Study on Development Status of China Carbon Finance Market,International Experience and Countermeasures

With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valuable commodity are getting larger. The development and perfection of carbon finance market has become an important realistic subject under low-carbon economy background. China's carbon finance market is still immature,and lacks the relevant law and government supports and mature intermediary agency; the construction of carbon trading platform is imperfect; it lacks carbon finance products and understanding on carbon finance. To better develop China's carbon finance market,development statuses of carbon finance markets at home and abroad are contrasted from three aspects: legal environment of carbon finance,trading condition of carbon finance and carbon finance business of financial institution,and their difference is analyzed. By referring to foreign development experience,the relevant policy measures of promoting and perfecting carbon finance market in China are proposed.

70 Years of China’s Finance:History,Contributions and Prospects

Over the past 70 years since the founding of the People’s Republic of China,great changes have been seen in the financial industry in terms of its nature,function,scale,structure and other features.It has experienced six stages of development,namely,inception and consolidation,arduous growth,exploration and restructuring,segmentation,fictitious economy orientation,and real economy promotion and risk prevention.The tremendous success and useful experience made during this period have largely bolstered the prosperity and stability of the Chinese economy,improved Chinese people’s living standards,and exerted a profound impact on China’s economy and society.Based on its development pattern,the Chinese financial sector will expect further openingup at home and abroad and a growing capacity in serving the real economy,while new business forms and models will emerge rapidly and stronger preventive measures against financial risks will be needed.In response to the financial development in the new era,proactive and pragmatic measures need to be in place to safeguard the stable and sound development of the financial industry.

China's Real Estate Finance:Undergoing Directional Change

Influenced by a host of new policies on real property loans and foreign investment restrictions, real estate finance is in the midst of directional change characterized by fluctuations in domestic and overseas financing arrangements. The long-

Southwest China Finance and Economics university Population Research Institute

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Counteraction to China?Impact of the U.S.International Development Finance Corporation on China’s Development Finance

The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.

A COMPARISON OF DOMESTIC FINANCE IN CHINA AND AMERICA(Summary)

The purpose of this report is to help people to realize the reform of domestic finance in China and the differences of Chinese domestic finance vis-a-vis that of the United States. The domestic finance in China has been developing rapidly in recent years, so nothing has a stable status as we observe the sphare of domestic finance in China. However, as long as we know its nature and development, whatever the status may be in the future, we are still able to know the main distinctions between the two domestic

China's Finance Opening to the Outside World

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Finance Minister Liu on Taxation System Reform in China

The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial

Prevalence of vegetation browning in China’s drylands under climate change

Vegetation greening has long been acknowledged,but recent studies have pointed out that vegetation greening is possibly stalled or even reversed.However,detailed analyses about greening reversal or increased browning of vegetation remain scarce.In this study,we utilized the normalized difference vegetation index(NDVI)as an indicator of vegetation to investigate the trends of vegetation greening and browning(monotonic,interruption,and reversal)through the breaks for the additive season and trend(BFAST)method across China’s drylands from 1982 to 2022.It also reveals the impacts of ecological restoration programs(ERPs)and climate change on these vegetation trends.We find that the vegetation displays an obvious pattern of east-greening and west-browning in China’s drylands.Greening trends mainly exhibits monotonic greening(29.8%)and greening with setback(36.8%),whereas browning shows a greening to browning reversal(19.2%).The increase rate of greening to browning reversal is 0.0342/yr,which is apparently greater than that of greening with setback,0.0078/yr.This research highlights that,under the background of widespread vegetation greening,vegetation browning is pro-gressively increasing due to the effects of climate change.Furthermore,the ERPs have significantly increased vegetation coverage,with the increase rate in 2000-2022 being twice as much as that of 1982-1999 in reveg-etation regions.Vegetation browning in southwestern Qingzang Plateau is primarily driven by adverse climatic factors and anthropogenic disturbances,which offset the efforts of ERPs.

