The Role of China's High-Tech Zones in Its Regional Economic Development

National high-tech industrial development zones represent a major strategy of the Chinese government in developing high-tech industries and spurring regional economic growth. The effect of this policy is yet to be proven. Based on the panel data of 283 Chinese cities between 1984 and 2012, this paper investigates the effect of high-tech zones on regional economic development. Empirical results suggest that first, national hightech zones have remarkably enhanced regional GDP and per capita GDP growth, and this conclusion still holds true after multiple rounds of robustness test; second, the economic effect of national high-tech zones is subject to diminishing marginal return and compared with higher-tier cities, lower-tier cities benefited more from the creation of national hightech zones. This paper concludes that national high-tech zones where special policies are experimented and offered not only drive economic development but, if properly distributed across regions, may help reduce regional economic disparities as well. The results of this study provide important implications for the future distribution of national high-tech zones and the creation of other relevant policies.

Insight into Financial Support for Rural Land Circulation:A Case Study of China Taiwan

Based on the background of the second rural land reform in China Taiwan, we analyzed financial support measures and their effects. It comes to the insight into financial support for rural land circulation in China Taiwan for the new round of rural land reform in China mainland. It is proposed to: (i) put forth effort on rural infrastructure construction with financial special fund as major support and credit fund from policy bank as supplementary support; (ii) improve rural land evaluation, registration and guarantee systems and set up special loan for land circulation, to solve the problem of shortage of fund for farmers purchasing land; (iii) grant operating loans for rural large planting and breeding farmer households, to accelerate land circulation becoming effective; (iv) establish development fund for agriculture, farmers and rural areas, to ensure sustainable input into rural areas.

standardization Promotes secure Development of Third-Party Payment

The global payment industry has been growing fast in recent years, driven by the in- depth integration of technological innovation and payment services and the apptication of mobile Internet, secure chips, big data, identity authentication and other technologies. Forms of payment products continue to evolve. Modes of payment service are increasingly becoming mobile and payment participants are diversified. Against such backdrop, third-party payment （TPP） has become a new impetus to innovative development in the financial field. TPP effectively meets diverse financial needs of individual users, small and micro businesses and other long-tail customer groups, thus playing a crucial role in driving information-based consumption, inclusive finance and economic development.

Recognition and Causes of Risks of Urban Stock Land Use Alteration

In China,a more strict approval system has been introduced against urban stock land use alteration,but the uncertainty of this system,due to its unclear statement on disposition,restraints and profit sharing,makes landuse alteration come along with risks of return loss of state-owned real property,recycling of stock land,imbalance of interest sharing,embezzlement of public land and pollution of industrial land. Causes of risks are directly linked to behaviors and decisions of major interest holders. In this paper,those causes are studied through the analysis of interest game between local governments,original land users,and property developers. The prevention and control of those risks requires balance of interest between interest holders to make possible multiple parties' engagement and interest sharing.

RMB Exchange Not the Major Cause of the Sino-US Trade Imbalance

China neither seeks for larger trade surplus,nor believes larger surplus will bring more benefit. As early as at the 16th CPC Congress held at the end of 2002,China did clearly

A Study on the"Quality"and"Quantity"of Financial Ecology in Henan Province

In order to promote the economic and financial development of Henan Province,this paper constructs the financial ecological system of Henan Province,evaluates the"quantity"of Henan financial ecology by entropy method-TOPSIS method,and evaluates the"quality"of Henan financial ecology by DEA-Malmquist method.It is found that the"quantity"of financial ecology in Henan Province shows the early advantage,but the power of late advantage is insufficient,and the"quality"of financial ecology in Henan Province is improved obviously,but it only depends on the technological progress,showing a lack of sustained momentum.Based on this,this paper puts forward some suggestions on promoting the development of digital finance,creating a good credit environment and actively preparing for the establishment of a diversified financial system,so as to improve the quality of financial ecology in Henan Province.

Internationalization of the Renminbi:Status and Prospects

The recent global financial crisis has revealed great defects in the US dollar dominated international monetary system.In response,countries and international organizations have developed numerous proposals for reform of the system.With China's growing economic presence,the renminbi is gaining recognition and acceptance in international markets and is slowly beginning to play a significant role in trade settlement and offshore market development.Meanwhile,it is important to remain aware of the limitations of renminbi internationalization and the gaps that exist between it and other major world currencies.Once fully implemented,renminbi internationalization will result in it becoming a major currency on the world stage in approximately 15 years.

