial structure, improve labor productivity and economic growth rapidly.