China’s financial conundrum and global imbalances

China’s financial conundrum arises from two sources: (1) its large trade (saving) surplus results in a currency mismatch because it is an immature creditor that cannot lend in its own currency. Instead foreign currency claims (largely dollars) build up within domestic financial institutions. And (2) economists – both American and Chinese – mistakenly attribute the surpluses to an undervalued renminbi. To placate the United States, the result is a gradual appreciation of the renminbi against the dollar of 6% or more per year. This predictable appreciation since 2004, and the fall in US interest rates since mid 2007, not only attracts hot money inflows but inhibits private capital outflows from financing China’s huge trade surplus. This one-way bet in the foreign exchange markets can no longer be offset by relatively low interest rates in China compared to the United States, as had been the case in 2005-06. Thus, the People’s Bank of China (PBOC) now must intervene heavily to prevent the renminbi from ratcheting upwards – and so becomes the country’s sole international financial intermediary. Despite massive efforts by the PBOC to sterilize the monetary consequences of the reserve buildup, inflation in China is increasing, with excess liquidity that spills over into the world economy. China has been transformed from a deflationary force on American and European price levels into an inflationary one. Because of the currency mismatch, floating the RMB is neither feasible nor desirable – and a higher RMB would not reduce China’s trade surplus. Instead, monetary control and normal private-sector finance for the trade surplus require a return to a credibly fixed nominal yuan/dollar rate similar to that which existed between 1995 and 2004. But for any newly reset yuan/dollar rate to be credible as a monetary anchor, foreign "China bashing" to get the RMB up must end. Currency stabilization would allow the PBOC to regain monetary control and quash inflation. Only then can the Chinese government take decisive steps to reduce the trade (saving) surplus by tax cuts, increased social expenditures, and higher dividend payouts. But as long as the economy remains overheated, the government hesitates to take these trade-surplus-reduction measures because of their near-term inflationary consequences.

Alienation of Rural Cooperative Finance and the Innovation of Financial Organization in China

Based on the elaboration of the content and status of rural cooperative finance, rural cooperative finance--the alienation of rural credit cooperative is introduced from three aspects of the concept and objective of management, the organizational form and management mode, and the service object and business scope. Causes of alienation are analyzed. Firstly, change in the economic foundation of cooperative finance is the fundamental reasons for the alienation. Secondly, mandatory system change led by the government is an important reason for alienation. Thirdly, property and administration structure of rural credit cooperative are the internal reasons for alienation of agricultural support. To achieve the innovation of rural cooperative financial organization, the following aspects should be done: cultivating the basis for rural cooperative economy, further promoting the reform of rural credit cooperatives (innovating a variety of property rights modes; making clear definition of ownership; implementing the internal governance structure), introducing competition in the field of rural cooperative finance, and homing function of government and rural cooperative finance.

The Role Played by Agricultural Policy-based Finance in New Village Construction

The necessity of the agricultural policy-based finance in terms of supporting the new village construction is analyzed: in the first place, the theoretical roots of agricultural policy-based finance supporting new village construction are "market failure" and "government intervention"; in the second place, the continual decline of agriculture and the "rural financial market failure" in recent years have become the objective evidence and historical mission for agricultural policy-based finance to support new village construction; in the third place, the combination of agricultural policy-based finance and new village construction is conducive to solving the "three agriculture" problems and facilitating the reform of new village construction. The feasibility of the support is analyzed: firstly, agricultural policy-based finance boasts the status and position of the "primary drive" in new village construction; secondly, the nation continuously deepens the reform of rural financial system and policy-based banks and strengthens the functions of Agricultural Development Bank, which provides policies for agricultural policy-based finance to support new village construction; thirdly, the 14 years' reform and development of Agricultural Development Bank and the eleventh five year plan lay sound practical basis for the support of agricultural policy-based finance to new village construction. Based on the necessity and feasibility, the following six aspects are analyzed to fully display the function of the "first engine" of agricultural policy-related finance to new village construction. Firstly, strengthening the credit and loan aid to grain and cotton and some other agricultural products in the circulation domain; secondly, strengthening the credit and loan aid to agricultural industrialization in processing field; thirdly, intensifying the credit and loan aid to agricultural comprehensive development, rural infrastructure construction, application and promotion of agricultural technology, agricultural production means and agricultural ecological construction; fourthly, intensifying the credit and loan aid to rural special group and regional development; fifthly, intensifying the credit and loan aid to agriculture and rural emergency response system and social security system; sixthly, strengthening the credit and loan aid to agriculture and the intermediary construction of rural financial services.