Optimization of Structure of Agricultural Insurance Subsidies:A Multi-task Principal Agent Model

Optimizing the structure of agricultural insurance subsidies is of great significance to increasing the supply of agricultural insurance and strengthening the effects of agricultural insurance policies.This paper optimized the structure of agricultural insurance subsidies.It decomposed insurance activities into three parts:underwriting,claim settlement,and agricultural services.Next,it incorporated adverse selection risks,moral hazards,agricultural production and operation risks,insurance company's behavioral decisions and its risk attitudes into the multi-task principal agent analysis framework.Finally,it discussed how the government designs a subsidy mechanism and adjusts the subsidy structure to increase the insurance supply.

The Interactions among Housing Price, Inflation and Monetary Policy in China： Facts and Implications

As a transition economy, China has unique characteristics regarding housing price, inflation and monetary policies. In addition to supply and demand powers, China＇s housing price is affected by demographic structure, fiscal system and land supply system. Using China＇s statistics from 2005 to 2011, this paper found empirically that （1） liquidity has a significant impact on China＇s housing prices and inflation; （2） China＇s negative real interest rate has pushed up housing price; （3） price-related instrument of monetary policy can curb housing price and is more effective than control of money supply.

Missing Dollars： Significant Statistical Omissions of Global Monetary Aggregates

The choice of liquidity indicators is a key issue in global liquidity management. Money supply statistics such as M2 are no longer able to reflect the true scale of global liquidity due to the effect of financial globalization. External bank liabilities, as an important indicator to measure global liquidity conditions, are omitted by many countries in their broad money statistics. Given that financial institutions＇ external liabilities serve as a major source of fiscal shock as well as an important cause for the accumulation of monetary risk, it is imperative to include these external liabilities into the global liquidity indicator system.

A comparison of Chinese,U.S.savings rates

The major statistical difference between the Chinese and U.S.savings rates is that the United States adopts the conceptof a net savings rate, while China adopts the concept of gross savings rate in which savings include asset depreciation.Despite the different statistical calculations, we can come to the following conclusions: i) the savings rate in China hasbeen rising and that of the United States has been falling; ii) the savings rate in China is high and that of the UnitedStates is low; and iii) the household savings rate in China is high and the personal savings rate of the United States islow.The gap between China and the United States’ savings levels reflects residents’ loss of a sense of security, an absenceof enterprises’ social obligations and the enhancement of the government’s power over the whole economy during theprocess of institutional reform in China.Hence, while firmly promoting social-security system reform and advancingnational income allocation system reform, it is of significance in the long term for China to restrain enterprises’ andgovernment’s allocation behaviors and prevent public department interests from being solidified.

Does the China Railway Express Promote Equitable Regional Development?Evidence from Manufacturing Relocation

The China Railway Express(CRE)has improved regional economic integration with external markets and has reshaped regional development by encouraging the relocation of manufacturing activities("manufacturing transfer").We analyzed data from 284 prefecture-level cities in China to evaluate the impact of the CRE on regional manufacturing relocation,using a staggered difference-in-diferences model with entropy balancing.We found that the launch of the CRE significantly stimulated the relocation of manufacturing industries to node cities-key hubs for transportation and logistics within the CRE network-especially in the central,western,and northeastern regions.Specifically,the CRE significantly increased manufacturing dynamism,firm profitability,openness,and foreign investment in node cities,which attracted more manufacturing industries to relocate in this area.Higher levels of infrastructure development moderated the CRE's effect.Further analysis showed that significant moderating effects of infrastructure development occurred only in the western region.Overall,our conclusions provide useful insights into how to promote equitable regional development through manufacturing development in China.

