Abstract：This paper focuses on the changing rule of import structure and the changed economic growth trend, and the relationship between them. In this paper, the import structure is divided into 266 categories, including a total of 255 subclasses of goods and 11 categories of services. Based on the division and use of 266 categories of import trade, this paper also divides import goods into primary goods, intermediate goods, capital goods and consumer goods; divides import services into traditional service, information service, financial and insurance services, as such as other services. Based on the large sample data of 59 economies, the study found that there is a positive correlation between changes in import structure and economy growth, improving the import structure is the important contents of improving economic supply side. Such found provides an theory evidence for the macrocontrol by import trade. For a countrys macroeconomic management departments, in addition to Keyness traditional requirements management, import structure adjustment is also an important means of management. In the import structure adjustment, imported capital goods regulation plays a dominant role. Special attention should be paid on optimizing the quantity and the structure of imports of capital goods, so as to achieve economic sound growth expectations. In China, increasing capital goods import proportion to promote economic growth is needed, at the same time relatively reducing the increasing speed of primary goods import, stabilizing the intermediate goods import proportion, appropriate increasing the import proportion of consumer goods, flexiblely configurating the service import structure. Above is a combination of a set of feasible import structure adjustments.
Key Words：Import Structure; Economic Growth; Capital Goods

Abstract：This paper provides quarterly estimates of Chinas International Investment Position at market value over the period of 1998—2011. Using this novel data set, we follow Gourinchas  &  Rey（2007a）to explore the implications of a countrys intertemporal budget constraint, in order to examine quantitatively how much the variation in Chinas current external imbalance comes from future net export growth (trade channel), and future changes in returns of the net foreign asset portfolio (valuation channel), respectively. Our results are twofold: first, we find that the trade channel can account for about 90 percent of the cyclical external imbalance in China, while the remaining 12 percent of external imbalance adjustment can be attributed to the valuation channel. Second, we find a significantly positive correlation between these two adjustment mechanisms, suggesting that the trade and valuation channels are mutually reinforcing. Therefore, positive current external imbalances imply that China must not only experience future decreases in net export growth, but also suffer from negative abnormal returns on net foreign assets.
Key Words：International Investment Position; External Imbalance; Valuation Channel; Trade Channel

Abstract：This paper tests international co-movement of China’s economic growth using econometric methods  of common trend and common cycle based on international economic cycle theory. This paper also decomposes common trend and common cycle of international economic growth and set nonlinear factor model to describe the effects of international common shock and country shock to Chinese economic fluctuation. The results show that the international co-movement of Chinese economic includes trend and cycle. The trend of economic growth of major economies, such as China, USA,EU and Japan, had came into declining channel in recently, and the cycle of major economies had a certain bounce but the extent was small. These results suggest that Chinese economy is facing a difficult environment both at home and abroad. The international co-movement of Chinese economy comes from spillover effect of foreign shocks and international common shock. The composite effect of international common shock, foreign shocks and Chinese shock make China’s economic growth rate will be in a downward trend in certain period of the future. To maintain the economic growth rate, Chinese should depended on their own internal economic polices mainly, but also close with the economic situation of important trading partners.
Key Words：Economic Fluctuation; Common Trend; Common Cycle; International Common Shock; Country Shock

Abstract：In this study, we modified the wellknown JorgensonFraumeni lifetime income approach by incorporating the augmented Mincer model to fit the Chinese data in order to estimate human capital at provincial level in China. We also developed a living cost adjustment index to make the estimated human capital comparable across provinces. We estimated human capital stock from 1985 to 2009 for six provinces, which represent different development stages. The results show that Guangdong has the highest human capital stock, and Shanghai has the highest per capita human capital; however, those measurements are much lower for the lessdeveloped provinces Guizhou and Gansu. Our results provide a mapping of human capital across provinces and years, forming a panel data set of comprehensive human capital measurement for future studies.
Key Words：Human Capital Measurement; Human Capital Distribution; JF Method; Livingcost Index

Abstract：Based on manufacturing crossprovince panel data in China, this paper utilizes intertemporal optimization profit function with intermediate input and dynamic analysis framework, Seemingly Unrelated Regressions with Error Components (ECSUR)FGLS and spatial weight, to study transportation impact on inputs of manufacturing industry in China. We find that: railway passenger transport significantly reduces labor flow costs, which leads to manufacturers reducing intermediate inputs and capital by laborintensive technology. Road passenger transport has scale economies with more factor inputs, but railway freight transport impact is not significant while road freight transport has negative impact on flow factors. In addition, the railway passenger transport in adjacent region has spillover competitive effect which leads to the transfer of local elements, while both railway freight and road passenger transport generate economies of scale. Moreover, spillover effect from similar manufacturing structure region is more significant than adjacent region.
Key Words：Transportation; Infrastructure; Spillover