The Grey Correlation Analysis on the Relationship between the Rural Finance and the Rural Economical Growth in Sichuan Province

This paper analyzes the relationship between rural finance and the rural economy of Sichuan Province from 1999 to 2009 by using the sequential growth rate of the gross value of farming, forestry, animal husbandry and fishery and the sequential growth rate of the per capital total income of rural households as the indicators of rural economic development; and taking the volume of deposit, volume of credit, volume of agricultural credit and the credit volume of township enterprises as the indicators of rural financial development; as well as the method of grey correlation analysis. The results show that there is an obvious positive correlation between them, and the development of country finance has the closest connection with the sequential growth rate of farming, forestry, animal husbandry, sideline production and fishery. The loan scale of township enterprises has the biggest influence on the increase of the rural economy. The countermeasures are put forward, covering optimizing investment structure; supporting the development of township enterprises; encouraging loan; actively lightening the financial difficulties in the process of developing rural economy; innovating and exploring; and promoting the diversified development of rural finance.

Changes of China’s Status in the Global System and Its Influencing Factors:A Multiple Contact Networks Perspective

Clarifying China’s position in the global system is an important logical basis for developing national diplomacy.Although much research has been done on China’s development status,most studies have been based on country comparisons or institutional en-vironment.In today’s networked era in which the global economy,trade,personnel,and information are closely connected,studies on China’s global position and its status changes and influencing factors in multiple contact networks are still insufficient.In this study,from the perspective of diverse global contact networks,we constructed economic,cultural,and political influence indices to explore the changes and influencing factors on China’s status in the global system from 2005 to 2018.The results show that during the study period,China’s global influence in the fields of economic ties,cultural exchanges,and political contacts increased significantly,but its influ-ence in the fields of cultural exchanges and political contacts lagged far economic ties.The pattern of China’s economic influence on various economies around the world has shown a transformation from an‘upright pyramid’to an‘inverted pyramid’structure.The proportion of these economies in low-influence zones has decreased from more than 60%in 2005 to less than 20%in 2018.China’s cultural and political influence on various economies around the world has increased significantly;however,for the former,the percentage of high-influence areas is still less than 20%,whereas for the latter the percentage of these economies in medium-and high-influence areas is still less than 50%.Analyses such as a scatter plot matrix show that geographical proximity,economic globalization,close cooperation with developing countries,and a proactive and peaceful foreign policy are important factors in improving China’s status in the diverse global network system.

Understanding the Global Identification with China’s Stories: A Cross-Cultural Perspective

Cross-cultural storytelling is a primary way for humankind to seek mutual recognition of value orientations between cultures,which facilitates the ability to jointly address the problems of human existence in the context of globalization.In this study,we conducted an interview survey of 6,130 respondents who were college students or graduates from 107 countries.The results show that there were a number of cross-cultural values embodied in China’s stories seen by the respondents as part of a common vision for the future of humankind and widely identified guidance on collaborative responses to global challenges.These cross-cultural values are common prosperity,ecological harmony,individual-collective integration,the urgency of global peace,as well as respect for multicultural and indigenous development paths.

Spatio-temporal Variation Characteristics of Extreme Climate Events and Their Teleconnections to Large-scale Ocean-atmospheric Circulation Patterns in Huaihe River Basin,China During 1959–2019

Huaihe River Basin(HRB) is located in China’s north-south climatic transition zone,which is very sensitive to global climate change.Based on the daily maximum temperature,minimum temperature,and precipitation data of 40 meteorological stations and nine monthly large-scale ocean-atmospheric circulation indices data during 1959–2019,we present an assessment of the spatial and temporal variations of extreme temperature and precipitation events in the HRB using nine extreme climate indices,and analyze the teleconnection relationship between extreme climate indices and large-scale ocean-atmospheric circulation indices.The results show that warm extreme indices show a significant(P < 0.05) increasing trend,while cold extreme indices(except for cold spell duration) and diurnal temperature range(DTR) show a significant decreasing trend.Furthermore,all extreme temperature indices show significant mutations during 1959-2019.Spatially,a stronger warming trend occurs in eastern HRB than western HRB,while maximum 5-d precipitation(Rx5day) and rainstorm days(R25) show an increasing trend in the southern,central,and northwestern regions of HRB.Arctic oscillation(AO),Atlantic multidecadal oscillation(AMO),and East Atlantic/Western Russia(EA/WR) have a stronger correlation with extreme climate indices compared to other circulation indices.AO and AMO(EA/WR) exhibit a significant(P < 0.05) negative(positive)correlation with frost days and diurnal temperature range.Extreme warm events are strongly correlated with the variability of AMO and EA/WR in most parts of HRB,while extreme cold events are closely related to the variability of AO and AMO in eastern HRB.In contrast,AMO,AO,and EA/WR show limited impacts on extreme precipitation events in most parts of HRB.