Realization Path for Inclusive Finance to Support Rural Revitalization in Poverty-stricken Areas

Based on the quarterly economic,social and financial development data of 39 poverty-stricken counties in Henan Province during 2016-2018,this paper utilized the entropy-based TOPSIS method to objectively measure the rural revitalization index,and then built the quantile regression model to study the effects of various elements of inclusive finance on different stages of rural revitalization.Research results show that industrial development,agricultural modernization,targeted poverty alleviation,endogenous demand,and rural governance are the main points of inclusive finance in poverty-stricken areas to support rural revitalization;the rural revitalization index indicates that compared with the Dabie Mountain area and the non-contiguous poverty-stricken areas,the rural revitalization of the Qinba Mountain area is slower;for inclusive finance supporting rural revitalization,it is necessary to bring into play the role of monetary policy tools in re-lending,functions of credit in supporting industrial development,and role of insurance in risk protection;furthermore,inclusive finance solves problems such as the diminishing marginal effect of physical machinery investment in rural revitalization support,financial support for the coordinated development of small farmers and new agricultural business entities,financial support for the development of the entire industry chain,and the"siphon effect"of capital.

Real Interest Rates,Real Wages and Economic Restructuring—Analysis Based on Dynamic Stochastic General Equilibrium(DSGE)

On the basis of research conducted by Long and Plosser(1983),this paper carries out an in-depth analysis on the relationship between real interest rates,real wage,and macro-economy and economic structure by simulating a dynamic stochastic general equilibrium(DSGE) model and comes to the following conclusions:(1) Increasing the level of real interest rates will expand the share of consumption in GDP,improve the macroeconomic structure,and promote steady economic development;(2) Increasing the level of real wages will enhance economic growth but will not change the economic structure of consumption and investments;(3) Increasing wages will enhance economic growth and expand its share in national income;(4) Increasing wages will not lower output level but will be favorable to the improvement of economic structure.Therefore,this paper argues for interest rates liberalization to achieve long-term,steady economic development in China.

Research On SME Financial Management Problems And The Optimization Measures

On the basis of analysis to the operating characteristics of SMEs, the paper pointed out： There is poor access to finance, lack of internal control systems, accounting foundation work is weak, financial Management Information Building and other issues in the financial management of SMEs.This paper proposes measures for SMEs to create a favorable policy environment and services, conduct financial system innovation, emphasis on financial innovation and incentives talents, network management, and establish relevant financial penalties supervision system.

Moderate Deviations for Parameter Estimation in the Fractional Ornstein–Uhlenbeck Processes with Periodic Mean

In this paper,we study the asymptotic properties for the drift parameter estimators in the fractional Ornstein-Uhlenbeck process with periodic mean function and long range dependence.The Cremér-type moderate deviations,as well as the moderation deviation principle with explicit rate function can be obtained.

Achieving Coordinated Opening-Up and Security in Foreign Exchange Management in 2024

2023 was the first year of fully implementing the spirit of the 2oth National Congress of the Communist Party of China,and it was a year of economic recovery and development following the transition period of COVID-19 prevention and control in the past three years.Over the past year,under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core,China has withstood external pressures,overcome internal difficulties,and achieved a recovery in the economy.High-quality development has been steadily promoted,and solid steps have been taken in building a socialist modern country in an all-round way.

Financial Factors,Openness and the Natural Interest Rate in China

China's financial market has undergone significant changes since financial deleveraging commenced and regulatory supervision was tightened in 2017.Intensifying China-US trade tensions have further increased the uncertainties of external environments.In this article,we use a Bayesian approach instead of the standard maximum likelihood estimation in the Laubach-Williams model to estimate the natural interest rate by considering financial factors and open conditions,and analyze the relationships among the natural interest rate,economic activities and monetary policies.We find that technological and demographic factors are the main drivers of natural interest rates,while financial factors and open conditions also play important roles.In particular,shocks in the financial markets and the external economic environment in recent years are important reasons for the decline of China's natural interest rate.Therefore,it is necessary to strengthen research on the estimation of the natural interest rate to ensure China's transformation into more price-based monetary policy and high-quality development.

Institutional Investors, Earnings Quality and Asset Liquidity： Evidence from China＇s Stock Market

This paper investigates how institutional holding and earnings quality influence the liquidity of assets. Contrary to findings in developed markets, we document several novel results in China＇s stock market： （1） institutional holding negatively affects assets＇ liquidity, （2） earnings quality is negatively related with liquidity. Since earnings quality captures asymmetric information, low earnings quality induces high divergence in investor opinions and thus boosts market trading, and （3） interestingly, the effect of earnings quality on liquidity is greater if institutional investors＇ holding is at a high level. Overall, our findings cast doubt on the conventional wisdom that institutional investors and earnings quality improve market liquidity. The results are robust to different measures and alternative model specifications.