Abstract：Based on the particular economic environment and macro-control system in China, this paper reveals the formation mechanism of monetary policy overshoot. Excessive dependence on the stateowned economy in macro-control changes the proportion of state-owned investment and economic efficiency, this partially weakens the effects of monetary policy through “investment structure effect”. Under the hard constraint on the economic growth target, as compensation for the loss of efficiency, monetary policy overshoot is inevitable. In order to eliminate the overshoot of monetary policy, avoid economic fluctuations caused by monetary policy, we have to correct excessive dependence on the state-owned economy in macro-control, pay attention to feedback of economic efficiency to the monetary policy effects. Macro-control should highlight the importance of structure optimization and economic equilibrium rather than economic growth target.
Key Words：State-owned Investment; Economic Efficiency; Constraint on Economic Growth Target; Monetary Policy Overshoot

Abstract：In China housing demolition and relocation with the rapid economic development takes places every second. And more people pay attention to the amazing and chill incidents happened in local or other places. This attention reflects the status quo of investor protection. The claim for investor protection on the Internet should have serious effect on the managers behaviors. This paper investigates whether the claim for investor protection has an effect on the earnings management that is measured by the absolute value of discretionary accruals. We find that Internet governance significantly decreases the earnings management.
Key Words：Chinese Housing Demolition and Relocation; Investor Protection; Earnings Management; Internet; Corporate Governance

Abstract：The coverage of Chinese social insurance programs has been increased but slowly and firm‘s compliance level is low. Using manufacturing firm-specific data between 2004 and 2007, we explore the incentive of participation in social insurance in manufacture firms. Regulated contribution rate is various across regions. We find that other things being equal, increasing regulated contribution rate will lead real contribution rate rising at first and then a declining. Moreover, in regions of different level of regulated contribution rate, the effects of firm characteristics on participation are different. Private firms and FDI firms are not found lower compliance in lowrate region. Also, lower human capital and export dependency have no effect in lowrate region, while have significant negative effects in middle-and high-rate regions. Simulation shows reducing higher regulated contribution rate by 5 percentage points will increase the real contribution by 0.48\|1.35 percentage points and improve the financial balance of social insurance funds.
Key Words：Social Insurance; Compliance Level; Contribution Rate

Abstract：Sandwich class refers to urban employed or retired workers that are not insured because their employers did not pay medical insurance premium, and according to our estimates, there are tens of millions of sandwich workers in Urban China. This paper uses an individual panel dataset tracking the medical insurance of urban residents and focuses on the health status and utilization of medical services of the sandwich class. After controlling for individual attributes, employment status, insurance status, and household demographic variables, we find that, compared with insured workers, the sandwich class self-report worse health situation；The sandwich classes receive less in-hospital services, pay more hospital costs, and feel heavier burden of medical costs；They are less likely to actively learn health and medical care information, and are less likely to have preventive physical examinations.
Key Words：Sandwich Class; Medical Insurance; Utilization of Medical Services; Health

Abstract：This paper constructs a micro-foundation framework for the General Theory of Value by means of consumer-producers‘two-stage decision approach, in which a consumerproducer at first makes his/her production decision to maximize total revenue, and consumption decision to maximize utility thereafter. The superiority in our newly amended approach over the original is that we endogenize configuration and structure of division of labor into individual choice behavior but the original doesn’t. In our general equilibrium setting, moreover, not only are market-clearing conditions taken into account, but also allocation condition of labor force between production sectors of restrictive capacities, namely, Principle of Equivalent Rate of Comparative Advantage. In virtue of production functions-return-to-scale properties and endogenous/exogenous comparative advantage thereof, different division-of-labor systems are defined, and therefore described by this same theory of value which concludes that no matter which kind of division-of-labor system it is, Marx‘s Labor Theory of Value is only a special case of ours.
Key Words：Complete Division of Labor; General Theory of Value; Consumer-Producer’s Two-Stage Decisions

Abstract：This paper tries to make clear the development of the three main strands of the vast literature on optimal taxation and economic growth since Chamley‘s seminal work in 1986. It shows that the first strand, pioneered by Chamley (1986), studies the link between optimal linear taxation and economic growth on the premise of exogenous public expenditure while the second, starting with Barro (1990), explores such a link with endogenous public spending instead. It also shows that the GKT (2003) model initials the third strand, which extends Chamley’s linear tax schedules to nonlinear ones but still takes public expenditure as given. Finally, the paper presents possible paths for future research.
Key Words：Optimal Linear Taxation; Optimal Nonlinear Taxation; Public Expenditure; Economic Growth