Moderating effect of corporate financialization on the impact of climate policy on corporate green innovation:Evidence from China

With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.

Evolution and Governance of the Structure of Marine Economic Networks in China’s Coastal Areas: Based on Sea-related A-share Listed Companies

Data on discrete,isolated attributes of the marine economy are often used in traditional marine economic research.However,as the focus of urban research shifts from internal static attributes to external dynamic linkages,the importance of marine economic net-work research is beginning to emerge.The construction of the marine economic network in China’s coastal areas is necessary to change the flow of land and sea resources and optimize regional marine economic development.Employing data from headquarters and branches of sea-related A-share listed enterprises to construct the marine economic network in China,we use social network analysis(SNA)to discuss the characteristics of its evolution as of 2010,2015,and 2020 and its governance.The following results were obtained.1)In terms of topological characteristics,the scale of the marine economic network in China’s coastal areas has accelerated and expan-ded,and the connections have become increasingly close;thus,this development has complex network characteristics.2)In terms of spatial structure,the intensity of the connection fluctuates and does not form stable development support;the group structure gradually becomes clear,but the overall pattern is fragmented;there are spatial differences in marine economic agglomeration radiation;the radi-ation effect of the eastern marine economic circle is obvious;and the polarization effect of northern and southern marine economic circles is significant.On this basis,we construct a framework for the governance of a marine economic network with the market,the government,and industry as the three governing bodies.By clarifying the driving factors and building objectives of marine economic network construction,this study aims to foster the high-quality development of China’s marine economy.

Entrepreneurial Spirit for China in the New Era and Strategies for Cultivation

What type of entrepreneurial spirit is needed for China’s new era,and how can we unlock its innovation potential?Answers to these questions will unleash vital forces to drive China’s high-quality economic development.After reviewing the theories,dimensions,features,and limitations of the entrepreneurial spirit in the Western context,we concluded that the entrepreneurial spirit in China’s new era,which is characterized by patriotism,innovation,trustworthiness,adherence to the law,fulfillment of social responsibilities,and a global horizon,has overcome the limitations that come with self-interested entrepreneurship in the context of Western economics.This is a major step forward in the development of theories on entrepreneurial spirit.In the development context of the new era,this paper argues that the entrepreneurial spirit should become an important force at the individual level to implement the new development concept,foster the new development paradigm,and promote high-quality development in the new stage.This paper provides answers to the question of what type of entrepreneurial spirit China’s new era requires.Finally,this paper presents basic strategies for cultivating entrepreneurial spirit in the context of China’s new era,emphasizing the importance to promote the healthy growth of young entrepreneurs,ensure their business autonomy,develop a multi-tiered capital market,implement the factor market reforms,improve the business climate,and accelerate the digital transition.

GDI and GSI: China’s New Propositions for Global Governance

In the post-pandemic era,the global economic and security landscapes are fraught with complexities and uncertainties.Among them,four risk flashpoints merit attention:Certain countries are raising interest rates to subdue inflation,despite their already high levels of debt;the bulk commodities market is experiencing volatility,leading to global turbulence and change;trade protectionism is at the forefront of major-power rivalry in political and economic spheres;and regional security crises are compounding international tensions.Behind those flashpoints are contradictions that obstruct world peace and progress,including development imbalances,governance gaps,and structural tensions in global security.In the face of uncertainties,it is crucial for China to seize strategic opportunities and transform crises into favorable situations.China has launched the Global Development Initiative(GDI)and the Global Security Initiative(GSI)to contribute to global prosperity and security.The two initiatives demonstrate China’s commitment to addressing global deficits in peace,development,security,and governance.